Thrive Not Survive Podcast #44: Artificial Intelligence in your Real Estate Business

Thrive Not Survive Podcast #44: Artificial Intelligence in your Real Estate Business

 

Using Chat Bots to Enhance Your Real Estate Business With Stephen Jagger of IMRE

All right. We are live. Welcome to the Thrive Not Survive podcast. This is a show that we put together to help you, the real estate agent, put actionable strategies into practice to help you grow and take your real estate business to new heights. I am your host, Kelley Skar.

Today we've got a special guest. And today I'm actually broadcasting from the new office. Got a little bit of a view there. Got the family in the corner. So, we're ready to rock and roll. We got my friend, Stephen Jagger, coming to us live from Vancouver. You in Vancouver right now, Steve?

Stephen Jagger:                 I am currently in Vancouver, yes.

Kelley Skar:                           Currently in Vancouver. Mr. World Traveling Entrepreneur. We're gonna, as always, read off the guest bio, and then we're gonna jump into this. Today's topic on episode number 44, we're gonna be talking about artificial intelligence, AI. Very hot topic right now. We're gonna be talking specifically about chat bots. So, here is Steve's bio.

                                                      Stephen Jagger is an entrepreneur, author, and speaker. He started his entrepreneurial journey in 2000, when he and long-time business partner Mike Stephenson launched their first company. Fast forward to 2018, and the pair has founded seven companies in three countries, with four of them focused on real estate. Welcome to the show, my friend.

Stephen Jagger:                 Thanks. Thanks for having me.

Kelley Skar:                           So, I've known you for a long time. The first time that I met you, I think, was in 2011. It was at your house. It was for some sort of an Inman event, I think that was  [crosstalk 00:01:26].

Stephen Jagger:                 [crosstalk 00:01:26]. Yeah, cocktail party, right?

Kelley Skar:                           That's right, yeah. The pink drinks, hashtag pink drinks. And at that time, you had a company called Ubertor, which is a real estate website platform, which you've since sold.

Stephen Jagger:                 Yes.

Kelley Skar:                           Right? And I mean, since then, obviously your bio states that you've created and grown seven companies, four of which are focused on real estate. Let's just dig into it. Why real estate? Why did you decide to get into this vertical?

Stephen Jagger:                 Well, from the very beginning, when we started ... My very first company was a web hosting company that Mike and I started in 2000, literally trying to sell anybody with a business on hosting their website with us. Long story short, we did that for a few years, but one of the market segments that was really working for us was realtors. They were easy for us to find, they answer the phone, generally, themselves, as opposed to calling a bakery and trying to get the bakery to move their website to you. You get somebody who answers the phone, but not necessarily the owner, or an accounting firm, or whatever. For realtors, they were quite easy to find, had the problem, and needed a solution for it.

                                                      And so, in the web hosting business, we provided 24/7 support and service, and we found that the realtors didn't require that. They weren't calling us at 2:00 in the morning. They were very much sort of within the normal hours requiring our help. And so we ... When we had Combustion Hosting, we wanted to find a way to focus specifically on the real estate segment.

                                                      So we set up another company called Ubertor, and it was basically web hosting, but we re-skinned the whole message around ... Instead of talking about web hosting and how much megabytes or how much space you get on a server, we started selling it to realtors on how many listings they have, which is a way that realtors understand so that it makes sense to them. It's like if you have less than 10 listings, here's the package for you. If you've got more than 10 listings, here's the package for you. And so that's kinda how we originally got into the real estate segment, well enough that we were ... We ended up selling off the hosting customers, the hosting side of it, and kept moving forward just with Ubertor and the real estate platform.

Kelley Skar:                           Right. And now fast forward a decade later, and you guys have got IMRE now, so that's IMRE.ca, right?

Stephen Jagger:                 Yeah.

Kelley Skar:                           Instant messaging real estate corps, or instant messaging real estate dot ca. So, chat bots, AI. Where did the idea for IMRE come up?

Stephen Jagger:                 So, each one of our businesses has kind of led to the next. And so we started ... Like I said, Combustion Hosting led us to Ubertor. It's funny. If you look at what we've done, and you look at a piece of it, it sounds totally weird and nuts. But as a timeline, it makes sense 'cause of the way that one led to the next.

