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A Product Thinking Approach to Real Estate Due Diligence
- The article discusses applying a product thinking approach to real estate due diligence, focusing on interpreting seller disclosures and inspection documents.
- It emphasizes the need to identify inconsistencies and hidden risks in real estate documents, noting the challenges faced by buyers under time pressure.
- The author shares their personal experience of discovering issues post-closing that could have been caught with better document analysis.
- They propose building a tool to flag potential document discrepancies, providing a second set of eyes for buyers.
- The article highlights the importance of understanding the problem space and feasibility before market viability in product development.
- Technical experiments using tools like ChatGPT and OCR revealed challenges in detecting document inconsistencies accurately.
- The author explores the market potential for the proposed tool, considering factors like data consistency, customer retention, and core value proposition.
- Ultimately, the article concludes that while the problem is real, the current market conditions and monetization model may not support the standalone product.
- The author reflects on the project as a valuable learning experience in product discovery and knowing when to pivot focus.
- The article invites connections from those working in risk assessment, document intelligence, or prop-tech fields and underscores the importance of problem-solving and user-centric design in product development.
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