WEBVTT NOTE This file was generated by Descript 00:00:00.940 --> 00:00:03.780 It's the KasaCast, created by KasaGo. 00:00:03.780 --> 00:00:09.247 It's time for the show, let's go! 00:00:09.247 --> 00:00:14.409 . Steve: Today we are with Chad Rowe and Rowdy Stovall from 3rdHome, and 00:00:14.419 --> 00:00:19.359 they're going to be explaining how to become affiliates of 3rdHome through 00:00:19.399 --> 00:00:24.319 Cosago, what are the advantages and homeowner acquisition strategies 00:00:24.369 --> 00:00:26.419 and how to get your homeowners. 00:00:27.359 --> 00:00:31.929 On the program to make them more sticky and give them the benefits 00:00:31.929 --> 00:00:33.639 of this really cool offering. 00:00:33.639 --> 00:00:34.839 We have so welcome guys. 00:00:35.949 --> 00:00:36.339 Thank you. 00:00:36.369 --> 00:00:36.549 Thanks. 00:00:36.649 --> 00:00:37.389 How you doing Steve? 00:00:38.139 --> 00:00:38.769 Doing great. 00:00:38.779 --> 00:00:39.559 Glad to have you guys here. 00:00:39.559 --> 00:00:42.649 Chad, you're the SVP of business development. 00:00:43.419 --> 00:00:43.759 Is that right? 00:00:43.759 --> 00:00:44.269 That's correct. 00:00:44.854 --> 00:00:46.224 Can you tell me a little bit about your role there? 00:00:47.114 --> 00:00:47.644 Rowdy: Sure. 00:00:47.874 --> 00:00:48.374 Yeah. 00:00:48.424 --> 00:00:52.524 Within the business development department my job is essentially B2B 00:00:52.644 --> 00:00:58.304 relationship building and partnership acquisition, if that, that rings a bell. 00:00:58.404 --> 00:01:01.534 So whereby there's a different division that handles our 00:01:01.534 --> 00:01:03.774 organic growth within third home. 00:01:04.314 --> 00:01:10.014 The affiliate and business development division focuses on B2B relationships 00:01:10.014 --> 00:01:13.254 whereby major hotel brands, such as. 00:01:13.389 --> 00:01:18.709 Ritz Carlton, Four Seasons, Au Baird, Rosewood development companies globally. 00:01:18.869 --> 00:01:24.979 To the obvious one here in short term vacation rental managers right 00:01:24.979 --> 00:01:27.169 on down to individual real estate. 00:01:27.439 --> 00:01:29.199 Companies and real estate agencies. 00:01:29.239 --> 00:01:30.279 We work with them all. 00:01:30.849 --> 00:01:31.199 Steve: Yeah. 00:01:31.939 --> 00:01:34.699 And Rowdy, you're the director of business development. 00:01:35.839 --> 00:01:36.349 Nick: That's right. 00:01:36.869 --> 00:01:39.119 Yeah, I basically was brought on this last year. 00:01:39.279 --> 00:01:41.949 I was working on a resort development lease last year. 00:01:41.949 --> 00:01:44.309 That's where I was introduced to chat in the 3rd home. 00:01:44.789 --> 00:01:48.209 And then when I left that project, I came over and basically is Director of 00:01:48.209 --> 00:01:53.139 business development supporting what basically what Chad just mentioned and 00:01:53.449 --> 00:01:59.229 kind of focused on real estate developers brokers VRMs, such as you guys and 00:01:59.229 --> 00:02:00.689 just supporting him in those efforts. 00:02:02.239 --> 00:02:05.149 Steve: Now, Chad, I understand you started with natural retreats. 00:02:06.354 --> 00:02:11.294 Rowdy: Yeah, literally right about the time when third home came out of 00:02:11.294 --> 00:02:18.884 the ground 2010 I brought a British brand called natural assets and its 00:02:18.884 --> 00:02:23.544 sister company, its operating company called natural retreats over here 00:02:23.624 --> 00:02:27.614 to the U S and launched it in my hometown of Charlottesville, Virginia. 00:02:28.249 --> 00:02:33.659 So I, made myself employee number one and grew that brand from zero 00:02:33.659 --> 00:02:35.729 to the stance that it's in today. 00:02:36.239 --> 00:02:38.659 . , Steve: it's a great brand and some really nice people over there. 