|By Drew Hendricks||
|May 26, 2014 11:16 AM EDT||
If you're a real estate investor, you know how important it is to have the latest figures and data at your fingertips. You probably have favorite websites and newsfeeds to keep up as much as possible, but what you really need is real data in real time. Enter S'moretgage, which was debuted at the TechCrunch Disrupt NY in early May 2014. It's all about getting data to real estate investors immediately, and reveres knowledge as the key player in making sound investment choices.
However, it's not just about having quick access to this kind of information. It's actually pretty challenging, as any investor knows, to even access some information like public mortgage data. S'moretgage is designed for both investment professionals and consumers, is exceptionally user-friendly, and if the preview version reflects the real deal, it might just change the real estate game entirely. Data available includes "individual mortgage-level detail on loans recorded in New York city" such as loan interest rates, the date it began, and other key points.
Making the most of big data
If S'moretgage takes off, there's no reason why it won't sweep the nation and even the world. While investors start depending on it to make solid Harlem investment choices, investors in Seattle, San Francisco, Houston and Miami may want to get in on this technology. However, the founders of the company are playing it safe, saying they want to make the most of New York data before moving to other big metros. According to Patrick Browne, the owner of the company, he got the idea when he personally had to track down real estate records which was a nightmare.
He recalls reams of documents that he was charged with finding, and then understanding, by hand. There had to be a simpler way to do this, and he was amazed that in an era of such great technology nobody had tackled this problem. By designing technology that scans real estate documents and slices out the important information, the data is organized into a "real-time overview of market transactions." It's big data for the real estate industry and lets anyone notice trends in lending, new areas, and just about anything else.
The money starts to roll in
Until the debut at TechCrunch, the company has largely been self-funded but that's about to change. Browne says he's starting to raise capital from the outside and it's expected to blossom by mid-2014. It's a sweet deal for a sweet company whose play on words "s'more" and "mortgage" had everyone in attendance taking notice. Browne says "mortgage" may have some poor connotations for people (such as burned investors) but "s'mortgage" conjures up images of campfires and is "a nice way to make that word sound a bit less intimidating."
Even better, some experts are taking the appeal of such a company as a sign that the market is getting ready to recover. The simple demand of such technology means that people are starting to get more interested in real estate. For Browne, it couldn't have come at a better time.