Win A Rye Home Review
A unique property that's currently being used as a holistic health business in Rye, West Sussex is the prize on offer in this home competition. Running on the new property platform, FrogHopping, tickets for this one will cost £20 each with payments being made via Paypal.
Launched: 5th April 2021 Closes: 15th December 2021
Location: Rye, West Sussex, TN31 7AD
House Value: £400000 (4 Bedrooms)
Ticket Price: £20.00
Minimum Ticket Target: 65000
Tickets Sold: Unknown
Cash Alternative: 80% cash alternative
FrogHopping have added a third property to their competition portfolio. This time you have the chance to win The Elysian Centre. Although it's currently being used as a holistic health business and therefore has commercial pontential, the property also does have living accommodation. The property was renovated in September 2016 but no valuation is given. However we have found a similar property in the area on Nestoria that's selling at just under £400,000. It's unclear whether the winner of this competition would get the business plus property or just the property.
How To Enter The Competition
The downstairs of the property on offer comprises three therapy rooms and a large studio area. Upstairs are three bedrooms, living area, kitchen balcony and a conservatory. The conservatory is accessed via the master bedroom which also has en-suite. 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 or online payments. We're happier to see that online payments can be made although this is only via desktop. If you're using mobile then you can only purchase via Paypal.
Over 65,000 Tickets
The owner of the property has set a minimum ticket revenue of over £1.3million plus a ticket price of £20. This means that they need to sell at least 65000 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.
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?
We're surprised that FrogHopping have added a third property to their roster before the completition of at least one of their other competitions. They could have reviewed the data and assessed how things worked out. We still think £20 a ticket is excessively high and it'll be interesting to see the results of the first two competitions when they come in. The valuation of this particular property is also a concern. We're not convinced that this three bedroom property is worth £1.3million and that puts it's ticket target at way more than excessive. Maybe the business element pushes the price up but if that's the case then more information needs to be included.
The same issue applies to this competition as to it's predecessors. FrogHopping need an audience in order to help ticket sales. Just over 600 followers on Facebook isn't enough and although they've got some local media coverage they'll need to do more - as will their property sellers. And even then that doesn't guarantee a home winner. Adding referral and affiliate schemes may help but the biggest improvement must be with respect to the ticket price. At £20 not many are going to be willing to take a punt. Not when it can get you 5 to 10 tickets on most Raffall competitions.
The closing date of this competition has been extended until mid-December 2021
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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