Latest / The Spiro Podcast: Managing your Real Estate Photography & Videography Business / An Integrated Payment Gamechanger: Titus
Transcript
- 0:00Coming up on this episode of The Spiro podcast.
- 0:04And that feeling I think is something you only get by living it.
- 0:07And it's kind of speaking to what you just said, Todd
- 0:10and, you know, living living the problem
- 0:11is something that's important when you're building software.
- 0:28Hi and welcome to the Spiro Podcast,
- 0:30managing your Real estate, photography and Videography Business.
- 0:34Spiro is a software platform.
- 0:36It's designed, created, built for you to run your day to day
- 0:40real estate media business and ultimately help it grow in scale as well.
- 0:44I'm Craig Magrum, and welcome back to another week.
- 0:46If you're a returning watcher, viewer or listener,
- 0:50and if this is your first time watching, Spiro is like I said,
- 0:54it's all about helping you build a strong real estate media business.
- 0:57We've said it in the past.
- 0:59There's tons of great resources out there on YouTube and otherwise
- 1:03about how to, really attack the creative side of real estate media.
- 1:08We want to help
- 1:09you build just a strong business giving you a good business foundation.
- 1:13So we've we've, covered all sorts of topics.
- 1:16Make sure you dig back into the archives to find some really good material
- 1:20that will help you get rolling if you're new to the business.
- 1:23All right, let me do a couple of quick introductions.
- 1:27Of course, our owner and founder, co-host of the podcast Todd kivimaki, Todd.
- 1:31Welcome back.
- 1:32Craig, it's a great week to be back.
- 1:34Do you have shoes and socks on right now?
- 1:39Truthfully, no, I don't actually.
- 1:42Boom. Done.
- 1:43Yeah, but they're not out in the grass.
- 1:45I have to tell you, Todd, I know we're already getting off on a rabbit trail.
- 1:49Last week's episode.
- 1:52I don't know if you've seen fine ember films
- 1:54comment on, on the YouTube.
- 1:58No, I didn't see.
- 1:59No, I didn't see Nick's comment. What he.
- 2:00What did he say?
- 2:02No. No, you just have to go look and click the link.
- 2:05That fine Ember Films has, has provided us
- 2:09and our our excellent, excellent viewing and listening audience.
- 2:12So if you only listen, you have to go to the YouTube channel.
- 2:14Folks and look at the comment section, find find Ember Films.
- 2:19Make sure you watch the whole episode first so you know the context of what
- 2:23this link is pertaining to. Here.
- 2:25That's all I'm going to say.
- 2:27Wow. I know.
- 2:28I feel like we should stop the recording of this topic.
- 2:31Look, I'm just. Best comment I've ever seen.
- 2:34Well, we're all going to go there together.
- 2:37All right.
- 2:38I'm going to let you introduce Shannon.
- 2:40Yeah. Shannon Landers, our CRO at Spiro.
- 2:43You all know her and love her.
- 2:44Shannon, welcome to another podcast.
- 2:47Thank you, thank you.
- 2:48Happy to be here. As usual.
- 2:50Now, if you can't see Shannon, there's one very important thing
- 2:53about Shannon right now.
- 2:54Shannon, do you want to let all the listeners know go box oh eight.
- 2:59All right.
- 3:00Oh, there we go. Let's go.
- 3:02Oh my goodness.
- 3:04It is Buckeye weekend
- 3:07Hopefully it's been a good turnout.
- 3:09We were recording this the day
- 3:10before the big, premiere game for Ohio State playing Texas.
- 3:14It's going to be a tough game, but one versus three.
- 3:17Here's hoping there's me.
- 3:19I don't know if Ohio State has ever opened the season against their real opponent.
- 3:24So we're just going to see if we get
- 3:27I mean we normally play a high school team way.
- 3:30We play them next weekend. I don't even know.
- 3:32Okay. Granger Green I can't even name.
- 3:35It started with G. I never even knew the school existed.
- 3:38So we are playing that next weekend. No worries.
- 3:41Well, that school's probably getting 1 million or 2 bucks for playing,
- 3:43so it works out good for.
- 3:44But it it does keep it all understand.
- 3:46There's a reason that those schools play
- 3:48and they do make a lot of money and those games when they play.
- 3:51So yeah, normally we play a mac school.
- 3:55So for those of you that are voting yeah, the Mac conference,
- 3:59which is actually a lot of Ohio schools, guys, my alma mater, Miami,
- 4:04you got Bowling Green up there by Craig.
- 4:06So, you know, wait a minute. Wait.
- 4:08I actually, I shouldn't be pumping my fist.
- 4:10I'm a university Toledo fan.
- 4:12I'm there by for guy.
- 4:14Okay, but but I live in BG,
- 4:15so it's fun being a rockets fan living in the heart of open country.
- 4:20Yeah. So. Right. Right.
- 4:21Yes. Well, it gets all squirrely up there for you, Craig anyway,
- 4:24because you get all those stink and Michigan fans too.
- 4:26So you know. Right.
- 4:27And it's terrible. It's terrible.
- 4:29Michigan fans, please just leave your comments below.
- 4:31I mean, I mean,
- 4:32Ohio State fans, we give ourselves a reason to be roasted, as do you guys.
- 4:36I mean, it's all fun, but please, just roses Todd Todd, the Ohio State.
- 4:41Yes. Yeah.
- 4:41Sorry. Okay.
- 4:42Yeah. I was a Bluffton beaver, so. Yeah.
- 4:47Hey, we got a we got events coming up.
- 4:50You want to know what was going on?
- 4:52I can't even like key.
- 4:53I have a you guys can come. What?
- 4:54Some might see the chalk on my wall if you're watching behind me.
- 4:57I had a paint, a chalkboard, my office just to sort out everything we're doing.
- 5:02Which is awesome.
- 5:03But, yeah, we do have a lot of events coming up.
- 5:05What do we got coming, Todd?
- 5:07Well, there are conferences and Vegas,
- 5:11the first and the third week of November
- 5:14and, November 6th and seventh is the REPP conference.
- 5:17That's Eli Jones, go to reppteam.com
- 5:21and look for their conference link on there.
- 5:23We will be there.
- 5:25Shannon myself will be there.
- 5:27And then Steve and Jess from Wow will be there as well.
- 5:31So excited to have and see you there.
- 5:34And I think somebody messed up because I am hosting the darn thing.
