The Spiro Podcast: Managing your Real Estate Photography & Videography Business

The Legalities of Business

What does it take to legally start your real estate media business? What are the various business structures to consider? S-Corp? LLC? Sole Proprietorship? What's the correct one to use? What about whether you hire employees, or bring on contractors to shoot photos and video for you? Catch this episode to get started on the legalities of starting your business, and what you need to consider!
Show Summary:
0:00-1:00 Sneak Peek
1:01-2:45 Intro
2:46-12:25 How to legally set up a business
This podcast is not official legal advice; we recommend you find an attorney for official legal help
There are three main business types: sole proprietor
Sole proprietor: an individual who functions as a business; you can file taxes and report business income and expenses
It’s the simplest to set up; in many states, you can do this online
LLC: becoming an LLC separates your business from your personal self
If you set a house on fire as a sole proprietor, the insurance company can come after you personally, including everything you personally own (your car, house, possessions, and financial assets); if you are an LLC, the insurance company can come after whatever your business owns (usually just equipment)
S Corp: You as the owner pay yourself a salary and treat yourself as an employee
This helps with tax savings (you will want to discuss this with your accountant)
Depend on high-level people, such as a good accountant, to know what your business needs
The owner of an LLC or sole proprietor generally gets paid through a disbursement or draw
12:26-18:09 The legalities of hiring: 1099 or W-2?
You have control over a W-2 employee; you do not have control over a 1099 contractor
Most states put out a list of characteristics of each
A simple way to determine: you set an employee’s hours, while a contractor works when there is a job (you are a contractor to real estate agents)
An employee has tax deductions from their paycheck, while a contractor takes care of their own taxes
An employee may have paid time off, while a contractor does not
18:10-24:39 How do you legally end a business relationship?
For W-2 employees, Ohio is an at-will state, which means that termination can be at any point for any reason (although you can not discriminate for reasons outside their control)
Todd always calls his attorney before terminating an employee; they can help with the verbiage
Be honest with the employee/contractor; tell them what they did well and the direct reason why you are terminating them (you are not obligated to tell them why, but they are human)
Never surprise an employee with termination; if they are surprised, evaluate how you led because you need to communicate with them how they are doing
Employees want to know if you are unhappy with their work; use the conversation as a training moment and look for the positive
24:40-31:46 It’s okay if this intimidates you; find an expert who can help you through the process.
 
UPDATE: Tasks and to-dos in Spiro have launched!
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
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You can find out more about Spiro at spiro.media.

The Benefits of Using Spiro

Spiro listener/viewer Justin wrote in to ask us to talk about the benefits of using Spiro software in his real estate media business. Todd and Craig talk about Spiro in depth. To find out more about the software, you can visit: http://spiro.media - thank you to Justin for the question!
Show Summary:
0:00-0:49 Sneak peek
0:50-4:17 Intro
4:18-11:36 How can Spiro be used for scheduling?
Wow historically has done Manual Scheduling (the Wow team schedules the appointment)
Wow just switched to Automatic Scheduling (the client gets to choose the appointment date and time)
Spiro offers all kinds of variables, including photographer skills, service areas, listing size, and listing price that allow Spiro to intelligently schedule
This allows you to spend more time accomplishing your goals
11:37-28:37 How does Spiro handle brokerage deals differently than other softwares?
One broker wanted consistent marketing and wanted to make it easy for his team and staff; it was also important to him as a marketing and recruitment tool
Brokers want to grow market share, and this is done by getting more agents or getting more listings
A simple media marketing plan is the cornerstone of agent recruitment
Ask for a distribution of listings
It’s easier to sell ten thousand things to ten people than ten things to one thousand people
To create a brokerage deal, you can set company pay (what the company pays), agent pay (what the agent pays), and display price (what price the agent sees)
You can build in an upcharge that allows the broker to make money from providing your products to their agents
Sometimes the broker will pay the cost upfront since the agent gets paid when the house closes
Spiro sends an invoice email for the broker with a spreadsheet of the agent and what the agent owes
28:38-36:28 Other benefits of using Spiro
Custom order pages for clients or companies make them feel special
Selling in bundles helps you sell more (start with a photos and video package) and create a luxury bundle- some people just want the top product
Bundles make it easy; agents want to be able to press one button and get a lot of things
Spiro has upsell opportunities
Easy to pay photographers based on multiple variables, including where they shoot, how much they shoot, or how long they have been working for you
Editor tasks for each service can be assigned to each Spiro user (or multiple users) that they can access through an editor portal, separate from your admin portal
Spiro has been built out of necessity
36:27-40:16 Spiro costs you $5 per job
 
Thanks to Justin Boswell for asking this question!
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook:  https://www.facebook.com/spiro.media
Spiro on Instagram:  @spiro.media
Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.

