Hey: what's up everybody on facebook, happy july, 6th or 7th tristan? What day is it it's the 7th all right, so here in jackson, hole doing a facebook live, got a special guest, but before i jump into that, i want to just say to everybody out there. First of all, thank you for being in my community if you're watching this video with me live or you're watching it later out during the week. I just want to say to you when i look at the numbers right now in real estate, and you've heard me share this before there is a massive degree of separation disparity whatever you want to call it between the top half of the agents in the u.s And and probably indicative around the world versus the bottom half the bottom half today per rds uh, nine percent of all commission income has been paid out to the bottom 50 of real estate. Professionals in the us think about that.

For my friend, that's watching here greg and the top 50 of the agents are controlling 91 of the commission. Now, i think, there's a lot of reasons why, but, if you're watching this video with me live or later on in the future, the thing that i want to say to you what i know separates those two beyond years of experience, mindset, yada, yada yada, you know What it is i interview all these amazing people, i'll give you just one word. I want you to think about as you as you reflect on the first six months of this year and you think about the next six months and how you want to finish and that's the word: courage, courage, the people that have courage still experience. The same fear anxiety and worry: oh my god.

If i make this call, but you know what if it goes wrong, what if i screwed this thing up, what if i mess up this deal, what if i write the offer the wrong way? What, if i choose to write the right or wrong partner, they do it anyway. Everybody experiences, the fear the difference is people have the courage to go out and do what it takes. I just interviewed this young gal bethany long time, client and two and a half years in the business 164 transactions in her first two and a half years, and when i asked her what was the degree of separation she said? Look i just knew. I had to run it like a business and i had to be courageous.

I had to work through my fears i had to work through all the anxiety i got. I had to do all the things that everybody has to do and i said bethany you're, making the assumption that everybody does that it's courage. So i'm going to go into a quick interview because i've got a massively exciting public announcement. You probably read about it.

If you're paying attention to whether it's inman or housing wire any one of the major media outlets um, but before i jump into that, i just want to remind you: what do you need to be more courageous about? What's the fear, that's stopping you whether it's from shooting video making phone calls following up with your clients talking to your own past customers, doing an open house that you haven't done, maybe in 14 or 15 months! Think about it and i would just challenge you to be a little more courageous for the second half of the year and then watch the results. I promise you, you will experience a massive breakthrough now. Speaking of breakthroughs, i got a special guest with me today over the last few days, i'm sure you've, uh again, as i mentioned, you've seen a lot of the press. A lot of the pr a brand new company has started with this aim.

To say we want to be the paypal of the mortgage industry, founded by my long time, friend, greg schwartz one of the original zillia. I was at zillio, that's great, like trulia zillow, together zillow mafia leaders. I just love that zillow mafia. I saw that headline and i was like yes uh, so greg schwartz welcome man thanks for being with me on facebook, yeah, it's a pleasure to be here, mafia.

I don't know you saw the same article and i was like there's greg, there's spence right, there's nick and i'm like zillow mafia, which is kind of a a paypal mafia thing now greg. I know immediately, some people will hear zillow and they have a negative connotation. Oh, my god, what does that mean so give people some context? You were there for a long time. When did you leave and then let's talk about tomo yeah, i left about a year and a half ago previous thing that some of you may have noticed the pandemic, because i had been with many of you over the last 13 years, traveling 50 days 50 weeks.

A year pardon me and i wanted to ski, and so we have a little cabin or had a little cabin up in canada and whistler. You know this. We've talked a bit lots about this. I'm gon na go and ski the elusive hundred day ski season and, of course, uh uh life is about uh plans being dashed and then recovering from those plans quickly, which is what you're just talking about taking risk.

And so i made it 14 days in our ski season and covet hit and they closed the mountain, and i was trapped in my basement dreaming about what to fix next, and here we are a year and a half later. It's so interesting that you say what to fix next and that's a question that everybody should write down. One of my heroes, who i wish greg you could have met. His name was mike vance and he he was basically uh walt disney's right-hand man.

