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Digital Ecosystem for Business to Lead the Market – ReadWrite

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Slava Podmurnyi


2020 was a tough year, but we’ve moved on. Within a matter of weeks in 2020, the world has changed dramatically. Many businesses died overnight. But again, we live in an extremely competitive world; when one dies, others fill its niche instantly.

Despite all disasters, the population is growing, but we still stick to our lovely blue globe. Situations like the one we’ve witnessed the previous year became a new normal. Further, we move in time, the harder it will be to compete and survive as a business without a digital ecosystem.

How to Mitigate Risks in the Post-COVID Era?

The key point is the speed; every business must be fast despite any slowing factors – think fast, predict fast, adapt fast. It is hard to do that without innovations. The more automated the business processes, the faster to perform operations.

Go Digital

In the current world, the speed of operations, systematic approach in your business is everything.

Make sure you are digital. Any business without the digital presence and digital operations are already dead or soon will be dead. Your clients must be able to interact with you online as much as possible. They must understand your services without salesmen; they must be able to order any service without a single phone call.

But make sure your intranet is ready for it. Not all businesses use CRMs, not all have shared file storages, not all have knowledge bases. If you are one of those, be ready for big troubles. Your competitors have a great chance to overcome you.

Example of Striving Business

A good example here is the furniture factory that produces and distributes its own products. Without a good website, without an online furniture configurator, or any other digital product, what can it do when reseller stores are closed? Nothing, this type of business can silently wait until lockdown will be lifted and customers will come back again.

Let us open a secret; they won’t. Because of a financial crisis, they will seek cheaper solutions, and more automated businesses can offer them such an opportunity. Those businesses don’t spend money for sales representatives. They spend money toward digital solutions and highly effective personnel who do not spend working hours but are result-oriented and connected to real key indicators.

First Steps

Fire all the ballast, it may sound a bit aggressive, but it is not. If you want to be fast, you cannot do this with a stone chained to your leg. Cut it as soon as possible, increase the speed, introduce KPIs and OKRs, and everything that cannot fit into those will self-destruct.

It may be a sleepy employee; it may be a service provider that feels confident in your partnership just because you’ve worked for 10 years together and doesn’t bring the required value at all.

There are so many opportunities around, you just need to open your mind for it. The crisis is a great test for every business, and you should completely understand how your business can strive in a crisis. Any decision may lead to instant death; there is no time to support laziness and unproductive behaviors.

Supply Chain

Check the supply chain. We don’t do everything in-house; even companies like Apple partner with Samsung to provide the best possible services and experiences for their own customers. Make sure the whole chain is stable enough to sustain lockdowns and economic challenges.

Try to prepare plans B and better C in advance, but if it is too complicated or impossible, support those in need.

If you have a great supplier, but it is a small business, make sure it can make it through. It can deliver great products and services for you, but if it dies, you can have a hole in your processes. Help it, support it, as much as you can. This will reinforce the partnership and will definitely solve near and far future problems.

What to Do?

In general, let’s highlight that speed is everything in our world. If something slows you down, it is a good time to say goodbye. Get rid of the unimportant things in your business operations. Instead, implement faster proceedings via digital solutions.

Eventually, you will see how your business not only survives but starts growing. It is relevant to any company, be it a startup, small business, medium-sized business, or huge enterprise corporation.

The more innovations each company implements, the better service we all will get, and the more productive we will be competing in each market.

After all, COVID-19 quarantine showed the necessity of digital solutions in any company. Whether it is huge enterprises or small businesses/start-ups, now every entity requires external and internal digital collaboration processes to be established.

What Is a Software Gap and How It Ruins Businesses?

Many companies already have pretty big infrastructures, others have very little software footprint, but they all unite one thing. It is the digital gap in many aspects of any business’s life.

Example of Software Gap

For example, a big car dealership may have many automation software, databases, accounting solutions, and so on. However, it is still not possible to make a full cycle totally remote or human-free operating.

The crisis showed that most automated companies dominate less automated and digitized companies.

So that very same car dealership business has a CRM and probably great salesmen ready to use any automation or remote software to sell even when we have distancing and stay-at-home orders.