00:02:38.719 --> 00:02:41.509 Sarah Frazen was there for a long time and just a whole group 00:02:41.509 --> 00:02:42.539 of great people over there. 00:02:43.159 --> 00:02:43.379 Yeah. 00:02:43.399 --> 00:02:44.059 Good talent. 00:02:44.119 --> 00:02:45.729 Good talent on that team for sure. 00:02:46.189 --> 00:02:49.819 . And Rowdy, you were on 90210. 00:02:50.279 --> 00:02:51.139 Whoa, hold on. 00:02:53.169 --> 00:02:54.239 Nick: No, that's wrong. 00:02:54.779 --> 00:02:57.799 No, you don't have it wrong, but that was many years ago. 00:02:57.849 --> 00:03:01.769 Yeah, I got a, when I left Texas and moved out to elevate in the mid 00:03:01.769 --> 00:03:07.139 nineties, I was in the film industry for about 20 years and first few jobs 00:03:07.139 --> 00:03:12.829 were acting jobs and my, one of my first roles was, The bartender at 00:03:12.829 --> 00:03:15.799 the peach pit after dark on 90210. 00:03:15.819 --> 00:03:17.619 This was in like 97 or something. 00:03:17.619 --> 00:03:20.279 So yeah that, that is a fact that 00:03:20.279 --> 00:03:22.449 Steve: So tell me about third home. 00:03:23.059 --> 00:03:28.089 And how our partners are able to leverage it and maybe just start 00:03:28.089 --> 00:03:29.889 with what exactly does it do? 00:03:31.319 --> 00:03:31.849 Sure. 00:03:32.019 --> 00:03:32.429 Yeah. 00:03:32.529 --> 00:03:38.219 Rowdy: The idea of luxury home exchange, which is the industry that we're in 00:03:38.219 --> 00:03:43.629 specifically, not a new concept been around for decades, but much like the 00:03:43.659 --> 00:03:48.109 short term vacation rental industry, it really didn't organize itself 00:03:48.129 --> 00:03:50.289 and, professionally balance itself. 00:03:50.289 --> 00:03:50.344 Yeah. 00:03:50.824 --> 00:03:51.404 Here in the U. 00:03:51.404 --> 00:03:51.664 S. 00:03:51.664 --> 00:03:53.784 and elsewhere until around 2010. 00:03:54.344 --> 00:04:00.494 The idea of exchanging time in one's home certainly overlapped with the timeshare 00:04:00.504 --> 00:04:02.704 theory, which this is certainly not. 00:04:03.314 --> 00:04:10.564 It instead pairs very well with the luxury realm of second home usage. 00:04:11.074 --> 00:04:16.264 Whereby, whether a person rents their home or not they might feel as 00:04:16.284 --> 00:04:21.504 comfortable or more comfortable if a club member, a fellow club member of 00:04:21.504 --> 00:04:23.964 a vetted organization, so to speak, 00:04:25.044 --> 00:04:27.464 . Steve: Chad, tell me, . How exactly does it work? 00:04:29.924 --> 00:04:35.484 Rowdy: Well, third home essentially is a keys for time program. 00:04:35.654 --> 00:04:38.514 It's an indirect option versus a direct option. 00:04:38.804 --> 00:04:39.654 So it's not. 00:04:40.229 --> 00:04:43.389 Two individuals exchanging weeks in their own homes. 00:04:44.139 --> 00:04:49.409 It's guaranteed time in one second homeowner's property for credits or 00:04:49.409 --> 00:04:53.979 keys that then are used like currency to exchange in another homeowner's home. 00:04:55.109 --> 00:04:55.879 Does that make sense? 00:04:56.489 --> 00:04:57.869 Steve: Yeah, it makes perfect sense. 00:04:58.714 --> 00:04:59.344 Rowdy: That's correct. 00:04:59.804 --> 00:05:00.084 Yeah. 00:05:00.084 --> 00:05:02.124 There, there are some competitors. 00:05:02.124 --> 00:05:06.154 We're not in this industry alone that, that do a direct model where it's 00:05:06.154 --> 00:05:11.114 quite literally two homeowners acting as travel agents and coordinating 00:05:11.124 --> 00:05:15.504 with each other to share time and in that property on a literal. 00:05:16.054 --> 00:05:17.514 Week for week exchange. 00:05:18.024 --> 00:05:19.124 We're not that model. 