EasyBid
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EasyBid is a mobile bidding application designed for real estate auctions that enables remote bidders to participate in real-time. The platform consists of two apps and operates on mobile devices or browsers, providing instant bidding data sharing. The business model relies on a subscription for auction companies and a commission on winning bids, with low operational costs as a bootstrapped startup.
EasyBid
- 2. What is EasyBid? • EasyBid is a real-time mobile bidding application that allows real estate auction companies to engage bidders that cannot attend a live auction by enabling them to bid on their mobile device. Bid from anywhere.
- 3. Understanding the customer • 3 real estate auction companies consulted – Ernie Rogers – President of the Virginia Auctioneers Association – Tom Weaver – T. Weaver Auctioneering – Cottonwood Auctions • 6 frequent auction buyers consulted • 1,700 realtors throughout Virginia emailed (35 replied favorably) Bid from anywhere.
- 4. What we built… • Two apps, one for the auction clerk, one for the buyer. • Works in a browser or on a mobile device • Real-time bidding data is shared instantly among bidders • https://s3.amazonaws.com/easybid/startupweekend.swf Bid from anywhere.
- 5. Business model • EasyBid is a fully bootstrapped startup solving a problem for customer, minimal costs, and provides the potential for significant financial returns • Minimal startup and operating costs – Equity only founders, no employees, free technology infrastructure, free advertising (social media/word of mouth) limited professional services and admin costs (legal, insurance) • Revenue – Tiered monthly subscription paid by auction companies (free bidding to buyers) - 90 day free trial $99/mo thereafter – Commission of 0.5% on winning EasyBids. Bid from anywhere.