The Real Estate Rundown

Sean Moudry, Real Estate Coach | What Should Realtors Do To Increase Their Business?

This week we are talking with Sean Moudry. He has the #2 team in all of Keller Williams, and is a successful real estate coach out of Colorado.

What does the journey to becoming the #2 team at KW look like? I started with a how to buy real estate book at age 19 and began door knocking. At 21 I was licensed and sold 72 transactions my first year. By the time I was 27 I was closing 140-150 a year, on the 30 under 30 lists, in ReMax HOF at 24, things like that. From that experience I went to the brokerage side with KW and became a Bold coach and a franchisee. I eventually left and started my own coaching company and brokerage. Recently I joined the Sarah Reynolds Network. I realized that the expansion team networks are the future of real estate brokerages.

20 years ago it was easy to dominate a market, there were only a few places to advertise and it was easy to outspend people. Now you have Zillow, RedFin, Trulia, realtor.com and others, you really can’t out spend them. But by pooling resources and centralizing services the marketing spend can be increased in a market, In Colorado this year we will spend more than $1 million on marketing.

Zoodealio has some recently added mega teams and their marketing in the $100k a month range. Most agents are happy to make $100k a month, let alone spend that on marketing every month. It’s kinda like racing a jet when you are on a bicycle and the average income for agents has been dropping dramatically over the past 5 years.

In ’06-’08 money was easy and it drove the prices up, and rent rates. Now the fear is that some institutional buyers have access to massive amounts of cash worldwide. Let’s face it If you are in an unstable market the U.S. residential real estate market looks like a pretty safe bet, if we hit a recession will these institutional buyers simply dump their inventory? That is a scary thought.

Maybe they will hole enough of the inventory that they can control the cycle? Many plan to hold thee for 7-10 years as income based assets, the rents over time have only gone up about 12% while appreciation was much higher. Now the speculation is that rents will increase 15-20% in a lot of markets … Is rent control coming?

What should REALTORs be doing to increase their business? It’s not a one size fits all thing. Not everyone should be calling FSBOs or expired. I use the MBTI personality profile to identify what someone’s strengths are, then create a coaching profile and plan based on that then we back out from their strengths.

What do you see coming down the pike? We are averaging about 10-15 appointments a week and converting about 25% of those on the first visit and about 50% in 2 weeks or so. The reason Eliot and I reconnected is we were looking for a way to convert some of that other 50%. How do we do that, some of the properties are not ready for market for whatever reason, maybe it just needs some work, maybe its a hoarder house, whatever, or maybe the seller just wants an offer. The iBuyers are advertising to change the way sellers are thinking of selling their properties and promoting an “I want an offer and I don’t want to show it” mentality. We have about 200 properties from last year that didn’t sign with us. If we had a product that we could go to them with and say we have a real cash offer in hand for you, that is an important piece.

When the important menu of options for things like instant offers, home trade in, or make my offer cash - or other things on systems and platforms for agents and teams? A lot of mega teams are generating a lot of buyer leads, many of those are 18 months out and the price of generating those leads is going up. Some teams are too buyer focused, they are writing 20 or 30 offers and not getting them accepted. So if you want to pivot to the listing side you have to have a niche and offer something to catch the sellers attention, and agents don’t want to embellish so them having a product where they have real buyers ready right now is key. Your job is basically to bring the best technology available to your clients.

Broker Wars! | The iBuyer Experiment - Stop & Chat #44

Broker wars … kinda like Cola wars, but with houses

A lot is happening in the real estate world right now!

Keller Williams and EXP are fighting -“Broker Wars!” Apparently the ex-CEO of Keller Williams was recruited and hired by EXP and they are fighting in court about it. We’ll see how it goes. It looks like this is more about clout and who is stronger than about money. We’ll see who is stronger, but Gary Keller can box!

Inman had an article today posing the question “if the real estate market is so hot why aren’t prop tech companies and their stocks hot?” Stocks have been in the toilet across the board, but OfferPad is exceptionally low, I think they even went below $3 a share. They’re not even a billion dollar company any more, even with their huge line of credit.

We have been hearing rumors that OfferPad is now more interested in taking listings and recruiting agents than in taking down iBuyer deals. Open door is also recruiting agents and even has a program to offer agents $40 to show their listings.

DEAL OF THE WEEK!

Can’t really nail down just one! We’ve got a couple of deals going where a contract fell out and we were able to go in and save the deal with a Cash Plus offer, and the seller can still realize the upside of listing on the open market later. In short they get what they need!