He launched orlando. He created so many of the magical things that we know from the past of disney um after walt passed. He left and worked for this young kid as a consultant for a startup, because a guy named mike marcola wrote a check for a company called apple and said this. Kid wants to be the steve jobs of the tech world and he spent a lot of time with with steve pretty much throughout both of their entire lives, but had a massive impact on him early on, and the question was always like.

What do we want to fix right? What do we want to fix so so today, my friends greg is committed with his team to fix the mortgage industry and for all my clients watching uh. We are proud that we announced a partnership with tomo, which means the generated clients that they are generating are going to tom ferry coaching members, so we'll get into like the. How and the details of what you have to do. But i'm super pumped about that.

But greg, maybe that's a little too premature. You said what do i want to fix next so for the person that maybe hasn't read some of the press releases? How would you explain tomo like? Are you a mortgage company? Are you a referral company? What is this company about? You know mortgage referral, brokerage title right. All these things are tags uh. You know, i think, about fixing things i think of being of service or value and if you're of service - and you do it in an important category, you can be very, very successful.

So we're in service of buyers want to help buyers, have a less stressful, more enjoyable, real estate transaction uh, we're not a home builder right. So we're not building houses. We don't have any hammers around here, so i can't create more housing stock but gosh in a whole in a whole bunch of areas uh. We believe we can uh take some of the stressors out and and we're starting with the mortgage process like, like you pointed out.

The purchase mortgage process in particular the mortgage is, is what we call front office and it should be back office. We shouldn't have to think about it. We all have the same u.s currency as the lender right, it's it's bits and bytes. No one shows up with a bag, a coin.

That's in a different bag. It's literally transferred. We don't touch it, we don't feel it typically. Yet it is where most of the drama in the real estate transaction occurs from.

It is not real estate agents, sure there are amazing agents and just good agents or fair agents. Some of that stuff emerges from there sometimes, but you and i both know it's normally about a lousy appraisal that leads to a late decision in a poorly communicated. Large bank. Large lender is acting like the dmv and that's this thing i keep hearing from customers.

That's a that's a that's a dig in a very profitable, very large industry, you're, saying that the mortgage industry is operating like the dmv for all my friends that are in the us, the last time you're at the dmv. How was that experience? You think it's that bad greg well i'll, broaden it. Let's not say the mortgage industry, you know, one breaststroke is a dangerous thing, they're a bunch of great operators, but you know you walk into a big bank who have half the market share of purchase mortgages and you've got some fine human beings that, when i look At those folks that branch they look like they're captive in there looks like they'd like to escape, they look like they have low energy and they look like they have very little control over the outcome of the transaction or the quality of it. Because they're going to be working with an underwriter or a processor or a closer that they've never met before that might be in a different city or a different country, or a different state in a pool of rotation and not anonymity does not drive high quality real Estate transactions and we want to fix that so the paypal of mortgage.

What does that mean? Yep, okay, you know you're always finely dressed. Have you ever have you ever bought a pair of shoes from from zappos sure? Do you know what payment processor they use? I'm guessing paypal based on the question. No, you probably don't know by your answer right right. I have no idea because you, because you don't have to know too yeah yeah, you put your credit card in and it shows up.

Do you know what what shipping service they use? No, no! I do do you know the head of the shipping team's name, no yeah uh as paypal is to e-com. It allows us to fall in love with the things we want to purchase and add to our lives. It's a really important enabling platform that is massively valuable and it's freed more transactions to occur and it's reduced. The anxiety for me certainly about putting my credit card on the internet.

The mortgage ought to be an enabling platform or technology or capability that allows us to fall in love with a home figure out. What we can afford ensure we're capable of repaying the debt we've taken on and it ought to get out of the way and get in the back and uh. We think the outcome of improving the transaction is bringing greater technology in greater uh uh people uh both trained local loan officers, partnered with world-class realtors uh on a better platform. Um, that's more consistent and more predictable and not bespoke.

I feel like the mortgage. Business is like buying a bespoke jacket, this isn't bespoke, but maybe it looks like it. It's not custom, it's not bought it off the rack um getting a mortgage feels like you're custom sewing the stitching every single time. It doesn't need to be and we're gon na change it.

