Guests: Tyler Smith, Daniel Ramsey
Recorded: November 23, 2021
Our CEO Daniel Ramsey recently hopped on a Zoom call with the infamous Tyler Smith. If you’re in the real estate business at all then you are likely familiar with at least his company; SkySlope. Tyler founded SkySlope in 2011 and since then they’ve grown to become the industry leader in digital transaction management software. Once upon a time, Tyler earned a spot on Realtor Magazine’s coveted “Top 30 Under 30” list, when he was a hotshot realtor himself. His experience in the real estate game lead him to want a better way to do business, hence his creation of SkySlope. It started off as merely a platform for taking brokerages paperless and has evolved over the past 10 years into much more.
Daniel and Tyler have known each other for years, which should come as no surprise being that they’re both successful entrepreneurs in Sacramento, California. This “Zoom hangout” ended up being a value-packed conversation that covered numerous topics. From the current state of our economy to the future of real estate business and technology, it’s hard to pick just one discussion topic from the whole session. So that’s why I didn’t! Instead, I’ll highlight a few of the more interesting matters they discussed. For the full experience, I highly recommend watching the video above or reading the transcript at the bottom of this page. This is value-packed.
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Daniel Ramsey: I was up.
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TS: Oh, my gosh I don’t recognize you you love your two and shake your two and Shay.
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Daniel Ramsey: dude you want you want to see a six pack you.
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Daniel Ramsey: know no I was just fucking with you.
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Daniel Ramsey: know you know what you’ll laugh at this, but I just stopped drinking for like a year.
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TS: that’s it.
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Daniel Ramsey: that’s literally it and, like my whole life i’m like I can’t you know exercise do this do that and I couldn’t give up the drink and then this year I just gave up the drink.
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Daniel Ramsey: Which is wild.
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TS: looking good Dan always great to see you buddy G look at your setup there that’s legit.
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MOD Virtual Solutions: And, but the Home Office.
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TS: You got better you got a better setup and we do I love it.
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MOD Virtual Solutions: and make it look cool you know.
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TS: I got take a screenshot of this this just looks too good and not have it, you know they need this is.
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Daniel Ramsey: His Home Office is like legit I don’t even know what’s back there but it deadpool Mike in the background.
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MOD Virtual Solutions: nerdy shit man nourishing shit.
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Daniel Ramsey: Like nerdy shit i’m doing Tyler it’s been a long time what’s going on.
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TS: Man, you know what do they say everyone always This is like the new things like snapping checks and snapping next and cashing checks, they say I don’t know.
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Daniel Ramsey: i’ve never said that shit.
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Daniel Ramsey: I know what you’re talking about and i’m not even sure.
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TS: Either good life’s good.
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TS: grind and grind I love it.
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Daniel Ramsey: Good good so we’re supposed to chat.
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Daniel Ramsey: yeah I don’t know what about so we got all kinds of options, I do want to hear your updates, but I also want to make sure we make something that’s fucking cool that somebody would actually listen to and be.
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TS: interested in.
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Daniel Ramsey: So yeah, what do you got.
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TS: who’s your audience.
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Daniel Ramsey: Just entrepreneurs, mostly.
00:07:10.920 –> 00:07:16.140
TS: Not real estate related specifically on general general ISM.
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Daniel Ramsey: yep yeah.
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Daniel Ramsey: Anybody who’s building shit like.
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Daniel Ramsey: yeah we.
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TS: Early mid stage late stage, all.
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Daniel Ramsey: Mid most most mid like.
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Daniel Ramsey: The half a million to like 10 million is kind of our sweet.
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Daniel Ramsey: Spot we have very few.
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Daniel Ramsey: Like over 50 million, but a couple.
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TS: cool cool.
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Daniel Ramsey: What about you and we’re we’re recording but none of that you know we’re just.
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TS: about that, I mean, I think I read about anything I can go any route you want.
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TS: yeah it’s easy for me interview styles.
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TS: super easy discussion style super easy so.
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TS: I can walk them.
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TS: Anything that you want.
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Daniel Ramsey: Great what’s what’s going on with the acquisition.
00:08:02.940 –> 00:08:05.550
Daniel Ramsey: And i’m like you’re you’re three years in right.
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TS: two, three or years.
00:08:07.200 –> 00:08:08.280
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TS: 3 so just past four years.
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TS: we’re doing great we’re about to make some some acquisitions I can’t talk about the acquisitions, but we are, we are acquiring.
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TS: and growing we have great growth this year we’ve opened up our platform for the business and we open it up now, we sell form, so if you think about real estate cycle we’ve always been a post execution platform.
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TS: Right now we are pre execution mean forms a digital signature opposed to just i’ve got my documents and it’s a real deal put them in we’re almost like a file cabinet now we’re a an open file cabinet call it.
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TS: So we’re doing that and it’s been huge like we’re landing and molasses and associations to direct to agents, so we don’t sell the brokers only anymore, we will now go to association so like oranges sign up 17,000 agents.
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Daniel Ramsey: Sorry, you guys you guys are going after when forms basically.
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TS: yeah zip forms that’s the one you probably know, dot loop.
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TS: there and then us there’s no one else really doing the form stuff and it’s hot it’s really expensive we spend a lot of money more than we probably should the licenses like these forms that that we give it back to the Members who already paid for the forum so.
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Daniel Ramsey: Free yeah.
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TS: yeah but I get it, I get it it’s their proprietary.
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TS: You know forms and their contract.
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TS: that’s really cool so that’s that’s a big focus of ours, I mean you go into get 70,000 agents opposed to what brokerage or you know Silva has 70,000 agents it’s it’s a lot different cell for sure.
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Daniel Ramsey: that’s interesting and and it’s still in your wheelhouse, which is that big enterprise sales kind of style on a handful of folks.
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TS: Because because it tells guys love it because we sign up 17,000 agents, like in Oregon we have about 50% of the agents are already use our platform through the brokers that pay us now, you can see agents are going and using our our forms product sales can now say hey.
00:10:07.590 –> 00:10:17.280
TS: Dan guess what like 14 of your 30 agents are using the forms product, you should just get the platform that all ties together and so now it’s almost like a sales channel.
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TS: Which is great, and they have everything in one so now they don’t have you know all these different types of technologies that they’re using which ages love that brokers love it so it’s a it’s new to us we’ve been about for a year and it’s like it’s just the right thing right now.
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Daniel Ramsey: yeah how sky TC last time I talked That was a big.
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TS: Bird were there’s pros and cons it’s a very difficult business it’s a service based business, you know more about that than anybody.
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TS: So that’s.
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Daniel Ramsey: percent 15% baby.
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TS: yeah so that’s one number two we have 30 transaction coordinators ish maybe 33 maybe 29 somewhere around there.
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TS: And they do I believe they are better than the standard transaction coordinator, they handle more files which is good for business side of things.
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TS: What we’re doing now is now that we hire and have people remote now let’s open up the floor, we have a new person, I have a new CEO who’s running all of that i’m not doing it, but he’s overseeing it I should connect you guys we we’ve never done well with outsourcing for it.
00:11:19.830 –> 00:11:23.400
TS: yeah we’ve we’ve tried this I think two times.
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TS: we’ve had discussions.
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TS: But I know, an appetite because it’s a very difficult business meaning margin business hitting numbers predictability, because things closing don’t close the last day of the month, you might have more closings that he did the first five days of the month, so it’s just a very difficult.
00:11:41.910 –> 00:11:44.070
TS: it’s a very difficult business we constantly get.
00:11:45.420 –> 00:11:56.520
TS: Our folks over you know F and F going like hey Is this something that you guys want and we’re like yeah we’re investing in, if you like it if it gets a great business, but it is very, very different difficult for sure.
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Daniel Ramsey: You were the remote i’m putting in the chat you were the guy that was against remote man.
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TS: hundred percent.
00:12:02.550 –> 00:12:10.440
TS: I mean forever well first off I think there’s pros and cons and we can get into that I think there’s fundamental good things and fundamental bad things.
00:12:11.040 –> 00:12:24.810
TS: One, we are on a we do have a Fridays, right now, so our whole company happy Fridays, so we do that, we also are fully remote, although we have about 20 ish the 50 people in in any given time with 20 people in a day.
00:12:26.280 –> 00:12:39.240
TS: But we’re fully remote night there’s pros and cons I have found that there’s a lot more meetings going on, because we’re remote, which I don’t like because of meetings only slow down productivity unless it’s like we should have meetings to decide not to meet.
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TS: I think there is benefits to collaborating on a whiteboard when you’re innovating and I have found that it’s tough for some folks to innovate.
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TS: Without in person, we can do it it’s just harder, because we want to throw up ideas we need all the players in the room, when you’re in front of a screen for the third hour of the day, or the fifth hour of the day, or the ninth meeting.
00:13:03.630 –> 00:13:12.630
TS: Yet different the energy changes, so we are pulling some people in for those types of meetings primarily on the product side I think that’s the biggest opponent that I have found.
