January 19, 2025 • 21 mins
We speak with proptech veteran Tristan Lovell as he discusses the importance of maintaining clean databases in real estate, exploring how outdated and unorganized data can hinder an agency's operations. Tristan shares his extensive 20-year journey in prop tech and his experiences with companies like AgentBox and Rita. The podcast highlights strategies for database management, the benefits of using specialised teams, and the potential technological advancements coming in 2025 to streamline real estate processes.
Key topics include the significance of maintaining accurate and current data, leveraging AI to enhance prospecting, and the importance of integrating different platforms for optimal functionality.
00:00 Introduction and Episode Overview
01:02 Guest Introduction: Tristan Lovell
01:30 Tristan's Journey in PropTech
03:03 The Importance of Data in Real Estate
04:12 Challenges with Real Estate Databases
06:31 Solutions for Database Management
13:35 Integrating Platforms for Efficiency
16:14 Future Trends in PropTech
20:09 Conclusion and Contact Information
Visit www.propertyedge.app/the-property-edge-podcast to see other episodes, see episode summaries and read transcripts.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
(00:05):
sonic logo
Rob (00:09):
Today's episode or the property edge podcast.
Tristan (00:12):
The importance of that is to, close that gap between
you and the people looking tolist, sell and rent.
One thing I see in a lot ofdatabases is there's appraisals
that go back way beyond 12months.
So they're like hopeful that oneday maybe they might sell their
property.
If you've got a listing that'sjust come up for sale, you might
want to send it round to allyour current landlords.
(00:35):
To say, hey here's a greatinvestment.
Here's all the details you wantto know.
Keep it in your rent roll.
Sell it to an existing landlord.
Mhm.
rob_1_11-28-2024_124842 (00:45):
Hello and welcome to another episode
of the Property Edge podcast.
My name is Rob Turnbull andtoday I'm really excited to be
going down a bit of a differenttrack.
We're going to talk all thingsdata and I'm delighted to be
joined today by Tristan Lovellfrom GoList and NextArt.
Tristan, welcome to the pod.
Tristan (01:03):
Thank you very much, Rob.
It's great.
rob_1_11-28-2024_124842 (01:05):
Let's start with about you.
Let's discover how your journeyin prop tech has evolved and
what you do now.
Tristan (01:13):
I started in prop tech, uh, 20, over 20 years now.
So 2004 started my first proptech business with my brother
and that was splash displays.
And we pioneered the digitalwindow display for real estate
agencies all over Australia.
So, yeah, that was a huge amountof lessons learned there built a
massive network.
(01:34):
And after that, Worked atAgentBox for five years working,
you know, with the CEO Eddie andhe's still at AgentBox, which is
testament you know, REAPIT it.
And you know, so after that wentto Rita.
So, you know, had an offering tothe market to, you know, really
help agents prospect using youknow, some AI built into that
solution to, you know, take theguesswork out of who to call,
(01:55):
what to say.
And to, you know, basically minefor opportunity in the database
using two way SMS.
so yeah, so now in the pastyear, I am, I've just been
consulting, rebuildingdatabases, coaching agents, and,
you know, also researching themarket on what's the next thing.
What, what do agents reallyneed?
What's the biggest problem tosolve?
(02:16):
You know, going into 2025 andbeyond.
So that's what I've beenresearching.
That's what GoList is?
rob_1_11-28-2024_124842 (02:22):
Well, there we go.
We can talk about Goalist aswell.
I mean, this is, this is cuttingedge stuff.
When Rita came out, it certainlymade a lot of waves in the
industry.
And I know a lot of agents arereally, really happy.
Agencies are really happy withit.
And of course, as a vendor, as aconsultant now, you really need
to be on the cutting edge,understanding what's coming and
helping people maybe not gocutting edge, but at least be
(02:42):
one step behind so that they'reusing validated products.
In your experience, in yourconsulting experience over the
last 12 months or so, you know,what have been the key
categories of work that you getcalled in for and what are the
key lessons to learn from that?
Tristan (02:57):
Yeah.
Well this, this is all aboutdata I've been working with a
data specialist to resolve anydata challenge that I find.
So people, a lot of databasesout there, like 98% of them are
have a lot of anomalies in them.
They've.
quite unkept.
There's, there's all sorts ofagents that have come and gone.
And there's different levels ofunderstanding of how to use the
(03:17):
database as well.
And appreciation of what datameans.
Okay.
So, yeah, there's a way of fasttracking through a data
specialist to clean up yourdatabase, to repair
relationships and do all sortsof things to get it way well on
the way to being very useful,very valuable.
And so the importance of that isto, close that gap between you
(03:39):
and the people looking to list,sell and rent.
All right.
So that's what this is about.
This is why we have a databaseis to be super organised.
So we, we maximize theiropportunity and we, we really
keep in touch with people andgive a great experience.
All right.
So that's what, that's why wehave a database, right?
So, people go back, find itreally hard, right?
(03:59):
So agents usually try and use asystem or they invest some time
to learn it, but there'sdefinitely that hurdle that you
need to go up to actually learnhow to use any system.