- 5:39So I don't know,
- 5:40He’s the MCC baby.
- 5:43Well then they really messed up and said, hey, let's you and Shannon
- 5:47really just kind of, you know, kind of be that be the thing.
- 5:52I'm like, oh,
- 5:53we're the thing, Todd, or the thing it's going to be it's going to be great.
- 5:56I mean, it's such an honor.
- 5:57In all seriousness, it's going to be great to be there.
- 5:59We really appreciate that you all have so much trust and like into us.
- 6:04And, you know, this is a fun ride for us to be on with you all.
- 6:08Absolutely.
- 6:09And if you're not coming, you should really think about attending
- 6:11just to see what kind of pink outfit I put Todd in. So,
- 6:16okay, let's talk about the next conference.
- 6:22That's PMRE is two weeks later.
- 6:26And, this is Brandon Cooper's conference.
- 6:29This is a great conference as well, that we will be there
- 6:33and, Shannon myself Lovey from the team.
- 6:36You all know and love Lovey.
- 6:38She's we're bringing over from the Philippines, and Nick's going to be there.
- 6:41So come and hang out with us and have some fun.
- 6:44And, and also our guest is going to be on is going to be there as well.
- 6:49So there's a couple minutes.
- 6:50Yeah.
- 6:51Yeah.
- 6:52Bring in the Nick's so excited for that.
- 6:55And and then the last one that we want to talk about is what Shannon.
- 7:00Well it's the best one.
- 7:01Oh, I probably shouldn't say that. I'm sorry.
- 7:03No. REPP, PMRE your great conferences too.
- 7:05I shouldn't say that, but, I mean, we might be biased to this next one
- 7:09because it's our it's our conference.
- 7:13The first ever Spiro Sync in January.
- 7:17Yes. And I think I mean I haven't even put the registration out
- 7:21and I kind of fear I think we already have 150 people coming.
- 7:25So, we're going to fill out that space quickly.
- 7:29I am working on to you, you VIP's out there.
- 7:33And if you are in the onboarding program, that kind of automatically qualifies
- 7:37you too.
- 7:39Todd, I'm working on a classroom for us Saturday morning
- 7:42so we can do a fun VIP event in.
- 7:45So full classroom.
- 7:48My sister works at a college right there by 75 and 70.
- 7:53So she's trying to help get us, big old classroom for Saturday morning.
- 7:57Nice. Yeah.
- 7:58It'll be great to spend some time with you all.
- 7:59And you'll enjoy the weather and the features of Ohio and going to live there.
- 8:05Going to love it.
- 8:05Yeah, it might be the weekend
- 8:08I know that we get 60 right.
- 8:09And one weekend in January every year we get to 60.
- 8:12It just they could get lucky or they could get 16in of snow.
- 8:17You know what else is nice is Shannon,
- 8:18you're going to have plenty of time to prep
- 8:20because I don't think Ohio State's going to make it to the playoff hole.
- 8:24Oh. Oh.
- 8:27And that is our guest.
- 8:29Why don’t we introduce our guest
- 8:31I think we're having technical difficulties with our our guest.
- 8:35Yeah.
- 8:36What is happening here
- 8:39Well that's a great intro here, y'all.
- 8:41And that's why I love him so much.
- 8:42He is our people.
- 8:44And, Nick is on.
- 8:46He's the founder, co-founder and CEO of Titus.
- 8:49Nick. Well, what a way to I love that.
- 8:52Just welcome to the show.
- 8:54Thanks for having me
- 8:56Yeah.
- 8:56Opening question, opening question, Nick, are you a Michigan fan?
- 9:02I thought about saying I am no, I am not.
- 9:05No, we can we can continue now.
- 9:08my wife wet to USC. I went to Boston College.
- 9:10USC is much better than Boston College.
- 9:11So I read Felicity. And now in the Big Ten.
- 9:15Nick is West Coast guys.
- 9:16We got our our West Coast Nick and our East Coast.
- 9:19That's that's how I'm going to define them.
- 9:23Yeah.
- 9:24Well thanks for being on with us Nick.
- 9:26We are extremely excited about this integration in this update,
- 9:30in this kind of,
- 9:32this relationship together where we're integrating Titus in to Spiro
- 9:37We've talked a lot about it before.
- 9:39I think I'd like to cover a little bit deeper today because as I've mentioned
- 9:44before, anything we do in Spiro is extremely important,
- 9:47not just what it is, but the people behind it.
- 9:52And you and I have talked for a while now.
- 9:55You're, you know, our team and vice versa.
- 9:58And I think your story just is completely in line
- 10:02with why we do what we do.
- 10:05I Spiro, you're connected.
- 10:07You have the background in real estate industry, and
- 10:10I just wondered if you could give us some background as to,
- 10:14your history.
- 10:15I think your your mom and your brother
- 10:17with real estate and how that all ties into this idea of Titus.
- 10:21Yeah.
- 10:22So, I grew up with two parents that are real estate agents.
- 10:27So, starting when I was a little kid, I was going to open houses every weekend.
- 10:32I started my first company in middle school making websites
- 10:35for real estate agents, kind of early days of the web.
- 10:38And then did that all the way through high school,
- 10:41my first tech company, that was like venture backed.
- 10:45I launched in 2010, which was online learning for real estate agents,
- 10:48teaching them how to use the latest in technology, including Photoshop,
- 10:53and which I don't think many agents, you know, started using Photoshop.
- 10:57And we tried
- 11:00and then my
- 11:00most recent company was an online marketplace, for, for real estate listings
- 11:05that were off market so that consumers could find them easier.
- 11:08And so I've always been building for real estate, my entire career.
- 11:12And, one of the things growing up is, my parents were
- 11:17when you have both parents that are paid on commission, it's kind of a crazy world.
- 11:21It's famine or feast.
- 11:23Multiple times.
- 11:24I remember my parents
- 11:25almost selling our house or declaring bankruptcy
- 11:28because they didn't sell any listings.
- 11:29And all of a sudden we're going to Hawaii, you know what I mean?
- 11:31And so I think those the roller coaster, it's something I felt really innately.
- 11:36And that's part of the the inspiration for building Titus.
- 11:40And my co-founders mom is a real estate agent.
- 11:41So he's felt it as well. Craig.
- 11:44And that feeling I think is something you only get by living it.