00:13:12.840 –> 00:13:26.310
TS: is most effective thing mean they’re the ones they get about the product, how to sell the product what what mark product market fit there is what are all the different areas in teams it’s going to affect it’s the hardest department, in my opinion, to view alone right now.
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Daniel Ramsey: yeah, why are you shaking.
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TS: Mr I don’t know.
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Daniel Ramsey: yeah no no stop shaking.
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TS: Like my my movie no, I think the laptop I think you’re hitting the desk and it’s.
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Daniel Ramsey: Your laptop yet.
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TS: I don’t know man.
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Daniel Ramsey: d you’ve got add, like me, I probably yeah.
00:13:42.570 –> 00:13:45.420
TS: We have trucks outside so loud and the rumble.
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Daniel Ramsey: yeah are you guys still at K street.
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TS: Still there and more square footage 70 but we’re here.
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Daniel Ramsey: The that’s the you know it’s funny as we bought a building in 19.
00:13:58.800 –> 00:14:02.790
Daniel Ramsey: yeah and then the tenant moved out February 28.
00:14:03.810 –> 00:14:09.150
Daniel Ramsey: endemic hit 6700 square feet nobody’s here I mean i’m here the bookkeepers.
00:14:09.150 –> 00:14:10.470
TS: Here, trade, you said.
00:14:10.770 –> 00:14:13.200
TS: hundred square feet for 20,000.
00:14:13.380 –> 00:14:14.970
Daniel Ramsey: No, I don’t want that I don’t want.
00:14:15.270 –> 00:14:17.460
TS: I don’t even want my 6700 square feet.
00:14:17.490 –> 00:14:23.700
Daniel Ramsey: You know, like that’s that’s crazy town um What about the Ai stuff you guys were working on how’s that going.
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TS: So we have a team right now fully dedicated to machine learning i’m building now where we can extract document text out of these.
00:14:34.530 –> 00:14:45.630
TS: Documents identify the documents and then use that data to do things on behalf of our users, so you can imagine, when you create a transaction in sky slope, you are.
00:14:46.560 –> 00:14:55.500
TS: typing in a lot of different data points so we’re making our mls data and we’re going to be taking the data inside the document to then complete the transaction for the user.
00:14:55.770 –> 00:15:06.570
TS: We believe our thesis is at some point we’ll be able to read the contracts understand them and audit them better than an admin or an auditor.
00:15:06.810 –> 00:15:08.700
TS: Therefore, brokers will want to.
00:15:08.700 –> 00:15:14.100
TS: continue to use our services, because we can help them focus on matters most.
00:15:14.160 –> 00:15:16.590
TS: When we’re pushing on it’s like less less.
00:15:16.650 –> 00:15:29.010
TS: Less screen time or facetime you know whether that’s an admin happy more face time with their their agents or recruiting or whether that’s a page that has more face time, whether it be the face time with the camera or the belly to belly face time.
00:15:29.040 –> 00:15:29.640
Daniel Ramsey: yeah yeah yeah.
00:15:29.760 –> 00:15:34.530
TS: they’re with their clients and, at the end of the day, agents care about two things serving their clients.
00:15:34.860 –> 00:15:47.490
TS: Which equals into more money in revenue right, and so we can help them do that more, why should they be doing this transaction management platform stuff like it should just work automatically almost like a self driving transaction so.
00:15:48.630 –> 00:15:49.470
Daniel Ramsey: So i’m wonder.
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Daniel Ramsey: it’s interesting the Ai is interesting, are you guys playing with data, like in the title world yet like are you integrating title into your platform and are you looking for blockchain to eventually for you guys to be the blockchain piece.
00:16:05.880 –> 00:16:16.500
TS: we’re not we’re not that far yet we have discussions about it, or we have some some models we’re working on, however, right now we are integrating title, so if you think about it.
00:16:16.920 –> 00:16:29.910
TS: agents, you know this your folks your whole team that when you’re in production reporting for a real tour you’re doing several different H you’re ordering escrow title insurance inspections home warranty natural hazard reports all the stuff.
00:16:30.150 –> 00:16:45.090
TS: we’ve integrated that all in our platform, so the one click button one click button one click open escrow and you can do that, all in one place, and so we believe that the more than of those services that you have to go outside of somewhere to do like let’s bring them into our ecosystem.
00:16:45.300 –> 00:16:46.560
TS: and allow for agents.
00:16:46.590 –> 00:16:56.040
TS: And or transaction to do it we’re doing it for ourselves, because if it makes sense for our PCs, which is a service based business where it speeds them up, we think it’ll speed agents up.
00:16:56.130 –> 00:16:56.430
Daniel Ramsey: yeah.
00:16:56.550 –> 00:17:00.120
TS: Think about like the referral agreement it’s the craziest process.
00:17:00.420 –> 00:17:09.000
TS: They have to go into a zip forms they have to create a new account new file add the form send it to their broker assign send it to the New York agent broker to sign.
00:17:09.180 –> 00:17:15.150
TS: then get it back, and then they got to do something with it and wait for that realtor to like update them, which, as you know.
00:17:15.210 –> 00:17:17.160
Daniel Ramsey: rarely happens so yeah yeah.
00:17:17.820 –> 00:17:24.270
TS: So just those types of things like, how do we take all these complex things don’t bring them in to our application so.
00:17:25.800 –> 00:17:32.940
Daniel Ramsey: What about the after clothes stuff have you guys started selling warranties furniture Amazon I like partner.
00:17:33.570 –> 00:17:40.800
TS: yeah So if you think about yes and no we have run a couple different tasks So the first thing is a pretty obvious one.
00:17:41.100 –> 00:17:51.330
TS: What are the consumers need to do and what a what a real just want to help them with go back 1215 years ago was here’s a list of all my people that I want to refer you to that are late and.
00:17:51.540 –> 00:18:02.910
TS: You know this is how you here’s the county utilities and like no one does that anymore google’s taken that away, however, we believe there’s an easy way if If a consumer buys a house.
00:18:03.510 –> 00:18:09.150
TS: Can we help them go through these things changing their address the United States postal service simple no brainer.
00:18:09.660 –> 00:18:15.240
TS: transferred over utilities simple no brainer ordering cable and Internet even transferring Internet.
00:18:15.930 –> 00:18:19.680
TS: Yes, so we are doing those things as we move on.
00:18:19.920 –> 00:18:30.180
TS: How do we do additional links we have tested out so we took that back and we tested on insurance insurance went through bonkers because prior to close of escrow everyone’s trying to insurance, you know how it is you’re trying to get at last minute.
00:18:30.330 –> 00:18:35.370
TS: yep so we partner with a great company out there that gives three of the the.
00:18:35.820 –> 00:18:45.600
TS: They go out to like 40 different vendors and come back to the top three based on price and coverage like within 30 seconds, so you can see, even click you can buy I mean it’s done that fast.
00:18:46.020 –> 00:18:53.550
TS: and consumers are loving that just because it’s it’s it’s working because they’re using it, but it’s just quick and easy service um.
00:18:54.150 –> 00:19:03.030
TS: there’s so much more to add on I mean it’s really difficult because, as you know, realtors have a very strong opinion of what service providers and vendors that they want and.
00:19:03.210 –> 00:19:04.020
TS: They might want them.
00:19:04.140 –> 00:19:11.670
TS: You know amy’s dog shampooing company which I make that up, but with that has no integration that doesn’t know about technology that’s like.
00:19:12.180 –> 00:19:17.010
TS: hey just you know how do you give me the number of them and so it’s very challenging.
00:19:18.000 –> 00:19:26.610
TS: But it’s a fun problem to solve, I mean our teams working really hard on it, we do have a really good start to what we call the consumer portal where it has one of many different.
00:19:27.180 –> 00:19:33.930
TS: services that consumers can get help on whether that’s finding a local plumber or painter moving services a u haul is you know we’re going to.
00:19:34.320 –> 00:19:47.790
TS: Try to be a big partnership, like you, Paul company, but it’s very difficult because realtors they want to know how this is so good that they should then endorse it to their client because we’re just we’re the middle person we can’t just say hey Dave.
00:19:48.720 –> 00:19:58.950
TS: You use us and, by the way, we’re going to now talk to your client they don’t they don’t do that really well that’s that doesn’t fly so um but yeah it’s it’s really I think a great great offering for real pours.
00:19:59.490 –> 00:20:02.550
TS: we’re also going to expose it just to consumers in general doesn’t think it’s that great.
00:20:04.050 –> 00:20:11.730
Daniel Ramsey: What are after four years of being owned by a larger parent company, I imagine there’s some like lessons learned.
00:20:11.850 –> 00:20:18.210
Daniel Ramsey: Like things that you’re like holy crap if I would have known this like i’m curious What are those what does that look like.
00:20:18.600 –> 00:20:27.840
TS: um I think the biggest thing I knew budget and Pino pretty well I self funded, the company, I had I had I was forced to learn dollars.
