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TRANSCRIPTION WITH SPEAKERS
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[00:00] SPEAKER_02: Welcome to Canada's podcast.
[00:05] SPEAKER_02: Hello, I'm Mario Tonoguzzi with Edmonton's podcast on Canada's podcast network.
[00:11] SPEAKER_02: Joining me today is Ryan Mirac, who is founder of Kilo. Thanks for joining us today, Ryan.
[00:18] SPEAKER_02: Thanks, Mario. Thanks for having me.
[00:20] SPEAKER_02: Well, let me just start by asking you what is Kilo and what do you do?
[00:24] SPEAKER_00: Sure, that's a good question.
[00:27] SPEAKER_00: Fundamentally, Kilo is a real estate brokerage, we're a property technology company, but I always like to start off with we help people buy and sell homes because a lot of property technologies.
[00:36] SPEAKER_00: They kind of forget that they go too much into the details of how we do it, but fundamentally that's what we do is we help people buy and sell their houses.
[00:45] SPEAKER_02: Okay, and give me a little bit of the history of when it started and why it started.
[00:50] SPEAKER_00: Sure, we actually started 2017, I believe we started.
[00:55] SPEAKER_00: We used to be Canada's largest real estate referral site, so we did what we did was we took a lot of data and we'd rank and rate realtors and we'd see which ones were doing better, which ones were doing worse.
[01:06] SPEAKER_00: And the fundamental question was, I was why, why were some better, why were some worse, and the perception of why is that if somebody went through or bought or sold a home, what did they feel was a really good experience?
[01:19] SPEAKER_00: And we did that for a couple of years, actually, like I said, we became Canada's largest, but we kind of hit a ceiling in that we can never make the process any better ourselves.
[01:30] SPEAKER_00: So if we saw a problem, we couldn't fix it. All we could do is say, there's good realtors out there, there's bad realtors out there. Please use the good ones.
[01:39] SPEAKER_00: So we want to just deciding that fundamentally if we couldn't fix that, we had to become a brokerage ourselves and we had to switch our model into going into taking all this data and using it for a purpose.
[01:51] SPEAKER_00: So we started off there and then now we're working out of Emton to start a brokerage here and then we're going to expand back out.
[01:58] SPEAKER_00: But essentially everything we learned there, we're putting into our company now here. So that's how we started off.
[02:05] SPEAKER_02: Okay, can you tell me just a little bit about how it works?
[02:10] SPEAKER_02: If I'm a consumer, a buyer or a seller, why would I come to you? What would I find?
[02:19] SPEAKER_00: Sure, that's a perfect question. I'll give you a little bit of the present and the future. So I just gave you the past, I guess that's almost like the three ghosts.
[02:26] SPEAKER_00: Maybe a little bit of the past, but the future, what we started off with was actually the future version of essentially if you came through this process and it's perfect, what does it look like?
[02:37] SPEAKER_00: And it's actually relatively simple is in the perfect process, you just go online and you can buy your sell a house with a click.
[02:44] SPEAKER_00: And it's funny how simple it is when you break it down as to why do we all these fancy things?
[02:50] SPEAKER_00: That's what people want is they want to buy or sell with a click. Now if you take that perfect world a little bit further into the details, how do you trust that go?
[02:59] SPEAKER_00: If we gave you that perfect scenario because we have the technology to do that, how do you trust is that you're buying or selling this house and it's real?
[03:08] SPEAKER_00: And one of the statements I always liked as a realtor is that if a buyer goes into a house and they ask their realtor, what is this house worth?
[03:16] SPEAKER_00: A common statement you get back is it's worth whatever it's worth to you. And I hate that statement.
[03:23] SPEAKER_00: It was one of the things that drives me insane because it's accurate, but it's also as a consumer terrible.
[03:30] SPEAKER_00: Like what is the job as the realtor if they're doing it? They just say to you, I don't know, hopefully you know, have a good time and figure it out.
[03:38] SPEAKER_00: But the problem that that statement exists is because fundamentally people feel like homes are a unique asset.
[03:46] SPEAKER_00: There's something different with every home is that each home isn't a barrel of oil or pork belly or something that's perfectly the same.
[03:56] SPEAKER_00: And the moment it's like that, it is worth what it's worth to one person.
[03:59] SPEAKER_00: But what if it didn't have to be what if there was a way where you could have a hundred people were a thousand people or ten thousand people telling you this is what the homes worth.
