pkrfce9;376174 wroteHave you checked into your competition? How do they make money? What are their strengths and weaknesses?
Here is a short list of sites that would take traffic/potential clients away from me.
edmonton.rentfaster.ca, rentedmonton.com, Kijiji, individual property sites, rentboard.ca, gotarent.com, rentersonline.com, viewit.com, 4rent.ca, rentspot, padmapper, furnishedapartmentsedmonton.org
I did look at various sites that are in the similar market. I did not locate any that acted like a rental agent. If anyone has found something I would like to look at it.
pkrfce9;376174 wroteWhat makes your offering stand out from the others?
Just by not having found many similar sites online. I did find slightly similar such as an admin person willing to help do the search but it stops there.
pkrfce9;376174 wroteHow will your competitors respond to your entry?
Most of my competitors are sites that list properties and request people to sign up to search and match their profiles. They may switch to compete and offer the same service.
pkrfce9;376174 wroteWhy would an owner use your service rather than an alternative?
As in owner, I am reading as it as a landlord or property manager. Have more applicants for a property means more choices. The alternative is to go out, do ads and find potential clients themselves. Which they have done traditionally.
As in owner, per customers? This is an added service. The concierge. Renters can go and search out properties for rent all day long for free and apply. The ones that pay for my service will weed out some renters. Not a problem.
pkrfce9;376174 wroteHow will you market your service?
I plan to advertise on facebook, kijiji, google search. All offer a budget ceiling. I will also mass email people on classifies wanted ads ( eg. Looking for a 3 bedroom, have dog.. etc etc) to sign up for the service.
pkrfce9;376174 wroteHow will you make money? How long will it take to be cash flow positive?
Primary
Charge renters for verifying their credentials, up charge for urgency.
Secondary
Charge property management for an extended list of applicants. (My priority is to secure a rental property for a renter)
Ads for rental properties in an email form or listing on the site.
Ads to help rebuild credit referrals* I dont like this one but its potential
Cashflow
Currently, I am putting my hours to get the site up and running in the right direction. Startup costs have been low. Ongoing costs are less than $100 a month.
I do not expect to pay myself or shareholders until there is a positive flow.