It’s the second episode of The Real Estate Tech Show and it’s time for Joe to interview Cory Boatright! Both of us are total nerds when it comes to tech, but Cory’s been tinkering with real estate and technology for almost a decade now. Cory adopted tech early on, and he’s used it to basically transform the real estate investing world for good.The reality is that where we’re going in the future is all about engagement. Click To Tweet
Cory started out as a wholesaler, but it was technology that really inspired him to look at real estate in a whole new way. Without technology, Cory never would have discovered short sales. Now he’s known as the Oklahoma Short Sale Guy not just because he’s an amazing real estate investor but because he used the internet to build his brand and his reputation. He was connecting with investors on message boards back in the day, answering questions on threads and personal emails. Cory embraced technology at a time when it was brand new, and he used these tools to share his expertise. He is one of the first real estate investors to use webinars to help teach other up-and-coming investors, and it turned into an amazing networking tool that connected him with so many mentors in this industry.I’ve always thought that simplicity has a lot of power to it. Click To Tweet
Technology helps you continue learning. It gives us access to one another and to information that would otherwise be unavailable. Knowing how to use technology to get what you need is what this podcast is all about. Both of us love using technology to help each other out, and Cory is so inspired by teaching people like you how to use this technology and make it work for their investments. We’ve put together a toolkit of our Top 10 Favorite Tech Tools that should help you get started, and Cory shares a bit more about his favorite apps on today’s episode. So tune in now and meet Cory Boatright!There are tools that you can use that quickly create templates and create canned responses to save time. Click To Tweet
1:50 Check out Cory’s old videos!
2:56 When did Cory get into wholesaling?
5:50 Why was Cory teaching people about short sales?
7:10 How did Cory sell his first webinar?
10:35 A walk down memory lane with the Virtual Investing Seminar
12:38 Make technology work for you!
18:40 Using technology to coach and mentor
20:26 Technology creates leverage
23:54 What is it like to build your own apps?
28:29 Did Cory really own a mobile app company?
32:03 What’s on Cory’s radar right now?
33:50 How to build a website
35:16 What brand new tech does Cory want to invent?
38:38 Where is the future of tech headed?
41:34 How to engage with technology in the future
Joe: Hey everybody. Welcome to the Real Estate Tech Show. I’m Joe McCall and I’m with one and only Cory. How are you, man?Cory: What’s up Joe?
Joe: Not much. This is a tech show and we’re having tech problems before starting but that’s okay because that’s what makes life fun in business and we love technology and that’s what the show’s all about. This is episode two of the Real Estate Tech Show and we want to let you guys know that Cory and I put together a toolkit of our top 10 favorite technology tools for the real estate business, whether you’re a realtor or an investor, doesn’t matter. You can get that for free at reitechshow.com or you can text the word ‘TECH’ to 38470. Text the word ‘TECH’ to 38470.
This is our second episode. Cory, I’m looking forward to this episode because I’m going to be interviewing you. Last episode you interviewed me. We talked a little bit about myself and today, we want to learn more about the one and only Cory Boatright. It’s funny yesterday, Cory, I was playing around on YouTube for some reason. I found an old video from you and went to your channel and I looked at all your videos and now you can sort the videos by date. Have you ever looked at some of your old videos from 9, 10 years ago?
Cory: A long time ago, man.
Joe: It’s funny because one of the cool things I was thinking about is you were one of the really early adopters of technology from the real estate investing space. The real estate investing world is not a very big world, it’s a small little world. I remember very early on, you really embracing technology and really being on the leading edge and you always have been, that’s one of the reasons why I love doing the show with you and why I think it’s going to be such a great idea because we’re both tech nerds and we both love real estate. At the beginning, this was nine years ago, 2007, 2008, you were doing things that not very many people were doing at the time.
Cory, why don’t you introduce us to yourself. You live in Oklahoma. Talk a little bit about where you are from and what got you into real estate first before the technology side of things.
