1 / 8

Catherine Bonn, Tyler Crimm, Alexander Embiricos, Tom McLaughlin, and Joey Zwicker

Catherine Bonn, Tyler Crimm, Alexander Embiricos, Tom McLaughlin, and Joey Zwicker. Concept. An auction web service optimized for the commercial real estate market through a new method of bidding, resulting in increased efficiency and satisfaction for all parties involved.

ceana
Download Presentation

Catherine Bonn, Tyler Crimm, Alexander Embiricos, Tom McLaughlin, and Joey Zwicker

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Catherine Bonn, Tyler Crimm, Alexander Embiricos, Tom McLaughlin, and Joey Zwicker

  2. Concept An auction web service optimized for the commercial real estate market through a new method of bidding, resulting in increased efficiency and satisfaction for all parties involved.

  3. TheTopPriceClock Auction Price • User Perspective • Phase 1: Open Bidding • Several days • Anyone can bid • Phase 2: Determine Price • Price increases linearly over time • Bidders drop out until only one bidder remains • Bidders may adjust bids • Bidders can see how many others are currently interested Auction Start Auction End Phase 1 Phase 2 Buyer 4 Buyer 3 End Price Buyer 2 Buyer 1 Start Price Time 3:00 3:30 4:00 4:30 5:00

  4. Customers Commercial Real Estate Agents • More bids • Multiple Identical properties • Generally higher value • Less Contingencies Value Proposition • Higher Average Final Selling Price • Higher Commission • More Satisfied Customers • Shorter Selling Period

  5. Market Sizing • Total Market • Total US Market= $330B • Commercial Real Estate Market= $57B • Total Realtors in US = 1.5M • Initially focus on high-demand Commercial Properties • Example Focus Markets • New York City- $2.25B Commercial market. 27,000 agents competing for 10,000 transactions per year  very competitive • Palo Alto- average of 10 bids /property (Interviews)

  6. Market Strategy • Launch Strategy • Contact realtors individually (proof of concept and initial traction) • Customer Validation and Development • Market Penetration • Offer Joint subscription to franchises (RE/Max, Prudential, etc) • Stats • RE/Max- 100,000 agents nationwide. Over $1B spent on advertising yearly • “RE/Max offers proprietary technology solutions to all associate realtors” -RE/Max NY

  7. Business Model Subscription Based Revenue Model • We plan to charge $100/ month • Cost of current Web Services = $200-$300 / month • Case Example • Revenue Estimates • If we can get 1000 realtors to use our service, that translates to $1M in annual revenue

  8. Competition Other real estate auction websites • TracAuctions • WilliamsAuctions Advantages of TopPrice • Offer Value to Realtors • Innovative Auction Mechanism • License Intellectual Property

More Related