Jack and Jill Meet with CoreLogic Onsite (CFFL 391)
Jack and Jill Meet with CoreLogic Onsite
Jack Butala: Jack and Jill Meet with CoreLogic Onsite. Leave us your feedback for this podcast on iTunes and get the free ebook at landacademy.com, you don’t even have to read it. Thanks for listening.
Jack Butala: Jack Butala with Jill DeWitt.
Jill DeWit: HI.
Jack Butala: Welcome to our show today. In this episode Jill and I talk about how Jack and Jill, that’s us, meet with CoreLogic onsite in their office. Jill, great show today.
Jill DeWit: Uh-huh (affirmative).
Jack Butala: Before we get into it let’s first take a question posted by one of our members on landacademy.com online community. It’s free.
Jill DeWit: Okay. Cool. Jeff wrote in and asked, when selling on terms like a land contract do you make the buyer sign a waiver to release you of any liability or do you hold insurance on it and pass the cost over to them? Just trying to avoid any personal injury claim if you [inaudible 00:00:38] while they are paying it off. It’s a really good technical question.
Jack Butala: Great question Jeff.
Jill DeWit: Yeah.
Jack Butala: Haven’t, we haven’t talked about insurance in quite some time. So, it’s all personal preference but I can tell you what we do. We have a general liability policy like, say, that any business owner would have and it’s not, and the levels of are pretty high. Like, we carry a lot of insurance but it’s not specific to the type of business we’re in, and for the record you, they have equitable title of the property. They own it. They do own the property, if you’re using the type of contract that we use they, there’s just a lien on it. It’s just like a house. You own your house but the bank has a lien on it.
Jill DeWit: Right.
Jack Butala: You’re acting as the bank. So …
Jill DeWit: Could you imagine if you had, I’m just thinking about that. That’s a good point. Thank you Jack. That’s a great way to explain it. If I slipped in my pool while I’m paying off my home and I …
Jack Butala: Sued the bank.
Jill DeWit: Sued the bank. That would be awesome.
Jack Butala: Yeah. That’s exactly how it would work.
Jill DeWit: I would love to see how that would work. It’s your fault I didn’t pay it off. The diving board broke.
Jack Butala: I think we all know how fast that lawsuit would get squashed.
Jill DeWit: Oh, my gosh that would be hilarious.
Jack Butala: So, in the beginning I was real concerned about liability too and somebody explained it to me exactly how Jill just did. She, it’s just a lien situation so you’re in good shape. I’ll tell you, maybe, the theoretical risk that’s out there is that you own all these pieces of property. I mean, someone could get hurt on one of them in the, during the process of selling it, when you’re selling it. So, you know, I stopped worrying about that I don’t know, in 1999 probably.
Jill DeWit: Exactly.
Jack Butala: It’s the theory, you know. You know what I’m saying, right Jill?
Jill DeWit: That’s a tough one. It’s like I walk on a used car lot and I fall down. I mean, that could happen but …
Jack Butala: It could happen. All kinds of stuff could happen and most insurance, well, Jill and I had a good rant together this weekend about insurance.
Jill DeWit: Which part?
Jack Butala: The part where you blew your top in the pharmacy.
Jill DeWit: Oh, I did. Oh, my gosh. I stood there and I told the pharmacist to give me the phone. Let me talk to them.
Jack Butala: That’s [inaudible 00:02:37] number one. About, what’s a quarter? Maybe it’s probably, one time, about three times a year Jill blows her top in public.
Jill DeWit: Uh-huh (affirmative).
Jack Butala: It’s like, and it’s all mom driven stuff and so, Jill went and got, Jill got kicked, involuntarily kicked out of her life, her health insurance policy.
Jill DeWit: Yeah, they stopped him in the county. Yeah, like what the heck.
Jack Butala: So, she went and got another one with a, in a huff and then they give her the wrong starting date and then they sent her an email that said we’re sorry. On your card the starting date says this but it’s really in effect, retroactive.
Jill DeWit: Right.
Jack Butala: The pharmacy didn’t have that update from an IT standpoint and so it was a mess.