- 11:48And it's kind of speaking to what you just said, Todd
- 11:50and, you know, living living the problem
- 11:52is something that's important when you're building software.
- 11:55Yeah. For sure.
- 11:57Can you say that one more time, Nick I think that that is the statement
- 12:01that I really like. Say that again.
- 12:04Yeah.
- 12:04Living the problem is something that allows you to build incredible software
- 12:10and unless you are really living the problem,
- 12:13and it doesn't mean you have to be the best at,
- 12:16I'm not the best real estate agent.
- 12:17I've lived the problem in my own way.
- 12:20And I think it just gives you a feel for what people need in a different way.
- 12:24Well, Nick, I the first question I have,
- 12:28besides the Michigan question is I'm just kind of curious.
- 12:31I love names and name meanings.
- 12:34Can, can you kind of tell us the story of where the name Titus came from
- 12:38for this company? For this business?
- 12:41Yeah, of course I love names as well.
- 12:43And one of the most important things when you're naming a business is to
- 12:47make it memorable. And so,
- 12:51few ways you can make a name memorable.
- 12:53We can talk all day on this, but double letters and also alliteration.
- 12:57And so the original form of Titus was the Titus tab, where a real estate
- 13:01agent could actually open up a tab to do listing prep.
- 13:06And so that's where the name came from.
- 13:08The tab part didn't stick totally.
- 13:10And we kept the Titus.
- 13:12And it also happens.
- 13:13Titus is the, the Roman emperor that started the building of the Colosseum.
- 13:18Which is also just a fun, a fun fact that,
- 13:22kept the name going around him.
- 13:24Interesting. Thank you for that.
- 13:27So, can can you kind of give us a just a broad overview of what is Titus
- 13:32for for real estate media partners
- 13:34that are watching this right now, photographers, videographers.
- 13:37What what is this Titus integration?
- 13:40What is the business.
- 13:42Yeah,
- 13:43yeah.
- 13:44So put simply Titus is the payment platform for the real estate industry.
- 13:48If you think about ecommerce,
- 13:51they have Shopify, restaurants have toast.
- 13:54And now sure, there's other software around that.
- 13:56We're only focused on payments, but a payments is a huge piece of this.
- 14:00And real estate, media professionals, home stagers, anyone that helps prep listings
- 14:05for sale, they don't have anything that's custom built for them.
- 14:08Okay.
- 14:09And you know, agents what happens because of
- 14:12that is agents have to front the cash for a potential payout that's months away.
- 14:17So inevitably they under invest and despite it
- 14:21being a massive win for them and their customer home sales
- 14:24faster home sales for more.
- 14:25I mean, I don't have to sell,
- 14:26but the listeners of this crowd as as to why it's beneficial.
- 14:30But the resulting problem is that in photography, only 35 to 45% of listings
- 14:37use it for professional photographer, okay?
- 14:40And only 15% go beyond a basic package.
- 14:43And, you know, I think that alone just getting agents
- 14:48to use a professional photographer is $1 billion opportunity.
- 14:52And I think a huge reason
- 14:55that why in real estate agents aren't spending the money
- 14:58is because they have to front the cash because of financial reasons.
- 15:02And if you can just fix those reasons, we can expand the pie for everyone.
- 15:05And I think that's
- 15:06one of the beautiful things about real estate, is there's so much
- 15:09white space that you can go and expand the pie.
- 15:12It's not like you're getting a shoot and someone else isn't getting it.
- 15:16You can actually just get more shoots for everyone.
- 15:18And I think that's another place that Todd, Todd
- 15:20and I really connected about this just abundance mindset.
- 15:24And that's, that's a big part of what we're built on.
- 15:26And so how do we do this? We do it with really fast check out.
- 15:29Pay at Close.
- 15:31So giving the ability for agents to
- 15:33move a payment to close in seconds.
- 15:36And then there's lots of other features that, that Todd
- 15:39and I or us are collaborating on,
- 15:43to make payments, a vehicle
- 15:46to expand every job, job size as well.
- 15:49it's incredible.
- 15:50Nick, can you give us a little insight?
- 15:52You shared some things with me when we talked early on about who Titus is for.
- 15:56And I think sometimes as real estate photographers, like they,
- 15:59they click your lowest package or what we call photos only
- 16:03and you're like, oh, they're too cheap to do it.
- 16:05And then they show up in a luxury car.
- 16:07And I think, I think we sometimes misunderstand our client
- 16:12because there is all portions of the industry, like the luxury car.
- 16:16Maybe for the image of getting those listings and it's
- 16:19and it is a tool and I can see where it's justified.
- 16:21But I think sometimes as photographers, we don't have the brain as the agent.
- 16:26And I think when we can connect the brains, our brain,
- 16:29with their brain, I think it becomes very powerful.
- 16:33So just give us some insight on on who is using and who you know who this is for.
- 16:38Yeah.
- 16:38So one of the most interesting things about Titus is when we first started,
- 16:44we and, and some of our customers
- 16:45thought it would be for people that didn't have the money
- 16:49or had really low credit scores and just had no cash in their bank account
- 16:52or couldn't put it on their credit card because their credit card was maxed out.
- 16:56The reality is the opposite.
- 16:58So our number one user is the agent that has three or more listings outstanding,
- 17:02and is actually looking to add that Matterport ad that Twilight shoot.
- 17:06But they have they're floating $5,000 sometimes, right.
- 17:09Or more depending on how many listings they have.
- 17:12And that's just a lot to float on a credit card.
- 17:14And so what they do with Titus is they just move
- 17:16all those payments to the closings.
- 17:18And so then when they get paid, they're able to pay off, the photo shoots.
- 17:23And then the other thing is that we're also seeing agents
- 17:25generally think of it as like a very premium experience.
- 17:29Right? So oh my gosh, this is so convenient.
- 17:30It's actually easier than entering my credit card.
- 17:34I can just move it to close and not think about it.
- 17:37And then people will then add other, other packages and increase the card sizes.
- 17:42That's awesome.
- 17:44Me as an agent, they're great.
- 17:45Now, like I have
- 17:48one listed right now, I have one I'm shooting today and I have another one.
- 17:51I'm shooting in two weeks.
- 17:54Now, I'm fortunate that I have a broker
- 17:56deale, with Todd, at Wow video tours,
- 17:59so I kind of get that little breathing room.