And if you're not prepared to dothat, then a lot of agents
revert back to manual methods,which means that very minimal
data goes to the database.
(04:20):
And a lot of incomplete datagoes into the database as well.
So effectively we end up with abit of a mess.
rob_1_11-28-2024_124842 (04:26):
It's one thing that I see and, and
from the people that I've spokento on this particular podcast
too, is that the smaller tomedium agencies tend to try and
handle things in house, whetherthe medium to large agencies,
they're all about gettingspecialists in and having
specialist teams within there.
Right.
Right.
How, how can you, how cansmaller agencies learn from that
and, and, and bring someone in?
If they were to bring someonein, what would the benefit be?
(04:47):
What would they see in the firstfew months from bringing someone
in?
Tristan (04:53):
Number one is appreciation.
And then an insight as to wherethey're at.
So you always work out whereyou're at right now.
And then at least you understandwhat the opportunity is and
potentially, well, how do we dothe searches?
The simple searches tounderstand, well, how many
people do we have in ourdatabase with an address, with a
mobile number which agents haveenough data, which, which don't.
(05:14):
And what do we do have a way offilling that gap themselves.
And look, there's plenty ofamazing companies like offshore
teams as well.
You could turn to you know,like, you know, you know, Shore
Agents or Wingman there's plentyof other offshore companies,
which can really help you,Bridge that gap in a cost
effective way.
And yeah, without having toinvest huge amounts of money and
(05:37):
go through an elaborate processas such.
But yeah, so that's, you know,education turning up to to
events that that's definitelyworthwhile.
And yeah, I'm always willing toeducate and generate more
material on how to actuallymaintain and grow a valuable
database, which is going to reaprewards.
rob_1_11-28-2024_124842 (05:57):
Yep.
Yep.
And we hear this, I'm in, I'm incountry, South Australia.
And so I know from the localagencies here, the ones that
I've spoken to about their data,they sort of roughly trust it,
but they're quite comfortablebecause they see most people at
the pub or at the footy groundor something like that.
That's not necessarily a reallystrategic way to go.
When, when, when you're, whenyou're looking and cleaning up a
(06:18):
database, what are the top fewthings you're seeing that's
wrong with it off the bat?
Tristan (06:24):
Yeah.
So, so there's differentsegments of the database and,
you know, the top of the, thetop of the list is past clients.
We really want to you know,really make sure that we look
after those.
And that's a big weakness in alot a lot of agencies is that
they're so busy on the now thatthere's no time.
And there's a bit of guilt thereactually.
Like I really would love to, butit's been a few years since I
(06:46):
called that person.
I'm just going to focus on thisother thing now.
So we really want to make surewe look after those past clients
and the people that willhopefully refer us.
And then of course, you've got,you know, the people with
appraisals.
So past appraisals, we want tomake sure that's accurate.
And then you've got, you know,property owners, then you've got
buyers in the market right now,and you've got the largest
(07:08):
section of your database isbuyers that have come into the
database like more than 12months ago, but are dormant, so
it's like a triangle.
I've got this little diagram ofa triangle, which I usually talk
to.
And essentially what I find isthat there's a lot of focus is
very much on the buyer.
Like buyers now.
(07:30):
So that's a comfort zone to bereactive around that section and
appraisals.
One thing I see in a lot ofdatabases is there's appraisals
that go back way beyond 12months.
So they're like hopeful that oneday maybe they might sell their
property.
But if I could distill it downto this.
It's all about focus.
(07:50):
An agent is only successful asthe focus they have on what's
really important right now.
Okay.
So, so what we look for in adatabase is to, through
categories and appraisals and,you know, past listings, those
three things, make sure they'reaccurate.
And so when we bring up a list,again it's all about the list.
That's, that's how you focus andyou systematically work through
(08:12):
that list in a prioritisedfashion.
That's why Rita helps, hashelped a lot of people to have
focus on, you know, differentsegments of the database.
And that's part of the valueproposition that we had.
So the things that I really seenwas not enough address data with
mobile numbers.
So that's highly valuable.
There's a lot of people in thedatabase with the wrong category
(08:37):
or just unkept.
So it's, it's, it's in a lot ofdatabases, it's actually not
possible to bring up a list ofpast clients.
Like easily from the contactsection.
So in contacts, that's where youusually go to, to you know,
bring up all the people you wantto call.
So usually categories are awhole mess or there's either
too, too, many, or it's totallyinaccurate.
(08:58):
So little bit of maintenance,right.
To, going.
And that's a combination of likeadmin and moving forward.
If you're looking into thefuture, we want systems to
really help us with that.
So it's not so manual.
Okay.
And that's where we're seeing anew breed of CRMs and systems
that's going to emerge nextyear.
It's gonna be quite excitingnext year.
(09:19):
Stay tuned.
But there's a real movement to alot of automation and a lot of
help to make sure we don't haveto work so hard to have a
accurate, useful, valuable, easyto use database.
rob_1_11-28-2024_124842 (09:32):
That sounds exciting for 2025, I will
say that.
I know from our lived experienceis that our CRM gets, because if
we talk about data hygiene, itgets dirtier the longer the data
sits in there, right?