77% of people polled by Redfin believe we are in a real estate bubble AND 44% of real estate agents also believe it. It doesn’t really look like a bubble, the supply is way below demand. It's not clear how supply could explode somehow if it popped, there just aren’t enough homes for it to happen. Back in the ’06-’07 timeframe inventory exploded because people were walking away from their second or third, or even fourth homes. Back then you had a Kroger Bakker with three or four homes with mortgages and it was easy to just walk away from them.

The real estate market is still BANANAS … that pretty much sums up this week’s episode.

Thanks for joining us.

Rick McHone, Real Estate YouTuber | Never Too Late to Start

The Zoodealio Team meets with Real Estate YouTube Rick McHone on this episode on The iBuyer Experiment Podcast.

Rick discusses his journey to becoming a YouTuber in the 'real estate' space. He says it all started when covid-19 hit. No one was buying homes so he decided to start making videos, having interest in cameras for some time, and make video's covering the different news and data changes in the industry keeping the real estate community up to date.

If your a real estate agent looking to market and get your name out there with YouTube, you're not going to want to miss this episode. Rick gives his tips & tricks in his success while reminding everyone that it is never too late to start something new.

Hope you all enjoy & Thank you Rick McHone!

How Realtors can be Successful in the New Year | The iBuyer Experiment - Stop & Chat #43

This week we’ll talk about some thoughts on 2022

HAPPY ZOO YEAR!

CoreLogic released their top markets in 2021 report and Phoenix was the #1 real estate market in the United States. Over 30% appreciation for 2021, its amazing. Arizona is such a fabulous place it is easy to see why our population is growing.

Zillow also released their prediction for the ten hottest housing markets for 2022 … Tampa, FL is #1. Followed by Jacksonville, FL; Raleigh, NC; San Antonio; Charlotte, NC; Nashville, TN; Atlanta; Phoenix; Orlando, FL; and Austin, TX. Zillow uses the traffic numbers and other analytics and data to make these predictions. In the same report they also advise to say no to green cabinets, houses with green cabinets sell for less.

The buy and hold/rental market is interesting too, rents appreciated at a rate of about 10% in 2021 and they are expected to have a similar increase this year. We will have a lot of appreciation across the board this year, agents should point out to buyers on the fence that renting is a bad idea and that the appreciation in the housing market is going to continue.

People often consider all of the iBuyers to be the direct to consumer companies, things like Redfin, Open-Door and the like, but the reality is that huge hedge funds and REITS (Real Estate Investment Trusts) own as much as 12% market share in real estate where they want to invest. They are not flipping these homes, they are buying them and holding them to as much as 7-10 years as investments.

The new trend of "build for rent" are growing in many areas, but especially where iBuyers are already prevalent. These are single family homes, not multi-family or apartment buildings, that are not being sold to consumers, this can add to an area's supply chain and trades shortages. American Homes For Rent started an arm years ago to buy existing homes and have since shut that down to build these communities.

Home ownership is decreasing as well, in Q3 2021 the ownership rate nationwide was 65%. We REALTORS should promote home ownership wherever and however we can.

Which brings us to the big questions … How are REALTORS going to be effective in 2022? How will they get more listing inventory, how can they have a cutting edge value proposition? You can’t expect to have a large inventory by working just one lead source, if you are after truly big things you have to have a wide variety of lead sources to fill your sales funnel. Build a system and process … do the work, and it works. Find out who it is in your marketplace that are driving things and align yourself with them. It boils down to real estate conversations. How many are you having, and when can you have a unique conversation that no one else is having, if so you are definitely going to elevate your position in the market.

The Zillow iBuyer report came out and Phoenix was reported to have 12% of the market bought, owned or sold by iBuyers. In Gilbert, AZ (a city of about 250,000 people) in the last week of 2021 there were 172 active listings and 87 of those were owned by Opendoor, OfferPad or Zillow, that is more than 50% of the active market owned by an iBuyer, this has definitely grown dramatically. This is coming everywhere, Gilbert is extremely educated, has an extremely high average household income, and very high housing prices, if it is happening here, it can happen anywhere.

BOLD Real Estate Predictions for 2022 | The iBuyer Experiment - Stop & Chat #42

The iBuyer Experiment

Stop & Chat #42

Eliot, Keith, Kala and Jason break down their top BOLD predictions for the real estate industry coming 2022. There's a lot of potential big moves that could come into play this next coming year, listen in as the Zoodealio team breaks them down.

