Birdwatch SL Palooza 2024 Preso

Summary

The speaker introduces Bird Watch, a service designed to alleviate the stress of homeownership by providing a comprehensive solution for home maintenance and repair. With a focus on personalized service, Bird Watch offers a membership that includes a dedicated home manager, in-house technicians, and a preventive maintenance approach. The company aims to build trust and create an ecosystem around the home, leveraging technology to enhance customer experience and efficiency. The goal is to help homeowners enjoy their properties more by making home management effortless and reliable.

Takeaways

• 🏡 The company aims to assist homeowners in managing the responsibilities and challenges of home ownership, especially for those who feel overwhelmed by the lack of a 'user manual' for their homes.
• 🛠 Bird Watch differentiates itself from marketplaces by focusing on delivering outcomes rather than just providing options, emphasizing the importance of controlling the customer experience in home services.
• 👷‍♂️ The company employs in-house technicians (W2 staff) to handle about 70% of the home maintenance needs, offering a more consistent customer experience compared to a marketplace model.
• 💼 Bird Watch is both a service and tech company, focusing on the 'last mile delivery' and leveraging technology to enhance the customer experience and service efficiency.
• 👨‍👧‍👦 The target customers are upper-middle-class homeowners who value their time and are looking for a reliable and comprehensive solution to manage their homes.
• 🛂 The service includes a personalized approach with a dedicated 'home manager' who understands the homeowner's needs and evolves with their changing requirements over time.
• 🔒 The company has a low churn rate, indicating high customer retention and satisfaction with the service provided.
• 🌱 Bird Watch is a Public Benefit Corporation and a Delaware SE Corp, emphasizing community involvement and ethical business practices.
• 💰 The business model includes a membership fee of $80 a month, providing access to a range of services including a home evaluation and 24/7 safety and soundness visits.
• 📈 The company is focused on scaling within the DC and Philadelphia metro areas before considering geographic expansion, aiming for market domination rather than rapid expansion.
• 🔑 The long-term vision includes building an ecosystem around trust and the home, potentially offering additional services such as fintech, insurance products, and e-commerce, similar to Amazon's development of AWS.

Q & A

What is the primary concern for homeowners when they encounter issues with their home?

The primary concern for homeowners is to have the problem fixed efficiently and effectively, rather than spending time searching for service providers on platforms like Angie's List.

What is the fundamental flaw in the marketplace model for home services according to the speaker?

The fundamental flaw in the marketplace model for home services is the lack of control over the customer experience, which is critical given the variability in service delivery in home services.

What does Bird Watch aim to provide for homeowners?

Bird Watch aims to help homeowners save time, energy, and money by taking care of issues that arise in and around their homes, focusing on both large and small tasks that homeowners may not have the skills or time to handle themselves.

How does Bird Watch differentiate itself from a marketplace in the home services industry?

Bird Watch differentiates itself by providing a consistent customer experience through its in-house technicians and a focus on long-term relationships with customers, rather than the episodic, transactional relationships typical of marketplaces.

What is the significance of the membership model for Bird Watch?

The membership model is significant because it allows Bird Watch to build long-term relationships with customers, providing them with a reliable provider for all their home maintenance needs and fostering trust and customer retention.

What are the key features of Bird Watch's service?

Key features of Bird Watch's service include a dedicated home manager, in-house technicians for about 70% of homeowners' needs, personalized service based on the homeowner's property and preferences, and a focus on preventive maintenance programs.

How does Bird Watch view the importance of investing in its technicians?

Bird Watch views investing in its technicians as crucial for delivering a higher degree of customer experience. The company provides benefits and reliable, full-time pay to its technicians, recognizing their craft and the importance of their work.

What is the demographic that Bird Watch primarily serves?

Bird Watch primarily serves upper middle-class homeowners who make more than $150,000, value their time, and are in need of a reliable and comprehensive home maintenance solution.

What is Bird Watch's approach to scaling its business?