                                                      So, Combustion Hosting led us to Ubertor. The Ubertor business ... In about 2008, we wanted to outsource our customer service. 2008, you remember the financial crisis-

Kelley Skar:                           Yeah.

Stephen Jagger:                 ... and everything got a little weird. And so we were trying to find ways to continue growing the business while cutting costs. So Mike and I flew over to the Philippines to try and find an outsourced service to help us kind of keep growing Ubertor. Instead of hiring 10 or 15 people from some other outsourcing company, we ended up getting into the outsourcing business. We incorporated a Philippine company, called it OutsourcingThingsDone, and got into that world, where Ubertor was the first customer of our Philippine company.

                                                      But interestingly, in that outsourcing company, we had built it out for about 150 staff, and a lot of them, the vast majority of them, were virtual assistants for realtors. Because we have experience in the real estate space dealing with realtors directly, I think we have a reasonable handle on what they're good at, what they're not so good at, what we can help with. And so in the outsourcing side, we knew we could help them systemize their businesses, document their businesses, help them work with a lower-cost labor, but help them manage the ... 'cause it's difficult working with someone who's not in your office, not in your time zone, or potentially English is a second language-

Kelley Skar:                           [inaudible 00:05:39]

Stephen Jagger:                 ... and sort of help navigate how to document systems and procedures within a business so that it can effectively work with an outsourced worker. Anyways, OutsourcingThingsDone kept on growing. One of the problems that we had was time, attendance, scheduling, and payroll. In the Philippines, things are done a little bit differently, and we couldn't find traditional solutions to solve our pain there. So we actually ended up building another ... a product which ended up becoming another company. But we set up another company called PayrollHero, and its role was to do time, attendance, scheduling, and payroll for the Philippines.

Kelley Skar:                           [crosstalk 00:06:13]

Stephen Jagger:                 And, it's kind of a long story, but in PayrollHero is where we started dabbling with the concept of chat bots. So if you think about someone who's the head of HR, who has 1,000 employees ... Those 1,000 employees have very important questions that they ask. The head of HR is being asked the same question over and over again, like, "How much can I spend on glasses this year," "Is this drug covered," "I want Friday off," "My family member's sick and I need some sort of support, schedule change, [inaudible 00:06:40]," something in that way. But a lot of the stuff is very repetitive, low-end questions, like, "How much can I spend on glasses?" Like $800 a year. And then five days later, someone says, "Hey, how much can I spend on glasses?" And it's like, "Oh, it's [inaudible 00:06:58]."

                                                      And so that's where we started thinking about how can we help these HR professionals automate some of that work. And so we had built us basically a chat bot into the PayrollHero platform to help assist HR. And then if you kind of ... So I was living in Asia for the last four some-odd years. We just moved back to Vancouver about a year and a half ago, and when we got back here ... We had sold Ubertor while we were away. And it was just sort of seeing and thinking about those sort of low-end ... It's not an appropriate term, low-end, 'cause they're important to the person asking. They're not super important to the person generally giving the answer.

                                                      And so we started thinking about all that stuff from the HR point of view, and it's natural for us to think about the real estate world because it's kinda where we come from. And realtors get the same stuff. Right? You put a listing up, those low-end questions, which are important to me as the consumer, but asking you while you're driving, or while you're shooting this ... Right now, you probably shouldn't be taking phone calls or texting back with someone while you're doing this. A chat bot can sit there and so if I say, "How many bedrooms, how many bathrooms in your listing," "Can I have the floor plan," "Can I have the feature sheet," and the bot can handle all that stuff. It's low-end, easy stuff. It needs to be done quickly for me, 'cause otherwise I'll move on and talk to somebody else.

                                                      And then when I move into the higher questions of like, "Hey, I'd like to see the property," that's where the bot can say, "Great, here's the open house." But it also then starts to notify the realtor of like, hey, here's a hot lead - someone who's kind of past kicking the tires. And so that's kinda how we got into it. It's kind of the natural understanding of ... Realtors get overwhelmed with tons and tons of random, little questions all day long. And generally are not very good ... They like to say they're very good at responding. From my experience, most are not.