00:05:19.134 --> 00:05:25.334 We followed more closely the Marriott Bonvoy model, whereby a points driven 00:05:25.574 --> 00:05:31.524 system and already accepted and proven system meshes exceptionally well and 00:05:31.524 --> 00:05:37.144 also rewards the higher end properties and the higher end times of year for 00:05:37.154 --> 00:05:39.214 the deposited weeks in those properties. 00:05:41.324 --> 00:05:45.564 Steve: And so the way I understand it is you provide a currency called 00:05:45.614 --> 00:05:51.644 keys and these keys are how you decide what the credit is for like each 00:05:51.644 --> 00:05:53.074 week that you put into your property. 00:05:53.104 --> 00:05:54.354 How do you earn a key? 00:05:54.614 --> 00:05:56.224 And maybe explain what a key is. 00:05:56.879 --> 00:05:57.369 Rowdy: Sure. 00:05:57.539 --> 00:06:00.729 So keys again are the currency of third home. 00:06:00.869 --> 00:06:03.139 They're formulated by two metrics really. 00:06:03.609 --> 00:06:07.649 One is the literal market value, the real estate market value 00:06:07.739 --> 00:06:09.209 of the property in question. 00:06:09.779 --> 00:06:13.689 So we set a base key value based on that market value. 00:06:14.219 --> 00:06:17.279 If it's half a million to a million, it's a one key. 00:06:17.414 --> 00:06:18.984 Base key value. 00:06:19.494 --> 00:06:25.804 If it's a $5 million home and up, we base that as a five key base value. 00:06:26.474 --> 00:06:30.804 And then we apply a metric of desirability based on seasonality 00:06:30.804 --> 00:06:32.634 of the time deposited in that home. 00:06:32.639 --> 00:06:38.014 So if you had a $1 million home and it was a one key property you put that 00:06:38.014 --> 00:06:42.184 same property in during peak season, you'd get a two x multiple of that and 00:06:42.184 --> 00:06:43.774 it would be a two key week deposit. 00:06:44.254 --> 00:06:47.174 Same in a super peak prime holiday weeks. 00:06:47.359 --> 00:06:52.569 For example, would get you a three and sometimes four X multiple providing 00:06:52.569 --> 00:06:56.359 more keys that then you could use to exchange in the other homes elsewhere. 00:06:56.809 --> 00:07:01.529 So you rewarded by guaranteeing time and the more valuable properties 00:07:01.529 --> 00:07:07.683 you own or represent, and then exchanging desirable times in that 00:07:07.683 --> 00:07:09.779 property for others to exchange into. 00:07:10.929 --> 00:07:13.299 Steve: So it's by the value of the property. 00:07:13.439 --> 00:07:19.479 Multiplied by the value of the time that you offer to the third home in order to 00:07:19.499 --> 00:07:21.189 create an exchange for the keys, right? 00:07:21.699 --> 00:07:22.209 That's correct. 00:07:23.789 --> 00:07:27.789 And what's the cost for homeowners on the affiliate program? 00:07:27.869 --> 00:07:29.949 We have a special deal through Costco. 00:07:30.809 --> 00:07:35.719 How does the franchisees, how did the partners explain that to the, 00:07:35.749 --> 00:07:36.969 each homeowner as they're talking 00:07:36.969 --> 00:07:37.229 Nick: about it? 00:07:38.344 --> 00:07:41.774 So when they joined through, through Costco you were able to 00:07:41.774 --> 00:07:44.404 waive those join initiation fees. 00:07:44.414 --> 00:07:48.794 It's usually a 2, 500 initiation fee by joining through Costco. 00:07:49.254 --> 00:07:53.574 You gift them that membership where they don't have to pay the initiation fee. 00:07:53.574 --> 00:07:57.834 And also you gift them five keys and five keys. 00:07:57.834 --> 00:08:01.354 Like Chad was saying earlier, that's basically on a non peak week. 00:08:01.364 --> 00:08:03.694 You're looking at like a 5 million property. 00:08:04.274 --> 00:08:06.684 So it's a joining by joining through Costco. 00:08:06.684 --> 00:08:11.004 It's a huge value add and a great benefit to the new members 00:08:11.004 --> 00:08:12.204 by joining through you guys. 00:08:14.369 --> 00:08:15.009 Steve: Now that's great. 