AmeriQuotes.com Speeds Up Real Estate Due Diligence

Interview... Martin Gibeau is the CEO of AmeriQuotes.com, headquartered in Denver, CO. AmerQuotes has developed a national network of commercial real estate service providers to speed up the acquisition of services at competitive prices. Gibeau responded to three e-mailed questions on June 14, 2000.

Pike: What is your business model and how do you generate revenue?

Gibeau: AmeriQuotes.com was established on the premise that the Internet could be used to streamline what has historically been a time-consuming and inefficient process -- commercial real estate due diligence. We have essentially created an online transaction center where principal investors and lenders can obtain free quotes for services necessary to complete an acquisition or refinance. The quotes come from a nationwide network of America's premier service providers doing business in the following eight categories: Appraisal, Brokerage, Escrow, P&C Insurance, Land Surveys, Phase I & II Reports, Title Insurance and 1031 Exchange Services. ... Principals receive up to 6 quotes in each category they request. Because our service is free to the buyers, sellers and lenders, our primary revenue source comes from an annual subscription fee paid by our provider members. These fees range from $100 for a small single market to $5,000 for national membership.

Pike:: What products and services are most frequently requested?

Gibeau: Land Surveys, Environmental Reports and Title Insurance.

Pike: Will AmeriQuotes transactions ever be completely automated?

Gibeau: Our provider network should be built out within the next six to eight weeks. At that point, we could theoretically stand aside and allow the entire process to happen automatically. However, there will always be a human element involved. We will never deliver a transaction without an experienced set of eyes examining the final product.

--Peter