Kelley Skar:                           So, my new office here, I've got two walls that are all glass. I'm wondering if I can set up a chat bot that would just be on the exterior of the window. Somebody comes by my office and asks me a question, and the chat bot just comes up and it'll just take care of it for me.

Stephen Jagger:                 Soon enough, probably.

Kelley Skar:                           Soon enough. We're not there yet. Maybe Steve will create a company. There you go. I just gave you another idea.

                                                      So, I gave this a shot this morning. I wanted to test it out. I obviously saw you a couple of months ago in Ontario, and we were both at the same event. And you were kinda bugging me at that point to try this thing out. It's totally free. Go to IMRE.ca, check it out, which I did this morning, and installed it on my Facebook page. Next thing you know, Steve jumps on there and he's chatting back and forth with my chat bot, [Thomas 00:09:27], and I'm watching this thing unfold in real time. And I gotta tell ya, anybody that's listening or watching this, you've gotta check this out.

                                                      So, there's three different plans, right? I'm not trying to plug your product for you, but I do think it's very, very cool. You've got three different plans. You've got a freemium version, you've got a version that's $9.99 a month, and then a version that's for ... built maybe more for teams at $19.99 a month.

Stephen Jagger:                 Yup.

Kelley Skar:                           What's the difference between the ... Let's say I wanted to upgrade to the $10 a month package. What's the difference between-

Stephen Jagger:                 Yeah.

Kelley Skar:                           [crosstalk 00:09:56]?

Stephen Jagger:                 It's a good question. The free product is awesome. Right? Most agents are on the free product. It does everything that you're talking about. It lets consumers SMS back and forth with it, it lets you embed it in your Facebook page, it has all of the conversation flows with it that ... The only difference between the free version of it, and - which is free forever - and the $10 a month version is that ... There's two things. One, on the paid version, we'll manage your listings for you. We add your personal active listings for you. In the free version, you're adding your own listings yourself. And so that's obviously ... For realtors that carry listings, this is literally a no-brainer, for 10 bucks a month.

                                                      And the other thing in the paid one is you can see the conversations happening in real time. So you are able to go into the admin on the web, and you can just watch the conversations happening, and see what phone number or what names or what Facebook page, and what's going on, and all the questions asked, and what the bot's responding with, and the lead details show up in there as well.

                                                      And so those are really the two differences of the free to paid. And then the only difference between the paid and the team one, which is 20 bucks a month, we had ... Again, there's only two things. One is, teams usually have two or three or five realtors working together and they all want to administer the bot. So you can have multiple people being kind of the bot's admin.

                                                      And the only other difference is the bot introduces itself differently for the team version. So right now, my bot says, "I'm Jen, I'm Steve Jagger's AI." Yours would say, "What'd you say? It's Thomas?"

Kelley Skar:                           Yeah, Thomas, yeah.

Stephen Jagger:                 It's like, "I'm Thomas. I'm Kelley's AI assistant." If we were a team, it would be weird if the bot was saying, if we work together, and saying, "I'm Jen. I'm Steve Jagger's AI." It would be weird. So, the team version, we could have it saying, "I'm Jen. I'm the Jagger-Skar team AI assistant," or whatever.

Kelley Skar:                           Right.

Stephen Jagger:                 Just marginally different way that it handles the introductions of itself and answers questions about itself. And it was just one of those things that became a big deal. Two or three realtors work together and they really didn't like that the bot represented only one of them.

Kelley Skar:                           Right.

Stephen Jagger:                 And so that's it. That's the big difference.

Kelley Skar:                           So, you know, our listeners are ... I think they're fairly savvy. They probably want to know some details around this as well, right? Everybody's always interested about conversion rates. Like, so if I install this thing on my website and I'm getting a decent amount of traffic coming through, what are conversion rates like? Right? Do you guys have data around that? I know that you probably ... I know Jason Steele is a big proponent of yours. He's utilizing the platform. I know that he's gotten business from it because I've seen the screenshots that he's posted in various groups that we're both involved in. So, maybe chat with us just a little bit about that.

