Price Estimator & Next Steps Recommendation

Posted September 11, 2022 in
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Hi all :)
I've just started a business that I'm not sure how to create a price estimator for. To give a price range, I first need to do research and then walk the property to assess all the possible issues. I've been thinking as an alternative, I could offer a recommendation tool that helps people determine if they should even be talking to me or if they would benefit more from looking at other methods of selling their property. Any feedback on both a price range tool or recommendation tool are would be very helpful. I appreciate the help!
Caitlin
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Connor DeLaney
Caitlin Hunter could you share a bit more about your business? It sounds like something along the lines of real estate based on property assessments that you noted. That'll help me get my head around the kind of tool you'd need and then I'll send some tool recommendations I have!
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Connor DeLaney
Mary Brown or  Melanie Moore you both (or your team) may be able to provide additional insight here once we get a few more details :) 
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Caitlin Hunter
Connor DeLaney   For sure! I'm buying distressed homes and then rehabbing them. My website is setup for potential sellers, so that I can direct them there through ads, direct mail, emails, etc. Does that help?
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Connor DeLaney
Very helpful, thanks Caitlin Hunter ! A couple of questions I'd have before digging into these kinds of tools:

- Do you have the ability to provide a price range right now?
- Do you know the factors that go into pricing for the projects you are taking on?
- Do you have a pricing page on your website or a price focused article?

Looking at your website quickly, I didn't see a pricing page yet, it might be really helpful to start there then build up to a tool that automates this process and can take in data from the user then give an output. By answering the questions above, you can start to build the infrastructure of that tool ahead of time before we start talking dev and other pieces!
Caitlin Hunter
Hi Connor DeLaney , thanks! I can provide a price range after I receive their information, do research on the area, and walk the property. I do know the factors that go into the pricing. I don't have a pricing page, because I'm not sure how to present it. When you think of a pricing page for this situation, what comes to mind?
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Tom DiScipio
Hey Caitlin Hunter - Congrats on starting up a new business!

If you haven't already, I'd also suggest checking out this course Self-Selection and the Touchless Buying Experience.
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Caitlin Hunter
Tom DiScipio  That course just helped so much, thank you!
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Mary Brown
Hi  Caitlin Hunter   ! Since it sounds like your price is variable depending on a number of factors, you could use the Berry Insurance approach: https://www.berryinsurance.com/insurance-pricing. Transparency about pricing is crucial to establishing trust with potential customers. Some people think you can't talk about pricing if you don't have set costs, but sharing as much information as possible—including why providing set costs is so difficult—goes a long way toward building trust. 

On Berry’s page, they say that pricing isn’t straightforward and then explain why. They talk about the various factors that make pricing go up or down. They also provide ranges (and $700-$4,000 is a significant gap) so people can at least get an idea of what they might spend. After all of that, it’s clear they have nothing to hide. 

You might be able to do something similar. It sounds like you could talk about how different areas impacts price, talk about common issues you see with homes and how expensive those issues can be, and give some ranges. Is walking the property/giving an estimate free? That would be a great call to action on the page if so. 

As for a tool, you might be able to come up with a lead generation tool that gives a *rough* estimate without a visit. For example, part of the tool could provide a list of common issues you see in homes that they could check off. They should share their address so you could evaluate area. You could add in anything else that you know of that factors into an estimate that could be calculated automatically (e.g., How old is your roof? If less than 5 years old the cost is X, if older than 20 years, the cost is Y). This tool could be ungated for a rough estimate that has an accompanying message of: “For true cost, schedule an appointment…” with a form. 

If you wanted to do a gated lead generation tool, you could add space for them to add any issues that they know of. Maybe you could ask them to upload photos of specific parts of the home you’d want to see. They could submit all of that to you for an estimate that you would then process manually. The next step there would still be an appointment for a walkthrough. 

Do either of these ideas sound like they would be helpful to your prospects? 
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Caitlin Hunter
They do, thank you! The Berry Insurance site is also very helpful!
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Mary Brown
Caitlin Hunter  great! Let me know if any questions come up as you work on that pricing page. 

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