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Find Secret Storage Deals with PropRiseAI

Scott Meyers, Stories and Strategies Episode 231

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Speed, data, and AI are transforming self-storage—and those who master them are winning big. 

Scott Meyers sits down with Jean-Michael Diei, founder of PropRise, to explore how artificial intelligence is revolutionizing the way storage investors and operators source deals, navigate zoning, and optimize operations. 

From his childhood steeped in tech and entrepreneurship to building cutting-edge AI tools for real estate, Jean-Michael shares actionable insights on beating the competition, scaling faster, and working smarter. 

 

WHAT TO LISTEN FOR

0:53 Jean-Michael’s AI-Powered Backdoor into Self-Storage

4:06 How AI Is Transforming Real Estate Acquisition Teams

9:07 Zoning Secrets: Using AI to Read City Council Signals

14:07 Inside PropRise: The AI Treasure Map for Finding Deals

16:22 Case Study: Doubling Deal Flow with Smart Data

18:37 Why Speed Wins: AI as the Ultimate Competitive Edge

 

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Announcer (00:03):

This is the Self Storage Podcast with the original Self storage expert, Scott Meyers.

Scott Meyers (00:11):

Hello everyone and welcome back to the Self Storage Podcast. I am your host, Scott Meyers, and today we have a special guest. We have Jean Michael here who's going to talk about, well, his entrance into self storage in a unique kind of a backdoor way by way of a technology. Of course, there isn't any conversation out there right now regardless of the topic, whether it's a self storage construction or really any industry, any matter. We're talking about ai. And so that is how our guest really found his way into self storage and into being able to get into real estate and capitalize on AI and getting into real estate much easier and much faster using the technology that is available to us today. So with that, Jean-Michael, welcome to Storage Nation.

Jean-Michael Diei (00:53):

Thanks, Scott. I really excited to talk about AI and talk about my history and really appreciate you having me on your show.

Scott Meyers (00:58):

Yeah, no, it's our pleasure. I caught a few snippets of you on another show and I said, all right, we're going to have this guy on to talk to Storage Nation and talk a little bit more about what it's that he is doing. And so with that, give us a little bit of background on your backstory and technology and then how you parlay that into utilizing it for finding deals and all sorts of other ways utilizing AI in self storage.

Jean-Michael Diei (01:20):

Absolutely, and it starts way back to my childhood, I guess even before me, before I even existed, my parents, my parents are immigrants from West Africa, ko Divo, also known as Ivory Coast, French-speaking country on the west, west coast, and they are very smart individuals. They loved engineering, loved math growing up. And then they parlayed that into Joe coming to the US to study computer science, computer engineering at University of Minnesota Twin Cities in the nineties. And then soon after graduating, they worked at Intel, really big silicon fabricator that makes chips for computers, had me in the Bay Area and the rest was history. So essentially I grew up in a household that loves technology. At the same time, I grew up with my dad who loves entrepreneurship, always asking us about what businesses should we start to make more money on the side. I remember I was selling Caprice, big packs of Caprice Sons to my sixth grade friends at the time, buying 'em wholesale, selling 'em, individual for a buck a pop, things like that, to just have fun, make more money.

(02:22):

And I think naturally as I kept pursuing computer science as well, it just made sense to continue this path of entrepreneurship. While my parents were still very technical, they also invested in real estate. So I saw 'em invest in single family homes all across the United States. So naturally I'm just a culmination of all of their interests into down distilled into one being. And so I studied computer science, went to Carnegie Mellon University, but I really wanted to learn ai. At the time it was called machine learning, where we're training computers, how to learn how to think humans. And so I took that and as soon as I got out of school, I knew I needed to buy real estate myself. So this was peak, this is 2021, freshly graduated. I'm 21, 22 years old, and I knew that I had to buy real estate. And interest rates at the time were 2%, two and a half percent.

(03:17):

And the competition was just insane. You probably lived this, it was the first for me, and I knew I don't have cash, I don't have a significant amount of capital, so how am I going to compete in this marketplace? And my only way was how could I lean on my technology skills, my data skills to help me get an advantage? And so essentially I built my own version of Propri, my own data tool to help me identify single family homes across the US that as soon as I hit the market that fit my criteria, I could instantly put an offer out on it. So I would send my broker as soon as something got listed, get an offer out within 24 hours and get that deal closed within 48 hours. And so that was my approach to it. And I knew that there was other folks in real estate that needed tool like this that they could leverage, leverage all the data that's out there to help pinpoint exactly the deals they should pursue faster than the competition.

