Micasa E245 final presentation
 

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Micasa E245 final presentation Micasa E245 final presentation Presentation Transcript

  • MI CASA – FINAL PRESENTATIONRick Barber (MSCS)Dan Laufer (GSB)Byron Singh (MS&E)Kyle Tan (MS&E) We spoke to 105 people Surveyed 98 people
  • Week 1: We want to revolutionize the homerental market Initial idea: Become a fully integrated home and apartment rental platform for landlords, prospective tenants, and tenants Initial target market size projection: $3B 2
  • Our team’s background Rick Barber (MSCS) Dan Laufer (GSB)• Univ. of Illinois Computer Science grad • Univ. of Virginia Systems Engineering grad• Specializing in machine learning/data • Former Bain consultant (3 years) mining in large networked datasets • Former software product manager and• Long-time interest in technology startups Director of sales strategy and analytics Byron Singh (MS&E) Kyle Tan (MS&E)• Cornell Electrical Engineering grad • Imperial College London EEE grad• Facebook and Android application • Network analysis and engineering developer program knowledge• Digital circuit design engineer (2 years) • Former IBM Strategy and Transformation group intern 3
  • Original version• National realtors • Connecting customer • Mostly Web / • Property Managers• Industry organizations segments • Streamlining process • Landlords• Payment processors • Making process • JIT access to service p. Automated service efficient • Better listing • Direct for large players • Adding transparency to • Improve rent collection (ie. national realtors) the system • Realtors • Makes property management easier for • Web their customers Key • Realtors • Industry • Tenants Landlords • Streamline process • Improve searching • Web • Web platform • Direct Realtors • Talent • Service Providers • Web Tenants • Access to customers • Landlord Service • Web providers • Direct • Computing infrastructure • Application Fees • Labor (Engineering & limited sales) • Processing rental payments • Marketing • Lead generation
  • We then spoke with Realtors, tenants andlandlords Segment Insight learned Landlords • Bigger players (property managers, apartment complex owners) had lots of services available to them • Smaller landlords were generally unsatisfied with current services Realtors • Wouldn’t go out of their way to recommend our solution Tenants • Biggest pain was in the search itself • Eliminated realtors as a customer segment • Focused on serving landlords as primary customers 5
  • Updated version • Connecting customer• Industry organizations segments • • Streamlining process • Mostly Web / Landlords• Payment processors • Making process • JIT access to service p. Automated service efficient • Better listing • Direct for large players • Adding transparency to • Improve rent collection the system • Tenants • Streamline process • Improve searching Key • Service Providers Landlords • Web • Access to customers • Realtors • Web platform • Industry Realtors • Talent • Web Tenants • Landlord Service • Web providers • Direct • Computing infrastructure • Application Fees • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Lead generation
  • We created an MVP, primarily focused on servinglandlords 7
  • We then tested distribution for landlords to thissite Channel Overall results • Not to going to drive much traffic LinkedIn short termX Meetup • Can be helpful for developing a community longer term • May be an indicator of interest/demand • Not a scalable or sustainable longX Craigslist term solutionX AdWords • Very expensive and few searches being done Eliminated landlords as a customer segment 8
  • Updated version• Payment processors and other verticals for lead generation • Building listings/search• Eventually REITs • Creating some virality • All Web based amongst ratings • Tenants • Better search of all listings Key • Connected to other services (i.e., insurance, rent Landlords payment • Access to robust ratings Realtors • Web platform Tenants • Talent • SEO Service • Facebook/Twitter providers • Flyers? • Computing infrastructure • Lead generation • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Eventually listing fees
  • We created a new MVP, now focused on tenants 10
  • We ran multiple ads to test driving traffic 11
  • We concluded that we could successfully acquirecustomers • Facebook ads Advertising ($79.23) • Ad words • Craigslist emails • Craigslist ads New site visits (147) Regist- rations (28) $2.83/ registration 12
  • Finally, feedback from landlord interviews werevery positive Person WTP per Quote successful referral REIT executive $100-$150 “We know we’re not very good at online marketing. This could be a good fit” Apartment $50-$300 “I already pay for referrals. So why complex owner wouldn’t I do this too?” Property $100-$200 “I use craigslist, but would be open to manager something like this.” Landlord $100-$200 “Lowering my turnaround time between tenants is huge.” Competitor $12-18/lead “REITs were desperate for social. perspective (didn’t have to They’ll be enticed by anything that close) smacks of being a social network.” 13
