“If at first, the idea is not
absurd, then there is no hope for it.” – Albert Einstein
Hey Guys,
Over the
next 2 blogs, I’m going to paint 2 pictures for a single idea, The first will
be the “Build it and they will come” method, the Second will be around
validation.
Why – I want
to show you the power of some tools that will stop you
- Wasting Time
- Wasting Money
If the
above are important, keep reading – if they are not.. KEEP READING ANYWAY :)
The BIG
Idea!
I knew
it, from the minute I pieced the idea together in my head, That this would be *The
Next Big Property Company*...
Since a
conversation with my mortgage broker about property - said to me, he has
brought some of his best properties that were NOT listed on the market. I
asked, how do you do that and to which he told me…
I knew
this was a game changer, as I a property investor I know the limitations of the
current gorilla markets – private sales or Real Estate Agent sales. The market
is flooded with first home buyers and investors buying long term “buy and holds”
or Trading.
IDEA: I’m
going to build a platform and automate the process
-
Search
for property / Augmented reality iOS app
-
BIG Data
overview of property
o GV / RV, # Bd Rms etc
-
Capability
to send *Offer* to Title Owner
-
Host of
other value props
Why is the above the next big
thing in property? This opens up a market to all that is only currently used by
Investors.
You will be able to make an offer
on a house that has no other offers on it – and work with the owner to settle a
reasonable price.
“Build it and they will come”
method
Build a
set of Requirements
Get a team
of Developers, work up a pipeline – Head down tail up, until built
Start
marketing and engaging with customers post build
The idea
was so certain the above would work without a doubt…. Right?
Well I know
the above is not what I would do, in fact I didn’t do it at all! Why? Because my
idea was simply a bunch of hypothesis surrounding the initial idea.
The first
thing I did was build out a Business Model Canvas with all the assumptions that
I had, these assumptions went through a test processes, and found either FACTS
or raised more QUESTIONS.
The first
one looked like this;
I found
out some fascinating things while engaging with my first customer segment “
Property Owners” not only did they not mind if someone was interested in their
house, if they were interested which 2 out of 5 said they would be – they would
prefer to receive an offer range for example 500k-550k etc. One thing they were
adamant about however was the need for the letter to be personable.
As each
assumption was validated, a picture was beginning to be painted as to what
needed to happen – however I had validated the business model canvas focusing
on the property owners first….
When in
fact if I was to validate the Investor , who I assumed would be my paying
target market – as they make repeatable purchases and so repeatedly utilize my
service. I would have found out that, this is already a simple process for
them, and having a platform would possibly just add further complication..
I validated
the process that an investor currently does to put an offer on a property that
is not listed;
Due diligence
Title owner
address
-
The above
2 form the process for the offer amount and being able to send a letter to the title
owner.
Does my
idea – deliver any real value to an investor?
What do you think I done next?
What are your thoughts about the
Idea?
What would you have done?
Lay it on me.
Something
for you: Watch this – Amazing how an innovative cost model can turn around a
bankrupt company into a successful revenue generating company;
It’s a bit
long so look at these times;
13:35min –
the Xerox story and success
22:30 –
onwards, Nespresso the story
Do you
want a Business Model Canvas Template, you can edit as a doc? Let me know
Ill post
the next blog in a week tell you where I went J
Cheers
M
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