Scott Meyers (04:06):

So we utilize a call center, call arounds, and we have an entire acquisition team that works on following through on leads and the traditional route that we've had for many years. What does, I would say, even a current or an optimized call center or an acquisition team look like now for say, any commercial real estate company that is utilizing AI maybe to the fullest extent that we can right now? How does that look different than what it did say maybe even a year or two ago?

Jean-Michael Diei (04:39):

Yeah, so I've been in AI for over 10 years and just the transformation of how the effectiveness of AI has been in businesses these past 24 months has been astonishing. And so I remember GPT-3 came out, this was the first iteration of chat GPT, November, 2023. I remember it. It was yesterday. And yeah, it could write you essays, that's great, but it could not do voice. Today we're seeing tons of startups and even chat GT has this as well where you can talk to it and it feels like a very real life human that you're speaking with. There's a few nuances that it's not really great at if you interrupt it, it's not the best of handling interruptions and pausing for you. But I am seeing call centers being able to, I would say being improved or enhanced or made more efficient using maybe a simplified version of a voice model that they could interface with clients at a first step.

(05:32):

And if there's still humans that need to be in the loop, if it flies that there's still attention that the customer needs, it could then tag in a human in the loop and just makes the process of customer support or whatever case need, whatever case, the user may need much more effective for a lot of these firms. And so that's just one use case of how ai, in this case, voice AI is helping call centers, but self storage and acquisitions in real estate whole, there's so many bits and pieces where AI can dramatically help for the business processes today.

Scott Meyers (06:05):

So we've been obviously doing a deep dive in all facets at the organizational level and that ways we can be more efficient, make better decisions, and just operate in a different fashion. Yes, that means reducing a little bit of our payroll, but really just allows us to move faster. And that is really the name of the game. Let's dial into the actual facility side. We've looked at in the very beginning, it seemed that AI was making a big splash and in security, so smarter cameras, smarter systems, heat mapping and sensing, and now looking at individuals and understanding who they are. Have they been in here multiple times within the facility and is it just a client and determining whether it is an intruder and just getting really smart about the mapping of the movement within a facility, how many people are in there, the hours, and that's all great, and that's finding good, but it doesn't make us any more money.

(06:58):

That's just security. And again, advances in that are fantastic. We're also seeing now on the platform side, going back to the chatbots in entire platform, from soup to nuts, from the chat bot who is communicating with the client or the prospect, moving 'em through the sales process, moving 'em in, handling their invoicing, late notices, and then even moving on to AI lien, which is another third party AI company that handles any type of a lean auction and sale process as well. So on the facility side and the operation side and marketing, certainly there's a number of different companies out there that are utilizing AI to dial in their Facebook ads and any paid ads ad for rank being one of 'em, there's a number of others, but everything from the front end to the back office, what are the most exciting advances that you have seen and where do you think that there's still a great opportunity to be able to optimize a facility utilizing ai?

Jean-Michael Diei (07:59):

Yeah, that's a great question. And so I would say our focus primarily is on the deal sourcing or deal analysis side for folks doing acquisitions or development of some sort. So I have the most context on those particular sectors, and there's significant amount of opportunities to implement AI across the stack in acquisitions. So acquisitions, there's manual research you have to do to analyze an opportunity or analyze markets, therefore there's market specific research, there's deal specific research. If for a developer maybe you really care about how does the city feel about self storage in this market? Is there any recent rejections that that has had? So you can play your game and figure out how to drive a narrative to help convince the city. And so that's just the top level. And then there's also the piece of, okay, once you have a deal owner contract, what other underwritings things should you be aware of and other types of due diligence that should be flagged that AI data can help alert us. So we have very strong confidence on the deal that we're putting through and putting capital towards.