Jill DeWit: It was a mess.
Jack Butala: It wasn’t your fault.
Jill DeWit: It wasn’t my fault.
Jack Butala: It wasn’t really anyone’s fault except the IT person didn’t update it.
Jill DeWit: Exactly.
Jack Butala: It was Sunday.
Jill DeWit: Super Bowl Sunday. So, nobody’s working.
Jack Butala: So, no one’s working.
Jill DeWit: Talk about, yeah, if you haven’t figures this out if you call, if you call a business on a weekend and they answer the phone you better believe you’re getting the B team and if you call on Super Bowl Sunday you’re getting about the D team.
Jack Butala: I like, this is …
Jill DeWit: So, we had the D team. They just were filling in because no one else would show up.
Jack Butala: Long story short, we worked it out but she, you know, we got back in the car and she’s like, man I’m sorry. Did I embarrass you?
Jill DeWit: I felt bad.
Jack Butala: I said, are you kidding me? I live for this stuff.
Jill DeWit: I know.
Jack Butala: I stood there right next to you. I would’ve gotten into it just for fun, just for sport, for practice.
Jill DeWit: It’s like, I keep getting mad.
Jack Butala: This little beach community we live in, no one was upset about anything.
Jill DeWit: I wasn’t feeling good and I just needed my drugs. Come on. Like, what’s up?
Jack Butala: If you have a question or you want to be on the show reach out to either one of us on landacademy.com. Today’s topic, Jill and I got meet with CoreLogic onsite.
Jill DeWit: We did.
Jack Butala: Why did we meet with them, because somebody told me in our office that we are downloading about 400 thousand records a month now as a group.
Jill DeWit: Yeah we were billed, is that what the math works out backwards?
Jack Butala: Yeah.
Jill DeWit: All I saw was this, you know, we get, it’s getting, it pushes 20 thousand dollars is what we built and that’s just the data …
Jack Butala: That’s our costs.
Jill DeWit: Of what our people …
Jack Butala: That’s just the data. Imagine what the printing is.
Jill DeWit: I know. That’s true, of what our group is putting out and it’s not, and I know it’s growing. I mean, I know a lot, I talked to a lot of people that, because that was January’s number.
Jack Butala: That’s got to be a hundred grand.
Jill DeWit: A lot of people that were like, okay, because we just got this, the new printer set up so it’s even cheaper. So, they haven’t quite pulled the button yet, or pushed the button yet. So, I know February’s going to be even better.
Jack Butala: Right. So, the data is like, is one fifth of the printing costs. So, at, you said at 20, that’s a hundred thousand bucks.
Jill DeWit: That’s awesome.
Jack Butala: Assuming we’re printing every single …
Jill DeWit: Record.
Jack Butala: Record that’s done.
Jill DeWit: Which we’re not.
Jack Butala: Which we’re not. So, it’s probably closer to 80 but it’s still a ton of money.
Jill DeWit: It is, and then it’s, here was what I fell over with too since we’re talking numbers right now. When we met with CoreLogic and they found out, I didn’t even know this. What we charge our team, our group, is so under what the industry does …
Jack Butala: Right.
Jill DeWit: The few, most of the, there’s not many clients out there that are like us. I don’t think there’s anybody like us.
Jack Butala: That’s why they met with us.
Jill DeWit: Exactly, because what we’re doing is so different. Exactly.
Jack Butala: I’ve never met with the top CoreLogic people. I’ve only ever met with RealQuest people.
Jill DeWit: Yeah, it was really cool. They’re in the building with Amazon.
Jack Butala: Yeah.
Jill DeWit: It was so cool. Anyway. They’re like, what, they take up four floors in that, whatever building and that’s not even their main, I mean they have other buildings. It’s insane what they have. Anyway, what I thought was so interesting is, the other users who tap into the data like we do are charging like 30 to 80 cents a record …
Jack Butala: A record.
Jill DeWit: Downloaded and our is like ten.
Jack Butala: Yeah.
Jill DeWit: That, I’m like wow.
