WelcomeHomeAB  

Buy and Sell Your Home, Commission Free

Our Idea

Who are we?

We are a team of software engineers who are passionate about buying and selling houses, we are here to challenge the traditional real estate transaction model by putting the powers back into the hands of consumers.

It’s your home and money, we are here to help you look after it yourself.

What are we offering?

A commission-free service to connect private home buyers and sellers, arrange viewing, facilitate communication, and providing the key need-to-knows about buying and selling a house.

Buyers get to look at the houses online, chat with the sellers, and arrange viewing. Buyers and sellers get to meet each other and chat about the property, and know more about its history, what’s been done to it, and how the work was done.

We will provide a list of things that buyers and sellers should know, the same checklist of information that a traditional realtor would provide, except we do it for free.

Who are we offering it to?

Buyers: Young millennials who are successful in their career and are just looking at settling down, starting a family, buying a house.These are smart, tech-savvy, and capable young professionals, who prefer the instant response provided by digital technologies over traditional over-the-phone real estate agents.

Sellers: Middle aged men and women who have paid for their houses with hard earned money, these are DIYers who maintained and worked around their houses themselves after work and on weekends. They know how to manage money, and are smart about managing their finances. Now they are looking to sell their houses, and do not want to pay an expensive real estate agent.

Why does that person care?

No matter who you are, a young tech-savvy millennial who is just looking to buy your first property, or an established successful professional who is looking to to sell your first property, you know you will make the best out of your hard-earned money. With our commission-free service, you control where your money goes and how you spend it. It’s your property, and your money, no middle man/woman.

Our distinctive competencies

We have experienced the real estate buying and selling processes with first-hand experiences, both with and without the traditional realtors. We understand the transaction process, and what is offered by traditional realtors. We want to provide you with the same service, but free of charge.

We are also software engineers with the necessary knowledge to build such a service on a robust digital platform. We are a small team with no overhead, thus allowing us to provide the service and a competitive cost.

The substitutes & alternatives

Realtors – Too expensive, added obstacle in communications between buyers and sellers.

Kijiji, Craiglist, Facebook – Sketchy hit and miss market place, with no guidance provided specific to the home sales.

Overseas online platforms dedicated to home buy/sell – Also expensive commission, no real advantage over traditional realtors.

Us – Inexpensive, easy to use and provides all the necessary essential information.

top

Our Pitch

top

The Key Personas and the Value They See

Alex the Young Engineer

Alex the young, tech-savvy, street-smart, millennial who is a successful production engineer working for a Calgary-based oil and gas company. Alex is getting married next year. Having worked for a couple of years and saved up some downpayment, they are looking to buy their first home.

Alex likes to do things himself. He did some research online and realized that buying through an agent means paying them tens of thousand dollars in commission. With WelcomeHomeAB (our platform), Alex can study up on the real estate transaction process all in one place and gain an understanding of everything involved in the process. We can provide buyers like Alex the confidence in searching for their first home.

No more expensive realtor commissions, get to know your seller yourself, and the home you are buying.

Cardi the Realtor

Cardi has worked in the real estate industry for 10 years as a Realtor and is very proud of her accomplishments. A former housewife, Cardi decided to get a job after her divorce and trained as a Realtor. Overcoming a challenging first year, she has fought, clawed and charmed her way into an impressive clientele. Recently though, the real estate industry has slowed considerably, and she watches with angst as technology envelopes an industry she loves.
WelcomeHomeAB connects realtors with DIY home sellers, and provides the expertise and assurance to first-time DIY home sellers. With our service, Cardi get to provide service and her years of realtor experience to home sellers who may otherwise never have talked to a realtor. Cardi not only get to make some extra income as a sales consultant, she also get to meet more home owners in a slowing market, and expand her client list. “I am so glad i agree to meet [you]” she smiles, as she came out of a meeting with developers at WelcomeHomeAB.

Tim the Pilot

Tim, a middle aged pilot who flies private jet for CEOs and executives. Tim travels a lot, he often spend days and weeks at a time overseas, wherever the job takes him. His permanent residence is in Calgary, the energy capital of Canada, which has since the oil price crashed seen years of slow economy, job losses, and a slow real estate market.