Bird Watch's approach to scaling involves focusing on dominating existing markets, such as the DC and Philadelphia metro areas, by building a solid playbook for customer acquisition and service operations before considering geographic expansion.

What is the long-term vision for Bird Watch's platform?

The long-term vision for Bird Watch's platform is to create an ecosystem around trust, similar to how Amazon built AWS. The platform aims to offer services that reduce the stress of homeownership and make home management easier, potentially including fintech, insurance products, and e-commerce.

How does Bird Watch plan to leverage technology to improve its services?

Bird Watch plans to leverage technology, such as AI, to automate processes like triage, pricing, deployment, and scheduling, thereby enhancing the customer experience and operational efficiency.

Outlines

00:00

🏠 Home Ownership Challenges and the Role of Bird Watch

The speaker initiates the discussion by highlighting the optimism and subsequent challenges faced by new homeowners, often feeling unprepared due to the lack of a 'user manual.' The narrative then shifts to introduce Bird Watch, a service designed to assist homeowners in managing home maintenance issues. The company differentiates itself from marketplaces by focusing on delivering outcomes rather than just options. Bird Watch aims to save homeowners time, energy, and money by addressing a wide range of home issues, with a special emphasis on the 'long tail' of smaller, often neglected tasks. The speaker also underscores the company's commitment to supporting skilled technicians, advocating for fair work conditions and benefits, using the story of a master plumber to illustrate the point. The overarching goal of Bird Watch is to alleviate the stress associated with home ownership and to enhance the customer experience in home services.

05:00

🛠️ Bird Watch's Service Model and Customer Targeting

This paragraph delves into the specifics of Bird Watch's service offering, which includes a personalized approach with a dedicated 'home manager' who understands the client's needs and property. The company employs in-house technicians, distinguishing itself from marketplace models, and offers a tailored service to suit each homeowner's unique situation. The target demographic is identified as upper-middle-class homeowners who value their time and seek reliability and ease of use in managing home maintenance. The speaker also discusses the company's aspiration to become the 'easy button' for home management, emphasizing the desire to minimize the time consumers spend on dealing with home issues. Additionally, the paragraph outlines the types of customers Bird Watch serves, including busy professionals, aging homeowners, and first-time buyers, and briefly touches on the company's growth and operational status, including its status as a public benefit corporation and commitment to community investment.

10:01

🌐 Bird Watch's Growth Strategy and Long-Term Vision

The speaker outlines Bird Watch's strategic approach to growth, focusing on establishing a solid playbook in the DC and Philadelphia metro areas before considering geographic expansion. The company aims to dominate these markets by perfecting customer acquisition and service operations. The paragraph also touches on the company's long-term vision, which includes ecosystem expansion beyond basic home maintenance services. This could involve fintech solutions, insurance products, and other value-added services to further reduce the stress of homeownership. The speaker also hints at the potential for Bird Watch's proprietary technology platform to be opened up to other markets in the future, much like how Amazon developed AWS. The paragraph concludes with a teaser about the technological innovations Bird Watch is working on to improve customer experience, such as AI-driven automation in various aspects of service delivery.

15:02

🤖 Technology at the Core of Bird Watch's Service Delivery

In this paragraph, the speaker highlights the importance of technology in enhancing Bird Watch's service delivery. The company is developing its software to better suit the needs of hospitality and home services, which often require a different approach than traditional help desk or trade-specific software. The speaker mentions AI as a key technology that will serve as a force multiplier, automating various aspects of the service process, from triage and pricing to deployment and scheduling. A brief video teaser is mentioned, suggesting the potential for a more elegant and streamlined customer experience through technological advancements.

20:02

💰 Business Model and Future Expansion Plans

The final paragraph discusses Bird Watch's business model, emphasizing the high-margin work done by the company's in-house technicians and the project management approach for specialty work. The speaker addresses the company's membership fee, which includes a comprehensive home evaluation and ongoing support. The paragraph also touches on potential future services, such as smart home installations and green energy audits, positioning home maintenance as an entry point for building trust with customers. The speaker concludes by reiterating the company's focus on being a singular answer for home-related needs, which is key to customer retention and value.