But their website is quite old. It doesn’t have any configurators or any kind of interactivity (visartech dot com). So a user won’t even call them. Especially when there are competitors on the market with an online configurator, where clients can configure a car of their own dreams, buy it, and conduct the necessary proceedings through the website.

The well-known Volkswagen automaker company has created a People’s Car Project. It was meant to let any person design their “perfect car.” Guess how popular the website became? There were 33 million website hits and 119,000 ideas designed. Amazing, isn’t it?

What’s the Outcome?

When a website becomes one place for ordering, clarification, and paying, most definitely, the “old-style” dealership is gonna lose the battle. Their great salesmen will sit straight without phone calls and will never meet a plan.

This is what I call the software gap. They have a gap between clients and a car review process. Their potential clients are not able to simply see what they will get, and they will just swipe for the next dealership that has it.

As you can see, any company must avoid those gaps as much as they can. Even the smallest crack can ruin the business in matters of a month.

The Ecosystem Saves Business

It sounds terrifying, but only if you’re not doing anything. Many companies are already on their way to a digital transformation – they work on covering and re-thinking those gaps.

Logically, the only way to avoid any gaps is to build the Ecosystem.

It is natural because its main purpose is to glue all company’s processes and goods together.

Any ecosystem is consistent and self-sustainable. Even deadly wounded, it tries to find a way out by any available means.

Well-known Examples of Ecosystems

We all know that any well-implemented ecosystem sells. Usually, it includes more services and better integration between them than others. The most ostentatious examples are Apple and Google.

Both built amazing products, software, and hardware. Both of them have created amazing ecosystems that the rest of the world uses.

We all saw how Nokia lost its smartphone leader position when Apple presented its ecosystem. For users, it was amazing as all applications are in one place, no need to surf the web, download a calculator, etc.

What Are Your Next Steps?

The same rule applies to any other business. The already mentioned dealership desperately needs to build at least a simple digital ecosystem to sustain future problems and win the competition.

They should add a configurator, integrate it with the CRM, implement synchronization with the car manufacturer. It all helps to check the availability of the goods and order things automatically. As you can see, it looks like a small but lifesaving ecosystem.

Let’s go deeper into details. Usually, any business has a web page. Pretty rarely, there is a mobile app, and some kind of CRM to track sales and marketing activities.

At some point, business managers come to realize that all customer-business interactions must be automated and available online to prevent a possible gap. What do they do? Correct, they implement the digital ecosystem.

What Lies Behind the Digital Ecosystem?

The core of any digital ecosystem is a backend that holds the business logic. It is the brain of the whole infrastructure. Usually, the backend process allows us to input information and make some decisions.

For example, calculate your Credit Score based on the data received from third-party services like credit bureaus: Experian, TransUnion, and Equifax. Those organizations have their own servers and are able to respond with it.

Once you have a backend, you need some sort of a client, a web page, an application, or usually both. This is a kind of gateway for your customers and employees. It helps them to interact with your backend and other nodes of the digital ecosystem.

You may have numerous services or products with a bunch of backends and clients, but they must be connected to each other to avoid gaps.

Ecosystems for Small Businesses

Let’s try to model an ecosystem for a small business company.

For instance, the company sells ice cream. It has 2 shops and a delivery service.

Develop a Website for Your Ecosystem

In order to create an ecosystem for this business, we need to start with a website. It should have essential information about the product, contacts, and provide an ability to order takeaway or delivery directly on the web page. It is truly significant for your business.

But the website is just a client, so it cannot store any data persistently. All the information is available only during the session. In order to store all the data and process payments, a back-end solution is required. Besides that, we also need integration with delivery services. It helps to synchronize the data through web requests with a third-party service provider and return to the client with waiting time and a delivery price.

There are many third-party service providers that any business interacts with. Imagine how convenient it is to have a comprehensive connection with all of them. Just think about it; based on your sales data, a system can automatically order new ice cream from manufacturers. Or even build forecasts on which ice cream will be popular in the next few weeks according to weather conditions and tv-shows releases.

Build a Mobile App for Your Ecosystem

Even such a small ecosystem gives businesses some real advantages over their competitors. The system may be indefinitely upgraded with more services that meet the customers changing moods.

