Rockval is an easy and affordable platform that addresses a fundamental pain point in the Commercial Real Estate market - valuing and sharing deals. By integrating data and powerful financial and business intelligence algorithms, Rockval aims to streamline the workflow and broaden the target market to include users with minimal industry experience. However, a user-friendly research and analysis tool was only the beginning - users wanted more!
The challenge was to incorporate live market data while making the platform fast and easy to use for everyone. Our goal was to empower users to research and underwrite properties with minimal effort, while also providing them with the necessary tools to share and collaborate on deals.
As the sole Designer at Rockval, I worked closely with the Product Owner and wore many hats. My responsibilities included conducting research, designing workflows, creating high fidelity prototypes, and collaborating with developers to improve internal workflows. Other responsibilities included testing, graphic design, web design, and the creation and management of marketing and system emails. The new app is currently in development and scheduled to be launched by the end of 2023.
To gather feedback, we conducted testing with a group of 16 participants and collected specific feedback from a larger group using Hotjar surveys. Our aim was to understand the challenges users faced when using the app for the first time and identify pain points in specific features that hindered the journey from prospecting to analysing a property.
Through the collection of user feedback questionnaires, online surveys, and meticulous monitoring with Hojar, we have gained valuable insights. Taking user feedback into consideration, we learned that although users appreciated our research and analysis tools, they wished to expedite the deal creation process and manage multiple deals and teams within a single app. This presented an opportunity for us to develop a turnkey solution that enables users to swiftly create high-level deals while also providing organisations with deal management, CRM, and marketing tools.
"Our findings revealed an overwhelming desire among users to confidently make investment decisions quickly when needed, while also having access to more in-depth analysis and deliberation over deals when desired."
Users want a platform that offers robust research tools and live data in order to make quick decisions about prospect properties.
Users want easily identify potential investment opportunities using our prospecting features, create multiple prospect lists, and compare these properties against one another to share with colleagues and stakeholders.
Users want to create proformas quickly, enabling them to analyse and evaluate the financial viability of a property in minutes.
Users still need to perform in-depth analysis and compare different scenarios to make informed decisions about potential investments.
Rockval must differentiate between deals and proformas, allowing users to create, manage, and track their deals on multiple levels.
Being able to share properties, proformas and deals is not enough. The platform needs to facilitate collaboration among teams, enabling seamless communication and coordination.
Users want to be able to generate professional reports and marketing packages to attract stakeholders and potential investors.
With the redesigned app, professionals can build prospect lists and evaluate properties in just minutes, backed by our comprehensive market data and advanced analysis tools. Additionally, they can compare different scenarios and effortlessly share professional reports and marketing packages with stakeholders and potential investors. Our goals were:
1. To streamline the process of building prospect lists and evaluating properties for professionals.
2. To provide comprehensive market data and advanced analysis tools to support professionals in their decision-making.
3. To enable professionals to compare different scenarios and easily share professional reports and marketing packages with stakeholders and potential investors.
To create the best user experience, we broke down the app into individual features that address the specific challenges faced by users. By combining these features, we were able to offer an unparalleled journey that takes professionals from discovering opportunities to presenting detailed reports and market data.
"It is crucial for the UI to be highly user-friendly and have a broad appeal, while still exuding a high-end look and feel."
During our rebranding phase, I took on the role of both a Product Designer and Graphic Designer. This allowed me to seamlessly apply the new brand guidelines to the UI design. Transitioning from dark blues to whites cleaned up the overall look of the app and created a clean canvas for the data and visuals to take centre stage. Through careful consideration of user needs and aesthetic choices, we were able to achieve a design that strikes the perfect balance between functionality and visual appeal.
One of the main pain points we identified was the excessive amount of clicking required to access desired features or progress through the workflow. To address this, we performed a thorough app refactoring.
We relocated the menu to a left bar that can be minimised, freeing up space for the map area. This new menu design not only provides easier access to features, but also allows for the creation of sub-items within features, increasing flexibility.
With an extensive list of filters, we wanted to simplify the user experience. We grouped popular filter entries together and provided an option to access additional filters. Users can also save their filter preferences for future sessions. The most commonly used filters are now conveniently available in the top bar. We replaced modals with drop-downs to enhance interactivity and keep users within the map area.
