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Zillow applies for patent on automating remodeling estimates?!

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Online real estate giant Zillow has raised eyebrows over the past year as it has been on a bender of applying for utility patents.

Patents can be a huge deal for individuals — and corporations. A patent gives its owner exclusive rights to an invented process or product, and is the cornerstone of pretty much all copyright law in the United States.

For the innovative, this means that if they create a new way to do or create something, they can control the use of that product, often by charging others. In many ways, patents have come to be seen as a quick way to use your wits and become successful.

(This is the reason that Romy and Michele’s triumphant high school reunion lie was about them becoming super rich as the inventors of Post Its or that Mean Girls’ Gretchen Weiner’s privilege comes from her father’s wealth as the inventor of toaster strudel).

So far, some of Zillow’s patent applications are connected pretty closely with the blending of technology with traditional real estate practices. Zillow has filed new applications, which specifically describe (1) the process of digitally creating renovation estimates from the use of uploaded photos, and (2) data acquired from mobile devices.

However, as much as Zillow seems to want to claim that they’ve created the entire field of digital real estate, they aren’t the only ones operating in the industry. Last year, Zillow was sued by another firm claiming to have invented and patented “real estate information” search systems. Zillow was also sued by yet another rival before that, just for having similar appraisal programs.

What Zillow is asserting, in their most current patent application, is a more wide-spread claim than their previous patents; now instead of claiming that they’ve created a nice aspect of digital real estate they’re claiming that they’ve that they’ve invented the method of automating remodeling estimates.

While there’s no doubt that Zillow owns the intellectual property that it uses within its own processes, it seems like (yet again) a bit of stretch (or a lot of ego) to say that they’ve created a process that’s been used as a model for all other companies that have developed automated remodeling tools.

It will be interesting to see how this plays out.

AprilJo Murphy is a Staff Writer at The American Genius and holds a PhD in English and Creative Writing from the University of North Texas. She is a writer, editor, and sometimes teacher based in Austin, TX who enjoys getting outdoors with her handsome dog, Roan.

Real Estate Corporate

Zillow’s patent game is strong – they just got 3 for IBM’s creations

(CORPORATE NEWS) This company was just granted not 1 patent but 3 on tech more than twice their age! What does it mean for you? Nothing good…

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Welp. They did it.

We’ve been watching Zillow for some time now, and in the midst of even the strongest of OP Eds saying how terrible an idea it is, Uncle Sam officially handed them multiple patent keys to tech they didn’t invent.

How big do you have to be before you can clout jack with this much impunity?

I’m used to seeing this with small artists. Forever21’s Etsy spies find a cute, simple design, maybe do the work to alter the pallate a smidgen and rely on the ‘Matilda’s Dad’ strategy of “I’m smart, you’re dumb, I’m big, you’re little, I’m right, you’re wrong, and our lawyers will argue the same, peasant’.

But with technology, you can literally trace the code back to a source. It’s not like using teeth as a motif, it’s real, it’s definite, and it’s definitely really shocking that the government signed off on this.

Zillow’s not exactly startup sized, they’ve been in business since 2004. They’re a big name. Their competition probably can’t muscle their way in and out like they can. Matter fact, a company you may have heard of fighting them on patents has only been doing their doings since…wait, since 1911. Must be a tiny outfit, that was in some other business for over a century right?

It’s IBM.

What le freaque?

We all need to be concerned about this level of government sanctioned patent jacking, no matter what field we’re in.

I’ve heard before that if you’re just starting out, and low on funds, paying for your inventory and manpower are more important than filing anything with the government. Now we’ve got fresh, bloody proof that that’s 100% not true.

Your or your company’s intellectual property can be deeded off with a factor no more elaborate than whether the patent office likes your face that day, regardless of what kind of trail you’ve left, and as far as being run into the ground or laid off goes, that’s hardly a non-factor.

This decision represents a higher financial barrier to entry for everyone from Amazon entrepreneurs to realtors daring to use tech as basic as texting in their business.

Yes, literally.

Zillow’s patents, condensed for readability, are on:

Taking panoramic images for 3D walkthroughs

Multi-criteria search engines

And superimposing images scaled for size onto an area of land

Do all of those sound familiar? They should. We’ve been using that tech for years. And Zillow’s no Microsoft.

As always, we’ll have to see how this plays out. But if your New Year’s resolution was to take more bold steps in your business, maybe see if you can patent the idea of putting your picture in your email signature?

Apparently it couldn’t hurt.

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Real Estate Corporate

Conductor buys their company back from WeWork (that’s a good thing)

(CORPORATE NEWS) In an effort to refocus, co-working giant, WeWork, is looking to offload many of its recently purchased assets which may work in the small companies favor.

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Once upon a time, WeWork, the popular, ever growing, co-working space giant, was valued at $47 Billion. But on August 14th, 2019, everything changed.