So there we go we're gon na, be the no drama uh mortgage partner of the industry and my my rally to the team is: we want to be the partner of choice to the real estate community. That's a strong statement, so you know i would. I would immediately shift to the tens of thousands of conversations i've had with uh mortgage companies that have said we want to work with. You know world-class agents, tom, like your agents, what's important to them and i'll say things like communication clothes on time like it's just like like it almost feels like the value prop, is so common sense, uh, and yet we know a lot of that.

I'm not you know, i'm not dissing all the other mortgage companies because you're right there's a lot of world-class operators out there um. But if you know for all my friends on facebook right now, like you know, are you are you getting the communication you want? Are you getting the close on time? Guarantees you want. Are you getting the promises fulfilled? I think that's like the fundamental challenge, and i know why and let's, let's just call for what it is. They have made so much money doing refi's that purchase right agents and individual buyers have become lesser of a priority.

So what's the future of tomo, you guys just going to be another refi shop, because you clearly greg schwartz. You know how to do digital marketing that we do that we do. We produced a few leads at the last company right uh. So often when people doubt doubt you uh or think you're nuts, for what you're not doing you're, probably doing the right thing.

So it's not what we do it's, what we choose not to do. I think that will make us really different. We will never do revise ever that's hundreds of my friend yeah tons of profit. There, a bunch of great consumer direct shops, made billions of dollars in this last free fly cycle, we're not gon na do it.

We don't think you can be exceptional at both these things, because you know refi is like the tides, it comes and it goes and you have little control over it and when it washes in when rates drop, it consumes the production capacity and, ultimately, the quality of Very fine lenders - and maybe it's just fine - that they take that profit, there's nothing wrong with that profit, but then they're not going to be addressing a timely low drama on time close with a well-priced well-communicated partner. And so i just don't think you can do both. Well - and i don't know if you last checked the purchase market - the purchase mortgage market we'll see where that's at on this year's 1.4 1.5 trillion dollars. Yeah, there's plenty of revenue and profit to go around.

It's a highly profitable business, but we're not trying to become what we're trying to replace and it's something. We say as a rallying cry around here. Be careful not to become be careful not to become what you're trying to replace right. And if we try to be everything to everyone and chase the obvious profit streams, we'll just become another dmv like waiting room, you're, not gon na.

Do it just not gon na do it, so we think we can be an exceptional partner to the real estate community. As the on time, the most on time always on time, yeah mortgage provider will also provide introductions to pre-qualified or pre-approved pharmacy. We don't do the pre-qualified nonsense, um pre-approved consumers to virus and we'll introduce those to a range of great agents who we think can represent those customers very very well, and these introductions well and then we'll keep on keeping on to add help and service. Wherever we can but um here it is, we won't do revise we're going to do purchases we're going to close on time every time yeah or we won't have value yeah.

I think you know for a lot of agents out there, especially those that are that are so client experience oriented that are so serve the customer at all. Costs like that message resonates because they all work with these wonderful mortgage providers, that you know that you know they've they've been battle, tested and worked with, for you know years, maybe even decades, and then they see them vanish when the refund markets hits and it's like. I don't knock any of my friends in the mortgage space like hey. If you can go from making 40 000 a month to 400 000 a month, you might want to do that.

That's your job! That's your business, but it's a strong statement to the real estate community to say: we are committed to purchase business, which means agent relationships. Let's go like that's, and let me tell you why can i tell you, can i tell you why yeah tell me yeah it's not just because i'm a lovely guy and you know i want to do good. I want to do good um and i think it's good business, i'm a capitalist. I don't think actually i'll back up the dream for this company is to build a multi-generational brand that my children and grandchildren use.

Maybe it's a little crazy and maybe it's overly ambitious, but i want this to be a multi-generational brand that we're proud of and you're proud to partner with and agents are proud to partner with in, if you're looking at that kind of a horizon, which is multiple Generations, a quarter with a bunch more profit. It doesn't matter if it's going to degrade your long-term trust with consumers with agents with partners. So that's why i think we make. We are a more valuable, more durable company.

If we do something big and large and important and become the best at it period, i love it so so i got to bring it up because a lot of people are chatting about it. You, you know, you know. I've invested in a lot of different businesses and when you see tomo raises 70 million dollars in a series a which i don't think has ever been done before is that i mean like. I think that may be the single largest series a raise.