Keywords

💡Homeownership

Homeownership refers to the state of owning a residential dwelling, which is a significant aspect of the video's theme. It is the experience of owning a home and the responsibilities that come with it. In the script, the reality of homeownership is highlighted when the speaker mentions the lack of a 'user manual' and the challenges that arise, such as dealing with a flooded bathroom.

💡Marketplace

A marketplace is a platform that connects buyers and sellers, providing options but not necessarily outcomes. The speaker contrasts their service with marketplaces by emphasizing that they offer solutions and outcomes, particularly in the context of home services where the quality of service can greatly vary. The term is used to differentiate their approach from traditional marketplace models.

💡Customer Experience

Customer experience encompasses the feelings, emotions, and perceptions customers have as they interact with a brand or service. The script stresses the importance of controlling the customer experience, especially in home services where the quality of service is critical. The company aims to provide a consistent and high-quality customer experience by controlling the service delivery.

💡Preventative Maintenance

Preventative maintenance is the practice of regularly servicing and inspecting equipment or property to prevent future breakdowns or issues. The video discusses the importance of preventative maintenance for homes, noting that fewer than 1% of properties receive the necessary maintenance. The company offers services to help homeowners with this aspect of homeownership.

💡Home Manager

A home manager, as mentioned in the script, is a dedicated point of contact who gets to know the homeowner's needs, family, and property over time. This personalized service is part of the company's approach to provide a consistent customer experience and to build trust with their clients.

💡In-House Technicians

In-house technicians are employees of the company who perform the home services. The script mentions that about 70% of the work is done by these W2 staff members, which is a different model from a marketplace and allows for a more consistent customer experience.

💡Membership Model

The membership model is a business strategy where customers pay a recurring fee to access a bundle of services or benefits. In the context of the video, the membership model includes access to a home manager, evaluations, and other services, aiming to provide ongoing value and convenience to homeowners.

💡Churn Rate

Churn rate is a measure of the number of customers who discontinue a service over a given period. The script mentions that the company has a low churn rate, which is under 3%, indicating high customer retention and satisfaction with their services.

💡Estate Management

Estate management refers to the process of overseeing and maintaining a property or portfolio of properties. The video describes their service as 'Estate Management but for the masses,' meaning they provide comprehensive home management services for a broader range of homeowners, not just the wealthy.

💡Trust

Trust is a crucial element in the business model described in the video. The company aims to build trust by providing reliable, consistent, and personalized services within the home. The script mentions creating a 'moat' around trust, emphasizing the importance of trust in their service delivery and long-term relationships with customers.

💡Platform

In the context of the video, a platform refers to the underlying technology and infrastructure that supports the company's services. The script discusses the company's intention to build a platform similar to Amazon's AWS, which could eventually be opened up to other markets, indicating a long-term vision of scalability and expansion.

Highlights

The speaker starts with an interactive question about home ownership to engage the audience.

Discussion about the common experience of homeowners facing issues without a 'user manual'.

Introduction of Bird Watch as a solution for home maintenance and repair services.

Differentiation between Bird Watch and marketplaces, emphasizing control over customer experience.

The importance of reliable service providers for both large and small home maintenance tasks.

Bird Watch's focus on the 'long tail' of small maintenance tasks often overlooked.

The company's dual nature as both a service and tech company, emphasizing last-mile delivery.

Emphasis on supporting skilled technicians with benefits and reliable work.

Statistics on homeowners feeling stressed or overwhelmed by property maintenance.

The business model built on trust and delivering a higher degree of customer experience.

The introduction of a 'home manager' as a personal point of contact for customers.

In-house technicians as a key differentiator from marketplace models for consistent customer experience.

Personalization of services based on individual property needs and homeowner preferences.

Aspiration to be the 'easy button' for home management, minimizing time spent on administrative tasks.

