My Currency is launching another take on the wisdom of the crowds, this time aimed at the real estate market. Unlike Zillow, My Currency derives its housing valuations from the marketplace of user opinions by having them assess properties as over or undervalued along with the strength of their conviction. For instance, if I feel a house in San Francisco for 11 million dollars is overpriced, I vote for what lower price I think is right as well as how strongly I feel that on a 1-10 scale. The conviction of my choice and the accuracy of my past votes play into how much I can affect the valuation and price trend of the home. Home listings are a bit sparse at the moment, and rely on self listing.
The hope is that experts and real estate agents will be drawn to the site and its users as a lead generation tool. Quality lead generation has been a problem for online realtors. Founder Karim Tahawi says that 2 out of 3 internet leads produce no sale. The site will allow realtors to make one on one contact to buyers by answering direct questions or attracting clients with their reputations. Experts will establish themselves by their voting records and distinguish themselves as the best at valuing different cities or neighborhoods.
Why be honest in your valuation? My Currency answers this through a reputation score that consists of your past performance valuing homes, contributions to the site, and popularity of your additions. These all play a part in the formula that weights your vote on a property. Contributions are measured on the volume of contributions to the supporting blog, wiki, and Q&A pages. Users that produce more frequently viewed content or selected answers, will have higher popularity scores.
My Currency is San Francisco based and currently angel financed.