00:20:27.870 –> 00:20:37.890
TS: Because it was self funded and you’re only as good as the money bring in, and so I knew that but I didn’t know about all the different things like capitalizing you know.
00:20:38.850 –> 00:20:44.220
TS: Your technology and your RD and all of these other things and and how that plays in your p&l.
00:20:44.940 –> 00:21:00.870
TS: Because we went from cash based accrual based so that completely changed a lot of different things so that’s one I learned, like, I know that the finance side of it really well like hands on hold up asleep like I know that really well, I think the other thing that i’ve learned is.
00:21:02.520 –> 00:21:12.660
TS: You know when you’re a smaller company, and I consider still small but like when you’re a startup it’s like you’re all working close together in a huddle and you’re talking to and in.
00:21:13.740 –> 00:21:26.190
TS: You build this relationship, and as you get bigger, especially when low guess what people you don’t know as many people I used to walk around and managed by walking around and talking with people and seeing them as much different now.
00:21:26.670 –> 00:21:30.630
TS: And I think that not only being a bigger company like fidelity of thousands of.
00:21:30.630 –> 00:21:38.940
TS: thousands of employees, but also with a pandemic i’ve learned that it’s that’s not the key to success for leadership it’s more vision.
00:21:39.450 –> 00:21:45.660
TS: Where what’s our mission what’s our vision extremely important in my opinion, but also more is consistency.
00:21:46.140 –> 00:21:51.120
TS: They want someone who’s consistent they don’t care what type of consistent if you’re a consistent.
00:21:51.480 –> 00:22:07.770
TS: um you’re hard working grinder that’s fine they just want to be consistent if you are a leader, that is, page here the goals i’m going to leave you alone but go run I think consistency is what really matters for what I found in this new era that we’re in.
00:22:08.130 –> 00:22:16.770
TS: i’m not just being with fidelity but also adding code to it as well it’s just it’s completely changed for sure they like they want, so this consistent.
00:22:17.190 –> 00:22:20.370
Daniel Ramsey: yeah no more hot tubs in the in the office.
00:22:21.960 –> 00:22:26.490
TS: We don’t you know so funny Dan Actually, I think we gave the hot tub to them.
00:22:27.540 –> 00:22:28.200
00:22:28.410 –> 00:22:34.350
TS: yeah we don’t have we don’t have the hot tub anymore yeah those are those have been long gone thankfully.
00:22:34.800 –> 00:22:42.030
Daniel Ramsey: that’s funny what’s um what’s next for the company like what’s what’s what’s the big stuff that’s gonna happen.
00:22:42.270 –> 00:22:46.620
TS: yeah i’m going so i’m doing our we’re doing our final budget right now for 2022.
00:22:48.360 –> 00:22:56.040
TS: One of the things i’m working on in the broken we’ve already made a really big transition for organization from.
00:22:56.850 –> 00:23:07.590
TS: All of our resources on broker and referral link to pay we realized that agents want and deserve the best technology out there and, at the end of the day.
00:23:08.100 –> 00:23:22.590
TS: The market is shifted there’s a shift in the real estate industry, if you think about it call it 25 years ago it was the consumer was this black book and the consumers like i’m moving to folsom what’s the schools what’s the area.
00:23:22.710 –> 00:23:27.570
TS: yeah I don’t know anything about it you’re the pro realtor and the realtor do everything.
00:23:28.110 –> 00:23:35.790
TS: Well, fast forward even 14 years ago it’s I can go on any website, I can see the schools but walking scores I.
00:23:36.240 –> 00:23:48.630
TS: know more than the realtor today they know way more than the realtor let’s face it there’s things the real pours, no, no doubt, but the consumer has access to a lot of data and and so that only push.
00:23:49.110 –> 00:23:59.670
TS: A major shift into value which you see the I buyers out there, you see people offering discount brokerage which is nothing new, but it’s now it’s an exposure to think about the real estate broker industry.
00:23:59.970 –> 00:24:06.750
TS: When I got my real estate license that was you’re at a 5050 split kid and when you sell enough they’ll get higher now.
00:24:07.080 –> 00:24:12.900
TS: 5050 split those only exists, I don’t care you’re referring this person deals left and right you’re not a 5050.
00:24:13.170 –> 00:24:25.860
TS: to heart, and so what happened is the brokers value has gone down in a lot of different ways, because provided an office with the printer and break flyers and great marketing there’s value there but guys I.
00:24:26.610 –> 00:24:35.910
TS: Was printing anymore, no one like I don’t remember the last sign I solid flyers outside I honestly I don’t remember the last house, I saw the flyers.
00:24:36.360 –> 00:24:43.020
TS: um and debatable, like our how how important our science for brand recognition yeah but.
00:24:43.260 –> 00:24:50.160
TS: People are looking online week before they’re driving around the neighborhood you know what I mean so it’s just funny to me because.
00:24:50.370 –> 00:24:57.120
TS: As you think about it, we put so much resource all these resources and value in the brokers, which has been great obviously built our business off of it.
00:24:57.480 –> 00:25:02.820
TS: And we’re going to continue to serve our brokers, no doubt, you know we’re still have teams are working on, but we are investing.
00:25:03.240 –> 00:25:07.950
TS: and hiring for a lot of agents specific products because we believe, at the end of the day.
00:25:08.250 –> 00:25:14.850
TS: No matter how much the broker loves our software if the agent their top producers like I don’t want to use this These are the things that’s missing and.
00:25:15.030 –> 00:25:21.300
TS: it’s holding me back and I don’t think we’re anywhere near that but, if they were to say that, unfortunately, the burger is going to have.
00:25:21.600 –> 00:25:31.350
TS: To do one of two things are gonna have to leave us and go somewhere else use a different software or third have to hire somebody to do the work for the agent because they want to keep that software, and so our thesis is is like hey.
00:25:31.830 –> 00:25:37.830
TS: let’s triple down on real terms let’s add additional TEAM members and let’s build tools and let’s experiment.
00:25:38.130 –> 00:25:43.080
TS: And and we’re gonna have some failures, you know part of experimentation, if you know the outcomes it’s not an experiment.
00:25:43.470 –> 00:25:50.790
TS: And so we’re going to be experimented a lot and we put a really large budget to experimentation next year, like really large our largest.
00:25:51.210 –> 00:25:56.790
TS: Ever and it’s all about how do we innovate, how we test things out how do we get really intimate.
00:25:57.030 –> 00:26:10.470
TS: And really close with our agents, so we can build them tools and even knowing that maybe this tool is not gonna be great let’s try it out and test it out, so we do a lot of small springs with smaller teams to get more products out to see what hits.
00:26:11.310 –> 00:26:26.730
Daniel Ramsey: And what’s interesting as you’re explaining that I was thinking, what about the consumers like isn’t that the end all be all like forget the agents forget the brokers, I mean it was brokers now it’s agents, but really the long game is owning the eyeballs.
00:26:26.880 –> 00:26:33.000
TS: yeah So if you think about that it’s a good point I mean if you look at the companies out there, the open doors the.
00:26:33.240 –> 00:26:43.890
TS: buyers the solos of redfin’s etc um there’s no doubt it if you can go online and see what your House can sell and so i’m ready to write an offer on it today at cash and you don’t.
00:26:44.700 –> 00:26:55.140
TS: You don’t have to have a realtor come out you don’t have to listen to their opinion you don’t have to stage it or clean it sounds like here you go on my bike now horse that’s enticing now.
00:26:55.650 –> 00:27:01.470
TS: The argument is isn’t more or less what you get in the open market for realtors listening i’m not going to debate that.
00:27:03.180 –> 00:27:11.040
TS: I think there’s there’s times, where zilla buys it for more or and I think there’s times that the real chicken list it and get more, so I think it’s called 5050 for the argument sake.
00:27:11.730 –> 00:27:25.410
TS: What I believe is its convenience, I think, at the end of the day, they want convenience The consumer wants to be a big about us as consumers, we want to click a button and have our toilet paper show up and, to be honest, I just wanted to be automatic I don’t want to even click the button.
00:27:25.710 –> 00:27:32.490
TS: yeah, so I think that everybody in this this this new world of the pandemic that happened.
00:27:32.940 –> 00:27:43.470
TS: It only accelerated consumer demand as far as what they not the demand on purchasing that, obviously, is there, but the demand on is spec this type of service now.
00:27:43.740 –> 00:27:52.020
TS: I don’t need to go to the Bank, I can take a photo of my check that I could put it in my bag, so why do I have to drive to the title why someone have to pick it up so.
00:27:52.440 –> 00:27:56.490
TS: We build something out for that, so all these different things you’ve built out because.
00:27:56.940 –> 00:28:03.810
TS: Why should I do that so to make a big pivot for us as a company we’re still fully committed to brokers and real tours and.
00:28:04.170 –> 00:28:11.130
TS: and helping them spend less time on the screen and more more more time face to face or on facetime right and so.
00:28:11.730 –> 00:28:16.320
TS: When you think about that it’s it’s we can’t go directly to the consumer that’d be tough.