Stephen Jagger:                 Yeah, so we're working on a couple different case studies right now around the data, to understand ... 'cause we know it's good. Jason's a great example of the chat bot does what it's supposed to do. It pings him with the lead. He then calls the consumer pretty quick. And generally the feedback's been amazing, where people are happy just how fast that loop happened.

                                                      As far as conversion numbers go, we'll have proper case studies out in the next few weeks that sort of document a couple examples of that. We just, the last few weeks, have been focusing on ... We just launched a new website, I think yesterday or two days ago, and the new commercial that we shot. And now the next step is all the case studies in behind that.

Kelley Skar:                           Right.

Stephen Jagger:                 But generally the feedback and the numbers are amazing. There's a handful of things that I think are kinda cool. One is, the bots are talking way into the night, which is interesting, right? So many of our Vancouver-based 604 or 250 bots are having conversations between midnight and 3:00 in the morning. That could very well be because people from out of town are talking to them, but I think it's people that are just here. I guess here. But we'll try to dig in to understand it a little bit more.

                                                      But I think people, once they know that they're not talking to a real person, they have no problem texting at 11:00 at night, or 6:00 in the morning, or 5:00 in the morning. They're doing their whatever they're doing.

Kelley Skar:                           Yeah, and I thought that that was really interesting, actually. The way that it introduced itself, it said that it was Kelley's AI personal assistant.

Stephen Jagger:                 Yes.

Kelley Skar:                           Right? It didn't say that it was a real person, where you've got these other chat functionality ... Like, we've got one on our LiveLoveCalgary.com website, where this person pops up and it's annoying as hell. This box pops up while I'm trying to search through photos, and I know that's happening to the consumer as well, and they chime in and they say, "Hey, can I help you with this or that or the other thing?" There's apparently somebody on the other line there, on the other end of it, but who really knows, right?

                                                      At least this is just 100% transparent, like you said. The people on the other end of that have no problem chatting back and forth, so long as they're getting the information to those-

Stephen Jagger:                 Yeah.

Kelley Skar:                           ... kinda low-level questions that they're asking, right?

Stephen Jagger:                 We find it to be helpful because yes, being more transparent is helpful. And we find when the bot introduces itself, saying it's an AI chat bot, I think people give it a little bit more slack, and kind of understand what's going on here, rather than dealing with it directly as if it was a human. It's pretty damn good at what it does.

                                                      But I think it's like when you walk into the - you got a Tim Hortons cup there - you walk into Tim Hortons, it'll say, like, "My name is Steve," but it might say trainee below. They do that because the consumer gives that guy a little bit of a break. If he's a little bit slower or trying to figure out the computer, right? And I think it generally is a good thing for us to do because people like, "Oh, okay, cool. A, this is neat. It's a bot so I can talk to it whenever I want." And B, they understand that it's a part of training the consumer on how best to interact with this thing.

Kelley Skar:                           Yeah, I think for most people that are generating leads online, right ... I mean, I run Facebook ads, we have a paid lead generation program here through Redline, that funnel people towards the forced registration type website, generating leads there, or they're using Lead Ads on Facebook, or whatever. So long as they're generating some sort of web traffic, if there's a way to be able to capture that lead and have a warm handoff-

Stephen Jagger:                 Yeah.

Kelley Skar:                           ... you know, we talked about this for a long time. And the ISA model has existed in real estate for a long time as well, where you're paying ... There are ISA companies out there where you're paying 10 or 15% of your commission to that ISA company, or you're paying $3,000 or $4,000 or $5,000 a month. With this, it essentially is doing kind of the same thing but in a different format for way less of a price, and offering that agent an opportunity, that warm handoff, and that opportunity to be able to call that person, make that connection, and maybe utilize the chat bot as a point of conversation.

Stephen Jagger:                 Totally. Yeah, like Jason Steele does it all the time, where people ... He sort of just told me that people are like, "Before we talk about my listing or my real estate transaction, can we just talk about that thing I was just talking to?" And they got questions. They want to know like, what is that?

                                                      So I think that's helpful. That's something that'll wear off the more and more agents get into this stuff. There's definitely sort of that first-mover advantage of these early adopter type agents that get into this kind of stuff.