[04:10] SPEAKER_00: And that's where we come in. So in the perfect version, we're basically taking this unique asset that nobody could figure out.
[04:17] SPEAKER_00: And when I say nobody, you can do appraisals, you can do things, you can take a very good educated guess, but it's always a guess.
[04:24] SPEAKER_00: We're taking that and putting it into reality by essentially creating a stock market where people put money behind all their guesses.
[04:31] SPEAKER_00: And when you get enough money behind every guess, eventually you actually create, you almost split the buyers into hundreds and thousands of people and they find the right spot and they find exactly where it is.
[04:42] SPEAKER_00: So we use a lot of technology, but in the perfect world, that's the key right there is you'll be able to buy until with a click.
[04:48] SPEAKER_00: But you can trust what you're buying and selling is accurate. It's actually going to get to the point where we're going to wind up, you're going to look to us first and then you'll go back to the market instead of right now, you'll have to just guess and figure it out yourself and then go back to an instant valuation.
[05:06] SPEAKER_00: You'll come to us and say, hey, 10,000 people said it's worth this, it is worth this and then go the other way. Now, having said the perfect world, the perfect world takes a little time to build.
[05:17] SPEAKER_00: So right now we're in reality. So we started off with some really basic things is let's say you see a home sold guarantee.
[05:24] SPEAKER_00: Everybody sees those. You see them out there and I almost have to laugh when I say it out loud too is that you know and I know is if you see a home sold guarantee.
[05:34] SPEAKER_00: I guess the polite way to say is it's probably a little fake. It's a little disingenuous. It's a little bit of bait and switch.
[05:40] SPEAKER_00: So we started off with that one and just said, okay, what are like people like the home sold guarantee, but what are they actually looking for?
[05:49] SPEAKER_00: And we said, oh, okay, you know, what do we start showing some data that we're selling houses for more.
[05:53] SPEAKER_00: So we started doing independent appraisals and showing them we can sell houses for 2% more on average and it's real.
[06:00] SPEAKER_00: It's not fake. This is, you know, it's not rocket science. It's if you do fundamental things, you could do it a little bit better.
[06:07] SPEAKER_00: And then we said, okay, well, you know, if there's this home sold guarantee, what if this was real? What if I was a consumer?
[06:13] SPEAKER_00: What would I want to see in the market's going down right now? So he said, hey, if the market's going down, why don't we participate with that?
[06:19] SPEAKER_00: Is that we're we believe we're better at selling houses. We have some data to prove it.
[06:25] SPEAKER_00: So if we go and we sell your house and the value of the house goes down below the appraised value, we'll eat some of our commission because with us, it doesn't happen as often.
[06:35] SPEAKER_00: So all these little steps are things where we just we're taking what exists right now and making it better.
[06:41] SPEAKER_00: And all those steps in the background where you can't see is very technology heavy.
[06:47] SPEAKER_00: So we can use data to make ourselves more accurate. When people ask me on the technology side, the one I like to point them to is our buyers app.
[06:56] SPEAKER_00: I can basically watch people swipe homes left or right and what they're doing.
[07:01] SPEAKER_00: And we do it for good purposes. It's not Facebook creepy. What we're trying to figure out is if you go to a house and we change the wording in your description.
[07:11] SPEAKER_00: Does it make us how sell quicker or better? If I change the picture angle, does it make it sell quicker or better?
[07:17] SPEAKER_00: You know, all the fundamental questions that Realtor should be doing.
[07:21] SPEAKER_00: We take a marketing perspective of AB tested that there should be, you know, this we think is better and this we think is better.
[07:28] SPEAKER_00: Let's keep watching it and testing it. And then that way we can see three weeks into advance.
[07:33] SPEAKER_00: Hey, the traffic has really dropped off. Well, the market's probably going down.
[07:37] SPEAKER_00: You know, you'll see that six weeks later in the newspapers and it's coming out.
[07:42] SPEAKER_00: But we want to be three or four weeks ahead of that. And you know, we start sort of three weeks ahead right now.
[07:48] SPEAKER_00: But if you give us a year, we might be up to six weeks ahead where we can get better at it.
[07:52] SPEAKER_00: So that was my long way of explaining the perfect worlds and where we're at today.
[07:57] SPEAKER_00: And if you interview me in six months, we'll be, you know, much further ahead on the perfect world.