So we might type in the datatoday, but in six months time,
the chances are some of thatdata might be wrong.
A proportion of that data willbe wrong.
(09:53):
And I guess we're talking aboutappraisals that happened 12
months ago.
There's a significant changethere.
So, so how do agents put thatin?
How do agencies do that?
Do they get an admin person?
Do they get the up and comingagents to be the data gurus?
How can they systemize thatthemselves without having to get
someone in, if they don't wantto do that?
Tristan (10:13):
Uh, look, I think you can have some across the
business or an agent can havetheir own rules.
But anything, any appraisalthat's older than 12 months,
just take it out of that realmof focus.
So so close it off.
All right.
And also you could have a VA orsomeone to say, well, any
appraisals I do have, if it goeswith someone else.
Close it off.
(10:33):
These little things, right?
So I'm, I'm, I'm also, I'd liketo push a button and see all the
ones I'm focused on closing inthe next three months.
Okay.
And then this, this can be donein different ways in different
systems.
Okay.
So it's just how you use asystem to achieve that.
And so that's where I I've beencoaching a lot of agencies on
how to achieve that.
(10:54):
so effectively again, I mean,what I also find in a lot of
agencies is that some agentsjust keep their cards really
close to their chest.
I don't put appraisal in thesystem.
And so they've got their ownlittle spreadsheet to manage
their opportunities.
All right.
And that's very commonthroughout the entire industry.
All right.
Because of the trust factor andI don't see value in the
(11:17):
database because, you know, Imean, if there's no really,
really cool systems, like anemail and SMS and calls and so
forth to keep in touch withpeople.
Right.
To generate more opportunity toprotect opportunities, then the
agent can probably get away withthat, but they're very limited
on what they can actuallyachieve, right?
If it's a fully manual systemoutside of the, outside of the
(11:39):
database.
So these are the things I'mseeing out there, which.
You know, if you're a director,then you probably roll your eyes
and go, yeah, I guess so.
rob_1_11-28-2024_124842 (11:48):
Yeah.
their lived experience.
And so what happens, what doesan agency owner do when an agent
leaves?
Tristan (11:56):
Yeah.
So this is really important.
I want everyone to reflect onwhat they've done in the past,
because what I see when I lookat databases is that when an
agent leaves, usually all thosecontacts, those thousands of
contacts potentially aretransferred either to another
agent or to the director.
Now, what, what the result ofthat is it pollutes the agents
(12:16):
or directors database.
So they can't find the peoplethat they really, that are
really important to them reallyeasily.
And, and, and so if you've got anew agent coming on board later
on, and you actually want toshare those contacts or read,
redivert them, then it's reallyhard to do that.
So, so this year I've beenpulled into multiple agencies
(12:37):
trying to undo that.
And it's really complex, right?
So, so what I, what I suggest.
Is have like an account it couldbe user or, or an admin account,
whatever, but you can, you justhave it as like agency name,
office data or, or orphan data,whatever you like, but it's data
that's not owned by an agent assuch, and then you pile all this
(12:59):
data into that one place, andthat can be used for
recruitment.
Centralized prospecting, allright.
And, And, the benefit of that isthat you can actually get a
return on that, on that data fareasily.
And, you know, then as peoplebuild relationships with that
data, you can put it into theirname.
rob_1_11-28-2024_124842 (13:19):
Well, let's now talk about
integrations and how integrateddifferent platforms are.
How does that work in yourexperience?
Tristan (13:26):
It's like, I was astounded in the first, the
research, you know, for the newbusiness I was doing, it's just
incredible.
The amount of fragmented systemsout there costing huge amounts
of money which had very limitedconnectivity between each other.
Okay.
And, and literally that, butthat's what we're doing either.
Like for example, leads cominginto inboxes, which don't go
(13:48):
into the CRM.
And, and if, if I did one to theCRM, it's all copy and paste.
So it's like a copy and pasteepidemic.
And you did mention.
You've got property managementsystem and you've got the sales
CRM.
So traditionally that's beentotally separate and, and that's
why you've got REPIT and MRI,you know, investing in
themselves in their own systems,like AgentBox and Console,
(14:11):
you've got, you know, Vault andPropertyTree.
So, so those, those ones connectto each other.
But Yeah, what I'm saying,talking to hundreds of, you
know, clients that have had thisyear, is that some have actually
taken the leap and changed theirsystem, but majority are very
resistant of changing theirproperty management system.
(14:32):
It's a, quite a significant taskas you'd imagine.
It's much easier to change asales CRM than it is to change a
property management system.
This is just the feedback I'mgetting.
And so, you know, that's wherewe go.
Well, if I'm not going toupdate, you know, just go over
to a whole new system and it'susually six months to try and do
that sort of thing, then what doI do?
(14:52):
So that's where I pioneered witha company called high caliber.
So we can actually connect thedots.
Okay, between the sales CRM andthe product management system
you know, specific ones, we'restill working on, on some, but
for example, we can connectproperty tree with agent box and
Rex.
Now it's already got aconnection to vault, so there's
(15:12):
no value there.
