%20TALK%20(2).jpg)
Real(ty) Talk
Real(ty) Talk
Leveraging Social Media and Overcoming Real Estate Challenges
What do developers, lenders, and Olympians have in common? Find out on our milestone 12th episode of Realty Talks! As we celebrate our new office in La Jolla, housed in a charming historic yogurt stand, we share our exciting adventure to San Diego, where I had the honor of speaking about leveraging social media for podcast distribution. We also reminisce about the thrill of public speaking and the surprising heart rate spikes, much like those experienced by the families of Olympic athletes. Plus, we're bringing frozen yogurt into our office culture—because who said work can't be sweet?
Next, we dive into the labyrinth of city permits and the real estate market's current state. Hear my firsthand account of the grueling process of navigating city inspections for a five-unit development amidst foreclosure, vacant sites, and increased police activity due to homeless break-ins. We tackle the inefficiencies plaguing the permit process and propose fast-tracking permits as a solution that could benefit both developers and cities alike. And with recent interest rate cuts shaking up the market, we discuss the lag in public response and the resulting surge in housing offers.
Lastly, we shine a spotlight on the critical role of media in shaping consumer awareness during election cycles and the pervasive effects of COVID-era low-interest rates on market dynamics. We offer actionable advice for potential buyers, stressing the urgency to act before anticipated rate cuts drive prices skyward. We also share a cautionary tale about the importance of vetting your real estate agent to avoid costly mistakes. From choosing an agent with integrity and local knowledge to understanding the nuances of new buyer representation agreements, we equip you with the tools to navigate your next real estate transaction with confidence. Tune in and elevate your real estate game!
For more content, follow our socials below:
Instagram.com/real_tytalk
Suzanne Seini:
Facebook.com/suzanneseini
Instagram.com/suzanneseini
Paul Hanson:
Instagram.com/paulrhanson
Stephen Couig:
Instagram.com/stephencouig
So if you're listening to us or watching our show and you want to buy a house, go now.
Speaker 2:Yeah, now is the time. Do it, just make it happen.
Speaker 1:Welcome back to your favorite podcast on the planet, the Realty Talks podcast. We are episode number 12. It's crazy to think that we've already filmed 12 of these.
Speaker 2:I know.
Speaker 1:A couple of really interesting guests and obviously a lot of time with just you and I talking.
Speaker 2:Yeah, getting to know us.
Speaker 1:What's new?
Speaker 2:You know, I attended an event in San Diego last week which was really cool. It was around video marketing and you know a lot of other topics, but just how to stay ahead of the curve and use digital marketing and video to your advantage, and so I actually spoke at this conference about podcasts.
Speaker 1:All right.
Speaker 2:Because you know we've done 12 episodes. We're experts, we are experts.
Speaker 2:We're experts. We are experts, but really around how you distribute your media, and what's great about podcasts in general is, yes, we are providing some great information, but also we're able to incorporate so many different social media platforms to get that information out, which is really cool. So, chopping up our clips and putting them on Instagram and just making sure that we're hitting our audience in all sorts of places, I think for us, we do. I mean, our podcast is around real estate stories. We have a lot of stories to share. We've been in the industry for a while. We've had a ton of experiences. Our guests have had some great stories and I think people want to hear it. So, yeah, spoke about that and ended up staying the weekend in San Diego and met with a bunch of agents and had a great weekend and we have a new office.
Speaker 1:We do have a new office Coming soon to San Diego. Did you get to see that?
Speaker 2:Yeah, I went to La Jolla to check it out. So super excited for the Innovate group and everyone to get to experience. It's such a cool location in La Jolla. So, yeah, ready for that Just a little bit of work to do to experience. It's such a cool location in La Jolla so, yeah, ready for that. You know just a little bit of work to do on it, but excited for that in the future.
Speaker 1:That one was a difficult one for me, because, while I'm excited that we're having our headquarters not headquarters but like a key location, new office in La Jolla we're removing a historic yogurt stand.
Speaker 2:You know it was important to the community.
Speaker 1:Frozen yogurt.