- 18:03But to be honest, like coming from a place where I kind of already have that
- 18:07breathing room, like, I order what the listing actually needs,
- 18:10because I know I have 30 to 45 days where I'm getting my bill from the office.
- 18:15So I think to your point, I could see a lot of our top agents just loving this
- 18:21because they are listing 10 12 homes a month and that that bill does.
- 18:25It's nice if you can push it out.
- 18:27You know, those agents have a lot of them have the money.
- 18:30But to your point,
- 18:30they're going to kind of go lower because they have to make it spread right.
- 18:35But to be able to float it and not worry about it, they could actually market
- 18:39the listing better and get more listings because they have the money to do it.
- 18:43Yeah.
- 18:43And think about the real estate market right now.
- 18:45Right. So,
- 18:47homes are taking longer to sell and it's harder to stand out.
- 18:50And so you have this huge problem where agents are going to be taking it's
- 18:54going to take longer for them to get their commission
- 18:56because days on market are going up and virtually every market in America.
- 18:59And hold on, let's clarify. They're normalizing.
- 19:02I really want to them I know that they're just normalizing.
- 19:07Right.
- 19:0890 to 120 days on market is normal.
- 19:12Yeah, yeah. And but but what do they do.
- 19:14What do agents do.
- 19:15And I've seen this firsthand is they ratchet down their spend on listings,
- 19:19which is the exact opposite of what they should be doing.
- 19:22Okay.
- 19:23And so this allows them to either
- 19:26not turn it down or turn it up and win more listings.
- 19:29We have one agent who, he has asked me not to say his name
- 19:33because he's figured this out as a competitive advantage.
- 19:36What he's started doing is in this market,
- 19:39he is offering to pay for the Premier media package.
- 19:44Okay, so everything in the kitchen sink think like, if you're a photographer,
- 19:47think the biggest package you have.
- 19:49He's doing that and he's paying for staging for his clients.
- 19:52And he is charging 4% on the list side.
- 19:55So he's charging 1% more than everyone else
- 19:58and he's winning every single listing.
- 20:00Presentation, he said of close rate went from 20% to 90%.
- 20:03When you raise his prices and he's just using Titus
- 20:06he's using Titus to defer all those payments to close.
- 20:09And the homes are selling faster, selling for more,
- 20:11and the clients got a white glove experience.
- 20:13It really is one of these crazy win win wins.
- 20:15I mean, I guess the buyer pays more, but like it's still it's still a win
- 20:19because they sometimes get a more turnkey home
- 20:22on the seller, I mean the seller, the buyer will pay more.
- 20:26But again the market's always going to bear with the market opening.
- 20:29Right.
- 20:29So that to your point, but isn't as a listing agent,
- 20:33my goal is to get the highest dollar value for my seller.
- 20:37That's my job.
- 20:40Yeah. And and the photographer.
- 20:41So you can partner to do that versus feeling like you're getting squeezed.
- 20:47And so I think that's the beauty of Titus and what we're doing with, with Todd
- 20:52and you and the Spiro team is that we're actually packaging it
- 20:55into a full payment solution, including credit card processing.
- 21:00Which is really awesome, because then it's just right there
- 21:03and it's super convenient, and we can do things like,
- 21:07hey, this listing qualifies for pay it close at a special rate.
- 21:11Do you want to try it?
- 21:12And we can just we can work with the Spiro platform,
- 21:16like think of it as, like two hands that are just completely shaking,
- 21:20to make sure that we are,
- 21:23not only getting every photographer more, more jobs by offering pay at close,
- 21:28but when they're at that moment of paying, they might just be like, you know what?
- 21:32Let's add that.
- 21:33Let's add that Matterport and
- 21:35and I think that's really the beauty of this partnership.
- 21:38The way I've, what I've said to to Todd and I'll say again,
- 21:42if we're here in 12 months
- 21:44and we haven't increased job sizes by 30%,
- 21:48we need a change.
- 21:49We need to do better.
- 21:50And I think that's like, sounds like a crazy promise, right?
- 21:53So 300 to 390 average.
- 21:55Sounds like a crazy promise, but I think it's entirely possible
- 21:58because it is such a win win.
- 22:00And when agent I've seen it, when agents realize they can do this, they
- 22:03that they're more than happy to spend.
- 22:07Yeah.
- 22:07And Nick we've seen that over the years at Wow
- 22:10our media company with the idea of a broker deal.
- 22:14And this is almost even a better alternative to a broker deal.
- 22:18The broker if you're if you're out there saying well what's a broker deal.
- 22:22Well broker essentially is floating that money for the real estate agent.
- 22:26And in those deals
- 22:29we see
- 22:30agents ordering more because they're not paying
- 22:34at the time of delivery or paying at the time of order.
- 22:38The broker doesn't care. The broker.
- 22:40That's a good spin for the broker.
- 22:42Again, we talk about speaking broker, a broker.
- 22:45If a broker can get his agents to increase their floor of marketing,
- 22:50if all of the agents market better, they're going to get more listings.
- 22:55They're going to stand out in the marketplace.
- 22:57They're going to sell better.
- 22:59And then the brokers just simply floating this money,
- 23:03and they're going out and talking to every other agent
- 23:06at every other company and saying, would you like this unique advantage?
- 23:10I love that this really
- 23:11it brings the broker deal into the power of the photographer,
- 23:15and it allows the photographer to say, do you want to pay at close?
- 23:20And it's been interesting because I've been reading
- 23:24a lot of you out there and I'm so glad you do it.
- 23:26You listen to something, you know, you catch me on a tech talk,
- 23:29you read something about Titus, you saw the newsletter,
- 23:31and you go out on social media and you ask your agents,
- 23:34would you like the option to pay at close?
- 23:38And I'm so glad you asked the question.
- 23:40And I love reading the comments.
- 23:42Your agent is like, yes, would love it.
- 23:43Love to know more and then you have some age.
- 23:45It's like, you better not do that. You're going to get stuck with the bill.
- 23:48Like all like it.
- 23:49It's just like I laugh because it's like, you don't have to worry about that.
- 23:52As the photographer, you offer the benefit of it
- 23:56and everything else is taken care for you.
- 24:00So getting down to the nuts and bolts of it,
- 24:02because we've gotten these questions a lot, Nick.
- 24:04So there are two portions to this update.
