My own idea (Local Web Advert medium)
I don't see where else better to put this post. I've screened through forums after forums and found this one to be more appropriate for critics to ideas and information.
I hope you can give me your critics sparingly.
I'm thinking of building a dot com business focusing on advertising real estates online. My market is small. I'm targetting folks in my home town only at the moment.
What i'm planning is to build a site, to advertise and list properties available for sale for a small price on the net.
eg:
Web site construction - RM100 ($25)
Monthly Posting fee - RM20 ($5)
The way i intend to post the properties, i am still contemplating. however, i got an idea from scott and believe i will make it something similar to his. eg:
Side menus with categories:
1. For Sale - detatched house, semi-D,Terrace,Apartments etc...
2. For Rent
Then each property will include the seller's name and property description with photos given by the owner. A small fee for standard photo taking from our proffesionals can be incured for those who wish to have our people photograph the property.
What else, i intend to allocate one page for listing the properties and one page for each property listed.
I'm working on the prototype. I'll post it when finished.
In the meantime, i am puzzled. Does e-commerce have to be a business where we have an online store? I only plan to make a directory that is affordable for sellers and buyers to set up and view.
By all means, if you wish to use this idea for your own area, you are most welcome. Please share your success story with me if you do.
I'm a miser. Hate spending. That's why most of my ideas remain ideas. Now i can hear from you, what you think. Please. Thank You
Any contributions appreciated
Your Real Estate Online Idea
As a business planner I have the responsibility to my clients to be candid, but in a tactful, constructive way. You are not a client, but I treat my readers in the exact same manner. So let's see what bounced off the walls of my brain when reading your new idea:
1. Remember I have not done any research, and rely exclusively on my background, exposure to the Internet, real estate and e-commerce.
2. Real estate sales online is not a new idea. You will find these sites addressing local, regional, national and international geographic markets.
3. Always remember that if you set up a new approach to selling something, and it's successful, others will come along and mimic you. In your case, I would suspect others have attempted the same. I strongly urge you to intensely search the Internet for similar real estate sites that focus on local markets only. You just may learn something from them. If it is successful then have no fear of considering it for your site too.
4. What stood out most to me in this proposal was your intention to address "your local market". You have the advantage, assuming no one else is in your local market; of being able to "press the flesh". You can talk to the potential clients in person. You can help them with the photographs, visit the client, visit the site, help develop the online site description and so much more that someone in a remote location (outside your local market) cannot do. That may be your most important advantage.
5. Real estate, due to historically low mortgage interest rates, has defied the recession. How long will it last? I don't really know, but the marketability and attractiveness of your location for investment and relocation purposes, is something you must analyze. Also remember the Federal Reserve interest rate is the most contributing factor to the recession-proof real estate market the last few years.
6. You are reluctant to spend money? You're a mizer? That can be good and/or bad. You need to take a business planner's approach to this venture. Determine what your market will demand of you. What kind of site will you need? What kind of expenses will you incur? Try to balance the costs to operate this business with the market demand/sales you believe can be generated. Make sure all expenses will result in influencing a sale that will cover that expense and create some profit for your pocket.
7. Please keep in mind that there may be some opportunities that require spending money; opportunities that can result in better sales results. Entrepreneurship is a risk. If you are not prepared to take risks then don't try starting this or any other business.
8. E-commerce is typically related to companies that sell products or services via the Internet. That does not mean the company can't sell through an office or storefront. For example, Wal-Mart sells online and in its storefronts. You can do the same, using your website as a brochure for online contacts and those contacting you by phone or in an office you may set up. Oh, and don't forget that the IRS allows for tax deductions on the business use of a home if you decide to become a home-based business.
There is really so much more I could convey, but these are the first thoughts. I hope it helps.
Sincerely,
Steve Windhaus, the SBC Small Biz Advisor