When to Throw in the Towel

It's a tough market out there. Few listings. A saturated market with more real estate media companies than ever. Fierce competition. Sales are slow. Is it time to throw in the towel? Do you give up on the dream? Todd and discuss the realities of what we may be facing, and how to handle the decision on whether to continue in the real estate media/marketing business or not.
Episode Resources mentioned:
Cheviron Coaching: https://chevironcoaching.com/
Truth @ Work: http://truthatwork.org
Show Summary Notes:
0:00-0:29 Sneak Peek
0:30-3:18 Intro 
3:19-8:03 How to handle the question of when to throw in the towel
It’s impossible to control the market
It’s happened before (2006-2012)
The only thing you can control is the messaging you take in and the soundtrack you play in your mind (Todd has been reading Soundtracks by Jon Acuff)
Start by changing your soundtrack
8:04-17:27 
You’ve hit a plateau; that’s normal
As you grow, it’s harder to grow at large rates
Are you focused on growth?
What do you want to become? Take a blank piece of paper and start writing your answer.
Revisit why you started- reconnect to the excitement about what the company could be
Craig’s story of starting his business
Excitement and nervousness at the beginning are normal- revisit the “dating period” of your business
You will be in the same place in a year if you don’t change
The pain of staying the same is worse than the pain of change
17:28-33:02 Action steps (many taken from coach Austin Cheviron)
Change your soundtrack
Bet on yourself- get excited about why you started and what you’re going to do in 2023
Step 1: Evaluate whether your people feed your negative thoughts; surround yourself with people who want to see you succeed and who are betting on themselves
Who do you need to be around less, and who do you need to be around more?
Step 2: Upgrade your systems and skills
What was a pain point this year?
Documenting processes and procedures may be helpful
Step 3: Get a guide
Who is going to guide you? Find a Mr. Miyagi
Coaching costs about $200-$600/hour; stop spending money on bad habits and reallocate money that can be better spent by investing in yourself
Email Todd (hello@spiro.media) with questions and learn from his mistakes
Step 4: Invest in yourself
Read, listen to podcasts, go to events
“You can’t give what you don’t have”- if you’re not pouring into yourself, you can’t pour out into your company and employees
Buying a $20 book = stealing a lifetime of information from that author
Exercise- a lack of activity lowers good brain chemicals and aids depression and anxiety
Are you eating clean food? Don’t buy it and you won’t eat it
Poor health will inhibit your abilities
You may need to go get another job to supplement your income; just don’t give up. You started your business for a reason.
“If it was easy, everyone would do it.” Give yourself credit for taking a leap of faith and doing something hard.
Craig recommends Truth at Work
Don’t beat yourself up. Keep moving forward.
33:03-35:59 Conclusion
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook:  https://www.facebook.com/spiro.media
Spiro on Instagram:  @spiro.media
Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.

Owner Spotlight Series - Joseph Gonzalez & Miami Real Estate Images

We love highlighting owners of successful real estate media businesses around the country, and this week is no exception.  Todd and Craig talk with Joseph Gonzalez, owner of Miami Real Estate Images, and hear his story of how he started and built his business.  Joseph is a first generation American, and you won't want to miss what he shares!

