Well, well, well, well, here we are on a frigid afternoon at the beginning of 2018 and what pops into my inbox but this:
Now, of course, I had heard rumors, actually, I was asked by a friend about “investing” but that’s another story altogether.
For a bit of context just in case:
And with that we now have:
“The future of commercial real estate information is coming soon.”
Basically, all that the website shows is this:
A letter from our CEO Doug Curry
This is Doug Curry, the Founder and Former CEO of Xceligent. I am writing to let you know about a new commercial real estate information and technology service that we are bringing to over 30 markets in the coming weeks.
Over the past few weeks, the outreach from the CRE community has been incredible and it is evident that the need for an affordable and competitive alternative to CoStar is critical to the long-term stability and success of the CRE industry. Those of you that know me and the vision that I had for Xceligent, know that our work is not done, and I intend to deliver on the promise I made to the industry nearly 20 years ago when I began this journey.
Based on the feedback provided by thousands of members like you throughout the US, we have focused our efforts on first delivering our new broadcast email system, so you can immediately start sharing your listings and wants with the market.
The following week, we will launch the first version of the new Intrepid CRE database product for professionals. Our experienced technical professionals have been working tirelessly over the last few weeks to create a new product which will deliver the functionality you need to execute your business objectives, while our CRE-focused research teams continue to gather the critical commercial real estate information you need.
We want to extend to you the opportunity to join with us as a Founding Member of this new service, which will ensure that there is an affordable, robust, and competitive alternative to CoStar for the research, public marketing, and productivity tools you need moving forward. The Founding Member firms will benefit from a reduced rate plan during the first year and will provide critical insight into our product roadmap 2018.
Before you commit to another solution, please take the time to reach out and learn about what we are doing to provide an immediate alternative to the industry. I appreciate all the support over the years and want to reiterate my commitment to finish what we started while introducing new and exciting products in 2018.
Douglas J. Curry, CEO, and Founder
Please email me at email@example.com
I can probably stop right here, actually, I probably should stop right here and just let this fade away………..
Way back in the day (2012) as we old dudes are want to say I wrote:
And then followed it up with:
If you do happen to click on this article and read it you will most likely go “oh yeah, I see it now.”
Hard to miss is it not?
So here we are….in 2018….and……..?
Why not move the fuck on!
You got your ass kicked!
You had from my understanding 200-300 plus people on your payroll and they are now jobless.
What have you learned in the last “20 years” that makes me think this one, yes this one will succeed?
20 fucking years.
20 years of no dividends or stock price accountability.
20 years of a model so outdated that all it takes is a robo telemarketing bot to replicate to it.
20 years of raising money after money to accomplish what?
20 years of raising money and I’m giving you all the props there. That’s a fucking talent in an of itself.
You had the US Government give you a chance (and a professional blessing basically) to go kick some ass and……..
What mind-bending technology are you planning to launch that will make every broker in the world beat a path to your website and unload buckets and buckets of cash in your bank account? That’s a rhetorical fucking question by the way.
If it existed I would know about it. yes, I would. There is no super secret SaaS shit out there today. No there is not.
Wait, wait I get it. Let’s see 500 dumbass brokers paying let’s say $99 a month = about 50K a month x 12 = about 600k with like almost zero overhead generally (add in the family on the payroll) + the money raised from investors with Zero chance of any possible return = GENIUS!
Boom a new and spectacular business plan and model is born out of????? NOTHING!
I mean it’s fair right, fair for everyone, there just can’t be one can there. Why the FUCK NOT?
Maybe I am way off base here. Maybe there is something so fresh and new stealthy as shit like the product 42 Floors pitched you 3 years before you spent countless hours and $$$ in SF creating the same thing…….that you did NOTHING with.
Oh, wait are you going to drop the “blockchain” and real estate play on us all. You got that in your back pocket?
I have governments wanting meetings with me to discuss blockchain and real estate. That’s no shit.
While I’m on a roll what’s this about an “affordable and competitive alternative to Co-Star?” I thought that’s what Exeligent was supposed to be. So let me get this straight and correct me if I’m wrong but spending over $100 million + of someone else’s money [emphasis mine] trying to do the same thing did not work. Wait a minute, let me rephrase that, did not even fucking remotely work is still the pitch to brokers.
And let’s address that all-encompassing valuable data. It comes from where again? It’s researched how?
Wow, just wow.
Let’s address that humongous elephant squatting in the room. And I’m using words that came directly from you in a conversation we had “the data has value, researched data has a real value, why would I just give that away?’ Don’t remember that conversation? I sure as hell do.
So indeed why would you give it away? It has tremendous value, you don’t, that I agree with.
If I were a broker, any broker here is exactly what I would do.
I would charge any company that wanted to use my data.
What would I charge? Whatever the market would bear. Maybe I would charge let’s say $10,000 up front and say $1000 per listing for anyone wanting to use it. Big numbers? Who knows, let the market decide.
Maybe just charge a monthly subscription rate just for the privilege of access and maybe create an a la carte menu of items that could be bought individually. I would think you could surge price those items as demand dictated.
It is, after all, the broker’s data and who knows the marketplace better than the brokers working in it?
I can’t think of anyone, well maybe the building owners since they already have it. Maybe they should charge for access also. Hmmm, there is a thought.
20 Years! 20 Years!
Hundreds of millions of dollars.
Time and effort expended by countless people and their families.
A business model that can only be described as a qualified and vetted failure.
Yet, here we are, it’s 2018 cold frigid and doing what?
Still, still wasting and wasting time effort and money.
So that I can do what….write……
Another Open Letter To Doug Curry? Not This Time!
+1 Why do I hold back? Losing my edge, it must be the yoga.
+1+1 BTW it’s not the legal system that makes companies fail, its the lack of quality leadership and products along with 0 support from actual paying customers. Reread that.
+1+1+1 Piling on at this point? Yea, I know about this -The Real Deal