Brian, I want you in this from the start.
Not as a passive shareholder. As a hands-on director helping me build an Irish estate agency whose operating labour is increasingly software and AI, while licensed people retain control of the decisions that actually require judgement.
The transaction is already structured. The industry still executes too much of it manually.
Estate agency will remain a relationship and judgement business. The part I want to change is the coordination layer underneath it: onboarding, verification, scheduling, communication, offer recording, reminders, reporting and progression.
Human coordinated
People manually move information between vendors, buyers, portals, calendars, documents and solicitors.
Workflow coordinated
The platform owns state, deadlines, evidence, audit history and the next required action on every transaction.
Operational labour
AI extracts, drafts, explains, summarises, chases, matches and recommends inside defined permissions.
Judgement and authority
Licensed people handle sign-off, regulated advice, AML approval, complaints, exceptions and high-value negotiations.
A complete property transaction operating system, not a chatbot wrapped around an estate agency.
The long-term product is a single first-party platform covering the seller, buyer, listing, viewing, offer and sale progression journey. Third parties are used only where they are genuine external rails: portals, banking, communications and authoritative data.
The normal transaction should advance unless something genuinely needs a person.
That is how we get scale without simply building another labour-heavy agency.
The AI never gets permission to quietly become the estate agent.
Every meaningful action travels through a policy layer. The model can interpret or propose. The domain rules decide whether the action is permitted. Human approval is required where the law, risk policy or operating model says so.
Extract
Documents, identity details, property data and incoming correspondence.
Draft
Listings, emails, buyer replies, seller updates and progression messages.
Match
Buyers to homes, comparable properties and stalled cases to likely causes.
Monitor
Deadlines, missing items, portal failures, offer activity and listing performance.
Recommend
What a licensed person or seller should review next, with evidence attached.
Escalate
Anything uncertain, regulated, exceptional, suspicious or outside confidence limits.
Hard rule: AI cannot create a property fact from inference, fabricate an offer, approve AML, issue an AMV, change seller authority or bypass a required licensed-person gate.
Auctioneera proved the Irish market will accept technology and a fixed-fee proposition. EstateOS changes the operating model underneath.
Auctioneera publicly advertises a €3,995 + VAT full-service fee with onsite valuations, hosted viewings, negotiation and a dedicated expert agent. The point is not that this is a bad service. The point is that the labour model remains central. EstateOS is designed so software owns far more of the transaction workflow.
| Capability | Auctioneera today | EstateOS target model |
|---|---|---|
| Core model | Digital-first estate agency with dedicated human agents. | Structural difference Software-native transaction engine with licensed exception handling. |
| Valuation | Free onsite valuation. | AVM and comparable evidence prepare the file; qualified licensed professional approves or escalates. |
| Viewings | Agency hosts all viewings. | Seller-hosted and automated scheduling by default; assisted hosting is optional. |
| Buyer proof | Buyer proof is managed as part of the sale process. | Reusable Buyer Passport stores funding, chain and readiness status across the platform. |
| Property questions | Human team plus dashboard/customer support. | Property-specific AI concierge answers only from verified property facts and escalates uncertainty. |
| Offers | Transparent online bidding and seller updates. | Immutable structured offers plus buyer strength, conditions, chain and full audit evidence. |
| Progression | Human coordination remains an important part of service delivery. | Milestone engine chases status and puts only exceptions in front of staff. |
| Scaling | Additional volume still creates meaningful additional human workload. | Additional volume is intended to create more compute, field capture and exceptions rather than a near-linear staff increase. |
Public benchmark checked September 2026. Sources are listed at the end of this proposal.
Automation only matters if the experience is better, not merely cheaper.
One live control room
Readiness, listing performance, viewings, verified offers, instructions and sale progression are visible without waiting for somebody to ring back.
One reusable identity
Buyer Passport means a purchaser can verify themselves once, then book, ask questions and make structured offers across the platform.
Evidence rather than reassurance
Offers, conditions, document versions, seller instructions and key workflow events are recorded and auditable.
24/7 transaction progress
Routine updates and next actions do not wait for office hours, while important judgement calls still reach the right person.