Jack Butala: Exactly. We’ll, it’s a little less than ten but you know, we’re passing it on is our point.
Jill DeWit: I just used it as a …
Jack Butala: Yeah, we’re throwing those numbers around here a lot.
Jill DeWit: Exactly.
Jack Butala: It’s, well, I said it on a call a couple of weeks ago, there’s no cheaper place to get real, access to RealQuest than our membership.
Jill DeWit: It’s no better data.
Jack Butala: No, it’s the exact same.
Jill DeWit: I mean, it’s not going to get any better. No, I mean there’s nothing better.
Jack Butala: Oh, there’s no better data than that?
Jill DeWit: Even going straight to the county, you know, this saves you so much time and money and the formatting. We’ve covered that many times. It’s, there’s nothing better.
Jack Butala: Yeah. I mean the truth, the real truth is if you go to Land Pin listener, go to Land Pin because where, that’s where we sell and all of our members sell their property. It’s one of the places online.
Jill DeWit: Uh-huh (affirmative).
Jack Butala: There’s the proof right there.
Jill DeWit: Exactly. Gee, how did they find it and buy it so cheap? This is how. There you go. How are they selling it so cheap? This is how and I’ll tell you, yeah, there’s a profit in there, so do the math.
Jack Butala: So, we set down and we set down with one of the lead …
Jill DeWit: He’d been there 15 years.
Jack Butala: Yeah. The lead account rep, who we were just assigned to because of this meeting, and he had an underling with him, guy that was learning, so and this guy’s jaw was on the table, the conference room table the whole time.
Jill DeWit: It was.
Jack Butala: Like, oh my gosh, what?
Jill DeWit: What are you guys doing?
Jack Butala: He’s like, how do you buy real estate? You know? You know, that’s what I learned about CoreLogic actually. It’s good for the listener to know this. They’re a data company but they don’t, real estate’s not their core thing.
Jill DeWit: Isn’t that funny? Insurance.
Jack Butala: It’s insurance and …
Jill DeWit: Title companies.
Jack Butala: Petrol.
Jill DeWit: Right.
Jack Butala: They used to be First American Title and I don’t know who started who. Do you know?
Jill DeWit: Right.
Jack Butala: I don’t know if First American started CoreLogic or visa-versa.
Jill DeWit: I think First American started CoreLogic.
Jack Butala: I think so too.
Jill DeWit: They needed the accurate data and then they split off because it’s, let’s be honest, it’s a profit.
Jack Butala: Exactly. Well, yeah, I mean, well, yeah, exactly.
Jill DeWit: Now, CoreLogic can bill.
Jack Butala: They’re a publicly traded company and I think they went public at the same time but I’m not sure. I should check that stuff out.
Jill DeWit: Exactly.
Jack Butala: Anyway, there’s you know, I’m going to talk about it tomorrow but there’s some products that we’re going to release based on the relationship that we have, CoreLogic has a tremendous amount of, the depth, I mean, they CoreLogic, their data is the data that feeds Trulia, [inaudible 00:08:42] and Trulia and that’s when my jaw hit the …
Jill DeWit: Right.
Jack Butala: I mean, if it’s good, think about that.
Jill DeWit: Exactly.
Jack Butala: Then, they’ve got a spacial mapping, I’ve got a conference call tomorrow with the mapping department. So, we’re going to get the core points on a 145 million properties, which is 99.2% of the properties in the country. So, there’s no more, there will be no more issues with trying to find a property. You’ll be able to literally just go in, like, think of Google and their, think of Google, what like website that Google has. You input some stuff and you get immediate answer. That’s how, we’re building a site right now where you input the state, the county, and the APN or and if you buy houses, the address, and it takes you to the property. Period.
Jill DeWit: Hey, since we’re, since this is kind of a technical show I think people listen to this show today that if you’re listening, and you know who CoreLogic is this will appeal to you. So, I want to rattle off some of the fact that I wrote down from the meeting.
Jack Butala: Awesome.
