The Ledger
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Newman: Parkbench generated $55k on $5k Facebook ad spend
“So, so far in the past three weeks, we've spent 5000 dollars and we've made 55,000.”
Parkbench reaches a $6.3 million annualized revenue run rate
“Like, that's our current run rate right now would be 6.3.”
Parkbench generated $628,000 in May 2017 revenue with just 30 employees
“There's now 30 employees. Last month was May. We did 628,000 dollars in revenue.”
Scaling realtor Facebook ads past $65,000 monthly hits severe diminishing returns
“You can't just go from 65,000 dollar a month ad spend to, you know, 200,000 and get double the leads. It'll cost, it starts to get a lot more expensive per lead, less quality, they start seeing your ads way too many times”
Newman: Over 80% of Parkbench buyers close on the first call
“Almost over 80% of the realtors who buy our product buy it on the first call.”
Newman: Brokerage software deals take much longer than direct-to-agent sales
“We've tried it once or twice where we've talked to the brokerage and they take a lot more time than just going directly to the individual sales rep. Approval process, all this stuff.”
Newman: Every dropped Parkbench neighborhood has been reacquired by another realtor
“So right now, we've never had a neighborhood that someone dropped off on that another realtor didn't pick it up again.”
Parkbench achieves an average customer lifetime value of $13,163
“Lifetime because our lifetime value, I know you're gonna ask is 13,163.”
Parkbench receives 60 to 100 inbound realtor inquiries daily
“We get about 60 to a hundred realtors a day contacting us wanting to be the digital mayor of their neighborhood.”
Parkbench has surpassed 1,000 active real estate agent customers
“Today we have about over a thousand.”
Parkbench charges real estate agents an average $4,500 upfront annual fee
“So we build neighborhood focus websites for real estate agents and we sell the entire package up front for around on average, 4500 dollars for the whole year.”
Parkbench maintains 2.75 percent monthly churn and 70 percent annual renewal
“We now have a 2.75 monthly churn. So a lot of our clients, a lot more of our clients are staying with us. That's about, I think, 65, 70% renewal rate.”
Newman: Parkbench reached nearly $2M in sales within 2.5 years
“So right now, so we started a two year, we're on our, or two and a half years in, we've already sold almost two million dollars worth.”
Newman: Parkbench operates at a $70,000 monthly expense run rate
“We're at about a 70 thousand dollar run rate. Monthly run rate.”
Newman: Parkbench customer acquisition cost is roughly $400 including commissions
“Right now, probably including the sales commission, probably about 400 dollars.”
Newman: Parkbench charges agents $3,000 to $6,000 upfront annually
“So a realtor pays us anywhere from 3000 a year to 6000 a year. And that's a yearly sponsorship. They pay up front, so we get the revenue up front, and because we're a bootstrap company, that was really important to us at the beginning.”
Newman: About 50% of Parkbench realtors renew for a second year
“Right now, because they sign on for a year, about half of them sign on for the second year as well.”
Newman: Parkbench reaches $67k in MRR and $98k in cash collections
“So our actual MRR is about 67,000. Because we get it all up front this month, we did about 98,000.”
Newman: Parkbench joins 500 Startups for its first outside funding
“So we're in 500 startups right now. This is the first money we've ever taken.”