00:28:16.920 –> 00:28:23.640
TS: Now we have to become a marketing company, we have become a front end company and there’s some ideas and thoughts around that that we’re working on.
00:28:24.030 –> 00:28:33.330
TS: And that’s as much as i’ll say there, but we are still fully committed to the broker in Asia, we believe that my my brother manages a lot of big properties in California and.
00:28:34.770 –> 00:28:39.870
TS: One of the properties someone’s buying it’s a celebrity I don’t think ariana Grande days going to sell her house.
00:28:40.350 –> 00:28:47.070
TS: On zillow I think she’s going to hire a reporter, so I think there’s going to be a different flavor for different people.
00:28:47.490 –> 00:28:57.480
TS: um I think if I owned a house in Arizona has $500,000 that’s a rental and my tenants moving out and I don’t want to deal with it, I might just take what I can get no doubt.
00:28:57.900 –> 00:29:06.510
TS: And it’s easy because it’s not I know i’m going to get at least what I put into it, but at the end of the day, it’s still the single largest financial investment anybody has.
00:29:06.990 –> 00:29:13.050
TS: there’s a lot of work, and I think it’s gotten a lot better like, and I think the market share for those buyers at that lot better know if they’re going to.
00:29:13.530 –> 00:29:27.120
TS: go in here to stay, I think what has to happen is I think there’ll be different flavors for different people, this is like, if you think about it a full service brokerage I wanted to go to maybe five years ago and then remember the the will sell your House for 1%.
00:29:27.180 –> 00:29:32.730
TS: So there that there’s nothing new with that concept, consumers have choice it’s, how do you.
00:29:32.970 –> 00:29:42.600
TS: position your value, and I think that’s the hard part for realtors because they have to adapt and they have to change because consumers are more wise and they’re smarter and you have to be able to go.
00:29:42.900 –> 00:29:53.520
TS: and tell that consumer why they should list with you, and what value you bring to the table, I think the problem is is the value part I think they struggle with the value like it’s.
00:29:54.330 –> 00:30:03.120
TS: You have to state your House i’m going to help you do that that’s not that’s not quantifiable if you told me if I do this, this is how much more we’re going to put your House on the market.
00:30:03.510 –> 00:30:07.950
TS: That then they can see that, but if i’m a consumer, and this is where realtors I love them.
00:30:08.460 –> 00:30:21.150
TS: And this is what we have to help them do is I need to go in front of a buyer or a seller and say this is what the market says your House is worth on all these, for I buy our websites, this is real, they will make you an offer they’ll give you cash that’s it.
00:30:21.420 –> 00:30:27.690
TS: yeah here’s what I think it’s worth and here are the things that we need to do, and let me show you the Roi of how we’re going to get that.
00:30:28.020 –> 00:30:33.510
TS: And I think that’s that’s what has to be done and that has to be explained of why that real tour.
00:30:34.320 –> 00:30:50.130
TS: can bring that level value and can get them more dollars, because at the end of the day, that’s all the consumer wants and want more money that’s it, and if you can’t provide the reasons why you can do that man it’s tough, I think that they’re not going to win against that.
00:30:51.300 –> 00:30:59.910
Daniel Ramsey: I was thinking back to your original mission like you wanted to get rid of paper like I remember your old logo.
00:31:01.230 –> 00:31:05.850
Daniel Ramsey: And I was just thinking i’m like okay that works there’s no paper anymore.
00:31:06.630 –> 00:31:07.110
00:31:08.700 –> 00:31:08.910
Daniel Ramsey: That.
00:31:09.300 –> 00:31:12.090
TS: paperless is gone everyone, no one uses paper.
00:31:12.330 –> 00:31:21.900
Daniel Ramsey: Right well, so now i’m curious as you’ve kind of made this evolution sold a portion of your company report this larger publicly traded company.
00:31:22.290 –> 00:31:31.200
Daniel Ramsey: How have you redefined your vision how have you redefine your mission, you mentioned that being most important with remote work like what does that look like.
00:31:31.470 –> 00:31:35.940
TS: yeah we’re working on still right now and you’re constantly working on on on.
00:31:36.870 –> 00:31:43.050
TS: Your narrative crafting your story and then being in front of your team members and concentrate on it down again going back to consistency.
00:31:43.530 –> 00:31:50.250
TS: Right now, I mean, as you go back even years ago was keeping brokers and agents connect to their customer forever right.
00:31:50.820 –> 00:32:03.570
TS: And the the customer experience platform for real estate agents that you know that was what we are on a mission to do the old you know, this is the old way, this is the new way it’s it’s goodbye and transaction management and hello, you know customer experience platform.
00:32:03.900 –> 00:32:05.100
TS: Right and that’s.
00:32:05.190 –> 00:32:12.420
TS: that’s still ships today that still works today, however, we, the pandemic is completely modified and change our direction.
00:32:12.810 –> 00:32:24.930
TS: One we can create a customer experience platform if we don’t have something that we can give to our clients, I mean agents and brokers to stay connected to the customer and really the connection part is that the post close.
00:32:25.110 –> 00:32:25.500
00:32:25.650 –> 00:32:32.310
TS: So even if we deliver and said hey Dave guess what here, you know, Daniel here’s all your stuff.
00:32:32.580 –> 00:32:33.300
Daniel Ramsey: yeah what’s my name.
00:32:33.960 –> 00:32:34.980
Daniel Ramsey: what’s my name, again I don’t.
00:32:35.010 –> 00:32:37.200
TS: I don’t know on the same day, Daniel the same.
00:32:39.060 –> 00:32:43.440
TS: You know I go hey you know, Dan here you go, you know, this is what you get.
00:32:43.650 –> 00:32:47.670
TS: yeah you’re getting this platform that has all these services, for your consumer.
00:32:47.880 –> 00:32:58.140
TS: The agent has to be willing to accept that and to provide that and they have to be able to believe that is the way that we’re going to provide value, and I think that’s a really difficult sell today every agent has a different flavor.
00:32:58.320 –> 00:32:59.340
TS: You were doing it, he said.
00:32:59.460 –> 00:33:10.920
TS: Do you think you should stay connected your customer, yes, do you think these things will help you stay connected, yes, do you believe that these things are going to make you look good, yes, will you use it well now i’m not going to use.
00:33:11.700 –> 00:33:17.610
TS: Because these things I want modified or these things I want change, and so what we have to do is, we have to completely change it to you.
00:33:18.030 –> 00:33:21.810
TS: We want to give them the tools to be efficient, to be fast and so.
00:33:22.110 –> 00:33:31.020
TS: When you think about where we’re going it’s less screen time and more face time that that’s really what it is building that the transaction the The self driving transaction platform.
00:33:31.260 –> 00:33:36.900
TS: where everything is a Thomas where the agent does it cost to do the work I believe 10 years from now.
00:33:37.830 –> 00:33:50.340
TS: it’ll be like goodbye realtor Hello influencer and that’s a little too early, right now, but I believe, consumers will want to use real tours based on their influence like you see on social media.
00:33:50.940 –> 00:33:59.070
TS: And the work is just going to happen on what the prices that’s already going to be determined, how many days on the market like imagine if.
00:34:00.120 –> 00:34:15.150
TS: A front end big portal said to consumers here’s the average days on market here’s the average list price to sell price ratio here’s how many offers are are on a property from day one to day 30 days 60 days 90 days.
00:34:15.420 –> 00:34:25.500
TS: here’s somebody viewings are on a property from day one to here’s the usually see a curve of when the highest traffic for humans are go to like restaurants, with a busy time for a restaurant is.
00:34:25.680 –> 00:34:26.490
TS: After that.
00:34:26.550 –> 00:34:35.820
TS: You can see that, for a whole how many, on average, this House and folsom how many viewing that sees on the line level of how many shows it sees the banning how many offers it gets.
00:34:36.030 –> 00:34:42.240
TS: And then the average day of acceptance imagine consumers having all that data to me at that point.
00:34:42.720 –> 00:34:57.060
TS: it’s going to be based on influencing you know and your influence, and I think we’ll just have to shift that because senior the best negotiator and saying you make sure things go smoothly only goes so far at some point.
00:34:57.450 –> 00:35:07.320
TS: And I mean like 10 years from now, so I think it’s right now it’s you know goodbye transaction management, the by you know goodbye screen time Hello facetime.
00:35:07.620 –> 00:35:18.750
TS: I think 10 years it’s goodbye realtor Hello influencer and I think they’ll still be realtors but they’re gonna have to be influential in order for buyers and sellers don’t want to use that for sure.
00:35:20.520 –> 00:35:25.440
Daniel Ramsey: What an interesting concept zillow just bought showing time to.
00:35:25.530 –> 00:35:26.400
TS: Think about that.
00:35:26.700 –> 00:35:36.150
Daniel Ramsey: i’m i’m listening to what you said and i’m thinking well yeah that’s that’s who’s disrupting that the world they’re going to start giving that data for free to every consumer.
