Intro to Prosway

Summary

Highlights

• Prosway is a matchmaking platform for real estate transactions. 💡
• The app provides personalized matches for sellers to potential buyers. 📱
• Different seller profiles help tailor solutions and expedite the selling process. 🤝
• Abdullah's transition from the car business to real estate inspired Prosway's creation. 🚀
• Focus on saving time in transactions aligns with the motto 'turning time into equity'. ⌛
• Team restructuring at Prosway led to more efficiency and productivity. 👥
• Prosway is aimed at solving industry issues rather than merely making profits. 📈

Key Takeaways

• Prosway simplifies real estate matchmaking for sellers, investors, and wholesalers. 🏠
• The platform identifies specific seller needs to match them with the right buyer. 🔍
• Three seller profiles are addressed: quick sale, moderate repair, and retail-ready sellers. 🛠️
• Prosway offers value by charging a reasonable fee at closing only when successful. 💰
• Abdullah Bastra, a former car business owner, founded Prosway to address real estate challenges he faced as an investor. 🚗
• The platform emphasizes reducing the time and effort spent in property transactions. ⏳
• Prosway continually seeks passionate team members to further their innovative growth. 🔧

Overview

Chapters

• 00:00 - 01:00: Introduction and Founder Background In this chapter, the founder, Abdullah Bastra, introduces the concept of Prosway. Prosway is a matchmaking platform designed to connect sellers, wholesalers, and investors. The platform aims to identify the best potential matches for sellers based on their specific situations. Abdullah outlines the platform's ability to cater to three different types of sellers, ensuring personalized matchmaking solutions.
• 01:00 - 03:00: Prosway Platform Overview This chapter provides an overview of the Prosway Platform, which is designed to facilitate quick property sales. The platform enables sellers to list properties that need to be sold rapidly, sometimes within 30 days, due to minor or moderate repairs or other reasons. Once a property is listed, the platform automatically connects it with investors who match the property's criteria via the app. It also actively reaches out to additional investors in the surrounding area who have recently engaged in property transactions, particularly those that align with the zip code and specific property type of the listing.
• 03:00 - 06:00: Types of Sellers and Solutions This chapter discusses the process of matching sellers with buyers in real estate. Once a property is sent out and offers are received, the best offer is forwarded to the seller within 24 hours. The seller then decides whether to proceed. If they choose to proceed, they are directly connected to the investor, completing the match. The service charges a $1,000 fee to both the seller and the buyer for facilitating the deal.
• 06:00 - 08:00: Lead Generation and Efficiency This chapter discusses a specific type of real estate seller who has limited time (30 to 60 days) and cannot afford minor repairs on their property. It introduces the concept of a Novation agreement, where an investor or wholesaler puts the property under contract, agrees to pay 80 to 85% of the After Repair Value (ARV), and makes necessary repairs before listing it on the market.
• 08:00 - 13:00: Team Dynamics and Challenges This chapter focuses on the dynamics and challenges faced by a team in the real estate industry. It highlights scenarios where team members work to manage properties, specifically addressing financial arrangements such as contracts, repair costs, and profit-sharing. The negotiations and financial commitments, like putting properties under contract and covering repair costs, are emphasized. Additionally, options for selling properties, whether retail-ready or needing minor repairs, are explored, showcasing strategic decision-making within the team.
• 13:00 - 15:00: Future Plans and Recruitment The chapter discusses the plans for the future in terms of recruitment and property sales. It details the process of selecting a listing agent for a property that needs repair and is not in a hurry to be sold. The process involves sending out information to local listing agents, evaluating them based on their numbers, conversion rates, list to sell ratio, and current property listings. The goal is to find an agent who is confident in their ability to sell the property efficiently.
• 15:00 - 25:00: Projects and Development Goals The chapter discusses a system for generating and managing leads in the real estate sector. The system is unique as it focuses on sending one qualified lead at a time. The process involves a thorough underwriting process and reaching out to potential sellers to confirm their interest in selling their property. The app is used to perform analytics on the property to ensure viable and promising leads.