                                                      But as far as the helpfulness of it, I generally think realtors ... If they thought about themselves from an hourly wage point of view, if you think about like what do you ... What's your time worth? Are you $100 an hour? Are you $200 an hour? Are you $500 an hour? Whatever that number is, and if you think about yourself in that way, should you be worrying about, or sitting there dealing with those really, really, really early low-end questions that you're probably not very timely on responding to anyway?

                                                      The point of where we're tryin' to hit is that early, get the lead, get the phone number, nurture the lead to get the details, but just get ... Do a better job than what the realtor can, and I think what ... They shouldn't be doing this. They should be in listing presentations, doing their open houses, whatever those high-value things are, negotiating deals, all that stuff that's like you're not gonna be replaced. Responding to some other realtor asking for the feature sheet? My bot can do that for you, and fast and instantly, and you'll get the details of who's asking for it.

                                                      To me, it's a nice separation of that. And you saw, even on the Facebook, when you integrated with your Facebook, I noticed that the integration was done, so I started chatting with your bot. You obviously watched what happened. And it generated me as a lead, so I talked to [inaudible 00:18:25] about it. I talked to the bot, and then it firmed me up as a lead. And then you stepped in the conversation and said something like, "Oh, this is cool." And then the bot will pop in, saying, "Oh, I notice that Kelley's here. This is Thomas, the AI assistant, I'm gonna step out of the way." And then you and I could chat, and the bot [inaudible 00:18:40] we kicked it out of the room.

Kelley Skar:                           Right.

Stephen Jagger:                 Or, you did, [inaudible 00:18:43] stepping in, which I think is kind of exactly what should happen, right?

Kelley Skar:                           Yeah, absolutely.

Stephen Jagger:                 [crosstalk 00:18:47]. You can jump in at any time. If you're available and you're there and you're ready to go, do it. You start talking, the bot's out of the room and it's gone. If you're not, because it's 3:00 in the morning or you're driving or you're listing presentations, the bot'll do a fantastic job giving the ... It basically responds to lead inquiries, answer questions about your leads, it can firm up a buyer lead, and it can firm up a listing or a seller lead. And then it can do what's called small talk, like general small talk. You can say, "Hi," it says, "Hi." You say, "Thank you," it says, "You're welcome." Like that [crosstalk 00:19:15]-

Kelley Skar:                           This is what Thomas sent me after our conversation, after Thomas sent me all of your contact info. He texted me and said, "I'm sure you're busy at the moment. Would you like me to send you a reminder tomorrow morning at 10:00 AM? To respond to this, reply with thumbs up, thumbs down, or two for pick another time." So, Thomas is very considerate of my time-

Stephen Jagger:                 Yeah.

Kelley Skar:                           ... and understands exactly how busy I truly am. And the fact that maybe I don't have time to respond to Steve that came through on my Facebook page and maybe I should be ... set another time for either later in the day, or perhaps tomorrow morning at 10:00 AM to pick up the phone-

Stephen Jagger:                 Yeah.

Kelley Skar:                           ... and make that phone call.

Stephen Jagger:                 And if you do nothing, and you don't respond to him ... 'cause let's pretend. Let's say you're doing this. You're busy right now, and you forget about it, and you come out of this webinar and your phone's gonna have a bunch of email, a bunch of stuff. Right? If you don't respond to Thomas, he'll ... He's gonna message you anyways, tomorrow at 10:00 AM, basically saying, "Hey, don't forget. I spoke to this guy, Steve Jagger - this phone number, this email - that asked me questions about this listing." Right?

                                                      Also, today at 4:00, about 4:00 your time, you'll get a daily summary. Right? And so the daily summary goes out every day and [inaudible 00:20:25] I got mine yest ... I did a webinar yesterday, so I have a whole bunch of people talking on mine. But it's the same thing, "Hey, Steve, I hope you had a nice day. Mine never stops. Here's the summary of the last 24 hours." And then she's like, "I talked to 29 people." And then she said, "By SMS, I spoke to," and she gives me the phone numbers. If she got their phone number and email, she'll give me both. She got their phone number, email, and name, she'll give me all of that. And then she'll say, like property questions ... I've got a listing at 3520 Willow Street - a fake listing, but -

Kelley Skar:                           Right.