As the business slowed in the city of energy, Tim found himself spending more and more time in Vancouver instead of Calgary, where it has not been affected by the oil market. Tim decided to sell his home in Calgary and move west, however, since he only bought his current house 3 years ago, he could not get any reasonable offer from his realtor after listing for several months.

WelcomeHomeAB provides an optimal solution, without the realtor commission, Tim can now list his house on the market for $20,000 cheaper, making it instantly a more appealing buy in a softening real estate market. Tim receives viewing request through our web platform, and makes arrangement with potential buyers himself. When Tim is out of town, he hires a realtor for a day of open house if he needs to – there is no commission, only pay for a realtor when he actually needs to, for a flat day rate.

Like many Alberta home owners that are looking to sell their homes in a softening real estate market, WelcomeHomeAB’s commission-free structure makes your home more marketable. If you are not sure and still think you need a realtor. you can hire one for a pre-negotiated flat fee, only if you choose to. WelcomeHomeAB lets you take control of the property you own, or you are buying, or selling.

top

Your feedback and ideas

Feedback on our idea and your assessment of it are incredibly important. Please provide yours below.

Giving feedback and making an assessment are pretty straightforward, but make sure you know how it's done »

top

Please provide us with your feedback / critique

Your email address will not be published. Required fields are marked *

Post comment

10 Comments

  1. Customer (C)

    8.5

    Value proposition (VP)

    9.5

    Substitutes & alternatives (SA)

    6.5

    People (P) on the team

    7

    Offering (O)

    9

    Distinctive competencies (DC)

    7

    Very clear who your customer is. Commission free buying / selling can save a huge amount of money for people, since even a commission of a couple percent is thousands of dollars. With that said, how does this product make money? You mention a charge in the pitch video, but what would that charge be? If you have a way to produce profit from this without charging thousands in commission, that is super valuable to people. Are there apps or programs on the market that do anything like this at the moment? If there are, what do you differently from them? If there aren’t, mention that in your pitch (first of your kind).

  2. Customer (C)

    7

    Value proposition (VP)

    8

    Substitutes & alternatives (SA)

    9

    People (P) on the team

    7

    Offering (O)

    7.5

    Distinctive competencies (DC)

    8

    I like how you have narrowed down your customer to two main groups the buyer (young millennials who are settling down) and the seller (middle aged adults who are looking to sell their house). Also I like how you have identified the alternative (using a realtor) and the disadvantages of doing so.

    I think you should possibly narrow down your seller more. Since “Middle aged men and women who have paid for their houses” sounds similar to “everyone is our customer.” Additionally, you are missing 2 other key personas on your Idea page.

    A question I had during the pitch was “what is your revenue model.” To possibly make your pitch stronger, I think you should highlight your revenue model.

  3. Customer (C)

    7

    Value proposition (VP)

    7

    Substitutes & alternatives (SA)

    7

    People (P) on the team

    6

    Offering (O)

    7

    Distinctive competencies (DC)

    5

    The customer at the start is well defined, but the idea page doesn’t have a third key persona listed. You mentioned the middle aged people looking to sell their homes at the start. I think that could have been a good choice for your third persona.
    Additionally, you have not explicitly mentioned how you intend to make a profit with this venture. You have only stated that your service will be cheaper than traditional realtor fees. This is important to know, but it helps to know whether you are charging a percent or flat fee, or whether you have some other business model in mind.

  4. Customer (C)

    8

    Value proposition (VP)

    10

    Substitutes & alternatives (SA)

    7

    People (P) on the team

    7

    Offering (O)

    8

    Distinctive competencies (DC)

    6

    I think your value proposition is strong, as you can potentially save thousands in realtor fees.
    It’s hard to tell what is being pitched at the beginning.
    There doesn’t seem to be a strong competitive edge that gives you a distinctive competency. There are many competitors in this space that are constantly advertising on TV and radio. What will prevent someone from producing the same service as you after you launch?
    I think that talking about marketing and how you plan to get users on your platform would be beneficial for your pitch.

  5. Customer (C)

    7.2

    Value proposition (VP)

    7

    Substitutes & alternatives (SA)

    8.4

    People (P) on the team

    8.3

    Offering (O)

    8.2

    Distinctive competencies (DC)

    6.6

    Great Pitch guys!
    Something that came to mind when you were talking about your customer was to target early adopters as people who are looking to buy houses overseas. That would help you to enhance and leverage your website and separate yourself from the competition.

