Interview #1
The individual realizes that they have this unmet need when they have a renter move out of their unit. After the renter moves, the owner realizes that the unit is not in a move-in ready condition and that a significant amount of time needs to be invested in order to get the unit ready for lease. The individual stated that they have this problem after every renter, but he never properly plans ahead as it normally happens only once every few years. However, when the does have to solve the problem, he typically contacts his real estate agent, who in-turn refers someone to come over and take care of the issues.
Interview #2
These homeowners typically realize they have a need when they are out of state and while watching the news about a hurricane approaching Florida. Since they own a seasonal home, they are normally in their home state in the north during the summertime. Since it is too time consuming and costly to fly down, they normally just research a company online by using the search terms:"Broward County Restoration Company" and speak to the neighbors of their property to see if the company completing their preparations can also prepare their home.
Interview #3
The investor realizes they have a need when their current property management vendor does not visit the property to complete the turnover as expected when their previous Airbnb renter departs the property. The investor then goes into full panic mode if he has another customer checking in to the unit as it has to be fully ready, if not, he could have to refund the money and suffer a negative review, which could affect his future business. If this occurs, the vendor calls upon one of his friends who knows other in the maintenance field and begs for immediate assistance, which ends up costing a premium and may even result in him losing money on the next transaction.
It appears that this segment realizes their need when it becomes immediate and could result in a loss of revenue or damage to the respective property. The best course of action and alternative name of the business could be considered "Residential Emergency Response Contractors" or something along those lines.
The individual realizes that they have this unmet need when they have a renter move out of their unit. After the renter moves, the owner realizes that the unit is not in a move-in ready condition and that a significant amount of time needs to be invested in order to get the unit ready for lease. The individual stated that they have this problem after every renter, but he never properly plans ahead as it normally happens only once every few years. However, when the does have to solve the problem, he typically contacts his real estate agent, who in-turn refers someone to come over and take care of the issues.
Interview #2
These homeowners typically realize they have a need when they are out of state and while watching the news about a hurricane approaching Florida. Since they own a seasonal home, they are normally in their home state in the north during the summertime. Since it is too time consuming and costly to fly down, they normally just research a company online by using the search terms:"Broward County Restoration Company" and speak to the neighbors of their property to see if the company completing their preparations can also prepare their home.
Interview #3
The investor realizes they have a need when their current property management vendor does not visit the property to complete the turnover as expected when their previous Airbnb renter departs the property. The investor then goes into full panic mode if he has another customer checking in to the unit as it has to be fully ready, if not, he could have to refund the money and suffer a negative review, which could affect his future business. If this occurs, the vendor calls upon one of his friends who knows other in the maintenance field and begs for immediate assistance, which ends up costing a premium and may even result in him losing money on the next transaction.
It appears that this segment realizes their need when it becomes immediate and could result in a loss of revenue or damage to the respective property. The best course of action and alternative name of the business could be considered "Residential Emergency Response Contractors" or something along those lines.
Hey Jeremy,
ReplyDeleteI think you did very well in conducting these three interviews and gathering more information about buyers and their behaviors. I think it is very beneficial to know when a prospective customer becomes aware that they have the need and how they try to solve it. After reading your reflections on the interviews, I believe that you have more data about how to strengthen your opportunity and the potential for success. Great post!
Hey Jeremy,
ReplyDeleteWhen I first commented on the previous post, the questions that arose from me originally were what hassles would I possibly be dealing with if I was investing in properties. After reading about your 3 interviews, it gave me the perfect grasp on the issues I’d have to face myself. I mentioned seasonal homes being my goal and both interview 1 and 2 of yours pointed out exact problems I would run into if I wanted to have a vacation home in Florida (which I do).