Dear Investors, my name is Neil and I am one of the Non-Exec Directors (NED) at Yourkeys
and Craig has asked that I introduce myself in this month’s Investor Update.
It might be useful to mention that I’ve been in the property sector since the 70’s, currently as an independent Consultant and most recently as a senior Director and Head of New Homes Sales & Marketing for BNP Paribas Real Estate.
Neil Mansfield - NED
Ex-Head of New Homes - BNP Paribas Real Estate
I joined Yourkeys in May with a brief to provide strategic help to the Board of Directors and to introduce the business to my contact book of Developer and House Builders.
Since my start, we have refined the sales message and proposition for our target audience, getting ‘match fit’ for first round of meetings with prospects in August/September.
In anticipation of this I have been connecting with my contacts to keep them posted of my new consultancy roles and in particular, my role at Yourkeys and the business’ market proposition.
Feedback has been really encouraging with an appetite for more information, without exception, all of my contacts acknowledge the need for the Yourkeys solution and look forward to an early demonstration.
As for next steps, myself and the remaining advisors and NEDS have set a target of 25 sales presentations with Developers and House Builders between August and the end of September. A busy couple of months ahead for Craig and Riccardo making presentations and closing new pilot opportunities I sense.
I understand from Riccardo’s most recent visit to Bulgaria, that our content team there are now busy uploading all the content for the various developments for our first three clients with an official handover date for the platform of the 24 th of August.
This means we will be selling New Homes, exclusively online, for the very first time in the UK, from early September.
Shortlisted for Process Innovation of the Year – London Construction Awards
The London Construction Awards recognize achievements, developments and innovation in London’s construction Industry. Being shortlisted alongside the likes of Ballymore, Berkeley Homes & Henley Homes is a great achievement in itself, but realistically, winning would be a thousand times better!
We have now fulfilled the SEIS round so will be opening up the EIS round (one month early to existing investors as a little thank you) for you to enhance your existing stake in Yourkeys and we will allow investments of just £5k) – the tax benefits still mean you get 33% of the investment refunded within 3 x months and pay zero capital gains tax once we sell after 3 x years. Here’s more info about EIS https://www.gov.uk/guidance/venture-capital-schemes-apply-for-the- enterprise-investment-scheme
Tech Pitch 4.5:
Craig won a Tech Pitch competition held at Pinsent Masons & met new potential investors
Shaw & Craig attended ‘An Evening with Venture Capitalists’ at WeWork in Aldwych
At the WeWork event they met Hitesh from Octopus Ventures and a new build house developer from Southampton called Talisman Homes.
East Meets West
Craig & Riccardo attended East Meets West Pitch Event which specialises in bringing the UK and Chinese interests together. Given the fact that in 2019 we will be targeting Chinese investors to buy UK homes, then we are testing the best channels to market.
Riccardo and Craig met with the founder of Quivira Capital, Rajiv Nathwani to discuss our next funding round in October. Needless to say as a developer himself, Rajiv loved the platform and having purchased several properties, he saw the need for what we are delivering from both sides of the story. We are currently in discussions with Quivira for the next steps.
Craig and Riccardo had a 2nd meeting with PiLabs, this time with Esha Vasta – Investment Manager at PiLabs (specialist prop tech investors)
The Future of Prop Tech
Craig & Peter Preedy attended The Future of Prop Tech event to meet other people in the industry
Highgate Asset Management
Riccardo and Craig met with the highly energetic founder of Highgate Asset Management, Kailayapillai Ranjan (Ran) FCMA, who has had over 30 years of experience working in investments and business advisory services in the property sector. The meeting was to discuss the funding of our next round in October. Ran's background and contacts are invaluable to our business having worked closely with some of the biggest developers in the country. We are due to present to Ran and a selection of his contacts Thursday 9th August.