Speaker 2:Yeah, but I mean it has been vacant for a while. So I think, the community will be okay and we talked about maybe carrying that tradition forward and putting in frozen yogurt into the office we have to.
Speaker 1:We have to. I think it's an it's our obligation. It was a it's a flagship property. I mean, it's right on the main Boulevard, yeah, in La Jolla, and so that first time we walked it, when I saw all the yogurt machines, I'm like we have to, yeah, we have to do this. Yeah, I can just see us on the weekends giving out free yogurt.
Speaker 2:Yeah, yeah. Bringing the kids you know, and yeah, it'll be great.
Speaker 1:So it's going to be called Innovate Yogurt Land. It can't be Yogurt Land, I guess it's got to be Innovate Land.
Speaker 2:Innovate Land, inno Land.
Speaker 1:Yes.
Speaker 2:InnoLand, innoland. Okay, there we go, perfect.
Speaker 1:Done, so how many? I guess how many people were at the event.
Speaker 2:So probably about 100. It was pretty.
Speaker 1:Oh, that's decent.
Speaker 2:Yeah, it's a good size, but still kind of felt very intimate.
Speaker 1:Yeah.
Speaker 2:The space was super cool.
Speaker 1:I saw some pictures.
Speaker 2:It was this like warehouse-y space with it's called I think it was called the garage and it had all these different cars in there. So, yeah, it was great.
Speaker 1:It was a super cool venue, which I think makes a really big difference if you're going to an event, for you know nine hours for the day like you want to be in a cool space, so yeah, do you find like going into those settings because they had you talking about podcast, real estate, brokerage, all the things? Do you find yourself excited, nervous, anxious? What do you feel like going into those settings? Yeah, because there were some big names at the event right.
Speaker 2:Yeah, yeah, I think for me. I think you know we talk so much that it comes a little more natural. I think you know it's not my first inclination to get behind a camera and, you know, start talking or really get public speaking Like I don't know. I mean, I guess there are some people that enjoy that. But here's what I'll say. You know I wear the Oura ring and the Oura ring tells me that I do get anxiety before. You know how it monitors the stress level. Stress level is at max right before I'm going on and then you know after, everything goes back to normal.
Speaker 2:So I think you know it's natural to feel, you know, a little uncomfortable, but I also really enjoy sharing. I think it's such a big part of our culture and the way that we operate, so I take a lot of pleasure in that and I think that outweighs the nervousness.
Speaker 1:The Oura Ring reminds me of this last week. I am a massive fan of the Olympics, so growing up, my mother ran marathons professionally and ran in the trials a couple of times and was a phenomenal runner. And, um you know, her dream was to run in the Olympics, and so we've always been very tied and watched the Olympics.
Speaker 1:And um, but I thought one of the most fun segments to watch was, you know, in the swimming events. I obviously swam, but they had heart rate monitors on the family members and I don't remember which one it was. It might've been, it might've been one of Katie Ledecky's family members, but their heart rate was like 170 before the race had started. So they're just stressed beyond all reason you know, watching her swim.
Speaker 1:But you know I would be reminiscent, not to say I'm very proud of America. We crushed it. Track and field was unbelievable. Did you watch much of the?
Speaker 2:Olympics Not much, but what I thought you were going to say when you were going into the Olympics is that you were watching the breakdancing.
Speaker 1:That's what I thought you were going to go for. I didn't watch that one.
Speaker 2:Sadly, the news came out today that that is canceled. Moving forward, there's no more breakdancing. They removed that from the Olympics.
Speaker 1:I don't have much input on that. I didn't watch it.
Speaker 2:Did you see the memes though.
Speaker 1:I had a couple sent to me, I didn't ever. And the. I feel I had a couple sent to me, I didn't ever. I mean, I'm the, so part of this podcast and, like you know, working together. I haven't had social media for like a few years until recently. And you know part. I feel really, you know, kind of guilty because I mean, it's such a unique platform Like you talking about. You know, when we discuss items, there's no other way to get this kind of information out to a massive number of people.
Speaker 2:Yeah.
Speaker 1:You know as efficiently and so. But yeah, I didn't, I haven't logged in, oh man.
