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Product Proposal

A new app for investing where real estate investors who buy single-family homes can view individual home profiles and purchase those homes all through the app.

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Background

See below for user persona and problem context for this product proposal.

Introduction

This product proposal aims to create an application that streamlines and simplifies the real estate investment process for Monica, a real estate investor for single family homes. This app will enable Monica and her part-time team to efficiently manage her growing portfolio of single-family homes in the southeast United States.

The primary goals are to provide Monica with real-time insights into her property portfolio, streamline the property evaluation process, and facilitate seamless property purchases through the app.

Problem Statement

Monica's organization is experiencing difficulties in managing her portfolio of 22 single-family homes. These challenges include tracking the status of properties from evaluation to closing, leading to missed opportunities in acquiring great homes.

The key issues are:

Lack of Real-time Portfolio Insights: Monica and her team face challenges in obtaining a real-time, comprehensive view of the status and performance of each property.

Inefficient Property Evaluation: The current property evaluation process is inefficient and lacks centralized data, leading to delays and missed opportunities.

Complex Purchasing Process: The process of purchasing properties is cumbersome and disconnected from property evaluation, making it difficult to make informed investment decisions quickly in real time.

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Proposed Solution

See below the proposed solution(s) involved in this product proposal.

1. Real-time Portfolio Management Dashboard

Create a user-friendly dashboard on both web and mobile interfaces that provides Monica with an overview of her entire property portfolio.

Include key metrics such as property status, financial performance, and important dates (e.g., appraisal, inspection, closing).

Confirm with Monica and her team, as well as other users and/or through market research, that these are the most relevant metrics to consider. Consider a design that allows customized views with any metrics individual users find important.

Enable customization of views and alerts to prioritize properties needing attention.

Team Feedback:

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2. Property Evaluation Module

Develop a module within the app that allows Monica and her team to evaluate potential properties efficiently.

Integrate with real-time property data sources (e.g., Zillow) to gather property details, market trends, and neighborhood information.

Implement a rating system and collaborative features (e.g., Figma) to facilitate team discussions and decision-making.

Team Feedback:

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3. Integrated Property Purchase Workflow

Streamline the purchase process within the app, allowing Monica and her team to make offers, negotiate terms, and finalize deals seamlessly.

Integrate with lenders/financing institutions for mortgage pre-approval and offer financing options.

Provide secure document management for contracts and transaction records.

Team Feedback:

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4. Mobile Interface, Notifications, and Alerts

Build both web and mobile interfaces for Monica and her team to have access to market / portfolio data in any format, even when on the go to ensure they don’t miss out on fast-moving opportunities.

Implement push notifications and email alerts for critical milestones, such as upcoming property inspections, closing deadlines, and market changes.

Customize notification preferences based on Monica's priorities.

Team Feedback:

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Assumptions

See below the assumptions made in this product proposal.

While developing this plan, the following reasonable assumptions were made:

Monica and her team have access to smartphones and are willing to use a mobile app for their real estate investment activities.

Data integration with external real estate databases (e.g., Zillow) is feasible and compliant with data privacy regulations.

See Zillow Documentation for reference.⁠

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There is a need for user authentication and access control to protect sensitive property and financial information.

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Timeline & Milestones

See below a detailed timelines with key milestones for this product proposal.

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Add task

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Tasks

Tasks

Summary

Owner

Status

Due date

Notes

Market Research

Completed

Oct 2, 2023

Conduct market research to understand existing solutions, customer painpoints, and how we can differentiate our product.

User Interviews

In Progress

Oct 16, 2023

Conduct user interviews with Monica and her team to verify painpoints and gather feedback on initial proposal.

Define Scope & PRD

In Progress

Oct 16, 2023

Define project scope, objectives, and requirements.

Design & Prototyping

On Hold

Oct 30, 2023

Create wireframes and prototypes for the app's user interface.

Development

Pending

Nov 13, 2023

Build the app's core features, including the portfolio dashboard, property evaluation module, and purchasing workflow.

Testing & QA

Pending

Nov 27, 2023

Conduct rigorous testing to identify and fix any bugs and issues. Ensure data security and privacy compliance.

Deployment

Pending

Dec 11, 2023

Launch web/mobile interfaces, provide initial onboarding + training for Monica and her team, gather any additional feedback.

Retrospective

Pending

Jan 9, 2024

Hold post-mortem one month after launch, reviewing app engagement/usage trends to identity enhancements, bugs, etc. Continuously monitor and update the app to address user feedback and emerging market trends.

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Conclusion

This proposal outlines a comprehensive plan to address Monica's real estate investment challenges by developing a user-friendly web + mobile app.

The proposed solution will enhance Monica's ability to manage her property portfolio, streamline property evaluation, and simplify the purchasing process, ultimately maximizing her investment opportunities.

We look forward to discussing this proposal further and working together to bring this innovative solution to fruition.

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I’m done reading.

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Feedback

Please provide a rating and your initial thoughts on this product proposal to help launch our discussion.

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Add your sentiment

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Pulse Check

Reflection

Submitted by

I felt this proposal was clear and provided relevant solutions to Monica’s proposed problem. A bit more data / market-research may be needed to get this off the ground but I feel we have a strong foundation to launch from.

Joshua Bunnell

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Questions & discussion topics

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Add a topic

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Idea

Author

Answer

Upvote

Downvote

Do we have any information today on relevant competitors or do we need to start collecting that from scratch in the market research phase?

Open

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