The Urly Bird

I wrote in a previous blog post that I was going to wait to see Renturly result in closed deals before charging subscription revenue and that has now changed!

The reason for this change is because I have been using the software myself to work on deals and believe that - by using it - I will be able to close some $100M+ deals and not only once, but recurringly!

I currently use Renturly to share packages that I acquire by interviewing those close to banks as sellers. I share these packages and promote them via a link that is generated when you save a package. This link is so powerful because I can market off-market real estate without anyone getting screwed over - plus I can update packages as I gain more experience with one particular source of deals and update it in the system - with the link still being in tact for when I continue negotiations with the other parties, mainly buyers and their representatives or brokers! This is so powerful because it is such a time saver; I promote the links on social media and email and get a 4 or 5 interested buyers of which 1 becomes motivated to produce signed documents for the deal. It’s a numbers game, just like when I did mortgages; I would not submit a deal to lenders from borrowers until they produced all of the documentation that I needed. And it is this that I learned from mortgage brokering that has been built into how I chose to use Renturly to help me close big deals. So, I think it’s fair that I charge $20 a month for a recurring subscription so that you can see your matching buyers and sellers. You can subscribe and unsubscribe at any-time - with the click of a button! Think of the access that you are getting that not only I am sourcing for the system but also that other users are sourcing for the system; You not only get matched with the supply of bulk off-market assets that I source, you also get matched with whatever other buyers, sellers, and brokers save into the system. So, that is why I think it is now fair for me to start charging a $20 a month recurring subscription to see your matches; because I am not apart of every deal that the system generates and need to be paid for my - over one-year - of research, product development, learning and building it into the system, plus running around to help make and keep the Renturly bulk REO marketplace liquid for buyers and sellers to do deals with.

Please share this to your email lists to help make and keep the Renturly marketplace liquid for buyers, sellers, and brokers: “Your Virtual Assistants Will Use This Software: Renturly is the bulk off-market REO marketplace that matches vetted buyers with vetted wholesale real estate anonymously."

Thank you and your feedback is always appreciated!

To see your matches you need to subscribe to Unlimited Matches Monthly, which is a $20 recurring monthly subscription:

• Click “Subscribe Now!” in the top navigation menu bar.
• Scroll to the bottom of the page and insert your payment information.
• You will receive an email receipt and be redirected to “View My Leads” where you will be able to see your matches and access buyers, sellers and brokers.

To unsubscribe because you no longer want to see your matches:

• Click your username in the top-right corner navigation menu bar.
• Click “My Profile”.
• On the left hand navigation bar click Update Profile.
• On your update profile page you will see a link that says “Careful! Clicking here will unsubscribe you from Unlimited Matches Monthly!”

New Buyer Fields:

• Cents on the dollar: It’s common for bulk packages to sold at certain cents-on-the-dollar and some buyers might look for packages only within a certain cents-on-a-dollar range
• Setting minimums: It’s common for buyers to have certain minimums for each asset type that they want to buy, such as ordering a minimum of $100M notes and no less
• Extra buying criteria: In Consumer Behaviour Marketing buyers go through stages when making a purchase decision and one of them is having a criteria to help guide their purchase decision. As a broker and seller trying to promote a package, I thought that it would help the selling process to understand any extra buying criteria that is not already captured in the system by any other form fields so that objections can be handled properly and professionally
• Buying alternatives: Likewise, in Consumer Behaviour Marketing, buyers have many alternatives that they can choose. Knowing buyers’ other avenues for making a similar type of purchase will allow you to handle objections and rationalize how come a buyer is yet to submit documents that they said that they would send

New Package Fields:

• Cents on the dollar: Again, it’s common for packages to be sold at cents-on-the-dollar, as opposed to cap-rate. I believe that sharing cap-rate will allow buyers to ensure that their assets cash-flow while holding them, even though this is not a commonly looked at field in the bulk buying industry.
• Now call portfolios packages to better aid in selling them to large buyers that are accustomed thinking about browsing and buying packages

New navigation

• Capturing information is now called Vet because The Urly Bird Vets the Worm!
• Updated portfolios now being called packages in the navigation
• Match is now called View My Leads because ultimately the matches that result from capturing information are leads for doing deals.

Cents on the dollar will likely become a field that the Birds of a Feather real estate matching system uses to match and connect buyers with packages and a filter that can be used when browsing leads.

The matching functionality is delayed in being rolled out again because we are re-doing the code for it to allow us to be more flexible, agile, and adaptable to your needs when developing new features in the future.

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!

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.

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?

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!

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?

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!