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5 most important insights / Interview questions

This workflow is for JLR to determine and lock the interview questions for the borrower interview scope. Once these questions are determined the interview process will go live. Keep in mind that 15 minutes is not a long time and only leaves time for 5 topics.

Step 1.

Determine the most important insights for us to gain from the interview process with borrowers.
Review each box below and give a thumbs up on your top 6 and thumbs down on the insights to be excluded from the interview. If there is an insight you feel is missing.

Step 2.

Open the boxes to review the interview questions for each insight and using the suggestion feature in Coda and comments or recommended new questions we want to ask borrowers to get the desired datapoints.

Step 3.

Ping Joe on slack when completed.
Let him know if a meeting to discuss is needed so he can set up a time on our calendars.

Persona Development Questions (exhaustive)

Why it’s important:
We need to get in the mind of borrowers so we can better understand their goals, motivations, and pains. We’ll hunt for patters within the answers to these questions to help identify user cohorts/personas.

Interview Questions:

What’s your name?
How long have you been flipping houses?
How many flips have you done?
What’s the average project budget?
What’s the average project duration for the construction work?

Do you use a realtor or sell it yourself?
Are all your flips in the same area?
What work do you do on the project?
What kind of subs do you hire?
Is flipping your full-time job?
If no: What else do you do for work?
If yes: Have you always done this work, or did you do something else for work before this?
What do you like to do to relax, or for fun when you’re away from work?
Ask a few follow-up questions to know more about family, friends, sports, hobbies, etc.
What’s the most frustrating part of your job?
Why do you feel that way?
What are some other things that really frustrate you, or that you hate dealing with?
Tell me more about that?
What’s your favorite part of your work?
Why do you feel that way?
What, if anything, did you find most frustrating about your last inspection?
Why do you feel that way?
Anything else that you thought could be better?
Why do you feel that way?

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Factoring Questions (exhaustive)

Why it’s important:
We have hunch that there is a sleeping giant of a revenue stream waiting to be captured. We need to know if we should dev this or not.

Interview Questions:

{{ first ask all Persona Development Questions }}
How did you find your lender?
Why did you pick them?
How do you feel about your lender?
Why do you feel that way?
Is there anything about your lender that you wish were different?
How often do you request draws?
Why that often, and not more or less?
Best guess… how long does it take, on average, between the inspection and the time the money hits your account?
Are you happy with that?
Why or why not?
Would you be willing to pay 1% of your draw if the funds could be sent to you within 60 minutes of the inspection?
Why or why not?
If too expensive: How much would you be willing to pay?
I’m curious, who do you bank with?
How would you prefer to be paid, between the following options?
e.g. to your bank account, Venmo, PayPal, Cash App, Cryptocurrency, or a Visa Gift Card?

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How would inspections work if the borrower was in charge

Why it’s important: We want to understand, even if absurd, what process the borrower imagines would be best for them. Is that simply emailing on photos, a mobile app that can be used day or night, etc.

Interview Questions:

If you were your lender, how would your draw process work for your borrowers?
Have you worked with other lenders that had a better draw process than your current lender?
What was better about it?
How did it make your life easier?

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Primary Pain Points in the Draw Request Process

Why it’s important: Borrowers’ experiences with submitting draw requests and the associated communication process can reveal inefficiencies or opportunities for streamlining.

Interview Questions:

What challenges did you face in submitting draw requests?
How could this process be made easier or faster?

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Is 24H meeting expectations set by lenders?

Why it’s important: Understanding how clearly lenders are communicating 24 Hour Inspections to borrowers —from scheduling to inspection preparation—can help us temper or meet expectations to improve the overall customer experience.

Interview Questions:

How did you first find out about 24 hour inspections and how was it described to you?
Would you say that the experience of the service was accurate to your expectation after hearing about it?
Can you tell me about what you thought when you first heard that you would be holding your phone to help facilitate a virtual inspection?
If your lender had provided you with a 2 to 3min video sent to your phone that explained the service would you have watched it?
Would you have found it informative to get a better explanation that came directly from us?

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Are borrowers generally happy with 24H services?

Why it’s important: Satisfaction with the inspection process itself—how smoothly it went, how thorough it was—can directly impact overall borrower satisfaction and the likelihood of repeat business or referrals.

Interview Questions:

What are the top three things you liked/disliked about the scheduling and inspections process?
Can you tell me more about that?

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What is the Biggest Frustration or Issue with 24H?

Why it’s important: Understanding the single most significant frustration or issue that borrowers encounter can pinpoint critical areas that need urgent attention. Addressing this can lead to quick wins in improving customer satisfaction and retention.

Interview Questions:

What was the most frustrating part of your experience with 24 Hour Inspections?
Did you encounter any issues now or in the past that have caused delays, or other negative impacts on your project?
How do you think this issue could be resolved or improved in the future?

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How does 24H compare to other inspection services?

Why it’s important: The speed at which inspection reports are delivered to lenders and, by extension, how quickly funds are released to borrowers is a critical factor in borrower satisfaction.

Interview Questions:

Have you worked with other inspection service providers before in the past?
What were those inspection businesses?
How does 24H compare to these other services?
Tell me more about that.

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Feedback on Inspector Professionalism and Competence

Why it’s important: The professionalism and competence of inspectors can significantly influence the borrower’s experience and trust in the service.

Interview Questions:

How professional and knowledgeable did you find the inspector?
Were there any aspects of their conduct or process that stood out, positively or negatively?

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Are borrowers feeling prepared for their inspections?

Why it’s important: Borrowers need to feel fully prepared for the inspection process. Understanding how prepared they feel can highlight gaps in the preparation phase that could be addressed.

Interview Questions:

Can you walk me through the steps you took when preparing for the inspection?
Was there anything you were unsure about?
Can you describe the emotion you felt going into the inspection?
Stressed, excited, frustrated, rushed

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Perceived Value of the Service

Why it’s important: Understanding whether borrowers perceive the inspection service as valuable and necessary, particularly when their lender recommends it, can guide pricing and positioning strategies.

Interview Questions:

What were the main reasons you decided to use 24 Hour Inspections?
Did you feel the service provided was worth the cost?

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