Target customer profile: upper middle class homeowners valuing their time and seeking reliability.

High retention rates and the low churn in the consumer business as a sign of customer satisfaction.

The company's status as a public benefit corporation and commitment to community investment.

Future growth plans focusing on solidifying the business model before geographic expansion.

Long-term vision includes ecosystem expansion with fintech, insurance products, and e-commerce.

Technology development focusing on consumer, manager, and field technician interfaces for efficiency.

The significance of trust in the home services industry and the company's strategy to build a 'moat' around it.

Final thoughts on the impact of home happiness on overall life satisfaction, emphasizing the company's mission.

Transcripts

appreciate that thank you

Gary magri all right thank you everybody

um so a question for you to start off

how many people here live in a home that

you own

raise oh boy all right so everybody with

their hand down enjoy the rental

environment you haven't yet acquired

your own money pit um but we'll talk a

little bit about what that journey is

like for those of you who have closed on

that home you maybe this picture is

familiar it's it's usually a lot of

optimism that comes along with that

closing transaction uh and then within

two weeks it looks something like this

where the reality of home ownership is

suddenly upon you and you realize you

don't have a user manual you don't have

a guy for that um and you're not quite

sure what to do so that's where we come

in so I want to make this personal for a

moment and this is a picture of a

flooded bathroom this is not my bathroom

in fact when I lived in New York I think

this was the entire size of my apartment

but picture for those of you again who

own your own home an episode that you've

had like this we've all had them so once

you have that in your mind what was the

first thing that you wanted to do after

you encountered this

problem did anyone say spend an hour on

Angie's List I don't think so so that's

where we come into play we are not a

Marketplace very specifically I like to

say that UPF front because sometimes we

get the question at the end marketplaces

provide options and not outcomes and

when your bathroom looks like this you

just want it fixed so that's where we

come into play marketplaces tend to work

really well in product Industries or

commoditized services but in home

services so much variability is at that

point of delivery uh that the

marketplaces cannot control and for me

that's a fundamentally fatal flaw if you

do not control the customer experience

you do not control the customer

experience so uh introducing Bird Watch

so we help homeowners save time energy

and money by taking care of all those

things that go wrong uh in and around a

home um it's a long laundry list that we

usually have um we focus a lot on the

long tail if you want to do a $25,000

bathroom Renault you can get a lot of

GCS to show up for your house if you

have a leaky faucet good luck so that's

where we come into play um we are both a

services company and a tech company we

do that last mild delivery and I'll talk

about that a lot I'm on the slide so

that you know who I am but the company

is really about these people up here is

about enabling the work of good um

technicians people that work with their

hands have a craft that have really been

left by the wayside somewhere along the

last 15 years the tech industry decided

that God's gift to the labor force is

gig workk it is not right folks that

work with their hand that refine their

their craft like this want the same

things that all of us want they want

things like benefits they want jobs that

they can rely upon that have full-time

pay they want paytime off with their

families quick story here Chuck our

master plumber he's 50 years old he has

five daughters ages 2 to 18 pretty wide

range um but when he started with us

couple weeks in couple months in he got

his first ever paid vacation he didn't

understand what it was like to not be on

call and being paid he's 50 years old so

those are some of the things and the

stories that we like to bring to life

because when you can invest in people

like this to do their best you can

deliver a higher degree of customer

experience that the entire model is

built on so from a macro view why do we

exist well all the hands in the room

there are 93 million people who live in

their own home there's a lot of proptech

and a lot of stuff that focuses on the

rental environment we focus on

homeowners the

consumers 68% of people that own their

own home report being stressed or

overwhelmed about taking care of that

property and as an end result fewer than

1% of properties are taken care of the

preventative maintenance that they need

now preventative maintenance for me it's

like the side dish it's like the

vegetables sure go to the dentist do

those sorts of things but it's not the

sex appeal that that number in the

middle is why we exist for two-thirds of

people to be stressed about the biggest

asset in their lives that's just not a

good thing that's sad there's an