For example, mobile users prefer to use applications instead of mobile-friendly websites. It requires businesses to create mobile applications for iOS and Android and connect them to the backend. It leads to an increased presence and improved service for the customers.

Take Care Of Wearables

In certain cases, there is a need to create an application for smartwatches, so customers can see the delivery status and alerts right on their hands.

In collaboration, a new value is born. Having an idea to deliver ice cream together with flowers, and integration with a flower salon is essential. Here businesses can implement as many integrations as they need to fulfill the greatest demands of their customers.

All of these interactions are nearly impossible to achieve manually. Everything must be connected with each other and communicate clearly. This is the only way when customers can see the crucial information about their orders on their screens in a matter of seconds.

That’s exactly what lays the foundation for further growth. Such a business can scale up to satisfy the increasing demands of the highly competitive market.

Wrapping Up

Every business needs some sort of an ecosystem, simply to connect all business nodes together. The better ecosystem, the more effective the business itself.

With the right tools in your hands that you are easy to use, you’re stable and mistakes-free. This way, your business can stand out on the market and satisfy your most demanding customers’ needs.

Image Credit: ketut subiyanto; pexels; thank you!

Slava Podmurnyi

Entrepreneur, Co-Founder, and CEO of Visartech Inc.

Co-Founder, and CEO of Visartech Inc. (https://www.visartech.com/), a software development agency that creates software, web/mobile apps, and immersive experiences via games, 3D models, interactive apps, XR (VR, AR, MR) apps, and custom digital solutions for specific business goals. He dreams to make the world a better place with art and technology.

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7 Ways to Use Marketing Automation for Lead Nurturing

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Email marketing automation example


If you’re like most businesses, you’re always looking for ways to generate more leads and sales. And if you’re like most businesses, you don’t have a lot of time or money to waste on marketing techniques that don’t work.

That’s where marketing automation comes in. Marketing automation is a new and useful development that can make your marketing efforts easier, faster, and more accurate.

By automating certain tasks, you can free up your time to focus on more important things, like the overall vision and growth of your business.

In addition, automated marketing can help you track your results and measure your return on investment (ROI).

So if you’re looking for a new and improved way to generate leads and sales, consider using marketing automation. It just might be the answer to your prayers.

7 Ways You Can Use Marketing Automation to Nurture Leads

So, how exactly can you use marketing automation to nurture leads?

Nurturing your lead base is all about developing an affiliate relationship with them and making them familiar with your brand.

It’s also a time for you to learn more about them through their behaviors.

As a result, you’ll be able to fine-tune your content creation, advertising, sales calls, and so on. And meet your final goal, which is to close sales.

Here’s how marketing automation can be used for lead nurturing in a number of ways:

1. Sending targeted emails based on customer behavior or interests

Example of an email automation flow – by WPForms

Targeted emails are a great way to use marketing automation to nurture leads. By sending customers emails that are relevant to their interests, you can help them get to know your brand better and increase the chances of converting them into customers.

Additionally, targeted emails can help you track the success of your marketing campaigns and measure the ROI.

How does this work in practical terms? What tools do you need?

To send targeted emails automatically to leads, you will need a tool that can track customer behavior and interests. Additionally, you will need a way to segment your leads so that you can send them targeted emails. Segmenting your leads can be done through criteria like job title, company size, or budget. Finally, you will need an email service provider that can automate the process of sending targeted emails to your leads.

2. Creating custom landing pages that are relevant to the leads’ stage in the buying process

Another great way to use marketing automation for lead nurturing is by creating custom landing pages.

These pages are designed to appeal directly to the needs and interests of your leads, helping them move through different stages in the buying process.

This can include offering free trials, guides, or other resources that are relevant based on where the lead is in their buyer’s journey.

Not only can customized landing pages improve your lead nurturing efforts, they can also help you track the success of your marketing campaigns and measure ROI.

To create custom landing pages using marketing automation, you will need to identify the different stages of your sales funnel and your customer profiles.

Social media advertising platforms and search advertising platforms will allow you to create different pages for different campaigns.

If you’d like to automate your campaigns further, then you need to work with a dedicated automation platform or agency.

3. Use a content experience platform

One of the biggest issues with content creation is that businesses crank out endless pieces of content but don’t use it effectively.