00:08:15.439 --> 00:08:19.359 And then do the partners also earn keys when somebody signs up? 00:08:19.699 --> 00:08:20.769 How does that benefit them? 00:08:22.119 --> 00:08:22.709 Rowdy: That's right. 00:08:22.809 --> 00:08:28.219 The the partners benefit greatly and really it breaks down to the frequency 00:08:28.219 --> 00:08:31.609 for which and the productivity for which they introduce their 00:08:32.099 --> 00:08:34.709 homeowner clients to third home. 00:08:35.249 --> 00:08:41.729 As a, an owned home enters third home by way of that affiliation the Costco 00:08:41.729 --> 00:08:47.619 will earn keys themselves into a master account and those keys can be used for 00:08:47.619 --> 00:08:49.799 travel just like a homeowning member. 00:08:50.204 --> 00:08:55.114 Of the club, that's the one anomaly to these affiliations is that you 00:08:55.114 --> 00:09:00.904 do not have to own a home if you're an affiliate partner to travel as 00:09:00.924 --> 00:09:04.284 briskly as you wish within the club using those keys that you earn. 00:09:04.924 --> 00:09:08.644 Steve: Is third home integrated with streamline or do they do the 00:09:08.644 --> 00:09:14.044 homeowners need to block the units separately in streamline as compared 00:09:14.044 --> 00:09:16.494 to the software system in third home? 00:09:17.404 --> 00:09:18.504 Rowdy: Really good question. 00:09:18.684 --> 00:09:21.514 Third home works on fixed weeks, right? 00:09:22.074 --> 00:09:24.884 So we're a bit old school in that regard. 00:09:25.354 --> 00:09:30.354 We do have a robust tech stack behind our back office, but 00:09:30.354 --> 00:09:32.004 we don't require a direct A. 00:09:32.004 --> 00:09:32.284 P. 00:09:32.284 --> 00:09:32.664 I. 00:09:32.664 --> 00:09:33.864 In fact, we don't encourage. 00:09:34.539 --> 00:09:41.309 A direct API with our affiliate partners, because we know exactly the times of 00:09:41.309 --> 00:09:42.859 the year that are being deposited. 00:09:42.979 --> 00:09:47.299 They're typically deposited all at once and then potentially 00:09:47.409 --> 00:09:48.929 updated throughout the year. 00:09:49.479 --> 00:09:54.269 And they're, they follow the pattern of an owner's usage block. 00:09:54.629 --> 00:09:57.409 So the same manner for which Steve, your. 00:09:57.779 --> 00:10:03.299 Franchisees would block times on their booking calendar for 00:10:03.299 --> 00:10:07.379 owner stays third home weeks would fall into the same pattern. 00:10:07.389 --> 00:10:11.929 So there's no question whether you can double book that property and 00:10:11.929 --> 00:10:15.039 whether or not there's somebody already staying in that property 00:10:15.049 --> 00:10:19.489 their time off the market, so to speak for a third home member to join. 00:10:20.329 --> 00:10:20.659 Nick: Yeah. 00:10:20.769 --> 00:10:23.689 And one, one really cool thing, Steve, is that when people put their 00:10:23.689 --> 00:10:26.924 weeks in, When they look at the calendar, we'll send them a PDF. 00:10:26.964 --> 00:10:28.494 They'll look and, choose their weeks. 00:10:28.864 --> 00:10:33.644 They'll see on that file on the PDF file, what weeks are peak season, then. 00:10:33.644 --> 00:10:34.844 So they'll make that choice. 00:10:35.234 --> 00:10:39.334 And then once they deposit those weeks, they get their keys to travel, right. 00:10:39.889 --> 00:10:43.429 Then they do not have to wait for anyone to book their property. 00:10:44.089 --> 00:10:47.659 And that, that's another differentiator between us and, there's several 00:10:47.659 --> 00:10:50.869 differentiators, but that's one of the big ones between us and other travel clubs. 00:10:51.779 --> 00:10:53.759 So they don't have to wait for anyone to book their property. 00:10:53.759 --> 00:10:55.159 They can go ahead and travel. 00:10:55.159 --> 00:10:58.112 Steve: Benefit of the indirect model. 00:10:59.122 --> 00:10:59.662 That's correct. 