Bill Lyons pitches Revestor in Shark Tank Season 4. His company accumulates data on potential investment properties.
Revestor claims to be the Real Estate Search Engine of the Future
His business is the real estate search engine of the future. The company gives you access to information only investors have had until now. Mostly, he is building a platform that competes with sites like Zillow.
The Revestor data is flawed because it can't see into each home. Zillow is a prime example of placing values on homes and either being high or low with no consistency. Bill keeps giving examples of key indicators, but he cannot identify what is unique.
Revestor does not have any sales coming into Shark Tank. He's built a financial services company previously that sold mortgages, real estate, and life insurance but he got caught up in the market collapse. Robert Herjavec asked him why he didn't make the software to predict that?
Revestor is telling the Sharks he is going to charge $99 a month for his data. He is confusing his pitch saying that he is targeting the individual buyer and the investors. He thinks both clients will buy into this pitch.
Entrepreneur: Bill Lyons
Ask: $250k for 10% equity
Companies on this episode: Voyage Air Guitar, DriveSuits, PC Classes Online, Ice Chips Candy
Season: Season 4 Episode 409
Sharks: Mark Cuban, Daymond John, Kevin O'Leary, Barbara Corcoran, Robert Herjavec
First Aired: 11/08/2012
Deal: No Deal
What do the Shark Tank Investors say about Revestor
Mark Cuban says you are buying the data from the two sources and you are using some algorithms and then charging $99 a month, he hates that model, and he is out.
Daymond John is glad Mark explained it, and he thinks the pitch is under water, so he is out.
Kevin O'Leary tells him you are getting your ass kicked. He respects him for coming out of the financial space which is a tough business. Kevin says he is not starting over with him; he is out.
Barbara Corcoran buys a lot of foreclosures and does not believe he can capture that data, but nobody can prove him wrong because you don't know if the data is right until the home flips. She is out.
Robert Herjavec said his presentation made him appear like a con artist. He is out.
Revestor after Shark Tank
Bill Lyon was having a problem raising money after his appearance on Shark Tank, so he ended up starting another mortgage company, and focused elsewhere. But, he did well with the mortgages making the funds available to build Revestor. He relaunched the site focusing on rental properties and plans on adding flip opportunities to the site. His model uses subscription and advertising models.
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