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The Urly Bird

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While brokering a $100M deal I learned Renturly needs...

I have become a Transaction Facilitator, brokering deals, to learn what features brokers need. 

While brokering a $100M deal, the first biggest problem that I re-discovered is dealing with tire-kickers and going back-and-forth between buyers and sellers. It’s not only a matter of having and withholding seller’s information when trying to promote a package to buyers before protecting your fee, as a broker, it’s also important to sell the package of real estate assets for sale to the buyer, as a broker. So, I came up with two features to solve these problems. The first feature allows you to specify the seller’s and broker’s required documents from the buyer when saving a portfolio/package. The second feature is really just an extension of the first feature and it allows you to share your results of this question, and update your results, when sharing and selling the package over the phone and web-link.

I hope to create a way for buyers to subscribe to new packages that are for sale generated for the system that they can browse, but would need to become a monthly subscriber in the system to contact the seller or broker to actually buy the package. I would also like brokers and sellers to use the system to share and sell their packages.

Let me know what you think! I’m pretty excited by it so far because I think that it will drastically reduce the tire-kickers and the back-and-forth between buyers and sellers when brokering a deal because expectations are set up front with the seller when saving their information for how they do business and it forces brokers to establish how they want to do business. So again, let me know what you think!

Michael Sadler

[February 23, 2015] How Renturly Could Be Paid

Previously, I heard that it would be good to charge $800 per month for a subscription. This is what I am going to do now for buyers, sellers, and brokers: use the software myself while interviewing you over the phone and when I get a match that includes you in Renturly's Birds of a Feather real estate matching system, I will call you on the phone and if you want to connect with the buyer or seller you will need to start paying a monthly subscription for $800 a month, which you can cancel at anytime, or decide to continue using the system to simplify matching buyers and sellers within your own organization and to match your organization with other organizations.

What do you think?

Renturly is not a real estate broker nor agent. We represent neither the buyer nor the seller. We do not trade in real estate.

Michael Sadler

Renturly Proves to be a Great Investor/Buyer Management Tool

Need help interviewing, vetting Investors/Buyers? Use this automatically updated and generated bulk REO Investor/Buyer interview PDF from the Renturly system so that you can input collected information into the system and get matched with vetted sellers and bulk REO!

While doing a demo of Renturly, the bulk REO marketplace to a Buyers’ Rep assistant, I learned - again - how happy and enthusiastic end-users and industry members get about using Renturly as a solution for managing too much investor information because:

  • As the number of Investors increases - that you firm deals with - the information to manage is just staggering,
  • Renturly provides social networking potential where your saved data about your environment is matched with sellers/listings/portfolios/property/assets and not just with your own data
  • Using a spreadsheet is by far a less smart alternative
  • Renturly saves on having to remember any information about your environment!

Based off of this users excitement - and by my asking - $20 per month does not seem unreasonable for him to pay, even though it is free right now!

One thing that I am wondering is how much and what kind of education do I need to provide to you as “onboarding” so that you start to use the software regularly in your business. With this individual it seemed like 1 hour on the buyers’ order form was enough and that we would need more time for me to fully answer all of his questions about creating a portfolio with "listings", or assets and property in the terms that I use another day. Which, begs the question: Do you want me to create a screencast video answering all of the questions that came up during this demo so that you can start adopting the software quicker, on your own, or would you like me to answer your personalized questions about your business in order to “activate” you using the software?

Michael Sadler

I'm so tired of Tire Kickers in bulk REO - and so are YOU!

After two different days interviewing customers - bulk REO buyers and sellers - I have found that you may be tire-kickers because you did not follow through with something: send me large dollar amount bank proof-of-funds (POF) - if you are a bank or direct to banks you should be able to follow through, and show-up for a scheduled telephone interview! I did fortunately hear back immediately from one person that I had a scheduled phone interview via LinkedIn with saying that he had a conference call run long, so that at least shows that he is serious about being in the bulk REO industry..

It just does not make sense to me to have the interest of a bulk Buyers’ Rep for an hour over the phone and then not have his assistant follow up - as promised - to learn how to populate Renturly with buyers’ orders!!!

Well, one of the biggest problems that Renturly solves for you, along with removing Daisy Chains in your contracts, is removing tire-kickers from your business. I guess, then, that’s why I am doing a lot of the leg work for you interviewing potential customers for the Renturly bulk REO marketplace and sourcing exclusive supplies of bulk REO for your Buyers’ Reps and their Buyers!