Scott Meyers (09:07):

All right, Jean-Michael. So that's very timely. I'm literally right before our call, I am submitting to one of the cities in which we're already operating in a permitted use request because we have a building where they allowed us to put storage on two of the four floors, and then the other two, they stated they wanted to have an office and makerspace in there. Well, we haven't been able to lease that up, and so I'm going back and asking and requesting to be able to utilize those other two floors in self-storage allow us to do that. And so that's kind of a special case, but anytime we head into a zoning meeting or a planning meeting and we're looking to either convert a building into self-storage that isn't currently zoned for it or a piece of dirt, that is one of the bigger questions, we will typically go into the office and I'll have a discussion with the planning board and say, Hey, I'm looking at this piece of ground or I'm looking at this building. What is the temperature of the city council or the city planning board or zoning commission with regards to storage and how many things have been turned down in the past and how many have been approved recently? But you're not going down there, you're not visiting from what it sounds like you're doing the research online and they're scraping and they're pulling approvals and maybe non approvals to give you a better idea heading into it. Is that correct? Tell me a little bit more about that.

Jean-Michael Diei (10:20):

Yeah, so properties can do this today, but it's an area that we're exploring and there's tools out there that could help you do this. Today, I think Chachi, T oh three and oh three Pro are really great models to help you do this, but essentially what we're trying to understand is most of these city councils meetings have, they're transcribed in some way, and

Scott Meyers (10:40):

So

Jean-Michael Diei (10:41):

The transcripts are online in some document, and that's perfect fuel for a model, an AI model to go and read through and understand all the nuances about what's actually occurring today at your local city. One thing that's top of mind for me is it would be amazing to have all that information given to you as a developer is so you can help build a very strong case. Which deals have they led through? Which ones have they passed and why? For both. So then you know how to pull out their heartstrings. But otherwise, doing this manual research yourself might be extremely time consuming. There's tons of meeting menace out there. How much of that is actually relevant to the deals that you're trying to put through AI can help you parse through that and give you the exact snippets or the timestamps that are helpful for you.

Scott Meyers (11:29):

That's fantastic. Let's dig down into more of the acquisition side, which is your specialty. What are some of the tricks of the trade, the strategies that have been most helpful that you've been able to continue to pull out of the bag that allows you to beat your competition?

Jean-Michael Diei (11:44):

Yeah, so just walking back, you asked about my background and how do we get into self stores in the first place? And so I said I built a similar tool for myself, single family homes, but we knew that I was getting into other types of real estate at the same time, mobile Home Parks health stores were some top contenders for me as well. And so for me, I'm a very analytical person, and while I don't have analysis by paralysis, I do a deep ton of research before I do make any major movements in what I do in my career or my business. And so in order to investigate exactly, in order to investigate to see if self-storage was an opportunity for me, my whole team, we just sat down and just called and emailed as many self-storage investors and lenders, developers,

(12:28):

Brokers to understand more about the process and talking to more of the acquisition and development teams. We found that there was a broken process, so to them it wasn't as broken, but to us it felt like there could be improvements made. So they're getting a deal from a broker, it's in their email inbox, they're plugging that address into a data platform and checking the rents, the square per capita, maybe looking at the market as well, the demographics from the census and maybe five other data tools to just come up with a no, a go or no go decision. And nine times out of 10, it's a no go. And so my thought process was, okay, they're spending so much time analyzing these deals and they're saying no, which is good. They're saying no, but how do we get them closer to those yeses and make those yeses more abundant?

(13:11):

And so that was the initial inspiration of figuring out how to use rise. And so Prop Rise does, it essentially takes in your criteria, your buy box, what would make a deal be a yes, and then scours the internet scours deals for you on your behalf to then flag the ones that has a perfect match to what you're looking for. And just that process in itself, essentially I like it to a Treasure Heinz where you're looking for gold and we're essentially, we're the magnet that can go and find that needle in the haystack. And that's what props is offering for these clients. And they're saying yes to more deals, and ultimately that means more closed ones in their deal pipeline.

Scott Meyers (13:52):

Yeah. So let's walk through exactly what you do at properties. Just if somebody comes to you and they are looking at multiple ways of being able to be more efficient and obviously get more deals, what does the platform look like and how can you help 'em?

Jean-Michael Diei (14:07):

Good question. So we work with major top self storage developers all across the United States, big to some of the largest REITs that you may know of, and they come up with us with simple ask, simple question, how do we get more deals in the pipeline, close on more deals, win more, find better deals? Prop Prize is great for that. So how does it exactly work? So how prop price works, I'm going to start off with the data ingestion later. So we're collecting massive amounts of data into Prop prize. I want to make a caveat though. Prop Prize is not a data company. It provides data, yes, but really we're an insights storytelling platform is how I view it. But we're aggregating all this data. We built AI model that can go and scrape self source and get the rental rate data all across the us.