Speaker 2:I'll send it to you later. I'll send you a video, but you just made me think of something. So, when I was on the panel, um, and one of one of the questions was you know, are you doing a podcast, too, because you think you have really great content and you want to get this information out, or are you doing a podcast because you're networking with other people? Um, and so I thought it was really interesting because, um, I was on a panel with somebody else and I felt that theirs was a little more directed towards networking, which I think there is a great part of that with this.
Speaker 2:We love hearing other people's stories and meeting new people. I know that's a part of this, definitely, but my response to that was exactly what we were just saying, where we have so much information to get out to the public that I think it's so valuable to, for, you know, any consumer, any real estate agent, any lender I mean just in so many aspects to get the information. Like that is what I'm passionate about getting that out there. Well, yes, I love creating connections and meeting people, but I also really feel, like, you know, we've got a lot to share, you know.
Speaker 1:Yeah, it's almost like it's our responsibility to share some of those stories because we have good things happening and we also have really negative things happening. And you know, I think back to this morning. I was coming in, you know, pretty hot to this because I was at a city inspection for two five-unit development. You know ground-up developments that we have and you know that just it resonates because it's been really painful for us. And you know, over the last couple of weeks there's been some unique I'm not going to say the names of the cities yet, but there's been some challenges. There are these you know we ended up foreclosing on these different sites and they've been basically vacant for, I think almost two years now and this specific developer had 20 sites. We had five of the 20.
Speaker 1:So other lenders had issues and it's been a massive drain on the city's resources, homeless people or break-ins, the police are getting called and the city has been so difficult to issue permits. And you know we're approaching it from a certain vantage point. You know there are other people doing the same thing and in the last week we've made some headway. We finally got to the right person and it sounds like they're going to issue a new code that fast tracks permits, but it's just, it resonates because our experience was so painful. I want to share that with all these other lenders that foreclosed yeah.
Speaker 1:And I also want to do it just for the general public, because I mean, we had the police out at one of our sites seven times in the last two weeks and one time, you know I think, they had eight cars there to drag a homeless person out of our building that they'd broken into. Wow, If they just give us the permits we build them, all of those problems go away and those tax dollars get saved. Yeah, and the city, frankly, once we sell the units, they get the property tax income.
Speaker 2:Yeah, and so it's just like such a backwards process Seems like such a waste. Yeah, it's a waste of resources, a waste of time and no one is happy in this situation?
Speaker 1:Nobody, yeah, no one is happy in this situation? Nobody, yeah. But it resonates because if we're using this platform to share our experience you know peer-to-peer learning and then distribute it to the whole world and you know, if they find even just a tidbit, you know that helps them. That would be a massive success for us, right? I feel like? So we're early, I guess almost mid-August now. You know, a week ago we talked about interest rates coming down and it was kind of still wobbling a little. I mean, we knew they were starting to come down. I guess where we sit today, a 30-year fixed mortgage is in the 6-4 range.
Speaker 2:Exactly.
Speaker 1:And I have a question for you that's very direct. So, being in the real estate business as a broker for a long time, how long do you think it takes the general public that's out trying to buy real estate? How long does it take for them to respond to that rate cut?
Speaker 2:Yeah, I think that's why we're talking about it right now, right, because I think a lot of times the consumers don't get the information as fast as we would like them to. So it's close to 20 to 30 days before an average consumer realizes, hey, rates are actually a little more affordable. And I think it's just one of those things where, if you're not paying super close attention to it until the media picks up on it or you start to hear chatter about it, it just takes time to spread that information. So for us, I think what was that two and a half weeks ago, where the Fed mentioned they were going to cut rates and then we saw some changes, and now I think people are starting at this time to start looking, and I think I mean we can even talk about properties that got offers over the weekend that hadn't seen offers in a little while. So I think the time is coming. We saw a little more traffic at open houses this weekend, but I do think that sometimes it's about a month behind what's actually going on.
