Phil Argent: James, good morning. Welcome to Tuesday.
James Thorn: Good morning, Phil. Another video. Tuesday.
Phil Argent: Okay, so today, we are going to basically give a very brief business update. Because what we’re doing with Tenancy Stream is we’re building it in the full view of everyone. Now, that means we’re in the full view of everyone who might be interested in what we’re building. It might be people who are interested in the industry, which is the property industry. And it also might be people that are interested in our business model and how we’re doing, okay?
So what we’re going to do is a simple update, and then we’re going to discuss basically, what does that mean to us? And we’re also going to ask the question, what are we doing differently in the next 30 days?
James Thorn: Yes.
Phil Argent: So, the first thing is the business update is: in the last 30 days, we’ve basically seen what looks like just over 300 users on our platform. Now, that is 300 active users. And in terms of what we’re building, that means we’ve got a mixture of agents and tenants.
James Thorn: Yes.
Phil Argent: So we’ve got two sides of a puzzle. Now, I don’t think that that puzzle is particularly driven by a marketplace, which some people might be interested in; i.e. the value of matching the agent’s needs with the tenant’s needs, or one or the other. Because what we’re doing is we’re building something else, but we’re not going to tell people exactly what we’re building, because that would be giving away the jewels. So…
James Thorn: And you wouldn’t watch any more videos.
Phil Argent: Yes. (Laughter). Okay, so, what does that mean? We are at this point. What does that mean for you? Because you’ve been at this for a few months now, and probably a few more months longer than me.
James Thorn: Yes.
Phil Argent: What does that mean? What does that mean to you?
James Thorn: Well, taking everything into consideration – you know, what’s happened over the last few months to add that sort of growth on the platform – it shows that agents are looking at the ways they’re working, and they’re reflecting on the platforms, and the way they communicate and manage their properties.
Phil Argent: Okay, so just explain that in a bit more detail, is that you think that basically, what’s happened – let’s say, I’m going to sort of paraphrase a little bit, but – what you’re saying is that you think that agents and tenants…
James Thorn: Yes.
Phil Argent: Are looking at the platform as a new solution to something.
James Thorn: Yes. Definitely. Definitely.
Phil Argent: Okay. So when we ask the question, “What does that mean?” It’s like, what are they looking at?
James Thorn: They’re looking at the ways they work. And one key element, which happened over the last few months, is this remote working, you know? I know agents are now slowly getting back into the offices. But is everyone back into the office? Quite a lot of the agents we’re talking to; they’re not all back in the office. They’re looking at options for remote working, to make sure they can do exactly what they did before, customer service-wise, deals-wise, management-wise, but do it remotely, and do it in a different way, but still provide those levels of service which they did before, and get the same results.
Phil Argent: Right, okay. So basically, you think, or what we’re experiencing, and we’re experiencing what I would observe as fairly dynamic growth at the moment. Now, the reason why I say it’s fairly dynamic growth is that the growth is obviously of user growth. User growth is great, yes? Now, that’s one key metric that any platform looks at. But the other thing is that we’ve got activity growth, which is fascinating. So the Tenancy Stream platform; one of the key components of it is the messaging function inside of it.
James Thorn: Yes.
Phil Argent: And there seems to be, let’s say, there seems to be something happening there, which is messaging’s becoming a vitally important part. And what we were talking about yesterday was we were talking about collaborative messaging. And within Tenancy Stream, within the platform, I think what we’re seeing not only is the user growth, but also the, I’d say this almost exponential growth of the user use, which is absolutely, from my perspective, I think…
Well, what does that mean? What does that mean, James? What does that mean?
James Thorn: Well, I know I touched on, a few seconds ago, my answer was all about the agents. But when you flip it round to actually break down our figures and our usage, you know, we onboarded a selection of tenants not even a week ago now, and over 90% of them have accepted their invite to go onto the platform. Which shows that the tenants are after a new way of working. They’re after a new, you know, they’re after a solution that we’re building.
Phil Argent: Okay.
James Thorn: A communication platform, and a more simple platform…
Phil Argent: But okay, so let’s ask this question, alright? Let’s go back to this question, that I’m going to try and answer us today. We’ve got, let’s just say we’ve got fairly modest growth in terms of our thinking, really.
James Thorn: Yes, yes.
Phil Argent: And we’ve also got this other observation, which is that the user engagement is, God, it’s, it’s very, very good. God, I tried to struggle to get those words out, but it’s very, very good.