- 24:08One is Titus being Pay at Close and the other one is Titus
- 24:13as a credit card processor, think replay stripe and square.
- 24:18Let's cover the Pat at Close first.
- 24:20That's kind of like your unique advantage where you can go out.
- 24:23And what a better way to get agents
- 24:26to understand that you know them and you know what they're going through,
- 24:31especially when days on market is going up.
- 24:33But allow Pay at Close.
- 24:34But what are the nuts and bolts of it?
- 24:36So let's let's, let's just start off with is is there a fee involved.
- 24:43Yeah, there is a fee.
- 24:44And that's how, you know, we operate as a business.
- 24:47But let's start with kind of where we started this conversation okay.
- 24:50So if you think about like that that problem touch okay.
- 24:54So the problem, that photographers will have
- 24:59with any type of payment is like, I need to get paid quickly
- 25:03and I don't want to think about it after I get paid.
- 25:06Right.
- 25:07And so that's how we've built Titus.
- 25:10Okay.
- 25:10So the way Titus works is an agent will select pay at close,
- 25:15when they're paying for, a job right within Spiro.
- 25:19So either pay on download or pay on order and,
- 25:23they then go through if it's their first time they sign up.
- 25:26And it's a very short application.
- 25:28On average, it takes less than two minutes after they've signed up.
- 25:31It takes less than 10s okay.
- 25:34And they can see if their property qualifies for pay at close
- 25:38just over 80%.
- 25:40Of agents and properties qualify.
- 25:42And if it does, they press a button to agree to the terms
- 25:47and then the photographer will get paid instantly.
- 25:50So we will send that money instantly to their bank account.
- 25:53The bank typically processes the next morning minus our 4% fee.
- 25:57So we charge a 4% payment processing fee.
- 26:00Think it like think of it like a credit card fee.
- 26:02And that covers that is for us covering all of the risk
- 26:05and all of the coordination of getting pay to close.
- 26:08Okay.
- 26:09The agent will then have our risk adjusted
- 26:11fee depending on them in their listing between 0 and 8%.
- 26:16And so I want to like the majority are getting zero, which is crazy.
- 26:20So there's no fee to a lot of the agents.
- 26:24Most that's the biggest category we have.
- 26:26And that just makes it a complete no brainer, right?
- 26:29So there's no fee that means $300 shoot
- 26:31I pay $300 at close.
- 26:33And then the photographer gets 300 -4%.
- 26:36Okay.
- 26:36But again, that fee to the agent is between 0 and 8%.
- 26:40And we handle everything.
- 26:41So the magic of Titus, the technology we've built is
- 26:44the system that allows us to get paid at or around closing.
- 26:48And you don't have to worry about it.
- 26:49Just like you don't have to worry if an agent doesn't pay their credit card bill.
- 26:52It's not like Visa's calling you up and saying, hey,
- 26:54you know, like, can I get that money back for the shoot?
- 26:56It doesn't work that way.
- 26:58We're a payment processor and that's how we work.
- 27:00Nic. I think it's just amazing.
- 27:02So let me let me just give you all some rough math.
- 27:04We'll use the $300 figure.
- 27:06So right now if you use Titus and you give this huge
- 27:10benefit to your agents at pay at close, you are paying
- 27:15probably at the most $3 more than what you're paying.
- 27:19Stripe and square right now.
- 27:20Three bucks, y'all.
- 27:22And we didn't even factor in the the idea that you're going to sell them
- 27:26more because they're going to say, oh, this is great, I want your luxury video
- 27:31because I can have the flexibility to pay when the house closes.
- 27:36I can choose the luxury video where my face, which is my
- 27:40brand, is in the video.
- 27:41I'm going to use it not only to sell this listing, but get my next listing.
- 27:45Like, I'm so excited about what your features
- 27:49and benefits are to the agents with this. It's insane.
- 27:52And beyond that, let's think about what is your margin on that luxury video.
- 27:56It's really, really high.
- 27:58I know ours are.
- 28:00Everyone is.
- 28:01When you can add on services, add an appointment.
- 28:04Many beautiful things happen one
- 28:07your average order value is higher
- 28:10your as you add on products, your margin is higher.
- 28:13It means you put more money in your pocket.
- 28:15Also, if you have photographers, your photographers are making more money
- 28:20so they don't take the other jobs. They stay low.
- 28:22They can stay with you.
- 28:23You can pay them enough.
- 28:25Like this solves so many problems, and not even the fact that you're
- 28:27helping the agent grow their business.
- 28:30It's it's really insane for $3 more, but you're going to make
- 28:34what your profit on a $200 luxury video or $800 luxury video.
- 28:39So I think it's just an and sorry, I'm just I'm so excited about this
- 28:44I also just want to reiterate
- 28:45what Nick said about the fee to the agent,
- 28:49because this was about the first question I asked him.
- 28:52Is, what is the interest rate to the agent?
- 28:55Because, like Nick had mentioned, my parents growing up, I remember the days
- 29:01where the credit card bill came in and that sucker just compounded,
- 29:05and you paid $15 on it, but you got added $150 in interest.
- 29:10I remember those days.
- 29:11I was like, I we can't give this thought to agents that they're they're not.
- 29:17This is just going away.
- 29:18Like, we can't give a 20% interest rate.
- 29:21And it's not at all like Nick said, agents look good credit.
- 29:25They're getting zero yes,
- 29:280% interest rate on it.
- 29:31And pending their credit score, it's going to fluctuate a little bit up to
- 29:34six and a half, 7.5%.
- 29:37Yeah.
- 29:37And if you if you think about like a firm or Klarna or these buy now pay later,
- 29:41you've all seen it like paying for 50% of Americans have used those.
- 29:47Okay.
- 29:48The main reason for that is because
- 29:50most people are getting a 0% rate.
- 29:53So peloton was really the breakout on this.
- 29:55You know, the stationary bikes, and peloton, once they integrated a firm,
- 30:00I think they saw 40% growth in average card size,
- 30:03which more than made up in a firm's fees.
- 30:06The peloton are much higher than 4%, but it more than makes up the fee,
- 30:10that that peloton is is paying.
- 30:12And so by paying that 4%, you're actually able to supplement those agents.
- 30:17And that 0% rate is a huge draw because what also happens is
- 30:20people come in and be like, oh, I wonder if I got that 0% rate?
- 30:25Oh, it's 4%.