Speaker 1:It's also. You bring up one thing. You said media right, because generally the consumer isn't. We wake up every day and we text about interest rates and it's like, oh, what's happening this morning? But if you're out, even you know, as an active buyer, you're probably not digging into that information. I also wonder this year being an election cycle, especially you know one that's, so you know, traumatic, I guess, is the way that I would look at it.
Speaker 2:Yeah, turbulent, traumatic, yeah, yeah, same.
Speaker 1:I mean, I'm completely independent. I don't take a position in terms of either side, but I just think that both sides are acting unbelievably irrationally. And so that's all the media is covering.
Speaker 2:Yeah.
Speaker 1:Right, and so it's probably even more delayed, maybe, than it would typically be, because they're not getting that information been saying that they're like it's you know, we want to throw in some other content but we're so consumed with politics that it's hard to get other segments in, honestly.
Speaker 2:But yeah, I mean you're absolutely right and I think the ironic thing about all of that is that that still ties into exactly what we're talking about. So consumers should have that information, because you know they're all wondering if they should wait. You know if rates are going to go down because of the election, or if they should wait to see who gets elected. You know what's happening.
Speaker 1:Well, it's kind of weird too. I mean that's one of the other reasons why we should be continuing and really leaning into podcasts, not just us, but everybody. I mean, I think it's such a unique way to learn. You know mainstream media is. You know their incentives are pretty clear, right, so they really don't have an incentive to talk about the fundamentals that actually move our market in a positive way. I mean this is an extreme, but I mean, if all they talked about was consumer confidence and buying power and all that kind of stuff and they just forgot about the election cycle, the fundamentals of the economy would likely improve, right, and whoever becomes the president becomes the president, and you know 90% of what they do won't impact our industry anyways, right Outside of rates. But you know, obviously that's not the incentive. It'd be a nice world if it was.
Speaker 2:Yeah, yeah.
Speaker 1:I guess we can talk about it here.
Speaker 2:Yeah.
Speaker 1:So you think 20 to 30 days on average, and do you I mean, I guess, do you have a number? You think on an, on an in an election year? Do you think that, because of what's happening in media, do you think we're another 20 or 30 days out, you know, for the buyers to respond to that?
Speaker 2:You know, I think, because the Fed meets September. So what? What? Historically, what we'll see is when that information comes out, that's when buyers think, oh, rates are going down, because that is all over, right.
Speaker 1:The.
Speaker 2:Fed cut interest rates. But what the consumer doesn't always get or get the information to really understand, is that the banks are already baking that into the rates now because they're anticipating that rate cut. So we you know the Fed said there's going to be a rate cut, so the banks have already reduced rates, which is why rates are at 6.4% today.
Speaker 2:So the banks have already reduced rates, which is why rates are at 6.4% today, and so I think you know, once that official announcement comes out, that's probably when we'll see an influx. But you know, what most people don't know is that it's already happened.
Speaker 1:Yeah, it's important to talk about because you know the argument there. I mean that happens in September, in 30 days. By that point, if the consumer, if the vast majority of consumers that want to buy or need to buy, start to respond, then then they missed a 30-day window where they would likely get a much better deal because they'll have less competition right, and the rate's going to be the same.
Speaker 2:Right Rates are the same and, like you said, I mean once everyone knows, then market is a little more saturated. Yeah, and you know you're competing for the same property and you know you have bidding wars, and I mean I think and sometimes people don't necessarily see it because you know, they're just not in it every day like we are but what I'll say is it's always better to pay a higher interest rate than pay a higher price on the purchase.
Speaker 2:You can always refinance, you can always make changes. So that's kind of been the theme over the past year and a half, honestly, because 2021, I mean if you pay 200K over asking for a property, like you, you're going to have to pay that 200K. But if you lock in an interest rate at 6.9% and then you know as soon as rates drop, you refi to, you know 5.5 or whatever it is, I mean that's a significant difference, a significant saving.
Speaker 1:I think the other part that is important to discuss is that we're coming out of this weird period of time during COVID We've discussed it a few different times, but where rates were so low that there are going to be people that just you know maybe they want to sell but they just won't. They actually can't afford to sell. So if they're in a two and a half or 3% mortgage, I mean, even if rates come down to five, why would you sell that two and a half percent?