    I just recently bought a home and one of the things that was great about using a realtor was how safe you feel because they have the right contracts for you. They put their job on the line by assuring that the property you are buying is not a scam and has the correct paperwork and that all the legalities are in check. I think if you guys could focus and make it very clear on how your website covers all the buying journey steps would bring a lot of value to your pitch. That way I can feel it is the one stop shop for all the stuff I need. Like forms, contracts, inspectors, listing, biding wars, transparency, insurances, mortgages and verified guaranteed properties.

    My other question would be if you could make your revenue model a little more clear. You could get creative to stay away of charging a percentage of the sell which is what you are saying is negative about realtors. Advertising? Data? a Kijiji business model? could be interesting options.

  6. Customer (C)

    7.5

    Value proposition (VP)

    8

    Substitutes & alternatives (SA)

    7

    People (P) on the team

    7

    Offering (O)

    8

    Distinctive competencies (DC)

    7

    I like the idea of removing some of the costs and risks associated with buying a home. I see value in the cost savings alone for both the home buyer and the home seller.

    You start the pitch by saying you are focused on taking the cost for the home seller and buyer out of the equation by using your service. However, near the end you offer your own professional experts services, but those services come at a low cost. It seems as though you are trying to target two different sets of customers; one that wants a cost free service and one that is a first time home buyer/seller that needs professional help but does not want to pay a lot.

    A way to make the pitch stronger could be talking to your teams experience and how it is relevant to the venture. In the pitch you mentioned that if customers were using it for the first time and wanted help, that you have a team of experts that can help with a broad range of buying and selling a home. I would like to know more about this.

  7. Customer (C)

    6.6

    Value proposition (VP)

    7.3

    Substitutes & alternatives (SA)

    7.2

    People (P) on the team

    5.9

    Offering (O)

    6.5

    Distinctive competencies (DC)

    7.4

    I think the pitch was awesome, I also like the way you brought forth the idea that it is something that is going to make buying and selling homes easier.
    However, there is supposed to be a business model, that I was kind of hoping for and it was missing, How would it be a benefit to you as a service provider, how would WelcomeHomeAB make anything from it, yes it does reduce the fees, but how does it cover your costs ?

  8. Customer (C)

    9

    Value proposition (VP)

    8.5

    Substitutes & alternatives (SA)

    9

    People (P) on the team

    8

    Offering (O)

    7.5

    Distinctive competencies (DC)

    9

    Great Pitch! You have a really calm and engaging delivery. You really nailed the storytelling pitch framework taught in class – good job!

    One thing I was confused about is how you will be making a profit. I understand that you’re keeping the commissions very low to stay competitive, but perhaps you can pursue other methods of profit like running advertisements on your website. With a revenue stream in mind, I feel that those listening to the pitch would be more confident in your ability to maintain this service as you could put some earnings back into the venture and improve it.

  9. Customer (C)

    8

    Value proposition (VP)

    7.5

    Substitutes & alternatives (SA)

    7

    People (P) on the team

    6

    Offering (O)

    7.5

    Distinctive competencies (DC)

    7.5

    Sounds good! It is more convenient for people to buy house! If your product can really provide enough information and great warranty,I think it must be very competitive for traditional estate agency.

  10. Customer (C)

    7.9

    Value proposition (VP)

    6.4

    Substitutes & alternatives (SA)

    7.1

    People (P) on the team

    8.7

    Offering (O)

    6.2

    Distinctive competencies (DC)

    7.1

    I enjoyed your pitch, though I didn’t hear any mention of how your revenue model will work (ie how you’re going to make money from this venture). I’m assuming maybe adding a transaction fee or a percentage of each sale? The other thing to keep in mind is your greatest challenge – convincing your customers that your service is just as good (if not better) as hiring a traditional realtor. Realtors are typically used to give property buyers a peace of mind in buying a property – since they will ensure they get the best price on the market, so how will you ensure this will always be the case? I almost feel like your service acts like more of a “preliminary assessment” by a potential buyer before they approach a realtor, rather than a replacement.

    I do like how you talked about how you will market the service, and narrowed down your customer base. However, your customer base can be narrowed down even further in terms of the sellers (middle aged men/women). Overall good idea.