So there's some, some thingsthat the industry will get to
learn about next year that'spossible, which will synchronize
listings and contacts.
So I guess the benefit here isfor BDMs for communication, for
example, if you've got a listingthat's just come up for sale,
you might want to send it roundto all your current landlords to
(15:33):
say, Hey here's a greatinvestment.
Here's all the details you wantto know.
Keep it in your rent roll.
Sell it to an existing landlord.
And now if you don't have thatall in sync, it's really hard to
do that.
Okay.
So that's a little tip you coulddo.
You can do all this manuallywithout a connection, of course,
but you'd have to somehowdownload the contacts from your
property management system andmanually keep it all in sync,
(15:56):
which is super hard.
rob_1_11-28-2024_124842 (15:58):
Now you've said that 2025 looks
pretty bright.
What do you see on the horizon?
Tristan (16:04):
So next, next 12 months, you'll see some very
clunky manual processes, like inproperty management, it's
already started.
So there's solutions out therealready to totally streamline,
reduce the amount of time to doan inspection, right?
Inspection report.
So that, that's a really goodexample where it really works.
You'll see opportunities as wellcoming through, which is about
(16:25):
lead generation.
So I, I know there's someplatforms coming to market,
which are really exciting.
Not many agencies know aboutthis, but there's some social
media solutions.
Coming to market early nextyear.
So they're actually availableright now, but they'll, they'll
become known.
You know, which gets 10 times ormore, the results for the same
amount of money.
(16:46):
Right.
So, so what you'll see is muchbigger bang for your buck.
All right.
But the, the, the experiencewith Goalist so we're not
positioning Goalist as an AIproduct, you know, this, this,
this fad of company named dotAI, we're not doing that.
Right.
Because you know, I don't feellike that's something that we
put on the front foot.
(17:07):
Of course, it's got AI, every,every, every new platform is
going to have quite asignificant amount of AI sort of
built in, but that's not thefront foot here.
It's about the problem you'resolving and you know, how much
time or how much opportunity areyou putting in their pocket?
Right.
But the, what we've learned isthat to actually build and
innovate, As a prop techcompany, the speed of which you
(17:32):
can do that is so much faster.
So if you're using that andyou're not sort of drawn down
and bogged down with legacyinfrastructure, then the new
products that have been startedto create even a few months ago,
they're going to soar ahead nextyear.
And that's really excitingbecause Yeah, there's some,
they're going to be amazingplatforms being launched
(17:53):
throughout next year, startingin January, February that are
really going to make a bigdifference to the bottom line
and top line of these realestate agencies.
Oh yeah, this is reallyinteresting.
So, and I'm part of that, youknow, so with GoLess it's all
about, you know, never, neverlet a good lead go to waste.
So, so it's about the, applyingall the lessons that we learnt
(18:16):
from our, our reader experience.
The key lessons are agents don'twant another app to use.
They, they, they are, we want tominimize tech trauma to get
results.
Okay.
We want to maximize theirability to convert the lead
without having to learn newtech.
That's really important.
But we want to resolve that,that challenge of all the leads
(18:40):
from so many different sources,website, rent, role, social
media, and list goes on.
A lot of these leads go intoemail inboxes of admin
directors, all the Fragmented,lost.
It's like a black hole, right?
And so it's just a shame becausewe know that there's a huge
amount of business in there,right?
So effectively, what if westreamline that entire thing
(19:02):
again, use AI, we use all thelatest tools, and to streamline
that, get into the hands of theright agent, and And have it in
a way where they're on the phoneas fast as possible to respect
speed to lead, because that isthe measure of really getting
results quickly.
So you don't have to do as muchfollow up if you react very
(19:22):
fast.
Right.
And if you do have to follow upyour likelihood, are you getting
that listing or, or, orlandlord?
Rental property is skyrockets,skyrockets.
All right.
So as opposed to if you left ita day or the next day to follow,
follow up, even if you had anamazing nurture sequence, you're
(19:43):
probably not going to get thatbusiness if you're up against an
agent, which is really, youknow, run that person straight
away.
rob_1_11-28-2024_1 (19:51):
Enlightening stuff.
Thank you, Tristan.
Thank you for your time today.
Much appreciated.
How can people find you ifthey're looking to tap into your
expertise?
Tristan (20:01):
Yeah.
LinkedIn is good.
Yeah, so type my name intoGoogle or LinkedIn and always
there to help.
I mean, I get phone calls everyday.
Really interesting.
Just before this, I had a phonecall from someone.
Who is using agent box and they,they wanted some help with
something and I shouldn't stepin this, but I really helped
them, you know, very quicklyjust to understand, okay, this
(20:23):
is what's going on, you know?
So yeah, I'm there to, I'm thereto, to help the community.
And yeah, next year I reallywant to be, you contributing as
much as I can at events and inpodcasts like this.
So it's great.
rob_1_11-28-2024_124842 (20:36):
Well, behalf of everyone at a property
edge, thank you for your timetoday.
Really appreciate you being partof this podcast.
Tristan (20:43):
Thank you very much, Rob.
It's great.
rob_1_11-28-2024_124842 (20:46):
Great to have you as a guest and
everyone listening.