• 25:00 - 27:00: Conclusion and Call to Action In the conclusion and call to action chapter, the speaker discusses the uncertainties faced in starting a new company. The company has been in operation for 14 to 16 months and is continuously evolving to find the right niche. The speaker acknowledges the challenges in connecting with potential clients, emphasizing that the journey is a learning process. The focus is on finding effective solutions for specific needs, despite the company's ongoing development and transformations.

Intro to Prosway Transcription

• 00:00 - 00:30 hey guys my name is Abdullah bastra I am the founder of prosway we're a matchmaking system for reers sellers wholesalers and investors uh pretty much what we do is we built a app a platform that lets a direct seller find their best potential match for their situation specifically so for instance there's three different types of sellers there's a seller that needs
• 00:30 - 01:00 to sell quickly needs to close in 30 days and uh the property has minor repairs or moderate repairs whatever the case is they just need to close quickly so what we do is we they plug in their property into the platform and it sends it out to all the investors that are one match to the property on the app itself and two we start reaching out to other investors in the area based off recent transactions that buying that zip code and that property criteria and and uh we
• 01:00 - 01:30 start sending them the property to start getting some offers and then after we get the best offer typically after 24 hours we send it to the the seller and uh it's a seller's choice if they want to move forward with it pursue it or not if they want to pursue it we just connect them to that investor directly and we successfully made a match uh the way we get paid is we charge $11,000 on both ends we charge the seller $1,000 for finding the buyer and then we charge the buyer $1,000 at closing for bringing them deal basically uh and then second
• 01:30 - 02:00 type of seller is someone that has a little time 30 to 60 days typically uh but the property needs minor repairs and they can't afford to make the repairs so we do what's called an Novation agreement where we find uh either an investor or a wholesaler that is willing to come in put the property under contract agree to pay that person x amount which is typically 80 to 85% of arv and uh they can come in start making repairs on the property and then they list it on the market and let's say they
• 02:00 - 02:30 have the property under contract for $100,000 uh if they had to put say $10,000 in the property in repairs uh they pay that $110,000 out of their own pocket but if they sell the property for $130 they keep $30,000 and they end up giving the seller that $100,000 that they initially agreed upon uh option number three is someone that has time the property is pretty much retail ready just needs minor minor repairs maybe paint uh maybe repair a toilet maybe
• 02:30 - 03:00 repair something very simple uh they have 90 to 180 days to sell they're in no hurry and uh pretty much what happens is we start sending them out to all the listing agents that are local in that area and we find the listing agent that basically has the better numbers better conversion rates their list to sell ratio is good uh they don't have a bunch of properties that are listed and not getting sold and uh if everything works out we find a listing agent that says hey I think I can sell this prod property uh it's the same deal we
• 03:00 - 03:30 connect them to that lead and they basically move forward from there so you can call us a lead generation system if you want uh the only difference is is that we're not sending a bunch of leads we're sending you one lead after we did the underwriting process after we reached out to them after they agreed to say that hey I want to sell my property this is the situation I'm in this is what I'd like to take for the property we do some analytics on the property it's all done inside the app we do some analytics on the property to see what
• 03:30 - 04:00 solution or what options we have for this specific property and we connecting to that person um obviously we don't know what we're doing you know this is all new we started this company about we've been working on this company for about 16 months now 14 to 16 months now uh it's it's transformed a lot into different things and it's just a matter of finding the the the niche that sticks in hooks so a little bit about me I I
• 04:00 - 04:30 used to be in the car business we used to be a huge we had a huge wholesale operation for years for about 20 years now I was the Run running the show for a while uh we were doing about 200 Cars per location uh a month and pretty much what our motto was is we find the cars that our buyers our new car stores are looking for and we buy them we get them ready and we sell it to them for top dollar and uh we're really good at that it's still a business now but I walked away from it just because I completely lost interest in the business and I