emotional burden there um that we can

really tap into and hope to solve so the

problem itself is not rocket science

it's complicated it's timec consuming to

take care of these properties most

homeowners like me perhaps like a lot of

you we lack the skill the time and the

knowledge to do the things ourselves and

it's hard to find help particularly post

pandemic the world has changed about

finding reliability and that's partly

because the marketplace model has

accelerated everything to an episodic

transactional relationship or lack of a

relationship as I should say um it's you

know emergency repairs can be super

expensive you can lose home value when

you go to resell the home the part that

we're most interested in people enjoy

their places less and I'll Circle back

to that at the end so the solution you

can sort of think of it about

uh Estate Management but for the masses

people that live in five 10 15 million

homes they can have a GC on speed dial

they have Solutions our members range

from $500,000 homes to 2.5 million so

we're looking for that upper middle

class 19 million of those homeowners

that make more than

$150,000 that know the value of their

time and that they don't have enough of

it to spend on these matters that are

important to them the basics of the

service are relatively straightforward

people want a reliable provider not just

for the big stuff but for all of that

small stuff that is that endless to-do

list but they want that bundle they want

expert guidance a lot of people don't

know what matters what does it in my

home do I really need to clean out my

ducks on an annual basis Pro tiip no you

don't um and then finally ease of use

there are so many things that have

become dead simple easy to use consumer

apps in 2024 that has not yet come to

the management of your home couple key

features you get a home manager this is

a human being somebody who gets to know

you your family your property your needs

how they evolve over time so somebody's

on your side in-house technicians again

we have W2 staff that do the work in the

field for about 70% of what our

homeowners need very different model

than a Marketplace but again being in

people's homes unlocks a more consistent

customer experience it gives us more

upside uh and you'll see how that pans

out in the business model and then

finally it's personalized to you and

your home all properties are different

and especially your preferences within

that home are different so there's a lot

of upside about coming up with that

personalized program for our members

what we really aspire to be is the easy

button for your home we sort of think of

things like the anti- Facebook how do

you spend as little time with us as

possible on our technology and get

exactly what you need so you can get

back to the more important things in

your

life um I spoke about before we're

trying not to build a company for the 1%

these are the customers that we serve

today uh the genx professionals and

family usually two partners professional

income some work travel kids sports

practices going in 9,000 different

directions they want to live in a nice

place but they don't have the time to

manage all of that post pandemic Aging

in place huge motions there right people

want to live in that home but they may

not have the safety they might not have

the energy to take care of it in the

same way that they had and and this was

the generation that used to have a guy

but until you don't right those people

retire as well so what is that solution

that builds trust for Mom and Dad and

Grandpa and Grandma and then finally

Millennial first-time buyers right

buying first homes and droves over the

last five to eight years I joke that

this generation doesn't even know what

DIY stands for let alone being able to

do it their digital natives are used to

Outsourcing there's a natural kind of

flow there quick updates on birdwatch we

found the company a little over two

years ago um we have operations on the

ground the DC Metro area and the

Philadelphia metro area we are a

hospitality company first and foremost

we just happen to fix things in your

home that's the orientation to customer

service that we bring how do you become

the zapo the Nordstroms in the Home

Services space that is known for being

hyper fragmented um and not focused on

customer experience we're also a public

benefit Corp we're a Delaware SE Corp

all of the things you know in investment

wise flow just the same but we focus on

things that build up our community we

believe there's a virtuous circle by

taking care of the communities the team

members that we have as well as the

homes in which we serve for example 1%

of our net revenues go to a housing

Justice fund that was set up by one of

our uh co-founders it's called the bird

seed foundation and that provides down

payment grants for first-time bipac home

buyers we have over 530 members with us

today taking care of their properties to

give you an idea the single family home

segment for us spends over $99,000 per

year with us people have a lot of needs

they're willing to aggregate that spend

and I'll talk about that in a second we

have very high alltime ret pension rates

