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FULL AUDIO TRANSCRIPTION:
Justin Stoddart 0:00
You are either going to be leveraged by technology or you’re going to learn to leverage technology. That is the future of real estate and in today’s think, bigger real estate Show episode, we’re gonna be going deep on that topic with somebody who’s had massive success as an agent. And now as a technology producer, excited to introduce you to today’s guest stay with us.
Alright Welcome back to the bigger real estate Show. I’m your host, Justin Stoddart. I am filming ladies and gentlemen from the road out on several speaking engagements in Phoenix yesterday in Salt Lake City today, going up and down the Wasatch Front and Utah this week. So excited to to be with you coming at you from a different place than my normal studio. So apologize for any tech issues. But they’re very excited to introduce today’s guest Khaled Yatim, thank you so much for being with us today.
Khaled Yatim 1:18
Justin, thanks so much for having me. Excited to be with you.
Justin Stoddart 1:21
Yeah. So for those that don’t know, Khaled, he was the youngest licensed real estate agent in the state of California at the time is 18 years old. Since that time, he sold over $500 million in real estate, this guy knows what he’s talking about. And his passion, however, is actually building technology that supports the agent as opposed to replaces the agent to lead. Let’s dive right in. And what what did you see as an agent, as far as the trends in real estate that made you concerned enough to start developing technology?
Khaled Yatim 1:46
Yeah, I mean, like I said, I started my career very early on I and had had, you know, a massive amount of of experience kind of working with traditional forms and things like that, you know, I worked with the kind of genesis for Niall was working with a large US builder, really understanding that when you have systems and technology, you can produce more volume. And you know, I spent enough time in real estate to and the wheels were slow. And meanwhile, you had transformative technologies coming online in all other parts of the consumer experience. And I knew that real estate was going to be one of the last places of disruption, but it wouldn’t be disrupted nonetheless. And as an agent, I want it to be the controller of that destiny rather than rather than the receiver of it.
Justin Stoddart 2:39
I like that a lot. Yeah, so for those that don’t know, again, Khaled, he has developed a company called nail technology, we’re gonna get into specifically what that does, but I couldn’t agree with you more. Now, after that I was talking about this, that it’s very clear to me that big tech companies, right, I won’t necessarily name them, but you will know, their names are either looking to reduce what a real estate agent does and gets paid, or even to eliminate them entirely from the transaction. And ultimately, some people say, well, like people will never be entirely replaced by robots and real estate, they’re needed. And I say, I agree. However, they will not be well paid, there’ll be customer service representatives, maybe holding a license, maybe not representing a big tech firm that’s making billions while they are, you know, simply kind of facilitating that technology as opposed to leveraging it for their own benefit.
Khaled Yatim 3:24
Yeah, that’s, that’s exactly right. I mean, I think that, you know, if you look at just the last 30 days of what’s transpired in the real estate industry, from a regulatory standpoint, from a litigation standpoint, you have the largest cracks that have been made in the status quo of real estate in the last 20 years. And I think that it’s no longer going, it’s no longer conceivable that real estate agents are going to be operating as in the status quo, you, as a real estate professional, I think are going to have to leverage technology in order to produce more volume in order to kind of maintain your position and your kind of market share in the industry, I think that that is very much going to be an omnipresent part of the conversation in the next 18 months.
Justin Stoddart 4:15
Yeah, I agree with you. I think any agent that resists technology entirely is resisting being a serious part of the future of real estate, right? So many people say, Well, you know, it’s the face to face. It’s the handshake. I think over the past two years with COVID. We all realize that business goes on without the face to face without the handshakes that people will even buy properties, either sight unseen or video tours. So I think that is all especially with a rising generation that has been raised on technology. I agree with you. And I think so as that value proposition, maybe makes you unique. I don’t know that it’s sustainable, definitely not scalable. Let’s talk about what you feel Khaled are some of the key functions of technology that agents really need to embrace.
