Confirmed: easyProperty entering sales market in September

At very, very low prices can only be classed as a way for pretty much PRIVATE SELLERS to enter their homes into rightmove and zoopla.

Looking forward to chewing the fat with EasyChris on this one! Oh wait a minute he's not there anymore.
It looks like this is an online gamble he couldn't promote!

Well at least when they float, there will be prospectus to see their profit and price to earnings ratio.

Call me a cynic, but I've not seen any of the companies who publicly have these funding rounds mention any profit figures.

Lots of companies have raised millions of pounds of Crowd Funding and private investor start up capital. And there seems to be a rush to float.

I'm just interested in the fundamentals.

Are these businesses burning cash on marketing for brand awareness, or are they actually making real profit?

That's the only number that counts to me.

As of today, EasyProperty they have less than 500 properties listed on Zoopla -
http://www.zoopla.co.uk/find-agents/?company_name=easyProperty&radius=0&search_source=find-agents

So on listings, we're 63% bigger - If they're worth £66m, does that make us worth over £100m? No.

Back in the real world, I'll stick to making profit and a valuation based on price/earnings ratio ...

It has all gone very quiet on the easyProperty front. Might be nice to know how well the lettings side of their business is doing - not brilliantly, by all accounts - before they embark on this sales market venture.

They clearly have no issue in securing investment. That's not hugely surprising given the brand name. easyProperty's issue seems to be turning that funding into a successful, functional business. I think they've found it a lot harder than they would have originally imagined. As many posters have said before, there is a world of difference between property and aviation. Whatever you think of easyJet, their business plan and success can not really be argued with, but you definitely couldn't say the same for easyProperty.

Yes, where is easyChris? He was always good for offering some insight into how the company was doing, despite his massive (and understandable bias) towards the company he works for.

Maybe he's given up the ghost? Perhaps the plan is to make a success of it in the sales market, so the lettings experiment can be swiftly swept under the carpet.

Sadly, it seems more like a vanity project from the "easy" brand that is only going to fall flat on its face.

Forgive my ignorance, but how can a company who seem to have had no impact whatsoever on the property landscape be valued at £66m?

I don't know of anyone who has actually used them. Have they had any customers?

Not here to give them a kicking - but it definitely does seem a case of a big brand spreading itself too thin, trying to be all things to all people. Bit like Virgin or Tesco. Some of the ventures work out well, others spectacularly fail. I fear the latter will be the case with easyProperty.

It's all very well having plenty of investment and wealthy backers, but that's of no use if no-one actually uses their services.

Not surprised to see easyProperty struggling. This job can't just be done by everyone, despite what some of the comedians here will tell you. You actually need to know what you're doing, you need local knowledge, experience and expertise.

easyProperty, with the swagger and complacency of a big brand, thought they could just stroll in and take over the industry. But, whaddya know, it hasn't happened.

Can anyone actually tell us how well the lettings arm of their business is doing? Or will we have to wait until they float?

I, too, know of no-one who has used their services, but maybe they are being absolutely inundated and are just keeping very quiet about. Which, given the brashness and confidence of the easy brand, seems highly unlikely.

RAISING BIG FUNDS FOR A BUDGET AGENCY

1. The Biz plan centres around a consumer pitch of: 'We can SAVE you thousands by doing it CHEAP' - which is is an easyPitch for investors to understand to put their investment into.

2. A big brand name or celeb VC helps = £m's raised

3. Throw money at big impact - TV - press etc, and make the offering cheap so many customers engage - there will be some success when such models use traditional agency outlets like RM and Z

4. Return for next £m's of investment - showing some success and placing outstanding value (that goes outside normal realms) = greater funding.

5. All VC's like a 5 year exit. Taking £m's out and no doubt retaining some shares.

6. Company has some traction - but when the moneys gone. ............

Spot on Trevor.

Not commenting about EasyProperty specifically, but generally on lots of new estate agency venture models. It smacks of the dotcom boom and all the hyperbole that surrounded LastMinute.com.

Early backers need a quick exit before the party ends and the small investors wake up with the hangover.

We know how the dotcom boom party ended.

However, one of these models could emerge as the new ebay/Amazon for Estate Agents. Then the backers will have got an incredible reward for their risk.

Cheers Glen - yes just seems to be the pattern. Shame, as budget does a job, but there are things budget fees can't do which can include getting the best deal for the customers.

More money in the pot from better fees = agents ability to do better. THAT IS unless £m's are poured in at the start. If a model then bleeds money out, long after vc's have hit their magic 5 years to exit. What's left may have limited time.

@jon he has given up the ghost, moved to pastures new (old) he is an ex press keyboard warrior. He isn't there anymore, gone, scarpered!