May 27, 2026
Zillow vs CoStar: What’s Really Happening to Real Estate Data
In this episode of Commercial Real Estate Secrets, Aviva Sonenreich sits down with commercial real estate advisor and tech-forward broker Kayla Mahoney to break down one of the biggest shifts happening in real estate right now: the battle over data.
Key Topics Discussed:
- Zillow vs CoStar and the future of real estate data
- Why commercial real estate brokers still provide value in the AI era
- How CREXI, LoopNet, and CoStar are changing deal flow
- The hidden economics behind commercial real estate platforms
- How AI and ChatGPT are already impacting negotiations and valuations
About the Guest:
Kayla Mahoney is a commercial real estate advisor with Engel & Völkers Commercial specializing in industrial, investment, and commercial transactions. She is known for combining technology, automation, digital marketing, and relationship-driven brokerage to build modern systems for commercial real estate outreach and deal flow.
About the Host:
Aviva Sonenreich is the Managing Broker of Warehouse Hotline, one of Colorado’s leading industrial real estate brokerages specializing in warehouse and commercial properties. She is also the host of Commercial Real Estate Secrets, where she interviews top investors, brokers, entrepreneurs, and industry leaders about commercial real estate, business growth, marketing, AI, and entrepreneurship.
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I met there with a gentleman
named Nobu Kata, who is one of
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the directors of Zillow, and he
pulled me aside and he was like,
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what do you think of Zillow?
And I told him I'm a commercial
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agent.
Yes, my burn rate for Costar and
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Krexie totals to about 800 a
month.
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But Costar doesn't publicize my
data and Costar doesn't take my
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data and send that data to
agents that buy into a platform
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and utilize it in order to help
enhance their business.
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There are a lot of companies
that are trying to beat Zillow,
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which I think that's a great
opportunity, but I do also think
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that there's so many people that
depend on Zillow.
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It would be almost like taking
away the Amazon of real estate.
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So my husband hopped on to
Zillow the other day to search
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for houses because his friend's
moving here and he has a license
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and he likes to waste his time.
He starts calling on Zillow,
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right?
We do commercial only, we don't
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do residential.
He starts calling on Zillow and
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he's getting frustrated and I'm
like, what's wrong?
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And he said, everybody, I'm
calling on Zillow.
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It's not the listing agent when
I call on Zillow, it's some
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other random agent trying to
sign me as a client.
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And I'm not, I'm just trying to
look at the property.
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It's funny because I think as
commercial brokers we spend a
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lot of time, you know, cursing
at Co *.
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Yeah, we do.
We.
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Do for a million reasons right
Co star is steals our data,
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steals our pictures is way
overpriced completely
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monopolizes the market.
However, we have to like
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unsubscribe literally and
figuratively.
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So Zillow's interesting because
it has a completely different
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model, a paid model.
And Kayla, I don't know if you
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want to tell the story about
meeting the gentleman.
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You know, I recently was a
speaker at a conference for EVX.
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I spoke about, you know,
building investment criteria and
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Zillow was one of the sponsors
of EVX.
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For those of you guys who don't
know, I don't expect anybody
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outside of England brokers to
know.
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EVX is essentially our big
national conference where all
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the firms in the Americas and
internationally get together for
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two to three days to network,
talk about the company, talk
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about updates.
It's a big deal internally with
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England voter.
So Zilla was one of the
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sponsors.
I met there with a gentleman
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named Nobuhata, who is one of
the directors, Zillow, and he
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pulled me aside and he was like,
what do you think of Zillow?
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And I told him I was like, you
know, if you can't beat them,
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join them.
And I said, there's a reason why
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I'm a commercial agent.
And I was like, yes, my burn
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rate for Co Star and Krexie
totals to about 800 a month.
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But Co Star doesn't publicize my
data and Co Star doesn't take my
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data and send that data to
agents that buy into a platform
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and utilize it in order to help
enhance their business.
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So Zillow's model basically is
they'll take all the information
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from the MLS or they'll take
anything that an owner will
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upload, and then any sort of
inbound leads, it'll funnel to a
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priority, which is a bucket of
agents who buy into Zillow.
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And they're able to hit that
first marketing and that first
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outreach to get that inquiry for
buyer conversion.
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You know, the majority of people
who are on Zillow are not real
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estate agents.
Most residential real estate
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agents use their local MLS,
which is very cumbersome, very
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dated, very ugly.
Like, you know, it's, it's a
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tough platform to work through
in most of the States and it's
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not streamlined and intuitive
like Zillow.
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And you know, I personally, like
I've helped some clients help
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buy some houses as well, even
though I am primarily a
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commercial agent.
Like I'm helping my dad right
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now since we're family and I, he
gets these one home emails that
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are linked to the MLS and they
go right into spam and he
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doesn't know how to click it.
And it's just really cumbersome
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that like he'll still send me
Zillow links.
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Why?
Because it's easier, it's fluid
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and it's accessible.
So there are a lot of companies
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that are trying to beat Zillow
such as Compass by having their
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internal technology in order to
launch listings off market to
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exclusively Compass agents,
which I think that's a great
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opportunity.
But I do also think that there's
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so many people that depend on
Zillow.
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It would be almost like taking
away the Amazon of real estate.
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And the station was really
interesting and it just kept
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folding up that we talked about
Co Star and Krexi and I was like
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the systems for Co Star, the
systems for Loopnet, the systems
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for Krexi.
They have it where it ends up
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reaching out to the agent and us
as agents, whether or not you
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like Co Star or Krexi, which I
know we all have our own
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opinions on, myself included.
They aren't utilizing your
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listing in order to capture
other buyers.
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They're allowing those leads to
go directly to you.
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And any good listing agent and
any good real estate agent is
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able to pluck 2 buyers off of
every listing they get just from
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inbound leads where if they say,
hey, this, you know, the first
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priority is always making sure
that the asset that you're
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listing is the perfect fit for
them and trying to sell that.
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But if it's not for any reason,
you can say, OK, well, what are
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you looking for?
All right, here's your criteria.
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Let me pull a search and yes,
there's Loopnet, but Loopnet
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costs $110 a month in order to
have a basic silver listing.
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And there is Crexy.
Crexy interface isn't as user
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friendly, but the big part about
Crexy is the fact that Crexy
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allows you to see every single
person that clicks your link.
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So any agent truly wants to own
their own data, especially in
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the commercial realm.
Should 120% use Krexi because
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you could see who's clicked it,
who's engaged it, and you can
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build your entire dialing list
off of that for outreach.
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I could have a whole segment on
the show called commercial real
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estate, and real estate in
general is just the Wild West.
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Yes.
And I think that even though
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there's an opportunity that like
Aviva and I use a lot of
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technology in our practice,
there is still that gatekeeping
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because the majority of agents
are an older demographic and
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they don't necessarily, you
know, every older demographic
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has a tougher time with grasping
new technology.
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That the agents in our phase
that are really going to
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flourish are the ones that are
OK with using the tech and are
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very comfortable with it and are
able to adapt it into their own
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daily practice.
And you know, I know that
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everybody talks about like, is
the agent still a viable thing?
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Where does the agent provide
value?
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If I can see everything that's
going on in Zillow in a more
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accessible manner and schedule
is showing that way, Like what's
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the point of the agent?
Is the agent going to die and
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the whole agent as an industry?
And I think that there's going
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to be a really interesting shift
within that within the next 5 to
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10 years because agents,
especially in the residential,
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like they don't own their data.
Commercial and residential
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agents, we both do not own our
data.
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The platforms we have own it.
But which platforms are being
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more like more friendly to the
broker and more friendly to
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allowing that ownership and
distribution?
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I think that there would be a
lot of value for a commercial
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platform to come in like Zillow
and present it like Zillow.
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But the issue with that is it's
such a high burn rate to develop
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software and there's such a
smaller pool of individuals
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buying and selling commercial
real estate that does it
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economically make sense because
you would have to have the same
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infrastructure.
Someones going to takedown
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costar.
I would bet my last dollar on
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it.
Someones doing it and I will
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party on costars ashes because
only in commercial real estate
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can a company get away with
having your clients pay a
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premium and then extracting the
data from the client.
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So Co star only functions as an
ecosystem because we report back
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the numbers.
Well that doesn't make any
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sense.
Why am I paying you and then
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you're extracting from me?
I'm supposed to pay you and then
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extract from you.
That's how a relationship works
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in a working capacity.
I can get off my soapbox now,
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but I just think there's a lot
of room for growth in real
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estate and data and data
management and I'm looking
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forward to it because it's
uninspiring at this time.
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How Co Star has commercial real
estate by the literal and
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figural bulls.
And we, the brokers, the buyers,
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the investors, the people,
Kayla, we deserve better.
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We do, and it's shocking that
we're paying over $500 a month
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for just access to the platform
per license.
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And it's funny because a lot of
the sales reps make like 200 KA
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year and it's like your product
is something that's required for
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me, you know?
And like, yeah, if y'all sponsor
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events like in Denver, like
Fight Night, sure, they'll give
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$35,000 to go watch young
brokers spar.
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But you know, like if you didn't
have the sales infrastructure in
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it or minimize the sales
infrastructure and sponsorship
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relationships that you do, could
that decrease my burn rate by
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40%?
Honestly, probably.
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Probably.
There's nothing more infuriating
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than going to an event and
seeing how much money costar
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dumped into that and knowing
that, well, I have to use this
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program anyways, so why?
Why or what about the year that
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costar had all those ads during
the Super Bowl with Lil Wayne?
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Do you remember?
That didn't see those, no.
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What year was that?
It was right after they
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acquiredhomes.com.
OK, OK.
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That was that continue to try to
monopolize the entire market.
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There were like 7.
It was like absolutely obscene,
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like 7 slots of advertisements
from costarforwardslashhomes.com
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for the Super Bowl with wheezy
baby.
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And it was, it's just like you
said, like it's like, are you,
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are you kidding me?
Is this?
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Yeah.
Like why I get it, I get it for
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homes.com and I get it for
apartments.com because those are
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geared towards people that are
the same demographic that's
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utilizing Zillow to be the death
of Zillow.
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But really the main commercial
platforms are Krexi and Costar.
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And I personally hope that Krexi
does eventually outpace Costar.
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The biggest issue with it is the
usability from it in regards to
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like pulling comps and pulling
data because for years we've
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just fed Costar all of the
market comps, all of the data
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and it just kind of regurgitates
it to us and makes us, you know,
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be able to advise our clients.
But I, I do like that Costar
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isn't public facing.
