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happening in real estate why is the industry changing so rapidly what's zillow and these eye buying companies up to and ultimately we're here to help you with your business and we'll share with you what we're doing as a company to make sure that we can empower our agents to stay ahead in the shifting market so my name is jay cermak i am the team leader here at kellown sonoran living and ultimately my job is to bring value to agents study what's happening in the market and help our agents grow their business so thanks for joining us on this and for those on our private facebook page joining us live as well so critical real estate industry updates what could be so critical that's changing the industry well you kind of see it right here from the home screen it's got a secret you know let's address the z in the room that's the way i like to say it so ultimately what is zillow up to what have they been doing lately you probably noticed a lot of changes and you're probably seeing here in the phoenix area i know when i was leaving miami florida i saw it down there of actual listing signs that say this property is owned by zillow they're changing rapidly so let's do a little recap of what is zillow to begin with they started as a marketing company back in about 0-405 and ultimately they were just marketing because real estate agents didn't want to adopt technology so they realized that if they got really good at bringing all the home searches online people would go there so they didn't own any of that data by the way they just publicly shared all of your listings that you earned with consumers and ultimately they built one of the largest databases in the world of people that go to their website really for one reason and that's the zestimate just to see what their home is worth even though they know it may not be right they're going there every month to see did it go up in value did it go down in value that's what they started with so ultimately they owned the lead and our own family and friends and maybe yourself have been on zillow's website but they never owned the listing they just owned the people going to it so they realized okay well we get a lot of people uh as of today i went online and researched this i used to say 160 million unique visitors a month well now they're up to 196 million unique visitors a month and they sell those leads here's the reality though how many homes sell in the us every month and actually uh every year so it's 5.5 million homes sell a year yet 196 million people are online looking at homes on zillow doesn't make sense the math doesn't add up because every home that sold didn't sell because of zillow and there's 5.5 million home sales happening a year that's maximum if you do both sides of the deal about 10 to 11 million transactions yet 196 million visitors go online and zillow and zillow turns around and sells that lead to you now zillow realized they didn't have enough data by having all the people coming and they didn't own any of the homes or the real estate data so they actually purchased dot loop the contract system for real estate back in 2015. it's been five years now that they've owned this and i think most agents still don't know that detail and the reason they did that is because they didn't have enough data from the mls and they didn't own any of that data they had the context name and number but they didn't need more they needed more data so they bought this so they can look at contracts and i know personally agents who said hey i went online to zillow you know they had one's estimate we wrote a contract it wasn't closed yet and the new zestimate now reflects the contract price because zillow has the ability to take that data from dot loop and integrate it into their stuff meaning now they're actually looking into the real estate transaction and the details that you didn't make public they now have that access that data and that's the whole reason they did it is data is the new gold then in 2018 they now have a mortgage company by the way and they have a mortgage product now they're not offering any consumer savings or anything but they do have the ability where they own a bank now that does mortgages so you can start to see where this is going they went from a marketing company to now they're actually in the contract system now they're owning a mortgage they're starting to move in that transaction so much so that now their premier program has changed you used to pay them x amount of dollars let's say a thousand dollars a month to own a zip code right you were the top agent there well there's too many agents and there's too many leads that they're selling not everything was good and internet leads in general by the way usually take between six to 16 months before they're ready to actually buy or sell anything and by the way their program previously was only selling you buyer leads because you or someone already had the listing so now they're actually going to pay a referral fee instead of the monthly fee and they can do that here in arizona because zillow is a licensed brokerage in the state of arizona they were in florida as well when i left there and several other states meaning no more monthly fee no more having to pay for those leads they'll give you a free lead soon for a listing but then they're going to get 35 plus percent commission from you so now if they have a license that's the way they can get a referral fee so hmm i can make a thousand dollars a month from you or a 35 referral fee in our market is basically three thousand dollars for one sale so that's kind of the stuff that they're doing and the whole reason they're doing this is because they're i buying program and i'll share with you how much money they make from it they don't make money guys buying flipping homes no they make money by getting leads of people thinking about selling and then turning around and selling it to you that's the whole reason they do it they're not making cash flow with buying and selling homes and flipping homes they have no desire to actually own the homes yet they weren't making enough money from us buying leads from them previously and they had to adapt to make more money so do you see where this went they went from marketing only to not owning any data to now being involved in the transaction and owning the data of those contractors plus every contact in dot loop then they own a mortgage company and think