Stephen Jagger:                 She'll say, "I answered 39 questions and I didn't have the information for one question," and she says what it was. Somebody was asking about the yard, right? And there's another one. "I answered five questions about West 17th. I didn't have information about building features," right? And so she tries to be helpful and respon ... literally, you're trying to build her as an assistant to you as the realtor. So when you text with your assistant, you get like you're the admin. If I text with Thomas, I get the full consumer version of it. So the bots have two different sides. It's kinda cool.

Kelley Skar:                           Right. Yeah-

Stephen Jagger:                 I'm biased, but-

Kelley Skar:                           Yeah, absolutely you are. And I kinda am too. It's a pretty cool platform. So, Google came out with a huge announcement yesterday, right? AI is kinda all over the news. I gotta be honest with ya. I'm a little scared. I'm a little scared about this whole thing. Terminator movies, all that shit, right? Skynets and all that kind of stuff. Maybe talk to us a little bit about what Google's announcement was all about, and how you kinda see that maybe changing the face of real estate or changing the game just a little bit. Is this a disruption in the force? Is this something that realtors should be scared about? Or is it something that we can really embrace to really enhance the consumer experience going forward?

Stephen Jagger:                 I would say like generally ... I don't know about this Skynet stuff. I think you can go down paths. I'm not-

Kelley Skar:                           I got my tin foil hat somewhere in the [crosstalk 00:22:19]

Stephen Jagger:                 [crosstalk 00:22:18] not smart enough to know or think about what are the deep ramifications to society.

Kelley Skar:                           Right.

Stephen Jagger:                 You know, we're working on very tight, specific side to this stuff. I get asked all the time, like, "Oh, is this dangerous for realtors?" I think, generally, yes and no. To poor realtors that don't embrace technology, that aren't trying to improve, yeah, it's super dangerous for you. For realtors that are at the front, trying to make their businesses better, using technology, systemizing their processes, documenting ... all that kind of stuff? This stuff will be amazing for you and you'll be a force to reckon with out there in the marketplace.

                                                      But I think it's kinda like anything that's ever been. The realtors that don't embrace the change won't be around [inaudible 00:23:12], or they'll be at the end of their careers anyways and that's cool.

Kelley Skar:                           Right. I mean, we're in a time and an age right now where in the real estate industry, where there's a lot of talk of disruption. There's a lot of talk of the Zillows of the world becoming a brokerage, Zillow coming in to Canada. I think there's a lot of realtors that are really afraid of the technology that's out there, and quite honestly, being replaced.

                                                      I guess the example that I use all the time is the United States. There's millions of agents down in the U.S. Zillow's been around for a decade. They have not replaced the agent at this point, right? And I don't see AI, in whatever format, being able to replace the realtor at this point.

Stephen Jagger:                 No. I just think there's gonna be ... The way real estate works is gonna be different.

Kelley Skar:                           There's gotta be a human element type thing, still, to the transaction, right?

Stephen Jagger:                 Yes, I think there will be, and I just think a lot of it's ... There's gonna be a lot of change coming. I think there's always room for the agent in the [inaudible 00:24:07], 'cause there's always this human side, especially when you're dealing with someone's personal residence. Right? There's different ways to talk about, like if you're a person that buys buildings for investments and [inaudible 00:24:15], you've got a specific type of numbers that you look at it, it's like if the building fits your numbers, you don't care what it looks like, and what color it is. It doesn't matter. You're just gonna buy it. Sure, there's a place for that, where they ... It's less involved. But the vast majority of these, the residential transactions, are about people's houses. And it's very emotional for people.

Kelley Skar:                           Right.

Stephen Jagger:                 And that, I think, will require the agent. It's just a matter ... I think the relationship's going to be different. Things will be changing as technology keeps pushing in.

Kelley Skar:                           Right. And so paying $10 a month for an assistant sounds like a pretty damn good deal to me.

Stephen Jagger:                 Yeah, I think so as well. Our goal is to have lots and lots of agents, not a few paying a lot, which is how this model works. The goal for us is ... We're truly trying to make it an actual assistant. So the first piece was responding to listing inquiries and firming up and nurturing leads. That's done and live and rolling. There's gonna be more stuff coming in to the back of the admin side that the realtor can talk to the bot about - things around board rules. "How do I do this? I'm switching from one brokerage to another brokerage. How does that work?" And we want to have the bot being able to enable some of that functionality, which we're already working on.