I've ever seen. The question is why why are people so ambitious about this? Why is the market so ambitious? Why are all these investors so ambitious hearing that you're, like hey, i'm not going to do refi yeah, so not that i'm a competitive fella? But you know we like some facts, so we think it's the third largest seed round in u.s history, um according to crunch base, uh, not that we've looked at that. So we think it's the third largest ever and it is the largest in in in the real estate category ever um, and it happens for a few for a few reasons, um, many of which are larger than me or my co-founder. Carrie armstrong is brilliant um.

It's three things and a very, very savvy investor shared this. When i asked him just that question, why are you giving me your money? Are you giving me or your team my teammates, your money and he said three things: tim total addressable market, yeah, big massive opportunity. So big tam team, that the team that we brought together have had big successes on big public companies. We've built big public companies before um, some of us and there's a lot of new teammates here who have done other, very substantive things in their careers.

So tam team and and then ultimately our approach, uh the product approach, um the focus um is quite a bit more um than than even we've shared via press, but we'll build. We've launched our own loan operating system, i'm sorry our own point of sale system. So the consumer experience you shortly see us come out with our own it'll. Take some some time, but our own loan operating system and the precision that we'll bring to bear is very compelling yeah yeah, so those three things make a ton of sense.

So, let's, let's talk just directly to first of all for all my clients that are watching this, whether you're with me live - or we post this later on on one of our uh client pages um. If you want to uh get on their radar that you're interested in being a part of this experience, we've got a lot of our coaching members that were very early on this there's a gentleman there named chris lowe c-h-r-i-s-l-o-w-e, but his emails, chris l at tomo networks. Plural tomonetworks.com, so for my coaching members, email chris today and say i want the inside scoop because you guys are operating right now in two states. Is that correct? That's correct, uh, we're dallas! Well, two two states: uh in three cities live today, so dallas, houston and seattle.

Washington and you'll see us add cities reasonably quickly, um, once we can, what close on time every single time once we can bring precision we'll scale until we can bring that precision, we won't and we prove it so there's a few unique things that tie into that. Um we're guaranteeing an on time close every single time, talk about that yeah so play this out um. What is the most disruptive thing in a competitive market like this, where folks are in 15 offer situations where they're competing with all cash investors? It's if you get a day or two out of the close, you get a conditions list. That is a mile long, because no one looked at your appraisal or your title or whatever it may be, till the day or two before the close and you get a delayed close.

The market may have appreciated two or three percent in the last month and there may be backup offers can't do that. Can't do that right if your aim is to be customer-centric um, if your aim is to serve yeah, which is our purpose. So here's the play. We're going to guarantee we close on time every time as long as there's always a caveat, but the caveats are very above board and clear as long as the customer's got a fully underwritten pre-approval, which we think is a great thing which is they've.

Given us all. The documentation and they've actually gone ahead and been reviewed by an actual underwriter uh, and so we're then guaranteeing that we will underwrite that individual up to a max assuming the house praises and then we're doing some really interesting work on the appraisal. Side of the biz, because we know that's where things trip up quite a bit and we're pulling a lot of that work earlier in the process, as well as a bunch of different changes. So what you'll see us do is close and get approvals earlier than anyone else in the biz.

We think we will. I guess the average deal from kind of offer to close is 47 days-ish. We think we can beat that by 55, so we think we can do things in the low 20s consistently, not just once on an emergency but consistently so we're going to guarantee that we close every time and what's the guarantee tom, is it a free, starbucks card? If we don't close on time, no, it's not because that wouldn't be something! That's durable, that wouldn't be all about tomo. If we, if we're gon na close late, we'll just we'll buy the house we'll finance it, we won't buy it part of me.

We will finance it off of our own balance sheet, we'll still close on time and we'll just capitalize it ourselves until we get everything in order and there we go that's the best partner for the mortgage industry for the real estate industry. That's what we have to do. I agree, i agree so so greg. I know you know i can only imagine, and you and i've had multiple conversations about this starting a company from scratch, raising a bunch of money.