00:35:36.720 –> 00:35:45.540
TS: Why well let’s ask this question, and this is why we need to get better at our our folks over in Chicago realtor.com.
00:35:46.260 –> 00:35:53.490
TS: or not realtor.com but National Association of realtors has to double down on their their their folks because.
00:35:53.910 –> 00:36:07.710
TS: Think about that if you’re a consumer, would you want to know how many showings on the property, yes, you would you would want to know that as a consumer who’s in a hot market I would want to know all the data that I can that’s not an opinion, but it’s quantifiable.
00:36:07.830 –> 00:36:11.370
TS: They have these me information to make the decision I want for my family.
00:36:11.580 –> 00:36:24.960
TS: And for the largest single financial investment you’ll ever make in my life so if i’m a consumer that’s what I want I want that, just like on Amazon, I want to know reviews of what this product is before I buy it.
00:36:25.200 –> 00:36:36.390
TS: yeah what consumers wanted when Amazon first came out and said we’re going to put reviews, they said you’re going to kill your third party sellers it’s like no but consumers want to know this is a viable product that they can trust.
00:36:36.840 –> 00:36:53.790
TS: And so to make their purchasing dollar power there’s no difference in this, and so you have we have to adjust mean real purse which i’m pro real to obviously i’m or work it’s going to be tough it definitely is there’s a huge massive shift in the market right now.
00:36:54.480 –> 00:37:04.470
Daniel Ramsey: what’s happening what’s happening in your world in terms of like planning for 22 and 23 tech data zillow becoming a brokerage.
00:37:05.460 –> 00:37:16.440
Daniel Ramsey: You know title moving to the blockchain that’s going to happen next three to five years that’s going to shift everything mortgage is becoming less about a lender and more commodities, meaning.
00:37:17.070 –> 00:37:19.860
Daniel Ramsey: You know what’s the point what’s my interest rate right.
00:37:21.390 –> 00:37:30.000
Daniel Ramsey: So i’m curious where you see our industry rolling to other than the influencer piece like what do you think is going to happen to teams brokerages eight.
00:37:30.900 –> 00:37:43.530
TS: I believe, I believe, and this is what we’re talking with our company about a top of our Board of advisors about us, I think the brokerage brokerages in a whole will be less no doubt.
00:37:44.700 –> 00:37:51.480
TS: If you look five years now, I think we’ll have less brokerages than we have today significantly.
00:37:52.740 –> 00:38:00.270
TS: My VP team, and my dear to me tells me they they believe it’s not as significant as I do, but I believe it’s going to be pretty large.
00:38:00.840 –> 00:38:07.320
TS: If you think about it you’re already seen there’s teams that are bigger than brokerages in many cases there’s these mega teams and.
00:38:07.830 –> 00:38:12.240
TS: All I need my broker for at that point is is to hang my license.
00:38:12.630 –> 00:38:26.700
TS: And so you’ve already seen it, you went from a traditional old school real tour or brokerage That was a standard split and he pays 6% to to dad the franchise or and you’ve already seen that model shift and it’s only gone down.
00:38:27.720 –> 00:38:37.740
TS: I know what i’ll say is, with all respect the brokerages I love brothers it’s the race to zero margin, and so you see a lot of these brokerages adding on which we’re helping them me to add on these ancillary services.
00:38:37.860 –> 00:38:38.280
TS: More than.
00:38:38.400 –> 00:38:52.320
TS: I know, insurance, you know all of these because their brokerage fees those ancillary services and no offense they make more money on those than they do from realtors at the end of the day that brokerage isn’t making enough company dollar.
00:38:52.890 –> 00:38:59.700
TS: To to run a really successful business now I began to east coast it’s a lot different than the west coast here um.
00:39:00.330 –> 00:39:06.180
TS: But I still I already already see that change coming in the east coast and the West Coast it’s.
00:39:06.900 –> 00:39:19.410
TS: going to be a brokerage i’m brand new and i’m going to get an 80 plus split split, if not 90 plus or i’m gonna have a cap at $21,000 and they’re gonna put me in at 20 until I CAP out and I don’t CAP out hey I don’t CAP out.
00:39:19.680 –> 00:39:27.930
TS: And that’s what i’m going to go next door, but at this point it’s tough because what’s the value prop so I definitely think the brokerages are going to go down.
00:39:28.290 –> 00:39:30.390
TS: That meaning will have a lot less brokerages in the industry.
00:39:31.230 –> 00:39:42.180
TS: I think, also see a reduction agents, you can just see by the sheer age of the average age of the real tour I think there’s gonna be folks that get out, I think this when this market ships will see that.
00:39:43.140 –> 00:39:52.440
TS: And I think you’ll also see a lot less younger realtors get into the market, I think the data shows that people are like oh my gosh I can’t wait to be a real tour.
00:39:53.280 –> 00:40:00.570
TS: it’s you would have thought that a lot more younger folks would come and do it and we’re not seeing that the average age is still quite high.
00:40:01.020 –> 00:40:10.680
TS: And so you’ll see that that changes well it’d be great to see it, the average age of the top producers right the top called 10 20% because you know 20% do each of the business.
00:40:12.090 –> 00:40:18.660
TS: But I think you’ll see a lot less agents as well, I think, as far as how real estate works, I think.
00:40:18.990 –> 00:40:30.480
TS: A lot of new models will come, I think there’s a lot of testing and trying and is the industry ready for blockchain and and will that work and I definitely think there’s no doubt that blockchain Is this something that’s going to be here.
00:40:31.080 –> 00:40:37.140
TS: For time and there will be a lot of new standards, and you have smart contracts, and I can go through hours of all that.
00:40:37.410 –> 00:40:46.890
TS: I just don’t think the world the standard consumer world or the real estate world is ready for that yet, but I definitely think it’s a future five years that because a little bit early.
00:40:48.480 –> 00:40:50.940
TS: But I think you’ll start seeing these trade on that for sure.
00:40:51.570 –> 00:40:58.470
Daniel Ramsey: What are what are your opinions about where the real estate world is going, we were heading for a crash then code hit.
00:40:58.680 –> 00:40:59.460
TS: Our summer.
00:40:59.550 –> 00:41:03.540
Daniel Ramsey: yeah, then the government stepped in and gave everybody a bunch of free money which was.
00:41:03.540 –> 00:41:04.560
TS: cool yeah.
00:41:05.490 –> 00:41:08.400
Daniel Ramsey: But we’re what’s going to happen over the next year or two.
00:41:08.460 –> 00:41:19.650
TS: yeah so right now, so I never think inflation is, at this rate is great um because what happens then is the government gets in the way and wants to try to control things.
00:41:20.730 –> 00:41:30.570
TS: And right now we have so much inflation and so when you look at just what’s out there you have tech companies with very, very high valuations.
00:41:32.010 –> 00:41:36.780
TS: Very high give a lot of money, and when you look at venture you look at private equity.
00:41:37.350 –> 00:41:45.960
TS: This money that they have to spend it and they do it even says a lot of my my my buddies here in sacramento some raised some some really good values.
00:41:46.590 –> 00:41:54.330
TS: shopping the values and they’re like we have to hire 135 people the next 90 days like that’s hard to do when one, not a lot of people want to work with to.
00:41:54.870 –> 00:42:01.920
TS: Everything is remote in three it’s extremely competitive on hiring and technology, right now, so when you think about that everyone’s hurrying in it.
00:42:02.310 –> 00:42:10.620
TS: you’re competing, and so what you’re doing is you’re paying more so he’s like i’m paying way more than what’s average out there just because I have to hire these people to hit my goals.
00:42:10.800 –> 00:42:21.690
TS: And I have to burn through this cash to get my next round of financing and if I don’t burn through it, if I don’t throw everything to try to hit the numbers that I told him to hit i’m going to have a chip i’m assuming it’s hard for me to raise more money.
00:42:21.870 –> 00:42:34.890
TS: yeah so therefore we’re going to overpay for people, which only goes up so now, as we recruit we’re paying more for people and everyone’s paying more everyone’s making more now we have inflation, the debris comes and goes hey whoa whoa hold on.
00:42:35.490 –> 00:42:41.190
TS: I might put some you know some some might hire the race and then the money slows down.
00:42:41.550 –> 00:42:43.740
TS: And and you’ll see a lot of things change.
00:42:43.800 –> 00:42:57.450
TS: I don’t think we’re anywhere close to that I think we’ve got two years before we start seeing that happen honestly I think we’ll start we’ll see a great market for the next call it 14 to 24 months at least i’m.
00:42:58.080 –> 00:43:10.140
TS: A really have you seen slowdowns of 700 offers on a property to 100 so it’s still hot market and 700 and hundred is exaggeration, but it’s still really hot market out there.
00:43:11.400 –> 00:43:22.740
TS: And they’re still there still property values are still high, at an all time and I think we’re in a better place than we were previously because people are either making a praise them up they’re not making appraisal they’re paying out of pocket.