Cory: Sure. Cory Boatright, thanks again for doing this interview. I think it’ll be fun. I do live in Oklahoma right now. I was born and raised here in a little small town called Weatherford. I really didn’t embrace real estate in a way where it was something I thought I could do full time until many years into just dabble around and playing with it as a hobby. It wasn’t until really I started to understand this concept of wholesaling and assigning deals where you didn’t have to have any of your own money to be able to do those deals. That really changed the game.
Joe: What year was that?
Cory: That was probably back in 2007, 2006 or probably 2005, after that crash happened. I really started to understand that there was an opportunity in real estate because when blood’s in the street, there’s somebody making some kind of opportunity from it.
Another mentor used to tell me that whenever you have a headache, it sucks for you, fantastic for Tylenol. Approaching things whenever there’s some issue going on, if you can figure out the solution to it, and then you can profit and do well from it. I started out as a wholesaler, as a bird dogger really and then I moved into wholesaling, Joe, and then form there, I started to look at what these wholesalers were doing. They’re selling them to these rehabbers. I thought these rehabbers were making all the money. I created a little skeleton rehab crew and that was one of the worst years in my life that I did that. I really didn’t enjoy it. I didn’t enjoy working with GCs. I didn’t have the fulfilment of after the property was done and it was pretty to sell it and to make more money. There was just nothing in part of that I really enjoyed. I went back to wholesaling, this was about I would say 2007, maybe 2008, like you said 2007 and I stumbled across my first short sale deal.
Joe, this was actually about the time that you and I met as well. What year was that when you and I met?
Joe: I think it was 2011. You’re still talking a couple of years before that.
Cory: It was a couple of years before. I started to understand about this opportunity for short sales because people were paying more for their properties, they couldn’t afford them. At the time, there was nobody teaching, that I knew of, about short sales, at least in Oklahoma. I became Oklahoma short sale guy.
At the time, my wife, she became an agent and she basically created a way where we could get continuing education credits for agents working with us to do deals. We started to talk with our title company about ways that we could actually put on little mini seminars to teach folks on how to do these short sale deals, so those deals could come back to the title company. I’m telling you, we started to blow up the short sale market here in Oklahoma. I got to a place where people ask me to go to lunch and then it got to a little bigger lunches at the Golden Corral and it got too big there. We started doing this little mini meet up groups, of course meet-ups wasn’t born then.
After a while, I did my first bigger event and it just took off from there. During this time, I was on the site called Easy HUD, which I believe Shaun McCloskey, which is a good friend for both of ours, he was either on that or he was on Flipping Homes, one of those with Steve Cook. Chris Daigle owned that site back then, there were many people posting questions about short sales from all over the country. I was just really stepping into the short sale arena in a big way, I started answering all these questions. I remember one night, just getting on there and answering hundreds of short sale questions. In the morning I woke up, I got all these responses I kept responding, responding. Over a period of the next year, I basically became their short sale guy for Easy HUD.
Chris Daigle actually reached out to me and said, “Hey, have you ever thought about doing a course?” I thought, “Wow, a course? You mean like something on infomercial or something like that?” And he said, “Yeah, you got to do a course. Just do one course and you can get it out to all these different people and then you wouldn’t have to respond at 2:00AM, still responding to people’s questions.” This was something foreign to me, believe it or not. I was just like I’m doing deals, I’m not just right in the course. I just thought my mind that if I did this course that it put me on a different way that I looked at myself. I was the reluctant info entrepreneur, the info marketer. But I did create this course, he pushed me harder and harder and said, “Hey, if you create this course, I’ll sell it. I’ll put it out to my list of people that we had and we’ll split the profits 50/50.” I thought, “Well, this is something interesting.” He said, “I don’t think you really understand. You should sell this course for $1,500 and we’ll sell a ton of these things on a webinar.” This was 7, 10 years ago. Nobody’s really doing a lot of webinars back then, Joe.
I created this course, we did the webinar, we sold 40 or 50 of those things on that webinar.
Joe: Do you remember what you priced it at?