about how much data a mortgage company collects now they're able to pay a referral fee and they hold an arizona license and they own buy and sell real estate they're not a marketing company anymore so some of this may have surprised you but let's look at why the heck would they even do an eye buying program this is why this is actually here in phoenix arizona where they actually have on their website today it even says they're right below the picture buying but need to sell first get a zillow offer for your home every person right now in phoenix who goes online to see what their home is worth is gonna find a button that says would you like us to give you an offer now they're not buying every home but here's what happened when they did this when they first test this out they got 20 000 leads and i'm not saying a lead of an actual high mj i want to sell i mean a 45 questionnaire that they answered including things like what remodels have you done any deeds mortgages like all this data that you don't even have and they got 20 000 people to raise their hand saying would you like to buy our house and zillow by the way only purchased 200 homes which leaves us 19 800 leads what do you think 19 800 leads would be worth if i was to sell them well it is a billion dollar enterprise because if i were to sell it to you at a 35 referral fee and let's say not all of them sell let's say 45 of all the leads i got actually turn into a transaction that's a billion dollar business that's why they're doing it and by the way this isn't necessarily better for the customer because if zillow now has a mortgage they have a contract system they're now buying and selling homes what the heck do they need you for by the way zillow's hiring agents to work for them and in this area when they actually list the home they choose one agent to do that listing which to you is a loss of three to six percent commission you could get and the scariest thing is 196 million unique visitors a month on their website all are seeing a little banner next to their home saying would you like us to buy it now this isn't meant to terrify you it's meant to make you aware of why this is happening and that's the whole goal of it just to make more money it's not about the consumer it's just to make more money so that's what they're doing and this is what the website says by the way sell with confidence home selling is complicated zillow has changed that that's how they're bragging about this right get paid with no surprises because it's just cash skip the home prep forget repairs we'll do it close and move when you want to and count on a dedicated support notice it says get on call support from your zillow advisor there's no real estate agent in that that's now going to become a call center to ask questions to mr mrs seller that's what's happening and by the way this program now is including new builders so now the builders are going to go to an online search where you can go online and say hey i want to buy a new uh property with a builder and there's going to be a discount associated to it if you sell your home through zillow and get an offer from zillow this is the kind of stuff that's changing and this is how they sell it by the way all the eye buying companies are selling it like this the traditional selling process was painful and now it's revolutionized you don't have to put it on the market anymore you can choose a time that you want to move out you can have the repair cost included so you don't have to fix it up here's the unique thing though you know because they're they're playing on us by the way the estimated time of days and markets 68 days in a traditional sale it's not a lie that's about right uh move out time you have to negotiate with the buyer and repair costs remember those buyers are like hey i need you to fix this and fix that so they're playing on the pain of anybody who had a bad transaction ever here's where it gets tricky the cost so they're doing this typical selling cost to six percent by the way they're not getting rid of that six percent commission closing costs are standard or raw in the us this is the trick a zillow service charge so to do this it's gonna cost the consumer an extra one percent to 3.7 that's what's happening and what's going in and the reason i'm telling you this is not to go out there in badmouth zillow because i promise you the consumer will not like that they love zillow but i'm showing this to you because now you can go hey maybe i can help you net more money and make it not a painful process of selling if i have a strategy around that and now i became the discounter mr mrs seller you're gonna have to pay between eight to eleven percent to zillow i'll do it for seven right that's a conversation you could have so let's talk about what an eye buyer is and that will help you understand maybe ways that you can talk and people think i buyer means internet buyer you guys is just an investor you don't have to have an eye buyer here you can have an investor that you know of and tell anybody you're working with right now that hey i can get you an offer on your house if you don't want to put on the market let me go check with my investors and see if they're looking to buy your home it's all it really is so it's an investor who uses an avm right the automated valuation models to make instant offers on homes to clients it's really the zestimate now here's the tricky part they get you it looks like it's competitive because they're just using a zestimate yet how many times is this estimate wrong same thing happens in these systems so the consumer is like hey i'll take an offer of 500 000. well if they do that and they hit a button and say buy my house guess what there's no commission for you you're cut out of the deal altogether which is typically a loss of three or if you were the listing agent and you sold it six percent commission that you could get that is no longer in your pocket and here in the phoenix area it's over five percent market share is these i buying program and growing now this is where it gets interesting they do the auto based avm but then they also say we need to repair it so this is how it's going to work mr mrs seller are going to click a button let's say it's on zillow any of these i buying company websites and let's say i want to offer you 500 000. you're going to go great i will take it but then they're actually going to send out a realtor that they partner with to do a cma and that real