Kelley Skar:                           Right. I got some questions I'm gonna ask ya offline, 'cause I don't want this to be like a total pitch fest for IMRE, right? I feel like it's kinda already that. But it is a really cool piece of technology. So I'll talk to you, ask you a few questions offline that maybe pertain more towards our brokerage and our model and that sort of thing. And maybe how you could help there.

                                                      But ultimately, I think that this whole idea of being able to hand off a warm lead to an agent ... When we talk about cold leads, for instance, right? We're talking ... Oh wow, and they're drilling right next door to my office while I'm trying to conduct a podcast.

Stephen Jagger:                 [crosstalk 00:26:19] You can't even hear it, so you're good.

Kelley Skar:                           Man, this is so good. The joys of being under construction, still. So, in cold leads, you're ... We always ... We're coaching around constantly about picking up that phone within the first five minutes. And I know that you've said already that you don't really have any data. You're working on case studies, but in your experience ... Let's use Jason Steele as an example. I'm sure that you guys are going back and forth on a constant basis. You're getting feedback from him, he's providing it. Does he have any data to support the conversion rates or the success that he's having, whether he calls that person back that's been chatting with the chat bot, that the AI assistant for, whether it's in that first five minutes, within that first hour, within that 24-hour period. I mean, is he having more success following that cold lead type model, where it's, "You gotta call within the first five minutes. Call within the first 30 minutes or you're gonna wind up losing that lead forever and they're gonna go and jump into another pool with another agent."

Stephen Jagger:                 Jason, I think, is an anecdotal version of it, right? He's just one guy, and one guy's opinion on how he's doing it, and seeing success, and vocal about that success.

                                                      There is tons of data around - not our chat bot specifically - around response time from businesses. I've got a slide here from one of my presentations that I do, from ... and there's a handful of quotes or stats, right? This one from VentureBeat, it said 51% of people say businesses need to be available 24/7, right? That's half of everybody [inaudible 00:27:56] be available 24 hours a day? Right. 45.8% would rather contact a business through messaging than email. We get that ... We see that now. Realtors are texting us, asking us questions about the product, before emailing, which is new for me. It used to be email would be first, or phone before that. Texting is happening for us, is a big one.

Kelley Skar:                           Right.

Stephen Jagger:                 Right? Here's another one. This is from Gartner. By 2020, customers will manage 85% of their relationship with the enterprise without interacting with a human. Right? And this is where chat bots come in. There's chat bots in banking, Domino's has a chat bot, Mastercard has a chat bot, DBS Bank in Singapore has a chat bot where you can message through Facebook Messenger and transfer money from your account. It's coming across all industries because everybody wants things fast. Think about Amazon. Amazon used to do overnight delivery, and that was crazy.

Kelley Skar:                           Right.

Stephen Jagger:                 And nobody [inaudible 00:28:54] it. They're like ... and just so fast. And now that's not fast enough. They're doing-

Kelley Skar:                           It's gotta be the day of.

Stephen Jagger:                 Within an hour. In major American cities, they've got bike [herders 00:28:59] out there. You order toothpaste, it'll be at your place in 60 minutes.

Kelley Skar:                           Right.

Stephen Jagger:                 Right? And that's not fast [inaudible 00:29:07] trying to figure out the drones to like ... It's just ... Everybody demands things to be so fast. And that's what I was saying before. The realtors that don't keep up are ... Right now. We could randomly go to the ... Walk by 10 for sale signs and text the 10 agents that are putting their for sale signs out there. And my guess would be nine won't respond within five hours.

Kelley Skar:                           Right. And so that's-

Stephen Jagger:                 [crosstalk 00:29:27]. Some of them won't even respond at all.

Kelley Skar:                           So you could put a sign rider on there with your chat bot's phone number, and say, "For more information," and to replace the flyer boxes, right-

Stephen Jagger:                 Yup. We do that now. We do that now.