2023 PMRE Conference & Why You Should Be There

Brandon Cooper, owner and organizer of the PMRE (Photo and Media for Real Estate) Conference joins Todd & Craig on the podcast to talk about what the PMRE Conference is, what to expect in 2023 (but they can't give it ALL away), and the benefit of going to YOUR real estate media business.
To learn more about the conference, check out: http://pmreconference.com
Show Summary:
0:00-0:48 Sneak Peek
0:49-0:56 Intro 
0:57-9:28 Intro to Brandon Cooper
9:29-19:47 History of PMRE
2016: Reached out to photography coach about creating workshops
Overarching theme of feedback: amazing to learn and meet other like-minded people, share best practices without getting back-stabbed by competitors
Decided to scale workshop to once-a-year event for people from anywhere
2017: Learned about PFRE 
2018: Bought blog 
2019: Used blog to ask if there was a demand, did audience research
Chose Las Vegas because it is easy to get to from basically anywhere in the world
If it had failed, Brandon would have been bankrupt
First event: 300 people from 12 different countries
2020: Virtual; 530 people from 23 different countries
Event was designed for in-person connection
Community rallied behind PMRE
2021: Returned to Vegas
2023: Registration opens in May for 5th annual conference
The “why” was clear
19:48-28:38 What made the “why” worth it?
Seeking purpose in everyday work over living for the weekend
Emerging niche; really nowhere to get support or learn new things
Fostered relationships online for years; conference means meeting the community in person
Easy to feel like an island in your market
A need for a place to gather
It didn’t matter where everyone was from or how much experience they had
Todd and Craig: “Like a big therapy session”
Created with the intention of plenty of opportunity for people to bump into each other
A chance to take a break from working in the business and take a moment to work on the business
You can learn many skills, such as Photoshop, at home, but you can not run into people with experience at home
28:39-32:15 How does PMRE help photographers with business knowledge?
You can bump into people who were where you are a few years ago
They might share one thing that can change your business and save you trial and error
Come to the conference to meet people with experience and to build relationships
32:16-45:44 Information about PMRE 2023
November 8-9
Returning to South Point (venue)
If you know a good venue with capacity for 500-600 people, Brandon is looking for suggestions!
Planning to do workshops on November 6-7
Many workshops will be once-in-a-lifetime experiences
Registration opens in May
The roster will not be launched immediately to allow for the best presentations
Fifth anniversary; will be special
Pre-registration get-together 
Working on other ideas
Opportunities for networking
Learn more about PMRE at pmreconference.com 
Pre-registration tickets sold out within an hour last year; get on the list!
Can nominate a speaker or apply to speak, sponsor, or host a workshop
For those who are new: Click the button at the top banner to see what PMRE was last year
Worth the investment
Contact Brandon through the website, email info@pmreconference.com, or call/text Brandon at 587-645-7427
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook:  https://www.facebook.com/spiro.media
Spiro on Instagram:  @spiro.media
Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.

Brokerage Deals - A Deeper Dive

The Spiro Podcast started with an episode about Brokerage deals (find it here: https://youtu.be/5NWcfnWkjvE ) - we wanted to revisit the topic and dive a bit deeper to help you land brokerage deals and grow your business in 2023. Join Todd & Craig as they discuss landing those deals, and being able to get them set up in your Spiro portal!
 
