Can you disrupt an industry stuck in the stone age? Tech is sweeping across every single industry, turning traditional business models on their respective heads.
Next up? Land Surveys.
Can you bring drones, satellites, software engineering, or even harness pre-existing data to significantly expedite commercial real estate transactions?
Commercial real estate isn’t a “big” industry — it’s massive. In fact, go ahead and take a guess.
How about $15 trillion per year?
We’re talking global-economy-scale relevance, here.
Unfortunately, the process for completing these transactions is frustratingly antiquated. As a result, the wealth of time, money, and expertise needed is unthinkable. A notorious component of successful transaction is the boundary survey. Not only can these surveys take more than a month to complete, but they’re incredibly expensive (some can cost more than $5,000) and need to be conducted on-site. ..by a human.
But what if there was a better way to conduct a successful survey?
What if commercial real estate developers could conduct not just any survey, but an ALTA certified survey remotely, and at a fraction of the current market cost?
By channeling the power of tech, we want to make boundary surveys more accurate, less expensive, and capable of accelerating the process for real estate and real estate financing transactions.
TL;DR: we want a way to automate a full-blown ALTA survey.
Simply put: no survey, no title insurance. No title insurance, no real estate transaction.
In a world where almost everything else has been optimized, why hasn’t the boundary surveying process been automated?
Boundary surveys are generally complex, with the ALTA type being particularly intricate. A surveyor has to actually travel to and explore the site, before reviewing title and actually plotting the survey (a process that can easily take more than a month) with title review alone taking 2 to 3 weeks.
Creating a solution capable of doing all this—of highlighting improvements, easements, encroachments, rights-of-way, and the various other elements of land ownership—isn’t for the faint of heart. ALTA is also a trade association, offering title insurance and providing licensing rights to surveyors who want to be certified to conduct an ALTA survey. As you might imagine, they’re invested in maintaining the status quo. This can equal pretty serious resistance to new technology perceived as a threat.
These two roadblocks are adding an entire month (at the very least!) to each and every commercial real estate transaction in the United States.
The Challenge Breakthrough
Through the limitless power of tech, our mission is to help commercial real estate modernize as so many other industries have already. We want to bring property development and investment into the 21st century by streamlining one of the most bloated components of any transaction.