Wove: Product development

Mission

a) The mission of the company: Democratize real estate investing while creating a network of homes to live anywhere. So far, the investor/renter model has worked with people with resources that own the houses while people that can’t save for the down payment rent them. Wove wants to flip this situation. 
b) Mission wove platform: Create a platform where individuals can buy shares of homes to get a passive inflow from renting them to digital nomads that want to live anywhere. 

Users

We have a two-sided situation of investors and renters. We assume renters are going to live in the network if the homes are in vacation-like places, furnished, and with access to the internet. But the investors' side is the part we want to improve. We have three different types:

a) Institutional investors.
b) Accreditor investors.
b) Amateur investors.

The goal of the company is to democratize access to real estate investing. That’s why users A and B do not make sense, because they already have effortless access to real estate investing. That’s why the user to choose is C, amateur investors.

Pain points

a) They don’t have enough money to invest in the big real estate tickets.
b) They don’t diversify their portfolios. They prefer to invest in easy stock apps like Robinhood than on complicated real estate deals. 
c) They fear investing for its risk, so they prefer not to invest all the way. 

We know price entry, diversification, and risk are a concern. But, prioritizing the pain points according to the company’s goal of democratizing real estate is that we start with the entry ticket problem, then the other two.

Solutions

a) Creating a platform that divides a house into shares for people to buy real estate, then we rent it for them.
b) Selling shares of houses for people to invest and live in (vacation home).
c) Collecting money from individuals to buy and manage real estate. They wouldn’t be the owners of the properties, only owners of the shares of the fund.

The company’s goal is to include people that usually can’t invest in real estate. Option B does not align with the goal because the house would be a new expense (liability) for the user, at least in the first couple of years. Option C does not allow direct ownership to the users, so the company's mission would not be fully realized. Finally, option A allows individuals to effectively own a piece of real estate while receiving a cash flow from it. It becomes an asset.

Metrics + MVP

a) N*: # of investors.
b)# Of houses bought.
c) # Of active renters.
d) Click trough rate of the ads.

The MVP is two-sided. First, we acquire the investors to buy the first couple of homes for the network. Second, we have to attract the first renters of the network (to generate cash flow). The MVP takes place in Miami Beach for being an already famous destination to invest in real estate and migration. People are moving there because of work-from-home adoption. Most people from cold big cities like NY or Boston are moving down to Miami for the weather and need a place ready to work and live. We are leveraging that opportunity. 

Growth

We used digital marketing to acquire the first 200 customers for the renter’s part. For the investor side, we talked directly to people we knew were interested in investing in real estate but have not tried yet because of the price.

Responsibilities

• Develop market analysis to find entry opportunities.
• Incorporate research data in product development.
• Built roadmap and product strategy to lead the product from zero to launch.
• Design app mockup and work with the engineering team to build it.
• Drive product vision and its roadmap.
• Lead a cross-functional team of designers and engineers.
• Grow the product by acquiring new B2C and B2B customers.
• Incorporate customer feedback to improve the product.

Achievements

• Led a cross-functional team of engineers, designers, realtors, and lawyers to build the minimal viable product in 28 days.
• Improved website conversion from 9% to 19% by leveraging A/B testing data.
• Acquired the first 200 customers by executing a digital marketing campaign (Instagram ads, CTR 5.2%).

Patricio Daher