estate agent may come out and say you know what the bathroom's outdated the kitchen's old and the windows are old you know what it's going to be 50 000 to repair that well now your 500 000 offer just dropped to 450 000 and then they're going to send on an inspector to actually look at those things to see what it is and that's going to reduce it more before they ever charge you anything that's how it's kind of working what they're doing on it i thought we have a question there let me just make sure i see that did you do oh yeah it makes it looks like zillow doesn't repair your cost no they just reduce the cost for a day they actually take the cost out because they know they're going to have to repair it and that's a very good point and remember there's no agent to negotiate for you and i'm going to share with you uh some strategies that you can use to combat these and other offer programs where you can get involved but that's a big point of this and this is what it usually costs the consumer anywhere from seven and a half to eleven percent in fees and i have real screenshots of true offers people got so this is open door they're one of the biggest national well zilla is really the biggest but open door is just an eye buying company and stuff and they're doing the same thing right close in just a few days at a competitive price no listings no showings no staging or stress transparent fees which i kind of disagree with and then skip the work we'll handle it and they're tying into the pain of the traditional sale now they're also not house flipping guys and they're not buying the most expensive home they're not buying the crappiest home either they're being strategic they're going to buy that price point in your area that's going to sell quickly so that's a lot of what's happening here these are real offers from facebook that people had shared with me of what they got as an offer so here was a home from open door where they had a home value of 245 there's a closing cost of one percent their pending assessment on the repair costs but look at the open door service charge guys 10.5 and how often do consumers cry to us that six percent seems like we're robbing them right that's 10.5 percent convenience fee now there's gonna be a need for that there's going to be people who are willing to pay that because they don't want to deal with the hassle maybe they live out of state maybe it was somebody who passed away maybe it's divorce there is a market for this and the reason we're talking about it is because if you don't talk about it they're just going online and finding out for someone else here was one from zillow for an offer pad offer full cash 405 000 look at the service fee 7.5 percent seven and a half percent fee on that that is insane this is the kind of stuff that they're paying for so this is what's happening to them and then you've got another offer here uh seven and a half percent charge so this is what these other companies are doing and what people are getting so here's the script you used to go out and say mr stellar have you ever thought about selling the home yourself i would still ask that in case they're curious about being for sale by owner but here's the next thing i would ask have you ever gone online and gotten an offer on your home add that to your scripts because i would be able to go side by side and say okay wou d you show that to me oh mr seller look you're going to pay 10 and a half percent you know what i can get this home sold i will make sure i do my best to market it least amount of hassle will control the showing so it's not an inconvenience for you and you know what i'll do it for eight percent if they're gonna pay ten and a half percent they're thinking about it couldn't i do more and maybe even earn more commission or at a minimum i'll do it for six like you're doing them a favor this is the way to do it because the end of the day what do they really want just to net the most amount of money with the least amount of hassle if you put this into your your actual listing presentation and you have a discussion around this you're gonna get a lot more uh business from that and remember these companies aren't doing this to buy and sell homes most of the time they're doing it to sell a lead back to you they don't make money zillow's not making money from their buying of homes they're making money from taking that person who's interested and selling it back to you so as long as you talk about this you're more likely to get more business because these people who are thinking about selling are probably ended up selling with somebody so that's just an example of what's happening there and that's a lot of what's happening with the i buying program so the whole point of it was to really kind of share with you what's happening later on in the presentation i'll share with you with things that we're actually doing um yeah that was a good point uh we're seeing some people with repairs are paying out 13 or more in fees make them look at it remember they're not using the term commission so people don't see the term commission and they're willing to pay convenience fee i paid convenience fee for doordash to deliver me groceries and food from a restaurant i pay convenience fee for other stuff same thing is going to happen with a home and that brings up a good point i want to mention the world's changing right covet has affected all of us in some way or another here's the reality there's going to be a time very soon that people are going to be underwater they're not going to be able to pay their mortgage because they're unemployed or they're looking for a job or they just can't afford that mortgage anymore yet most of them have equity in their home meaning it's not going to be a short sale it's probably going to end up being something different meaning i just want to get the cash out of my house and i want to walk away from it this is probably going to become the market of the moment very soon meaning people are going to go i just want to be done with this house it's stressing me out i'll go rent something instead give me the cash out of my property so i can do something with it that's what's gonna happen and i think eye buying is the way they're gonna do it so especially here that it's here they're gonna be a need for it so if you aren't talking about it someone else is now not just talking about zillow have you noticed what amazon's doing amazon's the largest company in the world pretty much