Webinar: Introducing Storable’s Insured-To-Value

Insured-to-Value Webinar Transcript

0:04: Introduction | Ethan Luloff

Well, hello everyone. Thank you so much for joining. Looking forward to chatting with you all. Today, we’ll give everyone just another minute here to get going with us. All right.

Well, let’s get going. Well, thank you all so much for joining. Good morning. Good afternoon. Hope your week is winding down nice. My name is Ethan Luloff. I’m a sales manager here at Storable, specifically on the risk program side of the house. So this topic of Insured-To-Value is near and dear to my heart. For those of you who I haven’t met, great to meet you.

And for those of you that I have, nice to see you again. Looking forward to chatting with you guys, as I said, for the next 60 minutes.

So a few items to make this as beneficial as possible, like I said, we’ll be together for an hour. And it’s my goal for this to be as informative as it can be so that you can take actionable insights home back to your operation.

In order to do so, if you do encounter any tech issues, it’s likely that they are audio related as those are the most common with these. If it’s not working or the quality isn’t up to par, try using the connect via phone option. That typically resolves it for most customers.

If you do have issues beyond that, we have a team that can support, so please put those questions in the chat. And then lastly, please do engage. This is for you, as I’ve said, and ask questions. If we’re unable to answer those during the call, we’ll get back to you via email as quickly as possible.

2:08: Agenda | Ethan Luloff

So for the agenda, we’ll be discussing Storable’s vision as it relates to our insurance products and how we are accelerating operator’s growth and then reducing workload with our tech forward approach. You’ll hear that a few times today.

And then we’ll discuss exactly how operators are taking advantage of our exclusive tools that we have here at Storable and how we implement those things on their behalf. And then we’ll have time at the end for Q&A. So let’s get rolling.

2:34: How ITV Fits Into The Storable Vision | Ethan Luloff

As we discuss vision, I think it’s important to understand the full suite of products that we have here at Storable and then how our insurance program fits into them.

So for those of you who are unfamiliar or could benefit from a refresher, Storable is the first and only platform to handle the entire tenant cycle.

So what do I mean by that?

So from the far left, from lead generation to the unfortunate but inevitable auction process and everything in between, you see on the arch.

So whether you’re a part of a hundred store portfolio, building your first facility, looking to acquire your first facility, wanna be hands-on, wanna be hands-off, we are unequivocally the best option for your business as we have all the tools to assist. And then when you connect those products shown in the arch to our core, our nucleus, our FMS’s, facility management softwares – siteLink, storEdge, Easy Storage Solutions. We’re able to deliver outcomes that no other vendor in the industry can and we take a ton of pride in that.

So as we dive into insurance, I would imagine amongst us today are varying levels of tenant insurance knowledge. There may be folks here who have been offering it for 20 years at a highly successful level and those who are just now considering it.

3:43: Three Key Reasons For Offering Tenant Insurance | Ethan Luloff

So to help level set, at Storable we believe there are three key reasons for offering tenant insurance and we love our threes so we’ll hear that a few times.

Number one, it’s an added layer of protection.

So of course your lease is first but knock on wood, if something were to happen, the tenant doesn’t really care what your lease says. They more than likely want to be taken care of and compensated as quickly as possible.

Tenant insurance is the best way to make that happen and any one of you that’s been on the receiving end of a disgruntled tenant knows exactly what I’m talking about.

And then secondarily, it’s an added benefit for the tenant.

So if a tenant does have their own coverage, i.e. homeowners or renters, there’s usually gaps in that coverage because it’s not specific to the storage industry. And secondarily, there’s usually a really high deductible.

So if they have a few thousand dollar deductible and they have a loss that’s a few hundred dollars, that math doesn’t play into their favor.

And then lastly, it’s an additional revenue source.

And when offered correctly, it will be the number one profit center outside of rents.

3:48: Traditional Insurance Challenges | Ethan Luloff

But even with those positives, that you guys now know, most insurance offerings in the storage industry are a commodity. And what I mean by that is an organization might have a slightly better support or claims process, or perhaps one offers a singular coverage that the other does not, and those things are all important.