• 04:30 - 05:00 really wanted to get into real estate and when I got into real estate I realized there's this huge void uh in regards to actually finding leads like like as an investor it was extremely difficult to to find a property that matches my criteria so we basically built this platform to where uh an investor can come in and say this is exactly what I'm looking for I'm looking for a property in 38134 under $100,000 needs minor repairs
• 05:00 - 05:30 this year built and we basically start our plan is to build models for every person that's signed up on the platform so that instead of sending them a bunch of properties uh whenever a property comes in we can usually have one person that the app suggests is this is the person that should technically buy this property and we want to be very consistent we want to be very close so that whenever someone basically sees a notific ation from our app and uh they
• 05:30 - 06:00 say that hey you got a new match they automatically know that okay this software is so good that the chances of this property actually being something I like is extremely high so it's about efficiency it's about saving time we we personally my motto is turning time into Equity uh meaning that I want to be able to handle the stuff that takes a lot of time which is calling you know 5 6,000 leads finding the ones that want to sell
• 06:00 - 06:30 their property following up with those people figuring out their situations getting the details about their properties and then getting the deal to the point to where this is how much this guy wants for this property this is what this property needs in rehab uh this is what we think this property is worth this is why we think it'll work for you and we have everything pretty close in the app so far and it's just a matter of dialing it in even more uh we have a lot of
• 06:30 - 07:00 crazy ideas that we're we're trying to pursue but we need a a full stack software developer software engineer we plan on building a model that basically lets direct buyers that are looking for a difficult house be able to basically build this ideal house inside of the app and we go and find it for them basically that's on the market or it's not for sale yet and uh it's just the difference between what we're trying to do in like Zillow and red fin is Zillow and red fin shows you
• 07:00 - 07:30 a general list of properties that's similar or or fits your criteria and we are finding one property to where it eliminates the need to having to go and look at hundreds of houses having to spend you know 8 to n months trying to find the deal you want versus like let's say somebody wants a living room and then a family room downstairs uh doesn't want a swimming pool and has this like specific list of things that they want our plan is is that they can come in and
• 07:30 - 08:00 build that model of the dream house that they have dream price point uh confirm this for sale we're not just you know sending them a bunch of stuff that's not for sale and uh and we find them the stuff that is for sale that matches what they want exactly so some people can say that we're trying to eliminate realators honestly to me if I was a realer this is something I would be using a lot to try to find instead of me you know sending my buyers a bunch of different properties I would rather
• 08:00 - 08:30 figure out all of their wants and needs I would plug it into this model and then I would let the model spit out properties that I think that person would like and then I would only show them those one or two properties three properties instead and uh it it just it just time is money you know at the end of the day the idea to this tool is to save people time which in real estate it's all about time it's all about everything you know is a process everything takes time everything some
• 08:30 - 09:00 deals you I'm working a deal right now that's been working for about 6 months now uh and and just finding the deal finding the lead for this guy took about 3 months alone so for them $1,000 at closing is a bargain because worst case scenario we spend all of our time up until closing and it doesn't work out they walk away with not paying anything and best case scenario for them we saved them weeks
• 09:00 - 09:30 months some in some cases years uh and only charge them $1,000 do for it so this app has a lot of potential because we're we're very open-minded and we want to build this app around resolving all the current issues in real estate versus just trying to create something that just makes money so it's a passion thing uh we're looking at once we dial in everything that we're working on right now which are only focus right now is
• 09:30 - 10:00 we're we're starting off with Memphis we we at first we started off with the whole country we thought that we can take on the whole country at once and uh all we did was stumble on our toes we kept falling on our face and we just kept getting more specific so now what we're doing is we basically scratched everything we've done in regards to the lead generation system not the actual app but the actual Outreach the CRM the AI callers all that