And I think that if Costar ever
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went public facing, our value as
commercial real estate agents
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would decline significantly
because that means everybody
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would access the data just like
in residential.
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What is the most dangerous
metric in real estate that
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people blindly trust?
KGB team or any sort of LLM
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system because the LLL, the LLL,
the language learning model
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systems, their biggest goal is
to make sure that they know you,
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they understand you and they're
just reading the information.
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They're not looking between the
lines.
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So they aren't really trying to
understand or question, they
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just kind of agree with you.
And I think that comes with both
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professional and personally as
well.
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Having the influx of AI right in
like what was it 2-3 years ago
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when chat came out.
It is absolutely insane how it
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has changed everything about my
day-to-day work.
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And I don't even want to talk
about it like how I use it on my
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end, but seeing how it affects
commercial real estate
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transactions is absolutely
bonkers.
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You know, I, I was working on a
very large transaction where one
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family member decided to run
comps.
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The comps were so wrong.
It spurred the whole family to
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get an appraisal.
We had to wait months and months
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and months for this appraisal,
all for it to come back to
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appraise at the number we
provided.
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But we wasted a ton of time had,
you know, and when you waste
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time, you waste leverage.
And it's like you and I were
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talking about before this week,
Ryan Serhant put a post where he
218
00:12:22,160 --> 00:12:24,520
had a $50 million deal under
contract.
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00:12:24,680 --> 00:12:27,360
And simultaneously, the buyer
and the seller both going to
220
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chat and say, is this a good
deal?
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Chat agrees with both of them
because that's all these AI
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platforms are really capable of
doing right now.
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Is like, of course, they're very
useful, but they're here to
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appease us.
And it blew up the deal.
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00:12:42,000 --> 00:12:44,520
And chat is just not
sophisticated enough and it
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doesn't have the data like your
local commercial real estate
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professional.
So it's an interesting time.
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You know, I'm also seeing
tenants negotiating in new
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creative ways that maybe, I
mean, you know, I've had tenants
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clearly punch into chat like I'm
negotiating XYZ.
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What should I ask the landlord
for?
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And it's like, guys, you got to
hire a bro.
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You either need a broker,
somebody else besides a robot.
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Yeah.
Because.
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Robots, not besides a robot in
both the residential and the
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commercial realm, you know, and
I think that Zillow, at least
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specifically, still has an
awareness of that, which is why
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they have the agency
relationship program.
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It's also a major income stream
for them as well to have the
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agents buying in in order to
obtain those leads.
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But it's still a person showing
and touring the property.
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I do think that there is going
to be a day where the agent, at
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least in the residential realm
is not going to be a viable,
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it's not going to be needed
anymore.
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00:13:45,960 --> 00:13:48,840
You know, at least with the way
that you can change lock box
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systems with Supra and other
apps, I do think that there's
247
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going to be a fully AI agent
that can do that.
248
00:13:55,800 --> 00:13:59,040
But I do think the biggest thing
is going to be able to read and
249
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interpret the data.
I do think that the agent
250
00:14:01,600 --> 00:14:05,520
ultimately can save you money on
the buy side or get you the top
251
00:14:05,520 --> 00:14:07,760
dollar on the sell side because
they have the ability to
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negotiate.
And it's still a people facing
253
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business.
But with how the world is kind
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00:14:12,240 --> 00:14:16,000
of turning, I would be very
surprised in like 10 years.
255
00:14:16,000 --> 00:14:18,520
And I'm being generous with
that, that in 10 years, there
256
00:14:18,520 --> 00:14:22,080
isn't in a full AI brokerage
where there isn't a single
257
00:14:22,080 --> 00:14:25,120
individual working.
And other than, you know, tech
258
00:14:25,120 --> 00:14:26,880
people and developers in the
back end.
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00:14:27,080 --> 00:14:31,280
Or if my job is the agent is to,
you know, instead of going and
260
00:14:31,360 --> 00:14:34,520
running the showings is just
kind of interpreting the data
261
00:14:34,520 --> 00:14:36,160
based on the local market
knowledge.
262
00:14:36,160 --> 00:14:40,000
I know, and sending it back into
the system and having a salary
263
00:14:40,000 --> 00:14:43,520
based position from that versus
Commission structure, which
264
00:14:43,520 --> 00:14:45,520
could be cool.
I mean, like it could be a
265
00:14:45,520 --> 00:14:48,240
really cool way to handle it.
And but it would also bring in a
266
00:14:48,240 --> 00:14:53,200
totally different skill set
needed versus the, you know, we
267
00:14:53,200 --> 00:14:55,560
call it like the hot potato
where it's like you want to make
268
00:14:55,560 --> 00:14:58,160
sure you build the relationship
that also in negotiations, you
269
00:14:58,160 --> 00:15:00,160
want to make sure that they're
always holding the hot potato
270
00:15:00,160 --> 00:15:02,040
and they need to figure out how
to let go of it so it doesn't
271
00:15:02,040 --> 00:15:04,200
burn them.
And like just handing it off,
272
00:15:04,200 --> 00:15:07,640
handing off the problem.
Like there's going to be some
273
00:15:07,640 --> 00:15:09,520
finesse.
I do see that coming to
274
00:15:09,520 --> 00:15:12,520
fruition, unfortunately, but not
not in the commercial end
275
00:15:12,520 --> 00:15:16,160
because the good old boys club
still appreciates gatekeeping.
276
00:15:16,160 --> 00:15:18,480
So there's a reason why I have a
commercial end.
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00:15:19,440 --> 00:15:23,520
Because every month we pay our
costar bill with a smile on our
278
00:15:23,520 --> 00:15:26,400
face.
Yeah, I pay $800 a month between
279
00:15:26,400 --> 00:15:29,520
Costar and Crixi and that's the
average if you're just doing it
280
00:15:29,520 --> 00:15:33,320
out of pocket on your own and.
For the sake of transparency,
281
00:15:33,520 --> 00:15:39,520
yeah, $600 a month for per
costar license, $200 a month per
282
00:15:39,520 --> 00:15:43,320
crixi license, $100 if you want
anything on Loopnet.
283
00:15:43,600 --> 00:15:47,720
Per listing, yes.
And you get to sign a year long
284
00:15:47,720 --> 00:15:50,960
contract that it's like
literally impossible to get out
285
00:15:50,960 --> 00:15:53,720
of.
So if you want to join
286
00:15:53,720 --> 00:15:57,120
commercial real estate, belly up
to the bar with your wallet.
287
00:15:57,240 --> 00:15:59,400
But no, I'm I'm kidding, but not
really.
288
00:15:59,760 --> 00:16:03,400
I tell Rezi Marshall agents that
are like trying to do commercial
289
00:16:03,400 --> 00:16:05,520
and they like have their first
client and they're like, no,
290
00:16:05,520 --> 00:16:07,880
I'll take it on my own.
And it's like, OK, well how are
291
00:16:07,880 --> 00:16:10,000
you going to find them?
And they'll be like, oh, you
292
00:16:10,000 --> 00:16:13,880
know, I found this property on
Loopnet and it's like, OK, well,
293
00:16:13,880 --> 00:16:15,880
you found it on Loopnet.
That's great.
294
00:16:15,880 --> 00:16:18,880
Like do you have comps?
Like how are you going to find
295
00:16:18,880 --> 00:16:20,560
the comps?
And you're like, oh, well, I'm
296
00:16:20,560 --> 00:16:22,960
just going to, I'm just going to
go look online And it's like,
297
00:16:22,960 --> 00:16:25,080
well, OK, good luck.
Go try to find them.
298
00:16:25,160 --> 00:16:27,560
They can't find them online.
They hit me up for comps and I'm
299
00:16:27,560 --> 00:16:31,440
like, look like I pay $800 a
month so I can pull the comps
300
00:16:31,480 --> 00:16:33,880
and you can't.
So if you want to refer me the
301
00:16:33,880 --> 00:16:36,680
business, great.
Like I will gladly do a Co
302
00:16:36,680 --> 00:16:39,600
brokering fee with you because
you brought in the client.
303
00:16:39,880 --> 00:16:42,240
And that's mostly how my
business is modeled is just
304
00:16:42,240 --> 00:16:45,080
doing residential inbound
referrals and positioning myself
305
00:16:45,080 --> 00:16:48,200
where, you know, I can help a
residential agent with their
306
00:16:48,200 --> 00:16:51,240
commercial needs that doesn't
want to pay the price in order
307
00:16:51,240 --> 00:16:54,120
to be commercial.
And there's a, again, we talked
308
00:16:54,120 --> 00:16:56,040
about in the last episode,
untapped markets.
309
00:16:56,040 --> 00:17:01,240
That's 100% an untapped market.
Oh, I tell residential brokers
310
00:17:01,240 --> 00:17:04,880
when they come to me with for
comps trying to do a deal, my
311
00:17:04,880 --> 00:17:08,640
response is, look, if you don't
have access to the data to do a
312
00:17:08,640 --> 00:17:12,000
deal, you're not qualified to do
a deal and you're not acting in
313
00:17:12,000 --> 00:17:15,119
your client's best interest.
Again, I'm good to do the deal
314
00:17:15,119 --> 00:17:17,400
with you.
I'm happy to do the deal with
315
00:17:17,400 --> 00:17:19,400
you.
But I find that in some
316
00:17:19,400 --> 00:17:22,079
scenarios, they've already
calculated the Commission
317
00:17:22,240 --> 00:17:25,119
convinced whomever that they're
qualified.
318
00:17:25,200 --> 00:17:29,320
And it's sad, right?
Ultimately the client suffers.
319
00:17:30,080 --> 00:17:34,480
But if the client doesn't
realize who to, you know you
320
00:17:34,480 --> 00:17:38,440
don't hire a dentist for a
vasectomy, then, well, they're
321
00:17:38,440 --> 00:17:40,360
going to pay for.
It, I like that analogy.
322
00:17:40,360 --> 00:17:43,920
A lot of, you know, hiring a
dentist to do a vasectomy.
323
00:17:44,640 --> 00:17:48,480
It's almost like, yeah, I like
that a lot.
324
00:17:49,440 --> 00:17:53,560
It's just, yeah, 100%.
I'm trying to think of other
325
00:17:53,560 --> 00:17:55,120
ones that could be funny here,
too.
326
00:17:55,120 --> 00:17:57,960
It's like people going overseas
to get their cosmetic surgery
327
00:17:57,960 --> 00:18:00,800
and they come back with like
concrete in their face and
328
00:18:00,800 --> 00:18:03,880
you're like, oh wow, honey, you
know, it's like the same thing
329
00:18:04,040 --> 00:18:06,480
with residential and commercial.