Khaled Yatim 4:56
Look, I mean, I fundamentally like i My background is in real Let’s say Right, I’ve made my career I’ve made you know, I, I came from a middle class family like so, you know, I understand what it’s like to earn a paycheck from selling real estate. I think it’s, it’s, it’s real estate agents are a part of the fabric of America. And I don’t think that they should be disrupted, I don’t think that they should be eliminated. I think that real estate is a human to human experience. And I think one of the things that real estate agents do a tremendous job of doing is giving people the permission and the safety and the assurity, to say yes, and that is not easily replaceable by technology, because it’s an emotional part of the brain. And it’s emotional part of, you know, what people are are doing in their life to either acquire home or dispose of a home, but that doesn’t change the part of a transaction where technology actually does a better job. And what I mean by that is, you know, there’s there are many ways to deliver a better experience using technology using a more intuitive way to ask questions about, you know, the home, ask questions about, you know, the person to, you know, for to facilitate closing and things like that, and an intuitive way to streamline to distribute the information without necessarily eliminating the role of the real estate professional involved. And I think that what we’ve done it and Niall and you know, other companies that are looking to embed technology inside of this process is looking at ways to where, you know, we put things in two different buckets, we put things at a human bucket, and we put things in a tech bucket. And anything that tech does better than humans, let technology do that, because it’s better served by technology, and anything that’s better left by humans, let humans do that job inside of a real estate transaction. What we found, we found is that, you know, if you, if you include technology in our transaction, you’re going to get outsized results, namely, negotiation technology, if you make it easier for people to place offers, they will place more offers, if you have more people placing offers, you have a more competitive property, it’s going to sell for more money, pure, plain and simple. If you have a safe, secure, intuitive way to collect data and make sure that forms are filled out 100% The way exactly the way that they’re going to you’re going to reduce risk. If you have give someone visibility into this, your Domino’s Pizza tracker for real estate transaction where you can see exactly the status status and state and, and dates and deadlines regarding a transaction. That doesn’t diminish the role of a person. It just helps give somebody at an experience that they’re used to in every other dimension of their life. And that’s what we’re aiming to do.
Justin Stoddart 7:53
That’s really beautifully said that, yes, what humans do best let humans do what technology does best. Right? Let technology do. I think that’s super well said. I agree with you. And to my point earlier, do I think that that people are going to be replaced by technology, I think only those that refuse to embrace technology, right? When you are trying to do all things in a real estate transaction and not leveraging the power of technology. It’s not that you can’t do it proficiently, it’s that you won’t be able to do it as well as the next person, right? Because you’re trying to manage everything and not leaning on technology, when you are face to face, which I believe wholeheartedly in that you aren’t going to be able to be fully present and really be able to maximize the value of being present. Because you’re thinking about all the other balls that you have in the air that frankly, technology should be taking out of the air and taking care of for you.
Khaled Yatim 8:42
That’s right, Justin. I mean, as far as if you look at the data on top producers, top producers do do two things very, very well sales and marketing. And that’s what they do and ever. And that really I think is where real estate agents need to focus much, much more of their time. If you are, you know, really reconsider what the what the opportunity cost is of driving to go and put a lockbox on a property or driving to go and, you know, put for sale signs or marketing collateral, you know, really start to think about how you’re using your time inside of you know, inside of your day, because that’s going to be the difference between you know, a top producer and somebody that that may not be able to survive the you know, the changes in the business, and whether that’s technology or outsourcing or prioritizing, really do a deep dive into to how you’re spending your time and where where it matters because from everything that we see, you know, it’s you know, using technology as a mechanism to further invest in sales and marketing and prospecting is going to be the recipe for success. And
Justin Stoddart 9:53
I really think that that’s a lot of good brilliance around. That sounds so simple. One of the things that we help our clients Do within six figure real estate which is coaching platform that helps them to take stuff off their plate, right? Most most coaching organizations give you a list of things to go do and agents feel overwhelmed. And so they end up firing their coach? Or is obviously the end of it, what are the key things that you should be doing? Like, let’s really hone in and focus on them. And then what are the things that me and my team can take over for you, and we either do it with you, or we help you find better tools to help do it for you, right. So super interested in continue to learn about nail technologies and what kind of opportunities there are to help agents really raise their dollar per hour by offloading many of those activities that they just should not be doing. Like, they’re, they’re not great at them, they suck energy from them, right. And that people have written algorithms to help them do that. So that again, they can show up big in face to face. And other thing that I teach is show up big not just with their existing clients, but with key strategic upstream partners, people can send them lots of business, and many people don’t have the time to go pursue those key relationships that could send them 1012 24 deals a year, because they’re too busy, not letting go of things that tech should be taken care of. So I absolutely love this conversation.