Thank you for taking the timetoday.
We'll, uh, we'll link toTristan's details in the show
notes, but if you'd like anymore information about the
Property Edge podcasts, have alook at some other episodes, or
if you want to learn about theProperty Edge research platform,
head over to propertyedge.
app.
(21:06):
And we'll see you in the nextepisode.
Bye bye.
sonic logo
sonic logo
Rob (00:09):
Today's episode or the property edge podcast.
Tristan (00:12):
The importance of that is to, close that gap between
you and the people looking tolist, sell and rent.
One thing I see in a lot ofdatabases is there's appraisals
that go back way beyond 12months.
So they're like hopeful that oneday maybe they might sell their
property.
If you've got a listing that'sjust come up for sale, you might
want to send it round to allyour current landlords.
(00:35):
To say, hey here's a greatinvestment.
Here's all the details you wantto know.
Keep it in your rent roll.
Sell it to an existing landlord.
Mhm.
rob_1_11-28-2024_124842 (00:45):
Hello and welcome to another episode
of the Property Edge podcast.
My name is Rob Turnbull andtoday I'm really excited to be
going down a bit of a differenttrack.
We're going to talk all thingsdata and I'm delighted to be
joined today by Tristan Lovellfrom GoList and NextArt.
Tristan, welcome to the pod.
Tristan (01:03):
Thank you very much, Rob.
It's great.
rob_1_11-28-2024_124842 (01:05):
Let's start with about you.
Let's discover how your journeyin prop tech has evolved and
what you do now.
Tristan (01:13):
I started in prop tech, uh, 20, over 20 years now.
So 2004 started my first proptech business with my brother
and that was splash displays.
And we pioneered the digitalwindow display for real estate
agencies all over Australia.
So, yeah, that was a huge amountof lessons learned there built a
massive network.
(01:34):
And after that, Worked atAgentBox for five years working,
you know, with the CEO Eddie andhe's still at AgentBox, which is
testament you know, REAPIT it.
And you know, so after that wentto Rita.
So, you know, had an offering tothe market to, you know, really
help agents prospect using youknow, some AI built into that
solution to, you know, take theguesswork out of who to call,
(01:55):
what to say.
And to, you know, basically minefor opportunity in the database
using two way SMS.
so yeah, so now in the pastyear, I am, I've just been
consulting, rebuildingdatabases, coaching agents, and,
you know, also researching themarket on what's the next thing.
What, what do agents reallyneed?
What's the biggest problem tosolve?
(02:16):
You know, going into 2025 andbeyond.
So that's what I've beenresearching.
That's what GoList is?
rob_1_11-28-2024_124842 (02:22):
Well, there we go.
We can talk about Goalist aswell.
I mean, this is, this is cuttingedge stuff.
When Rita came out, it certainlymade a lot of waves in the
industry.
And I know a lot of agents arereally, really happy.
Agencies are really happy withit.
And of course, as a vendor, as aconsultant now, you really need
to be on the cutting edge,understanding what's coming and
helping people maybe not gocutting edge, but at least be
(02:42):
one step behind so that they'reusing validated products.
In your experience, in yourconsulting experience over the
last 12 months or so, you know,what have been the key
categories of work that you getcalled in for and what are the
key lessons to learn from that?
Tristan (02:57):
Yeah.
Well this, this is all aboutdata I've been working with a
data specialist to resolve anydata challenge that I find.
So people, a lot of databasesout there, like 98% of them are
have a lot of anomalies in them.
They've.
quite unkept.
There's, there's all sorts ofagents that have come and gone.
And there's different levels ofunderstanding of how to use the
(03:17):
database as well.
And appreciation of what datameans.
Okay.
So, yeah, there's a way of fasttracking through a data
specialist to clean up yourdatabase, to repair
relationships and do all sortsof things to get it way well on
the way to being very useful,very valuable.
And so the importance of that isto, close that gap between you
(03:39):
and the people looking to list,sell and rent.
All right.
So that's what this is about.
This is why we have a databaseis to be super organised.
So we, we maximize theiropportunity and we, we really
keep in touch with people andgive a great experience.
All right.
So that's what, that's why wehave a database, right?
So, people go back, find itreally hard, right?
(03:59):
So agents usually try and use asystem or they invest some time
to learn it, but there'sdefinitely that hurdle that you
need to go up to actually learnhow to use any system.
And if you're not prepared to dothat, then a lot of agents
revert back to manual methods,which means that very minimal
data goes to the database.
(04:20):
And a lot of incomplete datagoes into the database as well.
So effectively we end up with abit of a mess.
rob_1_11-28-2024_124842 (04:26):
It's one thing that I see and, and
from the people that I've spokento on this particular podcast
too, is that the smaller tomedium agencies tend to try and
handle things in house, whetherthe medium to large agencies,
they're all about gettingspecialists in and having
specialist teams within there.
Right.
Right.
How, how can you, how cansmaller agencies learn from that
and, and, and bring someone in?
If they were to bring someonein, what would the benefit be?
(04:47):
What would they see in the firstfew months from bringing someone
in?
