How to Scale Realm
Realm helps homeowners learn what impacts home value and which projects are the best investments.
This week’s case study: www.myrealm.com
Most investment opportunities are pretty simple. You only have to answer one core question - how likely is the asset to accrue in value at the rate you're looking for? You may not have all the information you need to make a smart decision, but the calculus is simple.
All of this is thrown out the window when we're talking about primary homes as an investment. Not only do homeowners try to maintain and increase their homes value over the time of their ownership, but they're also forced to think about how changes to their home effect their family's quality of life in addition to their desired investment outcomes. In short, business and personal lives are suddenly enmeshed as soon as someone buys a home to live in.
Enter Realm. Realm has created a suite of digital tools that help homeowners understand their home's value in much more detail, while providing prioritization and estimates on various home improvement projects a homeowner could tackle based on investment requirement and likely increases to the home's value.
All these tools are free, and it seems like Realm likely monetizes by selling leads to renovation and finance partners on the back end, which is a win-win for customers and providers.
Here's how I think they could unlock new levels of growth.
Since Realm monetizes on the back end, the channels they pick for users will totally depend on their monetization metrics. How many visitors turn into users? How much can they get from partners per user? Without this knowledge, all we know is we need to find tech-forward homeowners in the home improvement market.
Realm must have access to valuable information around how renovations affect home values, so our clearest opportunity is to package this into use-case specific calculators.
For example, build a simple "Kitchen ROI Calculator" to help users understand generally what kind of ROI they can expect if they renovate.
Optimize this for search as much as possible, but the real leverage here comes from paid social. Localize and promote this content into specific city markets with ads angles like "Find out the ROI of kitchen renos in L.A."
This should drive cheap traffic to Realm's site. Once users are there, prompt users to enter their real address to move into the product funnel.
As with most proptech companies, trust is paramount to get any user traction. Building a repository of testimonials and case studies of users using Realm will go a long way toward converting users who land on their home page.
Realm also needs to improve their results page. Much of the data visualization is confusing, and don't lead users toward taking the next valuable action.
Having an email list of users interested in home renos is very valuable when monetizing on the back end, so Realm should also aim to create strong post-signup email flows that combine valuable renovation information with offers from partners and affiliates in the user's city.
Keeping users coming back and sharing with their networks could be tackled together with a simple strategy - sending sharable city/neighbourhood alerts to users within a certain area. Home values changing in San Francisco's Mission district? Send an email to all users in that area, making it super easy for users to share the update with their social networks. This gives Realm an excuse to reach out to their users again, and reminds users to return to the Realm product, while giving them the opportunity to share with their friends and neighbours who may be affected by the change as well.
That's it for today. Thanks for reading!