(14:54):

We are getting listings as well into the platform. We're understanding zoning codes, we're getting demographics from the census as well, pulling it all together into one place. But the layer that's novel to us is then we built user interface on top of that. So then clients can say, Hey, where are all the self stored facilities that are for sale today in a market that has above $2 rates where we're seeing very high occupancy in those markets? And we could help flag those within two seconds and identify those self stored facilities for developers, they might have a different type of criteria that they're looking for. Maybe they're looking for rate trends, increasing population growth, increasing lots of housing developments and retail developments occurring nearby. They can put those criteria into prop prize and we'll show them all the markets that have those market characteristics. And then next step that from there is, okay, how do we actually find deals? And so we'll show them land listings or if they're looking for conversions, we'll show them industrial or flex space or something like that that are zoned by for self storage. So then they can make moves on those opportunities really quickly in the platform. So essentially it's how do we aggregate as much data as possible of rise and make it usable, tangible for clients to put in their criteria and search for what they're looking for.

Scott Meyers (16:09):

Give me an example of maybe when you over-delivered for a client and maybe one of the best examples of a case study that you've been able to help some folks out with.

Jean-Michael Diei (16:22):

So a GR case study would be from the guys over at Olympus Ventures. So Andrew Barx is the head of development out there for the self storage arm. Olympus Ventures is a family office for the CEO and founder of Best Buy, and they're buying massive amounts of self storage development opportunities and multifamily development opportunities. And he was telling me the other day, he's been a Lifeline customer, probably one of our earliest customers since we started about 16 months ago. And he was telling me that the past year on Prop price has transformed the way that they're doing deal sourcing at the company. Before they were roughly putting, they're monitoring maybe four different markets and putting out an LOI every couple of months, so maybe six lois a year, and that was their status quo and maybe getting two of those Lois into completion. But now with prop price now in 2025, he did six, he put out six Lois within the first quarter of this year, he's monitoring more than four markets now he's monitoring over 10 different markets across the US that he wasn't aware of before. He just didn't have the data tools to understand where those markets were hidden, and that's allowed him to increase the number of deals that they're closing on by two x with this new process of leveraging the search first approach of properties instead of a more reactionary approach where you're getting deals and validating if it makes sense.

Scott Meyers (17:49):

Wow. Yeah, that's incredible. Once again, we've talked about so many times with Storage Nation that when it comes to development and or acquisitions, the underwriting is where the rubber meets the road and making sure that we're not overpaying for something and making sure that we've dotted i's crossed T's, our projections are strong, but at the end of the day, Jean Michael, it seems like speed is the name of the game. Those who win are those that have access to the data and can get it very quickly to make a decision of whether to move forward or not. The yes or no answers, and that's what I've been so impressed with and so excited about is there isn't any question that I have out there right now that I hesitate anymore to say if I'm stuck. If I pause for a minute and I just begin to ponder something and say, how am I going to figure this?

(18:37):

I may stop and I type it in. I've got a couple of advisory boards, I've created my own chats, my own GBTs, and inside of my ecosystem and specific to different topics, whether it be financials like p and ls or other areas of the business and even a personal one. And then I'll run those a very good prompt. As you know, the key is getting a long prompt anywhere from 300 to 400 words, and I'll spell it out. Sometimes it's much simpler than that. But if I got a complex problem and what comes back is many times, most of the time I say the solution, but if not all that does is just spark more ideas or gets me thinking in another direction to be able to solve a problem or just move things forward. And I got to tell you this is, I don't remember what it was like. I was around, obviously when the internet was kind of created and born, and when we started using it, I was like, this is fantastic. But I don't ever remember being as excited as I am right now to recognize what's available, to be able to curate all that information and have something assembled in a form for me to be able to just implement right away.