Jill DeWit: They now have, so the guy we met with he’s awesome, his name is Austin. He’s been there 15 years. They now have about 5,000 employees and I’m sure when he came on it was like, I don’t even think it was a hundred.
Jack Butala: Actually I think it was like 30 or something.
Jill DeWit: Yeah, so it was really small and they now have 5,000 employees nationwide and they’re branching out into Australia a little bit. Ne Zealand even.
Jack Butala: Yeah. Both of those. There’s one in Australia are their, is their next target.
Jill DeWit: It’s just amazing.
Jack Butala: It will be our next target.
Jill DeWit: Yeah. Well, i wanted to talk about some of the products and I know people, because people, I see this especially in bigger pockets all the time. Even this weekend, there’s a lot of people talking about, I saw Agent PRO and ListSource and stuff, so I wanted to cover these things.
Jack Butala: Well, good.
Jill DeWit: So, one of the things about ListSource and why it’s not as good, you can’t do single property reports and things like that, that, you can’t zero in on everything. It’s pretty much standardized lists on there. Which, it may or may not be what you’re looking for.
Jack Butala: Well, it’s houses only. It’s, well I’m not, I shouldn’t say that.
Jill DeWit: I don’t know about that, but you can’t do a single property search. You can only get a list.
Jack Butala: ListSource is for properties that in foreclosure and to be in foreclosure you have to have a mortgage.
Jill DeWit: Right.
Jack Butala: So, innately land does not fall into that but that being said we are adding ListSource soon to our …
Jill DeWit: You can’t do a single, per search.
Jack Butala: It’s not for land. It’s for house flipping.
Jill DeWit: Right. So, yeah.
Jack Butala: ListSource is for house flipping.
Jill DeWit: Right.
Jack Butala: We get that question probably once a day.
Jill DeWit: They talked about, we talked about RealList which is really only designed for MLS integration. I thought that was interesting.
Jack Butala: Uh-huh (affirmative).
Jill DeWit: They said it’s the same functionality as public record access.
Jack Butala: We’re going to talk about this tomorrow a little bit but we’re adding every single one of these CoreLogic products to a, the membership, Land Academy membership this year and probably pretty soon, we’re, very soon.
Jill DeWit: Yeah. 40 …
Jack Butala: If you want to see a comprehensive list …
Jill DeWit: Oh, and UK. Australia, New Zealand, and UK. That’s where they’re growing.
Jack Butala: You can go look at landacademy.com, in the membership section there’s a comprehensive list of all the products. Not just CoreLogic products but all the products that we will be adding.
Jill DeWit: Uh-huh (affirmative). I saw just a few of my notes. I just thought that was so interesting.
Jack Butala: Yeah, I used to, I wanted to do this show, a quick show on it because I’m just absolutely amazed at the quality from start to finish that CoreLogic provides and then, you know, it costs half. If you join RealQuest PRO through us it’s half priced and they know that and they love that because they don’t have to deal with the end user customers. They, We do.
Jill DeWit: Exactly.
Jack Butala: So, we just pay a set fee and it works out great. It works out great for everybody. If you’re, Jill have you heard anybody on our end, any member of our group that hasn’t been satisfied with that experience?
Jill DeWit: Uh-uh (negative).
Jack Butala: I haven’t either.
Jill DeWit: No. Everybody, I mean, the quality of the data is what is, is really what the key and that’s what we’re here for and the way, and being able to work with the data and then go ahead and get, you can get documents and all that good stuff. You can do all your due diligence right within there too.
Jack Butala: Right.
Jill DeWit: That’s why, you know, we have looked at all around and all the other products out there and yeah, sure we offer, we offer The Black Knight, Agent Pro which is our version. We do the Title Pro because it’s better, because that’s all we do. If we’re going to do it we’re going to do it right, man. We’re going to get the mack daddy of everything. So, and we have that too but you can’t just compete with the state [crosstalk 00:13:19].
Jack Butala: Well, we have both. We have Title Pro 24/7 as part of the membership.
Jill DeWit: That’s what I said.
Jack Butala: We do that intentionally.
