Technology

Deliver a ‘closing in a box’ and win $25K

Publisher Brad Inman offers reward to individual or company who builds application that makes closing process easier

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Calling all entrepreneurs!

Here is Brad Inman’s offer: $25,000 to the innovator who delivers a “closing in a box.” Must be elegant, easy, simple, useful and collaborative.

The fully developed application (platform) must have specific functionality. It must be mobile-first; not necessarily in the app store, but designed for hand-held devices.

Everything must be stored in the cloud and must be encrypted and password-protected. The design must enable easy-to-use tap-and-swipe technology with clear and simple navigation and the ability to invite other users (vendors) to drop in reports. It must enable their participation in internal messaging that is linked to notifications.

The application must include four features:

1. Searchable data storage of all my buying- and selling-related documents, such as purchase offer with historical record of all changes; inspections and all related reports; mortgage application and all approvals; title report, etc. Applications that populate this feature should be designed to be filled out, saved, edited and include historic edits. Easy-to-share document functionality should be built in.

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2. The notification feature serves as a way to be alerted when reports and approvals are received, documents are amended or information is updated. These notifications are internal to the app, but are integrated with mobile devices so they appear or pop up on your phone as events happen.

3. The internal messaging feature is so parties are on a safe, efficient and consistent internal communication system that allows people to message one another or create groups for certain functions such as inspections or loan approvals.

4. Digital document signing capabilities of all contracts and agreements must be built into the application.

The beta product must be shipped by Dec. 31.

The application should be built as a platform — meaning the agent or consumer can easily add their own vendors with the click of a button. Inman will secure a zipForms license so it can easily be populated with the necessary forms.

In the first three weeks of January, Inman will find agents, an inspector, a title company rep and a lender to participate in a beta test of the product so we can experiment and bang on it together. We will have a handful of consumers help test-drive the finished products to evaluate the ease of use and the functionality.

Inman will make the final decision on who — if anyone — wins the challenge. After this review, a winner will be announced at the Inman Connect show on Jan. 28, 2016, in New York City. The $25,000 check will be delivered at that time. The terms of the reward will be determined later.

Once a go-to market product is launched, Inman will consider promoting it to its readership.

The challenge is open to individual entrepreneurs, teams, big and small companies, brokers, agent and others. If you plan to work on an application, formally enter by sending your name, company, expertise and contact information to box@inman.com. Deadline for entries is Sept. 15. No fee or obligation for entry.

Inman will provide regular reports on progress being made by the entrants.

For more information, email box@inman.com at any time.