Demand starts before Daft
As the buyer graph grows, a new listing can be matched to verified buyers before or alongside portal publication.
Property Passport
The relationship can remain after completion, so future documents, improvements and ownership history reduce friction when the property sells again.
We do not need to dominate Ireland for this to become a significant company.
The CSO recorded 63,440 dwelling purchases at market prices in 2025 with a total value of €26.9bn. The investment case is about capturing a small, profitable share with a lower labour cost per completion.
Dwelling purchases at market prices filed with Revenue.
Total 2025 value of those purchases.
Approximate annual completions at half of one percent of that market context.
Approximate annual completions at one percent.
This market figure is context, not a claim that every transaction is addressable by the initial product.
Brian, this is the part I want you to challenge hardest.
The model is intentionally transparent. CAC is measured per completed sale, not per lead. Direct fulfilment is also measured per completion and includes an allowance for unsuccessful or withdrawn instructions so the economics are not flattered.
Steady-state unit economics
Illustrative per completed sale
Break-even at Year 2 fixed overhead
Using €270k fixed annual overhead and €920 contribution per completion
Interpretation: the base case assumes 350 Year 2 completions, modestly above modelled break-even. If CAC or direct cost is worse than expected, break-even moves materially higher, which is why the first 50 to 100 transactions matter.
Five-year operating scenarios
Switch the case rather than pretending one forecast is certain.
Revenue and EBITDA
€m, ex VAT
Base case
Five-year summary
Live financial lab
Change the assumptions together in the meeting.
Illustrative operating model only. Excludes corporation tax, financing costs, VAT timing, capex and working-capital movements. It is designed for pressure-testing, not as an audited forecast.
Use founder-built technology to keep cash focused on getting the agency to proof.
Paid acquisition, launch PR, seller valuation funnel and market testing.
Initial regulated and customer operations capacity while automation is proving itself.
Company setup, professional advice, insurance, licensing, portal/data and compliance preparation.
Field capture, signage, hosting/security, operational setup and buffer.
I want you as a working director, not just a shareholder.
You already understand the regulated property business at scale. KPM operates nationally across property management, portfolios, sales and lettings, and publicly lists PSRA Licence No. 002057. You also have your own PSRA licence in place. That experience can materially reduce the learning curve around how we launch and operate NewCo.
NewCo would still need the correct company licence, professional indemnity insurance and Principal Officer / licensed-person arrangements. Your existing licence does not simply transfer across. The value is that we start with someone who understands the reality of the regulated business rather than learning it from scratch.
The formal director role, duties, share rights and any conflict-management arrangements with existing businesses would be documented properly before appointment.
The most valuable thing you can bring may be operating leverage, not the cheque.
A seeded listing saves acquisition spend and accelerates revenue. Covered staffing preserves launch cash. Experienced commercial judgement can prevent expensive mistakes. I want the investment structure to recognise real operating value when it is measurable.
Inventory on day one
Real instructions mean buyer registrations, viewings, offers, reviews and data immediately rather than spending months buying the first proof.
Lower wage burn
If a strategic investor genuinely funds or provides operational capacity, the cash round lasts longer and more of it can stay in growth.
Lower CAC
Landlord, investor, fund and developer introductions reduce reliance on paid seller acquisition and can create higher-value inventory.
Illustrative Brian contribution model
This does not set an equity value. It shows why operating contribution matters economically.
These measures should not be added together as though they were all cash-equivalent equity value. They are separate lenses showing the operating effect of strategic contribution.
I am prepared to be generous on equity if the investor group genuinely helps operate the company.
My preference is to keep the initial cash round simple, then let additional equity be earned against measurable operating contribution rather than handing it out for vague promises.
Initial structure76 / 24
Illustrative cash close: €200k investor cash for 24% of NewCo, leaving 76% founder side before strategic earn-in.
Core strategic earn-into 70 / 30
A further 6% can vest against agreed listings, operating support, cost replacement, strategic partnerships or other measurable contribution.
Exceptional operating supportas far as 60 / 40
I am willing to go as low as 60% founder side if the extra 10% reflects genuinely substantial benefits such as major staffing expense being covered, additional capital, meaningful inventory or other cash-equivalent operating leverage.
