Real Access
The mobile application designed to help millennials and Gen Z’s partner on a real estate deal!
Product Experience
Problem Statement
How might we make the process of finding other real estate investors to partner with easier for millennials and Gen Z’s.
Problem Background
Today, young professionals are increasingly becoming more interested in building a real estate portfolio that would act as a passive source of income, to buffet their retirement plan as well as build generational wealth.
According to an article by Forbes, “Eighty percent of young investors look to alternative investments, such as private equity, commodities, real estate and other tangible assets, and nearly 75% of Millennials, compared to 21% of older respondents, invest in sustainable products and ventures.” With this growing number there is a gap in the market especially with regards to getting the right resources and information that’s needed to invest in real estate and build a portfolio that would stand the test of time. Following the 2008 Financial crises which had a great impact on mindsets when it comes to investing, one of the major lags was transparency in what the pros and cons, including other intricacies that came with a profitable portfolio of real estate investment.
Finding a home or property for sale is not a problem these days with the advancement in technology and the rate at which information travels. However, finding a one stop shop that walks an investor through all the intricacies of building a long lasting real estate investment portfolio is time-consuming, strenuous and most often met with dead ends. There isn’t enough resource to not only find the real estate deals but also finding potential partners for deals that are profitable but would require a joint venture since the risk may be too much for an individual portfolio
Research Insights
User Pain Points
More than half of the responders (63.6%) find it difficult to access information about real estate
Supporting Data
82% of responders to our survey ranked highly the importance they place on growing their real estate portfolio
Feedback
Our preliminary user research to validate this problem with millennials and GenZs in North America showed:
- Majority of participants are interested in investments that has opportunity for a good return on capital as opposed to cash flow
- Enthusiasm for a potential mobile application that could provide such info.
- Very well over average of the participant think that it is important for them to grow their real estate portfolio
Landing on the Solution
Based on our target users’ pain points, the following solutions will be a good starting point for the features this mobile application will provide:
Networking and Connection Opportunities
- Provide features that allows for networking and building connections with other investors
Access to data and relevant information
- Enable the platform to provide data that is helpful for investment decision making as well as educative
Real Estate Services
- Make access to administrative services easier for first time and experienced investors
Future Steps
Based on feedback from engaging with our user the next step is focusing on including features on the app that cater to the following scenarios
- Scenario 1: The application is able to provide opportunities specifically for networking and connecting with active and passive investors
- Scenario 2 : A platform where latest real estate deals are available before it reaches the wider market.
- Scenario 3: An application that provides all the information and contacts for verified administrative activities necessary for closing a deal.
- Scenario 4: An application that provides information and data on macroeconomic trends, investment insights and analysis to help with real estate investment decision making.
Learnings
Product Manager Learnings:
Moyo Olaniyan
I was able to expand my learning horizon in product management especially in the following areas:
- Research and Analysis
- Product Requirement Documentation
- Problem Solving
Designer Learnings:
Designer Learnings:
Jo Sturdivant
- Adapting to an Established Team: Joining the team in week 6 of 8 was challenging, as I had to quickly adapt to existing workflows, dynamics, and goals. This mirrors real-world situations where you often integrate into teams mid-project, and flexibility is essential.
- Work-Blocking for Efficiency: With only two weeks to complete the project, I learned the importance of a structured work-blocking system. This approach allowed me to manage my time effectively and meet deadlines under pressure.
- Making Data-Driven Design Decisions: Unlike my past projects, I had to rely on research conducted by others. This was a valuable experience in using pre-existing data to guide design decisions, helping me focus on the core insights without starting from scratch.
Developer Learnings:
Developer Learnings:
Vanady Beard
&
As the back-end developer, I learned how important it is to create efficient and reliable systems that support the entire application. This experience also taught me the importance of optimising the database and ensuring the backend is scalable and easy to maintain.
Developer Learnings:
Stephen Asiedu
&
As a back-end developer, I've come to understand the importance of being familiar with various database systems and modules. This knowledge enables me to build diverse applications and maintain versatility in my work. I've also learned that the responsibility for making the right choices rests on my shoulders, guided by my best judgement.
Developer Learnings:
&
Developer Learnings:
Maurquise Williams
&
- Process of Creating an MVP: Developing a Minimum Viable Product (MVP) taught me how to focus on delivering core functionalities balancing between essential features and avoiding scope creep.
- Collaboration in a Real-World Tech Setting: This experience taught me how to collaborate efficiently in a fast-paced tech environment, keeping the team aligned and productive, even while working remotely across time zones.
- Sharpening Critical Thinking and Problem-Solving Skills: This experience honed my ability to think critically and solve problems efficiently. By tackling challenges and finding quick solutions, I sharpened my decision-making and troubleshooting skills in a dynamic, real-world setting.
Developer Learnings:
Jeremiah Williams
&
All in all this experience was very awesome I learned that in coding with others being transparent is key
Developers Learnings:
Justin Farley
&
I learned how important communication is when working with a team. Communication provides understanding, advice, ideas, and much more. While working with the product team, I’ve found that communication keeps everything flowing smoothly. Working with a team also showed me that every member brings something different to the table and we all have to work together in order to align and meet our end goal.