Tristan (04:53):
Number one is appreciation.
And then an insight as to wherethey're at.
So you always work out whereyou're at right now.
And then at least you understandwhat the opportunity is and
potentially, well, how do we dothe searches?
The simple searches tounderstand, well, how many
people do we have in ourdatabase with an address, with a
mobile number which agents haveenough data, which, which don't.
(05:14):
And what do we do have a way offilling that gap themselves.
And look, there's plenty ofamazing companies like offshore
teams as well.
You could turn to you know,like, you know, you know, Shore
Agents or Wingman there's plentyof other offshore companies,
which can really help you,Bridge that gap in a cost
effective way.
And yeah, without having toinvest huge amounts of money and
(05:37):
go through an elaborate processas such.
But yeah, so that's, you know,education turning up to to
events that that's definitelyworthwhile.
And yeah, I'm always willing toeducate and generate more
material on how to actuallymaintain and grow a valuable
database, which is going to reaprewards.
rob_1_11-28-2024_124842 (05:57):
Yep.
Yep.
And we hear this, I'm in, I'm incountry, South Australia.
And so I know from the localagencies here, the ones that
I've spoken to about their data,they sort of roughly trust it,
but they're quite comfortablebecause they see most people at
the pub or at the footy groundor something like that.
That's not necessarily a reallystrategic way to go.
When, when, when you're, whenyou're looking and cleaning up a
(06:18):
database, what are the top fewthings you're seeing that's
wrong with it off the bat?
Tristan (06:24):
Yeah.
So, so there's differentsegments of the database and,
you know, the top of the, thetop of the list is past clients.
We really want to you know,really make sure that we look
after those.
And that's a big weakness in alot a lot of agencies is that
they're so busy on the now thatthere's no time.
And there's a bit of guilt thereactually.
Like I really would love to, butit's been a few years since I
(06:46):
called that person.
I'm just going to focus on thisother thing now.
So we really want to make surewe look after those past clients
and the people that willhopefully refer us.
And then of course, you've got,you know, the people with
appraisals.
So past appraisals, we want tomake sure that's accurate.
And then you've got, you know,property owners, then you've got
buyers in the market right now,and you've got the largest
(07:08):
section of your database isbuyers that have come into the
database like more than 12months ago, but are dormant, so
it's like a triangle.
I've got this little diagram ofa triangle, which I usually talk
to.
And essentially what I find isthat there's a lot of focus is
very much on the buyer.
Like buyers now.
(07:30):
So that's a comfort zone to bereactive around that section and
appraisals.
One thing I see in a lot ofdatabases is there's appraisals
that go back way beyond 12months.
So they're like hopeful that oneday maybe they might sell their
property.
But if I could distill it downto this.
It's all about focus.
(07:50):
An agent is only successful asthe focus they have on what's
really important right now.
Okay.
So, so what we look for in adatabase is to, through
categories and appraisals and,you know, past listings, those
three things, make sure they'reaccurate.
And so when we bring up a list,again it's all about the list.
That's, that's how you focus andyou systematically work through
(08:12):
that list in a prioritisedfashion.
That's why Rita helps, hashelped a lot of people to have
focus on, you know, differentsegments of the database.
And that's part of the valueproposition that we had.
So the things that I really seenwas not enough address data with
mobile numbers.
So that's highly valuable.
There's a lot of people in thedatabase with the wrong category
(08:37):
or just unkept.
So it's, it's, it's in a lot ofdatabases, it's actually not
possible to bring up a list ofpast clients.
Like easily from the contactsection.
So in contacts, that's where youusually go to, to you know,
bring up all the people you wantto call.
So usually categories are awhole mess or there's either
too, too, many, or it's totallyinaccurate.
(08:58):
So little bit of maintenance,right.
To, going.
And that's a combination of likeadmin and moving forward.
If you're looking into thefuture, we want systems to
really help us with that.
So it's not so manual.
Okay.
And that's where we're seeing anew breed of CRMs and systems
that's going to emerge nextyear.
It's gonna be quite excitingnext year.
(09:19):
Stay tuned.
But there's a real movement to alot of automation and a lot of
help to make sure we don't haveto work so hard to have a
accurate, useful, valuable, easyto use database.
rob_1_11-28-2024_124842 (09:32):
That sounds exciting for 2025, I will
say that.
I know from our lived experienceis that our CRM gets, because if
we talk about data hygiene, itgets dirtier the longer the data
sits in there, right?
So we might type in the datatoday, but in six months time,
the chances are some of thatdata might be wrong.
A proportion of that data willbe wrong.
(09:53):
And I guess we're talking aboutappraisals that happened 12
months ago.
There's a significant changethere.
So, so how do agents put thatin?
How do agencies do that?
Do they get an admin person?
Do they get the up and comingagents to be the data gurus?
How can they systemize thatthemselves without having to get
someone in, if they don't wantto do that?
Tristan (10:13):
Uh, look, I think you can have some across the
business or an agent can havetheir own rules.
But anything, any appraisalthat's older than 12 months,
just take it out of that realmof focus.
So so close it off.
All right.
