How did Seattle become the home for technology companies that want to help you buy or sell … a home? Sure, it’s where Microsoft and Amazon are based, and it’s a well-educated, tech-savvy community, and the University of Washington churns out more than its share of software engineers.
But why real estate?
A lot of really smart people read that real estate was a multi-billion dollar business and they wanted a piece of the pie. They figured that even a tiny slice was probably worth millions.
But what they didn’t understand was that the oft-quoted “multi-billion dollar business” was based on the total value of all of the real estate involved, not how much money one could make from buying or selling it, which was just a small percentage of each sale.
A big miscalculation.