Vittain
Provide renters a comfortable path to home ownership
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Summary
Summary
Context
Context
Owning a home creates a greater sense of well-being but for many people this key asset remains out of reach.
This segment of people mainly rent because they think that buying is too complicated or they just can’t afford to.
Associated fears stem from a lack of financial confidence, financial planning, difficulty in understanding financial information and a general lack of financial education.
Challenge
Challenge
How might we improve the well-being of consumers by providing them a path to home ownership which transforms them from renters to owners while helping them feel comfortable along the way?
User
User
Our users are aspiring first time home buyers, recent college grads, couples & small families.
These are people in relatively early life stages who don’t own a home yet.
We want to get them a rental property while helping them save part of the rent towards a down payment, encourage positive financial habits and improve their credit scores.
Innovation
Innovation
Allow people to pick a home that we then customize for them before they even move in. (e.g., wallpaper, carpeting, colors)
So that they are delighted and comfortable when they move in.
The innovation challenge
The innovation challenge
How might we improve the well-being of consumers by providing them a path to home ownership which transforms them from renters to owners while helping them feel comfortable along the way?
Owning a home creates a greater sense of well-being but for many people this key asset remains an out of reach dream.
This segment of people mainly rent because they think that buying is too complicated or they just can’t afford to.
Associated fears stem from a lack of financial confidence, financial planning, difficulty in understanding financial information and a general lack of financial education.
Key Stakeholders
Key Stakeholders
Prospective home buyer
Prospective home buyer
(Aspiring first time home buyers, recent college grads, couples, small families who is saving to buy while renting)
These are people in relatively early life stages who don’t own a home yet.
Investors
Investors
High Net Worth Individuals, Private Equity Real Estate Investors)
Socially conscious investors who get the opportunity to focus their investments on specific strategies and criteria ranging from expected IRR, geography to impact segments.
Benevolent Partners
Benevolent Partners
(Foundations, governments and non-profit agencies)
Organizations can use our platform to educate, encourage & incentivize people to maintain good payment behaviors
Target User
Target User
Prospective home buyer who is saving to buy while renting
Prospective home buyer who is saving to buy while renting
(Aspiring first time home buyers, recent college grads, couples, small families) These are people in relatively early life stages who don’t own a home yet. They are above the poverty line but may not have great credit to qualify for a home loan yet. We want to get them a rental property while helping them save part of the rent towards a down payment, encourage positive financial habits and improve their credit scores.
Profile
Profile
Aspiring first time home buyers
Age: 20-40
Family: Single, Couples, Couples with young children
Work & Education: Recent graduates that have a minimum total household income around $40,000+ USD
Geography: US first followed by UK, Europe, Australia and others
Key Insight
Key Insight
People who feel that they have the option to buy the home that they are renting will treat it more like their own and it will lead to reduced maintenance costs
Customer Journey
Customer Journey
The innovative idea
The innovative idea
What
Provide the ability for tenants to design & decorate their home with customizable themes before they move in, so they are engaged early on and delighted when they move in.
Why
People who are renting while waiting to buy will feel more comfortable in their space.
The prototype
The prototype
Allow user to pick a home, customize it and visualize it
Key Uncertainties
Key Uncertainties
Do people really want the option to customize their home? Can I see the space in person before customizing it? Is there a catch/gimmick?
Resolution
Resolution
Do Surveys
Value of the customizing offering?
Extent of offering (Wallpaper, carpet, furniture, appliances, other?)
How does it make you feel? (Loved, Cared for, Happy, Excited, … Cold, Opportunistic…)
How: Ask Friends & Family, Paid surveys, Focus groups, Teaser advertisement & early signup (pre-release)
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