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How would you price or market THIS product I invented??

by BillyBee
2 replies
Correction: I'm not actually the inventor. But I'm helping someone who just invented an app that has widespread appeal to realtors and property managers everywhere. It's something that can be used on a property by property basis. It could be used by individuals, or it could be used by an entire realtor company.

And my question is, how would you market something like that?

More importantly, what sort of pricing structure would you use? One-time fee? Monthly subscription model? Per property?

Appreciate any input or recommendations, thanks.
#invented #market #price #product
  • Profile picture of the author JohnMcCabe
    I appreciate the desire for secrecy, but a vague question gets a vague answer.

    It depends.

    Are there similar apps already out there? If so, what models and scales do they use?

    In general terms, what does the app do for the user? What is that worth to them?

    And - very important - how much does your inventor friend have to do to keep the app useful?

    If it's something that is build once and there's no real need for maintenance, a one-time fee would seem attractive.

    If it's something that needs to be done on a property by property basis (in other words, it needs resources once for each property, then only basic app maintenance), charge per property.

    If it involves accessing a database that needs constant updating (like the MLS, for example), charging monthly makes sense.

    Finally, is there a way to use a freemium model - limited utility for free and full utility for pay?

    I realize this is more questions than answers, but it's the best I have given what you offered.
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    • Profile picture of the author BillyBee
      Great answer, John, and apologies for the vagueness.

      To answer your questions, there is nothing similar out there that we have seen for this. It solves a nagging problem that property managers have in dealing with their tenants.

      The inventor does not need to do TOO much to keep it going, but there WILL be ongoing maintenance and some customer service necessary.

      And yes, it will be needed on a property by property basis, so your answer in that vein made a lot of sense.

      MLS is not used in the updating of this service.

      Thanks again -- a BIG help, appreciate it.
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