A venture capitalist will never say “Never”. He might say “No” today, but he always wants the option to say “Yes” tomorrow.
The core of any business is built on saying yes to an opportunity.
My big new venture is Uvestor.com, a Real Estate Communications Platform. Our primary software offering is the Uvestor Productivity Suite, which provides real estate businesses of any size a better way to manage every type of transaction.
Using real time activity monitoring, information sharing, document management and expense tracking, Uvestor instantly increases productivity within a single office and exponentially improves workflow within a network of real estate businesses interacting on individual transactions.
Currently I am 17 months and $125,000 into my “project.” If you asked me in September of 2008 if I was adequately prepared to undertake a project that has maintained 2.5 full time senior programmers, a premier designer, an office, content production and business development staff – the answer would most certainly have been “NO WAY!”
So how’s it going, you must be curious to know?
I can honestly tell you that I believe Uvestor LLC will be sold for at least $50,000,000 in the next 5 years.
The reason I can say that with such confidence boils down to the 3 things I feel have been crucial to the development and future success of Uvestor.com.
1. Relationships:
It has been said by many wise people, “The value of a person to any organization can be summed up by the contents of his Rolodex.”
Developing strategic relationships is a critical success factor that oftentimes goes unrecognized. If you can make friends with people that you can potentially work with in the long term, you have set yourself up to do just that.
Wisdom, perspective, expertise and honesty can be found in the successful people all around you. If you want to succeed, make friends with these people. If you want to run in place, ignore these valuable relationships.
Key relationships that I believe will help Uvestor become an industry standard include: RentalHouses.com Founder, VoicePad.com Founder, key real estate information marketers and many more.
2. Partnerships:
A win-win partnership can work. A network of win-win partnerships will always work.
Partnerships evolve out of relationships. If the leaders of two organizations can build trust, develop a strong relationship and establish a solid execution plan, a partnership can grow larger than either party initially imagined.
At Uvestor, we have been developing our partnership strategy since day one. We have tried to establish partnerships in three areas:
- Suppliers: In our case those are Software Incubator Inc, Anthony Houde Design, and soon, Dreamentia. Each of our largest suppliers is working at 50% rates and earning equity with discounted services.
- Management: All management team members are working for equity in lieu of cash during the early stages of company growth. All salespeople are 100% commissioned.
- Customers: Key early customers have been preparing to implement Uvestor.com in their own business and leverage their network of contacts to induce signups and some long-term contracts. Our first customers will initiate the Uvestor Ambassador Program as “Launch Partners,” earning massive referral fees for introducing Uvestor to their Rolodex.
Our partnership strategy has enabled us to stay afloat prior to making any money and will propel us forward at a very rapid pace within the network of real estate business categories.
3. Joint Ventures
A joint venture is very similar to a marriage. There is the initial courting, then dating, engagement and the big day when you launch your joint venture… your wedding day!
Partners can become part of joint ventures if mutual interests and resources are lined up appropriately. We have used the joint venture methodology to establish key industry relationships and sales channels.
To date we are beginning to execute on three joint ventures that hold the promise of massive scale. They include:
Uvestor Financial: A joint venture with Community Ventures Corporation to market Uvestor to Homeownership Agencies, State Housing Finance Agencies, and Mortgage Lenders. The national recognition that Community Ventures Corporation enjoys continues to spread throughout federal agencies and across the nationwide network of related service providers. Mandates that require information delivery in a Uvestor format from a single State House Finance agency cost nothing to the agency and can yield additional income sources through our Uvestor Ambassador Program. Such a mandate would instantly force hundreds of mortgage lenders, real estate brokers and others to interact with the state agency on Uvestor as individual paying customers.
Online CMA Services: A joint venture with Software Incubator BPO Services to provide a thoroughly completed Comparative Market Analysis of any property in any location. Currently Software Incubator has scaled their BPO Services unit to over 40 people who are experts in researching real estate. Customers of Uvestor that range from banks to brokers to investors will be able to request a complete CMA on any property. The BPO Services team operating in India will complete this request within 12 hours at an extremely competitive rate. As local, regional and national banks take stock of their inventory, they are requesting CMA reports on all assets. This wave of “work” currently requires unique paper forms and inefficient processes. Uvestor changes that dynamic overnight.
Uvestor Education: A joint venture with National Real Estate Investors Association (National REIA) to provide their 250 local REIA groups with a profitable way to sell official online education. I was able to leverage an existing software platform to provide exactly the certification management solution the for-profit network needed. The 40,000+ real estate investors and related services inside the REIA network will soon be earning online certifications from National REIA on the Uvestor Education platform. Uvestor.com sits a click away for investors who want to expand education into real action and begin using Uvestor in their own businesses. As an Ambassador Launch Partner, National REIA has positioned itself to earn a scalable long term residual income from member signups on Uvestor.com.
Relationships can turn into partnerships, which can become joint ventures.
The pathway to success for Uvestor is built on this ongoing methodology of growth.
For any business that is looking to start as an acorn and grow into a giant tree, this principle can never be overlooked. Though I believe our Uvestor product will prove to be the most efficient information management tool available to the entire patchwork of real estate businesses large and small, that won’t matter at all.
What matters is establishing a product as the standard across the industry. This can only be achieved through a network of relationships, partnerships and joint ventures.
It all starts with a meeting at a coffee shop. From there, it is up to you.