Principleearned, measured, documented
No double counting. No automatic entitlement. Milestones and vesting mechanics should be defined in the shareholder agreement with professional legal and tax advice.
I want strong investors around the table without accidentally giving away control before the model is proven.
Founder control at launch
Illustratively, a three-person board with founder-appointed majority and one investor / working-director seat, subject to final shareholder agreement.
No silent dilution
New shares, new share classes, changes to voting rights, sale of core IP, sale of the company and other control matters should require founder consent while agreed founder-control conditions remain satisfied.
Real minority rights
Investors should receive proper information rights, pre-emption, class protection, tag-along protection and governance visibility. Control protection should not mean unfair treatment.
This is a commercial objective, not legal drafting. Exact share classes, voting rights, director powers and reserved matters must be structured by an Irish corporate solicitor.
Do not wait until cash is low and then issue cheap equity from a weak negotiating position.
Shareholder loan facility
Pre-agree the ability to access perhaps €100k to €150k of additional shareholder lending before considering another equity issue.
Reduce the burn
Use investor-supplied listings, staffing support and operating resources to get further with the same cash and move break-even forward.
Raise equity after proof
If another equity round makes sense, do it after real completed-sale data so the valuation reflects evidence rather than an early-stage promise.
The first 100 completed sales are the real funding milestone.
Transaction kernel works
Identity, authority, seller onboarding, listing, viewing, offers, audit and progression operate safely end to end.
Real inventory
Initial properties go live with real sellers and real buyers rather than a demonstration environment.
Prove completion
Demonstrate that the product can get normal residential sales from instruction to close.
Measure economics
Replace assumptions for CAC, fulfilment cost, human minutes and drop-off with observed data.
Prove repeatability
Know if the economics are improving with volume and whether the automation thesis is actually working.
Scale from evidence
Decide whether to self-fund, increase national rollout or raise further growth capital from a stronger valuation position.
The technology is not the only thing that has to work.
Seller acquisition
Can we consistently acquire instructions at a completed-sale CAC that supports the fee? This is why seeded listings and the first 50 measured sales matter.
Customer trust
Will sellers trust a technology-led service with their largest asset? The product must feel more transparent and supported than a normal agent, not merely cheaper.
Regulatory execution
Automation must not drift into unlicensed activity or weaken AML, record-keeping, consumer protection or professional judgement.
Operational reality
Our assumptions on fulfilment cost and human minutes could be wrong. The system is deliberately designed to measure both at transaction level from the beginning.
Help me build this as the cornerstone working director and founding shareholder.
I am going to build the technology. What I want from you is the property operating experience that makes the company credible, efficient and commercial from day one.
Pressure-test the model
Tell me where the process, staffing assumptions, pricing or property logic is wrong before we spend money proving it the expensive way.
Help seed the business
Bring appropriate launch listings, industry relationships and operating support so we start with activity rather than an empty platform.
Come in properly if it stacks up
Take a meaningful role in NewCo as a working director and founding shareholder on a structure that rewards the real value brought to the business.
What is public fact and what is an operating assumption.
Irish market: CSO recorded 63,440 dwelling purchases at market prices in 2025 with a value of €26.9bn. CSO source.
Auctioneera benchmark: Auctioneera currently publishes a standard fee of €3,995 + VAT and advertises free onsite valuation, professional photography, floor plans, hosted viewings, negotiation and a dedicated expert estate agent. Fees · Services.
KPM: KPM publicly describes property management, portfolio management, sales and lettings work and lists P.S.R.A Licence No. 002057. KPM · Services.
PSRA: PSRA states that a company or partnership licence application can rely on a Principal Officer meeting the relevant qualification requirements, while the company and the individuals providing property services require the appropriate licensing arrangements. PSRA new licence guidance.
Financial model: seller fee, direct fulfilment cost, CAC, fixed overhead, completion volumes, EBITDA and break-even figures are discussion assumptions, not audited forecasts or guaranteed outcomes. The point of the live model is to change them in front of Brian and see whether the business still works.
Equity and governance: all share percentages, strategic vesting, shareholder loans, founder-control protections and director arrangements are commercial discussion points only. Final terms require Irish corporate legal and tax advice.