for a consumer business churn is under

3% and we're targeting by the end of

this year about a $5 million run rate in

terms of our

revenues we have a leadership team that

has run businesses in the space before

whether it's service businesses real

estate Tech James Bruno is our uh most

recent hire he was the founding Chief

construction officer at kerbo you grew

that to be one of the top five Home

Remodeling businesses in the company and

now he works for us taking over field

operations Ryan troll is in the front

row here he oversees all of our product

in Tech ran massive optimization

platforms at Capital One Steph Toller

ran a property management company

overseeing 2.5 billion do uh in

residential real estate so we have all

the pieces here to grow this operation

um and what does growth look like so

I'll talk about value creation real

quickly value creation for our members

right business 101 you have to create

more value than you capture this to-do

list here might look familiar for some

of you but this is literally from a new

member that we had that started just

last week her name was Rebecca I took

her sales call the sales call began if

it were up to me I would be living in a

camper on the road but my husband

doesn't want that so I'm here and I'm

talking to you and she wanted us to take

care of her property and when folks sign

up we asked them one question what's the

biggest you know impact we can make for

you what should we be talking about and

this was what she said to

us so if that's not customer lifetime

value I don't know what is and we're

going to be happy to get into Becky's

house uh and to serve her as best we can

with preventive maintenance programs

to-do lists all these sort of things but

what does that really mean and how does

that differentiate Us in the marketplace

so a couple interesting things to throw

your way number one is aggregating

across trades at the point of demand so

what do I mean by that well you see a

lot of private Equity uh activity and

things like the plumbing trades at track

a lot of rollups in those Industries and

those sorts of things but people don't

necessarily aspire to have a carpenter

and a plumber and an HVAC person people

just have problems and they want them

solved and they don't really care about

how they're getting solved as long as

they're getting solved well so within

our team we are handling problems across

all of those trades today and when

you're at the point of demand working

with that relationship with the consumer

that we believe is a point of power uh

second one here a little joke for the

LPS in the room proprietary deal flow

but how does it work for most Home

Services business in the country when

your phone rings and somebody have a

problem that's when you have a revenue

opportunity but for us building that

long-term relationship the membership

model that we have is all about future

orientation so by building the to-do

list and all the features we'll have in

the future that are more like Pinterest

and cultivating design boards and these

sorts of things is to see what these

folks are thinking about not when they

have that point of need that is acute

what are they thinking about next season

next year and Beyond so that we can

influence when that happens and also

have a better operational delivery

mechanism to make it more efficient um

than the average in the industry and

then finally we want to create a moat

around trust as a platform so technology

companies have been really good over the

last 15 years about being on every

device that you have here the delivery

companies in Amazon now come to your

doorway but very few companies are in

your home that inner sanctum where you

and your family are now we have a very

high bar to make sure that we treat that

with the respect and deorum that it

needs but when you succeed in that

environment and it's an execution

business we have to do it each and every

every day that trust is very unique and

we can have a whole ecosystem that we

build around that um we sometimes gets

asked about seasonal and these sorts of

things because we don't have a pure

singular trade business like HVAC or

like Plumbing we have pretty smooth

demand throughout the year as we've seen

people often come in for repairs and

deferred maintenance but more than half

of our consumer spend is discretionary

nature you've had a chandelier in a box

for six months you need the back deck

power wash the kids bookshelf needs to

be painted it goes on and on and on and

when you can execute those small things

they build up to large things we're

getting now into preventive maintenance

programs where you can put your entire

home on autopilot you know Round the

Clock around the year um and also safety

to make sure that your family is uh safe

and sound so a lot of opportunities

there and then how does that build up

what is the long-term vision of what

we're doing so we Clos the seed round

with with Gary and the fund um about 3

four months ago um we are focused on

building up that Playbook in DC and

Philadelphia I'm not interested in

entering new markets I'm interested in

dominating them which means that we need