"We are faced with the challenge of presenting a vast amount of data on a map. Whilst this may seem overwhelming, the the more we explore, the more excited we become about the possibilities of the new map experience."
We focused on keeping users engaged with the map view, creating an experience that feels intuitive and streamlined. By doing so, we ensure a goal-oriented user experience that is both dynamic and efficient.
We recognised the opportunity to display the data on various levels, such as states, counties, cities, and neighbourhoods. This enabled users to visualise a wide range of information, including demographics, traffic, transactions, and ownership details, all within a single interactive map.
To enhance usability, we implemented a feature where users can select a specific boundary on the map. This action triggers a market summary popover, which provides a concise overview of the selected area. Users can export and share this summary as a PDF, allowing for easy collaboration and communication.
Previously, the Property Overview was a full-screen page with collapsible sections, requiring extensive scrolling and navigation back to the map view. This was not ideal, especially when dealing with numerous properties in a single session. To address this issue, we created a left popover with tabs, allowing users to stay in the map view while easily accessing and digesting the copious amounts of data.
Our main objective was to provide users with a tool that would enhance their prospecting experience and simplify the research process. We wanted to give them the ability to create lists and populate them with similar prospect properties.
However, we wanted to take it a step further. We brainstormed ideas on how to make prospecting even more efficient and came up with the concept of a 'Subject Property' feature. This feature allows users to select a property and have the system highlight other properties on the map that offer similar prospects.
By implementing this feature, we aimed to save users valuable time and effort by streamlining the process of comparing and identifying the best investment opportunities.
If ever there was going to be a feature that would set Rockval apart from its competitors, it was the ‘Quick Proforma’. Analysing the investment potential of a property can be tedious and was most definitely the most talked about setback for the users we interviewed. From Excel spreadsheets to high end commercial real estate softwares, nothing offered a fast analysis tool to generate high-level reports for stakeholders to consider and compare before committing to more details and time consuming underwriting processes.
The Quick Proforma is nested in a tab on the Property Overview and provides the user with the basic inputs required to generate a high-level report. Additional inputs can be activated but everything can be completed in a few minutes, if not seconds! Live market data is provided in a floating container to assist the users in making informed decisions whilst filling out the form. The data provided updates as the user scrolls up and down the form, allowing us to provide specific and relevant data throughout the process.
Once the inputs are completed, the outcomes are instantly displayed and can easily be shared with others. A copy of the proforma is automatically saved to the proforma list against the property for the user to continue working on at a later time. Cost of time saved? Priceless!
As a product designer in the team, our core feature in Rockval 1.0 is the Proforma Wizard and Dashboard. Our goal is to guide the user through the underwriting process with a step-by-step approach while offering varying levels of detail along the way.
One issue we identified was that users had to input all the information before the entire process could be completed and the Proforma could be calculated and displayed on the dashboard. This caused frustration as users could not start the analysis without having all the required information, leading to incomplete actions on the backend.To address this problem, we decided to refactor the code to allow constant saving of information to the backend.
This means that the user can now save their progress as they input information, and the Proforma will only display results for sections where sufficient information has been provided. This change enables users to continue populating information over multiple sessions and allows different users in an organisation to contribute their inputs gradually until the desired result is achieved.
We also made other improvements, such as providing additional market data relevant to each step, including sales/lease, costs, and finance. This enhancement ensures that users have access to the necessary information at each stage of the Proforma Wizard, similar to the Quick Proforma experience.
The original design of the dashboard was essentially a cascading list of reports that users found difficult to follow. To address this feedback, we redesigned the dashboard to be a true dashboard, giving users a clear and concise overview of the reports. Instead of cascading sections, we implemented a user interface that allows users to view up to 50% of the reports in a single view (>1280x720), which allows for easier absorption of the information.
Recognising the importance of collaboration in Rockval's service offering, we added two key features to the dashboard. First, we included a comments feature, which is a common functionality in most document software. This addition was highly requested by existing Rockval users, as it facilitates communication and collaboration during the review and deliberation process. Second, we introduced market insights to assist users in making informed decisions based on current market trends. These insights further enhance the value of the Proforma Dashboard.
