Today on Entrepreneur Elevator Pitch: On the Street we meet Justin Gelwicks, founder of Contraca, a real estate contract editor that extracts key terms and turns them into usable databases.
Could this idea disrupt the real estate industry? Investor Rogers Healy isn’t so sure… on one hand, it's hard to disrupt an industry where some players still use typewriters. On the other, this is the type of idea that could work with a real estate partner and Rogers happens to have 20+ years of experience in the space.
Smart business buying starts with Amazon Business. Learn more here: https://entm.ag/amazonbusines
Could this idea disrupt the real estate industry? Investor Rogers Healy isn’t so sure… on one hand, it's hard to disrupt an industry where some players still use typewriters. On the other, this is the type of idea that could work with a real estate partner and Rogers happens to have 20+ years of experience in the space.
Smart business buying starts with Amazon Business. Learn more here: https://entm.ag/amazonbusines
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NewsTranscript
00:00Real estate agents fill out over 100 million documents every year.
00:03I have one idea on how to make this pitch better, and I'll tell you afterwards.
00:06Since these documents are in a written or a PDF format,
00:10all the data, all the key terms are being thrown in the trash.
00:13Companies are required to keep these documents for years for legal reasons,
00:17and we take this waste and we turn it into usable databases for these brokerages.
00:22Investing in Contracta means we can take this data and turn it into an AI agent
00:26that thinks and acts like a real estate agent would.
00:28Automating paperwork and catching costly mistakes.
00:32Firstly, he's got great posture, and he looks great in all black.
00:34He's the Johnny Cash of real estate tech software.
00:36As a 24-plus-year veteran of real estate, I've seen every single deal pitched at me,
00:41but there's a reason it hasn't been disrupted, and it's in large part
00:44because the industry is saturated with people that still use a typewriter.
00:48So this is a really, really hard thing to go and actually see the market.
00:51The way to make this better is to come with a real estate partner that's
00:54going to give you credibility from the jump.
00:56Maybe I can step back out of real estate retirement and get back on the wagon.
01:00Thank you so much for participating in Elevator Pitch on the Street.
01:04In order to show our gratitude, Amazon would like to give you
01:08$500 and a gift card to use however you'd like.