The newest feature coming out next allows Buyers’ Reps and Buyers upload Buyers’ bank proof-of-funds (POFs) so that everyone knows the buyers’ orders entered into the system are serious and vetted! The system will also scan the uploaded bank POFs for the total value and use that to match and let you filter matches based on the manually entered value being accurate and vetted by the system.

One problem, at first, that the Buyers’ Rep brought up was that he would have to get the Buyers’ permission to upload the bank POF to a system.  Uploaded bank POFs unlock - allow me to - supply the marketplace with exclusive bulk REO for Buyers to do deals with. One of the biggest justifications the Buyers’ Rep said that he would explain to his Buyers is that the system would not only unlock an exclusive supply of bulk REO to do deals with, it would completely rid our contracts of Daisy Chains so that we can earn more money per deal. Renturly’s commission would then be 10% of that Buyers’ Rep commission!

I hope that you enjoy this new feature called “OK-Bird” because everything is “OK” now that bank POFs have been verified upfront by our system, so that you do not have to deal with tire-kickers any longer!

Michael Sadler

Bulk REO - How Renturly Could Be Paid: Helping Buyers' Reps!

Currently, in the industry, it is common for 3% commission to be paid out upon closing a deal: 1% Sellers’ Rep, 1% Broker, 1% Buyers’ Rep. By eliminating the daisy chain - with my Renturly software and securing an exclusive supply of bulk REO on an ongoing basis - Buyers Reps can claim a larger 1% fee for themselves and award Renturly 10% of that 1% commission. This means that on a $25M hotel in California that the total commission paid out will be $250K and Renturly’s commission will be $25K, while the Buyers’ Reps commission will be $225K.

Also, excited users might be willing to pay $20 per month for using my Renturly software. One Buyers’ Rep is so excited about using the software to vet his pool of buyers that he wondered whether he could use the software right now - and I said yes you can log on to Renturly.net anytime to use it yourself or with your VAs! He mentioned that it would not be unrealistic to drive 500 people from his network at $20 per month to use the software totalling $10K per month in subscriptions from himself. Think of how this could multiply once everyone is doing the same so that they can earn a larger 1% as Buyers’ Reps. But, we want to wait until the software is proven and everyone has made money via deals before doing that.

He was also worried about having the software over saturate one geographical real estate market by referring the Renturly software to his network. I mentioned that it should not be a problem if I am bringing in exclusive bulk REO for everyone to feed off of and do deals. He agreed.

I believe that the key for me to unlock this exclusive supply of bulk REO is to show my very large lenders POFs (bank statements; proof-of-funds) that Buyers’ Reps provide to me with the permission of their Buyers. The Buyers will know that I am going to provide them a bulk supply of discounted REO assets for sale for them to buy. Buyers' Reps will provide me with POFs from their Buyers so that I can secure exclusive supplies of Bulk REO to the marketplace for them to do deals with.

Is your business similar to this one Buyers’ Reps’? Could this be multiplied if you provide me with your Buyers’ POFs with their permission and you share this service with your network?

Michael Sadler

Bulk REO - There's No Shame in not Having Bulk REO Assets for Sal

I’m always here to sign an exclusive when you do!

The bulk REO industry is relatively illiquid right now in terms of independent Bulk REO Traders because as an individual you tend to be multi-tasking and not always have a continuous supply of bulk REO assets for sale. Well, that’s where the bulk REO marketplace, Renturly, comes into place. Renturly strives to make the bulk REO industry more liquid so that inventory can quickly be returned to families, businesses, and individuals that will tenant this real estate. So.. do not feel shamed when I ask you whether you have a supply of bulk REO assets for sale that I can do an exclusive with right now because I know that you are trustworthy and reliable and will have some in the near future! In the mean-time… you can always put in your buyers’ orders in Renturly so that they get matched with other vendors’ supply of bulk REO assets for sale when that first exclusive of mine comes into place for everyone to buy and do deals with!

Michael Sadler

Bulk REO - Exclusive Source Of Bulk REO Assets For Sale

Michael Sadler talks about securing a recurring supply of bulk REO assets from many vendors to the global bulk REO marketplace, Renturly.
Michael Sadler

Alleviating Pain Points For Property Portfolio Brokers & Sellers

Managing Relationships With Property Buyers

It didn't take long for me to realize that the big movers-and-shakers run into the same problems over-and-over again when brokers sell property portfolios to real estate investors.