[08:02] SPEAKER_00: How did you come up with the name?
[08:05] SPEAKER_00: Oh, that's a good question. So it at least partially has to do with the fact that getting a website is impossible.
[08:11] SPEAKER_00: Anything to do with real estate is impossible.
[08:13] SPEAKER_00: But we did start with the fundamentals is that if you're going to name yourself anywhere in real estate, should I do with a house?
[08:20] SPEAKER_00: It should have to do with something that gives you that emotional response.
[08:23] SPEAKER_00: We went with key and this was before Kylo Ren came out.
[08:28] SPEAKER_00: So people do pronounce it a little bit and probably now after him.
[08:32] SPEAKER_00: But it's the key for your house. So Kilo came off of that.
[08:35] SPEAKER_00: And funny enough, if you look it up in a slang dictionary, it's kind of about relaxing.
[08:40] SPEAKER_00: So we thought that was also appropriate with our approaches that we want to take the stress out of it is that real estate is quite stressful.
[08:47] SPEAKER_00: It's they keep, you know, everybody says it's the biggest purchase and the biggest sale of your life. That's true.
[08:53] SPEAKER_00: So as a company, we should be taking that stress out and that that had to do with the name.
[08:59] SPEAKER_02: Taking the stress out of real estate. There's a good tag line for it.
[09:02] SPEAKER_02: Yeah, you know what? That's not a bad one.
[09:06] SPEAKER_00: It's super stressful, especially right now with the market going down.
[09:10] SPEAKER_00: And you know, I like to say there are excellent realtors out there.
[09:15] SPEAKER_00: It's not that some, you know, you can't find a good realtor, but that's our baseline.
[09:20] SPEAKER_00: We actually call that Kilo basic.
[09:23] SPEAKER_00: Everything you could find in a good realtor is where we started.
[09:26] SPEAKER_00: And then we keep doing more on top of that.
[09:29] SPEAKER_00: So there are some good realtor is some bad realtors, but that's our baseline is that that basic product.
[09:36] SPEAKER_02: So what's your background? Ryan, in terms of the real estate industry, like how long have you been doing this?
[09:45] SPEAKER_00: I basically started with Kilo for the real estate industry.
[09:49] SPEAKER_00: And then I started outside the industry and then we moved into the industry.
[09:53] SPEAKER_00: And the reason for that was there was a lot of really good data outside the industry to begin with.
[09:58] SPEAKER_00: Me personally, I actually started as an accountant worked for one of the big guys.
[10:02] SPEAKER_00: Did not enjoy that as much as some people do. I did a lot of auditing and.
[10:07] SPEAKER_00: I like solving problems and I was never given the opportunity to do it.
[10:11] SPEAKER_00: So whether it's solving it's, you know, like building a house physically or solving it with numbers.
[10:16] SPEAKER_00: I love that stuff is hence the entrepreneur is that there's always a problem to solve.
[10:21] SPEAKER_00: So I started there and then I went into the construction industry.
[10:24] SPEAKER_00: And I wound up being, you know, typical construction.
[10:27] SPEAKER_00: Now to town a lot working on quality control, working on project management.
[10:32] SPEAKER_00: I enjoyed it, but I always wanted to start my own company.
[10:35] SPEAKER_00: So when it came sort of full circle and like a lot of people made myself a little more stable, had kids.
[10:42] SPEAKER_00: Got into a point where said, okay, now I can do it.
[10:45] SPEAKER_00: And real estate was the one that I found had the biggest holes is that especially in Canada, we're at least 15 years behind the US, maybe 20.
[10:56] SPEAKER_00: Like we are so far behind.
[10:58] SPEAKER_00: Every time I see a new property technology company out of Alberta, I love it.
[11:02] SPEAKER_00: There should be more competition like every, every low cost high service middleman.
[11:09] SPEAKER_00: They're all good for consumers is that they should have more options.
[11:13] SPEAKER_00: So yeah, I really like that part of it.
[11:15] SPEAKER_00: And then I basically took all of it and combined it into one bubble.
[11:20] SPEAKER_00: And that's what I'm doing now is that the last couple of years have all been.
[11:25] SPEAKER_00: What's the problem and how do you solve it?
[11:27] SPEAKER_00: And the property technology companies do a little bit too much in the technology.
[11:31] SPEAKER_00: The realtors do a little bit too much on just the sales side of telling you they're doing something.
