Opinion
Frazier calls engineering cushy and comfortable compared to grinding in sales
“Whereas the engineers are all, it's pretty cushy. You know, they get tasks, they get them done. I know they work hard, but it's a little bit just of a different environment to work in. Their environment's a lot more comfortable. Our salespeople are grinding.”
Assertion Not checkable as stated
CoreLogic charges at least $350k per year for full geographic property data
“Once you start looking beyond what just single family homes look like and providing one report at a time and you start looking at full geographies there is just not a good solution to be able to provide this that costs less than 350 grand a year from CoreLogic…”
Disclosure
Estated only hires competitor sales reps with extensive industry experience
“And so now I'm only going to hire someone from a competitor that has five to 10 years experience.”
Opinion
Fraser: Legacy property data providers charge exorbitant prices with severe licensing limits
“And we used handfuls of third parties that have been around for 10, 20, 30 years, like CoreLogic, Black Knight, Fannie Mae, those legacy providers, and they're, you know, exorbitantly expensive and crazy restrictions around licensing.”
Disclosure
Estated sales quotas are $1.2M, paying 10% on a $50K-$60K base
“Their quotas are 1.2 million a year, and we pay 10%. So there, if they achieve that 1.2 million on a 50 to 60,000 dollar base, they could make up to one 80.”
Disclosure
Estated maintains complete internal salary transparency across the company
“And we do have a lot of transparency within our company. People do know how much everyone else is making.”
Disclosure
Estated uses VanHack to contract international devs before Canadian immigration
“And they actually, one of the cool things is that we just pay van hack for those employees. And then they, Immigrate them within the first 12 months usually, and then we'll hire them full-time once they move to Canada. But so for the first year, we're actually…”
Assertion Not publicly verifiable
Frazier: Property data incumbents invest over $50M annually in collection
“We're competing with two public Black Knight and CoreLogic and First American multi-billion dollar companies that invest 50 plus million a year into this.”
Insight
Real estate portals need public data to index 110M+ properties for SEO
“To keep your brand around and keep it relevant. You have to have really good SEO and being able to index What would be five million properties versus a hundred and, you know, ten, hundred and twenty million properties. You have to have good public record data …”
Opinion
Fraser: B2C home data business cannot scale past $10M annually
“We knew that the B to C business didn't ever scale above ten million a year. We knew that around five million, it would take so much work to get it to a bigger number.”
Insight
Fraser: Integrated API products have virtually zero churn
“They integrated into their stack and there's no reason to ever get rid of that once you're, once it's already integrated.”
Assertion Not checkable as stated
Frazier: Estated works with Blend, SoFi, State Farm, and USAA
“So we're working with like Blend and SoFi and State Farm and Swiss Re and USAA and companies along those lines on more like The PNC insurance side and getting lending and mortgages and just trying to speed up all those tools”
Assertion Not checkable as stated
Frazier: Estated averages $929 monthly ARPU and $54k LTV
“So the lifetime value in our profitability count, cause I pulled this up for you is 54,268 dollars a year. Average revenue per user is 929 dollars per month.”
Assertion Not checkable as stated
Frazier: Estated is at $140k MRR and $1.68m ARR
“We are a 140 MRR with a 1.68 ARR.”
Assertion Not checkable as stated
Estated saw a $72 cost per lead and 2% conversion in June
“So 29 total, 415 leads, average cost per lead, 72 bucks conversion rate on Turning that into customers. Two percent. Yeah. We got eight customers.”
Prediction Not checkable as stated
Josh Frazier predicts Estated could reach $2.5M to $3M ARR this year
“I think we could get to two and a half, three this year, if we keep this up. So that'll be like three, 300% growth, which We'll be in a healthy position.”
Disclosure
Frazier owns 68% of Estated; investors own 20%, employees hold 10%
“What's 68%? And then I'd say about, yeah, 10% is to my employees and 20%, we did this a standard 20% round.”
Assertion Not checkable as stated
Estated achieved 99.2% MRR retention and 98.6% customer retention in July 2021
“So MRR retention rate is 99.2% and customer retention rate is 98.6%.”
Disclosure
Estated is running enterprise pilot programs with Walmart and Lowe's
“Like we're doing some pilot stuff with like Walmart and Lowe's and like really interesting projects.”
Assertion Not publicly verifiable
Zillow has over 30M indexed pages on Google compared to Remax's 5.2M
“Remax has, for example, 5.2 million pages indexed on Google. Zillow has over 30.”
Assertion Not checkable as stated
Legacy B2C home report product generated $5.8 million in 2016
“Traditionally, we had the Carfax for homes, like in 2016, that product did 5.8 million in revenue. So that is where a majority of our revenue comes from.”
Disclosure
Legacy B2C product retains 18,000 monthly subscribers paying $20 to $100
“We have, oh four, and we have about 18,000 monthly subscriptions on that business paying anywhere from 20 to a hundred dollars a month.”
Assertion Not checkable as stated
eStated reached $17,000 in MRR on B2B API
“Last month they did 17,000 in MRR.”
Assertion Not checkable as stated
Estated ended prior year at $900K ARR
“We ended the year at 900 K in ARR.”