But at the end of the day, they’re very, very similar to one another, and they’re all focused on price, or you’ll hear rev-share, split, what have you. Because that’s all they have to offer, meaning they all have the same significant drawbacks.

Operators have to spend a ton of time upfront training their managers, district managers, regional managers to communicate the value of the insurance to the tenants, because ultimately that’s who it’s for, and then to build the procedures that make sense for their specific operation.

Then, that same staff has to stay on top of the performance by consistently evaluating reports, which takes time away from other areas of their business.

And if they’re not performing up to standards, which makes all that work feel like a loss, then they have to reengage with managers to do refresher trainings and hold them accountable. And then once the manager leaves the company, that process starts all over again. The impact of that is pretty significant.

5:52: Impact Of The Traditional Approach | Ethan Luloff

Number one, most operators don’t end up offering tenant insurance at all.

It seemed to be too time consuming, the juice isn’t worth the squeeze, and they fear it will impede the rental process. And it’s no secret to each of us on this call that we are in the business of renting units.

So anything that is seen to inhibit that or get in the way of it is viewed as bad for business.

Second, we see that operators are underachieving in their enrollment goals.

What I mean by that is – if you have 100 units and you want to get 50 of them enrolled and you’re at 10, you’re like, hey, this really isn’t worth the effort.

And then lastly, we call this internally willed into existence.

If you are high performing, you’re more than likely willing it into existence through manpower. And that takes, again, time and attention that could be used in other areas of the business.

6:41: How We Do It Differently | Ethan Luloff

So how is Storable different?

When we think of value for our customers, we think of getting them to their ultimate dream outcome as quickly as possible and with as little effort from them as possible.

And we accomplish this with two components. And any of you that are partnered with Storable on the tenant trend side right now, you know these things to be true.

We have our StorSmart and Bader best in industry training program – a team who at this point has trained thousands of managers all across the country – they excel at giving operators the tools needed to equip their managers to share the value of the program and to efficiently offer the insurance in an administrative fashion.

So you take the people and then you stack the tech on top of it and that’s the tech forward approach that we are bringing to the market. So when you bring those two things together, what’s the outcome?

Well, the outcome is that whether in a low-income, high-income, urban, rural market, operators using storable insurance on average achieve a 65% enrollment rate while freeing up their management team.

And that’s done through that tech, right? We’re giving you time back to take better care of your tenants in other areas of the business.

7:45: Tech-Forward Approach | Ethan Luloff

So, how do we do it with the tech-forward approach? Well, when we look at how you need to maximize insurance, there’s three key levers.

I said we love our threes.

Number one is to drive enrollment. AKA how many people sign up for the coverage provided and take advantage of the offerings to ensure their stuff is protected.

And then you need to align coverage appropriately. So those that have coverage are appropriately insured.

Realistically, the total value of goods stored in a 5×5 does not match that of a 20×20. So we wanna be cognizant about how we align minimum coverage levels with different sized units.

And then lastly, it’s a service to the tenants and you need to ensure your tenants can easily access their policies, submit claims, and make adjustments to their coverage level as needed.

8:28: Storable Auto-Protect | Ethan Luloff

So as we’re discussing vision, what’s to come, and what we’re here to discuss today, I think it’s really important that we look back at what we have released over the past couple of years.

And many of you on the list today that are attending or watching this recording are using this tool so you know the impact of that. And that’s Auto-Protect.

And that is focused on driving enrollment and then servicing the tenants through a proof portal, which I’ll discuss here momentarily. And AutoProtect works through all rental channels, So think over the counter, phone, or online.

So let’s use this in an applicable sense. Let’s say you have a tenant who is going through the end of the rental process, you get to the insurance conversation, they have proof but can’t provide it.

Instead of haggling and going back and forth with them as they just wanna get done with their day and into the unit, you can simply say “hey, you know what, not a problem, go ahead and move in. We’ll give you 14 days to provide proof of coverage. If you’re unable to do so, we’ll simply enroll you in the minimum amount of coverage.”