Jill DeWit: Yeah, so you can do both. So, I love the user friendly I think one, was the only difference I think was when you go into Title Pro and get GPS coordinates really fast. It’s just a little more user friendly and all that good stuff but what I’m more excited about Jack, I don’t know if you want to talk about this is but what you and I walked away with this is how you are forming a team to really create our own product and just make it that much more, it’s going to be user friendly coming from us. Does that make sense?
Jack Butala: Yeah, so here’s the truth about RealQuest Pro and admittedly, you know, they admit this. It looks like 1989 in there.
Jill DeWit: It does and they know it. It’s not their focus.
Jack Butala: So, we’re, we are taking massive steps. We have a now full time IT staff taking steps to get into the back end data for 90, 89.2% of the assessor’s databases in the country, get the back end data and provide a user experience that’s entirely awesome. Like, let’s, you’d be able to radio button click on who and where you want to send property, send mail to.
Jill DeWit: Right.
Jack Butala: Send offers to and then click the button and it’s going to go straight to the printer.
Jill DeWit: It’s going to be awesome.
Jack Butala: The process for those, that’s one of the reasons we’re capping membership because a bejillon people don’t need, it’s, we’re going to make it a lot easier and the whole world doesn’t need to know about that.
Jill DeWit: That’s correct. I like that. Exactly. Oh, I’m so excited. Hey, I just want to pause. I don’t know if our listeners can tell right now but, so it’s Monday morning after the Super Bowl, we’re sitting here and it’s, Southern California and we’re getting pounded again. So, I cannot wait to see, it’s so interesting, rain at the beach and I can’t wait to see the news tonight. I’m a little worried because we keep getting slammed. Like, mudslide slammed, and closure slammed, and flooding slammed and I’m supposed to fly to New York tomorrow, weather slammed. It’s going to be good.
Jack Butala: We just got all new podcast equipment which allows us to do this not in the studio any longer.
Jill DeWit: Uh-huh (affirmative).
Jack Butala: You know, it’s totally mobile.
Jill DeWit: We have the Fox News headsets.
Jack Butala: We have the same headsets that the NFL uses, on the exact same brand.
Jill DeWit: Yep.
Jack Butala: So, we will, it will take us, it’ll allow us to get out of the studio and I’ll post a, we were going to do it today on a, on one of the beach piers here in Los Angeles but it’s raining. So, I will post, for each one of our shows I will post the GPS coordinates so you can …
Jill DeWit: See where we were?
Jack Butala: See where we are or where or however it ends up working.
Jill DeWit: We don’t anybody to just jump in their car and drive and find us though.
Jack Butala: Oh my God. I never thought of that.
Jill DeWit: Yeah. It’s all good. It’s not live. It’s funny. All right. Cool.
Jack Butala: Join us in another episode where Jack and Jill discuss how to use information, that’s me.
Jill DeWit: Information, that’s me.
Jack Butala: Just about anything you want.
Jill DeWit: We use it everyday to buy property for half of what it’s worth and sell it immediately.
Jack Butala: You are not alone in your real estate ambition. I am so damn excited about these, this equipment.
Jill DeWit: I know.
Jack Butala: I mean, this is like my Christmas.
Jill DeWit: I know. It was fun yesterday. I’m looking like, hey lookit, that’s the same headset we have on, Troy Aikman.
Jack Butala: I know.
Jill DeWit: Hey, that’s cool.
Jack Butala: I just, it takes a lot of problems out of this for us.
Jill DeWit: We can go mobile. I’m excited to do that. It’s like, because we did that, did we only do that one show years ago at that restaurant in Scottsdale?
Jack Butala: Yeah, and you know that was long before. I don’t even know if that even made it, aired. You know what, It did air.
Jill DeWit: I think it aired, because I think people really liked it.
Jack Butala: It was totally under produced.
Jill DeWit: What was it, you put it on YouTube because it had like videos of the restaurant. So it was 1888. It was hilarious. So, yeah [crosstalk 00:17:14].
Jack Butala: Information and inspiration to buy undervalued property.
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