Technology Deflation and Real Estate Business Models

Last week, I had what was probably my fifth conversation of the week with a proptech-brokerage-disruptor startup that went something like this:

1. Save somebody (consumers, agents, brokers, MLS) a lot of money

2. Build a large userbase

3. Make money from referrals to service providers (appraisers, movers, mortgage, etc.)

As a general matter, I don't really see a bi…