2. How £50bn* rental property is let by agents
*ONS (UK) estimates 3m private residential tenancies x £1,400pcm average rent = c.£50bn pa UK rent
3. How simple and transparent letting should be
1. A portal that shows tenants only property that exists
2. Simple process for viewings; all as evening open house style
Website shows viewing dates in advance
3. Transparent auction, every Monday night, achieves ‘best price’
All tenants referenced prior to auction night
4. Next evolution of the property portal
Out-of-date classified ads Only available property; electronic transactions
Max revenue potential: £150m Revenue potential £500m
Phone book vs E-commerce – Imagine how small Amazon would be if you couldn’t buy there
Wigwamm aims to kill the listings model and all the time it steals from people
5. No more viewing frustration
1. Need to call agents and schedule viewings 1. Pre-set - no need to waste time calling anyone
2. One-at-a-time viewings 2. Evening open house viewings
3. Inconvenient times (working hours) 3. Same size properties, same evening viewings
6. ‘Market Price’
1. First reasonable offer wins 1. All people looking to rent bid on the same night
2. Agent not incentivised to get best price 2. Best price in the market found through auction
3. Entirely manual, time-consuming, costly 3. Electronic transaction, instant payment
7. Team
12 years overseeing family property business
4 years setting up international banking and asset management offices
Rayhan
3 full stack computer scientists and a famous designer
Louis Jack Tim Stephen
Developers will be phased in full time to preserve cash
9. Business model
• Lower the cost of lettings through automation and auction
• London: £50bn+ rental income; £500m Wigwamm revenue potential (at 1%)
• Revenue: £200-£800 per property (cost of service: max £120 per property)
– Professional photographer with measuring tape and checklist to each property
PAYG Silver Gold Black
Monthly cost - £100 £300 Call
Property let fee* 4% 2% 1% Free
Market price
guarantee
Viewings Included £120 £120
Future referral fees: Lifetime value of data = £1,000+, per property £120
– Floorplan
Photos /Properties remain searchable on the £150 for prospective interest
Included internet £150 £150
– We can alert owner to sales/letting prospect; earn fees with no extra work
Auction Reserve £100 £100 £100 £100
*Based on one year’s rent
10. Way Ahead
• Today
– Wigwamm is a big product and involves assumptions about behaviour
– we have been trialling in phases to validate our assumptions
– 3rd prototype being developed for February 2013 closed beta trial
• Investment
– £200k for 12 months runway
– develop full time; reduce iteration time from 3 months to 3 weeks
– build sales pipeline/traction in parallel with technical development
11. Summary
• £50bn+ worth of letting transactions are entirely manual
• Wigwamm offers massive cost savings with a fully electronic
trading system tailored to property
• Transparency for tenants and landlords, who often have to settle
for the first place or offer due to the lack of visibility
• Massive increase in profitability for an ailing property agency
industry
• We will make agents reputable, by ensuring the bad ones have
nowhere to hide
