Over the last few months, we have intensely monitored and scrutinised the way our first batch of clients have used our platform. We have found, re-designed and actioned several functionality changes that will enable developers to better utilise the Yourkeys Operating Hub.
We are currently in the process of implementing an ‘Add New Sale’ function, this will enable developers to add buyers into the Yourkeys workflow post-reservation. This will now truly live up to our ‘all roads lead to Yourkeys’ ambition, meaning new buyers that walk into a marketing suite or estate agents’ office and agree a deal, these can now be logged onto the Yourkeys platform and buyers will receive a notification to ‘Sign up now to track your purchase’
This new functionality expands our current offering as it allows us to not only accommodate our core market (purchases that are entirely online and sourced through the Yourkeys search portal) but manage sales generated by both developers’ in-house sales teams and their estate agents. This will form the basis for offering Yourkeys as a separate dashboard exclusively for estate agents to log their sales for ANY new build units they sell
As this functionality has not been in place to date, our clients’ feedback has been that it has been difficult to divert their sales through the platform. This has resulted in lower than expected revenues. However, when the new function launches on the 27th November we’re confident this will remove the blockage and increase the flow of transactions through the platform.
Riccardo Dawson - CPO
Investor Update Meeting Thursday 4th Oct
We typically schedule a face to face meeting with investors, every three months, with our last one being October. We had a great attendance of 23 people of both existing and new potential investors. The presentation covered the strategy of the business which is split into three phases:
- Stocking the Shelves: We liken this phase to having built a supermarket and now we’re in the phase of stocking the shelves with inventory. Therefore, we plan to secure at least 40 x UK house developers before we turn our marketing attention to house buyers
- House Buyers: 90% of our entire B2C marketing effort, will be to target the enormous number of Chinese speaking people who would like to buy a home in the UK. The reason for this strategy is that house developers spend around 2% of the entire cost of a development on their own sales and marketing. We would therefore, be simply canabalising their sales effort by chasing the same market. It is for this reason that our experienced Chinese team within Yourkeys will deliver brand-new house buyers from China, into the UK market
- Global Sales Platform: The third phase of the business will be to facilitate the sale of new build houses and apartments between different countries and markets. Our first plan is to list apartments from two of our investors, who will have apartments in southern Cyprus and Turkey, where we will offer those for sale to UK buyers.
The presentation we made is available for download from our investor update site in the Investor Info folder. As we predicted at that meeting, we were massively oversubscribed for our £450k EIS round, which meant we had to reduce the amount of investment we accepted from everyone wanting to invest more than £30k. Therefore, the people who were chipped the most at this round, will have investment priority at the next round. Furthermore, strategically, we really wanted some investors to join the round as they could really help to introduce us to many more house developers or had the financial firepower to dig deep at the next £1M round in April. Consequently, we decided to increase this round to £535k, which meant we bled a little bit more equity than we wanted, however, we’re now really well positioned for the next few months.
Investors and potential investors will receive the usual monthly update on the 10th of December, however, due to Christmas and the industry closing down for two weeks, the next investor update thereafter, will be on the 10th of February. Later that month, we will have our quarterly face to face update meeting at our offices in Poultry on Thursday 28th February, so please block that date in your calendar as it would be great to see you then (6.30pm to 8.30pm).
Craig Massey – CEO
Progress with House Developers
Quantum Homes: We are currently in the process of on boarding the Villers Court development based in the South East
Forays – Fincham View is now live on the platform
CGroup Developments – The meeting with CGroup went extremely well and they have agreed to sign with us for 6 of their penthouse apartments based in Slough
Connection Construction – The meeting also went extremely well and they will be signing over 37 apartments in Chelmsford
Silicon Roundabout – On the 19th Annie, Neil and Chris attended the Silicon roundabout presentation at the Business Accelerator Hub in the London Metropolitan University. The night consisted of 8 various PropTech companies presenting to other like-minded individuals.
Teqden (London Build Expo) – During our presentation, we describe how convoluted the current system is and how Yourkeys is solving the problems. Through this show we attracted one of the top 10 house developers in the audience and will be setting up a meeting with their COO.
Annie Siara – Sales and Account Manager
UK Construction Week
We believe that most marketing in the building industry is as stale as yesterday’s croissant, therefore our style is to introduce more edgy, cheeky humour into our sales message. I’m not sure if you saw our Donald Trump Fake News ads (you can see them in the Sales & Marketing Section of the investor update site, under Brand Videos) but as you can imagine they were current and cheeky. So, to that end, while we were filming client case study videos and industry interviews, our videographers pitched us the idea of creating an amusing ad while we had the film crew on hand, please judge for yourself whether Riccardo will be a YouTube sensation
Other Marketing Collateral
In our efforts to spread the Yourkeys name to developers far and wide, we joined forces with Showhouse magazine which is one of the UK’s leading publications, read by 13,000 people from mainly house developers. The ‘Operating Hub’ ads will also run in House Builder and Developer and Housebuilder to help build recognition of our name and message.
We’ve also created a GIF banner ad.
We’re also continuing with our Yourkeys blog where you can keep up to date with Riccardo’s thoughts on the property industry, technology and new research. It would be great if you could follow our blogs on LinkedIn or Twitter. Please just click the Yourkeys Blog highlighted in blue and then hit the follow button on the right-hand side of the screen (down a little bit)
Riccardo got red carpet treatment from the local paper in his home town The Derby Telegraph. Finally, below are the 2 latest releases she’s managed to whip up.
In Other News
We also welcomed 3 new members to the Yourkeys team, to join us on our epic journey:
Daniele who is from Italy and has worked for various digital agencies improving UX/UI for their clients. He joins us as our Graphic Designer.
Jonathan is one of our new sales tigers with over 8 years of experience within the residential and commercial property market
Finally, there’s Craig Childs (or young Craig 😉) who has extensive experience of selling SaaS tech platforms to house developers
To find out more about all our latest team members, have a look at our Team Section.
This relates to the night we officially went live to the public (Thurs 20th September 2018) where the founders celebrated over dinner and Craig did a kick-off speech for the five original founders. You can find the link to that speech in the September update when we talk about the First Founders Dinner “In Other News”
Riccardo Got Hitched!
The final bit of this month’s update, our fantastic Co-Founder and his beautiful gal (Sunny) got married, after being together for nine years, in the picturesque setting of the rolling Derbyshire hills. They are currently on honeymoon touring South East Asia, including Vietnam and Cambodia and we wish them all the best as they start this new chapter in their lives.
Investment Funds Timeline
Introduce us to House Developers: As we’re now in the phase of stocking the supermarket shelves with inventory, then it would be great if you could introduce us to any new-build house developers you might know. Typically, if they build more than 25 units a year they would benefit from our platform. We normally say to our introducers, please speak to your house developer contacts and mention that we will make a ten-minute call to them to run through the benefits of the platform. They will know after that initial call whether it’s worth taking a face to face meeting.
KPI - Monthly Tracker
YTD - Target
YTD - Actual
Number of Monthly Developer Meetings (we launched 2 months later than the initial forecast locked in 2017)
Number of Live Clients Selling New-Build Homes
Total Units Live on the Platform
Average Time to Exchange Contracts
UK Full Time Headcount
Overseas Content Loaders
Number of Houses Sold Through the Platform
Total Revenues (2 month time lag, starts November)