have you noticed they're getting into real estate you may not know this they actually have home services um they're starting to work on some home warranty stuff they're getting involved in the home because remember they're in almost everyone's home well here's what unique you might have heard rheology was partnering with amazon and something called turnkey now here's the thing it's not exclusive to rheology they're just the big real estate company who said hey i want to do this let me partner with amazon well here's what's interesting about that if you look on the right your home purchase price if it's under 400 000 if you go through amazon to find your realtor and you do this program they'll give you a thousand dollar basically credit for amazon services if your home is between 400 to 699 we'll give you 2500 and if it's over 700 000 we'll give you five thousand dollars of basically amazon cash to buy things for your home like smart products home services look at amazon move is in there as well there's a moving service involved they're getting into real estate guys and i'm not here to scare you with this i'm here to make you aware because if we can't compete with zillow how the heck are we going to compete with the money and the magnitude of amazon if we don't pay for this here's what's interesting rheology partner with them who's paying this thousand dollars do you think amazon's just giving money away out of the goodness of their heart no you guys this is coming from the agent and do you think rheology is going to take that money and say you know what we'll pay for that we won't charge the realtor heck no it's not free money somebody's paying for this thousand dollars or 2500 or 5 000 from amazon so what's going to happen and how this works right now rheology partners and puts people in not everyone even gets this program by the way not all of their agents are eligible to receive this program but it's going to cost you a 40 or more referral fee that way reality still makes money it doesn't actually come out of their pocket because they're charging you more than a standard referral fee and what's interesting they asked gary keller first to do this and he said heck no it's going to cost our agents way too much money but you actually as an agent today can go online to turnkey you don't have to be with rheology to have access to this amazon is now actually doing home searches on their website the ability to find you an agent and match up to home services so while today they're not your competitor if we're not careful one day they will be if we don't get better at talking to our consumers and helping them and i'll show you a strategy of i can actually save my client five thousand dollars instead of them having to go to amazon and getting five thousand dollars credit i've got some cool ways that i can help them save money and it's gonna be important if this is how i have to compete to save clients money i'd rather get them cash in their pocket to buy what they want and not be tied to only buying things from amazon so that's something happening in the industry as well at the end of the day how many tech companies are even in real estate now you've heard of some companies who claim to be a tech company like compass they say they're a technology company they don't actually have any technology and they never actually built any yet they're still in design of it and now they claim they do culture uh redfin redfin's a big company they are a one percent listing company if you've ever seen their signs yet here's the thing they have really good consumer technology but they have no desire to work with you as an agent then you've got open door offer pad noc and hundreds of more little companies and that sounds like a lot yet here is the map of what technology companies have joined real estate from home buying process of ibuyers and cash rent to own mortgage companies insurance home equity residential commercial there's tons of tech companies getting in to real estate and the whole goal of this is either to cut you out of the deal altogether or take more of your money by referral fees or just get more of the pie of what you would make in real estate from your commission and here's why they do that because if you're advertising company only like when zillow started they were far from the transaction and they weren't involved in the transaction they just sold you a lead there's no money in that they never made money from that program so they had no choice but to go closer to the agent commission so now they're looking to take more money from you plus if they get in finance there's money if they get into title there's money if there's insurance there's money moving and utilities the more i go into this side of a transaction the better it is for me to actually make money for my corporation because the world is moving towards a beginning to end solution of how do i help my client find a home finance the home insure the home the entire transaction of one central place and today zillow's pretty close to having that all figured out so you have to start thinking how would i be able to provide that in my world and this is why they're doing it even realtor.com so we already know zillow is going to sell your referral fees realtor.com has a company called op city by the way we don't even own realtor.com but the national association of realtors lost it years ago so that term is confusing to people we don't own realtor.com it's owned by a company called move and realtor.com has a company called op city now qualifying leads and charging agents referral fees which means they have to have a license in the state they're in to do that as well because there's more money the closer i get to the transaction that's what's happening and if we study just funding of technology in real estate if you look as far back as 2013 there was barely 500 million dollars of investors throwing money to build technology back in 2013 but if you actually look the last couple years in 2019 over 8 billion dollars was invested in technology for real estate and the year before that 7.52 billion and i'm sure this year will probably be closer to nine this is from uh last august so we haven't gotten the newer version of this yet notice the pink line the pink line was the number of new technology companies who were taking that money and building a business notice what happened between 18 and 19 that dropped meaning your big tech companies they're here in real