to write that Playbook and show how we

scale customer acquisition in a

predictable way the service operations

get all those playbooks down and then

we'll start to hit the gas on that so

for the next year or two it's going to

be let's make sure we have that solid

growth we can then look at Geo expansion

and then the next layer of the cake

start to build on top of that so

ecosystem expansion you know it's not

about introducing random other lead

genen part ship it's what other value

can we create for homeowners to reduce

the stress of home ownership and make it

easier to manage your home so you can

think about a lot of fintech around

savings and financing program Rewards

program 5% of your credit card spend

goes to preventative programs in and

around your home uh we can get into

Insurance products like flipping on in

your app I want some warranty for my

roof I want warranty for uh my

appliances we already know the data in

the home because we collect a lot of

things by being on site that first party

data has a lot of value um things like

you know the Carfax for your home at

point of sale and then e-commerce can

also be a leg of the platform and then

finally the platform itself that we're

building we're looking at it like the

way Amazon built AWS we are the only

client for the next few years but there

are going to be a lot of markets that

bird watch doesn't want to have boots on

the ground over the course of the next

decade so we can open up that platform

to the huge cottage industry whether it

is true Estate Management up Market or

mid-market in in places that we don't

want to be um and as a a final little

teaser here as we close things out I

want to show you kind of where the puck

is going in terms of Technology we build

technology in three main areas for our

consumers for our managers and our field

technicians a lot of the software out

there is not built for Hospitality it's

either help desk or it's focused on very

granular trades it doesn't deliver the

kind of customer experience we need so

there's a lot to build but things like

AI will be a a force multiplier for us

as you can think about what can it do to

automate triage and pricing and

deployment and scheduling over the time

so here's a quick 60-second teaser of

the things I will be working on

[Music]

[Music]

he

[Music]

so I think you get the idea of how we

can make that a more elegant experience

over time um for those of you who live

in or have friends in in DC and

Philadelphia would' be happy to give you

coupon code leverage to give 25% off

membership for a year obviously we have

a geographic component to our business

will be growing over time um but the

last thing I want to leave you with the

reason we do this work I talked about

before the stress of it and how that

impacts people and their families it is

shown that the happiness that one has

with their home is three times more

indicative of their overall happiness

than even your income level so we derive

a lot of energy from our homes we want

to make sure that people have access to

a safe comfortable home that they can

enjoy thank

[Applause]

you any questions yep yes

sir

y so the membership is $80 a month right

now and that gives you the home manager

jur gives you the evaluation we get into

a person's home we're doing the

inspection frankly it's half therapy

session to get to know what's working

what's not it's 247 eall safe and sound

visit so you get a lot for that

value that's a good question um we are

intentionally delaying that decision

we're going to see how we scale up

between the urban core and the Suburban

environments in the two DC and

Philadelphia Metro areas and we're also

going to highlight maybe some markets

which operate in different ways from the

Northeast so we might go somewhere that

is similar um to build into those

strengths and then maybe something like

a Florida to lean into the home away

Market or more of a vacation market so

TBD thank

you yeah some of it we can dabble in

today like installing you know smart

home appliances or doing green energy

audits those kind of things today we

look at home maintenance as a beach head

right and we don't we don't talk a lot

about the word preventative maintenance

we sell in those programs but it's not

the thing that people are searching for

and capturing so we believe by building

up trust in doing that to-do list and

building that relationship I mean we're

in our homeowners homes six eight 15

times in some cases per year right so we

develop that Cadence of trust and once

we have that we believe we can build out

farther things like way waiting for

deliveries for you if you're not home

and all that kind of

stuff sure so about 70% of the work we

do ourselves and that kind of work is

50% margin and above um and when we do

specialty work stuff that we're never

going to do in house mold remediation is

best those tree pring driveways that

kind of stuff we get 133% and we flip

into a project management mode so we

don't really focus on making a ton of

money there but it's about being a

singular answer for your home and that's

where the value and the retention comes

into

play okay thank you