App for creating additional Real Estate selling opportunities
People who are in the market for or are thinking of buying a house will drive by houses for sale but do not have the time to look up the price or details
If we could send a signal to their phone as the pass by the house for sale, they would have the information right away which would increase the chances of a sale being made.
We will create an App which is triggered by a beacon positioned at the sale house and provide the person driving by the house all pertinent information. It will also indicate all other sale houses with price comparisons within a chosen radius. The home sign could connected to your phone using a wireless device application such as Ubi.
A $10.00 monthly fee will be charged to real estate agents selling the homes. If we aim for 25% of the realtor market the revenue will be about $100,000 per month for Toronto alone.
Go To Market Plan
Advertise app in the real estate market; provide trial run to find market fit.
Customers can use the local real estate websites (ie:MLS), but they do not push signals to the customer.
Code engineer, UX designer, sale manager.
Financial Projections and Key Metrics
To be determined
Current Status, Accomplishments to Date, Timeline and Use of Funds
Putting Managment Team in place.
56,000 Number of condos under construction in Toronto (end of 2014). That’s far more than what’s being built in other cities with a greater population like Chicago, Los Angeles, or New York. As a comparison, during most of the 1990s the city hovered around 10,000 condo starts.
$1 million The average price for a detached home in Toronto. That still hasn’t slowed down buyers, since multiple-offer situations are still common.
50% In 2010 the average price increase for a Toronto property (including condos) from 2010 to 2015. In just five years, that average price has increased more than 50%, from $430,000 to $650,000.
The last time the market moved that quickly was back in the late 1980s, with the average price hitting a peak of $273,000 in 1989. The average value didn’t top $270,000 again until 2004.
80,000 The number of sales in the Toronto market. More than tripled since hitting a low of 26,700 transactions in 1990, right after the 1989 bubble popped. 39,000 Number of realtors currently working in the city of Toronto. That’s one realtor for every 140 residents.
8.9 times Housing price-to-income ratio which is a record high. According to Statistics Canada, the average Toronto family earned $72,830 in 2013, the most recent year for which statistics are available. During May 2015 the average price of real estate in the city was $649,599. Back when real estate in Toronto was more reasonably priced in the 1990s, the price-to-income ratio was between four and five times. That means there could be a whole lot of downside as prices correct.