The problem isn’t content creation; it’s content distribution and engagement.

You need to repurpose your content or simply share it with the right people at the right time and through the right channels.

And you need to consider which stage of the sales funnel they’re in.

This is complicated in the extreme when you try to do this manually. And this is where a content experience platform (CXP) comes in.

A CXP platform lets you tag your content according to different factors:

  • Buyer persona
  • Stage of the sales funnel
  • Channel
  • Content topic and type

You can then generate landing pages based on different combinations of the above, which increases the chances of conversions to a high degree.

To make this work, you need to rely on a content experience platform and take advantage of a different type of marketing automation – one that is more dynamic and sure to boost your conversion rate.

4. Offering special deals or incentives to encourage potential customers to become actual customers

As any business owner knows, generating leads is only the first step in the sales process. Once you have a potential customer’s attention, you need to find a way to encourage them to become an actual paying customer. This is where marketing automation can be a valuable tool.

By offering deals and incentives, you can give leads an extra nudge that encourages them to take the next step and become paying customers.

There are a number of different ways to go about this, but one of the most effective is to use email marketing. With email marketing, you can send automatic messages that offer special deals and discounts to leads that haven’t converted yet.

This can be a great way to encourage them to take the plunge and become paying customers. Additionally, there are a number of different software programs that can help you automate your email marketing, making it easier than ever to reach out to leads and encourage them to become customers.

5. Using push notifications to capture shoppers who are about to leave your website

Another powerful way to use marketing automation is through the use of push notifications. These are messages that pop up on your customers’ phones or other internet-connected devices, and they can be used to capture potential customers who are about to leave your site.

With a well-designed push notification system, you can send out timely reminders that encourage potential customers to stick around and check out your products or services.

There are a number of different software platforms that can help you set up push notifications, making it easier than ever for online retailers to stay in touch with their customers and keep them engaged.

Other ways to nurture your leads automatically with push notifications is to create triggers for certain behaviors like:

  • The customer is about to exit a window
  • They spend a long time on a page
  • They revisit the same product page or some other page
  • They ‘favorite’ an item
  • They scroll through more than 50% of a shopping page
  • They add a product to their cart but show an intention to leave
  • They’re generally active online
  • They’ve engaged with your ads on social media and so on

Push notifications are powerful because they allow you to stay top-of-mind with potential customers and keep them engaged, even when they’re not directly on your site. And by incorporating marketing automation into your push notifications, you can automatically nurture leads that show interest in your products or services and encourage them to become paying customers.

6. Use a social media automation tool

I’m not talking about typical social media content managers in this case.

Today, you can use serious automation tools to distribute, organize, and publish your material.

Look specifically for social media automation platforms.

On such platforms, all you have to do is create the bulk of your content and upload them using a spreadsheet.

You can then tag or categorize them based on the mood, intention, or type of post you’ve made.

And then have the automation tool automatically assign them to different networks.

They’ll use tags and descriptors to regularly organize your material and post them to Facebook, LinkedIn, Twitter, and other places.

Automation tools for social media require less manual work than regular social network management tools. And they can free up hours of time and work spent a month or even weeks.

7. Leverage email drip campaigns

Another powerful way to use marketing automation is through the use of email drip campaigns.

A drip campaign, as the name suggests, refers to a series of automatic emails that are sent out over time.

They can be used to nurture leads and customers alike, helping you build relationships with people and encourage them to make a purchase.

There are a number of different email drip campaigns you can use, including:

  • Welcome campaigns: These are used to welcome new subscribers or customers and introduce them to your business.
  • Educational campaigns: These can be used to share useful information or resources with your subscribers.
  • Promotional campaigns: These are designed to encourage customers to make a purchase, sharing details about sales and discounts, for example.
  • Behavioral campaigns: These are designed to encourage specific behaviors, such as visiting your website or making a purchase. And they’re based on audience behaviors. For example, a person who views a category of products will be interested in suggestions from the same category.
  • Abandoned cart campaigns:  These are designed to encourage customers who have added items to their shopping cart but then abandon the purchase. You can use email drip campaigns in combination with push notifications to encourage customers to complete their purchases.