Speaker 2:you know loan.
Speaker 1:Like you, just wouldn't.
Speaker 2:Yeah, it just it won't make sense. So there really has to be a need there and need behind it. Otherwise, you know, things aren't really. Our market isn't going to change much, because it's kind of it's one of those things where it's you're forced, if you're forced to move, if you have a job change or you know. But otherwise, I mean, what sense does that really make?
Speaker 1:Yeah, it's going to be weird to watch because I mean and I guess for all the buyers that are listening, we should be having this conversation very clearly. If you're on the sidelines and you want or need to buy, you should be going now.
Speaker 2:Yeah.
Speaker 1:Because, if you know, if the Fed announces that rate cut in September, they'll likely give some forecast to future rate cuts. If interest rates do kind of slowly decline I mean once they start to cut rates it's not like they do one and then stop They'll probably level, set back down into the threes. So we'll likely see a 5% you know, 30 fixed mortgage in the next. Call it 12 to 18 months would be my guess. If that's the case, it's still too expensive for that two and a half or 3% mortgage to sell, so inventory isn't going to spike and demand is going to increase.
Speaker 1:So it's going to be like what we've talked about prices are going to possibly skyrocket in major markets and it's going to be way harder to buy. That's crazy.
Speaker 2:Yeah, so really buyers have the best opportunity right now, and I don't think anyone, any news channel, is giving that kind of information. So, it's important for people to know.
Speaker 1:So if you're listening to us or watching our show and you want to buy a house, go now yeah, we.
Speaker 2:Now is the time.
Speaker 1:Do it, just make it happen I guess we should probably talk a little bit more. You know just about. You know those fundamentals too, because here in the next couple weeks as a buyer, your relationship changes. We've been discussing this a lot, um, but has anything in the last week? Have we seen any changes related to that buyer's representation agreement? What a seller is going to disclose in?
Speaker 2:terms of what they're offering. Yeah, I mean, I think for the buyer. What you need to know as a buyer is you are now going to be committed to making sure that your agent, no matter what, is going to get paid. So I mean that's a big change for a buyer, because at this point an agent can't even show you a property without having this in place.
Speaker 1:That takes place this week or next week it's the 17th.
Speaker 2:Yeah of this month.
Speaker 1:So that's Monday.
Speaker 2:Yeah. So that's a huge change for buyers to know that they could potentially be responsible for that commission. As a buyer, you are really empowered to kind of interview your agent a little bit, because you do want to make sure you're working with the best in this type of a situation.
Speaker 1:As you're out interviewing these agents. I mean, what are the top three things that you would look for in a buyer agent?
Speaker 2:Yeah, for one thing that I really think is, and we just touched on, is negotiations. The way I look at it is you are interviewing me right now, right?
Speaker 1:Like.
Speaker 2:I, if I'm meeting with a buyer, I'm going to put my best foot forward and then the buyer can really see that that's how I'm going to be throughout the whole transaction with every party. So I think if you're meeting with someone and you're not really connecting or feeling the right energy, or you don't have total confidence in that person, they are probably not the person that's going to take this home. Because they have to. I mean, you're number two. The agent has to be a master communicator, so you know, being able to communicate with multiple parties in a situation where you all don't necessarily have the same interests that are aligned. I mean, yes, you all want to sell the house, but obviously the seller wants to make as much money as possible, the buyer wants to pay as little money as possible, the agent on the other side wants to get paid, wants to get the deal done. There's just a lot Um. I think you have to make sure that you're choosing someone that can communicate well.
Speaker 2:Um so negotiate, communicate, and then the a big one. For me, the last one is going to be integrity.
Speaker 2:I think, um, you know this is a. It's a big transaction. You know it's most of the time it's a consumer's biggest transaction of their life and you want to work with someone that's doing the right thing, that's going to protect you. You know they're saying the right thing. I mean, I can't tell you how many times. I was just speaking with an agent recently that had voiced to me that she had been losing some listings recently because she wasn't willing to lie about what the home is worth. You know, and there are other agents out there that are going to say, yeah, we'll get $3 million for your house, you know, but sometimes you have to really recognize the person that's going to be a little bit more honest.
