Venture Concept No. 1 "IHOMECARE"

"IHOMECARE"

 

Opportunity

 

            The opportunity I have found is that of an unmet need or in some cases under-met needs in customers. The average realtor or property manager has to deal with multiple tenants and clients and properties at a time. And, more often than not these properties do not carry an in-house repair service or have a long-standing contract with one. Therefore the property managers and realtors are left with: 1) Communicating with the tenant to know and understand what is broken, 2) Find a well rated and regarded repair service company that deals with this specific type of service, 3) arrange an appointment time for the service company and the tenant, 4) agree on a quote for the service and finally 5) Pay the company for the service. All the steps take way more time and resources than they should and takes the property managers and realtors with way to time to complete. With my opportunity this need will be met through and application which will streamline the whole process only requiring the realtor or property manager to accept the process. It will save my customers a lot of time leaving them time for other opportunities.

 

            The main forces creating this opportunity are technology and more movement towards renting or owning property. This market would largely be defined demographically but with some geographic dividers since not every country and culture shares the same entrepreneurship values as the U.S. or its growing real estate market. Real estate agents and property managers are currently satisfying this need by doing it all themselves and wasting a lot of time and resources. I believe this opportunity is moderate to big in size because there may be various things that can happen with the customers once they are introduced to the product. They may not like the app, they may not enjoy the process, they could have one bad service repair experience. And also, I am not sure on whether this opportunity will work outside of the U.S. culture wise. The window of opportunity is certainly closing down with many entrepreneurs popping up companies left and right.

 

Innovation

 

            My opportunity and service are devoted to streamline property repair problems for tenants whilst saving real estate agents and property managers a lot of time. The tenant will encounter a problem on the property, whether it be an appliance or non-electrical, and will request a service in app with a description and picture. Then, the service will need to be approved by a real estate agents or property managers in charge of the property before it gets put out to market. Once the request gets put out to market multiple service repair companies for that service who have been vetted and put through the ringer by my specialists, they will be able to pick up that service request Uber style. Then the tenant and service repair company agree on a appointment time while the real estate agents and property managers are able to oversee the conversations. After, the service repair company will review the service and set a quote for the service performed which the real estate agents and property managers have to agree on before service starts.

           

            Most importantly, my defining company and product differentiation is that I will gain my money and quote from the repair service company’s end. I have devised a pricing system in which if the service quote will be under $200, I will take a flat rate of $15, however if the quote is over $200, I will take a 15% of the whole quote. This is why I believe my product and service will be so successful, is because this product and service will cost $0 to my potential clients and market, the real estate agents and property managers.

 

           

Venture Concept

 

            My innovation will be able to successfully solve and address the opportunity I have identified because of its benefits. My innovation will better meet the demands of real estate agents and property managers who do not wish to take on unnecessary stress and work on their hands. By allowing the tenant and service repair companies to perform 50% of the work each the real estate agents and property managers are left with the only tasks of approving the services and quotes while retaining the option to supervise the whole process as well as veto it.

 

My customers will become fully functioned users of my service and platform and product because it will come at a cost of $0 to them. By adding no cost to their process and work while removing stress, time and work there is no unobjectifiable reason why the real estate agents and property managers wouldn’t be opposed to at least trying out the service. And I will also employ a state of the arc customer support service for starting out customers so whenever and if a problem arises in the process, (a wrench in the works so to speak) I will have attentive customer support employees ready to solve the problems so as we don’t lose the customer.

 

I believe it will not be hard to attract new customer for two reasons, 1) my $0-dollar costs for the clients, and 2) my saving time benefits for any users. However, when talking about switching customers I believe it will take a lot more time and effort to get the switch. Since I will eb offering a service, trust is key in intangible services so I will need to get these potential clients to either stop trusting their process now or get them to trust them mine more.

 

Pending my research there aren’t direct competitors. This means that there are multiple full suite property managers that offer large range services but is also incurs a heavy cost for the real estate agents and property managers to select these services.

 

To achieve full market penetration and customer loyalty I plan on partnering up with a realtor estate company owner so in turn they will force their agents to use and recommend the product and service whenever possible.

 

 

 

Three minor elements

 

            I believe my most important resource will be my application technology as well as my market penetration strategy combined with product pricing strategies. The next process for my venture will be to start making business plans and contacting possible partners in this venture. And finally for me will be to graduate school as soon as possible  so I can begin to start full time on this project and hopefully launch it within 5-10 years.