Here’s where the tech kicks in.

So the software will automatically email out reminders and if they don’t provide proof of insurance within 14 days, they’ll automatically be enrolled in the minimum amount of coverage.

Now, a point to note here is you, as an operator or manager, you retain what we call operational control. Meaning that if for any reason you wanted to exempt a tenant from that process, you could do so.

And when I think back to the COVID time period, we all know we saw a major influx in online rentals and there was a gap. If you have shopped a facility that’s offering insurance, or your facility itself – and you’re not offering Auto-Protect, you know that of those dropdowns, they can select the coverage and coverage level, and then there’s a private insurance.

Well, people were simply hitting private insurance and bypassing that, and then managers would have to follow up, and we know that’s A, not effective, and B, not the best use of their time.

So that’s where the self-service portal kicks in. The self-service portal allows them to submit their proof of coverage, And the software is simply reading yes, no. Yes, the tenant did provide coverage and no, they’re not enrolled. No, they did not provide coverage. Yes, they are enrolled.

And that becomes an ongoing maintenance piece as it’s also reading their proof of insurance expiration date as well.

10:33: Introducing Storable Insurance Insured-To-Value | Ethan Luloff

So we’ve been listening and understand the excitement in the industry for more revenue management centric tools.

If you’re on LinkedIn or if you’re like me and read articles on ISS, all the craze and for good reason on Inside Self Storage right now is about revenue management tools.

And today, we could not be more excited to announce the industry’s first dynamic pricing tool for tenant insurance, Insured-To-Value, also known as ITV.

So what is it and how does it help? So let’s, again, level set. Let’s all think of a 500 unit facility and the unit mix of that. So let’s say it goes from a 5×5 all the way to 20x20s, and then you have your parking spaces.

Well, if they’re offering insurance, we know that across the board, there’s the same minimum that is offered regardless of the unit that the tenant selects. And that likely leaves folks underinsured and then leaves the damage, reputational damage, exposed as well.

So you need to be able to tailor that coverage, meaning aligning the minimum coverage requirements with the value of goods typically stored within each of those units. And you know that better than anyone.

And then lastly, secondarily, it’s built to be flexible.

You need to have full control over the coverage requirements, as we understand that – even on this call – we’ve got individuals in downtown LA, rural Kansas, Arkansas, and it needs to be flexible.

And ultimately, that will be what boosts your revenue. And then again, it needs to be able to span across all platforms. So again, over the phone, over the counter, or online.

And by doing that flexibility and boosting your revenue, that’s a 55% increase in your insurance take-home revenue.

12:07: Operational Deployment | Ethan Luloff

So how exactly do we go to deploy that?

Again, we recognize that you need to accommodate for a shifting market, ever evolving tenant needs, and also your operation. We know that here there’s some individuals that don’t rent a unit without shaking the hand of a tenant, or some that never meet them.

So with ITV, the control is put in your hands to determine the appropriate minimum coverage levels for each of the units.

So here’s that traditional approach that I talked about just a couple minutes ago, from a 5×5 to a 20×20 – $2,000 of coverage is offered as the minimum for $10 a month, but you need to tailor that.

So there’s a cautious approach for operators in markets with some pricing sensitivity due to lower rental rates and occupancy. You might simply adjust your minimum coverage requirements for units above 150 square feet to 3,000 for $15.

Or a balanced approach – for operators in resilient markets still able to achieve that 87% to 90% in occupancy. You might adjust your minimum coverage requirements. So units above 50 square feet, or 3,000 for $15, or 150 square feet for 5,000 for $26.

And then there’s an assertive approach. So for operators in strong markets or those of you that are familiar with dynamic pricing strategies, you might adjust your minimum coverage requirements where you have units above 25 square feet for 3,000 for $15 or units above 50 square feet for 5,000 for $26.

So obviously there’s a massive financial impact, which I’ll get to here momentarily. But most importantly, by doing this, your tenants are much more appropriately insured, and you are reducing your liability as well and the reputational risk.