Top 5 Stories The Defined Real Estate in 2021 | The iBuyer Experiment - Stop & Chat #41

Stories that Defined Real Estate in 2021

This week the group will discuss the top stories of 2021 in the real estate industry.

First, Zillow acquired Showingtime for $500,000,000. The industry exploded .. It was like stepping on an anthill. But really if you look at it, they actually got a good deal on that data. They are able to see how many houses are opened on a daily basis in real-time. And this gave them a seamless “agentless” showing system, which helped live offers work.

The next big story is “Zillow Fail” Zillow quit iBuying, they didn’t necessarily fail, but they struggled with how to flip a property with the actual boots on the ground. Zillow severely underestimated the complexity of the real estate transaction and what it takes for that transaction to take place. Zillow will likely be an aggregator for iBuying and poor buying. 60% of their plan worked, they will be back.

The institutionalization of America … The reason Zillow was able to unload 7,000 or so of the homes they had purchased is because of the institutional buyers. A couple of weeks ago Mike with Altos Research shared with us that quarterly about 10% of homes sold are to an institutional buyer. That means that a fairly large percentage of our housing stock is being turned into long term single family rentals, and more of these types of buyers and transactions are coming.

Let’s touch on the insane market conditions next. We’ll define a “normal” market as something like one million homes available on the market on any given day and about six million homes sold nationally per year. The total unit count is going to be crushed. Here in the Phoenix metro even with really low inventory day to day the annual units sold is up. Nationally this year we are going to surpass 6.5 million homes sold, and that number has been trending up year-over-year. At the beginning of 2021 the average rate published by FreddyMac was 2.65%, and for one didn’t expect rates to still be as good as they are at the end of the year, but we are still at 3.12%. These are still historic low rates and that is helping feed the market. REALTORS have had to change and up their game, do things like we are doing to address the fast changing market.

Finally the biggest story, which isn’t getting the attention it should be. DOJ withdraws from the settlement agreement with NAR in July. The U.S, Department of Justice and the National Association of REALTORS came to an agreement because there were potential antitrust practices form NAR and it’s members that were deemed to be anti-competitive and were affecting buyers and sellers. DOJ felt that the settlement would prevent them from making future claims. This tells us that the DOJ is going to continue to investigate NAR and that affects all of us.

It’s been a wild year and 2022 is likely to be more of the same.

Craig Proctor, Real Estate Agent Coach | Getting The Motivation to Succeed

This week I’m joined by Craig Proctor, he created the “your home sold, guaranteed” program, one of the precursors to the current iBuyers.

 

In year three of his real estate career he was one of the first REALTORS to offer an upfront written guarantee to the seller. That moment he says he completely separated his unique selling proposition from all of the other REALTORS as was named the #1 ReMAX agent in the world that year. It basically worked like this, if they bought any of his listings he would guarantee the sale of their house. Today we know this is something sellers want.

 

A lot of real estate agents when they hear about guaranteed sales or iBuyers have a negative perception of these. We have to understand the reason they exist is because this is what sellers want! Usually when agents don’t like it they say something like it's a bait and switch, or you  give the seller a really low offer, they just don’t understand how it works. With the guaranteed sale program we are not offering 100% of what the house would market for, but we are offering an aggressive number because we want the seller to take it and buy Ione of our listings. 

 

“The only vote that counts is the customer.”

 

A lot of agents did not like the program, I really did create an unfair advantage for myself, buyers and sellers loved it and other agents didn’t understand it.

 

“To be successful real estate agents need three things - Systems, Intellectual property and technology.” 

 

Most agents think of a real estate coach as someone who will hold them accountable, or maybe share some ideas, or maybe a motivator. What we do is very different, it is a systematic way we teach  agents - A lead generation system, a conversion system, a presentation system, a recruiting and training system … Every part of growing a large real estate team. We leverage the agent in three different ways, we fix their lead generation system. Then interdict technology to increase capacity. Then we teach them how to hire the right people. Eventually the real estate business starts to run itself, that is when you have a business and not a job.

 

Everything you want to do in real estate has already been done by thousands of people. If I wanted to learn to play golf, I'd find a good golfer to teach me. The problem in the real estate industry is a lot of coaches and trainers have never held a real estate license … and big names too! They have never had a buyer in their Carr, never negotiated an offer. Because I was a successful agent for 20 years I probably understand agents better, because eI was in the trenches for so long. It’s hard for a coach or a Guru to understand the life of a REALTOR if they have never been a REALTOR.