- 30:26Oh, that's like a couple dollars. Yeah, I'll just do it.
- 30:28And so I want to like that is also a big piece of it.
- 30:33And our rates are flat rates not compounding interest all just do it
- 30:37close.
- 30:37So it's all just tacked on a close to make it really easy and simple.
- 30:40Very simple.
- 30:41Very. Yeah.
- 30:43Not confusing either. Right.
- 30:45As an agent it's very clear.
- 30:46Okay. Great. I know what I'm doing.
- 30:49And as an agent to be honest I'll pay for five,
- 30:51six, seven, $10, maybe a little bit more to defer it
- 30:55because that's enabling me to spend money on the marketing and other other ways.
- 31:01Right.
- 31:02a listing is gold.
- 31:03I mean, so we talk about in the business, right.
- 31:04listings makes babies.
- 31:06And if you want to be successful in this business, you got to list houses.
- 31:09And and when you when an agent turns on Titus, we're actually
- 31:13opening up a small line that they can use towards their commission,
- 31:17which, you know, as a photographer, which means you now have this,
- 31:21this line of credit that, you know, the agent has on this listing
- 31:24that you just did a shoot for and you can sell other services to them as well.
- 31:29Okay.
- 31:30And so, like, we're seeing some really interesting smart entrepreneurs
- 31:34that are leveraging this ability to sell other services,
- 31:38whether that's advertising, you know, obviously listing websites,
- 31:41all of these other things that you can do with your photos for those agents,
- 31:46are now
- 31:47possible because their wallets open and you know, that
- 31:50All right.
- 31:50So let me play devil's advocate.
- 31:52First question that popped into my mind when I first heard about this from Todd.
- 31:56Nick is what happens, for the photographer,
- 31:59what happens for the agent if the closing doesn't happen?
- 32:04Yeah.
- 32:05So first of all, answer the photographer question for nothing happens.
- 32:09The photographer, their money, they've gotten their money.
- 32:12They don't have to worry about it, but
- 32:14we are
- 32:14also well aware that you are trusting your customer with us.
- 32:18And so if your customer has a bad experience with Titus,
- 32:21they're going to come back to you and be like, hey, you told me to use this thing.
- 32:26And so we're well aware of that.
- 32:27And so we want to make sure
- 32:28that the experience for the agents is really, really premium and top notch.
- 32:32It's also the experience my parents are going to be having.
- 32:35Okay. I'll remind you.
- 32:36And so, if the the listing falls on a contract,
- 32:40if the listing gets canceled, if the home doesn't sell,
- 32:45that every single Titus payment
- 32:47is actually a six month short term loan.
- 32:50So the money is due in six months.
- 32:52Whatever they paid the photographer, they owe in six months plus the fee, but
- 32:57they also have the option to roll it to another commission if they want to.
- 33:01Okay.
- 33:02So if they've got another commission,
- 33:04if 123 main streets for sale, oh my gosh, I got 122.
- 33:07And 123. It falls out of contract.
- 33:09I can roll that payment to my other closing for a small fee.
- 33:14I can roll it to another closing
- 33:15and then I can just pay it off when that home sells.
- 33:18And we have seen agents do that and love that feature.
- 33:21Yeah. Okay.
- 33:22This is proof that when you grow up in the business,
- 33:25you really think about all the things that can happen on the back end,
- 33:30and then you literally built a software company around it.
- 33:34It really is amazing Nick like it's you've thought of these things
- 33:37and it is important you also think like an agent,
- 33:40which is really important to understand how agents think.
- 33:43And to put this in years into your product.
- 33:47Yeah. Every day.
- 33:47I mean, yesterday I was having conversations
- 33:49about transaction coordinators and, you know, how they get paid
- 33:52and can we actually improve that whole process
- 33:55and just make everything really, really seamless at close?
- 33:58And so we're we're deep in the agent world.
- 34:01Yes. Yeah.
- 34:02Which is great.
- 34:03So and not only that, you know, and I,
- 34:06I think it's amazing that this pay at close is there.
- 34:10But honestly,
- 34:11what you offered us as a merchant service provider is pretty good deal.
- 34:16So I don't want to discount us not talking.
- 34:18I mean, yeah, the pay at closes, it's going to be what
- 34:21we all love and change, you know, the world.
- 34:24But honestly, just as a payment processor, like I'm excited for our clients
- 34:28to be able to use that.
- 34:29So why don't you share with us kind of how you guys operate on that side?
- 34:34Yeah.
- 34:34So, we are both a payment processor and we have pay at close
- 34:38and we integrate the two. Okay.
- 34:39And so it's one simple check out for every single job.
- 34:44And, our payment processing terms, again, are optimized for photography.
- 34:50So a lot of it is about speed.
- 34:52So we, we, we get photographers paid four times faster than stripe
- 34:56or in square.
- 34:57And so that's one of the things we've really optimize is
- 35:00how can we make sure you get those cash outs as fast as possible.
- 35:03Our out of the box rates are the same as stripe,
- 35:07but we have a special with Spiro which I don't want to, you know, spoil
- 35:10all each one of you guys share.
- 35:12For lower rates for the people that are, are starting with,
- 35:17the Spiro Titus partnership early on the credit card side.
- 35:22And then we're going to be layering on a lot of other really cool features
- 35:25for credit card processing to, increase every card size.
- 35:28Okay.
- 35:29So like tips
- 35:30and some of these things that that I know, Todd, we've been talking about,
- 35:33to make it a really customized full checkout for, photographers.
- 35:38But, Shannon, do you want to share the, the early special?
- 35:41I can, and a lot of our users that are,
- 35:47already listeners have maybe heard a little bit
- 35:50about this in the last couple days that we are offering an introductory rate
- 35:54at 2.6%, that rank 2.6.
- 35:58That's crazy. Insanely low,
- 36:02and we have a waitlist going.
- 36:04So, if you haven't signed that waitlist,
- 36:07you want to definitely get to, it will include those things.
- 36:11And when we post the podcast.
- 36:12So but definitely or just, shoot me an email if you need to,
- 36:18if it's just shannon@spiromedia and we'll get you all the information.
- 36:23But we are super excited and we have clients.
- 36:25Like I said, they are very, very excited about this, not
- 36:29only to close, but to have an opportunity to save some money on the other side.
- 36:33What I think is key though, and I'm sure this is running through some photographers
- 36:37heads right now because they're probably thinking more to 2.6% and 4%.
