Property Report Validation

Survey Findings

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Research Methodology

Survey internal team members to validate information accuracy on new Property Report feature.

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Target homeowners only to focus on validation.

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Two rounds of surveys:

1. Rocket Homes only.
2. 3,000 FOC team members.

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Quantitative Findings: Rocket Homes Only

• 226 Surveys Sent
• 128 Respondents (57% Response Rate)
• 91% Were able to find their home

• 23% Own a condo, multi-unit, or townhome
• 97% Map showed the correct location
• 79% Image of home was correct
• 94% Accurate home type
• 78% Correct number of beds
• 79% Correct number of baths
• 87% Correct square footage

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Quantitative Findings: Company Wide (3,000)

• 3,000 Surveys Sent
• 708 Respondents (24% Response Rate)
• 618 (87%) Respondents own a home
• 85% Were able to find their home

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• Based on the number of responses we achieved a high confidence within a +/- 4% difference.
• Example: Users who will be able to generate a report are between 81 – 89%.

• 16% Own a condo, multi-unit, or townhome
• 97% Map showed the correct location
• 79% Image of home was correct
• 95% Accurate home type
• 85% Correct number of beds
• 81% Correct number of baths
• With half baths removed
• 83% Correct square footage

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Research Findings�Written Feedback

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Home Search

• Users experienced difficulties when entering their condo address.
• User commented that the address look up was slow.

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Map & Image

• Users commented that the image of their home was too small.
• Users had problems with their home image (show tree, neighbors house, dirt, inside of a building, etc.).
• Users were looking for a way to interact with the map (zoom in, view more, etc.).
• Users did not see the photo and/or map at the top of the page.
• User commented that the map didn't look like a map.

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Home Info

• Users were looking for a way to update their information once they complete renovations and/or had renovations that would affect their estimate.
• Users wanted to see their home amenities, taxes, and property history.
• Comments placed in context of viewing as a buyer not an owner.
• Users wanted to see the inclusion of half baths. Found it 'very important’.
• User wanted to know how the house information was generated and verified.

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Estimated Home Value

• Users were looking for more of an explanation on how the home estimate was generated.
• Users associated the drop in beds and baths as the cause to their lower home estimate.
• User wanted more clear disclaimers that the actual appraisal might be different than the estimated value shown.

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Estimated Time to Sell

• Users wanted more clarity on what the estimated time to sell was, if it included closing time, or if it's simply when an offer was accepted.
• Users were unsure on accuracy of estimated time to sell.
• User associated the short time to sell as a sign that their home was being under valued.

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Comparable Homes

• Users had problems with the comparables pulled on their home (not the right home type, outside their neighborhood, etc.).
• Users associated comparables shown with their home estimate.
• Users had no comparable homes shown in their area.
• Users had neighbors homes sold recently, that are similar, that are not showing as comparable homes.

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Comparable Homes Cont’d

• Users home showed up as a comparable.
• User was looking for a way to customize what comparables were being pulled for their home.
• User wanted to see nearby sales even if they were not comparable to their home.
• User wanted to see closed dates on the comparable homes.
• User wanted a way to click on the sold homes shown for more information.

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Comparable Homes Filtering

• Same Home Type
• Within Same Neighborhood
• Similar Lot Size
• Similar Home Age

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Housing Market Conditions

• User questioned the fact that it was a seller's market considering home prices went down.

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Contact Form

• User wanted to know more about who would be contacting them and why if they filled out the form.

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General Feedback

• Users referenced a competitor's site when deciding whether their evaluation met their expectations or not.
• Users expected their home value to go down due to COVID-19.
• Users did not find a difference in our experience vs competitors experiences.
• Users were looking for a profitability calculator.

• Users commented that information was scarce.
• These users tended to have the version that shows when there are no comps or charts to generate.
• User does not use the site because our data is not the most accurate or up to date.
• User wanted a fast way to scroll back to the top of the page once they scrolled to the bottom.

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Survey Feedback

• Users were looking for direction to leave their browser open to answer further questions.
• Users were looking for a back button.

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Research Findings�Positive Feedback

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Positive Feedback

“Awesome tool. Love the clarity and thorough information.”�– Survey 23

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” I enjoy seeing the comparable homes for sale, super helpful since I'm thinking about selling my house soon...website is a one stop shop for all details related to the housing market in your area, very convenient.”�– Survey 96

“I love that we're rolling out this feature - it's been high on my wish list for Rocket Homes (and yours too, I'm sure!). I think this will be a slam dunk. I do like that Zillow provides a Zestimate range, and provides a graph for how the value has changed over time - but this is a great starting point to iterate on top of. I also want to commend the team on a great mobile responsive experience - I know balancing all types of different screen sizes can be difficult, but it is a very slick mobile web UI.”�– Survey 35

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Positive Feedback

“Really think this is a valuable tool. Home estimate sites are all over the place with their numbers so I think people will really appreciate having this from a truly trusted name.”�- Survey 122

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“I like how direct and focused on the concept of selling this report is. Makes me think about being a power user selling my house rather than just lead generation. It informs and educates, not just draws me in.”�– Survey 133

“Site looks great. Keep plugging away!”�– Survey 137�

“I love the look of the site!”�– Survey 151�

“About time we came out with something to compete with Zillow. Great stuff!!”�– Survey 159�

“I like the simplicity this is an awesome tool.”�– Survey 186

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