00:11:00.192 --> 00:11:00.802 That's correct. 00:11:01.782 --> 00:11:06.512 And how many keys does a affiliate or, one of our partners, get per property 00:11:06.512 --> 00:11:08.632 or do they get it just by joining? 00:11:08.682 --> 00:11:09.742 How does that work out? 00:11:11.902 --> 00:11:16.842 Rowdy: So, an affiliate would typically earn Well, a franchisee 00:11:16.842 --> 00:11:18.422 under Costco, let's put it that way. 00:11:18.982 --> 00:11:23.722 Every individual owner that enters the program through that Costco 00:11:23.732 --> 00:11:28.812 franchisee the master account for Costco would earn one key on the front end. 00:11:29.332 --> 00:11:34.612 So when that member joins and joining it equates to the time for which 00:11:34.612 --> 00:11:39.622 they've entered the onboarding process and made their qualifying deposits 00:11:39.982 --> 00:11:41.572 to become active within the club. 00:11:41.582 --> 00:11:47.412 As soon as that happens the franchise E is delivered and they have a 00:11:47.412 --> 00:11:49.352 master account has delivered one key. 00:11:49.722 --> 00:11:54.022 Regardless of what the key value of the home that enters is now 00:11:54.022 --> 00:11:59.202 there's a second key that comes in and an ever evolving and evergreen. 00:11:59.487 --> 00:12:00.327 Pattern for them. 00:12:00.337 --> 00:12:06.227 So, the real flow of revenue for third home and for this partnership 00:12:06.227 --> 00:12:10.667 success is in the booking and travel of these properties once 00:12:10.667 --> 00:12:12.087 they're activated on our site. 00:12:12.637 --> 00:12:15.987 Not too dissimilar to an OTA or another travel site. 00:12:16.657 --> 00:12:20.847 If a deposit that occurs through one of the franchisees books 00:12:20.847 --> 00:12:23.827 then the franchisee another key. 00:12:24.457 --> 00:12:28.037 So every time a deposit occurs and every time another member 00:12:28.047 --> 00:12:33.147 books that deposit, we incentivize that franchisee with another key. 00:12:33.507 --> 00:12:38.617 So their pot of keys continues to grow as the activity grows with each 00:12:38.617 --> 00:12:40.167 of their owners within Third Home. 00:12:42.377 --> 00:12:46.917 Steve: Have you seen a lot of short term rental operators use this to for 00:12:46.917 --> 00:12:49.247 business development with homeowners? 00:12:49.287 --> 00:12:53.797 And if you have, how's the success been? 00:12:54.337 --> 00:12:58.007 And then as a second and follow up question does it have you seen or do you 00:12:58.037 --> 00:13:04.677 have any data on how being with 3rd home or, an operator using 3rd home makes 00:13:04.687 --> 00:13:06.947 properties more sticky in their inventory? 00:13:07.687 --> 00:13:08.147 Rowdy: Sure. 00:13:08.807 --> 00:13:09.597 Yeah, absolutely. 00:13:09.597 --> 00:13:14.377 We're we currently have over 40 vacation rental. 00:13:15.082 --> 00:13:18.422 Partnerships within our organization, and that's on a global scale. 00:13:19.012 --> 00:13:24.702 There's close to 200 affiliate partnerships globally include, everywhere 00:13:24.702 --> 00:13:30.802 from yacht brokerages to hotelers, the developers, you name it in the VRM space. 00:13:31.137 --> 00:13:35.897 It's a fantastic fit for a lot of different reasons, but for two it's 00:13:35.907 --> 00:13:37.367 guilt free and risk free, right? 00:13:37.417 --> 00:13:38.827 You're leveraging an asset. 00:13:39.227 --> 00:13:42.747 You're the owners under management are leveraging an asset that they already own. 00:13:43.337 --> 00:13:47.437 So it's not a, an ask by your your franchisees. 00:13:47.827 --> 00:13:48.577 It's a gift. 00:13:48.957 --> 00:13:52.877 It's an add on to their current package of services that they have the right. 00:13:53.407 --> 00:13:55.967 As an affiliate to offer at no cost. 00:13:56.247 --> 00:13:59.677 No cost to the franchisee and no cost to the homeowner. 