• 10:00 - 10:30 stuff we scratched everything off and we've taken everything we've learned about the AI caller and the go high level accounts in the last 6 months and we're basically building something from scratch and we're only launching it in Memphis we're only going to start it in Memphis until we get the process figured out exactly how we want to do it from A to Z we we're going to test with multiple lists divorced tax leans HOA leans uh distressed uh there's there's there's 20
• 10:30 - 11:00 different types of lists that we pull and the idea is is that we're going to figure out which list has the better conversion rate which list is more excited to hear from us and we plan on doing a lot of them and that's whenever we figure out what list is working specifically that's the list that we're going to use to basically pull in different parts of this country but different parts of America until we find the right flow of things so it's not figured out yet by any means we
• 11:00 - 11:30 have made a lot of progress in the last 14 months uh we're not where we want to be obviously we had much bigger goals than we have achieved so far which is fine it is what it is um but but we aren't backing down and we just honestly we need the right people on our team we uh we we started off I want to say N9 months ago we had had about 18 people or 15 people working
• 11:30 - 12:00 with us and now it's down to five and it's just simply the fact that as a Founder I realized it was my obligation to find the people that were either being paid or just working on the team in general that weren't performing or weren't providing that the type of value that we needed and we would just let them go and we we just went on this spree over the last 6 months of dialing in our team and
• 12:00 - 12:30 making sure that instead of having you know 15 people and eight people aren't doing anything let's have five people where all five people are working together in syn and the crazy thing is is that the more we laid off people the more we let people go for not being productive the more productive the company actually got so uh honestly right now it seems like all we're doing is trying to dial in our team so my
• 12:30 - 13:00 obligation right now is finding the people to put on my team that would one be awesome to work with I I love meeting you people I love working with hardworking smart people I love people that can take a problem and no matter what the situation is they're going to find a way to resolve it I love people that just enjoy working like I do and my team does versus somebody that I just want to make quick money I just want to become a millionaire in a year it if that's what you want uh we're not your
• 13:00 - 13:30 guys uh we're probably not going to be millionaires within five maybe 10 years uh but but I will say that we do have the coolest team and work ethics out there I've worked with multiple companies not physically inside of companies but I've watched a lot of vendors and a lot of different companies that we worked with corporations and I see how their management system works from a third party point of view and I
• 13:30 - 14:00 can say that I've made sure that on my team uh everybody is able to make their own decisions there's no such thing as micromanaging it's all positivity obviously there's a little criticism for if you're not honoring your deadlines and you're not doing the things that you're promising you're or you're supposed to be doing uh you will be held accountable for because at the same time you know if you're not performing or you're slowing down or you're you know losing track of your work you're
• 14:00 - 14:30 also convincing other people to do the same thing somehow so we're very strict on performance you know if you want to be a part of this company you have to perform you have to provide some type of value no questions asked and you have to provide more value every single day you know obviously it starts at one point you know you start figuring out how everybody operates and I have no doubt about my team I know that my team is we'll get along with just about anybody
• 14:30 - 15:00 that we can find and if you somehow don't get along with my team uh honestly there's something wrong with you specifically and I I don't I don't mean to say that with any offense it's just it's just the truth we've worked with a lot of people before this team specifically and we never had an issue with anybody it's just everybody is is is is awesome everybody is very smart uh everybody works together uh everybody handles their problems and everybody's held accountable for whenever they up and and it's it's
• 15:00 - 15:30 no criticism we don't mind up we don't mind mistakes we don't mind anything like that it's just a matter of whenever you do up are you going to you know sit back and cry and point fingers and make excuses or are you going to you know find a way to resolve your up and not do it again and that's all we want that's all we want I've made a lot of mistakes in my life I've lost millions of dollars in a year uh I'm by no mean a perfect guy I'm probably the least educated person when
• 15:30 - 16:00 it comes to software and it comes to running a business and doing all that but I am that type of person that I I live and I learn whenever I make a mistake uh you will never see me complain about that problem or that outcome you will only see me switch into how do I resolve this how do I make this better what have I learned from this situation and what do I need to do to basically take this situation and turn it into gold that's all I do I'm