It's like you hired a
330
00:18:06,480 --> 00:18:10,520
residential agent to do a deal.
You only got like $50,000 in
331
00:18:10,520 --> 00:18:12,760
concessions.
And if I'm on the listing side
332
00:18:12,760 --> 00:18:16,320
for that, I'm loving the fact
that this residential agent is
333
00:18:16,320 --> 00:18:18,080
just giving me the deal flow on
it.
334
00:18:19,480 --> 00:18:22,240
On the other end, I know that
that's a great option if my
335
00:18:22,240 --> 00:18:27,240
fiduciary is on the South side.
Oh, I'm licking my chops when
336
00:18:27,240 --> 00:18:30,520
I'm representing someone and the
other broker is a residential
337
00:18:30,520 --> 00:18:33,360
broker.
I it's, that is, that's like a
338
00:18:33,360 --> 00:18:35,160
deal point.
I'm like, guys, it's a
339
00:18:35,160 --> 00:18:38,640
residential broker like this.
And and like my clients know
340
00:18:38,640 --> 00:18:42,560
they're like, like, hell yeah,
let's go, 'cause everybody knows
341
00:18:42,680 --> 00:18:46,880
a it's just a different job.
It's crazy and.
342
00:18:47,400 --> 00:18:49,880
It's a different job with
different challenges and
343
00:18:49,880 --> 00:18:53,840
different payment structures and
different access to data,
344
00:18:54,480 --> 00:18:56,000
totally different access to
data.
345
00:18:56,000 --> 00:18:59,640
And I think the residential
agent's biggest competition is
346
00:18:59,640 --> 00:19:02,920
the public information online,
not necessarily agent to agent
347
00:19:02,920 --> 00:19:08,240
basis, but in commercial, I
think the biggest competition is
348
00:19:08,240 --> 00:19:11,720
the agent to agent and the
access that those agents have
349
00:19:11,720 --> 00:19:13,760
and versus the others.
It's really interesting.
350
00:19:13,880 --> 00:19:16,760
Yeah, I like that Bob Knackel
said that he's in the data
351
00:19:16,760 --> 00:19:21,640
industry too, because if that's
100% what we are, we gate keep
352
00:19:21,640 --> 00:19:25,320
our data as commercial agents
through these platforms and by
353
00:19:25,320 --> 00:19:27,960
proxy we provide more value to
our clients.
354
00:19:28,120 --> 00:19:31,520
I mean, I hate the fact that I
still have to send comps as like
355
00:19:31,520 --> 00:19:36,120
APDF attachment with like this
one little photo in the corner
356
00:19:36,120 --> 00:19:39,680
and like bullet points of the
information on the property.
357
00:19:39,840 --> 00:19:44,320
But I also know that on the
other hand, the catch 22 would
358
00:19:44,320 --> 00:19:47,720
be that, you know, anybody can
see what's sold on Zillow.
359
00:19:48,240 --> 00:19:52,600
I want to bring up another like
ISM of being an agent in 2026
360
00:19:52,600 --> 00:19:54,720
that I am noticing
overwhelmingly.
361
00:19:54,840 --> 00:19:57,440
I'll have people call me and
they've already found the
362
00:19:57,440 --> 00:20:02,200
property that they want to buy.
They say or or lease Aviva, 123
363
00:20:02,200 --> 00:20:04,960
Main St.
It's on Loopnet, Let's go.
364
00:20:05,360 --> 00:20:09,280
And what I have found is
actually more often than not it
365
00:20:09,280 --> 00:20:11,800
closes.
So in a world where it used to
366
00:20:11,800 --> 00:20:15,560
be OK, you hire me as the
broker, now I go find the
367
00:20:15,560 --> 00:20:20,000
properties and send them to you.
And that was the work in the job
368
00:20:20,000 --> 00:20:23,400
was finding the property.
Now it's a whole different
369
00:20:23,400 --> 00:20:26,560
structure where the person finds
the property online and then
370
00:20:26,560 --> 00:20:29,960
calls you and says, hey, this is
what it, this is what I want to
371
00:20:29,960 --> 00:20:32,680
buy.
And obviously there's some clash
372
00:20:32,680 --> 00:20:35,440
there because because old school
brokers are like you have to do
373
00:20:35,440 --> 00:20:38,400
the showing in order to get the
Commission.
374
00:20:38,520 --> 00:20:42,080
But then like the response is
like they need fiduciary duty
375
00:20:42,160 --> 00:20:44,960
and you can't deny them that.
And you're not going to, you're
376
00:20:44,960 --> 00:20:47,000
not going to.
Don't tell me you could be
377
00:20:47,000 --> 00:20:48,400
there.
Like of course they want to
378
00:20:48,400 --> 00:20:50,800
double end the deal, but how in
the world could they represent
379
00:20:50,800 --> 00:20:53,520
both people's best interests?
That's not possible.
380
00:20:54,880 --> 00:20:58,560
So as the world evolves and real
estate evolves, I just think
381
00:20:58,560 --> 00:21:02,280
these new intricacies of like
what our job is, is changing,
382
00:21:02,280 --> 00:21:04,360
right?
My job has changed from being
383
00:21:04,360 --> 00:21:08,040
the person finding the property
in some scenarios to being the
384
00:21:08,040 --> 00:21:11,440
person negotiating the deal.
And that just changes the art
385
00:21:11,440 --> 00:21:14,080
and the science and the deal
flow entirely.
386
00:21:14,280 --> 00:21:16,760
But it's kind of fun and I'm
here for it.
387
00:21:17,280 --> 00:21:20,400
Yeah, it's super fun and really
like our job as agents.
388
00:21:20,400 --> 00:21:23,360
We have three major things.
The first one, which is the most
389
00:21:23,360 --> 00:21:26,080
important is relationship
building, whether that be
390
00:21:26,080 --> 00:21:29,320
through outreach, you know,
dialing, if that's your
391
00:21:29,320 --> 00:21:32,520
preference, networking,
podcasting like we're doing
392
00:21:32,520 --> 00:21:34,920
here.
But the prospecting, the
393
00:21:34,960 --> 00:21:38,240
outreach and then capturing
those relationships and building
394
00:21:38,240 --> 00:21:40,560
and maintaining those
relationships, that's always
395
00:21:40,560 --> 00:21:43,960
going to be the most important.
The second most important is
396
00:21:44,000 --> 00:21:47,080
what happens when that deal goes
under contract because the
397
00:21:47,280 --> 00:21:50,320
reason why so many people are
calling because they can see it
398
00:21:50,320 --> 00:21:52,600
on loot net and they want to
move forward with the offer.
399
00:21:52,800 --> 00:21:56,000
They don't know the inspector,
they don't know an appraiser,
400
00:21:56,000 --> 00:21:58,720
they don't know a blender.
They only know maybe one
401
00:21:58,720 --> 00:22:00,840
professional.
But that's really all they need
402
00:22:00,840 --> 00:22:04,600
to know because we have the
relationships with all of the
403
00:22:04,600 --> 00:22:07,920
other vendors in order to get
the deal closed to make it a one
404
00:22:07,920 --> 00:22:09,880
stop shop.
So we're really essentially
405
00:22:09,880 --> 00:22:13,800
buying time and typically on the
buy side, you know, you're able
406
00:22:13,800 --> 00:22:17,800
to get that free of cost.
So it's like, yeah, why wouldn't
407
00:22:17,800 --> 00:22:22,760
I save my time and hire an agent
at no cost to me in order to
408
00:22:22,760 --> 00:22:25,680
make sure that all my ducks are
in a row and I'm well informed
409
00:22:25,680 --> 00:22:29,120
before I put down a major, major
amount of money into an
410
00:22:29,120 --> 00:22:33,000
investment property or into my
owner user building or on a
411
00:22:33,000 --> 00:22:36,360
lease.
So you know, really our jobs we
412
00:22:36,360 --> 00:22:40,080
used to have to do the property
searching into the closing that
413
00:22:40,080 --> 00:22:44,360
really now our jobs are more
marketing driven into contract
414
00:22:44,360 --> 00:22:47,360
driven and it's it's a different
skill set.
415
00:22:47,800 --> 00:22:49,360
Adapter.
Else, Kayla.
416
00:22:49,640 --> 00:22:52,160
Adapter else, you know, if you
can't beat them, join them.
417
00:22:52,240 --> 00:22:55,360
And that's again exactly what I
told the guys at Zillow where I
418
00:22:55,360 --> 00:22:58,080
was like guys like agents are
upset because they just don't
419
00:22:58,080 --> 00:23:00,160
want to join the party.
They don't want to buy into you
420
00:23:00,520 --> 00:23:03,040
because then they know that
their competition, they're like
421
00:23:03,320 --> 00:23:06,720
accepting defeat in a sense
versus trying to beat technology
422
00:23:06,720 --> 00:23:10,440
out.
And it's like you're not, it's
423
00:23:10,440 --> 00:23:13,800
just like people who try to list
properties way more than the
424
00:23:13,800 --> 00:23:18,040
market's value because they need
to recoup their costs from
425
00:23:18,040 --> 00:23:21,640
whatever shit show popped up.
You know, it's like we can't
426
00:23:21,640 --> 00:23:23,480
control the market.
You're not God, you can't
427
00:23:23,480 --> 00:23:25,640
control technology.
There's at the end of the day,
428
00:23:25,640 --> 00:23:28,720
more people using technology
than protesting technology.
429
00:23:28,720 --> 00:23:30,920
So by proxy, more technology is
going to be created.
430
00:23:31,160 --> 00:23:35,320
And, you know, Google knows more
than I do, Zillow knows more
431
00:23:35,320 --> 00:23:37,520
than I do.
That's just kind of what it is.
432
00:23:37,520 --> 00:23:41,120
So, you know, as a residential
real estate agent, if you know
433
00:23:41,120 --> 00:23:44,840
more than Google and Zillow or
have that big of an ego that you
434
00:23:44,840 --> 00:23:48,560
think you do, be my guest.
Be my guest.
435
00:23:48,880 --> 00:23:53,120
Kayla, we, we end every episode,
yeah, with one question, which
436
00:23:53,120 --> 00:23:54,960
is what is your commercial real
estate secret?
437
00:23:56,280 --> 00:23:59,880
I'm going to make it themed into
what we're talking about today
438
00:23:59,880 --> 00:24:01,360
and put you on the spot a little
bit.