[11:37] SPEAKER_00: So we really need a nice middle middle part where the solutions are what people want.
[11:43] SPEAKER_02: So what do you like about being an entrepreneur?
[11:48] SPEAKER_00: That's a great question.
[11:49] SPEAKER_00: Maybe I'll give you a quick attitude.
[11:51] SPEAKER_00: It's probably maybe it's not perfect for the show, but what I like is this morning I was biking with my son.
[11:56] SPEAKER_00: So I work a lot of hours like a lot of entrepreneurs, but I have more flexibility.
[12:00] SPEAKER_00: So I bike him to school.
[12:01] SPEAKER_00: And when I was biking him this morning, he was kind of in the middle of the lane.
[12:07] SPEAKER_00: And there was a car come in and he had his friend there and I said,
[12:09] SPEAKER_00: OK, make sure you go a single file.
[12:11] SPEAKER_00: And he wasn't really listening to me as kids ought to do.
[12:13] SPEAKER_00: So I pulled up to him.
[12:15] SPEAKER_00: And I said to him, I'm like, well, partner, my son, you have to use your words.
[12:20] SPEAKER_00: I said, say words.
[12:21] SPEAKER_00: And he looked me dead in the eyes and said words.
[12:23] SPEAKER_00: I was like, well, I was a good dad joke to start my day.
[12:28] SPEAKER_00: So it was kind of snarky.
[12:31] SPEAKER_00: You know, kids are a little bit like that.
[12:32] SPEAKER_00: But that's what I really enjoy is that I get those moments now.
[12:38] SPEAKER_00: So I love the actual work and everything I do.
[12:42] SPEAKER_00: But you know, it's nice to balance everything off as well.
[12:46] SPEAKER_02: Yeah, you know, that's an interesting point, right?
[12:48] SPEAKER_02: Because, you know, I found that same thing with myself after 35 years.
[12:53] SPEAKER_02: Working for the same company in an office environment.
[12:57] SPEAKER_02: Once that ended six and six plus years ago, you know,
[13:02] SPEAKER_02: you know, I'm working from home.
[13:04] SPEAKER_02: I full time.
[13:05] SPEAKER_02: So I have the flexibility and being in my own boss.
[13:08] SPEAKER_02: I have the flexibility.
[13:10] SPEAKER_02: Sure, it's a lot of work and it's a lot of hours.
[13:13] SPEAKER_02: But you know what?
[13:15] SPEAKER_02: I want to take half an hour and go and move my lawn.
[13:18] SPEAKER_02: I can do it, right?
[13:19] SPEAKER_02: You know, that type of thing.
[13:22] SPEAKER_02: What do you do then, you know, like what kind of things do you do to balance that workload
[13:31] SPEAKER_02: that being an entrepreneur is with, you know, what you really need in life to sort of de-stress?
[13:40] SPEAKER_00: I think that's my personal key for the balance is just that no matter what you're going to wind up working a lot of hours,
[13:47] SPEAKER_00: I'm type A personality.
[13:49] SPEAKER_00: So even when I finish work, I probably go work on my garage or I do something like I switch from computer work to physical work,
[13:56] SPEAKER_00: usually something construction related because that's my skill set.
[14:00] SPEAKER_00: And, you know, I burn out from my computer.
[14:03] SPEAKER_00: So I often wind up doing that where I still get like getting things done.
[14:08] SPEAKER_00: But I definitely have different modes.
[14:11] SPEAKER_00: If I spend eight, ten hours staring at my computer and especially the more complex it gets,
[14:17] SPEAKER_00: it's difficult to focus that long.
[14:19] SPEAKER_00: It's great being type A, but on the flip side I'm a little ADHD.
[14:22] SPEAKER_00: So, you know, if you sit just doing one thing for a long time, it makes it a little squirrely.
[14:27] SPEAKER_00: So I really try to balance it that way.
[14:30] SPEAKER_00: But from a higher level, it's more family life is that if things are happening,
[14:36] SPEAKER_00: I try to prioritize them because I know I'm not very flexible.
[14:39] SPEAKER_00: So, yeah, if I need to work at eight o'clock at night, I work at eight or nine or ten because my son's asleep.
[14:45] SPEAKER_00: And that for me is huge because I love biking in the school every morning doing all that.
[14:52] SPEAKER_00: You know, that's really my balance is that when there are opportunities, I'm there for them.