• 16:00 - 16:30 very good at turning into gold I don't know if that makes any sense I can I can say stories for hours about times where I just got screwed in a deal and it was just my carelessness and my lack of you know trying to go against my gut feeling that after I got screwed in this deal I took a step back and I had to find a way to to to get as much value as
• 16:30 - 17:00 I can out of this deal specifically so it's it's the same thing with this company to me is everybody on my team needs to be providing the same amount of energy and effort as the other people on the team and the person that's the weakest link is the person that's going to be on the chopping board every single time that's the person that I don't I I just I'm always looking for the weakest link that's that's my job I'm always trying to find the person that's performing the least and I nudge them a
• 17:00 - 17:30 little bit I I I poke them with a stick I I threaten them not threaten them physically but threaten them like you know if you're not going to pick up your performance get the out of my way uh and I I do whatever I I do everything I'm capable of up until the point that that person either just gives up and doesn't want to deal with me anymore and just walks away or until I just let them go so it's just it's just a matter of providing value is all it is because I know that if I can put a team together
• 17:30 - 18:00 of say six seven people that push forward in the same direction with the same amount of energy with the same amount of tolerance to regards to you know falling on your face repeatedly getting smacked in the face repeatedly from mistakes and just learning uh we can do a lot of things together we can we can go extremely far I have a lot of crazy ideas I have a lot of investors that want to fund my crazy
• 18:00 - 18:30 ideas I just don't like taking money because I know that my company is not in the state right now to be able to get its full potential from taking that money I've had people offer me a million dollars for Equity of prosway ye almost a year ago and I told them no simply because of the fact that I knew that we were in no condition to take a million dollars in because our company was so sloppy uh the way we had it set up and I was like if we took that million dollar
• 18:30 - 19:00 all we were going to do was we were going to burn it on a bunch of we were going to burn it on ad spend we were going to burn it on stupid softwares we were going to have you know $10,000 in subscriptions that we didn't even realize about and it's just it's just like it's like after a year after say probably six months that million dollars would have meant nothing it wouldn't have done any type of value simply because of the fact that our company was not in the right State of Mind at the time so my goal is is is to get the company to
• 19:00 - 19:30 the right State of Mind get it to where it needs to be get it to where where where everything is Flowing smoothly which you know for a software engineer it's it's I really want someone that I don't want someone that's like perfect I know there's no such thing as a perfect guy I do want someone though with the right attitude and the right energy that's it that's that's all that matters to me someone that I can basically say that you know this is what I'm thinking this is what's going on and they
• 19:30 - 20:00 basically take that idea and they put their taste on it they do it the way they want to do it and they do whatever they can to get it to this like perfect imaginary Finish Line and obviously nothing is perfect but if you're sitting there striving to make something perfect every single day it'll get damn close you know and uh luckily you know we were my team was blessed with a really good UI website guy and Grant bargoni and he's
• 20:00 - 20:30 awesome he has built the website from scratch he's taking over the app developers we have two app developers UI and then a software guy overseas from GDA Palestine that have been working with us for about eight months now they fully built the app from a to z uh their first phase a for them was actually taking everything that Grant built and converted get into an app from
• 20:30 - 21:00 the Firebase from all the code from the actual UI now they're at the point to where the app is fully functional it's ready to go and pretty much now what's going on is they're actually working on the UI side of things and the design to get the app to look like the website or even better a working progress we're getting there uh our major void right now though is we have a lot of crazy projects not like not big projects like
• 21:00 - 21:30 Min projects uh probably 20 30 hour projects we I think we have about 20 of them that we really need help setting up we really need to get them rolling uh for instance pulling data it's it's our biggest time constraint is the way we pull our data it takes too much time it's not consistent I love consistency I'm a very consistent persistent guy that's all that matters to me is consistent so one of the first projects uh you would be working on would be figuring out a way to resolve our data