439
00:24:01,360 --> 00:24:04,960
What is your commercial real
estate secret when it comes to
440
00:24:04,960 --> 00:24:07,040
data?
Oh I love this one.
441
00:24:07,320 --> 00:24:10,080
In the biz, so.
Data in the biz.
442
00:24:10,720 --> 00:24:15,240
I stopped completely using loot
net because of Krexi because I'm
443
00:24:15,240 --> 00:24:19,400
like, OK, this is public facing.
But then I also built out a
444
00:24:19,400 --> 00:24:23,640
fully automated system for
outreach where it's a new one.
445
00:24:23,640 --> 00:24:26,160
I just launched.
And you know, it took me about
446
00:24:26,280 --> 00:24:28,960
two years to really figure out
the peaks and pits.
447
00:24:29,320 --> 00:24:33,280
AI cold callers are not there
yet, you know, having assistant
448
00:24:33,280 --> 00:24:36,000
style, like they don't really
handle objections well.
449
00:24:36,160 --> 00:24:40,840
So what I've done is I built out
in go high level a full
450
00:24:40,840 --> 00:24:44,040
automated marketing outreach
where every person that clicks
451
00:24:44,040 --> 00:24:48,400
my listing within 24 hours gets
a straight to voicemail of my
452
00:24:48,400 --> 00:24:51,960
recording following up and being
like, hey, you know, I saw you
453
00:24:51,960 --> 00:24:54,240
just checked in on my listing on
Krexi.
454
00:24:54,240 --> 00:24:57,200
I just wanted to give you a
buzz, follow up, some feedback,
455
00:24:57,280 --> 00:24:59,120
but you know this call in street
of voicemail.
456
00:24:59,120 --> 00:25:01,880
So let me just shoot you a text
and it shoots the text.
457
00:25:01,880 --> 00:25:03,800
We're like, hey, my name is
Kayla.
458
00:25:03,800 --> 00:25:06,360
I just want to check in.
I want to see like what your
459
00:25:06,360 --> 00:25:08,560
feedback is on the property
address.
460
00:25:08,560 --> 00:25:10,240
Here's the correct ceiling for
reference.
461
00:25:10,400 --> 00:25:11,520
Looking forward to hearing from
you.
462
00:25:11,680 --> 00:25:13,720
And then it also automatically
does an e-mail.
463
00:25:13,920 --> 00:25:15,480
Wow.
The biggest secret of what I did
464
00:25:15,480 --> 00:25:19,840
though is nowadays marketing
packages are not smart enough to
465
00:25:19,840 --> 00:25:22,960
handle any sort of automated
responses after the initial
466
00:25:23,080 --> 00:25:27,720
contact that anybody who ends up
having any sort of response to
467
00:25:27,720 --> 00:25:34,080
it, it can be stop, no, fuck
off, or yes or I it just comes
468
00:25:34,080 --> 00:25:37,000
straight to me.
Or if I if I get stop, if I get
469
00:25:37,000 --> 00:25:40,320
fuck off, I say no worries I
won't reach out to you anymore.
470
00:25:40,400 --> 00:25:42,800
Sorry this was just me clicking
on Krexie.
471
00:25:42,800 --> 00:25:46,360
Have a great day.
And then if it's, you know, I'm
472
00:25:46,360 --> 00:25:49,920
not interested in this because
of this reason, I'm able to take
473
00:25:49,920 --> 00:25:52,440
that as a buyer lead and say,
oh, OK, well, let me pull a
474
00:25:52,440 --> 00:25:54,360
search for you.
What's your e-mail?
475
00:25:54,400 --> 00:25:57,040
Give me your info.
But also by doing the three
476
00:25:57,040 --> 00:26:00,680
e-mail text call, I figure out
the preferred form of
477
00:26:00,680 --> 00:26:03,080
communication with how they
reply to me.
478
00:26:03,080 --> 00:26:06,960
So moving forward, I know, OK,
this person's an e-mail, this
479
00:26:06,960 --> 00:26:09,160
person's a texter, this person's
a caller.
480
00:26:09,320 --> 00:26:13,080
And to continue the dialogue in
that respect, it's, it's an
481
00:26:13,080 --> 00:26:15,800
interesting thing to do because,
and I think it really only works
482
00:26:15,800 --> 00:26:19,080
with commercial versus
residential because B to B
483
00:26:19,080 --> 00:26:21,840
versus B to C outreach laws are
completely different.
484
00:26:22,080 --> 00:26:24,200
And in commercial real estate,
it's all business to business
485
00:26:24,200 --> 00:26:26,840
versus business to consumer.
Anybody who wants to know more
486
00:26:26,840 --> 00:26:29,240
about, you know, text marketing
laws give me a buzz.
487
00:26:30,160 --> 00:26:34,640
So, and also because of where
I'm getting the contacts from,
488
00:26:34,640 --> 00:26:38,360
which is Krexie, they've already
provided their information and I
489
00:26:38,360 --> 00:26:43,200
pay into Krexie still owns that
data, but I pay into seeing that
490
00:26:43,200 --> 00:26:47,160
data and leveraging that data.
And it only does, you know, it
491
00:26:47,160 --> 00:26:50,880
does a one call, one e-mail, one
text within 24 hours.
492
00:26:51,000 --> 00:26:53,480
After five days, it does a text
check in.
493
00:26:54,520 --> 00:26:56,360
After seven days, it does an
e-mail check in.
494
00:26:56,560 --> 00:26:59,520
And then at about two weeks, it
does the text and e-mail again.
495
00:26:59,640 --> 00:27:03,160
But I make sure that the third
one is like, hey, so clearly
496
00:27:03,160 --> 00:27:05,560
this wasn't a fit.
Is there anything I can look for
497
00:27:05,560 --> 00:27:07,880
for you?
If not, I'm just going to, I'm
498
00:27:07,920 --> 00:27:10,080
just going to keep rolling and I
hope you have a great day.
499
00:27:10,280 --> 00:27:13,040
It's, it's more formal than
that, but it's along those
500
00:27:13,040 --> 00:27:14,960
lines.
So it doesn't come across as
501
00:27:14,960 --> 00:27:17,480
spamming marketing.
When I first tried all my
502
00:27:17,480 --> 00:27:20,160
automation and Aviva can attest
to this, it was spamming
503
00:27:20,160 --> 00:27:22,120
marketing.
But learning that, getting
504
00:27:22,120 --> 00:27:26,040
feedback from more experienced
brokers and refining it has
505
00:27:26,040 --> 00:27:27,960
really allowed it to be a
successful system.
506
00:27:28,080 --> 00:27:31,400
And if anybody wants help with
building that out, I do help on
507
00:27:31,400 --> 00:27:32,200
a consultant basis.
00:00:00,040 --> 00:00:03,400
I met there with a gentleman
named Nobu Kata, who is one of
2
00:00:03,400 --> 00:00:07,240
the directors of Zillow, and he
pulled me aside and he was like,
3
00:00:07,360 --> 00:00:11,520
what do you think of Zillow?
And I told him I'm a commercial
4
00:00:11,520 --> 00:00:13,880
agent.
Yes, my burn rate for Costar and
5
00:00:13,880 --> 00:00:16,160
Krexie totals to about 800 a
month.
6
00:00:16,280 --> 00:00:20,040
But Costar doesn't publicize my
data and Costar doesn't take my
7
00:00:20,040 --> 00:00:24,880
data and send that data to
agents that buy into a platform
8
00:00:24,880 --> 00:00:27,600
and utilize it in order to help
enhance their business.
9
00:00:27,600 --> 00:00:30,920
There are a lot of companies
that are trying to beat Zillow,
10
00:00:30,960 --> 00:00:34,840
which I think that's a great
opportunity, but I do also think
11
00:00:34,840 --> 00:00:37,440
that there's so many people that
depend on Zillow.
12
00:00:37,520 --> 00:00:40,880
It would be almost like taking
away the Amazon of real estate.
13
00:00:43,680 --> 00:00:47,320
So my husband hopped on to
Zillow the other day to search
14
00:00:47,320 --> 00:00:50,560
for houses because his friend's
moving here and he has a license
15
00:00:50,560 --> 00:00:55,840
and he likes to waste his time.
He starts calling on Zillow,
16
00:00:55,880 --> 00:00:57,600
right?
We do commercial only, we don't
17
00:00:57,600 --> 00:01:00,480
do residential.
He starts calling on Zillow and
18
00:01:00,480 --> 00:01:02,640
he's getting frustrated and I'm
like, what's wrong?
19
00:01:02,640 --> 00:01:04,920
And he said, everybody, I'm
calling on Zillow.
20
00:01:05,120 --> 00:01:09,400
It's not the listing agent when
I call on Zillow, it's some
21
00:01:09,400 --> 00:01:12,840
other random agent trying to
sign me as a client.
22
00:01:12,920 --> 00:01:15,200
And I'm not, I'm just trying to
look at the property.
23
00:01:15,320 --> 00:01:18,760
It's funny because I think as
commercial brokers we spend a
24
00:01:18,760 --> 00:01:21,240
lot of time, you know, cursing
at Co *.
25
00:01:21,720 --> 00:01:22,760
Yeah, we do.
We.
26
00:01:24,800 --> 00:01:29,640
Do for a million reasons right
Co star is steals our data,
27
00:01:29,640 --> 00:01:32,960
steals our pictures is way
overpriced completely
28
00:01:32,960 --> 00:01:36,360
monopolizes the market.
However, we have to like
29
00:01:36,400 --> 00:01:39,040
unsubscribe literally and
figuratively.
30
00:01:39,040 --> 00:01:41,920
So Zillow's interesting because
it has a completely different
31
00:01:41,920 --> 00:01:45,040
model, a paid model.
And Kayla, I don't know if you
32
00:01:45,040 --> 00:01:48,400
want to tell the story about
meeting the gentleman.
33
00:01:48,400 --> 00:01:52,840
You know, I recently was a
speaker at a conference for EVX.
34
00:01:53,600 --> 00:01:57,520
I spoke about, you know,
building investment criteria and
35
00:01:57,520 --> 00:02:00,360
Zillow was one of the sponsors
of EVX.
36
00:02:00,560 --> 00:02:03,160
For those of you guys who don't
know, I don't expect anybody
37
00:02:03,160 --> 00:02:04,640
outside of England brokers to
know.