 

In the beginning I knew nothing about marketing, I wasted thousands of dollars on advertising that did nothing. Then I attended this conference and learned about direct response marketing, and that the only reason you should spend even one dollar on marketing or advertising is if it is trackable, and you can test it and show a return on your investment. I took some of these concepts, they asked what sets you apart from the other agents, I didn’t know! I talked to my dad(he’d been in real estate for years) and asked what would be the boldest offer I could make to a seller? His answer was If I don’t sell your house, I’ll buy it. I started advertising “Other agents will promise to sell your house, Craig Proctor will guarantee it, in writing.” I think in my career of order 25 years I’ve only ended up buying two houses.

 

In real estate the pricing algorithms are getting better. We used to have travel agents and stock brokers … Now my 82 year old dad doesn’t use a stock broker and he outperformed my broker last year. What is happening in real estate is technology is getting a better handle on what houses are worth. This is going to be a bigger thing, people want convenience. Social media, the way we deliver our message, the way we retarget, the omnipresence - It’s just an exciting time to be a marketer.

 

“In order to make a quantum leap in your business, you first must make a quantum leap in your thinking.”

 

When REALTORS come to me they typically say Craig I want to do better, but I don’t want to change what I’m doing. I tell everyone on day one, you didn’t come to me to learn how to do what you do now a little bit better, you came to me because you want to learn radically different ways to get exponentially better results. For that to happen we undo what they have learned to do and we’ve got to start all over again because how we think controls what we do, and what we do controls the outcome. If you think the wrong way you’ll never do the things I teach and you’re never going to get these results. You may be very good at what you know, but  getting better at what you know will only give you incremental gains. To get exponential gains you have to learn what you don’t know, so be curious and don’t immediately judge a concept or an idea. We want to know what is going to be big and to be ahead  the curve on it.

 

If this resonates with you, set up a free call with me and my team, go to proctorcall.com. this is not a big sales pitch, I’ll ask you some questions about your business now and about your vision for the future of your business. If after that 45 minute conversation you want to work with us, great! If not you’ll be on your merry way and keep doing what works for you.

Mike Simonsen CEO of Altos Research | Inventory Predictions for the Upcoming Year

This week we talk with Mike Simonsen of Altos Research

There are a lot of misconceptions about the real estate market, Mike will help us sort it out a bit.

The Real Estate Market

The market has been on fire, it’s been a big year for home prices, but the real story for this year, and last, is the lack of available inventory. There are 350,000 single family homes on the market nationwide. Not long ago, like 5 years ago, there should have been a million homes on the market this time of year. This is a trend that has been falling over the past decade, but really dropped off at the beginning of the pandemic and has continued into this year. Both the supply side and the demand side are accelerated so anything that does come on the market is gobbled up quickly.

We have rates super low, locking in forever - 30 year mortgage rates. As a result if you find a house it’s going to be affordable forever, this drives a ton of demand. A small change in the interest rate makes a big change in monthly payment. So affordability is really impacted by mortgage rates, much more than it is in a change to the price of the house itself. At the beginning of the pandemic rates bottomed out and even with 10% price appreciation the affordability was up.

Looking forward to 2022, if rates stay the same and prices continue to increase we lose some affordability, if rates rise then we lose affordability, and we are likely to see a little bit of inventory build because demand weakens at some point. If rates fall, then what happens … ?

Seasonal Inventory

Inventory is definitely seasonal, peaking in late June and typically the 2nd week of January is the lowest inventory, it’s a very smooth cycle. What happened last year is people kept buying through the holidays so inventory never really peaked in 2020 and it just kept falling. This year the low point came in April and a little inventory climb in the summer, and now buyers are accelerating again. It looks like new record lows to start 2022 and really no sign of new inventory increasing.

Hidden Inventory?

With low rates it’s affordable to hold on to your house when you buy a new one, so now you have two houses at 3% … Now you have an investment property. This has taken 8 million houses off the market and turned them into investment properties, we lose about 10% of the inventory every year to investors. Most of these are individuals, something like 90% are owned by someone who owns one to four investment properties, so no sign of these flooding the market.

We had a mortgage forbearance process with some seven million people opting into the program at the start of the pandemic. At the time we wondered if people would have to sell or be foreclosed on. With the big increases in price everyone has equity and even if you can’t make your payment again you can sell and take your cash. As it turns out, almost all of the people in the programs have figured out a way to make their payments and keep their house, so none of these are going to increase inventory either.

