Oasyst
Oasyst is a property management rewards platform that rewards tenants for on-time payments and regular upkeep.
Key Summary
The founder of Oasyst came to us on a mission to build a product that would make property management easier for self-managed, small property landlords.
The initial idea consisted of landlords reducing rent for tenants that helped them with regular upkeep and administrative property management tasks. We set out to validate this unique value proposition and learn from other property managers and renters on whether this type of solution fits their needs.
User Research & Discovery
We facilitated 10 user interviews and collected survey feedback from landlords and renters across the internet to hear their opinions. After collecting their concerns, key problems, and pain points, we analyzed the data to pick out key trends in the marketplace.
Key Insights
Property managers were overwhelmed by the potential litigation the idea posed. Their real issue was getting high-quality tenant retention and on-time rental payments.
Renters were excited by the idea of receiving discounts on rent but lacked confidence that they could help with certain property management tasks
Solution Ideation
Once we narrowed down the key pain points and preferences of our target audience, we went back to the drawing board to create an even better solution for our early adopters. Our new product consisted of a tenant rewards platform where renters would receive discounts to their favorite shops, restaurants, and events by simply paying rent on time and helping with lease renewals.
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By detailing specific instances where tenants would receive rewards, integrating payment collection with the application, and setting up automated notifications to remind tenants to pay rent, this new solution solved all the key issues of both target audiences.
Execution
After brainstorming and validating our new idea with our audience, it was time to launch the MVP. In this case, to streamline data collection and gain traction as efficient as possible, we launched simple landing pages where people could sign up for our waitlist.
We set them up with a full marketing package, creating and delivering targeted ads across a wide range of marketing channels including Facebook Ads, LinkedIn, Instagram, Google, and Email. We regularly optimized the marketing assets and evaluated performance each step of the way.
Results
By partnering with PCH Consulting, Oasyst was able to validate product assumptions and develop a greater relationship with early adopters, all without having a single line of code done for their product. The landing page attracted over 150,000 visits and received a 5.9% conversion rate (32% higher than the industry average).
As a result, we got 50 sign-ups for our waitlist and an invitation to join the TechStars Accelerator program, a start-up accelerator program that provides $120K in funding and hands-on mentorship as founders develop their products.