UPTR is currently developing TheUpTurn, an innovative online network for matching would-be
buyers, sellers, and agents in the residential real estate domain.
Match
The core function of TheUpTurn is to match up market participants, based on their individual
profiles and intended roles in the market. We often describe TheUpTurn as an “e-Harmony” for
residential real estate. The baseline model for TheUpTurn’s initial launch is to include match
services for all primary housing market participants:
- Those seeking property
- Those looking to sell their property
- Those interested in the market (browsers)
- Residential real estate brokers and agents
TheUpTurn’s match functionality will differ markedly from the industry standard search model.
The key difference is that match works for the participant, whereas search requires the participant
to ‘work’ the search systems, which are for the most part static and inflexible. A helpful
analogy is that match is what good customer service people provide within the context of
a department store. Search is what happens when one shops in a large warehouse outlet
where the only help is signage.
How It Works
TheUpTurn will use simple, compelling, and rapid visual messaging to prompt visitors to identify
and describe themselves, along with their needs, wants, desires, and where applicable,
describe features of their property, or their role in the real estate market. Through this process,
a profile is created for each individual participant, where the participant will be able to control
access to his or her profile by the match system and access by other participants.
Once a profile is created, participants will be presented with matches based on their specific
profile. For example:
- A property owner in Boise, would be matched with people seeking a home in Boise
- A person looking to buy in Cambridge, would be matched with property owners and property profiles
in Cambridge, and/or with brokers or agents who handle Cambridge
- A homeowner in Houston who needs to sell her SFH and find small condo in San Antonio, would be
matched with those seeking SFHs in Houston, and condo owners in San Antonio thinking about selling,
and/or with agents or brokers in either market.
TheUpTurn’s New Approach in Online Real Estate
As discussed, the current model that most online real estate systems are built on is search,
where users frequently craft queries of existing data based on criteria presented on each individual
site’s system. These are frequently ‘one-off’ queries, with some sites offering the capability
to save queries or ‘favorites’ as well as email updates on search results.
Further, the current model only allows searchers to query on a limited set of attributes, which
are for the most part, property specific, including basic information such as number of bedrooms,
bathrooms, square footage, and zipcode.
Market Growth
By creating a low-risk, fast, easy to use system, TheUpTurn will create unprecedented market
efficiency by increasing visibility to all potential real estate market participants/transactors.
By reducing the cost and risk to enter the market, more participants will engage, with the result
being a larger market, grown by multiples, such that everyone wins.
An expanded residential real estate market means expanded opportunities for all real estate
stakeholders:
- real estate agents
- home improvement & construction industry
- mortgage industry, banks
- land sale
- legal, inspectors, and other secondary real estate economies
- potential for dramatically positive macro-economic impact
Why “TheUpTurn?”
- Housing market crisis and stagnation (fewer transactions) has cascaded through entire economy, contributing
to the overall down-turn
- A more efficient RE market will lead to more transactions - people will always move
- More RE transactions increases economic activity in banking, home improvement, reduces inventory,
and lifts key economic indicators
- Thus, potential for dramatically positive macro-economic impact, i.e. TheUpTurn
Market Analysis
We aim to bring unprecedented efficiency to the real estate market. The housing market’s current
state of inefficiency is due to several long-lived factors:
- Lack of granular visibility to market inventory (buyers or sellers)
- Lack of visibility to potential buyers or sellers
- Lack of common codification of non-traditional criteria relative to transactional success factors
- Locally-based knowledge not broadly accessible
- Critical information restricted to individuals or market sub-groups
This inefficiency is also exacerbated by the low percentage of market participants. Less than 3% of home
owners are currently participating in the market. This is likely due to the high barriers to entry that persist,
including fear of “being on the market” for too long. TheUpTurn’s mission is to attract more participants to
the housing market by dramatically lowering the barriers to entry.
Market Size & Growth
The current size of the US housing market is less than 5 million, representing listed properties
(MLS) plus myriad for-sale-by-owner (FSBO) exchanges.
Our vision is to grow the housing market toward it’s maximum potential of 160 million (US).
