SpectBetter

Home Inspection Repair Cost Analysis

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January 28, 2022 Project paused

I learned a lot about how the project likely wouldn't work in todays climate.

  • Finding potential customers during this very small window during which they had an offer on a home and received their inspection report was very tricky.

  • This was probably the worst time to launch this idea because the home market has been insane the last 12 months, people are waiving inspections!!! They don't even care what is on the report because there are so many offers on each house (this won't last forever).

  • I analyzed about 10 different inspection reports from friends and family, there were no similarities in structure, language, coding, etc. between them. This means every report would have to be manually analyzed or you could only work with one or two main reporting systems. I also figured out the biggest competitor in the market was doing this very thing, manual input into a construction estimate software.

  • These elements didn't fit the type of long-term business I wanted to create, which was an automated way to analyze these reports and return back to the customer a clear understanding of which items in their report are red flags, which they should tackle first, which add value to the home, etc.

  • I think there is still value here, buying a home without any construction knowledge or contractors in your network sets you up for potential big losses. You can read the stories on reddit everyday.

  • So for now, the project is paused, I may open it back up one day when the market changes, but I have other ideas I am more excited about at the moment.

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March 24, 2021 Tested MVP with google ads

I spent about a month testing various google ads to validate the idea more. I got some website visits, but no purchases.

The purchasing window for this customer is extremely short, they need to be in escrow on a home purchase.

I learned this is likely not an idea you can validate with ads, and there needs to be some functionality for the customer to derive value from.

Focusing on building an expanded MVP using nocode, specifically Bubble.io.

Have basic search functionality in place to estimate inspection item costs.

1 Comment

  1. 3

    What about targeting diff crowd? I have in mind folks/companies operating in rental space. Those who are growing their qty of rental units could do repeating purchases. Regular folks (aka mere mortals) don't buy/flip homes that often )) Just random thought based on podcast (about indie US landlords 😀) consumed during long walk in the park @AndrewWarner https://mixergy.com/interviews/avail-with-ryan-coon/

January 8, 2021 Finished MVP

I took a few weeks because I was moving and working full time. Built a website using Brizy and connected a paypal purchase button. Worked on the copy of the website/landing page. Also reached out to all my friends who recently bought homes and talked to them about the idea.
One friend purchased something similar, but much more basic. It only provided repair costs, and was clearly done by a human manually.
That validated the market somewhat, also reached out to our real estate agent and told her about the project. She said her previous firm was working on a project similar to this to help provide cost estimates to home inspection report repairs.
Launched a google ad, currently no clicks :)

6 Comments

  1. 1

    Hey Bryan - Cool idea. That's definitely a constant need. Especially in common disaster areas like Florida with hurricanes and such.

    I'm in the process of finding a real estate investment property and have been accumulating as many resources as possible so I'll definitely be following along here.

    Have you checked out https://www.biggerpockets.com/? That might be a great community to bounce your idea off of as well for feedback.

    They also have a great book that might be a good read for your product's purposes: https://store.biggerpockets.com/collections/all-books/products/the-book-on-estimating-rehab-costs

    Keep on adding value to the world 🤙

    1. 2

      Thanks so much for the feedback! That's a great idea! I have listened to a few of their podcasts and actually used the community a while back when we were looking to buy a small rental property in the mountains to airbnb. People were very helpful and friendly on that site, great info and fantastic resource! Thanks again!

  2. 1

    I dont live in the US, so not sure what's in a standard inspection report, however my question would be how do you automate your tool? are you manually reviewing the report and coming up with suggestions? If the reports are standardized in every state then my guess is that you could automate all the recommendations and then spit out your spec score.

    whats your stack looking like?

    1. 1

      Unfortunately there isn't really a standard, but I have been collecting reports and there are definitely common themes and structures to most reports. I'm building out a database of all fixes/repairs with all of the accompanying data I want to provide. Yes, currently its manual, as I am just trying to find and talk to customers and validate the market. Long term term the goal is to build backend scraping and analyzing of the reports. I don't really know what that looks like yet, will definitely need technical support as I don't know how to code, thanks for your feedback!

      1. 1

        thats okay that you dont know how to code, but you've build a nice front end application that takes in submissions, and behind the scenes you are doing it manually. following you.

        1. 1

          Thank you! Really appreciate your feedback and follow!

December 28, 2020 Came up with idea

Two major life events occurred this year. I lost my father suddenly and closed on my first home purchase a few months after.

My dad was a lifelong contractor by trade. He could fix and build almost anything. I had an unfair advantage of having his guidance through home repairs, etc. that was suddenly gone.

When we closed on our first home and got our inspection, I frantically googled each item in the report to see what it would cost to fix, if I could do it myself, the safety issues with it, etc. all over the weekend because our contingencies were due.

I realized there should be a way for all home buyers to have the same unbiased guidance from a contractor like I used to have. SpectBetter was born, a service that analyzes home inspection reports, provides repair cost estimates, DIY potential for each repair, tutorials for all repairs, safety considerations, and help negotiating repair credits/contingencies.

We tried to leverage our real estate agent for this process, but it was definitely not her expertise.

7 Comments

  1. 2

    I like the story, feel the pain, and the need to solve it. well done.

    1. 1

      Thank you very much! I appreciate the feedback!

  2. 1

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Purchased first home after my dad (contractor) passed away and had no one to talk to about the home inspection report repair costs