Problem & Solution:
Bangalore being the IT hub of India has a lot of NRI owned apartments. According to a survey conducted by the government of India almost every NRI owns at least one apartment back in India. Every individual is looking for someone who can manage their apartment and also make sure that the rent is given to Him / Her on the specified date every month. Millennial’s of India are looking for a luxurious place where they get every amenity possible like swimming pool, gym, squash court, etc and they can get a feeling of their Home away from home.
Our Solution:
HomeStead acts as a platform where both the apartment owner’s and the tenants can find solution to their problems. HomeStead makes sure the entire process of managing and maintaining the apartment is taken care along with providing constant rent and ensures a seamless home finding experience to the tenants till they move into the apartment.
Startup Description
Problem Statement:
With the increasing growth in the IT industry in India and a lot of people moving abroad has left them with the worry about the maintenance of their expensive assets (apartments) which needs regular maintenance and monitoring when it is rented out. This is where HomeStead comes to rescue and does end to end property management and ensures constant rentals for the asset owners.
Solution Summary:
HomeStead offers end to end management of the property and ensures constant rentals every month. On the other hand, the young professionals are offered with a luxurious place to stay which feels like home.
Market Summary:
Bangalore being the IT hub of India has a huge market with more than 1000 apartments available for rent every month and 10,000+ people looking to rent a place every month.
Competition:
A couple of huge competitors like Nest Away, Co live, etc have captured only about 18% of the market, leaving 72% of the market available for HomeStead
Why Us:
HomeStead is the only property management service provider in the market which ensures fixed rental to the apartment owner’s despite of occupancy of not. (Non-sublet model) Non-Sublet – The legal documents between the owner & the tenant, so the owner has 100% ownership of his property unless the usual sublet model. The security deposit is also sent to the owner only.
HomeStead only works on digital platform and doesn’t involve any other real estate agents or brokers keeping the quality of tenants.
Business Model
Marketing Plan:
HomeStead depends completely on digital marketing techniques like search engine optimization, social media marketing, advertisements on various real estate sites, etc. Next plan of increasing the reach involves strategies like campaigns on various new projects coming up, collaborating with IT firms, etc.
Sales Plan:
HomeStead has a very strong sales plan for the upcoming year where different strategies like referral programs, rewards programs, Go green initiatives, etc would be used to convert the potential leads into paying customers. HomeStead has a target of 5 properties a month per sales executive, which will lead the company to achieve its targets.
Operations
Location & Facilities:
HomeStead currently operates from one of our apartment and is looking forward to take up a commercial space when the team grows.
Technology.
Planning to incorporate Virtual reality to replace manual visits to the apartments. i.e. The tenants who want to visit the apartment can get a complete look and feel of the apartment by just visiting our office or even by sitting at home by using a VR gear. This will save a lot of time for the tenants and our employee’s. Transportation cost will also be cut down drastically.
Customers
based in
India
Business
Modal Type
Marketplace
Type of
Sales
B2C
Competitors
Biggest players in this market are NestAway, NoBrokers & CoLive .
Are all the founders full-time on this
project?
Yes
Looking for an
opportunity to invest in companies
like HomeStead?