00:43:23.160 –> 00:43:35.310
TS: And when you go back to 2005 2006 hot hot hot market I they paid me to get a mortgage was 103% financing, so if I walk away, I have nothing to lose anything I only game.
00:43:36.330 –> 00:43:38.730
TS: In this market, I think there’s a lot more to lose.
00:43:39.810 –> 00:43:54.150
TS: And they’ve set up they’ve set us up the best I don’t be perfect, but they set us up the best to not have that again but will there be foreclosure dress will be short sells yes well the market shift, yes I think people stay in their houses longer i’m for sure.
00:43:55.080 –> 00:44:04.920
Daniel Ramsey: What it, what are you doing right now personally to protect against inflation and the rising price and the talent pools getting shrunk and shrunk and shrunk.
00:44:05.310 –> 00:44:13.680
Daniel Ramsey: I guess the question is what advice, do you have for other entrepreneurs who are also building companies, whether tech or real estate related what should they be doing right now.
00:44:13.860 –> 00:44:25.260
TS: yeah so obviously as a CEO you have a couple different roles and responsibilities, you know one is is you know cold traffic that’s that’s definitely one obviously vision, obviously, is one.
00:44:26.220 –> 00:44:33.240
TS: And then, making sure to me is you have you have really good leaders I think those are the three things I really try to focus on and there’s other things, obviously I do but.
00:44:33.600 –> 00:44:41.790
TS: that’s really what I try to make sure my calendar touches to, I think, right now, what I found in this world and we even see it here at sky slope is.
00:44:42.390 –> 00:44:54.720
TS: People want to work for a company that is changing the world, and you know, not every company does that, and so I think as a CEO or someone who’s starting a company.
00:44:55.320 –> 00:45:03.720
TS: How do you compete with a lot of other companies that have call it, they raise more money, though one overpay significantly is.
00:45:04.140 –> 00:45:18.990
TS: Staying true to that and staying true to how what your vision is and making it so folks feel inspired to work, whether that’s in their apartment on fifth avenue whether that’s in an office that’s a we work, which sounds for now, or whether it’s in the.
00:45:19.410 –> 00:45:34.560
TS: Current office where i’m at you know it’s, how do you really make sure that they feel inspired and that they are not only that there that they can relate to the vision, but what they’re working on points directly to it, and I have to say.
00:45:36.030 –> 00:45:48.270
TS: whoo whoo i’ve probably taken that not more for granted, but I could have probably five X down that more during the pandemic when the pandemic hit one we thought oh my gosh in the world is the real just can even show holds like.
00:45:49.290 –> 00:45:58.260
TS: This is gonna be tough, they can property, so how a broker is going to pay us, you know the company dollars already low now that’s the key though it doesn’t exist so.
00:45:58.560 –> 00:46:03.840
TS: What are we going to do, and so we went into this for room and there’s a lot of good things that came out of it obviously.
00:46:04.200 –> 00:46:09.090
TS: But win this war room and how to strategize on what are we going to do and what’s our strategy and the world is changing.
00:46:09.630 –> 00:46:17.070
TS: and, obviously, our sales, we found that brokers found more value in our software they needed this because agents were coming to the office and people were worker mo and.
00:46:17.370 –> 00:46:27.150
TS: Our sales went up with with really a half of the team that it had we have a 50% lower salesforce and we are selling twice as much.
00:46:27.210 –> 00:46:44.340
TS: yeah um, and so what the challenge was we focus so much on that, and if you think about it, like march of not even this year last year seems like 10 years ago it’s hard to even remember it seems like the president’s been a President for four years, and it literally feels that way.
00:46:44.520 –> 00:46:45.960
Daniel Ramsey: Time setup for sure.
00:46:46.200 –> 00:46:49.680
TS: Time sped up and so what’s bad about that as well as.
00:46:50.070 –> 00:47:02.310
TS: Whenever was the office we had our our normal all hands like you were in a flow and so right now we’re rethinking all of that, because we’re not i’m not in front of the company, as much as I think I probably should be.
00:47:03.300 –> 00:47:13.110
TS: We are, as a leadership team, not in front of our TEAM members as much, how do we do that, and what are the best practices and we looked at a lot of companies that will be rolling that out.
00:47:13.530 –> 00:47:19.860
TS: Starting November, December and then moving forward what we’re doing weekly all hands like literally weekly all hands, because.
00:47:20.340 –> 00:47:26.130
TS: People don’t feel the connection, you can have the best mission, the mess vision on the world how do you constantly.
00:47:26.700 –> 00:47:33.000
TS: show that to your team members your teams have this is what we’re doing this is why we do that, and this is the impact.
00:47:33.330 –> 00:47:43.890
TS: Whether that’s changing the world or not, the impact it is to the business and to our users and we don’t have that right, the second on a constant basis, and I feel like you have to do even more remotely.
00:47:44.340 –> 00:47:49.830
TS: And so that’s what I would encourage people to do, because the companies out, we are recruiting from.
00:47:50.400 –> 00:47:59.580
TS: we’re finding that something that they feel and even some of the team Members that we find her leaving where we do our post they’re like I want to feel more connected, for I want to feel more like wow.
00:48:00.270 –> 00:48:08.100
TS: We haven’t we’ve only gotten more but it just doesn’t seem like more because working remote as top it’s just it’s very different you know to me.
00:48:09.270 –> 00:48:18.480
TS: So i’m constantly studying what the best practices are what companies that are really doing well doing this because not every company is changing the world, you know to mean like.
00:48:18.690 –> 00:48:24.600
TS: I work for tesla and I want zero emission that you know, to get rid of all that’s not every company.
00:48:25.230 –> 00:48:36.150
TS: So what is, what are you changing, how does it affect the people that the lives of the people that it’s making change and how do your team Members feel that everything they do is directly.
00:48:37.020 –> 00:48:41.910
TS: directly connected to that and that’s that’s I think that would be what I would recommend for a lot of people.
00:48:42.480 –> 00:48:55.230
Daniel Ramsey: you’re moving into a new level of leadership, where you have leaders you’re delegating leadership to leaders, what have you learned in that process like what, what are the some of the keystone you know habits, I guess.
00:48:55.560 –> 00:49:08.340
TS: um yeah my roles change and then, as we grew up we’re still young still start up but I say as We grew up just being in, we have to have really good executives, in my opinion, especially during this time, when people are remote.
00:49:09.750 –> 00:49:15.270
TS: And you know me it’s like pb&j you know processes bureaucracies and jams that’s what I really.
00:49:15.840 –> 00:49:22.950
TS: You know I want to our strategy is offensive to our our our how we are strategize our business.
00:49:23.250 –> 00:49:33.810
TS: But you know, on the outside, but on the inside here it’s blocking and tackling it’s how do I block and tackle so my leaders can do what they do best and do really well.
00:49:34.050 –> 00:49:37.650
TS: They got a process in place that’s not working let’s run through that process, but the.
00:49:38.070 –> 00:49:44.910
TS: Bear craddick things that are running into your way if any let’s remove those what jams, what do you jammed up on, let me remove that for you, because.
00:49:45.150 –> 00:49:56.250
TS: I want to, I want to throw you the ball and I want you to run and score touchdown and I don’t want to block you so let me block that, let me get rid of those things if you can’t but that’s that’s the role I have.
00:49:56.820 –> 00:50:10.710
TS: Is is setting the company vision, making sure our our leadership is aligned and then really you know, removing the pb&j and I don’t mean the yummy yummy in my stomach you know I mean i’m talking about the ugly so.
00:50:10.980 –> 00:50:12.000
Daniel Ramsey: yeah love it, what about.
00:50:13.380 –> 00:50:20.700
Daniel Ramsey: The question was what are you doing to protect yourself personally and the company from inflation and i’m i’m just kind of.
00:50:20.730 –> 00:50:23.190
TS: curious like outside of the company.
00:50:23.490 –> 00:50:30.090
Daniel Ramsey: yeah sure I mean I what I what I I guess My thesis is the government continues to intervene in the market.
00:50:30.420 –> 00:50:42.180
Daniel Ramsey: And shift what the about the real value of money is right and over the last two years they’ve printed 25% of the entire money supply ever printed in two years, so.
00:50:42.600 –> 00:50:53.010
Daniel Ramsey: I find that to be a bigger threat to you and I entrepreneurs business owners, people who have built something i’m curious what you’ve done personally to protect against that.
00:50:53.820 –> 00:51:06.240
TS: i’m a couple different things one we we share a lot of different strategies, I won’t go too crazy detail that’s like a whole nother hour and and not a beer, but a coffee, since I know that you know you’re.
00:51:06.690 –> 00:51:07.140
Daniel Ramsey: off.
00:51:07.200 –> 00:51:08.190
TS: i’m off yeah.
00:51:08.250 –> 00:51:20.610
TS: yeah um, but in my wife every what we do media group we show a lot of different strategies on tax tax things on how to save taxes, obviously in California it’s a brutal brutal state.
