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Test business system for foreclosures platform


New Contributor
Jun 8, 2020
Cluj-Napoca, Romania

I'm thinking for a few weeks about about a problem at a business system and I would really apreciate a feedback.

The context is that Romania has just 3 platforms that publish foreclosures and they are pretty bad so I though of creating a better one.
A platform gets a comision if the person winning the auction found about it on their website. This platforms will hide information so that you call them so they get your info (before telling you the location of the auction) and then continuously ping the bank to see if this person won the auction. The process is cumbersome and lacks control.

My business system idea is to incentivise people to say that they saw the auction on my platform by giving them back a part of the comision that I take if they win. For example, if I get a comision of 1 000 euros, I can give them anywhere between 200 and 500 euros (the amount doesn't matter too much at this point).

The current status:
- I'm in talks with the biggest banks in Romania to market / publish their auctions and they are all interested and they don't want experiments*
- I have 2 000+ people who subscribed to get notified about auctions after I run a Facebook ad for 3 weeks for $150
- The web platform is 80% ready - I hired a designer, but the implementation I made it myself

The problem:
- While presenting the comision system to the second biggest bank, they said something like: "if you give them money, why would they ever say that they found about that auction on any other website, including the official bank website?"

My solution:
- Have people login before seeing any information
- Track people on the website to be able to show that the auction winner visited the website

But they were not 100% satisfied.

My questions for you:
- How do I better proof to a banks that this person saw the auction first on my website? And what should happen if they saw it on 2 websites? The first should win or it should be split?
- Do you think of any other better incentives to make people say they saw the auction on my website?
- Challenge the business system - what do you see wrong that I've missed?

The parallel is that in real estate, the intermediary agent will always be in person with the buyer to proof it.

Best regards,

P.S. To those 2 000 subscribers I've sent a confirmation mail in which I also ask them about what's wrong and why are they interested: most of them said they want a house for their family (not for investment) and they want to buy it with a credit and that they never visited other websites :scream: - I'm also thinking that later I could negociate a comision from the credit
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