An online firm which claims to be Britain’s 41st largest estate agent after less than a year’s trading, is claiming to be worth £12m.
Doorsteps, which also says it is ranked in the top ten national estate agents by Trustpilot, is now raising £400,000 in exchange for 3.23% equity via crowdfunding platform Crowdcube.
By yesterday it had attracted 98 investors and had raised £57,510 in just over a week.
In two years’ time it plans to raise £5m in a second fund-raising round.
As part of its pitch, it says that the digital market share of estate agency is expected to go from 4% to 50% by 2020.
Doorsteps says its ambition is to be Britain’s largest and “most loved” agent, offering “awesome customer service”.
Doorsteps, which charges £99 or £199, depending on who takes the photos and writes the copy, says in its pitch that the online agency market door has been opened by Purplebricks, which it describes as a rival, and says that there is no reason why it cannot achieve the same market capitalisation as Purplebricks has done within two years.
The Doorsteps team is led by founder Akshay Ruparelia (pictured below) and CEO Mahesh (Mark) Kotecha who says he has started and exited two online UK businesses, which both had multi-million revenues and were profitable within five years.
Its chief marketing officer is Sham Golamy, who was previously head of Rightmove Overseas. Chief finance officer is Philip Goodmaker.
Doorsteps says that in its first year it listed 710 properties. This year it aims to list 3,075, next year 11,500, and in 2018, 11,500.
It uses what it calls “an army of local mums from professional backgrounds” to act as agents.
Yesterday on Rightmove, it had 761 sales properties listed altogether, of which 485 were available.
https://www.crowdcube.com/companies/upside-capital-limited/pitches/bXGymZ#
Investor work-out plan
Raise your right hand above your head
Move your arm and hand vigorously from side to side for ten reps.
Repeat every six months or so when the next funding round email arrives until your cash has gone.
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3000 properties x £99 = £297,000
3000 properties x £199 = £597,000
maths isn’t my greatest strength, but no matter what I do I can’t get the figures to add up to £12m.
if I earn £20,000 does this mean I’m worth £5m??….
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Mate valuations are based on money raised vs. equity given.
So if 400,000 quid is raised and 3.25% is given away for it, then 400000/x=3.25/100.
If you solve for X, you get… (drum roll please)… 12,307,692.31.
#knowledgeispower
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In da house East Staines….and da money!
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Sexist haha, what about local Dads.
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Low cost 24/7 is code for;
‘You will sell at the first offer you get, not the best you could have attained……because that would involve more work for us’
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Looks like those sold slips need re-printing or is that another bit of legislation that no-one bothers with
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In five years time there will be hundreds of bucket shop operators cutting each other’s throats in an effort to grab a piece of the action. They will be the Poundlands of the industry and a certain section of the public will use them. (The difference being that Poundland does actually give the customer the product that they pay for and expect to receive – unlike so many of the bucket shop agency brigade.) More and more entrants will cut that bit of the cake into ever thinner slices – and when the market suffers a serious stock shortage they will drop like flies.
Meanwhile full service agents will go on providing no-sale no-fee and continue to take the vast majority of the instructions.
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Im opening mine tomorrow, but here’s the clever bit rather than low costs profesional mums I’m gonna use all them Europians no one wants
Clever huh ?
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NON LAWFUL BOARD:
The pic shows a SOLD board with an illegal SOLD slip.
Under Town & Country Planning Act. Sold slips have to show:
stc / Sold Subject to Contract
It’s worrying if the basics aren’t lawful, that there may be other bits not right
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Not illegal if it is completed and the board is only up for 14 days thereafter.
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has the law changed, if so when?
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@AgencyInsider. No the law hasn’t changed. The rules for many years now are:If a res property has a SOLD board up. Under Town & Country Planning Act. By Law it has to show ‘sstc’ or ‘subject to contract’ and be removed in 14 days of completion. If not. It’s illegal.
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Sold Subject to CONTRACT is used prior to exchange of CONTRACTS – you can use a SOLD only slip if CONTRACTS have been exchanged and completion has taken place.
BUT who would incur the extra expense of replacing a SSTC slip with a sold slip..?
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Don’t be cruel…he was born in 1998 so doesn’t know what needs to be done…he no doubt still lives at home with mum and dad and runs his empire from his xBOX 360. Investors beware
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If contracts exchanged property is Sold – common to see this in the West Country; also Sale Agreed and Sold STC and then changed depending on what stage of the sale process has been reached. Maybe different in different parts of the country?
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@Nick, If a res property has a SOLD board up. Under Town & Country Planning Act. By Law it has to show ‘sstc’ or ‘subject to contract’ and be removed in 14 days of completion. If not. It’s illegal.
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