In August, WeWork submitted its first IPO paperwork for the company, not realizing it would almost immediately face incredible scrutiny from various entities, such as investors and the press, in regards to its finances. Although the company’s revenue doubled in 2018, Business Insider found that the company wasn’t actually earning any profit. In fact, reporter Rebecca Aydin reported on July 3rd that the company was losing $216, 000 every hour of every day.

But that’s not all. Since WeWork went public, the company has witnessed an incredible devaluation, from $47 billion, all the way down to $8 billion. Now, since we’re talking about billions of dollars here, the devaluation may not seem like a big deal for the future of the company, but I can assure you it is.

This devaluation resulted in Softbank, WeWorks’ biggest investor, taking over, and offering $1.6 billion to then CEO, Adam Neumann, in exchange for stepping down.

Throughout their growth, WeWork acquired more than 20 businesses, such as Spacious, a small co-working space in Manhattan, New York. Spacious’ CEO prior to the acquisition was Preston Pesek, who launched the firm in 2016. Pesek had a background in real estate and founded the business to leverage and monetize abandoned buildings and restaurants.

Customers had easy access to these spaces for a nominal fee, but because of WeWork’s recent decisions with finances, it made the decision to offload quite a few of its previously acquired businesses, including Spacious. They’re also looking to liquidate Managed By Q, which was purchased by WeWork from founder, Dan Teran in April.

In light of this news, Pesek anounced that Spacious will close its doors at the end of the year, alluding to WeWork’s refocus on its core workspace business. But while Spacious is set to close, Teran has decided to fight to re-acquire his company. In a article on The Real Deal, writer Rich Bockmann states that Teran said he’s actively looking to buy back his company.

Conductor, another company WeWork purchased more than 2 years ago, has already been successful in purchasing its company back, and it looks like it may be a better setup for its employees than previously. Co-Founder, Seth Besmertnik, stated in an interview that, prior to the sale of Conductor, he actually only owned 10% of the company. But with the re-acquisition of the company, Besmertnik and his partners, investors, and employees will be in full control. He says that under the company’s restructuring, employees will have “more than four times what they did when we sold the company”, which is clearly a better deal than what they had before.

But WeWork isn’t just liquidating co-working assets they’ve acquired. They’ve also laid off 2,400 employees in an effort to cut costs. Additionally, they’re also considering selling and/or shutting down other ventures, such as Meetup.com, a web platform that makes meeting up with like-minded individuals as easy as possible (purchased in 2017 for $156 Million). WeGrow, an elementary school in Manhattan, is also on the chopping block.

At the end of the day, WeWork just wasn’t as strong as users, investors, business partners, and the general public thought they would be. At a current valuation of only $8 billion (again, down from $47 billion), and with a $9.5 billion bailout from Softbank, the company will have to get really smart with their remaining finances. It’s obvious that the company is still in a state of flux, reevaluating their options and their main focus, but the question remains – can they still be saved? Maybe even more importantly, are they worth being saved? Only time will tell.

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Real Estate Corporate

Redfin launches their Job Opportunity tool – gimmicky yet brilliant move

(REAL ESTATE) Redfin has launched a new tool that at first glance is a PR stunt, but at second glance is useful and pretty damn smart.

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According to the National Association of Realtors, 90% of people searching for new homes will turn to the internet in their hunt. It’s why real estate sites like Zillow, Trulia and Redfin exist. With competition growing tighter every year, Redfin has created a new feature to stand out from the rest of the pack: a job opportunity tool.

No, this isn’t specifically for job hunting. You’re going to have to look for specific employment opportunities elsewhere.

Instead, Redfin has collected information from sources like the Bureau of Labor Statistics, the US Census Bureau, and even the IRS in order to provide an informed look into the job climate for those looking to relocate.

Not only can users get an idea of how many jobs are available in an area, they can take a look at median salaries, and how these salaries add up against the cost of living.

Redfin’s tool calculates average housing, transportation, and tax prices, among other things, which can give people an idea of how far their salary will really go in a new home.

Plus, they’ve also created a tab for employers to research data regarding hiring prospects, expanding usage of the tool to those considering starting, expanding or moving a business.

On its own, the job opportunity tool is pretty neat. There are plenty of colorful visuals to make the information engaging and easy to digest. The tool also boasts a decent amount of variety, providing insight about jobs from bakers, floor sanders, midwives, and anything in between. It’s sure to provide interesting insights to anyone looking to relocate.

Primarily, it’s a smart business move on Redfin’s part.

The tool sets them apart from other real estate sites, giving them a traffic and brand boost with the markets they were already targeting. Many people looking to buy homes are, after all, making significant relocations. It also diversifies what Redfin offers, though, which might help them garner attention from other industries and break out of real estate in a creative way.

Above all, it’s a smart PR move for Redfin, to creatively present their data to news outlets and have their name in as many media mouths as possible.

Online real estate is still a budding industry despite being two decades old, and this is just one of many ways the industry is evolving. Still, kudos to Redfin for making something that is both an interesting gimmick and a useful tool for job and home hunters alike.

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