Entrepreneurs in the community:
I-Agent, Fairfax VA
I-Agent was recently featured on NBC 4.
Photo from NBC 4 website.
The Patriot Entrepreneur sat down with I-Agent in Fairfax, VA to learn how this new business is creating innovation in the real estate industry. Khalil El-Ghoul, CEO, and Zeeshan Kaba, President, are Seniors at George Mason University.
What is I-Agent.com?
I-Agent.com is the DC area’s first and only Online Real Estate Company. We offer our consumers every tool necessary to find their next home online. We are the only area website that features both New Homes and Resale homes. When our clients purchase their home with an I-agent.com Realtor they receive a 2% cash Rebate at closing, on a $500,000 home their rebate would be $10,000. We are not a discount real estate company; all of our clients receive 100% customer service throughout their transaction.
What made you think of this business idea?
The internet has revolutionized every business industry, whether it is buying plane tickets, purchasing insurance, or traveling across the world the internet has made cost cutting possible. We envisioned a similar model for Real Estate; we wanted to offer the web savvy home buyer a new way to buy a home where they would save thousands of dollars. According to the National Association of Realtors® 64% of home buyers found their next home before enlisting an agent to help them close the transaction, we cater to these individuals and we feel they deserve to be paid for doing some of the leg work on their own.
“No matter how great your idea is, you have to be able to mold it to your market. Listen to what everyone has to say. You will never know when or who will give you advice that could really help make or break your idea”
—Khalil El-Ghoul, CEO, and Zeeshan Kaba, President, I-Agent.com
When forming your business, what types of resources did you take advantage of?
When we were first starting our business, we spoke with several Real Estate Lawyers as well as the Northern Virginia Association of Realtors (NVAR). We had to make sure we followed all the rules and regulations of NVAR and Real Estate Settlement Procedures Act (RESPA). To this day we are in constant communication with NVAR and our lawyers to make sure we are up to date on any changes that may be occurring in the real estate market. Running an internet company requires constant updating of our web site. This also means that we have to make sure we are staying compliant with every guideline that NVAR and RESPA have in place.
What are the current and future needs of your business?
We are currently seeking creative and talented human capital to join our team. Being a start-up company our biggest challenge is acquiring such talent because it is difficult to meet their salary needs. Implementing our model in other cities is our immediate goal. We have had tremendous success in the Northern Virginia Area, but we realize if we want to grow in other cities around the country we need the right people. Acquiring the right people may require additional funding; an option we have begun to explore.
What do you think George Mason University can do to help other aspiring student entrepreneurs?
George Mason University should seriously consider adding some undergraduate classes that cater to the young entrepreneur. Undergraduate business/entrepreneur classes would really help in guiding confused or undecided students in a direction which will best suit their interest.
What advice would you offer to other aspiring student entrepreneurs?
The ability to approach a new idea or new business with an open mind and the willingness to adapt to your market is important. No matter how great your idea is you have to be able to mold it to your market. Listen to what everyone has to say. You will never know when or who will give you advice that could really help make or break your idea. When starting a business we are so concentrated on our specific business model that we may forget simple things that a colleague may see that could really help us out. The best advice we can give to a student entrepreneur is to have the "whatever it takes" mentality. If you truly believe in your idea then you must do "whatever it takes" to make it work. You may have to work 14 hour days in your basement, drive to meet with people that are three states away, or spend weeks trying to contact one person to get the smallest piece of information. But in the end, you have to do "whatever it takes" to get your idea in motion.
To learn more about I-Agent, visit their web site: http://www.i-agent.com
To read the NBC 4 news story: http://www.nbc4.com
Do you know of a Mason student or alumnus with solid business experience who you’d like to see featured?
If so, let us know by dropping us an e-mail patriote@gmu.edu.