- 36:42But Nick,
- 36:42why don't you tell them the really cool news
- 36:44if they're using you for merchant services?
- 36:46Real quick, let me touch on one thing about that waitlist.
- 36:49So, you know,
- 36:50originally what we had talked about is only opening up 100 slots
- 36:53for the, the discounted rate of 2.6%.
- 36:57But it was like a Taylor Swift concert.
- 36:59It filled up in less than five hours, maybe even less than two hours.
- 37:03So fast, with Spiro customers.
- 37:06And so, we're opening up more slots, and so,
- 37:10everyone get on that waitlist,
- 37:13and you have the opportunity to,
- 37:15to get that to lock in that same rate lock it in.
- 37:18Yeah, absolutely.
- 37:19So just if you're not sure what number
- 37:21you are on the waitlist, don't worry about it.
- 37:22Just get on there.
- 37:24And then we'll kind of figure out how many and we'll get as many of you
- 37:28in as as possible to that waitlist. So.
- 37:33So that link will be below if you can click that link.
- 37:36Just sign up for the sign up to be on the waitlist.
- 37:40Even if you're in between, just sign up for it.
- 37:43If you're like,
- 37:43I need a little more information that at least will hold your spot in line.
- 37:47I do want to mention a couple of other things,
- 37:50because it was really important in the history of this relationship is that
- 37:55when we were creating this integration,
- 37:59the idea of payment processing and again, understanding you as a real estate
- 38:03photographer, there are more pain points that we have heard from you all
- 38:07about stripe and square of course, everybody wants to have a better rate.
- 38:11And for credit card processing, if you use Titus
- 38:15you will save money versus stripe and Square.
- 38:18Get on the list though, okay.
- 38:21And additional to that, there's even more.
- 38:26There's like Billy, Billy Mays.
- 38:27But wait, there's more.
- 38:29Not only did we hear about the rate, but we heard about the time
- 38:33that you're funded.
- 38:35Okay, so I've learned a ton from Nick about the industry,
- 38:39and you are probably funded in what's called in a technical term,
- 38:43t plus 3 or 4 T stands for today.
- 38:47And then the number after the plus stands for the number of business days
- 38:52from when your client pays to
- 38:55when the money goes to your bank account.
- 38:58And we understand that waiting three,
- 39:004 or 5 days if you're spending a weekend is problematic.
- 39:04We know you have photographers to pay, editors to pay, so on, and so forth.
- 39:09Well, everyone's going to get t plus one.
- 39:12So today plus one.
- 39:14So your client pays on Monday.
- 39:16That money is in your bank account on Tuesday.
- 39:20All right.
- 39:20So that is a that's a great feature in itself.
- 39:24But we keep going.
- 39:25And this I'm surprised Nick just didn't want to beat me up
- 39:28because I'm like Nick, let's do more, let's do more.
- 39:31Let's do more.
- 39:31Like I, I so he kept going like, okay, great.
- 39:35What. Let's add some more features.
- 39:36So if you process with Titus credit card processing
- 39:40and you use you'll have pay at close as an option.
- 39:44You have no monthly fee on any of those.
- 39:48And you also have the ability
- 39:51to accept tips at the time of payment.
- 39:54All right.
- 39:55So many of us have asked for tipping to be allowed in Spiro
- 40:00Titus is going to bring it to you in the interface.
- 40:03And again, it's going to be simple. It's going to be beautiful.
- 40:05And your client is going to understand.
- 40:07And it's a way that your client
- 40:08can show their appreciation to you or your photographer.
- 40:11That tip, that tip simply gets added
- 40:14straight into the payout that you will receive.
- 40:17Okay.
- 40:17And then you can decide what you want to do with it, with your photographer.
- 40:21You know, if you're giving them all of it, or you taking a small amount back
- 40:24for the credit card fee or whatever, you decide it's your business.
- 40:27You decide what you want to do,
- 40:28but that's going to hit straight to your bank account.
- 40:31So many features.
- 40:33We have more features coming up in mind that we will continue to build.
- 40:38And this is the thing that I just love about working with a company
- 40:41such as Titus with Nick is, again, they understand you and your clients,
- 40:45and we're continuing to just think a crazy amount on what technology could do
- 40:51and how it could impact and change your business.
- 40:54Again, this is Spiro podcast, a business, a real estate photographers
- 40:58and all of you are coming to us right now and saying, hey, August is dead.
- 41:02What do I do?
- 41:03And I understand that feeling that you get in your chest
- 41:07was like, hey, I mean, we shot 80 job two days ago.
- 41:10I think we had 44 on the schedule.
- 41:12Okay, that's half I get. What?
- 41:15The ebbs and the flows of this business.
- 41:17So it's our goal to bring more value to you and give you
- 41:22not only the technology, but
- 41:24we're really going to help you with the education to your clients.
- 41:28Promotional materials, maybe.
- 41:30Shannon, Shannon, Nick, you guys could talk more about,
- 41:32because we really want to set the users up for success
- 41:37and giving them the tools of, hey, just copy and paste
- 41:39this newsletter, just print these fliers and drop them off in an office.
- 41:42Is it going to be that simple?
- 41:45Yeah, we're we're working on it.
- 41:47We're definitely working on the social media post that they can have
- 41:50post, just add their logo, that's it and get it out there.
- 41:55We can continue to work on different newsletters and things.
- 41:58That's our goal.
- 41:59I've had Spiro anyway, lately, with our cycles, trying to be able
- 42:03to create and with our last cycle, we give a newsletter out,
- 42:06we want these things to be easy for you guys.
- 42:08We get how we are running around, right?
- 42:12With wearing many hats.
- 42:14And so Nick and myself are kind of
- 42:16working on some of these templates and getting them all ready.
- 42:20And with your own QR codes or your own order pages
- 42:24so people can just click scan in in order.
- 42:29Yeah.
- 42:29The way I think about it is like, I if any of you are
- 42:32our children of the 80s and early 90s, it's like Captain Planet, okay?
- 42:36You know, you have the power combining.
- 42:38And, you know, Todd and I were here last night
- 42:42and this morning over email, just discussing the data
- 42:46that we're getting from the local markets, listing status
- 42:50and, you know, and what new features can we bring to the Sparrow community.
- 42:54And so I don't want to give anything away because that's a whole
- 42:56nother thing we can talk about in the future.
