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March
14

Video Transcription:

Mike and I, we're sitting down and having a conversation and the topic of REMAX purchasing Booj came up and we said, "Hey, let's create a video. Let's give our insights or Mike provide his insights on this." He comes from an interesting spot and I think you'll, it's a value to people looking at what's happening in the industry and what's happening with tech so why don't you fill us in a little bit on your thoughts on this transaction. 

. Yeah, it's obviously an interesting move. It's one of those moves that a lot of people knew something was going on with Booj. That something was going to happen. I think the who, the fact that it was REMAX was a bit of a surprise to the majority of people. Especially their customers. But what's interesting ... I think really when we look at this acquisition I think it's a bigger picture that we need to talk about and that's what happens in the real estate vertigo itself.

When franchises acquire technology or a tech company and they're obviously doing it for a reason. They're doing it to at minimum position themselves with their franchise, with the companies that are part of the franchise to position themselves with them in that technology as a tech leader. There's a multitude of reasons. But really if you look at all the acquisitions that have happened over the years and where they stand today it's, I really do question why does that happen? Why do they ultimately do the acquisitions because I haven't seen one example of where like, wow they did something great with that acquisition. I haven't seen one example of that so far. Who knows, maybe the Booj REMAX acquisition will be different.

What ends up happening?

Well, ultimately a lot of promises are made. Because we work with, a lot of our customers are real estates that are part of a franchise and we hear the promises that are made to them because they share them with us. But ultimately, for almost 100% of our customers that are a part of a franchise, we end up powering, we're still the hub of what they do. And I think it's, but I think that's because huge promises are made or huge vision is shared and then ultimately is that really delivered. And even a huge vision, it's a gigantic vision that doesn't fit every single company.

Even when you talk companies with a certain franchise real estate is still [inaudible 00:02:50] local, they're still individual businesses running in their own way so the way that they manage leads or manage their business or distribute leads or have unaccountability with their sales associates, it varies from company to company. We know that. It varies dramatically from some companies to another.

How does a company have the bandwidth, like a Booj to be purchased by a REMAX who has to provide solutions for all these different brokers? How do they have the bandwidth to keep advancing the technology?

Well, so I think there's an issue before that because the issue that you have before that is well here, I'm chased every single week from a VC wanting to invest millions in [Delta 00:03:35] and so far I've turned them all down. Because really there's only a small, a very short list of reasons, a small list of reasons why I would want to accept that funding. Either I'm struggling and I need funding or I'm in such a rapid growth mode that I can't, my capital can't keep up with my growth. And we've been in that mode a little bit but we do it on cash flow all the time. But we went a different route there.

Or, you're wanting to get out as an owner. It's part of an exit strategy. Whether, for whatever reason their multitude of reasons are. But, and I think those are the main reasons why you would do it. But, ultimately I think with these tech companies, some of the issues with them is that they don't automate enough things. Because that's one thing that company's will ask us is, "How are you launching so many features? How are you able to do that?" It's because we've automated so much stuff.

Even with MLS Data, that's just one perfect example. MLS Data, technically we don't even need a full time person to manage over 350 MLS feeds. And we synchronize every couple minutes for the majority of them. And we have almost zero issues with all those feeds so how do we do it? Because we talk at [RESO 00:04:57] with other companies and we find out we have eight people on our team to manage fewer feeds than you have. How in the world are you doing that? And we only update at the most every three hours or every one hour. How in the world are you doing it?

Well, we spent years building those systems so we don't just develop tools and features and solutions for the industry itself but also for ourselves so that we don't have to waste time. We view that as wasting time. Waste of resources and a waste of capital on an ongoing basis. But coming back to you I think the industry and what's it mean? You know, I don't know. I think you have, in the REMAX case and others looking for relevance and saying, "Oh, we need to be offering this technology and not just using other solutions out there."

But none of them have worked from my perspective. When I talk to the real estate firms that are actually using it it isn't working because the solution isn't as good. And we know that with the companies we're talking to right now that are looking at coming on board. That are part of those franchises that say, "Hey, I just saw this. We just saw this platform and we're looking at you and them and there's doesn't even compare to what you guys have."

I think innovation does not keep up. It can't. So to specifically answer that, they can't continue to innovate because the acquisition happened for a reason and it wasn't to acquire great technology because I can tell you, great technology and growing companies go at serious multiples. They'd be paying a hefty price for that company, which I don't think a franchise would be willing to pay.

That's interesting. We'll see what happens with it. But ultimately for our customers it was interesting to see how they reacted to it because they were like, "Uh, okay, whatever." Actually the question I was getting, "Hey, if they do something can ..." And that specific hey is, "Hey, can Booj feed leads into your platform?" It's like, "Yeah. They can." We'll see what happens with it but ultimately I think that the industry really just needs to start paying attention to the integration and the tech companies that are out there already and stop looking to the franchise for the solution.

Time will tell.

We'll see.

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