Kelley Skar:                           [crosstalk 00:29:45]

Stephen Jagger:                 We give them like, sell them for cost, but a sign rider that says, "Text my AI assistant for details," or something. [inaudible 00:29:52]

Kelley Skar:                           Right.

Stephen Jagger:                 [inaudible 00:29:51] below it.

Kelley Skar:                           Yeah. And so again, I mean, it just completely ... It takes me out of the equation until that person is ready to make that appointment.

Stephen Jagger:                 Mm-hmm (affirmative).

Kelley Skar:                           Right? That actually wants to see that property, right?

Stephen Jagger:                 [crosstalk 00:30:05]

Kelley Skar:                           So I don't need to answer these mundane questions that I'm probably gonna have to answer a dozen different times on that one property, perhaps in a day or in a week.

Stephen Jagger:                 Yeah. Here's another one for ya. When I go to an open house, there's always that awkward interaction at the beginning, with the realtor, of like, they basically ... They want all your details, and they need it immediately.

Kelley Skar:                           Right.

Stephen Jagger:                 And some of them pitch it as safety, which I get, around they need to know who's coming into the house, which is fair. And some of them are just really awkward about how they handle it, 'cause it's an awkward interaction, right? You've met somebody literally for a second. He's like, "Hey, by the way, what's your phone number, what's your email, fill this all in." And so we're ... Our new feature launching, should be live tomorrow on the platform, that's part of the $10 plan, but it's just an open house registration. So when you walk into the open house, you can text the bot with a specific short code, like you text 1234 to the bot, the bot knows that you're in the house, 'cause otherwise you wouldn't have that short code. So it introduces itself in a different way. It says like, "Welcome to 123 Main Street. I'm Jen, I'm Steve Jagger's AI. Feel free to walk around the house and ask me questions."

                                                      And then the bot does what it does, like, "Can I have a photo of the kitchen," or "Can I have the floor plan," or whatever. And the bot handles it. But we've already given the agent the cell phone number of the person that's standing in the house, right? And then the bot also does a slow nurture of like, "By the way, what's your name," right? And people generally answer 'cause it's polite. If someone says, "By the way," because they'll say Steve or Frank. They'll just give their first name.

                                                      But now you know it's Frank and this is his cell phone number. And if he asks for a file, like a floor plan, a photo, a feature sheet, anything, the bot says, "Sure. What's your email? I'll send that to you." Right?

Kelley Skar:                           Right.

Stephen Jagger:                 And then the person ... That's a good ... We see [inaudible 00:31:40] like a good trade. If you want the feature sheet, the bot will email it to you. The only way to do that - not the only way, but - is to ask for the email. Generally, people put their email in. Some people say no. The bot understands what no means, and then SMS's it anyways. But it's like [crosstalk 00:31:55]-

Kelley Skar:                           I see so many applications for open houses. It's crazy.

Stephen Jagger:                 Yeah.

Kelley Skar:                           Yeah.

Stephen Jagger:                 Yeah.

Kelley Skar:                           Cool, man. You know what? I think we're gonna leave it there. This has been a lot of information, I think, for our listeners. AI, chat bots ... It's such a cool technology. Definitely check out IMRE. That's IMRE.ca. Steve, thanks again for being on the show, man. I appreciate your time. And congratulations on all your success.

Stephen Jagger:                 No problem. Thanks for having me.

Kelley Skar:                           All right. For all you listeners out there - Thrive Not Survive listeners - if you're listening to this on iTunes, SoundCloud, please feel free to leave us a five-star review. We always appreciate that. If you are watching this on Facebook or YouTube, feel free to leave us a comment down below. I will answer your question. If you have any questions for Steve ... Steve, how can they reach you?

Stephen Jagger:                 Sure, yeah. My email's sjagger@IMRE.ca. [crosstalk 00:32:42]

Kelley Skar:                           That's J-A-G-G-E-R at I-M-R-E dot C-A.

Stephen Jagger:                 Yup.

Kelley Skar:                           All right, cool. We'll definitely put that in the comments down below. Hope you have a great day, my friend.

TNS Podcast Episode #43 Strategies to Improve Your Video Skills

TNS Podcast Episode #43 Strategies to Improve Your Video Skills