High Level Summary:
- Within our first 3 weeks of launching in San Francisco we already hit 7% market share (It took us 5 months to get 4.5% marketshare in Denver) so this may be our first market to test our VR marketplace.We were featured in the press!
Walkthrough Revolutionizes Denver Real Estate Listings with Fully Immersive VR Experience
We also retested our expansion model for the last 3 months and it’s proven to be consistent and bring us more $$$. Because of that, we’re now planning to launch across 10 cities by the end of the year. This additional revenue will support our VR development and help us reach profitability.
Finance: Revenue Is Up & To The Right.
- In January we hired 3 Colorado photographers and began retesting our free trial strategy to see if our free trial to paid customer conversion rates were consistent. This was a 3 month test from January to March and as you can see this month marked the 3rd month of increased revenue.This means, we’re deciding to launch across 10 cities this year which should bring us to $150k in Monthly Revenue by the end of the year. This should allow us to reach profitability and give us enough runway to prove the use of our virtual reality marketplace without raising another equity round.
If you are a current investor, you can access our accounting & financial model here.
Market: We Hit 7% Market Share Within 3 Weeks Of Launching In San Francisco
- Even though we did more homes in Denver in March (162 vs. 143 in February), the number of active listings climbs in the summer months which at our current capacity means we have slightly less market share in March than in February.
We launched in San Francisco on March 6th and we were able to “virtually map” 45 out of the 650 active listings on the market giving us ~7% market share. This may be the first market we’ll be able to launch VR because of our ability to grab market share so quickly.
- It’s like we have a plan or something like that…
This should give you a better idea of our plans moving forward and what we’re working towards.
- Customers Love Us & Competitors Hate Us.
Here are just a few comments one of our photographers has received in the past few weeks.
Walkthrough Major Milestone Chart
- Feedback I heard from previous updates was that it would be helpful to have additional context of how long the company has been around and what milestones we’ve had so far. This should be a step in that direction to give you more context for the progress we’ve made in such a short time.
When Shit Hit The Fan:
Not everything is sunshine & rainbows. Thought we’d start sharing some of our frustrations.
- Good Problems. But Still Problems.
This month was brutal. We ran into the issue where we had to turn customers away because we were overbooked (we probably would have had an additional $1-2k in revenue). Usually agents prefer to schedule within 1-2 days, and we reached a point where we were overbooked by more than 7 days.Here is what a full schedule looks like:
Thankfully, for the most part we’ve figured out how to solve this issue.
Client Feedback Of The Month:
- I added this section to show an ongoing update of how our customers are respond to our product. We’re getting this kind of feedback on a daily basis from our customers 🙂
The HQ team behind all of the madness!
- New company swag means new company photo. Walkthrough team – you’ll be able to get a few after we decide on final styles & sizes.
A few notes in case you forgot:
- You are receiving this email because you are a mentor, investor, or close friend of the team. The intention of this email is to get help growing our business, keep you updated on our highs and lows, or simply give us a simple & easy way for us to stay in touch.
- Walkthrough replaces the time-consuming process of touring multiple properties with a simple and affordable virtual reality experience. (view investor slide deck here)
PS – Here are the last several updates if you’d like to take a look: