SHOWING ASSISTANT APPLICATION CONCEPT
A top real estate agent in Omaha envisioned an app that would help real estate agents coordinate the home showing process with homebuyers and other agents. The agent wanted to validate demand for the concept prior to investing significant dollars in design and development.
My former employer was hired to test the app concept with the agent’s target customer base and draft a competitive analysis of existing resources available to agents and homebuyers to aid in the decision of whether to pursue development of the app.
IN THE DETAILS
To accomplish the research objectives, we sourced and interviewed 16 participants (8 real estate agents and 8 recent homebuyers) to identify the viability and demand of the product.
1. Based on the 8 interviews completed with real estate agents, agents did not express any pain points with current technology solutions. Real estate agents were satisfied with most aspects of the showing process including managing logistics, communicating with clients, coordinating showings with listing agents, and communicating within their own teams.
2. Agents had existing resources provided to them by their brokerages that were free to use.
3. There was more interest from homebuyers than from their real estate agents for the app. However monetization opportunities for the app were limited on the homebuyer side since buyers had existing solutions that were free that solved most of the pain points that made them unwilling to pay for the app.
Ultimately, the research concluded that while there was some interest in the app, there was not sufficient frustration with existing solutions to make the app a highly sought-after solution. If our client had moved straight from ideation to development of the app, the client could have lost significant time and money developing a product that would have garnered little interest from agents or homebuyers. By going through the concept validation process, our client had full confidence in making the decision to divert attention to other pursuits and potentially saved hundreds of thousands of dollars.