Cory: $1,500. It was $1,497. Those days, that price point was pretty on point. There is just now other people starting to come out with their courses. It was right in line with that, $2,000-$1,500 to $1,000. I think we got over a little 600 people online, so it was a pretty good conversion, as you and I know about the conversion rates now on webinars. That was pretty good conversion. It just changed my view of, wow! You can use webinars, you can use what you learned, your expertise on something and you can package it and sell it to people and actually make money from that. That was something that was interesting because before then, I was just doing the real estate part of it, I was just doing all the deals and I got more involved in this because right about this time, one of my good friends sold his internet business for $7 million. It really changed my view on the power of using the internet and using webinars and using technology with the power of real estate investing. There was really not anybody doing that back then.
There was this seminar called Virtual Investing Seminar that Chris Chico, another one of our good friends, “my nemesis” in some things that we talk about between Mac and PC. I’m a Mac guy, Chris is the PC guy. Chris is a super smart guy and we go back and forth and rib each other. But he’s a great, great guy, super smart and he was also working with Daigle back then at the Virtual Investing Seminar. There is Virtual Investing Seminar 1 and Virtual Investing Seminar 2 and after that, I didn’t attend. I think there was a third one.
Through that process, I started to see other people around the country, I was just one guy in Oklahoma, I started to see these other people around the country and they were coming together. Do you have a CD? Is that what you have, the Virtual Investing Seminar CD? It’s awesome.
If you’re just listening right now, Joe just grabbed his DVD or CD of the actual event. It has Chris Daigle on the top of it.
Joe: Can you see it?
Cory: I can, I can see it, yup. Chris Chico in the back.
Joe: Hold on. On the front, there’s Chris Chico, Gary Boomershine, Chris Daigle, Mike Collins. Remember Mike Collins? What’s he doing these days?
Cory: That’s in Florida, at that time.
Joe: Dan Stevanovik, I don’t know, Michelle Spalding, Sam Bell, of course, and Justin Toper. I recognize most of those guys.
Cory: Justin went on to do millions, massively successful, Sam went on to do millions and millions, he’s massively successful. So many people in the Virtual Investing Seminar days really cut their teeth on presenting, on using technology with real estate. Essentially, the context of this conversation is virtually investing, doing real estate from not just in your home where you live but doing it in other states and being able to do it successfully.
Also, using technology to be able to leverage all of your assets. If you had expertise in something, you could use technology to create a course and teach them about it. That was some of the birth where that all happened. That was great. From there, I just kept going on, I kept focusing on short sales, I created a short sale software with a partner of mine, Tracy.
What happened was we got up to over 5,000 users on that software. It’s called Short Sale Builder. It was right about that time when Greg Clement, a really good friend of mine but a competitor, obviously at that time, had something called Strategic Real Estate Coach with Josh Cantwell when they were working together. They came out with a software called RealFlow at the time, they’ve changed the name several times but they were coming out with a software too.
One of the things that was different about our software if that we got a short sale builder in it where you can hit a button and build the short sale package like that. Like super-fast. It cut down so much time, that’s why it became such a big deal. The program where they helped build that out, I didn’t know him, he was part of my partner, he knew him. We didn’t have any kind of protection against that builder, that process, that technology pack, we didn’t have anything like that, we were just building this thing and we were using it for our own business and then I just happened to know more people through that Virtual Investing Seminar that opened up other doors where I got a chance to go and talk to people typically about short sales. They bring me to their event, and I’d sell my course which is called Short Sale Fundamentals.
Anyway, long story longer, I ended up selling over 2,500 Short Sale Fundamentals courses between $1,500 and $800. We got up to 5,000 users on that short sale builder software about 2,000 of them were not paying. At the height of Short Sale Builder, we had 3,000 paying members. They’re paying $97 a month and I would say at least a quarter of them paid a setup fee of $2,000 when we started. $2,000 setup fee. Nowadays, you don’t really have those setup fees but that time, that’s what we were charging. That was a journey. I don’t want to go into all the details with that but my partner and I split up, we ended up selling that account out to one of our competitors and basically doing away with that business.