So the financial impact, when we look at that, when you deploy it from a cautious approach, that’s a 12.5% increase to your insurance take-home revenue, to a balanced approach, which is that 55%, I alluded to earlier, and then the assertive approach is that 98%, so really impactful.

All right, so Ethan, this is great. I’ve got the cautious, the balanced and assertive, but I need more, like how exactly would I deploy this or how do I make this make more sense for my own operation?

And that’s probably the first challenge that you’ll have to identify when you take this back to your operational team or just think through it further.

So again, we’ve got the cautious, balanced and assertive, but to take this a step further, I would liken it to other verticals and other organizations and other industries, and industries is the simplest.

So you would never insure a Lamborghini to the same extent you insured a Honda Accord. Similarly, with a million-dollar home, you wouldn’t insure it with the same policy as a $100,000 home.

Storage works the same exact way.

A 20×20 should not have the same minimum protection requirements as a 5×5 when we know, typically, the value of goods stored in the larger units is more significant than those in the smaller one.

So now let’s pull data across this. And we look at this as a premium as percentage of rent. That’s where that cautious balance and assertive math comes from, is a premium as percentage of rent.

15:01: Evaluating Pricing Sensitivity | Ethan Luloff

So when we look at the data across our 30,000 facilities on SiteLink, storEDGE, and Easy Storage Solutions, we know a couple of things.

Number one, we know that the average – and this is a busy slide, so if you look to the left – we know the average cost for a 5×5 in the current country is approximately $40 right now.

Additionally, we know that tenants are comfortable paying up to 25% of their rent as an insurance premium.

So for a base coverage policy of 2,000 for $10 bucks a month, that represents 25% of their monthly rent. And then if you start to stretch this to the right, if an operator were to start charging $15 a month for a 3,000 policy, that’s 16%. And then at the top end to the far right, a 15×20 requiring a 5,000 policy for $26 a month, that represents 13% of the monthly rent.

15:50: Flexibility For A Shifting Market | Ethan Luloff

So we’ve talked a lot about percentages, show me the money.

So if you look at the baseline, this portfolio has just over 10,000 units. The monthly premium, what they take home, the gross premium amount generated is $105,000.

And this admin rate, I’ll pause here. So in the industry, you’ll hear about this lot. At Storable, we call the admin rate, what the admin rate is, is what’s going back to the operator. So you might hear rev-share, splits, commission out in the industry, but this is what’s going back to the operator.

So that’s 52 ,000. When you pull the ITV approach over that, the monthly premium jumps up to $193,000 and the admin fee jumps up to $96,000.

So tenants are much more flexible with this pricing variability than you might anticipate.

16:35: ITV Power User: Stor-It Self Storage | Ethan Luloff

And David Hurlis, a well-respected operator in Idaho is echoing exactly what we know, saying, “I think customers expect a larger policy to be in place with a larger unit.”

16:47: Additional Resources & How To Get Started | Ethan Luloff

So with ITV being the first dynamic pricing tool in the industry for insurance, I recognize this might be a bit much to take in.

You might have someone else at your operation that you wanna share this information with. So to support that, we’ve turned both of these operational deployment models that I showed just a couple of moments ago into one-pagers for your reference.

And then after today’s call, you’ll be receiving an email with both of them for your review. If you have any questions after reviewing, please don’t hesitate to reach out. We’ll get a market consultant with you and continue this conversation.

And a couple items, just like AutoProtect is free, This Insured-To-Value tool is another free, exclusive tool that we offer here at Storable with our insurance program.

17:26: Q&A | Ethan Luloff

So now I’ll open it up for questions, Matt.

17:40: Q&A | Matt Beal

All-righty, can you confirm you can hear me, Ethan?

17:42: Q&A | Ethan Luloff

I can hear you.

17:33: Q&A | Matt Beal

Awesome, yeah, so we had a few different questions come in. I will also just encourage folks, if you guys have any questions about this TAC or Storable Insurance in general, now is a really great time to get them in while we’ve got Ethan be able to answer them for you.