- 42:58But it really is an awesome combining of powers, that,
- 43:03we if we, I think if we continue to build and then listen
- 43:07and have conversations with the community,
- 43:10I'm so excited to see where things are in in three months, much less a year.
- 43:14It's going to be crazy. And so,
- 43:17just a quick teaser of things to come.
- 43:20Yeah.
- 43:21Nick, I actually mentioned that on my tech talk last night that
- 43:25if you want to go find it, it's actually August 28th is what you need to look for.
- 43:29And, the comments were like, wow, that would be insane.
- 43:33So sorry to teaser to you. You can go find it on there.
- 43:35We won't talk about it now, but, I thought you mentioned Captain Planet.
- 43:39I'm like, oh, okay, that's that's cool.
- 43:41Well,
- 43:47yeah.
- 43:47I mean, I think what's great about this is, And you just said it,
- 43:51Nick, you know, we're going to listen, we're going to get this out there.
- 43:55We're going to listen to our clients and, and and that's kind
- 43:58of, you know, it's why we're who we are.
- 44:01We listen, we try to give our clients what they're looking for
- 44:04that will help them, that will help their businesses.
- 44:08Why we're doing Spiro Sync in January.
- 44:12So we will
- 44:13help you guys get
- 44:14this out there, promote your businesses, and then we'll listen to see what else
- 44:17you guys need.
- 44:18But that's that's what I love
- 44:19about partnering with great people like yourself and your company
- 44:23is to bring these really cool things
- 44:25to our people where they can actually grow their business.
- 44:29It's a ton of, ton of just really high value
- 44:32add features with this, this collaboration.
- 44:35Nick, we're excited.
- 44:37Can I can I ask the question of the group?
- 44:40So when's the integration happening?
- 44:42When does this launch?
- 44:46Who's going to answer them?
- 44:50Our cycle will launch on the 23rd of September.
- 44:53So now, that said, we do have the waitlist going,
- 44:58and Nick has actually hired people to help.
- 45:03Which is amazing.
- 45:05And so between our onboarding team and his onboarding team,
- 45:08we're going to make sure we help get people into the system.
- 45:10It's going to be a very great integration.
- 45:12One quick, easy,
- 45:14but we'll probably over the next couple weeks be working on that waitlist
- 45:17and just getting people kind of ready to go.
- 45:19So that moment on the 23rd, they can do their marketing,
- 45:23and they can get they can be ready.
- 45:25So that's kind of what the next couple weeks looks like.
- 45:29Yeah.
- 45:29So this will be a phased rollout beginning with the 23rd.
- 45:32So get on that list, get signed up.
- 45:35And we will begin rolling this out on the 23rd.
- 45:39And then there will be subsequent roll outs and the days and the weeks after
- 45:43the 23rd.
- 45:44Well, Nick, thank you so much for everything you've done.
- 45:47Not only with ties, but being on the podcast here.
- 45:49You know, I think one thing that where we both align and we all align with this
- 45:53is that we are excited about more to come
- 45:57and the idea of the community you all out
- 45:59there are the most important thing to us, and we want to make sure that we're
- 46:04continuing to understand what you need and deliver on what you need.
- 46:09And one thing we love about is connecting with you.
- 46:12So Nick, I know we've got some not only, you know,
- 46:15let people know how they can get Ahold of you now,
- 46:17but they're going to be able to be we're going to be in some places
- 46:21of these conferences that we talked about so people can come meet us.
- 46:24Let's hear what ideas you have connect with you, Nick.
- 46:28How can they find you?
- 46:29Yeah.
- 46:30So with similar to I think, the the mindset of Spiro,
- 46:34we pride ourselves in being accessible.
- 46:36Okay. So you can email me Nick@gotitus.com.
- 46:39That's not like any other.
- 46:40That's my real main email.
- 46:42And then you can go on our website and find our phone number
- 46:44and call us and talk to a member of our team, okay.
- 46:46Because that accessibility is important.
- 46:48We're also going to be at the PMRE conference.
- 46:52And table, I've asked for a table next to Todd.
- 46:56And and I enjoy a little bit of craps.
- 46:59So if you want to play some craps with me, I'll happily play.
- 47:03And then we're going to get to know I like to.
- 47:05Yeah, that's as well.
- 47:06Yeah. And then, and then we'll go,
- 47:10we'll also be at the Spiro conference in January.
- 47:12Yeah.
- 47:13So if you're at PMRE guys and I, I'm sure they're going to do the set up similar
- 47:17to last year when you walk into the room, just look for the two tallest heads in the room.
- 47:23For those of you listening, those that don't know that, Todd is like
- 47:26six seven and apparently Nick is super tall too, so not that.
- 47:31Don't walk on in and just look for the tall
- 47:35heads and and head our way.
- 47:38And we might have some fun t shirts on too that we're talking about doing.
- 47:41So just definitely stop by these these two guys.
- 47:45I will tell you, we'll sit and talk to you
- 47:47and give you all the secrets you want to know,
- 47:49about how to run a successful business.
- 47:51Again, that's that abundance mindset that we all live by.
- 47:54So definitely stop by and see us, because we'll be excited to see you.
- 47:58See you guys out there.
- 48:00Nick, it was such a pleasure to have you on.
- 48:02I'm excited about the
- 48:04the launch here on the 23rd of September and what's to come in the future.
- 48:09Yeah, it's going to be a really fun few months and fun few years, honestly.
- 48:12Yeah.
- 48:13Not just forever.
- 48:15Years and years and forever.
- 48:18Hey, guys.
- 48:20Well, I'm going to tell you all to have a great Labor Day weekend
- 48:22by the time this airs, hopefully everybody had a great labor day weekend.
- 48:27But and again, I, I have to do it one more time.
- 48:30Go Bucks.
- 48:33Like a true fan.
- 48:34And I wouldn't expect you not to do it.
- 48:36That's like asking for the sale.
- 48:37That's something you taught me a long time ago.
- 48:39So I just so appreciate that.
- 48:43Well, y'all, that's going to do it for us this week.
- 48:45Thank you so much for your time and joining in.
- 48:47If you have questions you can always email us.
- 48:50Hello@spiro.media.
- 48:52We just love the trust and the community that you bring us.
- 48:55Take time to enjoy the blessings that you have and take a breath.
- 48:59We'll see you all next week.