ReVestor Search Engine Update | Season 4
Bill Lyons created a real estate search engine, to help prospective homebuyers access information that used to only be available to investors. Will a shark invest in him, on
Shark Tank ReVestor Update
- Entrepreneur: Bill Lyons
- Business: Real estate search engine
- Ask: $250,000 for 10% equity
- Result: No deal
- Shark: None
Bill entered the tank to pitch his company, ReVestor. The search engine found properties and utilized a “proprietary algorithm” to “make assumptions” regarding which ones would perform well over the next few years.
When asked how ReVestor was able to collect such data, Bill said that his algorithm used “key real estate indicators” to make an educated guess. Robert Herjavec was not satisfied with this answer, probing Bill to provide more specifics.
Kevin O’Leary, on the other hand, was disappointed, as he thought the purpose of the product was to cut out real estate agents.
Since Barbara Corcoran’s background is in real estate, she asked where Bill was getting his information from and what criteria the search engine was using. Bill said that ReVestor calculated cash flow, cap rate, ROI based on information from MLS, and other predominant listing sites like Listhub and Point2.
When Daymond John asked about sales, Bill told the sharks that he was pre revenue, not yet having rolled out the product. Kevin then asked how ReVestor actually planned to make money, at which point Bill shared that all the analytics and information was only available at the price point of $99 per month.
This prompted Kevin to conclude that Bill was not offering a platform for one time buyers, but instead only offering value to “a very small vertical” of flippers and landlords. When Barbara asked for a clarification on this, he claimed to have a solution for house hunters and normal would-be homeowners.
Mark Cuban and Daymond were the first sharks out, as they didn’t like the business model that Bill presented. Barbara felt there was no way ReVestor could accurately predict what the housing market would do, so she was the next shark out.
Robert was less than pleased with Bill and his company, Kevin wasn’t interested in investing. Both sharks went out. With no offers from the tank, what became of Bill’s company? Keep reading our ReVestor update to find out!
We have interesting news to share in our ReVestor update. Bill went on to restructure his plan, and sell directly to investors looking for rental properties. To fund it, he started a mortgage company called Griffin Funding, which as of 2021, was responsible for $5 million in annual revenue. ReVestor, with this new influx of cash, was able to build infrastructure and launch, but it is only available in the San Diego area.
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