Short sale, I continued on doing short sales, but what was happening was the government was really hammering down on people that were doing short sales the incorrect way. They were getting bad appraisals. They were just botching up the process. They were just doing illegal things.
Anybody who’s in the short sale kind of world got thrown into this bucket of you had to dot your i’s, cross your t’s, and even if you did that, they were putting this red tape on you. If you went to flip your deal, double close your deal, you had to find a lot of documents that basically was almost inevitable that you were creating some kind of perjury. You’re some kind of process there that you were going to get in trouble with. For me, even though you continue to do it and you can still do fine, no one’s going to hurt you. I decided to make a decision, I think it was in 2012, that I was not going to do short sales any longer.
The reason was because it was just getting harder to do the deals. We had 40, 50 deals in the hopper, Joe. Sometimes we have buyers ready to go and we couldn’t close on them. It was frustrating. It’s not the way you run a business and I had a loss mitigation company, Joe, a loss mitigation company that I paid a lady that was a former senior loss mitigation specialist for a bank. She was doing all our deals. We were not only doing my own deals, we were doing deals for students around the country, we had a partnership program, all of this. We shut all of it down and just went to focusing on wholesaling. I still do wholesaling today. We still do close to a hundred deals here in Oklahoma a year, which is awesome. I have a partner, basically a company that had my own company that we focus on. We have two companies. Essentially, why I went to wholesaling is because it’s still today, the fastest to get a paycheck with the least amount of brain surgery, the least brain damage.
Statistically right now, a lot of people listening to us haven’t even done their first wholesale deal. Over 90% of them haven’t even don’t their first wholesale deal, statistically. The 90% right now, they also get focused on all these other things and they don’t make any money with it. Then they get frustrated, then they quit. Wholesaling is the fastest way, in the beginning, to start doing deals, getting money and getting some traction. That’s what we’re doing today in our business. That’s been great, I have my own portfolio of properties now that I also buy and maybe a couple of years, not many, I hold onto. I have a lot of mobile homes, believe it or not, they are cash cows.
Joe: Do you really, in Oklahoma?
Cory: Yup, in Oklahoma. Those things are cash cows. And then also my coaching business. Probably the coaching business, just like you have a coaching business, it’s probably one of the most fulfilling aspects of doing the business because now, I can do wholesaling in my sleep. We’ve done it so many times that there’s only so many new ways of different things you can do until you just basically have spent what they call the 10,000 hours to really understand it in detail. Now, you get a chance to talk to other folks that want to learn wholesaling and it’s so fulfilling because they do their first deal and you have that part of you that feel like you did your first deal. It’s so thrilling.
Joe: I just partnered on a deal with a student the other day. We’ve been working on it for a couple of months together. They were just nervous about it. They’ve never done it before. They were nervous. The total profit was $4,000 and my half was half of that. But the fact is this is just one of many deals. That’s why I love coaching so much, is because they just needed a little help. It’s like you’re pushing them out of the nest and now they’re doing it on their own and he is so excited. Splitting the profit with me, even though it’s a small deal, was like nothing to him because now he knows how to do these deals. That’s the thing that’s awesome about coaching, and we are able to do this virtually because of technology halfway across the country.
Cory: That’s what’s awesome, is now you are able to utilize all these tools from technology and you can leverage all the things that used to take hours and hours to do. Now, you can go to a property, you can take a picture, you can scan your contract and send it, it could be at the title company before the time you get back to your office, before you get back to your house. There are tools that you can use that you can quickly create templates and create a canned responses to save a ton of time on things, you can hit a button now and send out offers. There are so many different ways that you can leverage your investing career. Even if you’re just part time, not even full time.
I’m excited about doing the podcast because we get a chance to not only use these tools in our everyday business but we get a chance to talk about them and we already do it anyway, we are Skyping each other and texting each other, “Oh man, did you check out this thing?”
