Our research with investors not only validated this opportunity space as the biggest current need for REIs, but also showed that there are very particular metrics investors seek when pursuing new markets or properties in areas outside their comfort zones. These valuable data sources are difficult to find in their current tools, and online reports often don’t have critical information on profit-related metrics. This opportunity space also provides a great point in the journey for Kiavi to intervene so they can expand out of lending and implement additional tools to their ecosystem.By utilizing Kiavi’s comprehensive data on properties, a data-driven tool is able to deepen the trust and relationships with existing investors, but also generate more leads from prospective investors to Kiavi.
The personas, a total of three, are archetypal representations of rental-focused investors, with key differences in behavior around neighborhood research. Most notably, investors differed in how they approached expanding to new markets. The two approaches outlined are "market-first" and "property-first." The market-first investor starts with identifying their next market, before gathering leads on properties. The property-first approach, on the other hand, begins with the numbers on a property, and only when the numbers work out does the investor assess the neighborhood.
Over the course of 4 sprints spanning across 54 days, we adapted the sprint cycle popularized by Google Venture and conducted an iterative prototyping to arrive at a solution that is meaningful and usable to real estate investors. In each sprint, we defined the scope, sketched and designed elements of the prototype according to the scope, conducted user testing near the end in order to get feedback that would inform the next sprint. Following this iterative approach allowed us to quickly and effectively improve and arrive at a high-fidelity prototype at the end of sprint 4.
Design progression of the neighborhood view (sprint 1 to sprint 3)
Each screen of the prototype evolved from one sprint to the next based on user testing and follow-up discussions with investors. The images above are snapshots of the neighborhood view for East Liberty. The team’s decision to prioritize some metrics and omit others, as well as graphical representations for key trends were made according to commentaries made during user testing to ensure that the prototype displays only the most value-add information for investors.
Market research tool that supports investors in finding new markets for their next investing venture.
Our final product is a Neighborhood Explorer encompassing a range of features to easily allow investors to learn more about their neighborhoods of interest. Investors can explore new markets, evaluate cities, compare neighborhoods, view recent deals in each neighborhoods, gather rehab data, look at the latest news in each city, and read resident reviews about neighborhoods.
PURPOSE
Allowing users to get a better feel of the area by locating specific places, and integrating visual aids of neighborhood streets.
PURPOSE
A more detailed view of Kiavi funded projects within the neighborhood, showcasing profit-related data within the deal (ex. details of rehab, images, estimated dollar counts, and amount of return from the project).
PURPOSE
A detailed comparison of neighborhoods with specific criteria that are important to the users.
PURPOSE
Supports quick navigation to the user’s saved markets and serves as a guiding point for investors to explore unknown, but emerging markets.
The Neighborhood Explorer was designed keeping both the users and Kiavi in mind. It is intended to become a part of the larger Kiavi Ecosystem, thereby allowing Kiavi to become a business companion for its customers during multiple stages of the investing journey.
• Conduct thorough research effectively & effectively
• Discover new markets of interest
• Look for value-adds to find the highest return on properties
• Learn from existing real estate deals
• Increase application for new loans (new and existing customers)
• Extend reach to a wider geographic area
• Lower risk of borrower default
• Deepen relationship with customers
Since the Neighborhood Explorer requires a significant undertaking in engineering, data sourcing, design, and other cross-functional efforts, we developed a product roadmap starting with an MVP with minimal interactions & a few key features. The Neighborhood Explorer can be implemented in 4 phases, measuring various metrics at each stage to develop the product further.
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