[14:57] SPEAKER_00: And, you know, when I have clients, because I'm an active realtor broker.
[15:01] SPEAKER_00: So when they come to me, it's usually evenings a weekend.
[15:04] SPEAKER_00: And I work on as an entrepreneur, entrepreneur Ryan during the day.
[15:08] SPEAKER_00: So it's pretty busy.
[15:10] SPEAKER_00: So if I'm gone all day Saturday, I'll say to my son like, hey, do you want to go rock climbing?
[15:15] SPEAKER_00: And he'd be like, yeah, I'm like, well, we got to do it at eight o'clock in the morning because I'm going to be busy.
[15:20] SPEAKER_00: And he's like, yeah, sure, let's go.
[15:21] SPEAKER_00: We'll go bike and go rock climbing or do something.
[15:23] SPEAKER_02: Yeah.
[15:24] SPEAKER_02: Do you find that the days that you don't take the time to do other things that you actually turn out to be less productive than if you do?
[15:35] SPEAKER_00: 100%.
[15:36] SPEAKER_00: I guess maybe this is a little bit of the wisdom of getting slightly older is that I definitely burn out.
[15:42] SPEAKER_00: But I can recognize it now.
[15:44] SPEAKER_00: We're in the past.
[15:45] SPEAKER_00: I think I would just do it.
[15:47] SPEAKER_00: And then, you know, small things.
[15:50] SPEAKER_00: I would get up to drinking, you know, 12 cups of coffee and I don't do that more.
[15:54] SPEAKER_00: I only really have one or two.
[15:56] SPEAKER_00: And it's because it's a cycle of start sleeping less and working harder.
[16:00] SPEAKER_00: Just like you said, as I'm not actually accomplishing anything more.
[16:03] SPEAKER_00: So I notice it now.
[16:06] SPEAKER_00: And it's like anything is I have deadlines.
[16:08] SPEAKER_00: I have clients.
[16:08] SPEAKER_00: And the perfect example is if you're a client of mine and you're buying a house and the market's hot, I'm not going to say no, like let's wait three days.
[16:18] SPEAKER_00: It's like, okay, not let's wait three days.
[16:21] SPEAKER_00: Let's go right now.
[16:22] SPEAKER_00: Let's go in the next two hours because this particular house is going to be gone.
[16:26] SPEAKER_00: Like, let's do it now.
[16:27] SPEAKER_00: So some of those things have to be there.
[16:30] SPEAKER_00: But some of the other ones don't in the sense that.
[16:34] SPEAKER_00: You know, you have to micromanage a bit when you're a small company, but one of the benefits of us growing, shrinking and growing again.
[16:43] SPEAKER_00: Is that anytime where I can delegate and teach, I really enjoy that is that showing somebody else how to do it is a huge time investment.
[16:52] SPEAKER_00: But one of those old sayings are like that I really liked is that.
[16:57] SPEAKER_00: People are going to leave and they're always going to leave.
[17:00] SPEAKER_00: So people say, well, why invest the time in them if they're going to leave?
[17:02] SPEAKER_00: I'm the opposite way is that.
[17:04] SPEAKER_00: Why not invest the time with them?
[17:06] SPEAKER_00: And then if they leave, at least they leave in a good terms, you help them in their career, you know, you could feel good about it.
[17:12] SPEAKER_00: But if you don't invest the time in them, it's just nothing but frustration.
[17:17] SPEAKER_00: So, you know, there's a lot of that too.
[17:20] SPEAKER_02: So, tell me, you know, as you embarked and moved along on this entrepreneurial journey, did you have any mentors along the way or any examples that you followed above real life entrepreneurs or even books that you read?
[17:41] SPEAKER_00: I do like that the few books I read, that makes me sound illiterate, but that's just more of a time thing.
[17:47] SPEAKER_00: The ones I do read are business books and I actually quite enjoy them because I find when I read business books, it's one of the few times where my mind is free to wander into the bigger concepts.
[17:58] SPEAKER_00: And one of the great things of being a little ADHD is I can put together concepts from really weird things.
[18:04] SPEAKER_00: So, when I'm reading books and stuff, I quite enjoy that. I didn't have too many specific mentors.
[18:10] SPEAKER_00: I looked at a lot of business models and why they succeeded and failed.
[18:15] SPEAKER_00: I guess, I don't want to mention the one, but there was a color that came here to Canada.