00:51:21.990 –> 00:51:31.590
TS: And I actually don’t mind paying the tax if I knew the value of what I was paying it for like you know there’s just not enough value, specifically in California i’m, in my opinion.
00:51:32.640 –> 00:51:34.260
TS: But also, how do you protect yourself.
00:51:34.650 –> 00:51:47.430
TS: You know, making sure your your your portfolio is our diversified enough, and so I can go into a ton of those things I don’t know if that’s the right it’s the right forum for that, but um it’s definitely something that I work with with my team on for sure.
00:51:47.640 –> 00:51:48.600
Daniel Ramsey: What about the business.
00:51:50.190 –> 00:51:57.360
TS: I think the business it’s the best technology is going to win, I do believe that I think at the end of the day.
00:51:59.490 –> 00:52:05.730
TS: Can you go buy things at other places than Amazon, yes, but i’m gonna tell you i’m gonna buy names I.
00:52:06.360 –> 00:52:10.710
TS: My cousin said I don’t want to support him, and I want to support local companies and i’m all about that and I love that.
00:52:11.370 –> 00:52:18.960
TS: I said but I bet you told her a little bit you know down you can’t last 30 days and she could because it’s too convenient.
00:52:19.590 –> 00:52:36.180
TS: yeah and it’s it’s too easy and there’s value there because time is precious and anytime for us in our business, how do we protect herself, whether the markets up or down, I think, at the end of the day, real estate will still happen we’ve seen it.
00:52:36.660 –> 00:52:45.210
TS: yeah, how do you make sure you’re the best technology so let’s just hypothetically go into the mind of the markets shifted and it’s gone down.
00:52:45.600 –> 00:52:45.870
Daniel Ramsey: yep.
00:52:46.080 –> 00:52:58.050
TS: it’s a horrible state great what comes all people have are upside down in their houses let’s just hypothetically go through them and we go back to the days of where I I learned a real estate.
00:52:58.470 –> 00:53:07.080
TS: i’m a ninja in that space, so if that were to come, I think we only have more value because of what we can provide twice case of exists today.
00:53:07.410 –> 00:53:13.890
TS: So we’re looking at those things we look at the data and we build those tools you think right now it’s a hot market with offers on property.
00:53:13.950 –> 00:53:26.100
TS: Great so often management is a big thing that a lot of realtors find that there’s challenges with them, I got 32 offers, how do I even manage this stuff oh my gosh it’s crazy what how do I look professional to my consumer my seller, to tell them.
00:53:26.400 –> 00:53:34.680
TS: These are the top three that’s hours and hours of work well imagine you’re getting multiple offers on properties and it’s oreos or.
00:53:35.160 –> 00:53:43.590
TS: yep or big portfolios of these banks that want to offload these properties what’s the technology it’s going to exist which we have and we built.
00:53:44.460 –> 00:53:49.200
TS: And I think when that time comes, which it will be anywhere, where it was no doubt.
00:53:49.440 –> 00:54:00.120
TS: We will have those those technologies and software’s I believe that mentally that are even TC and the whole virtual professionals and assistance world will play a huge part of that as well, so.
00:54:00.570 –> 00:54:12.240
TS: um we position ourselves that way but it’s all about making it extremely extremely convenient and really great technology, I think, at the end of the day, that’s what’s going to win, regardless of the market it’s interesting.
00:54:12.750 –> 00:54:26.100
Daniel Ramsey: What um I like I always like to end these things with like what’s your one ninja skill for scaling a business what’s The one thing that has led to all of your success what’s the one reason you’re here doing this interview versus your competitor.
00:54:26.460 –> 00:54:29.850
TS: hmm Dan ran with the question what is my ninja.
00:54:31.200 –> 00:54:33.330
TS: ninja skill um.
00:54:35.340 –> 00:54:37.230
TS: Obviously, for me, it’s.
00:54:38.460 –> 00:54:40.770
TS: Either you have to be super.
00:54:42.420 –> 00:54:44.550
TS: I think i’m flexible on details.
00:54:44.700 –> 00:54:45.390
TS: And I think.
00:54:45.600 –> 00:54:52.500
TS: That that sounds interesting but it’s i’m flexible on details i’m very stubborn when it comes to our vision.
00:54:53.910 –> 00:54:56.880
TS: And I think you have to be, I think.
00:54:57.900 –> 00:55:13.140
TS: there’s a lot of people who within your company that want to say we should do this, we could do that and it’s like stubborn i’ll be flexible on those details, I would say flexibility i’m like gumby um I think that you have to be able to be flexible, I think another thing is.
00:55:15.000 –> 00:55:16.710
TS: I think really good leaders.
00:55:17.850 –> 00:55:32.040
TS: I think really good leaders listen a lot, but also, they have to change their mind a lot, you know, and I think when you think about things it’s some worse everyone solving really hard problems in the world.
00:55:32.580 –> 00:55:37.410
TS: And these are complicated and sometimes you get new information and you have the change of mind.
00:55:37.920 –> 00:55:43.320
TS: And sometimes you don’t get new information you read analyze what you had in front of you.
00:55:43.830 –> 00:55:51.900
TS: And you change your mind, then, politicians are screwed up here, they can do right they get in trouble, but I think you know.
00:55:52.530 –> 00:55:59.100
TS: really good people are open ended up very unnatural thing about letting information come in.
00:55:59.700 –> 00:56:08.790
TS: And let me go there profoundly helped convictions right that they people want to hold on to things and to me, as I think you have to be really open.
00:56:09.180 –> 00:56:17.070
TS: To challenging what you believe is true and then making the conclusion opposed to being very closed off of things coming in.
00:56:17.520 –> 00:56:26.670
TS: And so I think i’m really good at that I think it’s tough, because you want to be really consistent, but you don’t it’s okay to change your mind I think that’s what people have a really hard problems like well if.
00:56:27.900 –> 00:56:44.190
TS: You change your mind I did and here’s the data that proves of the information that I gathered why I chose it or I read looked at it for solving really hard problems and sometimes you’re not going to be right on everything, but i’d say i’m flexible and i’m open to change my mind.
00:56:44.790 –> 00:56:55.050
Daniel Ramsey: that’s a different Tyler than I knew 10 years ago, because I think your response would have been because i’m just aggressive and I want to compete and like like so what what has shifted in your world.
00:56:55.080 –> 00:56:57.720
TS: yeah Some people will say i’m married now but.
00:56:59.190 –> 00:57:00.360
TS: I think I think.
00:57:01.800 –> 00:57:07.170
TS: I think what shift, it is i’m super competitive still I hate to lose.
00:57:07.230 –> 00:57:21.660
TS: yep and I love to win I love the dominate the victorious beating our drums I love victory um but I realized with victory, you have to be flexible and that.
00:57:22.140 –> 00:57:30.150
TS: I, I can only go so far, if if i’m growing and it’s just me and they’re like six people rolling next to me.
00:57:30.750 –> 00:57:39.960
TS: they’ve got great leadership and they’re going to beat me and I have to change my mindset of how do I have a really good leaders in place, how do I five X download them.
00:57:40.710 –> 00:57:51.120
TS: Like i’m really hard on my leaders in a good way like i’m not hard to work with, but i’m definitely a hard place to work on for like we work it’s a real work.
00:57:52.410 –> 00:57:57.660
TS: And so I think what’s changed is is just knowing that in order to compete at a higher level.
00:57:58.260 –> 00:58:06.270
TS: you’re going to have to do that, you know we’ve grown, the company so much since 2017 when we’re first you know merged with fidelity.
00:58:06.810 –> 00:58:19.080
TS: at our level, we have to compete at a higher level Tyler can go out and do the things that he thinks sound rate or he thinks this is the winner go there’s quantifiable data that proves that now there’s.
00:58:19.980 –> 00:58:28.110
TS: there’s a user feedback that proves that and we haven’t really good leaders, I can execute on it and we don’t have that at this level or any level my opinion.
00:58:28.650 –> 00:58:38.460
TS: guess what i’m gonna i’m going to lose that race because of call it my ego or my thoughts or my gut or I think this is the right way.
00:58:38.790 –> 00:58:52.290
TS: that’s that’s great, but we, I had to shift massively, as you can tell i’m in order to compete at a different level, otherwise we would have lost in my opinion i’ve had a mature as a CEO and i’m still maturing.
00:58:53.400 –> 00:58:59.700
TS: But I hadn’t been sure from a 2017 and beer bottling warehouse on on 1210 G street.
00:58:59.760 –> 00:59:01.860
TS: You know, being a with a jacuzzi.
00:59:04.650 –> 00:59:16.740
Daniel Ramsey: last question then we’ll wrap it up what has the growth been since 2017 you merge with fidelity grown the team guys have I know your headcount has been phenomenal well, what are you.
00:59:17.520 –> 00:59:19.830
TS: boys at the time we were doing you know call it.
00:59:20.160 –> 00:59:28.470
TS: $12 million in revenue will be well over 30 million this year I will set for, for we want to hit over 40 next, so I mean.