With our low-barrier approach, innovative technology, and integration of social media/Web 2.0
features, we believe we’ll be able to impact dramatic growth in market participation, from <5M
today, to deliver multiples on the current market size.
Key Differentiators
TheUpTurn will include a progressive, Web 2.0/Social Media component as an integral level of
functionality, and will be the first market entrant to offer match. Here is an outline of the significant
market-leading elements that will distinguish TheUpTurn from the current set of players:
- Innovative Match & Community/Web 2.0 functionality (vs. current “search” offerings)
- Person-centric vs. property-centric
- Flexible, human-factor profile-based system
- Non-traditional, unique criteria
- Built on universal factors of “why people move”
- Buyers’ desires, sellers’ profiles, agents’ profiles
- Utilize self-selection combined w/ profile and property/demographic mash-ups
- ‘It’s about time’ - Low entry hurdle & costs for participants
- Fast, Attractive, Visually-based Interface - Preference/Profile Creation, Ease of use & sign-on
- Reduced time investment for all participants
- Automated member-adjustable results delivery
- Cater to multiple interests simultaneously
- Sellers who need to buy/move upon home sale (one-stop)
- Agents can be matched with sellers and buyers (opt-in/opt-out)
- Flexible with changes in market dynamics, participant preferences
- Coequal Membership & Profiling Process for primary RE market participants
- Buyers
- Sellers
- Browsers (would-be buyers & sellers)
- Buyer Brokers, Listing Agents, etc.
- Business Model - Participant Value before Advertiser Value (not an advertising model)
Business Model Differentiation
Unlike many of the existing online real estate site, TheUpTurn will not rely on advertising revenue
for monetization. Our differentiated offering will provide enough value to our customers to
support TheUpTurn’s business operations and generate healthy profits.
However, we will not rule out adding advertising to our model, after critical mass has been
established, and provided we find both demand for, and relevance to our community.
TEAM
TheUpTurn is based at the Cambridge Innovation Center, an entrepreneurial hub of startup pragmatism &
the leading technologies, strategies, and people from MIT, the Sloan School of Management & Harvard
University. The company is currently building out the development & marketing teams, and advisory board.
Jeffrey Eckman, CEO & Founder
Jeff is an MIT Sloan alumnus with over 15 years experience in technology, media operations, business development,
and consulting practice in public, private, and pre-IPO firms. Prior to founding BGV & TheUp-
Turn, Mr. Eckman’s background included internet & media sector roles with ion interactive and Fortune 500
companies including Viacom. Mr. Eckman is a graduate of Northeastern University where he earned his BS
in Operations Technology, and holds an MBA from the MIT Sloan School of Management.
Stefania Mitrano, Executive Project Director
Ms. Mitrano is leading the buildout of the development and operations team for TheUpTurn, and was formerly
the Director of Production for Xplana, where she headed web application production efforts for Fortune
500 clients. Ms. Mitrano has significant experience in enabling the rapid growth of early stage companies,
and holds a BFA from the Art Institute of Boston at Lesley University.
Scott Shunk, Director of Technology & Marketing Strategy
Scott Shunk is an award winning developer of interactive media and technology products for commerce
and content delivery. Currently he serves as Director of the Massachusetts Institute of Technology’s Visualizing
Cultures project. Scott was a Principal at Botticelli Interactive where he produced numerous technology
products for Fortune 500 businesses including Apple, Microsoft, AT&T, Motorola and Oracle. Shunk
holds a BS in Management from Boston University.
Bruce L’Orange, Director of Business Development and Viral & Social Media
Bruce is an experienced entrepreneur, the founder of Mio Japan, and a Director at Boston-based Street
Attack, a nascent alternative marketing firm. Bruce is a graduate of Villanova University with a BA in English,
is a fluent Japanese speaker, and the Founder of the Boston Brain Trust.
Real Estate Domain Expertise
We are actively recruiting team members and advisors with several types of residential real
estate expertise, including:
- Partnering with recognized industry experts including the MIT Center for Real Estate
- Partnering with Licensed Brokers, Agents, and the National Association of Realtors
- Major Nationwide Residential Developers
