A four bedroom family home located 2 miles from Canterbury city centre is the prize on offer in this latest property contest. Running on a new property platform, Frog Hopping, tickets for this one will cost £4 each with payments being made via Paypal.
Launched: 18th February 2021 Closes: 18th May 2021
Location: Canterbury, Kent, CT2 9BU
House Value: £350000 (4 Bedrooms)
Ticket Price: £4.00
Minimum Ticket Target: 118750 Tickets Sold: Unknown
Cash Alternative: 80% cash alternative
This is one of two properties currently listed on a new platform called FrogHopping (Feb 2021). They say that their service is the easy way to land your perfect pad. FrogHopping is a trading name of Zelar Investments Ltd, a company that was incorporated at the start of 2021 by Jeff Baker. The site itself is OK and there are some nice elements, especially the estate agent feel to the listings. However there are a few issues and entrants need to consider these before deciding to enter. However before we get on to them let's just take a look at the property on offer.
How To Enter
The second property on the FrogHopping site is a four bedroom, three bathroom semi-detached home in Canterbury. Downstairs is a kitchen/dining area plus living room whilst outside is a large garden which backs on to woodland. There's no secrecy with respect to the location of the home as the postcode and street are provided. There are plenty of pictures to look at and floor plans are also included. These are all things we've been expecting to see from platforms so kudos to FrogHopping for this. FrogHopping contribute a minimum of £1500 towards the winner's solicitor's fees. The remaining costs need to be met by the seller. Note the winner would need to appoint their own solicitor.
To enter the competition you need to complete your details and answer a multiple choice question. Interestingly you can select all the tickboxes which is something that needs to be addressed. Furthermore you aren't told whether the answer you have selected is right or wrong. Make sure you double check your answers with Google! You're then redirected to a payment page and then payment is required via Paypal. This is a potential problem as Paypal aren't too keen on their service being used for raffles. We think FrogHopping seriously need to look at using an alternative payment method as soon as possible.
Over 118,000 Tickets
The owner of the property has set a minimum ticket revenue of over £475,000 plus a ticket price of £4. This means that they need to sell at least 118,750 tickets (if our maths is correct) for the property to be sold. Note that there isn't a maximum number of tickets that can be sold. All competitions on the site run for three months and as far as we can see there are no extensions. If insufficient tickets are sold then a cash prize alternative is paid out. This we think is around 80% of the total revenue? The rest is retained by the company who also say that they will donate 20% of the remaining revenue to Shelter UK.
As explained in our other review, the site does provide a couple of examples regarding how they determine if enough tickets have been sold. In one example they show what happens if 80% of sales are made. We think there is an error here because the amount paid as cash is shown is the 80% minus the stamp duty due. As the stamp duty isn't due (as the house hasn't been won) then we'd expect the 80% to be the full 80%. Another interesting note is that if a competition attracts over 150% of revenue then the site retains all revenue over 150%.
Should You Enter?
New platforms and/or new home competitions are always a risk. They have no history and no background, but everyone has to start somewhere. The property on offer is attractive and would make a lovely family home. The £4 ticket price is a lot better than the £20 required to enter the first FrogHopping contest. Entry via Paypal is a risk for the site as Paypal could pull out at any time. They don't like raffle sites. Refunds if a competition is cancelled is not mentioned in the terms but if you pay via Paypal then you should have some protection.
As a new site FrogHopping also needs to build an audience otherwise these competitions aren't going to attract entrants. From what we can sellers are going to have to still work hard - as they do on their own sites or via Raffall - in order to sell the tickets. This basically means the first few listings on the site are going to have a much tougher time than later listings - if - the site is successful. Whilst the ticket price is more tempting for this particular contest we do wonder how it's going to perform in three months against Raffalls and other platforms.
Disclaimer: Details shown above were correct at time of writing and are provided for information purposes only. Images are used under fair use policy. Map location is approximated by Google based on postcode/location info. Any links provided are not an endorsement from Loquax. In some cases Loquax may earn a referral fee from sales this does not effect our review. We strongly advise all visitors do due diligence on each contest before deciding to enter. Terms and conditions apply. Begambleaware.org.
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