In Other News
Riccardo flew to Varna, Bulgaria in July to meet the new YK content uploaders. Hristian, Nevin and Alex were all very keen to get started and were highly energised by the platform and its potential to 'change the game'. During these few days Riccardo went through every aspect of the content upload process and the team there have continued to refine the process every day. We are now up to an upload capacity of around 120 units per person per day and we are aiming to get this to 150 by streamlining the process even further.
ING ‘Technology in the Real Estate Sector’ report
Very little innovation in the sector (page 6) due to:
- Long operational life of real estate
- High barriers to entry
- Intransparent market
- This creates an impressive opportunity for holistic platforms solving multiple problems and increasing efficiency.
- Sales platforms create a more transparent real estate market, a better experience for buyers and more oversight and control for developers. (page 10)
- An expectation of the market arriving at a fully digital buyer customer journey by 2025, we will create this much sooner! (page 13)
UK House Developers
Now all the contracts have been finalised with the Advisors & Non-Exec Directors, we have created a spreadsheet of the first 25 meetings they have committed will happen with House Developers during August and September (see Clients folder and request a password).
'Philip Ross Conveyancers' and 'Freeths' have both agreed to become our beta conveyancers for the first batch of buyers through the platform in September. Freeths are one of the countries largest legal firms with a large conveyancing department in both London and the Midlands. Philip Ross is an international commercial law firm based in West London, they have a wealth of knowledge about the process and some great ideas on how to expedite the legal journey.
You may have noticed that we’re now using Yourkeys with an S.
We’ve just undertaken a major re-branding exercise to distance ourselves from the Rightmove green and in doing so, we made the decision to invest in the correct URL for yourkeys as it’s a lot more professional.
We will update you of the colour changes and improved logo, in the August investor update
Investment Funds Timeline
Help Needed with Recruitment Please: Do you know a ‘Live Wire Account Manager’?
If you know someone who would make a great Account Manager then please could you introduce them to Yourkeys. Ideally they will have experience of selling into new-build house developers but frankly, a grafter with determination, professionalism and a sense of humour, would do just fine (based in London though).
As we only have female advisors and investors so far, then we would be super keen to welcome applications from females. There’s also a little thank you, if we hire anyone you recommend to us. Here’s the overview and if you know anyone suitable, please could you download the job description and send to the person you think would be great for Yourkeys.
We need a super organised and energetic Account Manager who can work with the founders to follow up from their sales presentations to turn those super-warm leads, into proper, nailed-down contracts. As all fast moving tech companies, we’re a mile a minute and have way too many things on the go at the same time, so a person who can just crack on and knows what needs doing (whilst having a cheeky sense of humor) would be our dream candidate. You can download our job description here, and please ask them to send their CV’s and one paragraph about why they think they will fit into the team, plus a mention of your name so we can send you the freebie. Thank you Craig.
The reason we have red alerts in our KPIs is that the meetings with House Developers have been delayed, until we’d finished doing the following:
1. Refining the message in all the communication collateral.
2. Greater research into the software systems that house developers are currently using, to identify their strengths and weaknesses (see the Sales & Marketing – Competitors section).
As we have four seasoned advisors from the building industry, they have committed to setting up 25 qualified meetings between August and the end of September.
KPI - Monthly Tracker
YTD - Target
YTD - Actual
Number of Monthly Developer Meetings
Number of Live Clients Selling New-Build Homes
Number of Mega Developer Clients (10,000+)
Number of Large Developer Clients (1,000+)
Number of Medium Developer Clients (100 - 1,000+)
Number of Small Developer Clients (50 - 100)
Housing Association or Regional Clients (100)
Total Units Live on the Platform
Average Time to Exchange Contracts
Number Who Register Their Details on the Platform
UK Full Time Headcount
Overseas Content Loaders
Number of Houses Sold Through the Platform
££ Revenues from Sales Transactions
Total Revenues from Platform Licenses Fees
££ Revenues from Mortgages
££ Revenues from Convetancers
££ Revenues from Insurance Products