Jean-Michael Diei (19:38):

It, it's incredible how much of a change AI has been for businesses. So if you're a business owner, entrepreneur, real estate investor, leveraging these tools, I would say is essentially it is just the amount of leverage you have by using AI is unmatched. And so I was actually looking, I don't spend too much time on my phone, but when I do, I'm usually on one of two apps, either YouTube where I'm just researching having fun and while I'm relaxing, but the second top used app on my phone is Chat GPT. And that blew my mind. But honestly, it is reality. I use it so much every single day to research up my opportunity, research my own business, and just also just post questions. Am I moving in the right direction? Here is what I'm doing today. Here's this current situation. Is this how Bill Gates would approach this, how Steve Jobs would approach this? This is how Warren Buffet would approach this. And then you can kind of use them as a proxy for what these really intelligent minds that you respect and inspire to be can think about how your situation is. And so that's how I use it, but it's been a game changer for me. It's the most fun I've ever had with the new technology, for

Scott Meyers (20:46):

Sure. Yeah. Well, so let's talk about the new, either somebody new to self storage or new to AI or both looking to utilize this in our industry. What are some of the baby steps maybe that you would lay out for some folks so that they don't get left behind right away if they're not currently implementing AI in their business?

Jean-Michael Diei (21:10):

I like to just start off with having folks just look through your day-to-day live and where do you see any blockers or friction or things that can be automated in some way? For me, it was really good to have a sparring partner. So I have a co-founder with Prop Rise, and we like to talk a lot about our business, but also if it's 2:00 AM and he is not awake, who do I go to? I leverage AI for that. And so is there other things in your business that you could help crew out parse out data? So maybe it's

(21:40):

You have this Excel model that you're trying to put data into, and then you can take a screenshot of a platform or you have a CSE file of data and you want to enter that data into this Excel model. And so you can copy and paste or you can ask ai, Hey, can you try plugging this data into this Excel file and download that file and just see what it does? I'll be honest, it's not perfect, but it's a way just to test the waters and see what's the extent of the capabilities AI can have for you. And if that helps you, great. If it doesn't, you learn that it can't do it and you can still try baby steps on how to implement AI in your daily life.

Scott Meyers (22:21):

Yeah, amazing. Amazing

Jean-Michael Diei (22:23):

Actually. So I talked a lot about AI and how it relates to business, but also it's helpful for my personal life as well. So

(22:31):

Getting good date recommendations for you and your wife or your girlfriend, it's a great way unmatched if you're in a big city or even not, it's able to understand the location you are and fetch reviews and give you good recommendations that's personalized to you. I mean, if you're looking for book recommendations, it's a great way to, you can say, Hey, I liked book A, book B. Give me something that's very similar to those, and it'll help you make recommendations as well. So just any other aspects that are more personal or you're more passionate about, feel free to give it an ask and just see what it says. And I'm sure you'll be inspired.

Scott Meyers (23:05):

Yeah, yeah, I have as well. And again, I take a lot of things to my advisory board and it has some of the folks on it that you just mentioned. On the personal side, same thing, we just went to Istanbul Turkey for four days.

Jean-Michael Diei (23:17):

Oh, amazing.

Scott Meyers (23:18):

And I asked it to map out what are the things I need to see over the course of four days? And it mapped it all out, literally mapped it out, gave me the pins, and then also travel time and the order in which to see things to maximize travel time recommendations. I mean, it just kept going and going and going. And that's just a simple one, but also another one in which we used to fumble around doing that type of thing before and even to go out and book stuff for you. I mean, it was just kind of amazing, great and efficient use of our time and a number of other areas as well. And so at the end of the day, if for freeing up time, speed is the name of the game for freeing up time, even in a personalized. So to be able to focus more on the business and just be more efficient, there's no reason to just sit around and ask and wonder and wait and waste time any longer.

(23:58):

There really isn't. And it's just an amazing tool and amazing time that we're living in. So chat, GBT, same here. Sometimes for issues that require a little deeper thinking and a little more nuanced answers, I use code AI and also GR at times and sometimes compare 'em. And many times what I'll do is I'll take something from chat and then I'll throw it in code because it does give me a more detailed answer. Do you round robin any of these or do you hop back and forth depending upon the type of question, the type of prompt or the challenge that you're facing?

