Investor Materials
The Ai-Native PropTech OS.
Two Growth Engines. One Platform.
Bottom-up financial model. Revenue from partner-led property activation, leads marketplace, and CRE enterprise — modeled with disciplined denominator methodology.
Section 1
Revenue Trajectory
Base Case (published), Conservative and Upside (reference only).
Revenue projections are modeled bottom-up from serviceable partner reach, conversion, ARPU, churn, and integration timing. The base case uses only directly countable reachable properties from current partner channels and excludes additional expansion from broader physical-security and enterprise partner ecosystems.
| Scenario | Y1 | Y2 | Y3 | Assumptions |
|---|---|---|---|---|
| Conservative | $0.56M | $2.16M | $4.37M | 0.5%/1.25%/2.5% conv; $9,600 ARPU; 12%/10%/9% churn |
| Base | $1.44M | $5.52M | $11.16M | 1.0%/2.5%/5.0% conv; $12,000 ARPU; 10%/8%/7% churn |
| Upside | $2.76M | $11.16M | $21.15M | 1.5%/4.0%/7.5% conv; $15,000 ARPU; 8%/7%/6% churn |
Formula
Revenue = (Partner Reach × Conversion) × ARPU × (1 − Churn) × Revenue Recognition Factor
Y1 recognition: 8/12 (4-month integration lag). Y2-Y3: 1.0. Base denominator: 20,000 reachable properties (ButterflyMX).
Section 2
8 Revenue Engines — Two Speed Lanes
Revenue from day one via the Fast Lane (nationwide, no geo dependency) plus high-moat Build Lane revenue (per-market, partner-led).
PLG Funnel: Pay-Per-Listing at $19/30 Days
Zillow charges ~$10/DAY ($300/mo). RA charges $19 FLAT for 30 days. An agent paying $19 × 5 listings = $95/mo → Pro at $89 = obvious upgrade. Owner starts free → adds Voice ($49) + Alexa ($29) + Access ($19) = $97/mo recurring.
Fast Lane — Nationwide Tomorrow
Agent SaaS
$89-$1,299/mo — any agent, any state. Voice Ai, Nelo Ai Copilot, Ai flyers/video, scheduling, CRM, lead scoring, DAV verification, FairScreen.
Pay-Per-Listing
$19/listing/30 days — non-subscribers. PLG funnel: 5 listings at $19 = $95/mo → $89 Pro subscription is obvious upgrade.
Owner Self-Serve
$29-$174/mo à la carte stack. Free vault → $29 Pro → Voice Ai $49 → Alexa $29 → Smart Access $19. Total with all: $127/mo.
Build Lane — Per-Market, High Moat
Property Management
$3-$10/unit/mo — FairScreen screening, Stripe billing, Esusu credit, ChargePoint EV, HAL access, Voice Ai, 3DGS tours.
Vertical Enterprise
HOA $1.25/unit • Campus $100K-$500K ACV • Senior $35-$175/unit • CRE $199/seat
Marketplace
Leads $25-$1,500 per lead • 12-20% platform take • Application fees $50 • DAV-verified, Gemini-enriched.
Partner Rev-Share
Insurance 15-25% commission (Lemonade, Rhino, Sure, TheGuarantors) • Deposit alternatives • Esusu credit reporting • ChargePoint EV billing.
Energy & ESG
20% of utility savings via virtual power plant • Demand response • Time-of-use arbitrage • LL97 carbon compliance • ChargePoint EV revenue.
Lead Marketplace Tiers
| Tier | Price | Positioning |
|---|---|---|
| Bronze | $25-$100 | Basic verified leads |
| Silver | $75-$250 | Enriched leads with intent signals |
| Gold | $200-$500 | Researched leads with financial qualification |
| Platinum | $500-$1,500 | Full intelligence package with agent-ready briefings |
Section 3
Margin Expansion Bridge — Modeled, Not Proven
Gross margin expansion is modeled primarily from declining inference cost intensity driven by semantic caching, prompt compression, smart routing, and selective migration of repetitive internal tasks toward lower-cost model lanes.
Inference Cost Drivers
Semantic caching, prompt compression, smart model routing, and premium escalation only when justified — driving inference cost down systematically over time.
Section 4
Capital Efficiency
Partner-led distribution drives CAC far below organic channels.
At $50K/month Acquisition Budget
| CAC | Agents/Month | Time to 1,000 Agents |
|---|---|---|
| $150 | 333 | ~3 months |
| $300 | 167 | ~6 months |
| $800 | 62.5 | ~16 months |
Partner-led reaches 1,000 agents 10-13 months faster than organic.
Section 5
NOI Sensitivity — Illustrative
Illustrative sensitivity analysis by portfolio size. These figures are modeled estimates, not proven outcomes.
| Portfolio Size | Fraud Bad Debt/Unit | 200-Unit Exposure |
|---|---|---|
| 2,000 units | $514.50 | $102,900 |
| 5,000 units | $205.80 | $41,160 |
| 10,000 units | $102.90 | $20,580 |
FairScreen Fraud Reduction Impact
| Reduction Level | Savings Range |
|---|---|
| 25% fraud reduction | $5.1K-$25.7K |
| 50% fraud reduction | $10.3K-$51.5K |
Voice AiLabor Savings
| FTE Equivalent | Annual Savings |
|---|---|
| 0.5 FTE at $60K | $15K |
| 1.0 FTE at $60K | $30K |
Combined NOI Uplift (Illustrative)
Using 5,000-unit equivalent + 50% fraud reduction: combined NOI uplift ~$35.6K-$50.6K.
Section 6
Market Benchmarks
Key reference points from partner and competitor ecosystems.
| Company | Metric | Source |
|---|---|---|
| 20,000+ properties, 1.5M+ units | 2025 Year in Review | |
| 1B+ sqft, 80 countries | Post-Eagle Eye merger | |
| $4.067B FY2025 revenue | FY2025 10-K | |
| Zillow | ~$2.6B FY2025 revenue | FY2025 10-K |
| AppFolio | ~$951M revenue, 9.4M units | FY2025 results |
| EliseAI | 70% faster approval-to-lease | Public ROI materials |
| NMHC | $4.2M avg bad debt, 24.5% fraud-linked | 2024 Pulse Survey |
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Contact Founder: nelson@getra.ai