00:14:00.167 --> 00:14:03.697 Once they're in, trust me, these owners of homes are going to love it 00:14:03.787 --> 00:14:07.387 because they're not paying rent to use these properties and they're paying 00:14:07.397 --> 00:14:12.597 a very low booking fee to 3rd home to ensure that trip is both there. 00:14:13.147 --> 00:14:17.417 The homes are clean and ready to roll, but we're also ensure those stays with 00:14:17.427 --> 00:14:23.197 that with the revenue that fee produces the real flexibility is in the increase 00:14:23.197 --> 00:14:25.377 in travel flexibility for that homeowner. 00:14:25.507 --> 00:14:30.227 And let's say a franchisee you have is managing 50 to 100 homes. 00:14:30.757 --> 00:14:34.667 Well, the good percentage of those homeowners likely for a 00:14:34.667 --> 00:14:39.287 good percent of those homeowners, that home might be one of one. 00:14:39.477 --> 00:14:43.837 It might be one of two second homes they own, but they continue to utilize that 00:14:43.837 --> 00:14:47.497 destination and that property because they fell in love with it at some point. 00:14:47.497 --> 00:14:49.837 It's an emotional asset for them. 00:14:50.477 --> 00:14:51.547 Third home adds to that. 00:14:51.547 --> 00:14:55.737 It doesn't decrease that, but allows them the flexibility to take time that 00:14:55.737 --> 00:15:01.112 they would have used themselves For owner block travel to that property and exchange 00:15:01.112 --> 00:15:02.922 it into properties all over the world. 00:15:03.132 --> 00:15:07.572 Anytime of the year, they wish as often during the year as they wish, as long 00:15:07.572 --> 00:15:09.522 as they have enough keys to do so. 00:15:09.522 --> 00:15:10.052 Right. 00:15:10.442 --> 00:15:15.092 So there's definitely a recruiting positive here for your franchisees. 00:15:15.392 --> 00:15:20.132 They're offering an add on to their property management agreement that says, 00:15:20.142 --> 00:15:22.002 join us, we're different from others. 00:15:22.402 --> 00:15:25.912 We have an incredible incentive for you to take advantage of from the day one 00:15:26.312 --> 00:15:28.632 that you join our management services. 00:15:29.322 --> 00:15:34.772 It's also a great retention tool for those already under management because 00:15:34.772 --> 00:15:41.042 this can simply be gifted to those homeowners right off the bat as a one off. 00:15:41.642 --> 00:15:42.512 for staying with us. 00:15:42.512 --> 00:15:46.052 Thank you for, being part of the Costco family. 00:15:46.622 --> 00:15:51.222 Here's a membership by a third home through the affiliate partnership 00:15:51.252 --> 00:15:52.912 that we've just negotiated. 00:15:54.512 --> 00:15:58.202 Steve: So, Roddy, tell me about how our partners signed up for the service. 00:15:58.652 --> 00:16:05.762 Rowdy: Essentially Costco International your master account as a brand will have 00:16:05.762 --> 00:16:11.442 already has a master account set up and with that master account, we have set 00:16:11.442 --> 00:16:17.292 up a custom URL, a landing page, if you will, excuse me, that allows recruitment 00:16:17.292 --> 00:16:22.542 to occur directly in and through our back office for you for Costco. 00:16:22.957 --> 00:16:28.657 You're helping us recruit franchisees within your your family here and 00:16:28.747 --> 00:16:33.737 offering this to them to then improve their recruitment and retention model 00:16:33.957 --> 00:16:35.727 wherever that destination may be. 00:16:36.397 --> 00:16:41.897 They'll simply follow the same methodology and take an introduction through you 00:16:42.407 --> 00:16:45.207 and be introduced to my team one on one. 00:16:45.602 --> 00:16:48.772 That can be done through that landing page or with a simple 00:16:48.772 --> 00:16:51.162 email or telephone introduction. 