The key to a successful email drip campaign is to create emails that are personalized and relevant to the recipient.

This means tailoring your content based on their preferences and interests, as well as using triggers such as website visits or abandoned shopping carts to send targeted messages.

By leveraging drip campaigns, you stand to keep people engaged and get them to convert.

Conclusion

Overall, marketing automation can be a great way to encourage leads to take the next step and become paying customers. By offering deals and incentives, you can give them the extra push they need to make the decision to buy from you.

So if you’re looking for a way to increase sales, consider using marketing automation in your business. It could be just what you need to take your business to the next level.

Featured Image Credit: Carlos Muza; Unsplash; Thank you!

Syed Balkhi

Syed Balkhi

Syed Balkhi is the founder of WPBeginner, the largest free WordPress resource site. With over 10 years of experience, he’s the leading WordPress expert in the industry.

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Whitelabel NFT Marketplace: Inevitable Need in the Evolving Web3 Space

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Whitelabel NFT Marketplace: Inevitable Need in the Evolving Web3 Space


The NFT industry has become glorious since its market boomed in late 2021 when billions of dollars worth of cryptocurrency were transacted across platforms for these digital assets. While the 2021 NFT boom revolved around pictures, videos, and memes, it also showed that these blockchain entries could do more than back JPEGs and GIFs.

Multiple NFT marketplace ventures demonstrated the power of NFTs by selling various novel NFTs, which have become remunerative business models ever since. Speaking of NFT marketplaces, Whitelabel NFT marketplaces have become a hot topic in 2022 as more beginner-level ventures aimed to make fortunes selling NFTs.

Whitelabel NFT Marketplaces: An Explainer

A Whitelabel NFT marketplace is a customizable solution built and tested beforehand. Such a ready-made NFT marketplace is advantageous for many reasons, the primary one being its quick-to-launch nature.

These solutions are typically created by third-party developers associated with NFT marketplace development firms that help businesses in launching these platforms as a service. Such ready-to-launch solutions favor ventures that look to test their feasibility in the Web3 space or small-scale startups looking to make it big in the domain.

Such platforms can originate from two types of solutions: Tailor-made Whitelabel NFT marketplaces built by firms and NFT marketplace solutions similar to existing platforms.

Must-haves for a Ready-made NFT Marketplace Solution

  • The ready-made NFT marketplace solution should be able to connect to multiple crypto wallets where users can store their cryptocurrencies and NFT assets.
  • Such a solution should be affordable for anyone by ensuring that all complexities involved in developing from scratch are eliminated through intricate end-to-end development.
  • The Whitelabel NFT marketplace should contain advanced security measures, including MFA (Multi-Factor Authentication), Jail Login, and DDoS, that can ensure user safety while using the application.
  • Also, providing multi-currency support is crucial as the crypto world today is more than Bitcoin and Ethereum. A readily-launchable NFT marketplace that supports numerous major cryptos will offer a competitive edge for ventures.
  • Apart from the basic features, a ready-made NFT marketplace solution should have a few unique features that could be a game-changer for a business using it.

Whitelabel NFT Marketplace: What’s Present in a Starter Pack?

  • Crypto Wallet – A Whitelabel NFT marketplace should have a crypto wallet that can support numerous cryptocurrencies and NFTs from different blockchains.
  • Storefront – Such a prefabricated platform should have a vibrant storefront that shows details about NFT assets listed for sale on the marketplace.
  • Smart Contracts – Smart contracts in a ready-made NFT marketplace solution can help to process NFT sale transactions quickly and securely between users.
  • Auction Portal – In such a marketplace, the auction portal can be beneficial for enabling prospective buyers to place bids on NFT items and know live sale updates.
  • Admin Portal – The admin portal in a Whitelabel NFT marketplace application can be useful for marketplace administrators to get analytic data and moderate NFTs before listing.
  • Seller Portal – Such a platform also has a portal for sellers where they can access data relevant to the sales of their NFT assets and other statistics.
  • Search Engine – Another must-have in any NFT marketplace, search engines assist users in finding their favorite NFT collections faster.
  • Filter/Sort Options – These options assist users to refine their search for NFT collections that fit their type and cost preferences.

