Rental Estimator
Overview
BiggerPockets is a comprehensive resource dedicated to fostering success in real estate investing. It offers a variety of tools, calculators, and an open community aimed at supporting investors throughout their real estate journey.
My team and I were tasked with developing a new tool designed to enhance the ability of Pro members to effectively analyze rental property deals. This tool provides detailed reports on rental data, including median rent, rental prices within that zip code, related listings and a report of property details. It aims to deliver comprehensive insights into potential revenue streams for both existing properties and prospective investments.
Approach
Our objective was to thoroughly understand our users' investment journeys and determine how we could design a tool that supports them both on and off our site. To achieve this, we leveraged Pro membership surveys, conducted in-depth interviews with new investors, and engaged in extensive prototype testing.
The insights from this research directed our focus to several key user interface elements:
- Displaying the Median rent and the number of properties fall in the category
- Our confidence score on the data being shown
- Related rental listings in the area
- Deeper breakdown on the property and rental data in the area.
The project
User Interviews
We focused on two segments within our Pro members: those who are actively looking to make their first investment and those who already own one or more rental properties. Initial surveys were conducted across the Pro member community to gather insights on the tools they use, their investment activities, and their preferences. This helped refine our target user profile, leading to more focused user interviews. These discussions were critical in understanding the specific information users valued, such as market trends, property details, and profitability indicators.
Prototyping and Testing
We developed a prototype that allowed users to simulate property searches, displaying relevant rental information and market trends. User testing and interviews revealed that while users found the data useful, they expressed concerns regarding its accuracy and reliability. To address these concerns, additional features were integrated, including comparative rental price data from neighboring properties, a confidence score explaining the basis of comparisons, and visibility of similar price listings in the area.
Design Focus
The user interface was designed to provide a quick snapshot of essential data at the top half of the screen, including median rent and comparative rent prices within the same zip code. This layout enables users to swiftly assess whether a property meets their investment criteria. To further support decision-making, we incorporated a map showing rental prices nearby and detailed sections on property history and rental trends within the zip code.
Launch and Impact
We launched the tool with a free access period for all user types, a strategic decision that significantly increased user engagement and tool usage. This approach also served as a compelling incentive for free users to upgrade to Pro memberships. Following the promotional period, the tool was placed behind a paywall, with users allowed three free reports before requiring a subscription.