Here is something I heard recently. It really gave me a great perspective and I think it’s perfect for what we’re doing here. It’s this, you need to be basically in a state of constant beta. Here’s why that’s exciting, because if you’re at a place where you feel like you’ve just arrived and you learned everything, then you’re going to stop learning. But as an entrepreneur and as a real estate investor, especially one that is excited about technology, you have to be okay with the fact that you’re in constant beta, you’re going to be constantly testing things, learning things, doing things.
By the way, it’s not going to stay the same. Even if you want it to, even if you don’t agree with that statement and have an issue with it, I apologize if you have an issue with it personally, but guess what, it doesn’t change the fact that that’s the way it is. Technology is not going to get any less in our world. It is going to get much, much more crazy with virtual investing, with AI tools right now, with bots basically taking over.
You’re getting ready to see in the next short five years a change of how we are fundamentally communicating with one another on the phone, on the computer, on text messages and all of a sudden you’re going to have an avatar that is somebody that you use, that you can dress up and do whoever you want, you can be whoever you want to be. It’s a little scary on one side, Joe, because a part of it jacks with your values, jacks with what you believe in. It starts to jack with that a little bit.
On the other side, it’s really exciting because of the potential of how you can communicate now with someone, how you can help more people, how you can serve more people, how you can create new tools to be able to get things done and economy of scale. I’m excited about the show because we got a chance to talk about those things and we’re actually using these tools and they work. We’re going to bring on some founders of some of these companies. How cool is that? To build those relationships, that’s great.
Joe: I want to ask you some other questions, Cory. You’ve built software, you’ve built apps, talk a little bit about some of that experience you’ve had with building software and mobile phone apps.
Cory: Sure. One product we have right now that is completely free to the public right now, it’s in beta as well. It’s called House Price Robot. Essentially it’s the Trivago of Real Estate Cops. One of the things that students do, if they don’t have access to MLS, they don’t work with an agent, they’re not an agent themselves. They want to go on the internet and find these different values. You can go on Zillow, you can go onto PropertyShark, you can go on to these different places but wouldn’t it be nice just to have one site that you can go to and you could see all these different prices from these different services and you could create the average of those.
Because each one of those are a little bit off, maybe $1,000 here on PropertyShark compared to Realtor.com, maybe for Zillow. What we did is we created, again it’s still in beta, but certainly go and you can do one search there and then ask you to create a user profile. What we want to do, the desirability of this is to get this out to the masses, our desire to have 1,000 users a day, we just passed 1,200 users three days ago.
Joe: How many users a day are you getting?
Cory: Right now? On average? We’re getting about five to seven.
Joe: Alright, good. Cool.
Cory: It’s good because I have a desire to make it much bigger. For me, the exciting part, Joe, is the data. I want to see where people are searching. I want to see how long they’re on the site, where they’re clicking on the site. I want to make the site better. I want to see what they’re sharing, what they’re using on the site. The data part of it is really exciting to me. Also, when you create that profile, we ask you if you’re an investor or if you’re a real estate agent or you’re both. Do you have a brokerage or not.
I love having all that data. I have so many different connections, so do you, that we can help so many people as long as we know what they need and where they are. The people that like hamburgers, they’re going to probably be very, very interested in a coupon from McDonald’s, per se. I know that some people just turned off the podcast now if I said that. Just hang with me, you can find these different pockets and niches with data. I’m excited about that.
One of our good friends also, Chris Richter, is an inspiration to me. I just talked to him yesterday. He is a data scientist. He essentially takes data and finds ways that you can break it down into these individual data points. By the way, Facebook is nothing more than just a data compository and you are the product. We are the product and we’re getting all these different data points from us.
Whenever someone asks you to log in through Facebook, now if you do that, now they see everything else of what you might do that you might like, where you’re clicking, the different things that are in your feed. If you click on a shoe, you might see another company that says a new shoe that just come out. You’re seeing retargeting. You’re seeing all these concepts. If you go to Amazon and you click on a knife on Amazon, you might see that knife pull up somewhere for retargeting, as you know Joe.