estate today there's not many new startups anymore now they're merging together and forming partnerships and coming after the business because there's just more money in real estate than anywhere else here's what they spent the money on by the way they didn't spend a great money on home searching they think it's done we disagree with that but ultimately we think that the best way to search homes isn't finished yet uh they spent money on brokerages like technology like compass um look at the eye buying program guys almost two billion dollars was invested in i buying that's why it's there and by the way if i'm i buying homes guess what i better have access to mortgage and title and other stuff so that's why there's also 1.36 billion in mortgages and mortgage technology to fund the real estate and then the ancillary services and then agent tools and other and the pink is all the new deals i'm sure like me you've been getting tons of new emails of new agent tools and ways to make money in real estate and how to buy leads that's why you're seeing more of those emails that pink line that's going up over agent tools and other that's where those tech companies if they're not in eye buyer mortgage company or ancillary services that's what they're spending the money on the magic pill to make business and make money in real estate that's what happened to all those eight billion dollars of technology that was invested last year alone so how is our industry changed why does this even matter because i believe the day of you being an agent with an mls book and no technology that's long gone no one's ever gonna go back to a physical paper book saying come to me to find a home that's dead but the fear people have is they're gonna go to the far extreme and they're gonna go technology only like i'm just going to find a home online swipe right by i'm done we're not there yet no one's ready to buy a home without talking to a person a human needs to be involved and we know this by the way because they try this in the car industry carvana and these other guess what they're still car dealers they're still car people involved in that transaction because the consumer is not ready to buy something big and not have a human along the way which is good for us so don't be fearful that you're gonna have to be tech only which means you only have two choices either you're gonna be a tech enabled agent which would be when the mls came out that started with we have technology powered with an agent and that's what a lot of the companies including keller williams believe in or you're going to be an agent who enables the technology meaning the technology has the relationship with the consumer and you are now trying to get them to work with you so we're the functionary and that's going to be your real.com zillow open door not these these online companies who are looking to cut you off the transaction and you're using them to buy leads you're the one powering them to put you out of business and that's going to start taking you from 30 to 40 percent of your commission or reducing you to as little as one percent commission for that transaction that's what's happening in the industry this is how we're being in essence attacked and it sounds like scary it sounds like war but it really is here's something interesting i didn't mention about zillow the guy who founded zillow is the same guy who founded expedia tell me where the travel agents are now what happened to their industry when the internet came out and stuff it changed that's what's happening and why is this even happening who the heck cares because it's an industrial revolution so the first industrial revolution was steam power you know weaving mechanisms that was back in the early 1700s then in the late 1800s early 1900s went to mass production electricity it changed every business and every industry we just left the automation and computer and electronic industry but you can build a business today with a cell phone internet and a cloud service that's all you need the next part of our world is the fourth industrial revolution which is artificial intelligence it's taking all that data i've collected over the years and having a machine help predict it for me and you're already getting it today netflix suggests to me shows i would like based on what others have looked at because they have so much data they can suggest it facebook uses this yet we haven't gotten to the point that artificial intelligence understands real estate yet that's where we're headed at the end of the day this is how technology works in real estate you have a platform or a system that you use so let's say the mls and then there's an agent in between that so i'll give you a real world example i'm going to say hey you're going to buy a home well guess what i'm going to use the mls which is the technology piece but then you're going to come back to me so we can go look at the home then i'm going to use to send you a text message from my phone but then you're going to come back to me then i'm going to call you then i'm going to put you in my marketing system then i'm going to make you a flyer i'm going to email you those are all different technologies that don't talk to each other so you constantly are basically working in one thing and then work with the client and everything coming back to the agent but there's nothing making it better the world needs to change to this in order for your fourth industrial revolution to work in real estate we're gonna have to change to where we have enough data like netflix like amazon that we have so much data we can teach a machine how to read that data and predict who's likely to buy or sell a home that's where it's headed yet no one has really gotten to this point except keller williams we're here and still learning but most were just starting this artificial intelligence we actually talked to google and if you had all the data connected so let's use rheology as an example and i'm not picking out i'm just mentioning rheology has several brands under them c21 coldwell banker better homes and garden none of them talk to each other by the way so if i sell a home at better homes and garden rheology doesn't have that sale added with c21 and they're talking to each other to get the data it's separated so they don't have enough data if i'm a small brokerage of 20 agents i don't have enough data to teach a machine google says it'll take you three and a half years to teach it if you have