New Assumptions, New Research

New Assumptions, New Research

Our market research, customer interviews, and ideation have been rapid paced, but critical to refining our business model canvas and value proposition, testing metrics, and assumptions about key-hires.

First, about the customer. Attending Lendit 2016 where Realityshares.com presented about the unbundling of real estate through crowd investments confirmed that small-time investors need a platform like Cash on the House. Market research on platforms like Trulia and Realtor and industry data confirm that small-scale investors do not have robust platforms to provide information about property managers. But most of all, in our own attempt to find property managers in Boston, L.A., and Washington, DC, we confirmed that the process is far from automatic, and there are barriers to entry for our target customer. On the other hand, customer interviews with current investors illustrate that once they buy a property, they use the same property manager. This last piece will be critical for our Phase 2 plan as we think about value add services by property management function.

We’ve also learned that technology tools to create a MVP reduces the immediate need to have a full time developer on the team. We’re still in market development, testing, and discover phase, so we do not even have requirements for a developer! Platforms like Balsamiq and InvisionApp allow tech proficient, though not coders, to help potential customers understand our idea. Our best estimate shows that we could have prototypes, market research, and a solid canvas without a full-time developer for another 60 days.