38
00:02:05,120 --> 00:02:09,160
EVX is essentially our big
national conference where all
39
00:02:09,160 --> 00:02:12,360
the firms in the Americas and
internationally get together for
40
00:02:12,360 --> 00:02:15,720
two to three days to network,
talk about the company, talk
41
00:02:15,720 --> 00:02:18,080
about updates.
It's a big deal internally with
42
00:02:18,080 --> 00:02:20,520
England voter.
So Zilla was one of the
43
00:02:20,520 --> 00:02:23,240
sponsors.
I met there with a gentleman
44
00:02:23,240 --> 00:02:27,560
named Nobuhata, who is one of
the directors, Zillow, and he
45
00:02:27,560 --> 00:02:31,160
pulled me aside and he was like,
what do you think of Zillow?
46
00:02:31,280 --> 00:02:34,840
And I told him I was like, you
know, if you can't beat them,
47
00:02:34,840 --> 00:02:36,800
join them.
And I said, there's a reason why
48
00:02:36,800 --> 00:02:39,800
I'm a commercial agent.
And I was like, yes, my burn
49
00:02:39,800 --> 00:02:43,120
rate for Co Star and Krexie
totals to about 800 a month.
50
00:02:43,200 --> 00:02:46,960
But Co Star doesn't publicize my
data and Co Star doesn't take my
51
00:02:46,960 --> 00:02:51,800
data and send that data to
agents that buy into a platform
52
00:02:51,800 --> 00:02:54,520
and utilize it in order to help
enhance their business.
53
00:02:54,560 --> 00:02:57,560
So Zillow's model basically is
they'll take all the information
54
00:02:57,560 --> 00:03:00,480
from the MLS or they'll take
anything that an owner will
55
00:03:00,480 --> 00:03:04,040
upload, and then any sort of
inbound leads, it'll funnel to a
56
00:03:04,040 --> 00:03:07,760
priority, which is a bucket of
agents who buy into Zillow.
57
00:03:08,120 --> 00:03:10,440
And they're able to hit that
first marketing and that first
58
00:03:10,440 --> 00:03:13,000
outreach to get that inquiry for
buyer conversion.
59
00:03:13,200 --> 00:03:16,840
You know, the majority of people
who are on Zillow are not real
60
00:03:16,840 --> 00:03:19,520
estate agents.
Most residential real estate
61
00:03:19,520 --> 00:03:24,040
agents use their local MLS,
which is very cumbersome, very
62
00:03:24,040 --> 00:03:26,960
dated, very ugly.
Like, you know, it's, it's a
63
00:03:26,960 --> 00:03:30,360
tough platform to work through
in most of the States and it's
64
00:03:30,360 --> 00:03:32,560
not streamlined and intuitive
like Zillow.
65
00:03:32,560 --> 00:03:36,400
And you know, I personally, like
I've helped some clients help
66
00:03:36,640 --> 00:03:39,160
buy some houses as well, even
though I am primarily a
67
00:03:39,160 --> 00:03:41,280
commercial agent.
Like I'm helping my dad right
68
00:03:41,280 --> 00:03:45,600
now since we're family and I, he
gets these one home emails that
69
00:03:45,600 --> 00:03:49,760
are linked to the MLS and they
go right into spam and he
70
00:03:49,760 --> 00:03:52,840
doesn't know how to click it.
And it's just really cumbersome
71
00:03:52,840 --> 00:03:55,240
that like he'll still send me
Zillow links.
72
00:03:55,360 --> 00:03:58,320
Why?
Because it's easier, it's fluid
73
00:03:58,320 --> 00:04:01,680
and it's accessible.
So there are a lot of companies
74
00:04:01,680 --> 00:04:05,320
that are trying to beat Zillow
such as Compass by having their
75
00:04:05,320 --> 00:04:09,720
internal technology in order to
launch listings off market to
76
00:04:09,720 --> 00:04:13,320
exclusively Compass agents,
which I think that's a great
77
00:04:13,320 --> 00:04:15,720
opportunity.
But I do also think that there's
78
00:04:15,720 --> 00:04:18,040
so many people that depend on
Zillow.
79
00:04:18,040 --> 00:04:21,360
It would be almost like taking
away the Amazon of real estate.
80
00:04:21,399 --> 00:04:24,440
And the station was really
interesting and it just kept
81
00:04:24,440 --> 00:04:27,800
folding up that we talked about
Co Star and Krexi and I was like
82
00:04:27,800 --> 00:04:30,840
the systems for Co Star, the
systems for Loopnet, the systems
83
00:04:30,840 --> 00:04:33,080
for Krexi.
They have it where it ends up
84
00:04:33,080 --> 00:04:36,720
reaching out to the agent and us
as agents, whether or not you
85
00:04:36,720 --> 00:04:39,920
like Co Star or Krexi, which I
know we all have our own
86
00:04:39,920 --> 00:04:43,520
opinions on, myself included.
They aren't utilizing your
87
00:04:43,520 --> 00:04:46,360
listing in order to capture
other buyers.
88
00:04:46,360 --> 00:04:48,680
They're allowing those leads to
go directly to you.
89
00:04:49,080 --> 00:04:52,600
And any good listing agent and
any good real estate agent is
90
00:04:52,600 --> 00:04:56,040
able to pluck 2 buyers off of
every listing they get just from
91
00:04:56,040 --> 00:04:58,760
inbound leads where if they say,
hey, this, you know, the first
92
00:04:58,760 --> 00:05:01,200
priority is always making sure
that the asset that you're
93
00:05:01,200 --> 00:05:04,400
listing is the perfect fit for
them and trying to sell that.
94
00:05:04,400 --> 00:05:07,320
But if it's not for any reason,
you can say, OK, well, what are
95
00:05:07,320 --> 00:05:09,840
you looking for?
All right, here's your criteria.
96
00:05:09,840 --> 00:05:13,720
Let me pull a search and yes,
there's Loopnet, but Loopnet
97
00:05:13,720 --> 00:05:18,600
costs $110 a month in order to
have a basic silver listing.
98
00:05:18,640 --> 00:05:22,120
And there is Crexy.
Crexy interface isn't as user
99
00:05:22,120 --> 00:05:25,680
friendly, but the big part about
Crexy is the fact that Crexy
100
00:05:25,680 --> 00:05:29,880
allows you to see every single
person that clicks your link.
101
00:05:29,880 --> 00:05:33,680
So any agent truly wants to own
their own data, especially in
102
00:05:33,680 --> 00:05:37,120
the commercial realm.
Should 120% use Krexi because
103
00:05:37,120 --> 00:05:40,040
you could see who's clicked it,
who's engaged it, and you can
104
00:05:40,040 --> 00:05:43,120
build your entire dialing list
off of that for outreach.
105
00:05:43,680 --> 00:05:46,240
I could have a whole segment on
the show called commercial real
106
00:05:46,240 --> 00:05:50,000
estate, and real estate in
general is just the Wild West.
107
00:05:50,200 --> 00:05:53,080
Yes.
And I think that even though
108
00:05:53,080 --> 00:05:56,160
there's an opportunity that like
Aviva and I use a lot of
109
00:05:56,160 --> 00:05:59,680
technology in our practice,
there is still that gatekeeping
110
00:05:59,680 --> 00:06:04,000
because the majority of agents
are an older demographic and
111
00:06:04,000 --> 00:06:07,200
they don't necessarily, you
know, every older demographic
112
00:06:07,200 --> 00:06:09,320
has a tougher time with grasping
new technology.
113
00:06:09,400 --> 00:06:11,920
That the agents in our phase
that are really going to
114
00:06:11,920 --> 00:06:14,840
flourish are the ones that are
OK with using the tech and are
115
00:06:14,840 --> 00:06:17,760
very comfortable with it and are
able to adapt it into their own
116
00:06:17,760 --> 00:06:20,640
daily practice.
And you know, I know that
117
00:06:20,640 --> 00:06:23,840
everybody talks about like, is
the agent still a viable thing?
118
00:06:23,840 --> 00:06:25,560
Where does the agent provide
value?
119
00:06:25,880 --> 00:06:28,560
If I can see everything that's
going on in Zillow in a more
120
00:06:28,560 --> 00:06:31,800
accessible manner and schedule
is showing that way, Like what's
121
00:06:31,800 --> 00:06:36,120
the point of the agent?
Is the agent going to die and
122
00:06:36,120 --> 00:06:40,040
the whole agent as an industry?
And I think that there's going
123
00:06:40,040 --> 00:06:43,400
to be a really interesting shift
within that within the next 5 to
124
00:06:43,400 --> 00:06:47,240
10 years because agents,
especially in the residential,
125
00:06:47,720 --> 00:06:50,360
like they don't own their data.
Commercial and residential
126
00:06:50,360 --> 00:06:52,000
agents, we both do not own our
data.
127
00:06:52,000 --> 00:06:56,080
The platforms we have own it.
But which platforms are being
128
00:06:56,080 --> 00:06:59,560
more like more friendly to the
broker and more friendly to
129
00:06:59,560 --> 00:07:01,920
allowing that ownership and
distribution?
130
00:07:02,080 --> 00:07:05,280
I think that there would be a
lot of value for a commercial
131
00:07:05,280 --> 00:07:09,240
platform to come in like Zillow
and present it like Zillow.
132
00:07:09,240 --> 00:07:12,560
But the issue with that is it's
such a high burn rate to develop
133
00:07:12,560 --> 00:07:16,120
software and there's such a
smaller pool of individuals
134
00:07:16,280 --> 00:07:19,200
buying and selling commercial
real estate that does it
135
00:07:19,200 --> 00:07:22,200
economically make sense because
you would have to have the same
136
00:07:22,200 --> 00:07:24,160
infrastructure.
Someones going to takedown
137
00:07:24,160 --> 00:07:26,840
costar.
I would bet my last dollar on
138
00:07:26,840 --> 00:07:29,840
it.
Someones doing it and I will
139
00:07:29,840 --> 00:07:34,080
party on costars ashes because
only in commercial real estate
140
00:07:34,840 --> 00:07:39,200
can a company get away with
having your clients pay a
141
00:07:39,200 --> 00:07:43,960
premium and then extracting the
data from the client.
142
00:07:43,960 --> 00:07:49,000
So Co star only functions as an
ecosystem because we report back
143
00:07:49,000 --> 00:07:50,760
the numbers.
Well that doesn't make any
144
00:07:50,760 --> 00:07:53,760
sense.
Why am I paying you and then
145
00:07:53,760 --> 00:07:56,640
you're extracting from me?
I'm supposed to pay you and then
146
00:07:56,760 --> 00:07:59,400
extract from you.