enough data for it to learn from so that's what's happening then once you have that artificial intelligence can it talk to the office and help build that data and add more data can it communicate with th agent and all the agent information and grow and get better can it talk to the consumer and let the consumer access all that data can it tie into mortgage and insurance and tie that all together so that a machine can help you do better not replace you help do better if i know how many people are in my database how often i talk to them who has bought a home from me what their online search behaviors are have they gone online to look at a mortgage it's gonna be able to tell me one day hey jay so and so was looking at a home online they got pre-approved for a mortgage call them now nothing in the world does that for you you have to track everything they're doing this would be a machine doing that for you at the end of the day what are you doing to prepare in this new industrial revolution first off how do you compete against zillow and the tech giants what are you gonna do in your business to not bad mouth them because i'll warn you it's like saying x you know news outlet is bad about news somebody's gonna argue that they're the best thing since life spread you can't argue against zillow however i could start talking that language and help my consumer get the resources that help them what systems are you using today you realize most of your technology is probably owned by somebody else yet netflix owns their technology uh you know facebook owns their technology yet most real estate companies buy someone else's system i might buy brevity i might buy commissions inc uh what about top producer you know who owns top producer realtor.com move not the national association of realtors realtor.com so if you have clients in top producer they are owned by realtor.com real.com owned your database if you have dot loop we just said that zillow owns dot loop uh what about contactually that was purchased by compass somebody's owning your data if you don't own it and then how much do you spend for all that technology that doesn't work at the end of the day who owns that data if you actually look at some franchise agreements around the world you'll actually find out that let's say i joined xyz realty if i look at the fine print they own my database if i ever leave meaning they can market my database they can generate business from my database because they own it i'll just share keller williams has a very strict policy of we don't do that it's your data you take it with you if you leave us it's your contacts just to share that part of it but at the end of the day taking all this knowledge that i have now what is kw doing to stay ahead and help our agents and help the industry stay in front of it well we actually started building technology with our agents that's why i'm wearing a shirt with a dog on it it's labs i actually did a lab this morning on the consumer app what would a little ticker of information about the home price uh what's happening in the market interest rates look like in the new app we labbed it today i gave them feedback we argued over uh price per square foot and it was a conversation to build that so that's what we've been doing actually the last three years i was flown out to austin texas back in 2017 so three years ago to talk about technology now we've built it so much so we've actually changed our company perspective to be a technology company that provides the real estate platform that our agents buyers and sellers prefer best way to think of what a platform is your smartphone your smartphone is one device that accesses all the apps you want in your world that's what we started doing i didn't realize we were building this so that our clients can have an app one day to have an actual beginning and end of a transaction that keeps you at the center of it that's what we're all working on that's the new race who can build an end-to-end consumer experience first who can make it so easy for me to find the home that i want keep me informed on the prices help me access online tools to get a mortgage get all this stuff and go through the entire experience as seamless as going to amazon netflix facebook systems like that that give me an amazing consumer experience and we're going to talk about these three products but we've actually integrated now we have keller mortgage to save money on a loan and refinancing color cover to shop home insurance and killer offers to compete against eye buying open door literally said their worst fear of them being a technology company that buys homes with their eye buying program is if keller williams said we have it too with all 180 000 agents we do so let's talk about these products and and the neat thing about this by the way so keller mortgage if you didn't know we have this now for over three and a half years it is available in 49 states it works everywhere but new york that's still coming soon and eventually even canada for now that means i can have my clients in arizona save money on a mortgage i can have my family in indiana save money on a mortgage clients i know in florida save money on a mortgage no matter where they go it's tied in best part about this it's built into every one of our agents personalized app and websites today every home they look at is going to say hey we can save money keller mortgage actually even does conventional loans fannie mae and freddie mac jumbo loans up to 3 million and even government fha va and usda loans and we have saved consumers 151 million dollars with a product we call zero plus the zero plus loan only works with keller williams agents this allows them to have no origination fee no underwriting no processing fee and if it's over 150 000 of a loan we will give them a thousand dollars closing credit and a competitive low rate so remember how amazon if i went through rheology and did that i could get up to five thousand dollars of free amazon cash if i had a home over seven hundred thousand well mr seller mr buyer we can help you with the loan for 250 000 and that would save you five thousand dollars what if you took that five thousand and just bought what you wanted instead i'm going to save you that money that you would have had to pay with someone else this is the conversation this is what you're going to be talking about this is the ability to save them money i mentioned zillow has a mortgage company zillow's not saving