Backflip
WE GOT YOU, PRO!
www.DOBACKFLip.COM
ABOUT
Backflip is an all-in-one real estate and fintech platform for fix-and-flip investors. The app provides a quick and easy place for REIs to source, analyze and finance residential real estate investments.
CHALLENGES
One of the main core feature of the Backflip app is the analyze function to determine if a property is worth an investment. Some of the challenges and pain points that we needed to solve was to provide a simple and quick way to compare other properties within the area of the subject property, the ability to quickly assess the financial costs and expenses needed, and provide an estimated ARV (After Repair Value) of the property value after it has been renovated.
PROCESS
We utilized the Jobs-to-be-Done (JTBD) methodology to delve deep into the motivations and aspirations of our users. By comprehensively understanding their needs and the problems they encounter, we gained invaluable insights into their pain points. This understanding allowed us to approach the challenge of property analysis with more accuracy. Central to our process was identifying our users' desired outcomes. By discerning their ultimate goals, particularly their profit-driven intentions in property flipping, we could streamline our approach. Removing obstacles and tailoring features to seamlessly align with their objectives became our guiding principle. Based on our findings, we identified key areas that were important to address . Subsequently, we crafted a solution-focused strategy, positioning our application as the cornerstone in facilitating our users' journey towards their objectives.We then identified key areas to focus on based on the findings and then determined the best solution of where our app can be the critical piece to helping them achieve their goal. We created wireframes based on the areas that we would focus on first as the MVP for the first release.
RESULTS
In assessing the effectiveness of our Analyzer feature for Real Estate Investors (REIs), we relied on key metrics centered around user engagement:
Weekly Active Users (WAU): Our baseline WAU stood at 16%. Following the introduction of the new Analyze feature, we achieved a remarkable surge, elevating WAU to an impressive 30%.
Comps Usage: Previously, weekly engagement with property comparables lingered around 10%. Post-launch, we observed a substantial uptick, with approximately a 20% increase in interaction. Notably, this surge coincided with a notable rise in loan application submissions stemming from the analyzed property comparisons.
Accuracy and Effectiveness: An integral aspect of our evaluation involved monitoring the accuracy of After Repair Value (ARV) calculations. Through tracking and user feedback analysis, we found that a significant majority of users rated the accuracy at an impressive 8 out of 10, underscoring the efficacy and reliability of our feature implementation.
