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What problem does your solution solve?
The traditional real estate model still prevalent today is associated with complex transaction procedures, complicated and copious paperwork (over 180 pages of contracts and forms), and undue stress induced by the painstaking process of engaging and maintaining client transactions. Furthermore, agents spend on average approximately 21 hours filling out and facilitating paperwork; and 24% of home buyers consider real estate paperwork to be the hardest process in the transaction. Currently, there is not a single company that focuses on simplifying the workloads of agents through automation.
With our proprietary technology, we have succeeded in eliminating/resolving the most significant inefficiencies and issues in the real estate industry. Through automation, algorithms, and machine learning we can provide consumers a seamless interface that simplifies paperwork, adds transparency/security, and ensures customer satisfaction throughout the entire real estate process.
What’s the market potential for your solution?
RealQuik has identified a total addressable market size of $70BN (real estate technology/paperwork management markets).
• There are approximately 86,000 real estate brokerages in the United States (National Association of Realtors)
• The real estate industry is experiencing 9.1% YOY growth with $158bn in revenue (IBISWorld)
• Total addressable market share for RETech in residential real estate is $34BN (IBISWorld)
• When combining RETech and Paperwork Management market caps, the total addressable market size is approximately 70BN with 8% YOY growth (DOW J MKT CAPS, Catalyst Investors, IBISWorld, Venture Scanner, and other compiled reports)
• RealQuik’s target market consists of real estate agents in the United States who are 25-60 years old. These agents will likely be savvy and determined to manage their workload more efficiently. The agents will also likely be members of NAR and one of the big real estate firms (Keller Williams, Coldwell Bankers, Century 21).
Who are your customers?
RealQuik is a B2B enterprise level software solution following the SaaS model. We sell directly to large real estate brokerages, targeting executive board members. The adoption of our software will follow umbrella implementation; the brokerage executives will determine to adopt the software, or offer it, for all of their agents. The software will either be paid out of pocket by agents, or included in their annual technology dues for the brokerage.
How will you reach your customers?
The RealQuik executive team has built valuable relationships with top executives at some of the nations leading real estate brokerages and associations. We plan on using sales reps (enterprise account managers) to acquire new agencies, utilizing direct communications with higher leadership. In addition, diversified digital marketing strategies will be used to create an effective lead pipeline.
How will you make money?
RealQuik is a SaaS model, subscription-based service billed on a monthly, semi-annually, or yearly basis. Agents will come on to our website and pay for a premium subscription ($24.99) to gain access to our transaction management features. We will also be making money off preferred advertisers (moving companies, furniture stores, etc.) and big data brokering in the future.
What kind of partners will you need to make, support and distribute your solution?
The two main critical components of our partnership strategy involve distribution and funding. We will need to partner with VC firms and angels to raise seed capital to forward the development of our MVP. In addition, we will need to continue to acquire LOIs from large distribution networks.
What will your expenses include?
The core expense associated with this venture is personnel related to software development. RealQuik will need to hire 4-6 software developers for 6 months to develop our MVP. In addition to this, we must pay for cloud infrastructure, legal fees, consultants, sales reps, office space, and various miscellaneous expenses. Other expenses are detailed in the financial portion of the business plan.
Who is your competition and how do you differ?
RealQuik's main competition consists of Bullforms, zipLogix, DocuSign, and Dotloop. All of these competitors only use pdf editors to enable their document completion systems. Furthermore, automation and streamlined workflows within our competitors is generally limited and coupled with negative UX.
RealQuik has a few competitive advantages that will set us apart.
1) Team- Two founders on the executive team have taken the 180-hour real estate licensing course, allowing us to have inside knowledge of how real estate transactions function. Our Chief Technology Officer is a graduate of Carnegie Mellon University, and is providing us innovative ways on how to tackle the technological issues with this endeavor. We believe with our startup experience, our knowledge of real estate, and our knowledge of technology, we can provide agents with the best transaction management solution on the market.
2)Technology- RealQuik has developed proprietary/patentable systems for document automation.