James Thorn: It’s amazing. You know, the interaction on the platform
Phil Argent: Now, the thing is, what is, simply put, right, what is happening? What are, forget the property industry kind of, you know, noise that we’re sort of presenting a bit here, but what do you think is happening, that wasn’t happening possibly 100 days ago, before locked in. Is this something that’s being carried through into the business model that we’re building? That we have a good understanding of what business model we’re building, but we just don’t know the order of the execution at the moment? That’s what I’m looking at.
So yes, what has happened that you think is making this work?
James Thorn: Well, I think, and what my assumption’s always been – the reason I started Tenancy Stream – my assumption and my belief is that communication is absolutely key. And probably what’s shown over the last 100 days or so, where the market has had to go remote, close up, different ways, you know, the communication is absolutely key. And now coming back to the users straight onto the platform, like what happened end of last week, immediately going on, and then immediately talking away with the agent, with the tenant, with the household. And it shows that, that communication is more vital than ever.
Because you know, a lot is going to happen over the next two or three months. You’ve got tenants moving into properties; they may have delayed it. And you’ve got businesses slowly coming back to normal working hours, tenants want to move house, and all, inspections are due, gas safety certificates; all this needs catching up on.
Phil Argent: So there’s like a…
James Thorn: [ ___ 0:07:39] communication.
Phil Argent: Right, so there seems to be, what you’re saying to me is that there’s kind of almost a capacity, there’s a capacitor, talking electronics, there’s a capacitor that’s filled with energy, or latent energy in the last 100 days. And we’d say that that energy has been building for a while, previously to the lockdown. But basically, there’s almost like an expression at the moment that the capacitor’s releasing. And part of that capacitor is being, the energy that’s coming is that we’re capturing it through Tenancy Stream.
James Thorn: Yes.
Phil Argent: Okay, so for us, what, from your perspective, what are we going to do differently in the next 30 days that we didn’t think we were going to do until we kind of got to the latter ends of this 30-day stage? Because it seems, if I can just finish, it seems that the big idea that we’re moving towards seems to be coming more relevant with each little tactic that we deploy at the moment. So the question is, is what are we going to do in the next 30 days, that we can share between you and I, that we didn’t think we were going to do until the previous 30 days?
James Thorn: Hmm. Yes, I think, you know, the next quarter is looking exciting.
Phil Argent: That’s 12 weeks, by the way.
James Thorn: The next quarter – well, that’s the way we work, in the quarters. The next 30 days, month, is looking exciting. And I think because we are now working with a very good group of estate agents, we’re going to have a lot of tweaks and features, and the platform’s just going to be refined ever so slightly, getting that user experience so much more refined. But by the end of the next 30 days, we’re going to have a much better product.
But also, we are, like what we’ve seen over the last couple of weeks, the rise in traffic and users, we are going to be speaking to as many agents as possible to grow the amount of users no the platform, and to keep growing that, whilst developing and refining the offering. So a lot’s going to happen over the next 30 days.
Phil Argent: Okay, so here’s a supplementary question just to ask, that we can share. Now, one of the things that we’re obviously looking at is we’re looking at a couple of components within the business. One is we’re looking at business development, and we’re looking at customers success.
Now, one of the business analogies that I’ve been looking at is: we have a messaging platform that is, let’s say, very, very sticky. It’s very tactile. It’s very engaging, right? Now, what we’re really trying to do at the moment, I think, and in the next 30 days, is all we’re really trying to do is make, help people to use that messaging, that collaborative messaging function more successfully.
James Thorn: Yes.
Phil Argent: Now, the analogy we were talking about this morning is basically Gmail – and let’s say Gmail is technically free for most users to use at the beginning, yes? – is that within Tenancy Stream, I think what we’ve discovered, and what seems to be the evidence within the data, is that basically the use of the messaging stream function within Tenancy Stream is almost as successful, if not more successful, I’d say, at a very micro level, as email, as Gmail, okay? So one of the things I think we’re going to be doing in the next 30 days is basically assisting people to onboard onto the platform, to just discover how successful the collaborative messaging system is; i.e. the Tenancy Stream communications engine.
Right, okay, we’ve got one minute 30 left, so we’re going to have to wrap up. So…
James Thorn: Doing well, doing well.
So okay, so look, I think that’s a wrap, that’s the ten minutes done, and I’ll talk to you tomorrow.
James Thorn: Speak then.
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