And also you could have a VA orsomeone to say, well, any
appraisals I do have, if it goeswith someone else.
Close it off.
(10:33):
These little things, right?
So I'm, I'm, I'm also, I'd liketo push a button and see all the
ones I'm focused on closing inthe next three months.
Okay.
And then this, this can be donein different ways in different
systems.
Okay.
So it's just how you use asystem to achieve that.
And so that's where I I've beencoaching a lot of agencies on
how to achieve that.
(10:54):
so effectively again, I mean,what I also find in a lot of
agencies is that some agentsjust keep their cards really
close to their chest.
I don't put appraisal in thesystem.
And so they've got their ownlittle spreadsheet to manage
their opportunities.
All right.
And that's very commonthroughout the entire industry.
All right.
Because of the trust factor andI don't see value in the
(11:17):
database because, you know, Imean, if there's no really,
really cool systems, like anemail and SMS and calls and so
forth to keep in touch withpeople.
Right.
To generate more opportunity toprotect opportunities, then the
agent can probably get away withthat, but they're very limited
on what they can actuallyachieve, right?
If it's a fully manual systemoutside of the, outside of the
(11:39):
database.
So these are the things I'mseeing out there, which.
You know, if you're a director,then you probably roll your eyes
and go, yeah, I guess so.
rob_1_11-28-2024_124842 (11:48):
Yeah.
their lived experience.
And so what happens, what doesan agency owner do when an agent
leaves?
Tristan (11:56):
Yeah.
So this is really important.
I want everyone to reflect onwhat they've done in the past,
because what I see when I lookat databases is that when an
agent leaves, usually all thosecontacts, those thousands of
contacts potentially aretransferred either to another
agent or to the director.
Now, what, what the result ofthat is it pollutes the agents
(12:16):
or directors database.
So they can't find the peoplethat they really, that are
really important to them reallyeasily.
And, and, and so if you've got anew agent coming on board later
on, and you actually want toshare those contacts or read,
redivert them, then it's reallyhard to do that.
So, so this year I've beenpulled into multiple agencies
(12:37):
trying to undo that.
And it's really complex, right?
So, so what I, what I suggest.
Is have like an account it couldbe user or, or an admin account,
whatever, but you can, you justhave it as like agency name,
office data or, or orphan data,whatever you like, but it's data
that's not owned by an agent assuch, and then you pile all this
(12:59):
data into that one place, andthat can be used for
recruitment.
Centralized prospecting, allright.
And, And, the benefit of that isthat you can actually get a
return on that, on that data fareasily.
And, you know, then as peoplebuild relationships with that
data, you can put it into theirname.
rob_1_11-28-2024_124842 (13:19):
Well, let's now talk about
integrations and how integrateddifferent platforms are.
How does that work in yourexperience?
Tristan (13:26):
It's like, I was astounded in the first, the
research, you know, for the newbusiness I was doing, it's just
incredible.
The amount of fragmented systemsout there costing huge amounts
of money which had very limitedconnectivity between each other.
Okay.
And, and literally that, butthat's what we're doing either.
Like for example, leads cominginto inboxes, which don't go
(13:48):
into the CRM.
And, and if, if I did one to theCRM, it's all copy and paste.
So it's like a copy and pasteepidemic.
And you did mention.
You've got property managementsystem and you've got the sales
CRM.
So traditionally that's beentotally separate and, and that's
why you've got REPIT and MRI,you know, investing in
themselves in their own systems,like AgentBox and Console,
(14:11):
you've got, you know, Vault andPropertyTree.
So, so those, those ones connectto each other.
But Yeah, what I'm saying,talking to hundreds of, you
know, clients that have had thisyear, is that some have actually
taken the leap and changed theirsystem, but majority are very
resistant of changing theirproperty management system.
(14:32):
It's a, quite a significant taskas you'd imagine.
It's much easier to change asales CRM than it is to change a
property management system.
This is just the feedback I'mgetting.
And so, you know, that's wherewe go.
Well, if I'm not going toupdate, you know, just go over
to a whole new system and it'susually six months to try and do
that sort of thing, then what doI do?
(14:52):
So that's where I pioneered witha company called high caliber.
So we can actually connect thedots.
Okay, between the sales CRM andthe product management system
you know, specific ones, we'restill working on, on some, but
for example, we can connectproperty tree with agent box and
Rex.
Now it's already got aconnection to vault, so there's
(15:12):
no value there.
So there's some, some thingsthat the industry will get to
learn about next year that'spossible, which will synchronize
listings and contacts.
So I guess the benefit here isfor BDMs for communication, for
example, if you've got a listingthat's just come up for sale,
you might want to send it roundto all your current landlords to
(15:33):
say, Hey here's a greatinvestment.
Here's all the details you wantto know.
Keep it in your rent roll.
Sell it to an existing landlord.
And now if you don't have thatall in sync, it's really hard to
do that.
Okay.
So that's a little tip you coulddo.
You can do all this manuallywithout a connection, of course,
but you'd have to somehowdownload the contacts from your
property management system andmanually keep it all in sync,
(15:56):
which is super hard.
rob_1_11-28-2024_124842 (15:58):
Now you've said that 2025 looks
pretty bright.