00:16:51.602 --> 00:16:55.972 Once that affiliate or excuse me, once that franchisee has had 00:16:55.972 --> 00:16:59.452 an introductory call we'll take a hard look at their business. 00:16:59.492 --> 00:17:00.812 Where is the destination? 00:17:00.822 --> 00:17:02.302 Do we find it desirable? 00:17:02.432 --> 00:17:04.242 Do our members find it desirable? 00:17:04.772 --> 00:17:08.632 And as we survey our members often, we know very well where the need 00:17:08.632 --> 00:17:11.052 for additional inventory should be. 00:17:11.602 --> 00:17:16.782 And then we take a look at the inventory, we want to know that the invitation out to 00:17:17.112 --> 00:17:22.462 homeowners under management is going to be well received that inventory is fitting. 00:17:22.992 --> 00:17:26.762 And if there are properties within that inventory that may not fit the 00:17:26.762 --> 00:17:31.532 mold in terms of a luxury home exchange we'll work with that franchisee to 00:17:31.862 --> 00:17:35.082 kind of trim down that list so that we're only going after folks that 00:17:35.552 --> 00:17:37.202 both sides don't have to say no to. 00:17:38.517 --> 00:17:41.967 Nobody wants to be put in that circumstance, but it's a very 00:17:41.967 --> 00:17:43.427 simple introduction can be done. 00:17:43.427 --> 00:17:44.937 Electronically can be done. 00:17:44.947 --> 00:17:45.657 Personally. 00:17:45.687 --> 00:17:48.817 We prefer personally once they're in. 00:17:49.617 --> 00:17:54.167 We simply on board those folks with their own affiliate partnership agreement. 00:17:55.007 --> 00:17:59.527 We lay out the incentive plans that have been negotiated by the home office 00:17:59.527 --> 00:18:01.817 at Costco, and we get them started. 00:18:02.297 --> 00:18:05.827 We provide a marketing outline and timeline. 00:18:06.167 --> 00:18:11.537 We provide at no cost that franchisee all the marketing materials and 00:18:11.867 --> 00:18:16.477 template messages, both print and digital that they can use. 00:18:16.477 --> 00:18:22.077 And we're going to provide them with an individual URL and landing page that 00:18:22.107 --> 00:18:27.367 they can embed in any message that's relevant to their brand and the way they 00:18:27.367 --> 00:18:29.727 speak to their homeowners as an offer. 00:18:29.967 --> 00:18:33.247 A gift to those homeowners in any way they wish to offer it. 00:18:33.807 --> 00:18:38.487 Those homeowners can literally follow that link and be directed directly 00:18:38.487 --> 00:18:43.307 to a, a personal member experience team member on our end, and they'll 00:18:43.337 --> 00:18:47.907 individually then onboard each home within that franchise portfolio. 00:18:48.547 --> 00:18:52.827 Back of house you may not realize, we're, we have a very robust personal 00:18:53.172 --> 00:18:57.312 team and in place and in Brentwood, Tennessee, there's about 50 strong 00:18:57.792 --> 00:19:02.782 that do nothing but individual client servicing and relationship management. 00:19:03.502 --> 00:19:07.002 We have a similar size office in Marbella, Spain that handles our 00:19:07.002 --> 00:19:11.882 European business and another office in the UK that does the same. 00:19:11.882 --> 00:19:18.242 So very well equipped both personally and in a technical fashion to receive 00:19:18.252 --> 00:19:21.252 and manage your clientele very well. 00:19:22.537 --> 00:19:23.937 . Can I insert something real quick? 00:19:24.537 --> 00:19:30.337 One of the, one of the most important pieces of, the why third home for a 00:19:30.337 --> 00:19:36.357 franchisee is not just the recruitment and retention of homeowners under 00:19:36.357 --> 00:19:40.917 management, but something we've really found success in over the past six 00:19:40.917 --> 00:19:46.047 or seven years with our partners is recruitment and retention of employees. 