00:59:30.240 –> 00:59:31.950
TS: Things are going pretty well yeah.
00:59:32.370 –> 00:59:33.000
Daniel Ramsey: that’s a great.
00:59:33.150 –> 00:59:34.860
Daniel Ramsey: that’s a great place to end an interview.
00:59:35.280 –> 00:59:38.130
Daniel Ramsey: Dr Smith thanks for joining us today really appreciate you.
00:59:38.790 –> 00:59:39.720
TS: fund and Ram.
00:59:40.530 –> 00:59:42.780
Daniel Ramsey: Ram haha alright brother.
00:59:44.610 –> 00:59:45.480
Daniel Ramsey: Good to catch up.
00:59:45.780 –> 00:59:48.360
TS: We shouldn’t want to catch up more I don’t I didn’t ask you.
00:59:49.050 –> 00:59:56.070
TS: I didn’t get to talk to you about anything usually i’m the talker and I get to ask all these hacks and questions, but you were leading I didn’t want you know.
00:59:56.190 –> 00:59:58.050
Daniel Ramsey: I don’t know it’s good man well well.
00:59:58.110 –> 01:00:01.440
Daniel Ramsey: let’s text and we’ll hang out a snow snow is coming.
01:00:01.740 –> 01:00:02.490
Daniel Ramsey: it’s not out there.
01:00:03.660 –> 01:00:06.540
TS: I know dude i’m like i’m ready to get why.
01:00:08.370 –> 01:00:10.380
TS: While I want to do a heli trip.
01:00:11.070 –> 01:00:13.680
Daniel Ramsey: A best one is in Canada.
01:00:14.460 –> 01:00:18.810
TS: I can’t get in that country, right now, no one’s even letting people in or out I heard.
01:00:19.110 –> 01:00:23.940
Daniel Ramsey: dude it’s hard to do helicopter in the US there’s a place in Canada.
01:00:25.530 –> 01:00:28.260
Daniel Ramsey: I forget the name of it but i’ve gone through times it’s great.
01:00:29.130 –> 01:00:33.930
TS: yeah I wanna I want to do a hell of a ride my buddy wants me to do it in Jackson hole so so.
01:00:35.370 –> 01:00:36.780
Daniel Ramsey: that’s not Canada.
01:00:37.140 –> 01:00:41.190
TS: You look good man just alcohol you’re not working you’re not walking you know.
01:00:41.190 –> 01:00:41.460
Daniel Ramsey: I.
01:00:41.550 –> 01:00:43.890
Daniel Ramsey: have always done, the workout thing you know, like.
01:00:44.280 –> 01:00:46.500
TS: Are you still not cool guys group.
01:00:47.670 –> 01:00:50.820
TS: Does all this badass shit still yeah yeah.
01:00:50.880 –> 01:01:01.170
Daniel Ramsey: Well i’m still in it, not that i’ve done any of the travel but we’re supposed to go to Australia, and you know that’s got that got killed, but i’m still in that still fun.
01:01:02.430 –> 01:01:03.750
Daniel Ramsey: rats on the wedding dude.
01:01:04.290 –> 01:01:06.060
TS: yeah I got married about a little over a year.
01:01:06.240 –> 01:01:07.290
Daniel Ramsey: it’s crazy that feeling.
01:01:07.920 –> 01:01:15.060
TS: Great that’s really great everyone says i’m more patient and pain, which might really like my wife must be softened me off.
01:01:16.980 –> 01:01:18.540
Daniel Ramsey: They tend to wait till you have kids.
01:01:20.490 –> 01:01:21.090
Daniel Ramsey: To do that.
01:01:21.510 –> 01:01:24.270
TS: yeah well yeah yeah we want kids yeah.
01:01:24.630 –> 01:01:25.560
TS: wow well.
01:01:25.860 –> 01:01:28.020
TS: we’ll try sometime this year, hopefully we’ll see.
01:01:28.440 –> 01:01:29.070
Daniel Ramsey: congrats.
01:01:29.220 –> 01:01:30.810
TS: I brother watches it.
01:01:31.110 –> 01:01:32.040
Daniel Ramsey: Later john.
01:01:37.860 –> 01:01:38.640
MOD Virtual Solutions: Good stuff.
01:01:39.150 –> 01:01:39.540
Daniel Ramsey: Was it.
01:01:40.140 –> 01:01:45.720
MOD Virtual Solutions: yeah I mean it was a lot of just chatting and stuff it’s gonna be kind of hard to pick and pull content, but I think we can still get some stuff from it.
01:01:47.130 –> 01:01:47.700
Daniel Ramsey: yeah.
01:01:52.020 –> 01:01:52.770
MOD Virtual Solutions: What do you think.
01:01:54.720 –> 01:01:56.520
Daniel Ramsey: I just went all over the place, really.
01:01:56.850 –> 01:01:58.200
MOD Virtual Solutions: There was all over the place.
01:02:00.510 –> 01:02:12.210
MOD Virtual Solutions: there’s a lot of like small but like good nuggets you know it wasn’t like a lot of stretched out content, it was like get some really good things to say about this, and then you completely shifted gears and yet good thing save us something else.
01:02:12.960 –> 01:02:16.410
MOD Virtual Solutions: So i’m not to rewatch it and just pick and pull see we can get from it.
01:02:16.740 –> 01:02:21.630
Daniel Ramsey: Do the transcript you don’t have to watch it, because in the transcript you can read this whole hour and.
01:02:21.720 –> 01:02:22.560
01:02:23.910 –> 01:02:26.130
Daniel Ramsey: I need to record an intro real quick.
01:02:26.400 –> 01:02:29.700
Daniel Ramsey: Okay um, what do you want to Title this.
01:02:30.810 –> 01:02:34.380
MOD Virtual Solutions: i’ll have to look at the content, for we decided that is already know what we’re going to use, you know.
01:02:36.240 –> 01:02:39.390
Daniel Ramsey: No, we got to do that, we got to do the intro right now dude.
01:02:39.810 –> 01:02:40.980
MOD Virtual Solutions: Okay i’m.
01:02:42.960 –> 01:02:44.220
Daniel Ramsey: Because i’m not coming back.
01:02:46.200 –> 01:02:48.960
Daniel Ramsey: Not coming back well you know I could actually.
01:02:49.380 –> 01:02:50.310
MOD Virtual Solutions: hang on to that shirt.
01:02:50.880 –> 01:02:52.260
Daniel Ramsey: yeah exactly and.
01:02:55.770 –> 01:02:56.100
Daniel Ramsey: All right.
01:02:56.340 –> 01:02:58.050
MOD Virtual Solutions: Good you have something in mind.
01:02:58.140 –> 01:02:58.980
MOD Virtual Solutions: yeah anything.
01:02:59.640 –> 01:03:01.260
Daniel Ramsey: I don’t know we’ll see what happens go ahead and.
01:03:04.200 –> 01:03:15.150
Daniel Ramsey: hey everybody Daniel ramsey here with scale the podcasts now every once in a while I get to talk to a friend and this friend actually competes in the real estate tech space.
01:03:15.720 –> 01:03:30.060
Daniel Ramsey: He is the founder and CEO of sky slope, and if you followed my out desk over the years we’ve been we’ve been friends with Tyler and i’ve featured him he’s featured me on a couple of different shows what’s cool is.
01:03:30.540 –> 01:03:39.780
Daniel Ramsey: we’ve been following his company I don’t know, over the last 15 years and in the last four he was purchased but by fidelity.
01:03:40.560 –> 01:03:46.920
Daniel Ramsey: now has a large leadership team and has seen his company go from you know 10 million to.
01:03:47.310 –> 01:03:59.250
Daniel Ramsey: Next year he’s planning on a $40 million company and all in the tech real estate space so it’s interesting you know, for you as a consumer it’s interesting to you as a business person and.
01:03:59.820 –> 01:04:06.780
Daniel Ramsey: there’s a lot of good nuggets about leadership and where the country’s going and how to compete in business in general.
01:04:07.290 –> 01:04:21.270
Daniel Ramsey: And I just really liked tyler’s energy and i’ve always really admired the way he competes in business, I think you’re gonna like this one stay tuned for scale the podcast with Tyler Smith, the CEO and founder of sky slope.
01:04:27.900 –> 01:04:28.260
Daniel Ramsey: we’ll see.
01:04:29.970 –> 01:04:32.490
MOD Virtual Solutions: You later yeah no I thought that was fine that was good.
01:04:33.210 –> 01:04:33.900
Daniel Ramsey: That was fine.
01:04:34.500 –> 01:04:37.350
MOD Virtual Solutions: Well, when you had the energy like immediately like you pulled out of nowhere.
01:04:38.400 –> 01:04:40.500
Daniel Ramsey: that’s what I did all right brother talk soon.
01:04:40.830 –> 01:04:41.400
MOD Virtual Solutions: Thanks man.
01:04:41.730 –> 01:04:42.000