Connect with us

Hi, what are you looking for?

The American GeniusThe American Genius

Opinion Editorials

FLIPT: real estate ROI beta app a flop so far?

(Editorial) FLIPT is a new app that has launched in beta, and it appears that the ROI tool has a lot of room for improvement.

flipt

flipt

FLIPT launches – let’s take a look

FLIPT promises to be your go-to app for “Connecting Property ROI Insights with Realtors and Investors.” The app that will – according to their website – allow you to “Discover the best “Fix and Flip” and other Real Estate investment opportunities, including calculated ROI, recommended “fixes,” and suggested suppliers and agents.”

bar
As far as I can tell, FLIPT is nothing more than an App that lets me:

  • Write down the address of a house
  • Write down what I think the actual purchase price will be
  • Write down what repairs are needed and how much they will cost
  • Write down how much it could sell for after all of the fixes

While “There’s an App for that” has been a fun little saying for the past few years, I have unfortunate news for the folks at FLIPT: I have a pad of paper and it does the exact same thing. If I’m feeling fancy I can use a word processor to write a report and a spreadsheet to show some calculations – both marvelous inventions that date back to, oh I don’t know, the 1980s?

Adding value elsewhere?

If FLIPT was adding value somewhere along the way – and perhaps they are, and I just didn’t have access to the full program or they aren’t in my local market (San Franicsco, CA) – it could make for an interesting product. But as far as I can tell, it’s a glorified book report writer, a book report writer that requires you still read the book, take the notes, decide what the important points are and write the report.

But once you’ve written that book report, it’s happy to add your picture, phone number, and email address, and then email it to anyone you want.

The value a Realtor brings to investor clients interested in flipping a property isn’t in the presentation of a pretty report with a bunch of hypotheticals. The value a Realtor brings to this situation is local market knowledge that allows us to see an opportunity the rest of the market is overlooking, and to help our clients move quickly so that they can capitalize on that unrecognized opportunity.

Advertisement. Scroll to continue reading.

The verdict

I can see nothing in the FLIPT app that might make it easier for a Realtor to identify unrecognized opportunities. No heat maps, no big data analysis, no neighborhood demographics, no historical trends, no guaranteed pricing from contractors (although it does have a “Get Bids!” button that didn’t work for me), no local “inside scoop” about upcoming changes to neighborhoods, local zoning laws, building ordinances, or anything else.

Successful “flippers” in my experience are either in the right place at the right time, or they have identified a pattern unique to their local area that they are able to replicate on a regular basis with contractor’s that do good work for them at reasonable prices.

Pretty book reports don’t get you a property for under market value, don’t guarantee good work by contractors, and don’t guarantee you’ll get the sales price you are aiming for. And that’s the end of my book report about FLIPT. Which I had to write all by myself.

Advertisement. Scroll to continue reading.
Written By

Matt Fuller brings decades of experience and industry leadership as co-founder of San Francisco real estate brokerage Jackson Fuller Real Estate. Matt is a Past President of the San Francisco Association of Realtors. He currently serves as a Director for the California Association of Realtors. He currently co-hosts the San Francisco real estate podcast Escrow Out Loud. A recognized SF real estate expert, Matt has made numerous media appearances and published in a variety of media outlets. He’s a father, husband, dog-lover, and crazy exercise enthusiast. When he’s not at work you’re likely to find him at the gym or with his family.

2 Comments

2 Comments

  1. Hotel Internet Marketing

    January 14, 2014 at 4:54 am

    Well “FLIPT is nothing more than an App”, that’s for sure, thanks “MATT FULLER” for the information about the post…

Leave a Reply

Your email address will not be published. Required fields are marked *

Advertisement

The
American Genius
news neatly in your inbox

Subscribe to our mailing list for news sent straight to your email inbox.

Advertisement

KEEP READING!

Housing News

(Housing News) HAR is well known for shaking things up in the real estate industry, and now they're asking brokers across the entire state...

Opinion Editorials

(Editorial) A key figure at Move, Inc. resigned without notice last week, leaving many wondering how his move to Zillow will have an impact...

Housing News

(Real Estate Tech) Dwellory has launched for homeowners, giving every house a public timeline just like a LinkedIn profile does for professionals.

Opinion Editorials

(Editorial) Blocksy is an interesting new startup serving the Big Apple - could they finally innovate the real estate space that has struggled to...

The American Genius is a strong news voice in the entrepreneur and tech world, offering meaningful, concise insight into emerging technologies, the digital economy, best practices, and a shifting business culture. We refuse to publish fluff, and our readers rely on us for inspiring action. Copyright © 2005-2022, The American Genius, LLC.