Business Advantages of a Ready-made NFT Marketplace Platform

While the NFT marketplace platform’s business model in itself provides a lot of advantages for businesses, launching it from a Whitelabel solution only supplements the goodness. As always, a ready-made NFT marketplace solution can be launched easily while incurring economic costs.

The platform can also be customized extensively to suit a venture’s needs which also offers a degree of uniqueness to ventures.

Also, suppose a business wants to have an NFT marketplace similar to an existing platform (Example: OpenSea). In that case, a Whitelabel solution built based on OpenSea’s code can be modified accordingly to fit the needs of the business.

Popular Ready-made NFT Marketplace Solutions

  • An NFT Marketplace Solution, Like OpenSea, is based on the popular horizontal trading NFT marketplace’s model that can be customized per business needs.
  • An NFT Marketplace, Like Rarible, offers governance powers to users, enabling a collaborative business option for people loving to communicate with the Web3 community.
  • An NFT Marketplace, Like Foundation, can be useful for selling exclusive artworks listed after expert checks. Even entering the platform as creators is invitation-based, preserving its nature.
  • An NFT Marketplace, Like Nifty Gateway, can be utilized as a digital art gallery where artworks are listed for sale after curation by experts.

How Viable is a Whitelabel NFT Marketplace in the Future?

While the global NFT market growth is expected to get back to another level in a few years. The surge in startups opting to choose the NFT marketplace model is also expected to grow.

Such levels of enthusiasm mean that Whitelabel NFT marketplace solutions will be in demand for at least a few years to come as Web3 slowly becomes mainstream.

For some experts, the scope for ready-made NFT marketplace solutions will stay on even after Web3 becomes mainstream, as there will always be aspiring entrepreneurs who will not have enough resources or time to conduct funding. Adding experimental startups to the list only increases the demand for such solutions.

Final Thoughts

Hence, utilizing ready-made NFT marketplace solutions (check out blockchainappfactory dotcom) has become prevalent among small-scale ventures trying to make a mark in Web3. The fact that many startups strive to make an impact in the NFT space supports the need for customizable Whitelabel NFT marketplace platforms.

If you are looking to run an NFT marketplace based on any genre and you want to capitalize on the trends, it is always best to opt for a ready-made NFT marketplace solution.

Such platforms are available with experienced NFT marketplace development firms that can launch your business quickly at affordable prices. Benefit from such a readily-available NFT marketplace platform to earn huge recognition in the Web3 world.

Featured Image Credit: Provided by the Author; Thank you.

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How Plum Is Simplifying Real Estate and Vacation Co-Ownership

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Brad Anderson


Everyone looks forward to their upcoming vacations. That’s great and can be a recipe to combat burnout. And make no mistake: People are back to vacationing now that Covid is somewhat in the rearview mirror. In fact, ValuePenguin’s research shows that more than half of all Americans are planning a trip in the near future. However, figuring out where to stay can be a sticking point. For many, vacation co-ownership offers an attractive alternative.

What makes pinpointing the perfect place to hang out for a week so difficult? Despite the proliferation of sites like Airbnb and VRBO, finding budget-friendly lodging in a prime location isn’t always easy. Many travelers end up feeling like they’re not getting the best possible accommodations for their money. As a result, plenty of individuals and families consider purchasing vacation properties or seeking timeshares.

Getting a Break…Without Breaking the Bank

There are problems with both these solutions, though.

Investing in a home, condo, bungalow, or cabin in a tourist hotspot can be pricey. That’s why so many people rent out their vacation properties. Unfortunately, the most lucrative times to rent are during popular times of the year. Accordingly, many property owners give up the opportunity to enjoy their vacation homes during peak seasons.

Timeshares aren’t necessarily a better option, which may be why so many people are unloading timeshare units en masse. Though timeshares seem to cost less upfront, they’re very limiting.

Plus, timeshare “owners” are only owning time. They’re not actually investing in real estate.  Therefore, they can’t possibly profit from a timeshare arrangement, making it a bad choice for budding investors.

What should individuals and couples eager to be able to go to the same getaway vacation after vacation do then? Serial entrepreneur Matt Williamson asked himself the same question a few years ago. His answer became the seed of his startup venture, Plum CoOwnership.

