be4 u leap columbia univ jan 2014

Team 15

“Providing apartment review services to international

students looking to relocate to the US”

Team:Ahmed MakhloufSimon ZhuAnna WangLillian Wang

Interviews: 81Day 1: 20Day 2: 20 Day 3: 23Day 4: 18

Virtual Open House

http://www.be4uleap.com/

04/18/20232

How does this work

Basic information for free

Standardapartment tour & review

Customizedvalue–added service

• Registration for free database service • Aggregated basic information of the apartment

Location, size, the number of bedrooms, fundamental facilities…

• Report and recommendation based on the key words of search

Location

Report

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How does this work




• Agent tour appointment

• Produce very detailed review of the apartment

• Video tour

Room condition Facility & Amenity Safety of the community

SoundproofBedbug historyHeaterLighting

The size of the parking lot

Chinese supermarkets/restaurants

MonitorCriminal history

http://www.be4uleap.com/services

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How does this work


Standard apartment tour & review


• Comparison report of the apartments listed by the customer

• Conduct interview with previous resident

• Help connected with the local community

• Customized service

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Day1 Business Canvas 7. Key

Partners8. Key

Activities1. Value

Proposition4. Customer

Relationships2. Customer Segments

6. Key Resources

3. Channels

9. Cost Structure 10. Revenue Streams

Server CostsCustomer Acquisition Costs

Students

Realtors

Craigslist

Convenient

Day1 Hypothesis Testing What we thought What we have discovered What we

changed

People would find video a more compelling experience than pictures

• People find video slow to load• Pictures are sufficient to show the

basic qualities of a property.• If people wanted a closer look, they’d

just go in person RestartPeople would be willing to pay for an app and platform to shoot video of real estate

• Customers can upload videos themselves

• Even if they wanted an app, they would only use it once per few years.

“I don’t want to cram my phone with

apps I would use once a year even if they

more efficient”

“Why bother use this app, if I would only

use it once a year”

“I can just used craigslist to upload my

video, I don’t do it that often anyway”

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Technical Pivots

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Day2 Business Canvas8. Key Partners 7. Key

Activities2. Value



6. Key Resources

3. Channels


Creating and publishing professional quality video tours and uploading them to a web portal, where it can be shared via social media or posted to online realty marketplaces

Acting as a proxy that provides apartment review services to international residentsReduced Time & Effort: - Virtual Personal Assistance - Easy & detailed analysis

Get: advertise on official websites, social media & popular BBSKeep: Follow up & obtain feedback after moving inGrow: Develop new services & partnerships

Online:• Company Website• BBS• Social Media• Real Estate

brokers websites

Word of Mouth:• Real Estate

brokers • Alumni

Online PlatformHuman ResourcesLocal office

• Variable Costs: hourly wage for agents, transportation expense, recruiting & training costs

• Fixed Costs: Utilities- Server & IT costs;

Transaction based serviceStandard service with single fixed pricing

Real Estate Brokers

UAH

• Build & maintain online platform

• Recruit and train part-time employees

Students/apartment owners interested in selling/renting out apartments

Real Estate Brokers

International Students

- High school- Undergraduat

e- GraduateExpats

• Acquire students

• Partner with real estate brokers

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Day2 Hypothesis TestWhat we thought What we have discovered What we

changed

Customer – Expats or their corporations ✖

• Corporations rely on relocation agencies

• Expats prefer to review apartments themselves

Focus only on international graduate students

Customer – International students are willing to pay $20 – 50 for one apartment review ?

• Chinese students in particular are willing to pay these amounts

• Married couples are also more willing to accept this price range

Focus mostly on Chinese students and married couples

“Compared to the rent I’m going to spend

on the house for the whole year, I would like to spend 1% on a

professional service to help with my choice”

“It helps a lot, I would pay up to

30 dollars to guarantee a nice place for

my family”

“When I relocated as an expat, I would rather spend some time and money in a local

hotel to visit possible options myself”

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Activities2. Value



6. Key Resources

3. Channels


Acting as a proxy that provides apartment review services to international residents• Time and cost

saved• Professional

service provided by experienced staff

• Providing a detailed and objective review

Get: advertise on official websites, social media & popular BBSKeep: Follow up & obtain feedback after moving inGrow: Develop new services & partnerships

Online:• Company Website• BBS• Social Media• Real Estate

brokers websites

Word of Mouth:• Real Estate

brokers • Alumni




Transaction based serviceStandard service with single fixed pricing

Real Estate Brokers

UAH



• Acquire students• Partner with real

estate brokers

1. International Students

- High school- Undergraduate- Graduate

2. Expats

• Quick response

• Catering to family special needs e.g. (schools…etc.)

• Single • 18 – 30 years

old• Mostly Chinese• Tend to apply

in peak season• Little

experience with US housing evaluation

• Married• Long term rent

commitment• Specific needs

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Freshman FangKey Attributes• Single• 18 – 30 years old, mostly Chinese• Minimal income• Tend to apply in peak season• Little experience with US housing evaluation• Convenience oriented

What MattersAble to find a satisfying house in New York City

quickly before coming here for study

Value Propositions• Quick response• Professional help on apartment appraisal• Connection with locals

“I would love to pay a reasonable price for your service if it helps me make quicker decision and build up local

connections”

Customer Archetypes

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Customer ArchetypesMother MindyKey Attributes• Married, with children• 22 – 30 years old, international• Time and money sufficient• Little experience with US housing evaluation• Very high standards for housing condition

What MattersAble to find a safe, wholesome neighborhood

to settle down and raise a family

Value propositions• Best practice after comparing many different

options before deciding• Professional help to find neighborhood

supporting long term commitment• Specific need-fits for education and safety

“We asked a friend to do it, but if we didn’t find anyone, we would’ve been very willing to pay for such a service.”