0:00-1:02 Sneak Peek
1:03-4:08 Intro
4:09-11:20 How the brokerage deal began (for Wow Video Tours) 
Todd’s initial idea: a monthly plan for his largest clients
The broker liked it and gave him backing by selling it to her agents
Selling from the top down- speaking the broker’s language and selling what they want, partnering with them
Not many brokers will guarantee you a number of listings per year because their agents are subcontractors; a broker can not tell their agents what to do unless they pay for it
Most brokers do not pay the entire bill because it is the agents’ responsibility to market their listing
Instead of looking for a guarantee, make the brokerage responsible for fronting the bill
11:21-17:25 Agent and Company Pay
Spiro allows you to split payment between companies and agents
Suggestion: Don’t sell photos only; start at photos and video
Put the products into a bundle on an order page just for that brokerage
Put in your custom pricing for that deal
Discounting is up to you; a frequent user will like a discount, however, it can be worth it to make brokerages feel good about using you
Custom pricing and order page can help your image as a high-end company
Company pricing means you know you will get paid 
You can also ask them to write a check so you can avoid merchant fees
When the company agrees to front the bill, you can invoice the company, get paid, and the broker and agent work out repayment on their own terms
Broker bill: The agent’s tab with the company (office fees, commissions, etc.)
Most brokers don’t mind fronting the money because they see the value of having their agents use you
Agents will be able to pay the broker bill after closing
17:26-20:17 Companies can make money from your deal by adding an upcharge for their agents
Use the Advanced toggle in the Bundle setup window
Put Agent Pay as $0, Company Pay as the bundle price, and Display price as the bundle price + the upcharge
Agent will see the upcharged price and know what they will have to pay the company (Company receives display price, has already paid you the bundle price, and profits the upcharge amount)
If the broker does not want their agents to know what they pay, put $0 as the display price to hide what the broker pays
Contact us for help
20:18-28:38 How do I approach a broker?
You usually will not be in touch with the broker directly
Todd’s strategy: get in with many of their agents, especially top agents, and make their agents happy
Brokers want to work with vendors who make their agents happy
Suggest to agents- “Wouldn’t it be great if…” - often they will agree
Ask for a warm introduction or an appointment with them and the broker
Once you have the meeting: research them and their metrics- number of agents, offices
You want to show your desire to partner with them
Bring up what you know and show that you’ve done your research
Then talk about what is important to them: market share 
Market share: the percentage of the total volume of sales in the market that they do (if your city has 10,000 listings/year, and a company does 2,000 of those, they have a 20% market share)
You don’t have to know their market share
Can grow in market share by getting current agents to sell more or recruiting more agents
A broker is looking for tools to enable them to do those two things so they can grow in market share
Get soft closes and get them to say yes - ask: “Do you think that if your agents could market consistently with photos and video that your brand value/image would increase? Do you see how your agents could use these tools to be more effective at a listing presentation?”
This raises their marketing floor (their bottom level of marketing)
“What if we could put together a process to make this easy for you?” - a custom order page, an easy process for your agents to order, easy access to your media for your marketing department, easy to pay (all features in Spiro)
“Do you think having a media program like this would help you recruit more agents?” - when recruiting, the broker is trying to present tools that other brokers don’t have
A brokerage deal is both a sales tool and a recruitment tool for brokers
28:39-30:46 How formal should the contract be?
It depends on your comfort level with the broker
Contracts protect both parties; people can also get leery because they may not want to be locked in
Make sure it’s a win-win
As long as I am bringing value, keeping the agents happy, and helping the broker grow their market share, I am earning trust and showing my value to the broker
If you’re planning on writing a contract, enlist the help of an attorney
30:47-32:47 How often should I check back with the broker?
Todd likes to sit with them once a year; sometimes it may need to be less
No news is good news
Make strong connections with their office managers and try to go to their office meetings and events as often as you can
Just because you have the deal doesn’t mean you have the business
Build relationships 
The more appearances you make, the more they will view you as their marketing department and part of their business versus an outside contract or vendor
32:48-35:27 
Contact us with more questions; we would be happy to help
Much more efficient to sell top-down
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook:  https://www.facebook.com/spiro.media
Spiro on Instagram:  @spiro.media
Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.

Budgeting for the New Year

Welcome to 2023! Todd & Craig welcome WOW Video Tours CFO, Derek Mayer, to discuss setting up your company budget for the new year. What really IS a budget? Why should you use one? How do you create one? Derek shares some easy to understand advice and direction to help you get your company started off on the right foot financially as you manage and grow your business another year.
 