What do you see on the horizon?
Tristan (16:04):
So next, next 12 months, you'll see some very
clunky manual processes, like inproperty management, it's
already started.
So there's solutions out therealready to totally streamline,
reduce the amount of time to doan inspection, right?
Inspection report.
So that, that's a really goodexample where it really works.
You'll see opportunities as wellcoming through, which is about
(16:25):
lead generation.
So I, I know there's someplatforms coming to market,
which are really exciting.
Not many agencies know aboutthis, but there's some social
media solutions.
Coming to market early nextyear.
So they're actually availableright now, but they'll, they'll
become known.
You know, which gets 10 times ormore, the results for the same
amount of money.
(16:46):
Right.
So, so what you'll see is muchbigger bang for your buck.
All right.
But the, the, the experiencewith Goalist so we're not
positioning Goalist as an AIproduct, you know, this, this,
this fad of company named dotAI, we're not doing that.
Right.
Because you know, I don't feellike that's something that we
put on the front foot.
(17:07):
Of course, it's got AI, every,every, every new platform is
going to have quite asignificant amount of AI sort of
built in, but that's not thefront foot here.
It's about the problem you'resolving and you know, how much
time or how much opportunity areyou putting in their pocket?
Right.
But the, what we've learned isthat to actually build and
innovate, As a prop techcompany, the speed of which you
(17:32):
can do that is so much faster.
So if you're using that andyou're not sort of drawn down
and bogged down with legacyinfrastructure, then the new
products that have been startedto create even a few months ago,
they're going to soar ahead nextyear.
And that's really excitingbecause Yeah, there's some,
they're going to be amazingplatforms being launched
(17:53):
throughout next year, startingin January, February that are
really going to make a bigdifference to the bottom line
and top line of these realestate agencies.
Oh yeah, this is reallyinteresting.
So, and I'm part of that, youknow, so with GoLess it's all
about, you know, never, neverlet a good lead go to waste.
So, so it's about the, applyingall the lessons that we learnt
(18:16):
from our, our reader experience.
The key lessons are agents don'twant another app to use.
They, they, they are, we want tominimize tech trauma to get
results.
Okay.
We want to maximize theirability to convert the lead
without having to learn newtech.
That's really important.
But we want to resolve that,that challenge of all the leads
(18:40):
from so many different sources,website, rent, role, social
media, and list goes on.
A lot of these leads go intoemail inboxes of admin
directors, all the Fragmented,lost.
It's like a black hole, right?
And so it's just a shame becausewe know that there's a huge
amount of business in there,right?
So effectively, what if westreamline that entire thing
(19:02):
again, use AI, we use all thelatest tools, and to streamline
that, get into the hands of theright agent, and And have it in
a way where they're on the phoneas fast as possible to respect
speed to lead, because that isthe measure of really getting
results quickly.
So you don't have to do as muchfollow up if you react very
(19:22):
fast.
Right.
And if you do have to follow upyour likelihood, are you getting
that listing or, or, orlandlord?
Rental property is skyrockets,skyrockets.
All right.
So as opposed to if you left ita day or the next day to follow,
follow up, even if you had anamazing nurture sequence, you're
(19:43):
probably not going to get thatbusiness if you're up against an
agent, which is really, youknow, run that person straight
away.
rob_1_11-28-2024_1 (19:51):
Enlightening stuff.
Thank you, Tristan.
Thank you for your time today.
Much appreciated.
How can people find you ifthey're looking to tap into your
expertise?
Tristan (20:01):
Yeah.
LinkedIn is good.
Yeah, so type my name intoGoogle or LinkedIn and always
there to help.
I mean, I get phone calls everyday.
Really interesting.
Just before this, I had a phonecall from someone.
Who is using agent box and they,they wanted some help with
something and I shouldn't stepin this, but I really helped
them, you know, very quicklyjust to understand, okay, this
(20:23):
is what's going on, you know?
So yeah, I'm there to, I'm thereto, to help the community.
And yeah, next year I reallywant to be, you contributing as
much as I can at events and inpodcasts like this.
So it's great.
rob_1_11-28-2024_124842 (20:36):
Well, behalf of everyone at a property
edge, thank you for your timetoday.
Really appreciate you being partof this podcast.
Tristan (20:43):
Thank you very much, Rob.
It's great.
rob_1_11-28-2024_124842 (20:46):
Great to have you as a guest and
everyone listening.
Thank you for taking the timetoday.
We'll, uh, we'll link toTristan's details in the show
notes, but if you'd like anymore information about the
Property Edge podcasts, have alook at some other episodes, or
if you want to learn about theProperty Edge research platform,
head over to propertyedge.
app.
(21:06):
And we'll see you in the nextepisode.
Bye bye.
sonic logo
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.
Therapy Gecko
An unlicensed lizard psychologist travels the universe talking to strangers about absolutely nothing. TO CALL THE GECKO: follow me on https://www.twitch.tv/lyleforever to get a notification for when I am taking calls. I am usually live Mondays, Wednesdays, and Fridays but lately a lot of other times too. I am a gecko.