That's how a relationship works
147
00:07:59,400 --> 00:08:02,360
in a working capacity.
I can get off my soapbox now,
148
00:08:02,360 --> 00:08:05,800
but I just think there's a lot
of room for growth in real
149
00:08:05,800 --> 00:08:08,880
estate and data and data
management and I'm looking
150
00:08:08,880 --> 00:08:12,600
forward to it because it's
uninspiring at this time.
151
00:08:12,720 --> 00:08:16,920
How Co Star has commercial real
estate by the literal and
152
00:08:16,920 --> 00:08:21,520
figural bulls.
And we, the brokers, the buyers,
153
00:08:21,520 --> 00:08:24,920
the investors, the people,
Kayla, we deserve better.
154
00:08:25,120 --> 00:08:29,800
We do, and it's shocking that
we're paying over $500 a month
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for just access to the platform
per license.
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00:08:33,360 --> 00:08:37,159
And it's funny because a lot of
the sales reps make like 200 KA
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00:08:37,280 --> 00:08:41,679
year and it's like your product
is something that's required for
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00:08:41,679 --> 00:08:44,600
me, you know?
And like, yeah, if y'all sponsor
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00:08:44,600 --> 00:08:47,720
events like in Denver, like
Fight Night, sure, they'll give
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00:08:47,720 --> 00:08:51,880
$35,000 to go watch young
brokers spar.
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00:08:52,320 --> 00:08:56,440
But you know, like if you didn't
have the sales infrastructure in
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00:08:56,440 --> 00:08:59,160
it or minimize the sales
infrastructure and sponsorship
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relationships that you do, could
that decrease my burn rate by
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40%?
Honestly, probably.
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Probably.
There's nothing more infuriating
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than going to an event and
seeing how much money costar
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00:09:11,000 --> 00:09:14,520
dumped into that and knowing
that, well, I have to use this
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program anyways, so why?
Why or what about the year that
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costar had all those ads during
the Super Bowl with Lil Wayne?
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Do you remember?
That didn't see those, no.
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What year was that?
It was right after they
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acquiredhomes.com.
OK, OK.
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That was that continue to try to
monopolize the entire market.
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There were like 7.
It was like absolutely obscene,
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like 7 slots of advertisements
from costarforwardslashhomes.com
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for the Super Bowl with wheezy
baby.
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And it was, it's just like you
said, like it's like, are you,
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are you kidding me?
Is this?
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Yeah.
Like why I get it, I get it for
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homes.com and I get it for
apartments.com because those are
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geared towards people that are
the same demographic that's
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utilizing Zillow to be the death
of Zillow.
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But really the main commercial
platforms are Krexi and Costar.
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And I personally hope that Krexi
does eventually outpace Costar.
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The biggest issue with it is the
usability from it in regards to
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like pulling comps and pulling
data because for years we've
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just fed Costar all of the
market comps, all of the data
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and it just kind of regurgitates
it to us and makes us, you know,
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be able to advise our clients.
But I, I do like that Costar
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isn't public facing.
And I think that if Costar ever
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went public facing, our value as
commercial real estate agents
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would decline significantly
because that means everybody
193
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would access the data just like
in residential.
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What is the most dangerous
metric in real estate that
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people blindly trust?
KGB team or any sort of LLM
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system because the LLL, the LLL,
the language learning model
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systems, their biggest goal is
to make sure that they know you,
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they understand you and they're
just reading the information.
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They're not looking between the
lines.
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So they aren't really trying to
understand or question, they
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just kind of agree with you.
And I think that comes with both
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professional and personally as
well.
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00:11:26,200 --> 00:11:31,960
Having the influx of AI right in
like what was it 2-3 years ago
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when chat came out.
It is absolutely insane how it
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00:11:35,880 --> 00:11:38,760
has changed everything about my
day-to-day work.
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And I don't even want to talk
about it like how I use it on my
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end, but seeing how it affects
commercial real estate
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transactions is absolutely
bonkers.
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00:11:50,520 --> 00:11:54,600
You know, I, I was working on a
very large transaction where one
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family member decided to run
comps.
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The comps were so wrong.
It spurred the whole family to
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get an appraisal.
We had to wait months and months
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and months for this appraisal,
all for it to come back to
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appraise at the number we
provided.
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00:12:10,200 --> 00:12:14,240
But we wasted a ton of time had,
you know, and when you waste
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time, you waste leverage.
And it's like you and I were
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00:12:18,160 --> 00:12:22,160
talking about before this week,
Ryan Serhant put a post where he
218
00:12:22,160 --> 00:12:24,520
had a $50 million deal under
contract.
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00:12:24,680 --> 00:12:27,360
And simultaneously, the buyer
and the seller both going to
220
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chat and say, is this a good
deal?
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00:12:30,080 --> 00:12:33,440
Chat agrees with both of them
because that's all these AI
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00:12:33,440 --> 00:12:35,720
platforms are really capable of
doing right now.
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Is like, of course, they're very
useful, but they're here to
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appease us.
And it blew up the deal.
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00:12:42,000 --> 00:12:44,520
And chat is just not
sophisticated enough and it
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00:12:44,520 --> 00:12:48,920
doesn't have the data like your
local commercial real estate
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00:12:48,920 --> 00:12:51,840
professional.
So it's an interesting time.
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00:12:51,840 --> 00:12:55,680
You know, I'm also seeing
tenants negotiating in new
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creative ways that maybe, I
mean, you know, I've had tenants
230
00:12:59,840 --> 00:13:03,840
clearly punch into chat like I'm
negotiating XYZ.
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00:13:03,960 --> 00:13:05,600
What should I ask the landlord
for?
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00:13:05,600 --> 00:13:08,520
And it's like, guys, you got to
hire a bro.
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00:13:08,520 --> 00:13:11,520
You either need a broker,
somebody else besides a robot.
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Yeah.
Because.
235
00:13:13,800 --> 00:13:17,440
Robots, not besides a robot in
both the residential and the
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00:13:17,440 --> 00:13:20,600
commercial realm, you know, and
I think that Zillow, at least
237
00:13:20,600 --> 00:13:23,000
specifically, still has an
awareness of that, which is why
238
00:13:23,000 --> 00:13:25,160
they have the agency
relationship program.
239
00:13:25,280 --> 00:13:28,120
It's also a major income stream
for them as well to have the
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agents buying in in order to
obtain those leads.
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But it's still a person showing
and touring the property.
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I do think that there is going
to be a day where the agent, at
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least in the residential realm
is not going to be a viable,
244
00:13:44,080 --> 00:13:45,640
it's not going to be needed
anymore.
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00:13:45,960 --> 00:13:48,840
You know, at least with the way
that you can change lock box
246
00:13:48,840 --> 00:13:52,400
systems with Supra and other
apps, I do think that there's
247
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going to be a fully AI agent
that can do that.
248
00:13:55,800 --> 00:13:59,040
But I do think the biggest thing
is going to be able to read and
249
00:13:59,040 --> 00:14:01,600
interpret the data.
I do think that the agent
250
00:14:01,600 --> 00:14:05,520
ultimately can save you money on
the buy side or get you the top
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00:14:05,520 --> 00:14:07,760
dollar on the sell side because
they have the ability to
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negotiate.
And it's still a people facing
253
00:14:10,040 --> 00:14:12,240
business.
But with how the world is kind
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00:14:12,240 --> 00:14:16,000
of turning, I would be very
surprised in like 10 years.
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00:14:16,000 --> 00:14:18,520
And I'm being generous with
that, that in 10 years, there
256
00:14:18,520 --> 00:14:22,080
isn't in a full AI brokerage
where there isn't a single
257
00:14:22,080 --> 00:14:25,120
individual working.
And other than, you know, tech
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00:14:25,120 --> 00:14:26,880
people and developers in the
back end.
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00:14:27,080 --> 00:14:31,280
Or if my job is the agent is to,
you know, instead of going and
260
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running the showings is just
kind of interpreting the data
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00:14:34,520 --> 00:14:36,160
based on the local market
knowledge.
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I know, and sending it back into
the system and having a salary
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00:14:40,000 --> 00:14:43,520
based position from that versus
Commission structure, which
264
00:14:43,520 --> 00:14:45,520
could be cool.
I mean, like it could be a
265
00:14:45,520 --> 00:14:48,240
really cool way to handle it.
And but it would also bring in a
266
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totally different skill set
needed versus the, you know, we
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00:14:53,200 --> 00:14:55,560
call it like the hot potato
where it's like you want to make
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00:14:55,560 --> 00:14:58,160
sure you build the relationship
that also in negotiations, you
269
00:14:58,160 --> 00:15:00,160
want to make sure that they're
always holding the hot potato
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00:15:00,160 --> 00:15:02,040
and they need to figure out how
to let go of it so it doesn't
271
00:15:02,040 --> 00:15:04,200
burn them.
And like just handing it off,
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00:15:04,200 --> 00:15:07,640
handing off the problem.
Like there's going to be some
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finesse.
I do see that coming to
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00:15:09,520 --> 00:15:12,520
fruition, unfortunately, but not
not in the commercial end
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00:15:12,520 --> 00:15:16,160
because the good old boys club
still appreciates gatekeeping.
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00:15:16,160 --> 00:15:18,480
So there's a reason why I have a
commercial end.
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00:15:19,440 --> 00:15:23,520
Because every month we pay our
costar bill with a smile on our
278
00:15:23,520 --> 00:15:26,400
face.
Yeah, I pay $800 a month between
279
00:15:26,400 --> 00:15:29,520
Costar and Crixi and that's the
average if you're just doing it
280
00:15:29,520 --> 00:15:33,320
out of pocket on your own and.
For the sake of transparency,
281
00:15:33,520 --> 00:15:39,520
yeah, $600 a month for per
costar license, $200 a month per
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00:15:39,520 --> 00:15:43,320
crixi license, $100 if you want
anything on Loopnet.
283
00:15:43,600 --> 00:15:47,720
Per listing, yes.
And you get to sign a year long
284
00:15:47,720 --> 00:15:50,960
contract that it's like
literally impossible to get out
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00:15:50,960 --> 00:15:53,720
of.
So if you want to join
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00:15:53,720 --> 00:15:57,120
commercial real estate, belly up
to the bar with your wallet.
287
00:15:57,240 --> 00:15:59,400
But no, I'm I'm kidding, but not
really.
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00:15:59,760 --> 00:16:03,400
I tell Rezi Marshall agents that
are like trying to do commercial
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00:16:03,400 --> 00:16:05,520
and they like have their first
client and they're like, no,
290
00:16:05,520 --> 00:16:07,880
I'll take it on my own.
