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Wigwamm - Local auctions to automate lettings

rayhan
March 19, 2013
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Wigwamm - Local auctions to automate lettings

rayhan

March 19, 2013
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  1. Local auctions to automate lettings
    @WigwammHQ
    [email protected]

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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
    [email protected]

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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
    [email protected]

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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
    [email protected]

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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
    [email protected]

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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
    [email protected]

    View Slide