There's no stress involved in any of this. Is there none - and i say this because everybody out there watching deals with deals with stress so just you know side note away from tomo just for a second. What's your best advice for someone that is dealing with the stress intention of building a business, i mean you built multiple. You know billion dollar businesses now.

So what's your best advice for the person? That's watching this! This is like. Oh, it's easy for him. He's raised all this money, he doesn't know what my stress is like. You know whether it's closing a transaction or building their business.

What's your best advice for somebody that wants to remove some stress whether you're an individual practitioner or building something with 10 people, 100 people, a thousand people, it's the same thing, it's really personal right, it's a reflection of ourselves. You are not perfect. I let you off the hook. That is the single most important thing you can do to reduce stress.

Is you got to make a mistake or two or three just learn from them and don't make the same mistake over and over again don't seek perfection? Try to find ground level truth. That is the most important things you can focus on focus on those things try to be kind to your family when you're in these stressful moments, you're what matters the most and let yourself off the phone. You're not you're not going to be perfect, you're not going to get everything right, and it's that pride or that fear, sometimes in some of us that we have of making mistakes that often brings us to our to our knees, brings us to our worst moments. Let yourself free, let yourself free, be kind to yourself um and then try to have a little fun and not take yourself so seriously.

It's gon na be okay. I promise yeah said by the guy that raised 70 million dollars the most in the real estate industry. Ever ever ever and and look, but that was very sage. I appreciate that.

I know you know you know i get to ask you a lot of questions just as far a relationship, so i appreciate the insight there so greg as we wrap this up. I've told them they should reach out to chris lowe. That's c-h-r-i-s the letter, l at tomonetworks.com greg. Should they go to the website and check it out.

Would love you too. It's it's got a a fun url hellotomo.com, tomorrow.com uh and i think you'll find a crisp, easy, calm experience which you can use, which you which, which your customers can use and find um a pre-approval process. They'll get your pre-approval really in in in a few hours an hour or two and it's a real pre-approval, and if you want to get your customers underwritten, so we guarantee we will finance those folks. It takes less than a day, usually a few hours.

Three four hours, um so you'll see a modern, technically savvy approach as good as any of the e-commerce experiences in our lives. But it's backed by great people, um they're, all devoted to specific cities that are gon na get to know you they're gon na, get to know your towns and get to know the unique lending environment and they operate in a team that know their processors. They know their closers, those pros closers and processors are deployed by market only and if you want their phone numbers, um we'll certainly get you. The yellows phone numbers and you'll get to know these folks and you'll get to trust them and rely on them and we'll close on time.

For you every single time and then on every pre-approval letter you will find my email address and carrie armstrong. My co-founder's email address and we will be accessible if anything, isn't feeling right, we're there day and night, and that would be forever as well. I love it. I remember another ceo, a guy named elon musk, who did the same exact thing, and that was a bold move for a lot of people at tesla, so all right well greg.

I know i've taken a bunch of your time. I wanted to get this announcement out. There's been so much positive press on tomo, congratulations and i know from everybody in the ferry ecosystem like we are pumped, our agents are pumped our cogents are pumped we're thrilled that we get to be the exclusive source for all these wonderful buyers coming the marketplace and Then partnering with you to create a better experience for the consumer, because at the end of the day, that's what matters most fixing fixing that that broken system so congrats any closing thoughts before we wrap it up and let you go sure i haven't asked: if that's Okay, so we have over 50 jobs in austin, austin, texas, seattle, washington, of course, in stanford connecticut. If you've got software engineers in particular, if you've got great loan officers uh in one of those markets, if you've got processors and underwriters who want to be inspired, um work with really bright people get stock compensation and be part of change.

Send them our way uh. We need a few more teammates. I love it. I love it.

That's a great ass by the way for a ceo all right, so it looks like my wi-fi might have got a little wonky there, but so greg we're gon na. Let you bounce for all my friends out there watching uh. Thank you always for being a part of this community, and i look forward to you getting connected with greg and the tomo network team and we're all gon na have a lot of fun. Helping a lot more customers, greg i'll, see you soon, my friend thanks so much for taking the time you.