Patrick A Neely LLC

Problem: The home buying process can be complex and time-consuming, especially when it comes to finding properties that fit within the buyer's budget. Buyers often have to work with multiple real estate agents and lenders to get pre-approved for a mortgage and find a property that meets their needs.

Solution: Search by Mortgage is a platform that simplifies the home buying process by providing home seekers with a precise monthly payment search based on their pre-approved mortgage limit. The platform also includes real-time insurance and interest rates to ensure up-to-date calculations. Additionally, Search by Mortgage offers a unique auto-matching system that updates and checks listings every hour, matching them against the user's financial criteria.

Impact on Real Estate Agents: Search by Mortgage is a valuable tool for real estate agents by making property searches more efficient and speeding up transactions. This can result in faster commissions for agents and a more personalized home search experience for their clients.

Business Model: Search by Mortgage plans to generate revenue by charging real estate agents a one-time fee of $250 and a daily service fee of $1.50 for each client that an agent activates for auto-search. The agent can control the auto-search feature, activating or deactivating it as needed.

Market Size: The target market for Search by Mortgage is the million real estate agents designated as realtors in the United States. Each agent could potentially have multiple clients using the system.

Unique Value Proposition: Search by Mortgage's unique value proposition is that it saves significant time for loan officers, agents, and customers by automating the payment calculations within the home search. This automation can speed up transactions, giving customers a competitive edge in the market. The system's efficiency can also boost the productivity of loan officers and real estate agents.

Traction: Search by Mortgage has received positive initial feedback from agents, with several already lined up. Momentum is building from the company's email campaigns.

Technology: The Search by Mortgage platform is built on the Laravel framework, known for its scalability and robustness. This means that the platform can easily handle increased traffic as more agents and offices are added.

Team: The Search by Mortgage team is led by Patrick A. Neely, who has 20 years of experience as a loan officer, real estate broker, and home improvement contractor.

Return on Investment: For an investor to triple their money through the revenue-sharing model, Search by Mortgage would need 270 agent sign-ups, assuming 30% of the revenue goes to the investor. This could potentially be achieved within a year.

Referral Model: Search by Mortgage's referral model does not erode profit margins and can actually reduce selling costs, especially for new sales.

Conclusion: Search by Mortgage is a well-conceived fintech startup with a strong team and a unique value proposition. The company has a clear marketing strategy and a realistic goal of achieving 270 agent sign-ups within a year. I believe that Search by Mortgage is a worthwhile investment opportunity.