This is just the tip of the iceberg. The next level is bots where you’re going to essentially say, “Hey, if you’re interested in this, just type in ‘interested’. If you like this house that I have here for a great deal, go ahead and type in the address and I’ll send you details about it.” Once you do that, it triggers these responses. I think that this level of automation with technology is really going to go to the next level. I’m excited about it.
Joe: Did you have a mobile app company at one time?
Cory: I did. We had a mobile app company. We did over 300 mobile apps in one year, which is pretty incredible. The reason we did that is I came to a company that already had several hundred of those. They had over 200 of them and then I helped them create the other 100, essentially. They didn’t have any marketing behind them at all. We essentially went and found different people that would want to do apps and I created some marketing campaigns for them. I got pretty heavily involved. I did my own mobile apps called iTalkFast. We had over 200,000 of that. That was my app of downloads on that particular app.
Joe: What did that do?
Cory: Essentially, it allowed you to listen to something twice the speed, up to three times the speed. The concept is that we’re getting hit by more and more things every day. How do you learn faster? If you do some research, you can see there’s a Harvard study that came out that said if you increase by listening to something at one and a half to two speeds quicker than it actually is, like a book, then you can increase your IQ base by one point. Your mind and your brain thinks and can process about 400-450 words a minute. But on average, someone speaks about 150-200, maybe 250 words a minute. Even as I’m talking right now, you might be thinking about where I need to be, the lunch, everything else is going on, who I need to pick up, what’s going to happen because as you’re talking, you’re also thinking about something else. If I talk that fast, then you have to pay attention and it makes you remember it more.
Joe: It makes sense.
Cory: To just use the app for any book that you want to download and listen to. Try to listen to a regular book, regular speed, you could speed it up. Then what happened was Apple came out with their own native version of speeding up the audio. A lot of podcast companies came up with it too. Basically, I was lost in them. It was pretty fun. I came out there in the beginning, we got a lot of press releases. If you go in Google and you type in ‘iTalkFast Cory Boatright’ you’ll see a bunch of press releases that came out, which is cool.
Joe: Did you make any money with that app, software company?
Cory: Yeah. We made some money with it as well. Yup, we did. We charge $0.99 on that app, we made a little bit of money on it. It wasn’t anything to really brag about but it was a fun endeavor. I got really excited. I thought that was where a lot of things were moving. I realized later on that the apps, if you do it to monetize the apps, the ones that really make lot of money are game apps. I just didn’t have a desire, I don’t have the passion to really monetize a game app. We created some games but I just didn’t have that passion to go all in, like Trey, Frank’s cousin.
Joe: Is that really Frank’s cousin?
Cory: Yeah. I believe so. I believe it is.
Joe: Do you have on your radar any new software that you want to create or websites that you want to create?
Cory: I think I just want to get more dialed in on House Price Robot. I think that that has a lot of potential to be the next property shark, but better. I really like the concepts of having multiple different sites that you can pull their values from. By the way, it’s completely free.
Joe: Is that hard to do, by the way, to get values from different websites and put them into yours?
Cory: Yeah. I have a pretty good tech team that we also pay for different providers, different data sources, different APIs, all these different stuff and it’s not as easy as you would think it sounds but it is, it’s pretty involved. What happens is now you pull the data, you’re also creating your own average. House Price Robot has its own value now, which is what I’m excited about because that’s essentially the average of these other sites. That’s a value now where we could add that.
Let’s say for example in Podio. We have an application for a good friend of ours, Investor Fuse. We say, “Hey, how would like to have our user API for House Price Robot in Investor Fuse?” All of a sudden, you got users that now have a House Price Robot value. They don’t have to go to all these other sites that pull in already from free sites. They can have their multiple averages. The other thing too is you can uncheck each one of those. You can change the price based on which one you want to use.
