Wigwamm - Local auctions to automate lettings

Transcript

1. Local auctions to automate lettings
   @WigwammHQ
   rayhan@wigwamm.com
   

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2. Hello, we’re different
   • Wigwamm is an auction for rental property, every Monday night
   • Consumer starts with listings sites, ends up with Wigwamm
   • One list of local property that exists; no more ‘phantom’ listings
   • Tenants pre-referenced and bid in an event on Monday night
   • Certainty for agents/landlords when letting £50bn+ UK property
   • UK revenue potential of £300m+ with a clear plan for the USA
   Next slide: The current problem with renting
   @WigwammHQ
   rayhan@wigwamm.com
   

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3. How £50bn* rental property is let by agents
   Read: How agents ruin their collective reputation
   *ONS (UK) estimates 3.6m private residential tenancies x £1,400pcm average rent = c.£50bn pa UK rent
   @WigwammHQ
   rayhan@wigwamm.com
   

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4. Agents represent landlords,
   yet spend 95% time on tenant enquiries
   Landlords = revenue; tenants = cost
   

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5. • One list of property that exists, block viewings and an auction event
   • Pre-referenced tenants bid on all local property at 7pm on Monday
   • Focus agents on revenue (landlords) and save on costs (tenants)
   All tenants referenced prior to auction night
   Wigwamm automates tenant related tasks
   @WigwammHQ
   rayhan@wigwamm.com
   

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6. Auction tech tailored to property
   

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7. Market size
   1. Value proposition: phone book
   2. UK property portals revenue £150m
   1. Value proposition: e-commerce/one-stop-shop
   2. Wigwamm UK revenue potential £333m**
   *£50bn private excluding £23bn social renting market; **Wigwamm 1% fee of annual rent on transactions. Average tenancy 18 months. Revenue potential = £50bn x 1% x 2/3 = £333m
   • If Amazon rarely had available stock, it would be a tiny player
   in a huge market. That’s Rightmove (and its clone, Zoopla).
   • We want to be the Amazon for £50bn of UK lettings*.
   

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8. • Transactional: £333m UK revenue potential (at 1% fee level)*
   • User acquisition: tenants use ‘same front door’ (usually online portals)
   • Customer value proposition: lower the cost (time/money) of lettings toward zero
   Future referral fees: Lifetime value of data = £1,000+, per property
   – Properties remain searchable on the internet for prospective interest
   – We can alert owner to sales/letting prospect; earn fees with no extra work
   Business model
   PAYG Silver Gold Black
   Monthly cost - £100 £300 Call
   Property let fee* 4% 2% 1% Free
   Market price
   guarantee
   Viewings Included £120 £120 £120
   Photos / Floorplan Included £150 £150 £150
   Auction Reserve £100 £100 £100 £100
   *Wigwamm 1% fee of annual rent on all transactions. Average tenancy 18 months, therefore revenue potential = £50bn x 1% x 2/3 = £333m
   @WigwammHQ
   rayhan@wigwamm.com
   

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9. Team
   Founder Sales
   Tech Design
   Rayhan
   Nathan
   Caroline Stephen
   
   12 years overseeing family
   property management
   business
   4 years securing regulatory
   approval for international
   banking licenses
   Seeking
   business
   focused co-
   founder
   Famous
   designer
   behind The
   Friday Project
   Both full stack devs
   Caroline an expert on
   auction mechanisms
   Nathan also a
   talented designer
   

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10. Way Ahead
    • £50bn+ worth of letting transactions are entirely manual
    • Wigwamm makes scalable what used to be time-consuming
    • Commoditising lettings incentivises a single market to be formed
    • Landlords/agents have certainty of the best result every Monday
    • Trialling with selected agents and landlords in May 2013
    @WigwammHQ
    rayhan@wigwamm.com
    

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