And it's like, OK, well how are
291
00:16:07,880 --> 00:16:10,000
you going to find them?
And they'll be like, oh, you
292
00:16:10,000 --> 00:16:13,880
know, I found this property on
Loopnet and it's like, OK, well,
293
00:16:13,880 --> 00:16:15,880
you found it on Loopnet.
That's great.
294
00:16:15,880 --> 00:16:18,880
Like do you have comps?
Like how are you going to find
295
00:16:18,880 --> 00:16:20,560
the comps?
And you're like, oh, well, I'm
296
00:16:20,560 --> 00:16:22,960
just going to, I'm just going to
go look online And it's like,
297
00:16:22,960 --> 00:16:25,080
well, OK, good luck.
Go try to find them.
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00:16:25,160 --> 00:16:27,560
They can't find them online.
They hit me up for comps and I'm
299
00:16:27,560 --> 00:16:31,440
like, look like I pay $800 a
month so I can pull the comps
300
00:16:31,480 --> 00:16:33,880
and you can't.
So if you want to refer me the
301
00:16:33,880 --> 00:16:36,680
business, great.
Like I will gladly do a Co
302
00:16:36,680 --> 00:16:39,600
brokering fee with you because
you brought in the client.
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00:16:39,880 --> 00:16:42,240
And that's mostly how my
business is modeled is just
304
00:16:42,240 --> 00:16:45,080
doing residential inbound
referrals and positioning myself
305
00:16:45,080 --> 00:16:48,200
where, you know, I can help a
residential agent with their
306
00:16:48,200 --> 00:16:51,240
commercial needs that doesn't
want to pay the price in order
307
00:16:51,240 --> 00:16:54,120
to be commercial.
And there's a, again, we talked
308
00:16:54,120 --> 00:16:56,040
about in the last episode,
untapped markets.
309
00:16:56,040 --> 00:17:01,240
That's 100% an untapped market.
Oh, I tell residential brokers
310
00:17:01,240 --> 00:17:04,880
when they come to me with for
comps trying to do a deal, my
311
00:17:04,880 --> 00:17:08,640
response is, look, if you don't
have access to the data to do a
312
00:17:08,640 --> 00:17:12,000
deal, you're not qualified to do
a deal and you're not acting in
313
00:17:12,000 --> 00:17:15,119
your client's best interest.
Again, I'm good to do the deal
314
00:17:15,119 --> 00:17:17,400
with you.
I'm happy to do the deal with
315
00:17:17,400 --> 00:17:19,400
you.
But I find that in some
316
00:17:19,400 --> 00:17:22,079
scenarios, they've already
calculated the Commission
317
00:17:22,240 --> 00:17:25,119
convinced whomever that they're
qualified.
318
00:17:25,200 --> 00:17:29,320
And it's sad, right?
Ultimately the client suffers.
319
00:17:30,080 --> 00:17:34,480
But if the client doesn't
realize who to, you know you
320
00:17:34,480 --> 00:17:38,440
don't hire a dentist for a
vasectomy, then, well, they're
321
00:17:38,440 --> 00:17:40,360
going to pay for.
It, I like that analogy.
322
00:17:40,360 --> 00:17:43,920
A lot of, you know, hiring a
dentist to do a vasectomy.
323
00:17:44,640 --> 00:17:48,480
It's almost like, yeah, I like
that a lot.
324
00:17:49,440 --> 00:17:53,560
It's just, yeah, 100%.
I'm trying to think of other
325
00:17:53,560 --> 00:17:55,120
ones that could be funny here,
too.
326
00:17:55,120 --> 00:17:57,960
It's like people going overseas
to get their cosmetic surgery
327
00:17:57,960 --> 00:18:00,800
and they come back with like
concrete in their face and
328
00:18:00,800 --> 00:18:03,880
you're like, oh wow, honey, you
know, it's like the same thing
329
00:18:04,040 --> 00:18:06,480
with residential and commercial.
It's like you hired a
330
00:18:06,480 --> 00:18:10,520
residential agent to do a deal.
You only got like $50,000 in
331
00:18:10,520 --> 00:18:12,760
concessions.
And if I'm on the listing side
332
00:18:12,760 --> 00:18:16,320
for that, I'm loving the fact
that this residential agent is
333
00:18:16,320 --> 00:18:18,080
just giving me the deal flow on
it.
334
00:18:19,480 --> 00:18:22,240
On the other end, I know that
that's a great option if my
335
00:18:22,240 --> 00:18:27,240
fiduciary is on the South side.
Oh, I'm licking my chops when
336
00:18:27,240 --> 00:18:30,520
I'm representing someone and the
other broker is a residential
337
00:18:30,520 --> 00:18:33,360
broker.
I it's, that is, that's like a
338
00:18:33,360 --> 00:18:35,160
deal point.
I'm like, guys, it's a
339
00:18:35,160 --> 00:18:38,640
residential broker like this.
And and like my clients know
340
00:18:38,640 --> 00:18:42,560
they're like, like, hell yeah,
let's go, 'cause everybody knows
341
00:18:42,680 --> 00:18:46,880
a it's just a different job.
It's crazy and.
342
00:18:47,400 --> 00:18:49,880
It's a different job with
different challenges and
343
00:18:49,880 --> 00:18:53,840
different payment structures and
different access to data,
344
00:18:54,480 --> 00:18:56,000
totally different access to
data.
345
00:18:56,000 --> 00:18:59,640
And I think the residential
agent's biggest competition is
346
00:18:59,640 --> 00:19:02,920
the public information online,
not necessarily agent to agent
347
00:19:02,920 --> 00:19:08,240
basis, but in commercial, I
think the biggest competition is
348
00:19:08,240 --> 00:19:11,720
the agent to agent and the
access that those agents have
349
00:19:11,720 --> 00:19:13,760
and versus the others.
It's really interesting.
350
00:19:13,880 --> 00:19:16,760
Yeah, I like that Bob Knackel
said that he's in the data
351
00:19:16,760 --> 00:19:21,640
industry too, because if that's
100% what we are, we gate keep
352
00:19:21,640 --> 00:19:25,320
our data as commercial agents
through these platforms and by
353
00:19:25,320 --> 00:19:27,960
proxy we provide more value to
our clients.
354
00:19:28,120 --> 00:19:31,520
I mean, I hate the fact that I
still have to send comps as like
355
00:19:31,520 --> 00:19:36,120
APDF attachment with like this
one little photo in the corner
356
00:19:36,120 --> 00:19:39,680
and like bullet points of the
information on the property.
357
00:19:39,840 --> 00:19:44,320
But I also know that on the
other hand, the catch 22 would
358
00:19:44,320 --> 00:19:47,720
be that, you know, anybody can
see what's sold on Zillow.
359
00:19:48,240 --> 00:19:52,600
I want to bring up another like
ISM of being an agent in 2026
360
00:19:52,600 --> 00:19:54,720
that I am noticing
overwhelmingly.
361
00:19:54,840 --> 00:19:57,440
I'll have people call me and
they've already found the
362
00:19:57,440 --> 00:20:02,200
property that they want to buy.
They say or or lease Aviva, 123
363
00:20:02,200 --> 00:20:04,960
Main St.
It's on Loopnet, Let's go.
364
00:20:05,360 --> 00:20:09,280
And what I have found is
actually more often than not it
365
00:20:09,280 --> 00:20:11,800
closes.
So in a world where it used to
366
00:20:11,800 --> 00:20:15,560
be OK, you hire me as the
broker, now I go find the
367
00:20:15,560 --> 00:20:20,000
properties and send them to you.
And that was the work in the job
368
00:20:20,000 --> 00:20:23,400
was finding the property.
Now it's a whole different
369
00:20:23,400 --> 00:20:26,560
structure where the person finds
the property online and then
370
00:20:26,560 --> 00:20:29,960
calls you and says, hey, this is
what it, this is what I want to
371
00:20:29,960 --> 00:20:32,680
buy.
And obviously there's some clash
372
00:20:32,680 --> 00:20:35,440
there because because old school
brokers are like you have to do
373
00:20:35,440 --> 00:20:38,400
the showing in order to get the
Commission.
374
00:20:38,520 --> 00:20:42,080
But then like the response is
like they need fiduciary duty
375
00:20:42,160 --> 00:20:44,960
and you can't deny them that.
And you're not going to, you're
376
00:20:44,960 --> 00:20:47,000
not going to.
Don't tell me you could be
377
00:20:47,000 --> 00:20:48,400
there.
Like of course they want to
378
00:20:48,400 --> 00:20:50,800
double end the deal, but how in
the world could they represent
379
00:20:50,800 --> 00:20:53,520
both people's best interests?
That's not possible.
380
00:20:54,880 --> 00:20:58,560
So as the world evolves and real
estate evolves, I just think
381
00:20:58,560 --> 00:21:02,280
these new intricacies of like
what our job is, is changing,
382
00:21:02,280 --> 00:21:04,360
right?
My job has changed from being
383
00:21:04,360 --> 00:21:08,040
the person finding the property
in some scenarios to being the
384
00:21:08,040 --> 00:21:11,440
person negotiating the deal.
And that just changes the art
385
00:21:11,440 --> 00:21:14,080
and the science and the deal
flow entirely.
386
00:21:14,280 --> 00:21:16,760
But it's kind of fun and I'm
here for it.
387
00:21:17,280 --> 00:21:20,400
Yeah, it's super fun and really
like our job as agents.
388
00:21:20,400 --> 00:21:23,360
We have three major things.
The first one, which is the most
389
00:21:23,360 --> 00:21:26,080
important is relationship
building, whether that be
390
00:21:26,080 --> 00:21:29,320
through outreach, you know,
dialing, if that's your
391
00:21:29,320 --> 00:21:32,520
preference, networking,
podcasting like we're doing
392
00:21:32,520 --> 00:21:34,920
here.
But the prospecting, the
393
00:21:34,960 --> 00:21:38,240
outreach and then capturing
those relationships and building
394
00:21:38,240 --> 00:21:40,560
and maintaining those
relationships, that's always
395
00:21:40,560 --> 00:21:43,960
going to be the most important.
The second most important is
396
00:21:44,000 --> 00:21:47,080
what happens when that deal goes
under contract because the
397
00:21:47,280 --> 00:21:50,320
reason why so many people are
calling because they can see it
398
00:21:50,320 --> 00:21:52,600
on loot net and they want to
move forward with the offer.