Where Are The Bargains

If you are an investor waiting for bargains to come along, they are not coming. There aren’t going to be mass short sales because no one is short. For them to have a foreclosure you need to be in a bad mortgage situation, like a permanent loss of employment; and not be able to sell your house. People have equity, they have ultra low rates and homes are selling fast, so there is no foreclosure inventory coming. It’s a really good time to own right now.

Prediction for 2022

Number one - record low supply, number two - there will be fewer price reductions and demand will increase along with price. Tight supply and strong demand will continue through the first two quarters.

Sarah Richardson CEO of Tru Realty | Women in C-Suite Positions, Technology, & Green Eggs and Ham

Today we are talking with Sarah Richardson, Founder and CEO of Tru Realty

Sarah is a visionary female leader in our space, she is the founder of Tru Realty and is an early adopter of the Zoodealio platform.

Tru started in 2010, Sarah was coming from commercial real estate. Commercial is a different animal, the sales cycle is a lot longer and it takes much longer to scale up, but there is a different level of professionalism there. When I came into residential I was working mostly fix and flip and investor deals. What I found was a lot of agents on the other side needed help … help with negotiation, with strategy, overall contract help and I saw there was a huge need for education in residential real estate. As fix and flip changed after about 2013 I decided to educate brand new REALTORS and get them up and running quickly. 43% of new agents with Tru have their first deal in escrow within three months of completing their training, the national number is in the 6-9 month range depending on the area.

The average age of agents is in their mid 50’s and they are using 15 different technologies in their business in any given week … and we wonder why we have adoption issues in technology. We are finding that new agents, those coming into real estate as their first career, even right out of university or occasionally still in university, pick up technology very quickly. It’s very intuitive to people in their 20’s to pick up a CRM, to use marketing tools, to actually run an ad on social media and make them work.

Sarah has taken the lead on all things technology and has led the way with crypto currency in real estate transactions. We adore our partnership with Zoodealio and being a start up we firmly believe in what you guys are doing in engaging the agent and making the REALTOR part go the iBuyer experience, this is critical to all our future. The consumer needs the help of a trusted advisor because they don’t fully understand all of the deal terms on an iBuyer transaction.

As for technologies, the set it and forget it mentality is interesting. Several years ago when each began to enter into the real estate space there was this notion that technology should replace the relationship. Over the course of 6-8-10 years we realized that we are a relationship business and that technology should NOT replace our relationships with clients and the consumer. Now it is all about the tech running in the background - our drip campaigns, our marketing campaigns, have everything turned on so when we are in front of people we can have better, more impactful conversations.

Let’s pivot for a moment and talk about the fact that something like 65% of REALTORS are women and 7% or so are represented in the C-suite of companies. There is this underlying notion that women are coming into their own and getting stronger in leadership positions. There is a shift happening. But at the management lever, not the managing broker lever - there are a lot of women that level, but in the ownership and C-suite level at brokerages and in the prop-tech landscape there are very few women. I think it is good for us to draw attention to that because there may be a lot of women who want to be in management/ownership, who want to be entrepreneurs and are apprehensive because they feel there can’t do it, ultimately it’s very daunting and it’s a huge risk.

Entrepreneurship was not a thing when I was in college, they didn’t even have entrepreneurship as a degree at ASU then. Now everybody wants to create their own hustle and be masters of their own future and create their own destiny. If we went to sit on a campus right now and listened to the people who want to be entrepreneurs and get into real estate in their 20’s, 50% are men and 50% are women. So I'm starting to see that anyone who wanted to be an entrepreneur is not just a man by any stretch of the imagination. Training people to take risks earlier makes it easier down the line. Putting your mortgage at risk, taking a full commission job, accruing a lot of debt is scary to a lot of people, and especially to women.

What would her best piece of advice for REALTORs going into the new year be? There are a lot of answers to that question! For the agent who might be struggling a little, she ay even be living commission to commission - Put together a year long marketing plan. Sit down and write out a plan for 52 weeks over the holidays. There are many you can find on the internet. These are little touchpoint so you can get face to face conversations with people.

And finally, what book would you recommend every agent read? This is a bit of a joke around the office but “Green Eggs and Ham” is a great book for REALTORS to read. Sam I Am never stops, he never gives up. Its the tenacity of an agent. I've said many many times you need grit and tenacity to be good in real estate and Sam I Am is the epitome of grit and tenacity.