A Streamlined Avenue to Owning Real Vacation Properties

Williamson built Plum so vacationers could get off the “Where should we stay?” rollercoaster permanently through a co-ownership agreement. Property co-ownership is exactly as it sounds: Several people or couples buy a single property together.

For example, four friends may want to buy beachside cottages individually. Yet each friend can only purchase a home up to $250,000. That’s not enough to get close enough to hear the waves, let alone have a great view.

But if they work together, they have the buying power to purchase properties listed in the $1 million range. If they invest in that type of higher-end property, they can each spend 13 weeks there annually while saving.

Not only do they share ownership of the real estate but they have a place to stay in a location they love. And they own the property outright instead of paying a third-party entity for their time.

To be sure, co-ownership is not a new concept. In fact, there are over 2 million co-owned vacation homes. Still, it can seem daunting for groups interested in purchasing vacation homes.

After all, there are multiple considerations, including how to set up a co-ownership group, find the right realtor, and set up fair use schedules. Williamson’s brainchild platform Plum aims to remove the biggest barriers to co-ownership, making vacation property ownership feasible for those interested.

The Plum Approach to Streamlining Vacation Property Co-Ownership

Backed by advanced technologies, Plum serves as the launching pad for aspiring co-owners to realize their vacation home dreams.

Individuals can set up Plum accounts for free to start their journeys. If they don’t have a group in mind, they can advertise for other property investors to join them. Once a group has been set up through Plum, the site’s intuitive system walks the group through the co-ownership process.

Below are just a few benefits for co-owners who leverage Plum.

1. Co-ownership groups can become LLCs through Plum.

Rather than hiring outside legal help, co-owners have the option to let Plum help them form an LLC. The LLC then becomes the entity that officially owns the property.

LLC backing protects individual owners and makes the experience more secure and satisfying. LLC standing also makes it more efficient when setting up a joint bank account that’s transparent to all LLC members.

Though Plum recommends only a few members be given access to transfer funds, full and transparent access to monthly statements and all transactions should be available to everyone.

2. Co-owners can outline their must-haves and negotiables on Plum.

It’s critical for property co-owners to outline everything from house rules to maintenance schedules. The earlier this happens, the fewer surprises are likely to happen in the long run.

The Plum system walks groups through the process of negotiating all responsibilities. Final results are laid out in a document. Ideally, the document will be created prior to bidding on a vacation property to lessen the chance of misunderstandings.

3. Co-owners can bring properties to the table or search on Plum.

When Williamson first began investigating co-ownership in-depth, he realized some people already owned vacation properties. But they were interested in splitting the property into shares to spend less per month on mortgage payments, taxes, etc.

Plum allows those kinds of owners to seek out other owners to form co-ownership groups. For groups that don’t have a property in mind, Plum’s site offers a property search feature. Additionally, Plum can suggest co-ownership-friendly realtors and lenders interested in selling to co-ownership groups.

4. Users can rely on Plum for property financial management.

After investing in a property, co-ownership groups have every reason to keep the property running smoothly.

Plum ensures this happens by including a reserve fund in its original financial projection. Each month, co-owners funnel a certain amount of money into the reserve fund. That way, the fund can grow and support routine and emergency maintenance costs.

Ultimately, the property stays in better shape and co-owners have fewer unbudgeted expenses.

A Plum Future for People Interested in Purchasing Vacation Properties

Although Plum only just launched, it’s gotten quite a bit of notice.

Recently, Plum was featured on Entrepreneur’s Elevator Pitch show. The outcome was a $175,000 investment from Netflix’s former CEO. Williamson and his team plan to use the investment dollars to further improve the site’s advantages for users.

In the meantime, Plum presents an attractive way for people to finally achieve vacation home ownership with less stress. After all, stress is the opposite of what travel should be all about! With Plum, everyone can spend their vacations relaxing in homes that they not only love but own as well.

Featured Image: Pixabay; Pexels; Thank you!

Brad Anderson

Editor In Chief at ReadWrite

Brad is the editor overseeing contributed content at ReadWrite.com. He previously worked as an editor at PayPal and Crunchbase. You can reach him at brad at readwrite.com.

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