  • Updated version• Payment processors and other verticals for • Building listings/search lead generation • Creating some virality • All Web based • Social connection amongst ratings during search • Better search of all • Tenants listings • Largest breadth of Key listings • Connected to other • REITs services • Landlords (i.e., insurance, rent Landlords payment Realtors • Access to robust ratings • Web platform Tenants • Talent • Simplified lead generation • SEO Service • Facebook/Twitter providers • Flyers? • Computing infrastructure • Lead generation • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Eventually listing fees
  • Lessons learned along the way 1. It’s a crowded eco-system across the value chain 2. The search process is frustrating to everyone – users and landlords 3. We came to learn that consumers were looking for a search process that was exhaustive and trusted, which no one is doing adequately today 15
  • PM Tools Rentpost.com Listings Rentjuice.com Provider Buildium.com Craigslist Rentingsmart.co Potential Padmapper.com Propertyware.com Landlords Rent.com Apartment.com propertymanagemnt360 Show, Advise, Valuate Forrent.com Rentjuice.com Realtors Propertyware.co Trulia.com Sell, Advise Credit Checks Landlords Safetenantcheck.c Erenter.com Buildium.com Property Listings, Managers Checks Payment Facilitator Maintenance Rent Payment Listings, Rentpayment.com Ratings Checks Clearnow.com Rent Payment Yelp.com Tenants Online Cheque Angie’s List Rentingsmart.coMaintenanceFurnishing Moving Find information Maintenance Finding Service Zoospi.com Providers Redbeacon.com Taskrabbit.com Servicemagic.com Schedule Tools Setster.com Web Info Zoospi.com 16
  • Users hate the search process and are not fond ofany of the major incumbents How do you rate your Total search satisfaction search experiences? by preferred vendor4035 5 4.530 425 3.520 315 2.510 2 1.5 5 1 0 1- 2 3 4 5- painful easy% 21% 35% 34% 8% 2%Only 10% of respondents were pleased And no single provider scored with their rental search experience particularly well 17
  • Customer archetype: Sara How she searches  Wants to be efficient (will use a broker if doing a search on her own is too painful)  Asks friends for recommendations What Matters to Sara  Wants to live in a fun place that is safe  Doesn’t want to overpay  Doesn’t have much time to hunt for a place  Live with someone she trusts (moving to DC) Influences  Where friends go out/live  Work location 18
  • Within search there are three key valuepropositions for users Quantity of Ratings/ Social/ listings reviews trust VALUE PROP Making search Provide more Get advice from easier by information about a friends, find aggregating and locality beyond what is roommates/sublets filtering listed within your network Padmapper.com Streetadvisor.com Apartment.com Donotrent.com Rentjungle.com Apartmentratings.com COMPETITORS Forrent.com Rentwiki.com Rent.com Areavibes.com Trulia.com Smalltown.com Mapitat.com Outside.in Cravify.com Livelovely.com inhabi.com Cazoodle.com 19
  • We believe we can be #1 on each of thesedimensions Quantity of Ratings/ Social/ listings reviews trust VALUE PROP Making search Provide more Get advice from easier by information about a friends, find aggregating and locality beyond what is roommates/sublets filtering listed within your network Padmapper.com Streetadvisor.com Not our Apartment.com Donotrent.com focus, but Rentjungle.com Apartmentratings.com currently all of COMPETITORS Forrent.com Rentwiki.com these services Currently no one We can already Rent.com Areavibes.com provide low- offers the aggregate more Trulia.com Smalltown.com quality trusted listings than any Mapitat.com Outside.in information; connection that current players Cravify.com may be room for we plan to Livelovely.com future inhabi.com differentiation Cazoodle.com here 20
  • We have 1000s of listings not yet mapped and are alreadycomparable in quantity to the current #1 player Padmapper Mi Casa 21
  • Testing our message of offering a trustedcommunity seemed to resonate Statistics: • 6 facebook connects and 3 “sign up” registrations • 25% conversion • 1.31 pages/visit • Avg. time: 01:37 22
  • We’ll continue to iterate with messages anddesigns to track user interaction 23
  • If our simplified unit economics prove correct (whichstill needs testing), then it’s a very viable businessRevenue Avg. customer• User referral lead generation: $75, assumptions: value • 10% of users post referral $1.50 • Of those, 20% convert into signed leases• Site generated lead generation: $150, assumptions: • 5% of users (incremental to above) convert into signed $7.50 leaseCost• Customer acquisition: $1.41 per user, assumptions: • Historical cost (28 acquisitions for $79.23) -$1.41 • Every user invites 1 other person to the site (for recs, etc.) $7.59 24
  • Do we plan to continue working on this? Yes! 25
  • Business model canvas weekly iteration 26
