Wigwamm - Local auctions to automate lettings

Transcript

1. Local auctions to automate lettings @WigwammHQ rayhan@wigwamm.com
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
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
4. Agents represent landlords, yet spend 95% time on tenant enquiries Landlords = revenue; tenants = cost
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
6. Auction tech tailored to property
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*.
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
9. Team Founder Sales Tech Design Rayhan Nathan Caroline Stephen <vacant> 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
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