socialtalkr

From Left - Lorenzo & Travis

SocialTalkr :
Can u describe Bidrealm in one sentence? kinda summarize it up…
Lorenzo Dickerson :
Bidrealm.NET is the web’s first ever Real Estate Active Labor Marketplace.
It is used by homeowners as well as home improvement professionals such as contractors, landscapers, painters, electricians, builders and others. We even service Real Estate Agents.

SocialTalkr :
Say I am a homeowner, walk me though the steps and how would I benefit using Bidrealm?
Lorenzo Dickerson :
Normally if a homeowner needs to have home improvement work done on their home, they will search the Yellow pages or rely on a friend’s recommendation. These two methods are unreliable and outdated. They waste time and do not offer the homeowner the efficiency in their choice or price. At Bidrealm.NET, a homeowner can register for free and post an available project including details of what type of project, the dimensions, materials desired and even time frame. Once posted, local registered professional vendors will be able to bid in a reverse auction on that project. This way the homeowner has multiple bids to choose from and gets the best price through competitive bidding. They can view the professional’s posted credentials and communicate with them through the private message board to make their best decision. Once a bid is approved both parties win and the project can begin. The homeowner gets reliable choice at a great price, while the home improvement professional is able to build their business and keep it consistent.

The transaction itself will take place outside of Bidrealm. We do not facilitate the transaction after the approved bid or the exchange of funds for the purpose that in this type of business the two parties will have to meet anyway, and we want our users to be able to actually meet one another in an attempt to be even more cautious when choosing a person to work with. Bidrealm does stress online safety when performing transactions, and this is why we include valuable tips within our FAQs and policies on out site.

SocialTalkr :
What are some of the alternatives to Bidrealm right now? Who are your competitors?
Lorenzo Dickerson :
Our major competitors include servicemagic.com, improvenet.com and contractors.com among others
SocialTalkr :
Are these also reverse auction sites?
Lorenzo Dickerson :
No. That is one of the main features that sets us apart from the competition. Our competition simply matches homeowners with contractors in their area in a list format and it is now up to the homeowner to contact them and do the research. This type of system is really nothing more than a glorified phone book. There is no innovation or interaction. We are the only reverse auction style home improvement site of our kind on the web.

SocialTalkr :
What’s the business model behind Bidrealm? How do u monetize?
Lorenzo Dickerson :
The business model is to keep the users interacted first, and to be sure that the site stays consistently innovative. We have built Bidrealm inexpensively and in such as way that operating the site is also inexpensive. We operate the company with no debt an focus heavily on viral and affiliate marketing. We monetize by selling advertising space and utilizing revenue generating affiliate programs with highly recognizable industry related companies. Bidrealm.NET fills the efficiency void in the home improvement industry by infusing web 2.0 into the equation. We have found a need and delivered a solution with the website.

SocialTalkr :
What do you mean by “affiliate programs”?
Lorenzo Dickerson :
We have partnered with companies that currently hold logo space on our website that we generate revenue from either per-click or as a percentage of purchase price. Some of these affiliate currently include Circuit City, Wal-Mart, and Sears.

SocialTalkr:
Let’s talk about your marketing efforts so far.
Lorenzo Dickerson :
We officially launched March 2008, so we have been up and operating for 4 months

We have been doing viral marketing online with building relationships through social networks. We can been seen online on facebook, youtube, myspace, wordpress and other sites. We are creating a way for users to become marketers for bidrealm too, by building a relationship with the company and refering others. We have also sent brochures, done email marketing and relying heavily on word of mouth. We have focused in the south eastern U.S. where small construction companies are abundant, and have centered around “grassroots” marketing, building relationships and the Bidrealm.NET brand name from the ground up. We will be placing online ads through various channels and well as participate in other marketing avenues in the near future.

We have gotten about 1000 hits thus far and people are registering. We have built relationships with about 500 through online social networking and have registered users from Virginia to California. We are still waiting for that break-through hit day like Amazon had

Check us out at

http://www.facebook.com/group.php?gid=12806295853

http://www.bidrealm.net

http://www.bidrealm.wordpress.com http://www.youtube.com/bidrealmdotnet

http://www.youtube.com/bidrealmdotnet

SocialTalkr :
What about development . When did you start? How did come about this idea?
Lorenzo Dickerson :
The idea for the company grew from my business partner, Travis White’s difficulty in finding quality reliable contractors and other home improvement professionals when flipping a home in Baltimore, Maryland. During this process he dealt with contractors and others that completed work late and were all around unprofessional among other things. We figured that there must be a better and more efficient way to do this type of business. That day, April 2007 the idea was born and we were on our way to creating the company.