clients money right now and by the way i'm not saying you have to use this and not only use this product if i'm a true consultant i'm going to say i have keller mortgage that can help you save money i've also got in our office we have fairway i've also got another lender that i use supreme that i trust with my heart i'm going to have my vendor partners but i'm going to have that consultation conversation zillow's going to say use our mortgage or don't we don't care we just want to make money that's kind of what's happening so this is just one of our many products and it is live to all of our agents today they all have access to it and it's already pre-built into every one of our apps hey love it bill bill just closed the deal yesterday with a keller mortgage and the client loved it uh actually our op don't share much but he actually just refinanced with keller mortgage and saved thousands of dollars on it lowered his payment and got a 3.25 mortgage it can be done people around the world is and here's the neat thing guys it works for you it works for your clients it also works on refinancing so now it became a reason to reach out to your database to save money on this whether they're looking to buy a home or refinance and stay in their home but here's what i know if we go crazy for a 20 off bed bath and beyond coupon i'm gonna love it if i save money and i'm gonna go tell everybody i know to download this app today and if they do and it's branded to you it's a lead to you for free and that's just one product you'll see the little icons in the upper left hand corner this is the color home series and this is the new logo coming soon for keller mortgage okay well what about home insurance hey we're the only company in the world right now to have home insurance shopping built into our app and our website keller covered is a home shopping a home insurance shopping company it'll actually shop all the top insurance companies in your area and help you save on home insurance it is available in all 50 states now some states might have more options which means they can get the prices even lower but you guys it's a reason to reach out to your database and say hey i can save you money on the new purchase of your home and the home insurance you need for that home or we can look at your current home insurance and save you money there we have tons of personal agents saving money on their own loans and insurance using these products and it's live and it works and only works with an agent what a great way to get referrals built into this technology and guys it's built into your app so if i have my family who's in indianapolis right now use this app find a home online they can apply for a mortgage they can also get home insurance and save up to 30 right there inside the technology this not even zillow has no competitor has mortgage and this and no one in the world is saving money which now becomes an amazing ability to get you more business and referrals the coolest thing about being a real estate agent is i can refer business to people in chicago and earn some of the commission from their sale because i have a real estate license so you can get more referrals by having a campaign like this so there is an actual website it'll be keller cover dot com backslash agent assets and every single one of our kw agents and anybody who joins us in the future has access to a landing page and marketing materials that are ready to go branded to you for clients to save money on a mortgage save money on home insurance and now it just became a campaign to reach out and get you more business and most agents i talked to that are really good and their business and top agents 90 of their database comes from referrals well how many more referrals could you get if you offer consumer savings this is why we did it not to put our mortgage company out of business or not to not work in my vendor but to be able to save consumers money and actually be able to manage the transaction and control it because if i don't do this someone's gonna go to zillow and buy the home without me and i'm gonna have to pray please zillow give me back my mom to buy a house because they're going to be going to there if those companies start offering this kind of product and we all have it it's there today live working we're working on it every day to get better and then the last part of that product kind of looking keller home is called keller offers this is the ability to compete in the eye buying arena so we actually have a certification program that you can be keller offer certified ibuyer i have many agents in my office that are already certified who may not be using it at a high level yet well they just changed this program by the way if you have currently already gotten your certification and you paid for it there's a reimbursement program right now and anybody new who wants to get certified there's no more cost we will let you get certified for this as long as you submit two i buying offers of properties within the next uh 60 days when you you go through the program it's a two and a half hour course and we partner with offer pad and now other financial institutions so that you can say hey mr seller i can get you a i buyer offered too here's the cool thing you stay at the center of the transaction an offer pad right now is doing three percent commission so i don't have to list the home i can go mr uh a seller i'm gonna actually work on uh work with offer pad on this they're gonna buy the home and pay you the three percent commission you would have gotten yet you get to do it if i go through zillow zilla's either gonna buy that house or sell me to someone else this is an ability for you to say hey we have it by the way keller concierge is rolling out as well that's a remodeling loan that's hey mr seller your home i think we can get a strong offer but if we update our kitchen and update the bathrooms we can get a lot more why don't we go ahead and take a small loan out get those things fixed and when the home sells we'll pay off that loan it's kind of what it really is it's a concierge service so that is live for those that know how to take advantage of it and rolling out around the world we're in a lucky area phoenix is the hotbed for these new products and that's one of the things i want to make sure our agents know we have access to this resource to take advantage of it and if the future is going to be not a short sale but i just want to be done with my