Nick Friedman Co-Founder of Accept.inc | The ”Rich Uncle” of the Real Estate Industry

This week the team talks with Co-founder and COO of accept.inc, Nick Friedman

Zoodealio is now partnered with accept.inc to upgrade buyer offers to cash! We are very excited about this new and powerful partnership and it is our pleasure to have the opportunity to have Nick join us this week!

The conversation begins with Nick explaining what accept.inc is.

We are basically a mortgage company that upgrades any offer to a cash offer. We purchase homes for buyers who we predict will secure a mortgage, then we sell the home to them at the same price we purchased it for. We basically become the buyer’s rich aunt or uncle who buy the home for them.

We began the company by looking at what is real estate today and how can it be fixed, what would we do differently if WE could do it all over again. What is the simplest transaction and how can we give that to every buyer and seller? It didn’t take long to figure out this is a cash offer. Now how do you give the cash offer to everybody?

We had no real estate background or experience at the beginning. We failed for a couple of years and learned every way to NOT make someone a cash buyer, but the lack of experience played to our strength … We went in and said “Hey we’re just going to go in there with the bat and see what we can hit!” By not being jaded by the industry going in we were ablate figure out that this is the model we want to have, this is a model that is appealing to buyers, sellers and agents today.

Next he expanded on their value proposition and explained how they gained agent mind-share. Looking at the Denver market, it’s a great place to live and we ended up picking a market the really grabbed on to this model quickly. Our value proposition is not you all can have a rich aunt or uncle … that appeals not only to buyers and sellers, but also to real estate agents. We market to agents and they are able to tell their sellers to not settle for anything other than a cash offer and they tell their buyers to not submit anything less than a cash offer.

What's the catch?! There isn’t one, we explain to them exactly where we are making our money. We are a mortgage company add we have an in-house title company, so we make money there as well. Those are standard across the industry. Today even mortgage company and every title company make money. People do get a little confused when we layer on that were are a cash offer company that allows you to upgrade your offer to cash, so the question becomes how can you do all of that and still keep rates competitive? We let them know that tour marketing costs are very low and we don’t pay commission to our loan officers, they are on salary and the savings on commissions basically offset to costs of floating the home. Finally we are only holding the home for a week or two so there really isn’t any carrying cost. In this crazy market it makes sense to want to be a cash buyer, but why would a buyer want or need to be a cash buyer in a slower market? Simply the negotiating power that comes with a cash offer is key in answering this. Say you come to the table with cash and a quick close, ask for a $30k to $40k price reduction, the house has been on the market for 45 days and not been busy - the seller doesn’t want this deal to fall through.

What happens when something goers sideways? Things don’t come up often, but sometimes they do. We only own the home for a short time, so it’s pretty rare that we experience things like a burst pipe or something while we own it. We haven’t had any transactions fall out, meaning that the person we bought the home for ultimately purchased it from us. We have had some appraisals come in low, but that is the risk we taken ourselves and we take the loss. When an appraisal comes in low we actually lower the price and sell it to the buyer, we are willing to take that because we believe our offer needs to be a “true cash offer” and in order to do that we need to take on the risk of the home and the risk of the buyer.

An obvious question in the current makers in AZ and CO is do you let buyers overpay for a home? We do an internal value check which is what we feel the home will appraise for. Our value check is also a guarantee that we will fund that loan for up to that amount, if the appraisal comes in low we take the loss. The buyer can agree ahead of time to pay more in cash if they want to offer over the value check number, but we would have to verify those funds before the offer.

It does take a few days for the buyer to get the cash approval. It takes 3-4 business days to get it done. If a buyer finds a home immediately and they want to put in a cash offer in five minutes, that is just not going to happen. If they come to us a week or so ahead and let us know they are going be looking for a home, if they bring us everything on a Monday by the weekend they can be a cash buyer.

How are agents prospecting with this product? Listing agents pitch in the listing appointment that they will make sure that any offers that come in will be upgraded to cash. On the buy side they are telling people they can use their negotiating skills as na agent with a cash offer and you the buyer can win your first or second offer usually. Buyer’s agents use their use cases to help market themselves and this service, using testimonials from prior clients, the critical mass on that is about 3 transactions with us.

If you are listening to this in Arizona or Colorado Zoodealio has this available for you! And if you are a current subscriber you already have it and we will have it available in your back end soon!