399
00:21:52,800 --> 00:21:56,000
They don't know the inspector,
they don't know an appraiser,
400
00:21:56,000 --> 00:21:58,720
they don't know a blender.
They only know maybe one
401
00:21:58,720 --> 00:22:00,840
professional.
But that's really all they need
402
00:22:00,840 --> 00:22:04,600
to know because we have the
relationships with all of the
403
00:22:04,600 --> 00:22:07,920
other vendors in order to get
the deal closed to make it a one
404
00:22:07,920 --> 00:22:09,880
stop shop.
So we're really essentially
405
00:22:09,880 --> 00:22:13,800
buying time and typically on the
buy side, you know, you're able
406
00:22:13,800 --> 00:22:17,800
to get that free of cost.
So it's like, yeah, why wouldn't
407
00:22:17,800 --> 00:22:22,760
I save my time and hire an agent
at no cost to me in order to
408
00:22:22,760 --> 00:22:25,680
make sure that all my ducks are
in a row and I'm well informed
409
00:22:25,680 --> 00:22:29,120
before I put down a major, major
amount of money into an
410
00:22:29,120 --> 00:22:33,000
investment property or into my
owner user building or on a
411
00:22:33,000 --> 00:22:36,360
lease.
So you know, really our jobs we
412
00:22:36,360 --> 00:22:40,080
used to have to do the property
searching into the closing that
413
00:22:40,080 --> 00:22:44,360
really now our jobs are more
marketing driven into contract
414
00:22:44,360 --> 00:22:47,360
driven and it's it's a different
skill set.
415
00:22:47,800 --> 00:22:49,360
Adapter.
Else, Kayla.
416
00:22:49,640 --> 00:22:52,160
Adapter else, you know, if you
can't beat them, join them.
417
00:22:52,240 --> 00:22:55,360
And that's again exactly what I
told the guys at Zillow where I
418
00:22:55,360 --> 00:22:58,080
was like guys like agents are
upset because they just don't
419
00:22:58,080 --> 00:23:00,160
want to join the party.
They don't want to buy into you
420
00:23:00,520 --> 00:23:03,040
because then they know that
their competition, they're like
421
00:23:03,320 --> 00:23:06,720
accepting defeat in a sense
versus trying to beat technology
422
00:23:06,720 --> 00:23:10,440
out.
And it's like you're not, it's
423
00:23:10,440 --> 00:23:13,800
just like people who try to list
properties way more than the
424
00:23:13,800 --> 00:23:18,040
market's value because they need
to recoup their costs from
425
00:23:18,040 --> 00:23:21,640
whatever shit show popped up.
You know, it's like we can't
426
00:23:21,640 --> 00:23:23,480
control the market.
You're not God, you can't
427
00:23:23,480 --> 00:23:25,640
control technology.
There's at the end of the day,
428
00:23:25,640 --> 00:23:28,720
more people using technology
than protesting technology.
429
00:23:28,720 --> 00:23:30,920
So by proxy, more technology is
going to be created.
430
00:23:31,160 --> 00:23:35,320
And, you know, Google knows more
than I do, Zillow knows more
431
00:23:35,320 --> 00:23:37,520
than I do.
That's just kind of what it is.
432
00:23:37,520 --> 00:23:41,120
So, you know, as a residential
real estate agent, if you know
433
00:23:41,120 --> 00:23:44,840
more than Google and Zillow or
have that big of an ego that you
434
00:23:44,840 --> 00:23:48,560
think you do, be my guest.
Be my guest.
435
00:23:48,880 --> 00:23:53,120
Kayla, we, we end every episode,
yeah, with one question, which
436
00:23:53,120 --> 00:23:54,960
is what is your commercial real
estate secret?
437
00:23:56,280 --> 00:23:59,880
I'm going to make it themed into
what we're talking about today
438
00:23:59,880 --> 00:24:01,360
and put you on the spot a little
bit.
439
00:24:01,360 --> 00:24:04,960
What is your commercial real
estate secret when it comes to
440
00:24:04,960 --> 00:24:07,040
data?
Oh I love this one.
441
00:24:07,320 --> 00:24:10,080
In the biz, so.
Data in the biz.
442
00:24:10,720 --> 00:24:15,240
I stopped completely using loot
net because of Krexi because I'm
443
00:24:15,240 --> 00:24:19,400
like, OK, this is public facing.
But then I also built out a
444
00:24:19,400 --> 00:24:23,640
fully automated system for
outreach where it's a new one.
445
00:24:23,640 --> 00:24:26,160
I just launched.
And you know, it took me about
446
00:24:26,280 --> 00:24:28,960
two years to really figure out
the peaks and pits.
447
00:24:29,320 --> 00:24:33,280
AI cold callers are not there
yet, you know, having assistant
448
00:24:33,280 --> 00:24:36,000
style, like they don't really
handle objections well.
449
00:24:36,160 --> 00:24:40,840
So what I've done is I built out
in go high level a full
450
00:24:40,840 --> 00:24:44,040
automated marketing outreach
where every person that clicks
451
00:24:44,040 --> 00:24:48,400
my listing within 24 hours gets
a straight to voicemail of my
452
00:24:48,400 --> 00:24:51,960
recording following up and being
like, hey, you know, I saw you
453
00:24:51,960 --> 00:24:54,240
just checked in on my listing on
Krexi.
454
00:24:54,240 --> 00:24:57,200
I just wanted to give you a
buzz, follow up, some feedback,
455
00:24:57,280 --> 00:24:59,120
but you know this call in street
of voicemail.
456
00:24:59,120 --> 00:25:01,880
So let me just shoot you a text
and it shoots the text.
457
00:25:01,880 --> 00:25:03,800
We're like, hey, my name is
Kayla.
458
00:25:03,800 --> 00:25:06,360
I just want to check in.
I want to see like what your
459
00:25:06,360 --> 00:25:08,560
feedback is on the property
address.
460
00:25:08,560 --> 00:25:10,240
Here's the correct ceiling for
reference.
461
00:25:10,400 --> 00:25:11,520
Looking forward to hearing from
you.
462
00:25:11,680 --> 00:25:13,720
And then it also automatically
does an e-mail.
463
00:25:13,920 --> 00:25:15,480
Wow.
The biggest secret of what I did
464
00:25:15,480 --> 00:25:19,840
though is nowadays marketing
packages are not smart enough to
465
00:25:19,840 --> 00:25:22,960
handle any sort of automated
responses after the initial
466
00:25:23,080 --> 00:25:27,720
contact that anybody who ends up
having any sort of response to
467
00:25:27,720 --> 00:25:34,080
it, it can be stop, no, fuck
off, or yes or I it just comes
468
00:25:34,080 --> 00:25:37,000
straight to me.
Or if I if I get stop, if I get
469
00:25:37,000 --> 00:25:40,320
fuck off, I say no worries I
won't reach out to you anymore.
470
00:25:40,400 --> 00:25:42,800
Sorry this was just me clicking
on Krexie.
471
00:25:42,800 --> 00:25:46,360
Have a great day.
And then if it's, you know, I'm
472
00:25:46,360 --> 00:25:49,920
not interested in this because
of this reason, I'm able to take
473
00:25:49,920 --> 00:25:52,440
that as a buyer lead and say,
oh, OK, well, let me pull a
474
00:25:52,440 --> 00:25:54,360
search for you.
What's your e-mail?
475
00:25:54,400 --> 00:25:57,040
Give me your info.
But also by doing the three
476
00:25:57,040 --> 00:26:00,680
e-mail text call, I figure out
the preferred form of
477
00:26:00,680 --> 00:26:03,080
communication with how they
reply to me.
478
00:26:03,080 --> 00:26:06,960
So moving forward, I know, OK,
this person's an e-mail, this
479
00:26:06,960 --> 00:26:09,160
person's a texter, this person's
a caller.
480
00:26:09,320 --> 00:26:13,080
And to continue the dialogue in
that respect, it's, it's an
481
00:26:13,080 --> 00:26:15,800
interesting thing to do because,
and I think it really only works
482
00:26:15,800 --> 00:26:19,080
with commercial versus
residential because B to B
483
00:26:19,080 --> 00:26:21,840
versus B to C outreach laws are
completely different.
484
00:26:22,080 --> 00:26:24,200
And in commercial real estate,
it's all business to business
485
00:26:24,200 --> 00:26:26,840
versus business to consumer.
Anybody who wants to know more
486
00:26:26,840 --> 00:26:29,240
about, you know, text marketing
laws give me a buzz.
487
00:26:30,160 --> 00:26:34,640
So, and also because of where
I'm getting the contacts from,
488
00:26:34,640 --> 00:26:38,360
which is Krexie, they've already
provided their information and I
489
00:26:38,360 --> 00:26:43,200
pay into Krexie still owns that
data, but I pay into seeing that
490
00:26:43,200 --> 00:26:47,160
data and leveraging that data.
And it only does, you know, it
491
00:26:47,160 --> 00:26:50,880
does a one call, one e-mail, one
text within 24 hours.
492
00:26:51,000 --> 00:26:53,480
After five days, it does a text
check in.
493
00:26:54,520 --> 00:26:56,360
After seven days, it does an
e-mail check in.
494
00:26:56,560 --> 00:26:59,520
And then at about two weeks, it
does the text and e-mail again.
495
00:26:59,640 --> 00:27:03,160
But I make sure that the third
one is like, hey, so clearly
496
00:27:03,160 --> 00:27:05,560
this wasn't a fit.
Is there anything I can look for
497
00:27:05,560 --> 00:27:07,880
for you?
If not, I'm just going to, I'm
498
00:27:07,920 --> 00:27:10,080
just going to keep rolling and I
hope you have a great day.
499
00:27:10,280 --> 00:27:13,040
It's, it's more formal than
that, but it's along those
500
00:27:13,040 --> 00:27:14,960
lines.
So it doesn't come across as
501
00:27:14,960 --> 00:27:17,480
spamming marketing.
When I first tried all my
502
00:27:17,480 --> 00:27:20,160
automation and Aviva can attest
to this, it was spamming
503
00:27:20,160 --> 00:27:22,120
marketing.
But learning that, getting
504
00:27:22,120 --> 00:27:26,040
feedback from more experienced
brokers and refining it has
505
00:27:26,040 --> 00:27:27,960
really allowed it to be a
successful system.
506
00:27:28,080 --> 00:27:31,400
And if anybody wants help with
building that out, I do help on
507
00:27:31,400 --> 00:27:32,200
a consultant basis.