We’ve got about 10 minutes, we’re gonna be taking questions. so you have a few to get them in. But I’ll throw you a couple that we already have got throughout today’s presentation, Ethan.

So first of all is just kind of talking about whether or not this program is free. You wanna cover that one for us?

18:05: Q&A – Ethan Luloff

Yeah, happy to. So as I said, at the top of the hour, when you partner with Storable and Storable Insurance and then our FMS, we’re able to deliver those outcomes that you can’t get anywhere else.

And I mentioned Auto-Protect, Audit Letters, is technology that allows you to reach out to the existing tenants, and then Insured-To-Value is our most recent and that’s another free component that comes with our insurance platform.

So if you’re offering our insurance now, again, we’re happy to discuss how we can get that stood up for you.

18:35: Q&A | Matt Beal

Awesome, thank you, sir.

Another kind of couple questions I’m gonna bundle together is just talking about kind of, one of the questions is how quickly can we get this going? Another one is, you know, how do I get this going? What is the process?

So maybe just walking folks through if they are interested in learning more about this, what does that look like?

And then typically in your experience, How long does it actually take to get off the ground and start seeing value in this?

18:56: Q&A | Ethan Luloff

Yeah, great questions. So let’s talk about getting it implemented. So if you’re using our insurance and our FMS, very simple to do so and quick to do so as well.

We’d get you in contact with one of our market consultants. We would then pull your unit mix specifically, and I would imagine you might have an idea of like – okay, here’s the approach that I’d like to go with – that’s cautious, balanced or assertive, and we can help with that as well, based off of your market.

And then from there, we would download a file that’s got your full unit mix. We’d put in the minimum amount of coverage that you want for each unit.

And one thing to call out that this, I’ve talked a lot about it’s off of the size of the unit, but let’s say you have more desired units towards the front of the facility, you could also do it that way as well. Typically, we see individuals choosing to go off the size of the unit.

But then we take those rates, we’d confirm those with you, and then we’d upload them back into your software. So now that’s the new norm. So if someone goes to rent online, over the counter, what have you, that’s the new minimum that they’re presented.

And we can stand that up pretty quickly as long as you’re using our software and our insurance in a matter of weeks.

And then in terms of the last question there, I almost missed it.

In terms of the revenue, that also, how quickly can you see an impact is contingent, I would say, on how many units you’re renting and the effectiveness in which you enroll folks in insurance. But that revenue increase, nonetheless would be seen that following month.

20:24: Q&A | Matt Beal

Awesome. Thank you.

Another question came in from what I believe to be probably a historical StorSmart/Bader customer is around the idea of the brochures and the value-oriented messaging that we help provide with tenants.

And talking about whether or not this replaces that, or if that is still something that you kind of include supplemental to that, or what’s your recommended approach of the handheld items versus deploying the technology.

20:48: Q&A | Ethan Luloff

Yeah, so the people process is massive, right?

I’m not sure if this operator is used to offering over the counter or online or a combination, but the people process and training managers to offer it effectively over the counter is really important.

So we’d be happy to do a refresher training as well there for your staff and then provide those brochures.

But then also as you’re going through the rental process, that is again the new norm.

So even if it’s online or over the counter, that will be the new minimum set for that unit. So, your staff will just want to be aware that – hey, this is how we’re moving forward. That answers the question. I might have missed…

21:27: Q&A | Matt Beal

Yeah, no, I think that’s all good for sure.

I think specifically, because we actually had another one come in related, is materials- – like brochures, documents, as well as things that they can hand to the tenant, like at the point of sale.

21:39: Q&A | Ethan Luloff

Yeah, correct. We do provide the brochures, and then as soon as they enroll in our program, we send them all the needed documentation from the program. So their certificate of insurance, and things of that nature.

Bader, StorsSmart, we send that out on the operator’s behalf. So as of now, there’s nothing specific that says “hey, because you chose this unit, we made the decision to enroll you in this level of coverage”, but there certainly is brochures and sample certificates that are provided to them.

