EDOZO: DIGITALISING THE COMMERCIAL PROPERTY MARKET
ENVESTORS magazine preview
The immense value of data in any market is universally acknowledged and this is particularly true of the commercial property market. It is now essential for companies to have a good grasp of their data; this means knowing how to gather it, process it and analyse it. To many property professionals, this is an undertaking that they’re hesitant to pursue; the time and resources needed to fully capture the value of data are huge, and it’s a daunting and complex task. Cue EDOZO.
Co-founded by Marcus Ginn and Andrew Peacock in 2016, the EDOZO team has huge property and technology expertise. An alumnus of the Judge Business School, University of Cambridge and a serial entrepreneur, Marcus has a proven record of growing businesses from scratch: his previous endeavour had 300 employees and a multi-million pound turnover. His old schoolfriend Andrew has 20 years’ experience in the property sector and has been a qualified Chartered Surveyor for 15 years. Both are equally passionate about delivering a product that will add value to the property sector.
‘90% of commercial property transactions are lease rather than sale’, explains Marcus. ‘If you think about an existing landlord with a lease that has to be renegotiated every five years – the rent reviews negotiations, the market research, tracking commercial property evidence (comparables, as it’s known in the industry), the deal records and so on, you understand just how complicated and time consuming the whole process is. Currently the industry is fragmented, with different companies relying on different operating systems meaning that the quality of the data is highly variable; it is widely documented that fees from lease events have been missed and that the industry is in dire need of something to harness all this vital information in one place. Quite simply, this is what the EDOZO platform does.
‘EDOZO paid for itself within weeks’ (James Harrison, Partner, BDG Sparkes Porter)
We combine valuable commercial property information with simple deal pipeline management, reducing costs, saving time and increasing revenue for clients. Our platform is secure, robust and overseen by our CTO Luke West, the former head of service delivery at Rightmove and lastminute.com. Our market insight tool combines peer-to-peer exchange of valuable transaction records with millions of other data points. The deal pipeline app digitalises transaction records so that all events, such as rent review and lease renewal are flagged in advance using our ‘traffic light lit’ dashboard. A recent case study has proven its efficacy: a Central London surveying firm identified over £100,000 in new fees that it would otherwise have missed, within its first 90 days on our platform’.
EDOZO has three unique competitive advantages: the quality of the data is more accurate as it is for the client’s own use in the first instance, they are more affordable as user generated data collection reduces costs and they offer a complete solution: ‘peer to peer’ sharing, other data sets and deal pipeline. Over 60 Surveying firms have already signed up - including such names as Chestertons, Eddisons and Allsop - and this number is growing rapidly. Their growth will be augmented further with a recent integration with Zoopla (providing a database of over 200,000 property records) and the addition of millions of other data points (from the Land Registry, the Valuation Office Agency and other sources). The new maps function of the platform offers the client a comprehensive and detailed boundary map, co-designed with the property firm Allsop, that offers market-beating pricing and functionality.
The exceptionally strong EDOZO team have personally invested over £500,000 into the business and are now seeking funding for product development and sales and marketing to rapidly expand their customer base. With their list of blue-chip clients, their vision, their insight of the commercial property market and their technological expertise, expansion and success are very much a realistic prospect.
This post was created on March 13 2018 by Victoria Maby