Jean-Michael Diei (24:33):

Yeah, I tell my team to spend as much business capital on all these tools. Whatever makes you most efficient, most productive, please use it all. So I have access to chat. GPTI pay for the most premium plan. I think it's 200 bucks a month, same here. And it's still worth it. But also, yeah, I use CLO and I think I just use those two for now, and each have their own use cases. Even chat, GPT, there's five different models each that are specialized in get it from different things. One model, it is called 4.5. It's really good for crafting emails and writing. Another model is called 4.1, that's more for logic. Oh three is also very logical and lots of reasoning decisions. And so I do play around with all these different types of models. But I think to your point, if you're a beginner, just keep it simple. Start with something very easy, and then as you experiment with other different tools, you'll see which models are good for what, and that'll help you just fine tune your brain on how to approach new problems.

Scott Meyers (25:31):

Well, one way to fine tune my brain and how to approach new problems was to go to chat with a prompt and say, Hey, rewrite this prompt better, and then throw it back into chat or throw it then into a code. And it's just another one of those little hacks that just produced even better results using chat GBT to give me a better prompt for chat GBT. So once again, the rabbit holes are endless and it's just been absolutely incredible. So before we wrap up here with the final question, Jean-Michael, tell us a little bit more about Prop Prize and how people can find you and the best ways to learn a little bit more about what you're doing.

Jean-Michael Diei (26:07):

Yeah, so you can check us out@www.propprize.ai, P-R-O-P-R-I-S e.ai. And you also reach out to me on LinkedIn, Jean Michael da. Very unique spelling there. So hopefully it's in the show notes. And then, yeah, I'm always available to chat. I love talking about AI data. I love talking about nerdy stuff investing. So happy to chat about any of these topics.

Scott Meyers (26:31):

Awesome, awesome. Well, Jean Michael, definitely we are going to have you back on for 2.0 without a doubt. We've got lots more that we're going to be talking about in the future. But you had mentioned that you're also using chat for book recommendations. And tell us a little bit about the prompt that you use. Is it a topic specific that you're looking for best books or something that matches your own personality? What is the prompt that you utilize to find some of the best books and what have been some of the best books that you've read as a result of that?

Jean-Michael Diei (27:00):

Yeah, perfect. So I think for me, the way I go about it is what makes me happy? What kind of books make me the most happiest? And so there's different types of books that are out there. I mainly listen to or read business books, of course productivity books.

Scott Meyers (27:16):

And

Jean-Michael Diei (27:16):

I really, really care about real life examples, not theory. And so how do we get realistic real life? Did I did this, this, and this happened so I can better pattern match when I face a similar problem in the future? And so I'll ask chat, GPT, Hey, I liked book A and B. So for example, I liked the mom test, which is helpful for startups that are trying to evaluate validate ideas.

Scott Meyers (27:37):

And

Jean-Michael Diei (27:38):

I also liked How to Win Friends and Influence People.

Scott Meyers (27:42):

That's

Jean-Michael Diei (27:42):

A little bit of a manipulative book, but you can definitely learn how to just talk to folks and help them make sure that you understand them. And so I like those two books. They're very tangible. And so I would ask Chat, Hey, I like these two books. I want something very similar, but now I really care about sales, or I really care about investing in real estate, in self storage. And so is there any books that are like those or have a similar philosophy that he could recommend? And I would recommend some books right now. So for me, I'm really focused on sales. I think that's something I'm learning at this time and getting better at. And so there's a book that I was recommended by Jason Lemkin called From Inevitable to Impossible. And while this is mainly targeted for tech startups, and this is also just helpful just as a psychological book to help you understand things are very hard at the beginning. And you have to work and grind whether you're an investor, whether you're an entrepreneur, or whether I'm just trying to get through life to get to the state where you want to, and

Scott Meyers (28:35):

Eventually

Jean-Michael Diei (28:36):

It becomes possible, just do the grind. And so I just love that book to get those patterns in my brain.

Scott Meyers (28:42):

Awesome. Awesome. Well, storage Nation, you have been speaking with Jean Michael, our resident now podcast, AI expert who will be back as a guest in the host of once again, so that we can learn a little bit more about how AI is changing the world, especially in self storage. So John Michael, thanks so much for your time today.

Jean-Michael Diei (29:01):

Yep, thank you so much, Scott.

Scott Meyers (29:03):

Alright, we'll see you next time on 2.0. Take care.

Jean-Michael Diei (29:06):

Perfect. See you later.

Announcer (29:10):

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