22:09: Q&A | Matt Beal

Awesome, yeah. Cool, so another question, and I know you covered this a little bit with the cautious, balanced, assertive approach, Ethan, but I think the question just more broadly is, hey, how much control does an operator have on what type of minimum coverage they want to apply to the various units?

And then there was kind of one very specific sub question in there. Which is just, for example, can they set it to adjust based off of their occupancy percentages? So, but more broadly, just what is the kind of control that an operator has in here? What kind of flexibility?

22:40: Q&A | Ethan Luloff

Yeah, I’ll start with the end.

That’s something that I believe we all share, the common thought that we’d like to get to that point where it can be more fluid in terms of adjusting with the occupancy, as I mentioned, that revenue management component. Currently, we don’t have that, but that is certainly something that I’m interested in myself.

And then the first part of that is you have full control of dictating what minimums you set per unit.

We’re just going to advise and tell you what we typically see. Typically, operators usually choose two to three different buckets of minimums of coverage, but you have full control over that.

But we do ask for it to be set for a few months, A, so that your staff can get a feel and then we can get the proper reporting. So there are some fluidity components that are coming with that for sure. So it can be even more dynamic than it is now.

23:30: Q&A | Matt Beal

Awesome, that’s great.

There’s a kind of a follow-up question that I think just tees you up nicely here.

So I’m going to change over to this, which is: one of our attendees kind of pointed out that this sounds like this is based upon insurance being mandatory. And so there’s kind of another element of flexibility here. But do you want to kind of speak to that and kind of what you recommend for operators, how they think about that?

23:49: Q&A | Ethan Luloff

Yeah, I would love to.

I said one of the challenges with insurance in the market is people believe that they’re going to lose tenants and it makes absolutely no sense, at least in my opinion, but there are different operational stances that you would turn down $100 for $10.

24:07

We do not believe in a required approach. We believe in a proof model and maximizing of enrollment without sacrificing a rental.

So by no means am I considering or suggesting that this is a required approach, what so have you.

With that Auto-Protect, again, you retain that operational control to exempt someone. And I’ll actually take it a step further. It’s illegal to require proof of insurance.

Operators certainly can say, “hey, for you to rent here, we’d like for you to either provide proof or purchase insurance”, you can do that.

And then there’s the third tier, or I should really say second tier of individuals who, they want to capture as many people as they can, but they’re certainly not going to lose a rental.

So we’re just putting Insured-To-Value over any one of those operational preferences. Like, hey, I want everyone on some type of insurance or I want to capture the masses, but I’ll never lose a rental.

We support all of that.

24:57: Q&A | Matt Beal

Yeah, and you mentioned something in there, Ethan, too. And there’s a couple questions I’ve been kind of sitting on because I know your next slide kind of tees it up, but you did just mention kind of the idea of, you know, operators having a concern around whether it’s requiring insurance or in the case of ITV, maybe requiring a slightly higher, that you might lose a rental, right?

And so another kind of question that came in – put it a little more plainly – is just, for operators that have already launched this ITV software, because we have been working with some customers kind of behind the scenes ahead of our launch, has there been any sort of negative response from the tenants?

I think maybe just more broadly, if you wanna cover that concept, maybe tee up the next slide for you.

25:32: Q&A | Ethan Luloff

Yeah, that’s a really fair question, and I’d want to know the same thing if I was on the receiving end.

So we tested this in a variety of markets all across the country with operators who have single stores all the way up to enterprise operators, so large portfolios. And every single one of them that has turned it on, no one has turned it off. And in fact, now they’re coming back asking for it to be turned back on.

And I spoke with David Hurlis directly and many of our other operators and they said they heard no negative impact from it – from a rental perspective.

I think that goes back to the market survey that we did that shows that tenants are comfortable paying up to 25% of their premium as a percentage of rent.

26:15: Q&A | Matt Beal

Very cool. Love to hear it.

Another question is,, I’m going to kind of broaden it slightly. The question was, do the notices reflect the scaled rate?