[18:19] SPEAKER_00: And I very much liked their business model of what they were trying to do and why they failed massively.
[18:26] SPEAKER_00: And if you were looking at a case study of what to do recently, it was a beautiful case study if they went to different countries and kept failing and failing.
[18:35] SPEAKER_00: So, I pay a lot of attention to that and the details of why.
[18:39] SPEAKER_00: And the answer is always psychology on those ones. So, I love that. The technology everybody can figure out technology.
[18:45] SPEAKER_00: Well, not everybody, but technology can happen and will happen.
[18:49] SPEAKER_00: But if you're not hitting the psychology rate, then you're never going to win. And I think people miss that quite a bit.
[18:55] SPEAKER_00: So, I like that. But I almost feel like for us, this is my, I'm almost redoing the company completely.
[19:02] SPEAKER_00: So, this is my second time on a lot smarter. And when you said the mentors, the first time around, I really didn't have the connections.
[19:08] SPEAKER_00: And I almost feel like even in Alberta, the ecosystem wasn't there.
[19:12] SPEAKER_00: I kept asking questions and looking for help and doing things. And the answers I get would be, well, your real estate company, Go Make Cash Flow.
[19:21] SPEAKER_00: And then I'd say, well, people, this is a technology company. It needs to burn cash flow. No, that's not going to happen. That's not an Alberta thing.
[19:29] SPEAKER_00: No, no, no, no. Now, this time around, I'm much better connected with great mentors in specific areas.
[19:37] SPEAKER_00: So, they don't give me any answers, but the questions that I'm working on are really hard. And they're a perfect sounding board.
[19:47] SPEAKER_00: I'm meeting with one on Friday. I've got a product one. Like each one of those is, you know, 20 years experience in their specific area.
[19:56] SPEAKER_00: So, they're smarter than I have at that thing. And that's what you need is that, like, you know, that old adage walk into the room and everybody should be smarter than you.
[20:04] SPEAKER_00: So, they totally are. When I talk to them, I guess the one reality check is they don't give me any answers, though, because I never come with questions that are simple.
[20:14] SPEAKER_00: But that is, if anything was the difference for my company this time, it's actually dealing with them.
[20:21] SPEAKER_00: Because when I lay out, here's the future, here's the process. Here's the things we need to do.
[20:26] SPEAKER_00: But here's the 15 problems that I already know we need to do. And then I can discuss them and say, well, you know, if I do it this way, I probably have an 80% chance.
[20:37] SPEAKER_00: This is what it's going to cost, you know, go from there. And you have somebody really intelligent feeding back.
[20:44] SPEAKER_00: Well, yeah, you're probably right about that. Maybe you're wrong about this. You're probably right about that. And then when I talked about reading the books and really thinking high level, that's what those mentors do constantly is that.
[20:57] SPEAKER_00: Take your face out of your computer. Take your face out of your spreadsheets. And you know, you've got a client tomorrow and you've got this and that.
[21:03] SPEAKER_00: What's your fundamental problem on how are you solving it? And they are excellent.
[21:08] SPEAKER_02: Let me ask you like as an entrepreneur, as a business owner, living and doing business in Edmonton and Alberta. What are the advantages of that or benefits of that?
[21:23] SPEAKER_00: Well, I'll actually use real estate as a specific example because in the last, let's say, five years, there's been at least four really good real estate technology companies. They all do their own thing.
[21:36] SPEAKER_00: But it's not a coincidence that they just started coming out of here in the recent past. And Alberta is oil and gas.
[21:44] SPEAKER_00: But there's some fundamental things there that are great. And I've lived in Calgary and Edmonton. So don't get mad at me of which ones better. But Calgary does have a really good financial system.
[21:55] SPEAKER_00: And the U of A was top three in the world for a very long time at artificial intelligence machine learning.
[22:02] SPEAKER_00: They didn't really lose their position. It's just that everybody got better. But you forget is that if you combine the two of them together, you get the population of a good size city, not that we're too small.
[22:15] SPEAKER_00: But if you put them together and put those skill sets together, it's actually pretty amazing. So the more Alberta innovates and a couple of these things start saying, hey, everything is already happening. All we're going to do is grease the wheels. The more they do that instead of some of my pet peeves are these billion dollar deals.
