ListSiam — Investor Deck

ListSiam · 2026

LListSiam

Thailand's first
real-estate MLS.

One network for a market with none — where agents co-broke, developers launch, and owners sell direct. Powered by a live consumer marketplace already doing the work.

Seed round · raising $4M

Investor deck · confidential · part of the WholeVoyage network

02 · Problem

The problem

Thai property is a $-billion market running on chaos.

No MLS exists. Thailand has no multiple-listing service — the cooperation layer every mature market runs on.
Agents hoard listings. No standard co-broking, so deals die and buyers overpay.
Inventory is scattered across a dozen portals, Facebook groups, LINE and roadside signs — the same villa listed 5× at 3 prices.
Buyers fly blind and fear fraud; sellers lose 3–5% to commission baked into the price.

03 · Market

The market

Big, foreign-fueled, and digitizing fast.

฿60.9BForeign condo transfers, 2025 (REIC)

14,899Units bought by foreigners, 2025

0Competing MLS in Thailand

6+Hot regions: BKK, Phuket, Samui, Pattaya, Hua Hin, Chiang Mai

And that's just foreign condos — a slice of a far larger Thai + foreign market across villas, land and commercial. Demand is global: China, Russia, UK, US.

04 · Solution

The solution

Two products, one flywheel.

🏝️ OFS — ofsthai.com

The consumer marketplace. Owner-direct + aggregated listings, map search, no commission. Live now with 1,250+ listings. This is the demand engine.

🤝 ListSiam — the MLS

The agent network behind it. Agents co-broke and split commissions fairly, developers launch, everyone shares one clean pool. This is the supply + revenue engine.

Buyers come to OFS. Agents power it through ListSiam. The data spine compounds underneath both.

05 · Product

How it works

The cooperation layer Thailand never had.

Agents post once, co-broke with the whole network, split on a standard agreement, and close more deals.
Developers launch projects to every agent at once with lead routing.
Owners sell direct on OFS — and reach the agent network too.
Developers & banks tap a clean API + market data (dev.listsiam.com/developer — live).

06 · Traction

Traction — already live

We didn't come with a slide. We came with a product.

1,250+Real listings live on OFS

2Domains live: ofsthai.com + listsiam.com

v1Developer API shipping (keys + docs)

$0→Built lean on a proven engine (~200-site network)

Map search, owner listing flow, payments, an agent MLS with co-broke, and a keyed API — all built and running today.

07 · Model

Business model

Stacked, recurring revenue.

Agent SaaS (MRR)

Monthly subscriptions — Solo / Team / Agency. The durable core.

Transaction & leads

Co-broke success fees, featured boosts, and a buyer-lead marketplace.

Data & API

Market analytics + metered developer-API tiers to banks, developers, portals.

Developers & white-label

Paid project launches + licensing the engine to agency networks.

08 · Why now

Why now

The window is wide open.

No incumbent MLS to displace — first mover defines the standard.
Foreign demand at record highs and going digital.
Agents are ready to cooperate — the tools just never existed.
AI-built & lean — we ship in days what took teams months, at a fraction of the cost.

09 · Moat

Competition & moat

Portals sell ads. We own cooperation + data.

DDProperty / FazWaz / Thailand-Property are agent-ad marketplaces — not an MLS, no co-broking, no shared standard.
Zillow / Redfin don't operate in Thailand at all.
Our moat: the co-broking network (agent lock-in via deal-flow), the canonical de-duplicated dataset, and the OFS↔ListSiam flywheel feeding both.

10 · GTM

Go-to-market

Agents first, region by region.

Founding agents — free early access, co-broke from day one (target 50, then 500).
Agency partnerships — onboard whole teams + inventory at once.
Regional ambassadors in Phuket, Samui, Bangkok, Pattaya.
OFS flywheel — consumer demand pulls agents in; agents bring inventory that pulls more buyers.

11 · Team

Who's building it

A builder, not just a deck.

Paul Terry Walhus — Austin internet pioneer (springnet), 30+ years shipping on the web.

Founder & operator of the WholeTech network — ~200 live sites run lean by one operator. The same engine that built OFS and ListSiam in days, not months.
Rooted in Austin's startup community around Capital Factory.
Also builds texascoworking.com and wholethought.com.
Proof over promises: OFS and ListSiam are already live and growing — this isn't a concept, it's a running product.

Capital buys speed — an AI-native operator who builds and ships, not just plans.

12 · The ask

The ask · seed round

Raising $4,000,000.

Engineering & product (MLS, app, data)	$1.4M
Agent & agency acquisition (founding network)	$1.2M
Marketing, brand & PR (consumer + trade)	$0.7M
Data, legal, compliance (PDPA, co-broke)	$0.4M
Operations & runway	$0.3M
Total seed	$4.0M

Targets: 500+ paying agents, nationwide coverage, and a defensible data moat within 18 months. Illustrative allocation.

13 · Vision

The vision

The rails Southeast Asia's property market runs on.

Win Thailand — the market that should have had an MLS a decade ago — then clone the model into the next no-MLS markets: Bali, Vietnam, the Philippines. ListSiam becomes the cooperation + data layer for the region's real estate.

14 · Contact