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

Owner Spotlight Series: Shawn Beltran - Spacekraft Media

This week Shawn Beltran, owner of Spacekraft Media in Denver, CO joins Craig on the Spiro Podcast. Shawn shares his experience as a Real Estate Media company owner, and some of the things he's learned that has helped him grow in a major market.
 
0:00-0:47 Sneak Peek
0:48-7:31 Intro to the podcast and Shawn
7:32-14:39 How Shawn started out
Shot his first house in 2003
Shot portraits for a time
For Shawn, composing a shot was like putting a puzzle together
It was hard to get started- many people got their work done for free by photography students
Found he was not passionate about marketing for others, especially social media marketing
Joined networking groups, including BNI
Can track 80% of his current business back to one agent from whom he gained referrals
Being genuine is key to networking
Giving referrals is important to gaining referrals
14:40-26:12 Shawn’s business
Business has shifted to commercial shoots for builders
Averaged three shoots/day when he was shooting MLS listings
Busiest season is April-October
Now averages 1-2 jobs/day because they are bigger listings
Contracts some work to other photographers who own their own businesses
It’s more important to be part of a community than to look at everyone else as competition
It sticks out to people when you deliver what they need in a timely manner and they will pay for that
Sometimes you have to decide between being busy or being well-scheduled
Being well-scheduled at the right price can sometimes be more sustainable
Work-life balance is hard as a business owner
26:13-39:12 Shawn’s brokerage experience
Have been working with this company for 7 years
3rd or 4th tier referral, business that specializes in luxury homes
Did timelapses and stop-motion videos for this company and the company realized that they wanted that content for every listing
Found that it is the same cost to use Shawn as to bring someone in in-house
Considerations for a photographer who is offered an exclusive deal with a brokerage: You will no longer be making your own schedule
Copyright and ownership rules change (if you feel like you have reached your potential, the wisdom you can offer others may be valuable)
Can you keep growing your business?
Are you happy owning a business or do you want to be employed and be able to turn off work?
39:13-46:44 Advice for other business owners: be aware of your mental health and get a business coach
Therapy is not a bad word; it’s okay to show your weakness
Have somebody you can talk to who is willing to help you grow as a person
Shawn’s business coach: new business owners will grossly overestimate what they can do in one year and grossly underestimate what they can do in five to ten years
Put in consistent effort to see growth
Contact Shawn via email at sb@spacekraft.io or by text or call at 720-369-9169
 
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.

Increasing Market Share

In this episode, Todd & Craig talk about the current state of the Real Estate Market for a majority of the country, and what we can do to continue on with our business, and gain market share.  Use this time to build your business relationships!
Show Summary:
0:00-0:47 Sneak Peek
0:48-4:08 Intro
Spiro has new integrations coming out for Vimeo and MergeFleet (an auto-editor)
4:11-10:05 The state of the real estate industry
Wow covers markets as large as Columbus and North Carolina to as small as rural areas in Ohio, such as Lima and Van Wert
People are used to low interest rates and there is some uncertainty; Wow has seen numbers trending down 15%
Todd projects Wow will catch up in the second half of the year
Wow has worked hard at building relationships and they are beginning to see some of that hard work come through
A Realtor may love you but not have any listings
Listings are down; inventory is extremely low, even for experienced Realtors
Let us know what you are seeing!
10:06-16:19 So what can I do?
Look for reports on your local MLS website
Wow focuses on market share
Market share: the percent of the market you shoot for
If the market is down, are you still shooting the same percentage of jobs out of the number of jobs in existence?
This shows whether you are growing
We gained new clients; how many clients are we not shooting for now?
Calculate your market share: number of new listings last month for your city/ies divided by number of jobs you show that month
That number will stay consistent when the number of listings fluctuates
Interest rates aren’t actually that high
People still want to move; the number one factor driving the economy is the housing market
16:20-33:05 How to increase market share
1: Get new clients
Build good relationships; get to know them and show them that you care
Celebrate their listings with them
Don’t take it lightly that they chose you to be part of their marketing team
Show gratitude; don’t take them for granted
Care about them as human beings; they are trying to put food on the table just like you are
Send out handwritten notes; try doing one per day every morning to start your day by succeeding at a task
2: Innovate and launch new products
Wow launched Zillow 3D (it is cheap and easy to shoot) and floorplans (Wow uses Cubicasa) 
Every agent will respond differently
Try automatic scheduling; Wow just switched and clients love it
Wow offers marketing assets and toolkits with fliers and social media
3: Ask for referrals
It’s easy- “Can you put me in contact with…?”
Know who you want an introduction to
Craig tries to keep it within a brokerage; some brokers might not want to introduce you to their competition
Feel out the client and see what seems possible; the worst that can happen is them telling you no
You can also institute a referral program; people will do whatever they can to save money
Remember, you are selling salespeople; they will recognize a good deal
Tell them, “I know I can’t sell you, but I can find out what your goals are and see what we can do to help you achieve them; I’m not going to try to pressure you” and mean it
33:06-37:31 The market will bounce back; keep working hard
Feel free to share the podcast with those who might find it helpful, including Facebook groups
 
Have questions? Email hello@spiro.media. Be sure to follow us on Social Media:
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Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
You can find out more about Spiro at spiro.media.

Business Accounting: A Deeper Dive

Derek Mayer, CFO for WOW Video Tours joins us to take a deeper look at accounting for our real estate media businesses. Learn some best practices to make sure your business is financially healthy, and able to make the business decisions you need to with accurate, reliable financial information.
 
Show Summary:
0:00-0:54 Sneak Peek
0:55-4:32 Intro
4:33-27:59 What costs are important to track? - Brian from CT
All costs are important to track; “every dollar you spend is a dollar less in profit”
Revenue: Everything you take in
Two cost categories: Costs of goods sold (how much it costs to do each job) and Overhead (everything else)
Put every accounting task on a calendar; set a rhythm for accounting and do it each month
Calendar item #1: Make sure every job is invoiced
Spiro can have clients pay when they order, pay before downloading media, or pay weekly or monthly
Give them a call after a few weeks of not being paid
Automatic invoicing means you don’t have to do it
Calendar item #2: Reconcile your bank account
It’s important to make sure all your items are accounted for; it’s important for taxes and planning
If you don’t want to do it, hire someone
Make sure your transactions are allocated correctly
QuickBooks and Xero are built to help with this (QuickBooks is more user-friendly)
Calendar item #3: Look at your profit/loss or income statement and make decisions
“An income statement won’t give you answers; it will just allow you to ask questions”
It helps you identify unnecessary costs and see changes year to year
Look at how you can answer and fix those questions
Calendar item #4: Cash
Look at your cash flow statement (can find it within your accounting software)- this tells you where the money went
Shows what you actually brought in, expenses, and other cash (withdrawing money, paying)
Cash flow statement includes investments and owner draws (income statement only shows if you pay yourself a salary)
Derek’s challenge: Systemize your monthly accounting
Bonus tip: start tracking monthly average sale price (total revenue divided by number of jobs shot) and challenge yourself to increase it
Increased ASP means you are doing more at each job, which saves you time and money
This means you don’t have to worry as much about raising prices each year 
Also, track your monthly cost of goods sold (any expense related to shooting a job, such as shooting and editing) by dividing costs by how many jobs you shot
Track operation costs
Tracking these metrics can help you determine why costs may be rising or revenue may be decreasing and help you make strategic decisions
28:00- Contact Derek at derek@wowvideotours.com with questions
Find a trustworthy professional for more advanced questions
 
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 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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Spiro on LinkedIn:  https://www.linkedin.com/company/spiro-media
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:
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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.