Select Page
Clear all

My business idea - online biz - thoughts?

New Member


I am new here. I work in the accounting/finance industry but own one rental home on the side (soon to be two). Real estate is my passion, and I came up with my idea while thinking about how I could capitalize on that interest.

My idea seems rather simple and it's something I think a lot of property owners (small to medium sized) would need. The website would act as a link between the owner and the tenant. Besides being able to pay their bills online, the owner could have his own profile page. He could upload guidelines, utility information, lease agreements, maintenance request forms, etc. Monthly "bills" could be sent automatically through e-mail, rather than by post. The tenant could sign in their account and pay rent online, and the money would go through the online business and directly to the seller's bank account.

Here is how it could benefit each party

Property owner:
- Will be able to keep all documents online available to the sellet
- Will have an online liaison to take care of all of their billing
- Automated bills sent out, reminders of late pay (optional), and statistics and records kept regarding late payments... violations, etc
- Faster receipt of money, no check cashing required

- The ease of paying online
- Maintenance requests and communications by form
- Online records (lease agreements, utility info, etc)
- Faster payment of money - will take one day as opposed to snail mail

The business:
- Estimated that after costs to wire, a $2 per transaction fee will be applied for use of the service. $1 if the owner has 10 or more tenants registered under his domains. If even 2,000 people use this site in its prime, thats $4,000 a month from an automated website. If it can continuously expand, income and earnings will snowball. Each "new" owner/tenant pair will net $2 a month.

The problems I see:
- Getting owners to use the site might be challenging at first. It would start slowly as more people begin to use and trust it. Word of mouth after the fact might be the best advertisement.
- Owners would almost need to 'require' that their tenants use the service if they want to take full benefit of it.
- Some small owners might not want to use it because they operate a "cash" business aka hiding income for tax reasons
- Some very low-income tenants might not have access to a computer or a checking account

Any thoughts/suggestions/concerns? I would love to hear them.


Topic starter Posted : 17/08/2009 5:58 pm
New Member

Re: My business idea - online biz - thoughts?

Cut through the confusing world of small business finance and put yourself on an equal footing with the finance experts.
Use the know how you find on these pages to plan more effectively, to source funding, to negotiate yourself a better deal in all areas of your small business financing, to change the things you measure in your business to improve operations and hence profits, and to make your marketing budget work harder.
I'm Neil Best, an accountant with over 15 years experience in business finance. I've worked in all areas of industry, from manufacturing to service, banking to technology, and have dealt with rapid growth start ups and mature companies struggling to make a profit. I've worked with companies with just a handful of employees, and those with thousands.

Posted : 23/10/2009 5:09 am
New Member

Re: My business idea - online biz - thoughts?

That's a great idea, but there are a bunch of competitors do some research into the competitors and see how you can differentiate yourself from them.

Posted : 24/11/2009 10:14 pm