00:19:46.602 --> 00:19:47.132 Okay. 00:19:47.492 --> 00:19:52.202 At my, 14 years with Natural Retreats, we ran into the same issues. 00:19:52.322 --> 00:19:57.792 Hiring and retaining quality employees and team members is one of the most 00:19:57.792 --> 00:20:01.122 difficult pieces of the vacation rental industry, just like any other 00:20:01.132 --> 00:20:03.642 company and industry that backs it. 00:20:04.122 --> 00:20:05.612 So to have the ability. 00:20:06.187 --> 00:20:09.777 For that master account that we talked about and by destination 00:20:09.907 --> 00:20:14.707 each of the franchisees master accounts, they're earning keys, right? 00:20:14.767 --> 00:20:17.637 They're earning the ability to travel as members. 00:20:18.067 --> 00:20:22.827 And as those keys compile in that account, they have the right to gift. 00:20:23.242 --> 00:20:25.092 Those keys out in any manner. 00:20:25.352 --> 00:20:29.952 They feel they should to incentivize their employees. 00:20:30.002 --> 00:20:34.052 And as long as someone is employed directly under that brand destination, 00:20:34.962 --> 00:20:41.112 you can reward your best salesperson for the month with a week long venture to Cabo 00:20:41.122 --> 00:20:43.582 or wherever it may be of choice to you. 00:20:43.662 --> 00:20:47.112 And you could do it as often as your key count allows. 00:20:47.752 --> 00:20:49.539 So there's a fantastic benefit. 00:20:49.539 --> 00:20:49.627 Fantastic. 00:20:49.767 --> 00:20:55.887 Retention and recruitment tool for your own business strength and your own team 00:20:55.887 --> 00:20:58.247 strength that I would highlight as well. 00:20:59.407 --> 00:21:03.077 Steve: Yeah, that's a fantastic way to use those keys, isn't it? 00:21:04.612 --> 00:21:05.272 Rowdy: We think so. 00:21:05.772 --> 00:21:07.540 Steve: So is there a email that we can give them? 00:21:07.600 --> 00:21:10.870 . Rowdy: You're more than welcome to reach us via email at 00:21:10.870 --> 00:21:12.910 chad, C H A D at thirdhome. 00:21:12.910 --> 00:21:15.240 com or rowdy. 00:21:15.690 --> 00:21:19.100 stovall S T O V A L at thirdhome. 00:21:19.150 --> 00:21:19.560 com. 00:21:20.180 --> 00:21:21.750 And we can start the process right there. 00:21:21.770 --> 00:21:26.450 You'll speak to one of us on the front end from a franchisee level, and we'll 00:21:26.450 --> 00:21:28.600 be happy to, proceed with you from there. 00:21:29.240 --> 00:21:30.420 Nick: Steve, I was muted for a minute. 00:21:30.470 --> 00:21:34.330 If anyone wants to jump on a phone call or send a text and like, wants 00:21:34.330 --> 00:21:38.010 to talk to someone right now and ask, ask questions absolutely. 00:21:38.010 --> 00:21:39.550 They can give us a call. 00:21:39.600 --> 00:21:43.660 My phone number is 5 1 2 7 8 5 6 6 8 9. 00:21:43.700 --> 00:21:48.300 If someone wants to pick up the call, pick up the phone and call or send a text, I'm 00:21:48.420 --> 00:21:49.890 happy to answer any questions people have. 00:21:50.695 --> 00:21:51.005 Yep. 00:21:51.075 --> 00:21:51.925 Rowdy: Same here. 00:21:52.005 --> 00:21:56.344 434 996 8543. 00:21:56.654 --> 00:21:58.124 I'm happy to take your call anytime. 00:21:59.464 --> 00:21:59.954 Steve: All right. 00:22:00.024 --> 00:22:04.544 Well, make sure to reach out to Rowdy and chat and get on that third home program. 00:22:04.674 --> 00:22:10.334 Make sure to benefit your staff members, homeowners, and even your guests. 00:22:10.344 --> 00:22:11.484 So thanks for coming on guys. 00:22:12.214 --> 00:22:13.082 Thanks a lot. 00:22:14.145 --> 00:22:17.085 It's the Casa cast we're so luxury. 00:22:17.085 --> 00:22:20.270 The Casa cast, they don't want to be us. 00:22:20.370 --> 00:22:24.375 The Casa cast just don't call it in their being B 00:22:26.555 --> 00:22:26.855 Casa cast. 00:22:27.665 --> 00:22:34.165 We got Orange credo, the Casa cast, our company's nato, the Casa cast created by.