Show Summary:
0:00-0:18 Sneak peek
0:19-4:18 Intro to Derek Mayer
4:19-13:34 What is a budget?
Budgeting is about being proactive and trying to hit your goals
It’s about looking at every aspect of your business - revenue, products, expenses, staffing, investments
Step 1: What are your goals? What do you want to achieve? 
Set your budget around profit goals
Personal goals are important as well - do they affect your business? 
You want your business goals to work with your family goals instead of fight with them
Step 2: “External Considerations” - What is happening outside that would impact your business or goals? What is the market like?
Most boards of Realtors have Market Updates you can view
External considerations
Step 3: Project revenue - How much revenue do you think you will get in the next year?
Based on economic considerations, current Average Sale Price (ASP: total revenue/total number of jobs), and number of jobs 
What is a realistic amount of growth? What has been your pattern of growth in the past?
Keep your goals as realistic as possible; unrealistic goals can cause overhiring or underhiring and wreck your profit
13:35-24:17 Know (from the past year):
Gross revenue - How much you receive from the client; all of your sales
The more data you have, the better (Derek usually looks at the past three years of data)
Total number of jobs
Your ASP (gross revenue/total number of jobs)
The fun part (according to Derek) - Step 4: Expenses
Revenue and growth do not equal profit
Wow’s lean budget strategy: Every expense should be reviewed to determine if it is helping the company grow and/or costing the company money
Ask: Why did we spend this? 
Do we need to spend this? 
How is this helping the company grow? 
If we remove the expense, what would happen? 
Are there tools or automations that would eliminate this expense? 
Will this expense change at any point during the year? - Ask vendors if their prices will change or if they have discounts
Step 5: Bottom line - After combining projected revenue and expenses, does the resulting number align with your goals and make sense for you?
If they don’t, you will need to increase revenue or cut expenses
What is your action plan to do that?
Ask your clients what would help them
Step 6: Review your budget monthly and make changes as needed
The most important part of creating a budget is taking the first step
24:18-28:52 Contact Derek by email at derek@wowvideotours or by phone at 937.505.0444
Use Google - search “small business budgeting”; Derek prefers Google drive
You have to make the time to do it
January is a great time to start but it’s never too late
Accounting software can be helpful; Spiro is helpful in tracking data
For those who don’t enjoy numbers, a budget plan allows you to lay the foundation to dream and create a vision
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook:  https://www.facebook.com/spiro.media
Spiro on Instagram:  @spiro.media
Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.

Owner Spotlight Series: Satish Samiappan & Pixel Dawg Interactive

On this episode of the Spiro Podcast, we highlight a relatively new business in our Owner Spotlight Series.  We want to introduce to you, Pixel Dawg Interactive and owner Sathish Samiappan of Starkville, Mississippi.  Todd and Craig met Sathish at the PMRE Conferrence in November 2022, when Sathish expressed interest in learning more about Spiro Software.
 
You can learn more about Pixel Dawg Interactive by emailing Sathish at:  sathish@pixeldawgms.com or following him on Instagrarm at:  @ PixelDawgMS
 
Products, Services & Conferences mentioned in the podcast include:
iGuide:  https://goiguide.com/
PMRE:  https://www.pmreconference.com/
FAA Part 107 License:  https://www.faa.gov/uas/commercial_operators/become_a_drone_pilot
FAA Part 107 Study Course:  https://www.faasafety.gov/gslac/ALC/CourseLanding.aspx?cID=451
FAA Party 107 Recurrent Study Course:  https://www.faasafety.gov/gslac/ALC/CourseLanding.aspx?cID=677
Show Summary Notes:
0:00-1:04 Preview
1:05-3:57 Intro 
3:58-12:37 Intro to Sathish and Pixel Dawg Interactive
12:38-21:21 Best piece of business advice: focus on the customer
With a coffee shop, customers care more about how the coffee tastes and how quick the drive-thru is than how much skill it took to make the coffee
Focus on improving your photography, but more importantly, focus on whether your customers are happy
Agents in smaller areas, such as Pixel Dawg’s and Wow’s markets, are very connected and give referrals
Strategy for growth: continuing to do good work and marketing
For Craig, taking care of clients represented them well during the appointment and positioned him as part of their team
They appreciate when you help sell them to the clients and will help you build your business in return
Sathish is interested in Spiro because one of his pain points is scheduling; he would like to streamline the experience for both himself and his clients
You can’t shoot thousands of listings a year and give good customer service without systems and technology 
21:22-24:30 Biggest takeaway from PMRE: the community
24:31-29:30 Set yourself up for success and enjoy the learning process
Contact Sathish at sathish@pixeldawgms.com or on Instagram @pixeldawgms 
Share the podcast with others who would find it helpful
Let us know what you would like to hear about by contacting us at hello@spiro.media
Now is a good time to start thinking about systems for your business- Spiro can help you optimize whether you are a team of one or twenty-one
Thanks to our new subscribers, Daniel L, Tara Costello, and Francisco Lopez
You can listen on YouTube, any major podcast platform, or on Podbean 
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
Spiro on Facebook:  https://www.facebook.com/spiro.media
Spiro on Instagram:  @spiro.media
Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.