Upon talks with numerous web developers in and out of the U.S, and much planning, we decided to outsource our web development to India, and site development began in August 2007.began in August 2007

SocialTalkr :
Lorenzo, can u disclose how much development cost for bidrealm outsourcing to an indian partner? I think it’s something our readers would like to know
Lorenzo Dickerson :
This is actually an interesting story. When shopping for developers we spoke with companies from Ohio, California and Florida and the prices ranged from $25,000, to $55,000. We then spoke with developers in London, Spain and India. We ultimately went with the firm in India because of their experience and previous work. In doing so we were able to save a great deal and complete our web development for $4,500.

SocialTalkr :
Sounds like you got a great deal J. They should have a reverse auction site for web development. Indians would win all the deals.
Lorenzo Dickerson :
Cost savings and reliable work, can’t go wrong. Sounds like Bidrealm

SocialTalkr:
Was it tough working with someone from a different time zone.. how did u communicate ideas and such?
Lorenzo Dickerson : We communicated via email. I was somewhat apprehensive at first, but the communication worked out smoothly. I would email the developer details and site edits while I was awake and he was asleep, and when I awoke the next morning, he had completed it all. All edits done and detailed. We worked at different times on opposite ends of the day, but were able to stay efficient, on task, and on time.

The development took approximately 7 months. A lot of emails, edits, text and creativity.

SocialTalkr:
i am guessing u weren’t from the internet industry before this? How did you finance the development?
Lorenzo Dickerson :
No I wasn’t. I worked in banking and have a degree in Business management, and am currently working on my MBA in marketing while my business partner is an Engineer.

We financed the development solely from personal savings. No investors.

SocialTalkr :
Bootstrapped since day 1. That’s impressive. So are you looking for future investors?
Lorenzo Dickerson :
Yes we are. It is not critical for the progress of the site or the company, but it will definitely speed things along and allow us to do a lot more with the company

SocialTalkr :
How many people make up bid realm today?
Lorenzo Dickerson :
We have myself as the President and Mr. Travis White as the Vice-President to make up Bidrealm.NET. We are actually cousins. We grew up together and have always worked well together and been successful. Our web developer is not a partner in or employee of Bidrealm.NET, but we do still continuously work with him on keeping the site fresh and competitive.

SocialTalkr :
Are u working full time on it today? What about Travis?
Lorenzo Dickerson :
We both work full-time jobs. Myself in banking and Travis in Engineering. We are currently working on being able to manage Bidrealm.NET full-time hopefully in the near future. Venture capital to help build the site further, attract more users and continue to set Bidrealm apart from the competition will help with this.

SocialTalkr :
What are you and Travis’ roles? Do you guys specialize on any aspect of Bidrealm
Lorenzo Dickerson :
Travis is a very social person and lives near our nation’s capital Washington, DC. Therefore he is able to attend numerous events to promote the company. He is a people person and through his innate ability to build relationships with people and his creativity as an engineer, he is key in building the Bidrealm brand. I am the business manager. I enjoy running the day-to-day of the company and communicating with affiliates, users and our web developer. I am the lead on the company’s overall operation and use my business education and management experience to keep Bidrealm ahead of the competition.

SocialTalkr :
What do u think were your biggest obstacles so far?
Lorenzo Dickerson :
So far the biggest obstacles include financing and starting something new from the ground up. Financing is an obstacle not because the company needs funds to operate or get initially started, but because at the overwhelming rate that our thought process works and the ongoing innovation that we deal with every day, it is sometimes difficult for the financing to keep up what the speed of the company and its progress. As far as starting this new venture, the obstacle is starting from scratch, though it allows for a lot of creativity and the ability to build the best site out there, there is nothing like us on the web, there is no format for follow except for the blueprint that is in the founder’s heads.

SocialTalkr:
It sounds like you went through a lot to get to where you are today. Who are your influences & motivators?
Lorenzo Dickerson:
Historically or influences are African American pioneers in business such as A.G Gaston, Maggie Lena Walker and Madam CJ Walker.Currently we look to major players in the internet game, Ebay, Facebook & Google for inspiration on building a successful web company.  Donny Deutsch from the popular CNBC television show The Big Idea, always says “There’s got to be a better way”.  We believe that we have found just that.  A better way to conduct home improvement business with greater efficiency, online.

SocialTalkr :
Do you have a public profile somewhere that our readers can view?

Lorenzo Dickerson :
People can read a bit about us at our “about us” page at http://www.bidrealm.net/aboutus.aspx, or they can also check out our Facebook group page.

Links Summary

Visit Bidrealm
http://www.bidrealm.net

Read about Lorenzo & Travis
http://www.bidrealm.net/aboutus.aspx

Join the Bidrealm FB Group
http://www.facebook.com/group.php?gid=12806295853

Read the Bidrealm Blog
http://www.bidrealm.wordpress.com