home i don't want to list it just give me some money give me cash i want to be done you now have the ability to say i have that plus i can list it plus i can help you save money on a mortgage plus insurance you guys there's no reason they should go to zillow ever or any other company they've got everything they need if you can explain it to them that's part of the keller home services at the end of the day i look at it as your mobile app is how you give this experience so i'm sure most of you have seen this maybe some of you have not this is a short two minute video of what does it look like to actually find a home finance a home insure a home in this case you can see the buyer and seller guides built into the home imagine like a gps of where we at in the transaction and the entire everything about your house just working in one single app [Music] so so do so so you saw a lot really fast in that app and most of you are probably at least either familiar with it or you played with some of these features but you guys this experience works i think the challenges we don't know how it all works and we're not sharing with anybody so the good news is that's why we have technology classes on it that's why there's stuff in katie connect to learn this app allows you to search by neighborhood in areas that no other website can search by neighborhood right now not even zillow if you go to zillow it doesn't search we have the ability to find landmarks so if i have a kid who's going to go to ohio state university i can type in my app and website ohio state university stadium and it will take me to that location and then show me the homes for sale nearby you've got the ability to access the savings of mortgage and insurance in there there was the buying and selling guide built in the ability to request digital and virtual showings all built in and all ready to go so this is the power of those agents to take advantage of it because here's what's going to happen this is available to everybody yet the agents who know how to explain this better are going to get more business and the agents who don't want to use any of this don't want to plug into command and don't want to talk about any of the products like keller mortgage and color covered they're not going to get the same amount of business and one day i'm going to go on a listing appointment versus another agent in the same office and i'm going to tell them we have color mortgage the other agent's not going to mention it and the client's going to go hey you don't have color mortgage you don't have the app you don't have these products and they're going to throw it right back at us and say why don't you have it so that's kind of what i want to talk about this event and if you want to know more at least what the technology and all the stuff we have this is why we did all of it we built the technology we won awards for the technology the future of the world is now providing those services so we've actually gotten from inman five star review we're one of the only crms that have that and it's not even done yet command is still being built every day we've partnered with facebook with google to build this technology and it's one central place for agents to access everything in their business we won an award for inman about most innovative technology with our artificial intelligence kelly we've won the uh nara hackathon because we were a real estate company that tied our artificial intelligence to a camera we've also been voted most innovative real estate company by fast company and that's not a real estate company that's a technology company rating keller williams is the most innovative real estate company and most people are saying hey we have technology we have this awesome who has validated what you have who has said you are the best in there or is it just you telling me you're the best google actually talks about keller williams so google mentions the fact that keller williams disney are companies that are taking the artificial intelligence mainframe of google and then applying it to a specific industry we're applying it to real estate so much so that they do talk about us and google is our partner in addition to facebook as our physical partner helping us build these technology tools and if you don't know enough about the technology if you want more information obviously my k2b agents can go to kdb connect but there's a website called technology.cable.com that will let you demo the agent tools the consumer tools look at that app i'm happy to share my app with you if you guys want a copy of it if you've never looked at the app but ultimately what are you doing to prepare yourself in the future so to kind of recap everything we talked about we talked about eye buying and what zillow's doing we talked about the technology companies coming after our money or our sales at the end of the day our choice now is are we gonna be an agent who uses the technology to provide my clients an amazing consumer experience or am i gonna be the agent who gets put out of business because i'm dependent on zillow and other companies that's why i wanted to talk about that the great news is most of my people watching this and agents are already here at keller williams that we have this so if you haven't taken advantage of these resources that's why we have the technology videos and people in-house here in my albutuke location i've got shane who is our tech driver who does genius bar appointments that you can sit with him if you need help one-on-one he does classes on how to use command i've got thousands of videos on how to use this technology at a high level and if you're curious about the app and hey what does the app even do compared to zillow realtor.com truly all the other apps out there i made a video on that you can go to youtube and see that video as well so thanks so much for watching this thanks for joining us guys this is just sharing what we have and then making sure you're prepared to go in there uh yes bill i'll send you guys uh the uh email of these slides there so you guys can have that but i really appreciate you guys spending the time with me this was live stream we will make sure that we get this also uh just take the attendance so i can send you guys the email um and share the resources there and we're just here to help you we're here to help you stay in business take advantage of these resources thanks so much guys and i will talk to all of you very soon have a good day