Iraq is known for many things, but being an incubator for a new high-tech, American-based real estate businesses is not one of them.
But from 2006 to 2007, a Baghdad garage converted to U.S. military barracks was the launching pad for Zolve, a networking and referral website for real estate professionals that launched this October.
By the end of the year, Brian Wilson, a Colorado Springs-based broker/owner with Real Living Professionals, expects to launch a special section for homebuyers and sellers in which local Realtors write neighborhood profiles and other information.
From West Point to real estate
At first glance, Wilson seems an unlikely candidate for a website CEO. The West Point graduate served in Bosnia in the late 1990s before leaving the Army to build a real estate career.
In June 2005, Wilson sold his Keller Williams franchise and opened Real Living Professionals, a private brokerage based in Colorado Springs.
Five months later, in the midst of what he described as “the best year of my career brokering real estate,” the Army exercised its option to recall him to active duty.
“I’d been out of the military for three years when I received a notice that gave me 30 days to come in,” he said. “I didn’t know that was possible, (but) I’m an academy grad. Apparently they have eight years following graduation to call me back.”
Wilson was sent to Baghdad in January 2006, where he worked in civil affairs. While in Iraq, Wilson said, his primary responsibilities were to “improve the governance, economics and essential services” for a city district.
The job filled his days but left evenings free. Safety concerns mandated staying on base, so Wilson used a dial-up Internet connection to keep tabs on the real estate industry stateside and find vendors to make Zolve a reality.
He hired an Indian website development company, Viscus Infotech, to build the site and later contracted with a San Francisco-based PR firm to generate buzz.
“We’re funded by friends and family, so we don’t have a really huge marketing budget,” Wilson said. “I have two callers, and they call agents around the country and invite them to take a look.”
More than 2,500 real estate agents have registered as Zolve members since October. Many of those found their way to the site thanks to those outbound calls.
Once they visit the site, Wilson says, Realtors are attracted by a five-point, eBay-style rating system that allows members to see how others performed before contacting them with referrals.
A consumer section, expected to launch in December, will allow homebuyers and sellers to see agent ratings before they strike up a relationship. They would also be able to evaluate the service they receive. Currently, the site is similar to the popular professional networking website LinkedIn but caters strictly to the real estate industry.
Since Zolve is an online-only vehicle, participants know from the start that feedback about their performance will be available for all to see.
“It’s going to live on the Internet forever,” he said. “Only a good agent is going to volunteer for that.”
Localized content seen as edge
The rating system may be intriguing, but Chris Freeman, a Realtor with Keller Williams Partners in Colorado Springs, says localized content will give Zolve an edge with consumers. That content will be generated by Realtors who blog about neighborhoods, schools and other points of interest.
Buyers “are looking for a property, they are not looking for an agent,” Freeman says. “The problem today is that there’s nothing (online) to tell you about the neighborhood.”
But Pete Flint, founder and chief executive of real estate website — a competitor to Zolve — says his company’s website already offers localized content. The site launched “Trulia Voices” in May, in which local agents answer questions submitted online from potential homebuyers and sellers. Answers generally come from multiple agents.
“Asking questions on Trulia Voices during the early stages of research is a far better way to get information than just asking one question to a (single) real estate agent or friend,” Flint said.
In spite of the functions offered by sites such as Trulia, Zolve, Zillow and other real estate websites, Flint doesn’t think they’ve revolutionized the way most purchase decisions are made.
“Consumers are still going to drive around the neighborhood and visit open houses,” he said. “The ultimate home-buying decision will still be made over the kitchen table, not in front of a computer screen.”