Joe: Sometimes, I’ve seen other sites and yours once in awhile, they have a lot of the fields that have values in them but some fields won’t have values in them. This is something I’ve always been curious of, why do some values have no values available? Is it because Zillow or Eppraisal or whoever is not willing to give it away or is it just taking too long to get that stuff? Does that makes sense?
Cory: It’s a couple of different things. One is if it’s exactly typed in the way that they have it on their site, set up on their site. We have a recommendation search now that if you typed in something the way you thought it should be but you click on the actual recommendation, the recommendation address is the one that’s going to give you the best chance of actually pointing the value.
The other thing is that, because we don’t own each one of those portals, we’re actually paying a fee to have either an API relationship or whatever. Then we’re at the mercy of that company providing that data. If there’s a database issue, if there’s anything else, if there’s a server issue, it’s just going to say ‘You’re not available’ or it’ll spin until you could see whether or not it’s going to pop or not.
Joe: If money wasn’t an object and you could just wave your magic wand and create any kind of technology or software or website that you wanted, what are some of the things you would want to create?
Cory: If money was no object…
Joe: And you wave your wand and it would happen like that.
Cory: I think what’s interesting right now, there’s this concept that I always thought was just genius that Google has done and it’s just one search box. I think that we try to figure out everything for someone to make it “easier” on them. But if you look what Google’s done, Google has one of the most traffic sites in the world and it’s one search box. When you go to Google, it’s one box.
I’ve always thought that simplicity has a lot of power to it. It would be interesting if, let’s say that you wanted to sell your property, you wanted to get a value on a property or something like that, how cool would it be to go to Google, let’s just use that as an example, and you just type in your address and you just hit ‘Show me’ just for example. All of a sudden, you’ve got all these different people that basically give you a ballpark figure of what you can get for your property. Right then and there, just shows the price. Just like Lending Tree does, where you can show what your potential rate could be, your potential value.
I always thought it will be kind of cool to see what your potential would be based on whatever that “market value” we call it for rehabbers, what they’re willing to pay. And then how cool it would be if you owned it on the other side of it of a way that you’re working with the rehabbers in that state. By the way, I think it would be pretty cool to walk them through a process. They go to Google, they type in the address, then next thing says, it gets automatically populated, it could say, okay, Oklahoma, if it’s in Oklahoma, then it could show the county where the property is and the city and then it could say based on that criteria, here are five different companies that are willing to buy your house right now for this price, potential ballpark price before they even see it, raising your hand to show if you’re interested or not. Then you click on one to show you’re interested, and then how great of a value is that to the person that you’re working with on the site.
I just think it would be cool to create a network like that. I don’t know if sites really have done that yet, do you?
Joe: No. I’ve heard other people talking about it as well. That’s interesting, it’s fascinating to think about. Cory, we’re coming up to the end our time here. When I think technology and websites in real estate, I think Zillow, Redfin, Realtor.com. I don’t know why I just thought of this, those three or four sites, Trulia now is owned by Zillow, right? Where do you see the future of the big real estate tech companies that are out there vying for everybody’s attention? Realtor.com, Zillow, the Redfin, Trulia maybe plays a part in that, Homes.com, do you see it condensing and consolidating? Or do you see more options becoming available to people? Does that makes sense?
Cory: You have companies like Opendoor. I think one of them went public recently. I have to look at that. There is an opportunity right now where technology is integrating with real estate where it’s doing its best to cut out a real estate agent. Where you can just get online, type in your address, it gives you some parameters and then it says, based on what you’re saying here, here’s about what we can offer you. Do you want us to come out and look at it? But here is the interesting thing about a company like that, let’s just say, I don’t know their process, I know the concept. You’re getting to the place where more homeowners have options where they can just get online and they don’t even have to talk to anybody and all of a sudden someone will come to their house, look at it, make an offer on it. What type of homeowner is going to do that?
That’s one of the first questions, you’re going to see these different niches of, you already see it now, you see these different niches pop up of you don’t have to have everybody go on there. Even if you just got 1% or 2% of the entire real estate market, then your company would be massively successful.