• 21:30 - 22:00 issue keeping accurate data we have multiple sources that we use and we're more than willing to try new Services if you have any ideas or you see something that you think would benefit uh project number two would be setting up communications like apis between our CRM and our website so that stuff automatically happens like for instance when whenever somebody basically says that yeah I'm interested in something my property we wanted to instantly get
• 22:00 - 22:30 listed on the website without that person actually having to go to the website and listed so that we can get the ball rolling our goal is from the moment that somebody says they're interested to about 60 minutes we want to have a plan we want to have something figured out written down and ready to go for that person uh project number three would be like a realer rating system so that whenever we do have a property that we're going to give to a realer we can actually take all the prop which we have all this we can take all the properties that they bought and sold and we can
• 22:30 - 23:00 actually rate them and put a prosway rating on them to say that you know this realer is a three out of five stars because they only sold 80% of the properties that they're actually listed uh we want to do a our own CRM we want to build our own CRM from scratch because every CRM we've used we've used I've used about six of them and I didn't like any of them I'm I'm not crazy about go high level it just works for now but we want to build our own CR
• 23:00 - 23:30 app uh to where it can do everything we want from A to Z automatically in in regard not not everything but in regards to buying some of my time back and where I'm having to basically focus on uploading lists having a database of people that I I pulled list for having a database of reers I just I want everything to be automatic whenever a property comes in I want it to automatically send the property out to
• 23:30 - 24:00 XYZ uh and and so forth so on I can I can talk about this for hours uh there's there's so many different projects there's so many different Pro we have a contractor's portal that we want to build obviously this is once we start you know generating some type of income and this is resolve the direct issues that we have at hand at at at that point you know we I believe in doing one thing at a time and doing that thing right and then moving on to the next thing but just for you know shits and giggles
• 24:00 - 24:30 contractor portal is where if you buy a property in across the country and that property needs a roof I want to be able to go into prosway and basically post a job on this portal and it reaches out to all the roofing companies in that area automatically and basically it says this is what the estimated price should be this is what you should pay retail this is what you should pay wholesale uh these are the companies that we recommend and they can just sit there and reach out to those people directly or they that contractor can come in and
• 24:30 - 25:00 message them through the app that's that's a big project that's not something that's going to be easy that's realistically probably 6 to 8 months down the road we want to be able to do online closings through prosway so pretty much what happens is whenever someone does find a deal that they want to buy uh they can close the deal they can find the deal they can inspect the deal the plan is is they can do everything from A to Z inside of prosway that's Pray's goal is to be able to do everything real estate related inside of
• 25:00 - 25:30 this one app uh manage portfolios reach out to different sellers reach out to different reers reach out to wholesalers in the area we want to have like a forum at some point that basically lets people talk to each other comment reach out to each other say different real estate Trends maybe have a reals page we have a very very long future you know we have 5ye goals 10e goals we have all that we don't plan on S selling the company this is something we're doing
• 25:30 - 26:00 strictly out of passion uh obviously once all the issues and bugs get worked out this company should be worth a lot of money at some point it's just a matter of when obviously but uh please if any of this interests you and you think that you know me and you would be a good fit uh let's hop on a call uh I'll probably have my other partners on the call and maybe the app developers too if they have the time and I'll introduce you to everybody we'll see if
• 26:00 - 26:30 you're a good fit you can see if we're a good fit for you uh we will offer equity in the company we can't afford to pay anybody right now so it'll be strictly a uh Equity position but uh we do need to see your value before we just offer you the equity and uh realistically it's probably going to be a six-month period of where you'll work and kind of show us What You're Made Of show us your work ethics and whatnot uh before you'd actually unlock your Equity so if you
• 26:30 - 27:00 have any questions my direct sell is 91831 9661 uh and my email is Abdullah Abdu l l ah pros.com prosway like the professionals way pros.com