I think the question, I’ll just to adjust it slightly for you, Ethan, is more along the lines of how do we, you know, how do we think about the nature of compliance with ITV and how are we making sure that we are protecting our operators and doing this in a way that reduces risk for everybody involved.

26:39: Q&A | Ethan Luloff

Yeah, a lot of thought has been put around that. And the easiest answer is it needs to be logical.

So if there are, and this is why most operators do it off of specific unit sizes. So they say, “hey, I want my 10x10s to be this, and then everything over a 10×15 to be this” because that makes sense.

I mean, that’s like tiered pricing as is. And that’s how insured value is pulled over as well. That’s also one of the reasons that we are taking a close look at how quickly we allow operators to adjust this, just to make sure that we are doing everything above board.

We’ve had that thoroughly vetted across all of the portfolios that are offering it.

So number one is that it is above board. Number two is that most operators are setting it as per the unit size, and there is common sense to it.

So again, my 5x5s are this, my 10x10s are this, my 10x15s, so on and so. Or hey, “I’ve set my pricing this way for my units that are towards the front”, with that, it’s more logical as to how you’re assigning pricing and we can answer to that.

And again, once we have a market consultant get in contact with you, we can share more of those best practices on a one-to-one basis.

27:51: Q&A | Matt Beal

Awesome. I got one more, Ethan, just be mindful of time. We’ve got a few minutes left. I have one more I’m gonna throw you and then we will close up.

But the question came from the operator around the cautious, balanced, and assertive approach that we discussed.

The question is, how do I evaluate my own personal market to be able to understand which approach to take?

And maybe also just based off of your recommendations working with operators, how do you think about that testing process and iterating on those kinds of things?

28:25: Q&A | Ethan Luloff

Well, I think one of the easiest ways to do it, and I don’t mean to dilute the quality of the question because it’s a really good question, is oftentimes we’ll just hop on Google and look at what people are offering in the area.

And then also we have a lot of data here that’s anonymized that we can leverage as well to see like, hey, what’s happening in a specific market? How successful are folks with insurance and what base should they start at?

But in that market survey comes for all areas- high income, low income, urban, rural. And the commonality is that folks are comfortable paying up to 25%, but I think if I were to take something directly from this call, I would go look at what even the REITs are charging for insurance in your market.

And if you don’t have REITs,I would do a 20-mile, 30-mile radius as to what individuals are charging for insurance.

And then again, this is where we can assist. I think this would be a great one for a one-to-one basis to discuss, like, here’s what we see in your region or surrounding markets.

But the first place I would start is by going onto someone’s website who does offer insurance and start to click through what they offer.

29:35: Q&A: Matt Beal

Makes a lot of sense to me, appreciate it, Ethan. I will say there’s another question that’s just come in commonly.

I’ll actually just take it real quick, which is, hey, are we gonna be sending out a copy of today’s recording, today’s presentation?

So we will be, just by you guys registering, we will send you an email. It’ll either be a little bit later today or tomorrow. That will include the recording of today’s presentation.

So in case you want to either review this yourself or share it with other members of your internal team, you’re more than welcome to.

I will also flag that just a number of folks kind of submitted some questions that are very very specific to their account whether it’s just something about their own custom setup or maybe a support issue that you guys are working through. Know that we did receive all of those questions and obviously we just don’t want to kind of air that out in front of everybody. But we will be following up with everybody via email a little bit later today with some answers and we’ll get you guys what you need on that.

But yeah, I think that concludes our Q &A portion. So Ethan, I’ll let you close us off here.

30:29: Conclusion | Ethan Luloff

Awesome, well thank you so much everyone for joining.

I know there’s other things you could be doing, so it means a lot that you carved out approximately 29, 30 minutes to sit with Matt and I today.

If you do have any further questions, please do reach out and we can have one of our reps and market consultants get in contact with you quickly to answer those questions and to run through it further.

So I know this is new, it was a lot, and so again, really appreciate everyone’s time today.

Thanks so much.