  • Version 1• National realtors • Connecting customer • Mostly Web / • Propery Managers• Industry organizations segments • Streamlining process • Landlords• Payment processors • Making process • JIT access to service p. Automated service efficient • Better listing • Direct for large players • Adding transparency to • Improve rent collection (ie. national realtors) the system • Realtors • Makes property management easier for Key • Web their customers • Realtors • Industry • Tenants Landlords • Streamline process • Improve searching • Web Realtors • Web platform • Direct • Talent • Service Providers Tenants • Web • Access to customers • Landlord Service • Web providers • Direct • Computing infrastructure • Application Fees • Labor (Engineering & limited sales) • Processing rental payments • Marketing • Lead generation
  • Version 2• National realtors • Connecting customer • Mostly Web / • Propery Managers• Industry organizations segments • Streamlining process • Landlords• Payment processors • Making process • JIT access to service p. Automated service efficient • Better listing • Direct for large players • Adding transparency to • Improve rent collection (ie. national realtors) the system • Realtors • Makes property management easier for Key • Web their customers • Realtors • Industry • Tenants Landlords • Streamline process • Improve searching • Web Realtors • Web platform • Direct • Talent • Service Providers Tenants • Web • Access to customers • Landlord Service • Web providers • Direct • Computing infrastructure • Application Fees • Labor (Engineering & limited sales) • Processing rental payments • Marketing • Lead generation
  • Version 3 • Connecting customer• Industry organizations segments • • Streamlining process • Mostly Web / Landlords• Payment processors • Making process • JIT access to service p. Automated service efficient • Better listing • Direct for large players • Adding transparency to • Improve rent collection the system • Tenants • Streamline process • Improve searching Key • Service Providers Landlords • Web • Access to customers • Realtors • Web platform • Industry Realtors • Talent • Web Tenants • Landlord Service • Web providers • Direct • Computing infrastructure • Application Fees • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Lead generation
  • Version 4• Payment processors and other verticals for lead generation • Building listings/search• Eventually REITs • Creating some virality • All Web based amongst ratings • Tenants • Better search of all listings Key • Connected to other services Landlords (i.e., insurance, rent payment • Access to robust ratings Realtors Tenants • Web platform • Talent Service • SEO • Facebook/Twitter providers • Flyers? • Computing infrastructure • Lead generation • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Eventually listing fees
  • Version 5• Payment processors and other verticals for lead generation • Building listings/search• Eventually REITs • Creating some virality • All Web based amongst ratings • Tenants Key • Better search of all listings • Largest breadth of Landlords listings • Connected to other Realtors services (i.e., insurance, rent payment • Access to robust ratings Tenants • Web platform • Talent Service • SEO providers • Facebook/Twitter • Flyers? • Computing infrastructure • Lead generation • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Eventually listing fees
  • Version 6• Payment processors and other verticals for lead generation • Building listings/search• Eventually REITs • Creating some virality • All Web based amongst ratings • Tenants • Social connection Key during search • Better search of all Landlords listings • Largest breadth of listings Realtors • Connected to other services Tenants (i.e., insurance, rent • Web platform payment • Talent • Access to robust ratings Service • SEO providers • Facebook/Twitter • Flyers? • Computing infrastructure • Lead generation • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Eventually listing fees
  • Version 7• Payment processors and other verticals for • Building listings/search lead generation • Creating some virality • All Web based amongst ratings • Social connection during search • Better search of all • Tenants Key listings • Largest breadth of listings Landlords • Connected to other • REITs services (i.e., insurance, • Landlords Realtors rent payment • Access to robust ratings Tenants • Web platform • Talent • Simplified lead Service generation • SEO providers • Facebook/Twitter • Flyers? • Computing infrastructure • Lead generation • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Eventually listing fees
  • Version 8• Payment processors and other verticals for • Building listings/search lead generation • Creating some virality • All Web based • Social connection amongst ratings during search • Better search of all • Tenants listings Key • Largest breadth of listings Landlords • Connected to other • REITs services • Landlords (i.e., insurance, rent Realtors payment • Access to robust ratings Tenants • Web platform • Talent • Simplified lead Service generation • SEO providers • Facebook/Twitter • Flyers? • Computing infrastructure • Lead generation • Labor (Engineering & limited sales) • Processing rental payments • Marketing & sales • Eventually listing fees