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changed

Revenue – We should provide standard ser-vice with fixed price ✖

• Free membership or try out attract traffic

• It’s difficult to cover or set price on every unique customer requirement

Introduce a 3-tier pricing strategy

Channel – Advertising in the student group on social media, BBS would be most effective !

• Most student prefer to trust information in familiar student group on social media

• Pushing advertisement through instant messaging and email is more effective

Introduce in Push Marketing Strategies

“I have friends that flew all the way to the

US to inspect the apartment and flew back.”

“Is it possible for you to connect

me with some previous residents? I would like to pay

more if it generates extra cost.”

“If your service is recommended by the

social group I have long time membership, I would

be more likely to try it out”

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Activities2. Value



6. Key Resources

3. Channels






Get: advertise on official websites, social media & popular BBS Push digital marketing: QQ, group emailKeep: Follow up & obtain feedbackGrow: Develop new services & partnershipsOffer discount for referralOnline:• Company website• BBS / Social Media• Real Estate brokers

websites/online database

• Student group on instant messaging and email

Word of Mouth:• Real Estate brokers • Alumni


Transaction based serviceStandard service with single fixed pricing3 – tier pricing

Real Estate Brokers

Online real estate database

Instant message service providers

UAH




estate brokers



2. Expats

• Quick response



old• Mostly Chinese• Tend to apply in

peak season• Little

experience with US housing evaluation• Married

• Long term rent commitment

• Specific needs



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Customer Relationship

Get Keep Grow• Advertise on

university BBS and social media

• Develop partnership with brokers and RE database, advertise on their website

• Push digital marketing through instant messaging terminal

• Email target customers through the mailing list of student associations

• Follow up and collect feedback • Improve services

and update to the customers• Send holiday or

birthday greeting emails

• Offer discount for customers who require more apartment tours• Offer discount for

referrals• Develop partnership

with more influencing real estate websites

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Pricing Strategy

* Additional tours are priced @ 0.4% of annual rent

• Free for registered customers

• $40 per tour & review * • 10% discount off for more than 5 tours• 20% discount off for more than 10 tours• Get one for free for every 3 referrals

• $20 per extra value-added service• Negotiate with customer about the price




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changed

Resource – Hiring local international students as part-time employees is cost efficient !

• International students are willing to help fresh alumni even if not paid a lot

• Chinese new comers prefer to pay the service provided by a Chinese student

Providepart-time jobs for international students

Partner – We can partner with University housing dept. to increase reliability ✖

• Official cooperation is not permitted• But International Student Association

are positive in partnering with us

Divert to partner with Student Association

“As much as we staff would like to

assist you in your startup idea, it’s not permitted for us to

cooperate officially with you at this time”

“Grateful of the help the senior alumni have given me, I would like help out the new

comers as well”

“As long as your business really solve problem of student in our association, we

are open to a long time partnership”

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Activities2. Value



6. Key Resources

3. Channels






Get: advertise on official websites, social media & popular BBSPush digital marketing: QQ, group emailKeep: Follow up & obtain feedbackGrow: Develop new services & partnershipsOffer discount for referral

Online:• Company website• BBS / Social Media• Real Estate brokers

websites/online database

• Student group on instant messaging and email

Word of Mouth:• Real Estate brokers • Alumni

Online PlatformHuman Resources- International Student as part-time employeesLocal office

Real Estate Brokers

Online real estate database

Instant message service providers

UAH

International Student Association




estate brokers



2. Expats

• Quick response



old• Mostly Chinese• Tend to apply in

peak season• Little

experience with US housing evaluation• Married

• Long term rent commitment

• Specific needs



Transaction based serviceStandard service with single fixed pricing3 – tier pricing

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Cost StructureFixed cost

System development

cost

Variable cost

Labor cost $10 per tour Training cost

Ways to keep cost low• Hire international students as part-time labor• Divide customers into groups based on their university

community• As our database grows, the average labor cost will

decrease

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Next Steps

Week

• Investigate pricing structure

• Expand customer demographics

• Website payment and registration

Month

• Begin orders and sales to Test full process

• Formalize and test Agent Training script and video template

• Get feedback on delivered product

• Scale up Website to automate transactions

Year

• Prepare for prime rental season (Summer) by scaling up employee base and marketing

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Appendix

Market SizingTotal Available Market:• 1.74 Mio international Grad

students*• 50% of existing student need

housing• 3 house reviews per student

• $30 per review• 5% Annual Growth

Total Market Size$780 M

Total Potential Market$200M

OurOpportunity

$20M

*Chronicle for higher Education- chronicles.com/article /Graduate-School-Enrollments/141577/

Competitive Analysis

Rating

websites

Dat

abas

e

Reloc

ati

on

Agenc

ie

s

Social

Netw

orkReal Estate Agents

Our agents simply provide the information for a much lower fee, the buyer makes the decisions.

We provide agents who are experienced in appraisal, and

trained in our system.

Our convenient online system allows buyers to “visit” homes from

anywhere in the world.

Our agents are paid per visit, not by commission on sales, and are reviewed based on accuracy

“Freshman Fang”:International students

Ages 18-22, SingleMinimal Personal Income

“Mother Mindy”:Globe trotting Professional or

StudentAges 22-30, Married with Children

Substantial Personal Income

Value Propositions

Buyers want an appraisal of their apartment before they sign a long

term lease.

Buyers are often far away from their new location geographically, and cannot visit prospective homes

easily.

Buyers are concerned about the impartiality of the information

provided by brokers and agents.

Buyers are concerned about the high costs and pushy sales tactics of

brokers and agents.