Khaled Yatim 11:02
Yeah, that’s right. You know, you know, I in the upstream model, it’s, you know, you talk a lot about, you know, you talk a lot about kind of generating warm referrals and things like that. And, you know, I think a lot about how do you generate? How do you generate warm referrals? Well, that goes back to that, like human to human experience, and also goes, you know, really accounts for delivering outsized value, you know, there’s a term like that’s used, you know, thrown a lot around in our businesses, viral coefficient. And viral coefficient is just a fancy word for, like, how many referrals are you getting? How many in how many new customers is one of your customers generating? And what I really think about that in real estate is like, how, like, what is an average agents viral coefficient, and you have to do that for two from two dimensions, right? One is that you have to invest the time in cultivating those relationships, so people know how to, you know, they know know what name to send along, and to, you have to deliver a massive amount of value, not value where, hey, I do postcards, and you know, I do marketing and you know, open your house up, it’s, I’m going to sell your home for more money than like, than any other agent on this block, or in this city, I’m going to help alleviate the stress of this process by giving you a very natural, intuitive way to collect information, I’m going to give you visibility into this transaction, do something that nobody else can do in order to create the value. And you’re going to find that not only now do they have the name because you’ve had time to invest in that relationship, but you’ve also delivered value far beyond what they can expect that they would have gotten with traditional and now suddenly, that’s a real way to amplify I think your referral strategy. Really want to focus on
Justin Stoddart 12:50
You know, I’ve actually heard this quote this morning is it talent can hit a target that no one else can hit genius can hit a target that no one else can see. And I feel like this conversation helps people to really start to rethink the value proposition and what can I do that no one else can even see to be doing. Khaled, I wish we had more time together, I really want to learn more. Let’s put a link to your technologies. We’ll come back at a later time soon. And really kind of highlight what it is you do that you take off the plate. So other agents apologists have the kind of short today just kind of a tight, tight travel schedule. But where can people go to learn more about what you do to help agents do exactly what we’ve been talking about today?
Khaled Yatim 13:23
Yeah, check us out at our website is nilehome.com and ilehome.com
Justin Stoddart 13:29
Perfect. I’m going to put it here in the in the comments. While I’m doing that, I want to ask you the final question that I ask everybody that walks across the thing figure stage, and it’s this, what is it that Khaled does to continue to be a big thinker? To continue to expand your possibilities? Give us a quick answer on that
Khaled Yatim 13:44
I read. I’m a voracious reader, and learning is the source code for for the future period.
Justin Stoddart 13:52
Powerful, right? And how often are we too busy doing unimportant tasks that technology could be doing to where we don’t have time to read at least 10 pages a day. Khaled I love the way you think man, it’s been fantastic to have you on I look forward. grateful to have you in my network excited to have you back on the show at a later time. Appreciate all you’ve contributed. And to everybody listening here today. Go to nilehome.com You’ll learn more about the technology, the technologies that Khaled is developing from a real estate agent perspective to help you to be able to again not be leveraged by technology but to leverage technology to help you show up big and my final request of everybody here are these three simple words and they are go think bigger. Thanks for helping us do that today, my friend. Thanks so much.