[22:32] SPEAKER_00: That gets sent out there that you know, you know, it's some closed door thing that's happening. And it's politically, it looks great to put it in the newspaper.
[22:42] SPEAKER_00: But where you're going to make the difference is all these little companies like ours. And Alberta, if you asked me four years ago, five years ago, tough. Now it's starting to change. And even when I talk to people in, let's say the US or other places about what's going on here.
[22:59] SPEAKER_00: They're starting to change their attitudes to of what's going on. But having said that we want to get into an accelerator and there's some you can do here.
[23:11] SPEAKER_00: And they're starting to get better. But it's still the other places have done it for 20 years. You know, like they've got the ecosystem. So a company like ours, we're likely to stay here or we likely to wind up going someplace else.
[23:24] SPEAKER_00: Now is that changing? Yes. But is it perfect? No. So, you know, it's, I like to be an optimist. So I'm going to say that Alberta has made huge gains in the last couple of years.
[23:37] SPEAKER_02: Yeah. So humming along pretty good right now. And you know, every every economic forecast that's out there as showing that Alberta and Saskatchewan actually are leading the country and economic growth in 2022.
[23:52] SPEAKER_02: And we'll do so in 2023. So, yeah, you know, the old commercial, you've come a long way, baby. You know, it's it's kind of like that when you think of Alberta right now, considering the plight, the province was in back in 2015 after the oil price collapsed and everything went down.
[24:12] SPEAKER_00: Yeah. If you want a 30 second market update, I don't know how recent this podcast will be, but the 30 second market update.
[24:18] SPEAKER_00: The stuff that people don't talk about that I really like, immigration is a big one. Nobody talks about and they should be because immigration's coming back.
[24:27] SPEAKER_00: The fundamental amount of money people have in their pockets. Yes, buyers every time the interest rates go up, it gets exponentially more expensive. But people have money in their pockets.
[24:36] SPEAKER_00: It's price of oil is great. People do see that. But the effect where it's coming in is employment. If you look at Alberta and said the next three years is everybody going to lose their job. No, that's just not happening.
[24:49] SPEAKER_00: So that's your 30 second market update of the things that people don't talk about and should there's lots of stuff that people do talk about.
[24:56] SPEAKER_00: But look at some of those fundamentals when we're looking at flipping a coin, whether it's going to be reception and stuff. Those are the ones that there you go.
[25:03] SPEAKER_02: For real estate rights, the big drivers are employment, people and having population. So on that population growth, those obviously can be through immigration or through net migration from other provinces.
[25:22] SPEAKER_02: So when you're sitting here in Alberta, we're sitting pretty good right now in both those areas.
[25:29] SPEAKER_00: Yeah, and I mean, if you if you talk to me about in detail and you want to go into more of the real estate stuff, like let's just say, Emmett, for example, we don't have enough development for it doesn't seem like it at the moment because everything's everybody looks at things for the short term.
[25:45] SPEAKER_00: But we just don't have enough houses being built and what's actually worse is the new builders are slowing down because they're selling them terribly at the moment.
[25:53] SPEAKER_00: Now, this is a temporary thing is that we're not going to have enough houses that are being built that are new.
[25:58] SPEAKER_00: And because we're not going to have enough new houses, it's going to be everything else. The only thing that's really still kind of over supplied is we built a lot of condos and everybody moved out of downtown.
[26:07] SPEAKER_00: But if you look at other fundamentals, so that's where I yeah, I like numbers. So when you when you start talking about that and to kind of go into well, this is what people talk about, but why aren't they talking about this? Why are they talking about that?
[26:21] SPEAKER_00: So the bigger picture stuff is really important to me. And then when it comes down to a client though, why is your particular home selling or not selling? That's a different story.
[26:32] SPEAKER_00: It that gets very micro of your neighborhood, your inventory. Macro is good, but if you're buying or selling, it's very micro.
[26:40] SPEAKER_02: Yeah, thanks very much. Ryan for joining us today. Yeah, no problem. That was fun. All right. Super. That was Ryan, Mirac. I got it right. Didn't I?
[26:50] SPEAKER_02: You did it right there. You must have just thinking of how often people would mispronounce your name.
[26:59] SPEAKER_02: My bread here. It's would be proud then. All right. So that was Ryan Mirac, who is founder of Kilo. I'm Mario Tonoguzzi. This has been Edmonton's podcast on Canada's podcast network. Thanks for joining us today.