The concepts of some of these technology centered and focused companies where they’re integrating with real estate, they’re integrating with all these different industries but particularly real estate, is that they’re just looking to own a small percentage of the entire market. Does that makes sense, Joe?
Cory: To where it’s going in the future is text is boring right now, words are becoming boring. They’re not entertaining anymore, it takes effort to actually read a book now. As much as you might argue and say, “I still get the enjoyment, I like to hold the book in my hand,” and all that other stuff. I’m not apologizing for the nostalgia of it, it’s cool. The reality is that where we’re going in the future is all about engagement. This word ‘engagement’ is going to be the single biggest word that you’re going to see these companies going after, this is going to be the biggest KPI for them. They have to see where is the engagement. With virtual investing or AI companies, you’ve got these virtual reality companies, you got these bots coming out, Joe.
I believe that in the next three to five years, you’re going to essentially put on a pair of goggles and be able to go into Google Maps, go into the Street View, go to the property, click on a button to see if anybody is ‘home’ if they are, they’ll pick up the phone, you can see them, their avatar can talk with you, you can hit a button. Where it’s going, it is pretty incredible. Why is that important right now, it’s important right now because just understanding the concept of what you do on leveraging technology, is the most important step. Here’s the reality, 50% of the people listening right now, statistically, still use pen and paper for 90% of their stuff. I’m not a huge fan of pen and paper as much anymore, you still have to use it but it’s moving to a place now where pen and paper, it’s going to be like a cassette tape, it’s going to be like a VCR tape. Whether or not you accept that is up to you but that’s where we’re going.
As a real estate investor right now, and you’re asking yourself how does this affect me and how does this affect my market, what can I do. The first thing you need to do is stay aware. Just stay aware of what’s going on with the technology, what going on with the business. It doesn’t mean that you have to all of a sudden start investing all this time and money into all these new technology gadgets, it just means to be aware of what you can do with technology and having that leverage, to be able to get, if you’re doing 10 deals a year, you can do 20 deals a year by maybe using one or two tools. If you’re still writing stuff down and you’re having a hard time finding it, you can get it to a database that sends you a text message whenever a deal comes. You can do all these different things. You’re not using Podio, it’s easy to set up a Podio.
I think just understanding, wow, I was going over here not using technology and now I can see the power of technology. Technology is good. It’s not evil, it’s a tool. Remove that from your mind that it’s a bad thing. It’s just a tool. The way that you use it, it can either take advantage of you or you can take advantage of it.
Joe: Good, good. I love it. Hey, listen guys, retechshow.com or reitechshow.com, depending on how many keys you like to click, we have both of those domains and you can get out toolkit if you text the word ‘TECH’ to 38470. Cory, this has been really good. Sure appreciate it. The next couple episodes guys, we’re each going to take turns sharing with you guys our favorite tools that we use in technology.
Cory: Very awesome. I love it.
Joe: We’re going to be talking about it, maybe even getting online and showing you what it is that we like about it. We’re limiting ourselves to five each, which I don’t know how we’re going to do that, Cory.
Cory: That’s going to be impossible.
Joe: But we’ll make it happen. Very cool. Hey, Cory, real quick. If people want to get some more information about you, you have some other websites, how can they get a hold of you.
Cory: Sure. The fastest way is just go to coryboatright.com and then we have a podcast that’s continuing to grow just like your Joe and it’s called realestateinvestingprofits.com. If you just go to REI Profit Masters, it just takes you right to the iTunes store where you can subscribe and love to connect with you there. By the way, if you do listen, I’d love for you to have a review on there. Those reviews help so much. People are visual so they see that, they see you wrote something positive then they are most likely to subscribe and check it out.
Joe: Leave us a review too if you like this show.
Cory: Absolutely. Yes.
Joe: Alright, good. Thanks, Cory. Have a good one, man.
Cory: Thanks, Joe. I appreciate you, man.
Joe: Alright, see you guys. Bye bye.