You do all of this work to be direct-to-seller and have the privilege of being trusted to find buyers that can follow through on large transactions. Unfortunately, the market is flooded with people who will do anything, including create fraudulent documents, in order to steal your lunch! There are also the many tire-kickers that don't really have the infrastructure in place, but dream of somehow closing one of these big deals on their own! It's important to protect your own interests and those of the seller.

I commonly see sellers share a few details about the portfolios they are trying to sell in forums and on social media sites in the hopes that buyers will connect with them in private discussions. It makes sense, you don't want to give up too much information before seeing proof-of-funds (POF) and a letter-of-intent (LOI). This informatiaon, if shared across the web with an unreliable prospective partner could completely ruin your opportunity for a deal!

I receive new feature suggestions from big portfolio brokers that are next-to-seller. I am continually evolving features based on your feedback.

I would love to hear your pain points as a seller and see what else we can do to support your business. Please make Renturly better -- the best -- by sharing your thoughts on how my company can improve your real estate experience.

Please comment below.

Michael Sadler

Why I Learned How To Program Web Applications As A Businessman

When I had the chance to ask one of the founders of Investopedia what courses to study if I wanted to be an entrepreneur after business school, it was recommended to me to take some courses in computing science and programming. I felt the pit in my throat after hearing that!

It wasn't until after a few more businesses courses that I decided to follow the advice. I wanted to be able to implement the ideas I was learning in school and that required spending a lot of my free time programming, taking some computing science courses and doing a certificate program in web development.

Over the past few years I have spent a lot of time learning from other startups. It is nice to think all you need to do is build a product and put it online, but the reality is that there are a lot of common pitfalls startups face when it comes to marketing. Some of the pitfalls include having long development times between product releases, thinking that having a larger pay-per-click budget guarantees success and that your followers on social media are all in your target market. I realized it is a real advantage to be able to build what the customer values and that requires being able to change the product after receiving real feedback. It takes a few years to become fluent at creating custom web applications because it takes a lot of typing code out as well as project management skills to turn an idea into a product. I am very proud of Renturly already - and look forward to making it absolutely irresistible for you and the rest of the real estate industry!

Please make Renturly better -- the best -- by sharing your thoughts on how my company can improve your real estate experience.

Michael Sadler

Why I Started Renturly For You

Creating a Win-Win Experience When Selling to Investor-Buyers And Property Managers That Has Never Been Done - Or Tried - Before!

I have built Renturly to satisfy a need I identified in the online real estate industry, after being a mortgage broker and real estate investor. 

I attended one of those weekend Rich Dad seminars and then went through one of Guy's real estate investing courses and received personal coaching. I acquired my first rental property with a friend and the backing of an experienced local investor, shortly after. 

I spent the next few years studying information systems in business school, while my friend that took that rich dad course with me carried on acquiring property. It was a real test of character for me deciding to finish my degree while I saw how my friend's commitment was paying off already. Boy was I glad that I stuck with my studies in the end, because it was in the final capstone courses where I acquired all of the skills that I would need to create real efficiencies in any business and industry through technology!

After graduation, I improved my programming skills while spending a lot of time researching startups and brainstorming business models. I thought, wouldn't it be amazing to apply my knowledge from school with my experience of investing in real estate to create something extremely innovative, that could create extreme efficiencies in the real estate industry, and that could scale in serving society?

It was a real holy-cow moment when I came up with the idea to build something I already know a lot about! I had to call-up my friend from real estate investing and pitch the idea to him. I knew this was it when, after the pitch, I asked him, so you think this could work? He spent the next few hours with me word vomiting over all the benefits this would have for everyone in the industry and what product features he would love to see!

I then proceeded with development, while trying to release the first product as quickly as possible so that I could get feedback from real people, like you!

I annoyed family and friends for weeks brainstorming names, before choosing Renturly. There must have been a few thousand names we went through! The entire story behind the name is why I knew Renturly and The Urly Bird were the right choices. Independent investors are motivated to get that deal! They are Urly birds! They have a drive to create a brighter future for themselves and their families! Not to mention, The Urly Bird is the cutest mascot in history!

Please make Renturly better -- the best -- by sharing your thoughts on how my company can improve your real estate experience.

Michael Sadler