How might we make the process of acquiring Real Estate simplified for the everyday Canadian that eliminates the complexity and ambiguity involved?
A part of the current ‘Canadian Dream’ for residents and future immigrants is the aspect of home ownership. A simple google search would show all the statistics that reflect the fact that Canadian homeownership is at a 20 year low. Although this is primarily due to rising Housing prices, the process of home purchasing can be grueling, stressful, and confusing. This is due to involvement of multiple stakeholders such as Realtors, Lawyers, Mortgage Brokers, Appraisers, and so on. The average Canadian that has not gone through the experience is often being educated during the process of purchasing a home and usually would not classify it as enjoyable, let alone transparent.
To understand the average Canadian resident’s current sentiment towards the home purchasing process, the experienced individuals' pain points with the process, and overall areas our product can allow home purchasing become streamlined.
User Pain Points
Surveyed 15 Millennials who are immigrants and Canadian residents for over 5 years. About 50% own Canadian property and have been through the home buying process within the last 5 years. The trends evident from the results are:
Approx. 50% of individuals utilize Real Estate Agents to search for property, although 40% reported feeling neutral regarding satisfaction with their agents.
60% of the individuals who had purchased property reported experiencing unexpected costs or fees during their home purchase.
57% of the individuals who had purchased property were not satisfied with the transparency of the end to end process.
70% reported finding the mortgage application and approval process straightforward. Hence, a positive experience is reported working with mortgage brokers.
66% of all candidates do not feel well-informed about the legal aspects of the home buying process.
86% of all candidates are interested in a platform or service that aims to simplify and streamline the home purchasing process.
Landing on the Solution
Our overarching goal is to streamline the home purchasing process for Canadians, making it transparent, predictable, and less stressful. By addressing pain points identified through research, we aim to increase customer satisfaction, particularly among millennials and immigrants, and contribute to a positive shift in homeownership trends.
From speaking with a representative population of our target customers, our solution is a user-friendly platform that integrates real-time updates, cost estimation tools, educational resources, and enhanced agent interactions. By centralizing information and guiding users through each step of the home purchasing journey, we aim to simplify the process, making it more enjoyable and transparent.
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Product Manager Learnings:
> Co.Lab provided me with hands-on experience of working through validating a problem space in a method that can assist with narrowing down problem areas and understanding potential user stories
> The concept of having a strong MVP that can be built on with feedback and time.