We speak to Elliot Castle from We Buy Any Home
Three reasons you should be watching them
· Company: We Buy Any Home
· What it does, in a sentence: We Buy Any Home makes the stressful and lengthy process of selling a home much easier and quicker for people who need to sell a property fast.
· Founded: 2010
· Founder/s: Elliot Castle
· Size of team: Now employs over 14 people
· Your name and role: Elliot Castle, Founder and CEO
What problem are you trying to solve?
We Buy Any Home makes the stressful and lengthy process of selling a home much easier and quicker for people who need to sell a property fast.
How big is the market – and how much of it do you think you can own?
We are proud of our position in the market as UK’s number one home-buying service, and we are one of very few genuine cash buyers in the market place. There are a large number of companies out there that claim to be a cash buyers, while really being just middle men or agents who will sell data on to others. We Buy Any Home is also a founding member of the National Association of Property Buyers (NAPB) and members of The Property Ombudsman (TPO).
How do you make money?
We make a profit by buying property for slightly less than its market value(which also covers the seller’s costs), and then hopefully selling the property on in a period of time where we are able to realize closer to its full market value
Who’s on your team that makes you think you can do this?
We Buy Any Home is owned and managed by property professionals with over 30 years’ combined experience in the sector, and this means we have a strong reputation for dealing expertly, honestly and fairly with all property owners who come to us.
Who’s bankrolling you?
We Buy Any Home is a cash-buying company, so we have significant cash reserves to ensure sales can be completed in a fast and hassle-free way.
What advice would you give other entrepreneurs trying to secure that kind of finance?
Be persistent, don’t take no for answer. If you believe in a project don’t give up after the first rejection. You need to be prepared to build your own track record and show that you can be trusted with someone else’s money
What do you believe the key to growing this business is?
I believe that if we continue to offer an efficient and trusted service, and continue to raise awareness to the public that there are alternative ways in selling their home without having to go through the stresses and strains of the UK property market, we will continue to grow within our sector.
What metrics do you look at every day?
All aspects of the UK property market and the key trends. We monitor the number of mortgage applications, the price index, the number of new listings, the average time properties take to sell and the number of sales across the UK.
What’s been the most unexpectedly valuable lesson you’ve learnt so far?
That each property is individual and has its own merits. It is also important to really understand the true needs of your customers in order to provide them with the best possible service.
What’s been your biggest mistake so far?
When we first started up We Buy Any Home, the biggest mistake we made was not doing enough due diligence. We have now built-in strict processes to make sure this doesn’t happen again.
What do you think is on the horizon for your industry in the year ahead?
The property market can be hard to predict. We like to think that with more consumers becoming more aware of our service, we will be able to continue to help many more people who need to sell their home quickly.
Which London start-up/s are you watching, and why?
It’s always fascinating to keep an eye on property startups – with adaptations in technology you just never know what will launch next!