Through constant saving of information, easy access to market data, and a more intuitive dashboard layout, we aim to empower users in their underwriting process and foster collaboration within organisations.
"Our goal is to create a hub where deals could have various shapes and forms, and be managed collaboratively by individuals within an organisation."
We recognised the need to improve the deal management capabilities of our application. In the original release, users could create proformas, but they were only saved in a single list on the proformas page. This created a problem because users often have multiple scenarios or versions of a proforma for a single property, and they analyse numerous prospect properties over time. Additionally, there was a requirement to associate supporting documents with these 'deals' to present them to stakeholders, potential investors, and capital markets.
We carefully studied the lifecycle of a deal and designed a flow that would guide users from the initial stages to completion in a productive and efficient manner. Here are the key stages we identified:
1. Prospecting: We recognised the need for users to efficiently evaluate potential properties to determine their viability for deals.
2. Quick Analysis: Time is valuable, so we understood the importance of enabling users to make rapid assessments of the financial aspects of a deal.
3. Scenarios: Multiple scenarios or versions of a proforma are often created for a particular property, requiring comprehensive analysis and cross-comparison.
4. Collaboration: Effective teamwork is essential, so we implemented a task management system to allocate tasks to groups and individuals within an organisation, streamlining the deal process.
5. Deal Offering: Capital needs to be raised, and offering memorandums and other marketing materials are necessary. These services are usually outsourced and can be costly.
Our goal was to create a feature that caters to both individuals and organisations, providing all the necessary tools to take a deal from ideation to completion without relying on external resources or project management software. However, we also considered the feasibility of implementing these features within the constraints of the next release, while keeping in mind the potential for future additions.
To address the requirements outlined above, we introduced the following components in our enhanced deal management feature:
A central location where users can manage all the deals created on the platform, allowing for easy access and organisation.
A comprehensive dashboard that provides an overview of each deal's progress, enabling users to monitor and track their deals effectively.
A dedicated section where users can access, edit, and collaborate on different versions of proformas associated with their deals, ensuring efficient analysis and comparison.
We implemented a team management feature, where users can add team members and allocate permissions based on their roles in the deal process. This ensures effective collaboration and accountability.
A project management tool that allows users to allocate tasks to team members and update task statuses, ensuring efficient progress tracking.
A central repository for managing all financial and legal documentation relevant to the deal and the organisation, providing easy access and organisation of critical information.
We introduced a versatile design tool within the application that enables users to create offering memorandums and other marketing materials required for capital raises, eliminating the need for external design software.
By enhancing the deal management capabilities of Rockval, our aim was to empower users to efficiently handle their deals from start to finish, providing a comprehensive solution within our application.
I successfully completed my services in June 2023. During my tenure, I meticulously worked on enhancing the product's features and overall user experience. Through extensive research and collaboration with the development team, we identified areas that required improvement and implemented innovative solutions.
Since my departure, the development team has been diligently working on implementing the updates that were planned during my time at Rockval. These updates are aimed at further enhancing the product's functionality and addressing any existing issues. By incorporating the latest industry trends and user feedback, we are confident that the next release, scheduled for January 2024, will exceed expectations.
During the development process, the team has been following a rigorous timeline to ensure timely delivery of the updates. This includes conducting thorough testing and quality assurance checks to guarantee a seamless user experience. Additionally, they have been closely monitoring user feedback and incorporating any necessary adjustments to ensure that the final release meets the users' needs and expectations.
Rockval understands the importance of continuously evolving our product to stay ahead in the market. They are committed to delivering a high-quality release that not only meets but surpasses the expectations of their users. By incorporating cutting-edge technology and user-centric design principles, they aim to provide an exceptional user experience that sets Rockval apart from its competitors.
In conclusion, as the Product Designer for Rockval, I am proud of the progress we made in developing the upcoming release. We are confident that the January 2024 release will be a significant milestone in the product's journey. I look forward to unveiling of the new and improved Rockval, and the positive impact it will have on the market.
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