Speaker 2:Yes, everyone wants max dollars for their house, but the person that's going to be a little more honest and give it to you real and be transparent about what the actual data shows, I mean that's much more important. So those to me, I think, are the top three things for a buyer.
Speaker 1:Yeah, you bring up the communication and negotiation. It's one of the things that we talk about and train on weekly in all of our businesses, but specifically a real estate transaction. It actually drives me crazy the way that our structure is designed Not our business, but just the way a house gets sold, and it reminds me of preschool and the telephone game.
Speaker 1:If you put five people in a room and you whisper a simple statement into one person's ear and then by the time it comes back around it's something completely different. And in a real estate transaction you've got a seller and a buyer, and then in some cases it's not just two agents, sometimes it's a broker or a team of agents and everyone's trying to communicate together to find this common goal of close a transaction. And it's even deeper than that because there's escrow officers.
Speaker 1:Lenders yeah, oh, my goodness. And so if that person is not a phenomenal communicator, organized in a way where they can take a communication, you know, a conversation with the other buyer's agent or seller agent, and document it and then transfer that information properly to the seller or buyer, you're going to be negotiating or making decisions without all the facts, right, and that's going to drastically change the outcome, right? So, yeah, that is very good feedback, right, and that's going to drastically change the outcome, right. So, yeah, yeah, that is very good feedback. So if you're a buyer, it really is, go to innovate.
Speaker 2:Well, yeah, I mean, that's a good thing, we know some good agents, we know some good agents.
Speaker 1:Yeah, perfect. Well, I think that's a really good segue into, you know, the next side of the transaction, which is a seller. So you know for the most part, maybe we rewind 24 months.
Speaker 2:Yeah.
Speaker 1:Like, if you're selling, I mean you're getting blasted by listing agents, right?
Speaker 2:Right.
Speaker 1:And there's you know agents, kind of you know there are certain agents that do both really well, but what I've learned about the broker business and Realtor specifically, are there agents that view themselves as listing agents and they don't represent buyers, and then there's agents that view themselves as buyer agents.
Speaker 2:Yeah, you see that a lot yeah.
Speaker 1:Yeah, and so these listing agents, um, I mean, they inventory's low, so they're all fighting for that same listing, which is why we're seeing a lot of you know pricing, you know kind of inconsistencies. Is, I guess the way we would say it, An agent saying, yes, I can get you 3 million when it's really only worth two and a half?
Speaker 2:Yeah.
Speaker 1:Because that is their one appointment for the last 90 days and you've got to convert it to have income. Um, but I mean, I guess what do you do today as a seller, if you're going to be selling today or in the near future, to ensure that you're going to maximize top dollar and then also transact smoothly and quickly?
Speaker 2:Yeah, it's a good question. Do you feel like this should be our next episode? Oh, it could be yeah, because I think we've got some major points to go in on that. And I think sellers should stay tuned for the next episode, because I think we have a lot to talk about there.
Speaker 1:Yes, let's do it. So what do we wrap on this episode? The top three recommendations if you're buying are find a great negotiator, a great communicator and somebody with integrity.
Speaker 2:Yeah, it's all important to me. Yeah, is there anything else you would add to that that you look for, because you're a buyer quite a bit as well.
Speaker 1:Yes, you know, I think I really actually believe that the brokerage is incredibly important because the brokerage generally is the foundation and we're all the fundamentals of that. You know guidance inside of a transaction come from, and so, you know I'm not here to bash any big names, but you know, I've learned a whole lot over the last couple of years being in the brokerage business, not just as a, you know, as a buyer, and what I've learned is that the systems that are in place and the support for that agent are drastically going to change the way that they handle a transaction. Right, you know. And so the only thing I would add to that is just look at, you know, the brokerage as a whole and then look at the team within that brokerage. I mean, we have a list of people in our business that are outside of innovate that we would absolutely buy with Um, it's not our preference, but we have a lot of incoming leads uh, you know, on a weekly or daily basis where an agent is at, you know, one, two, three brokerage and we trust them.
Speaker 1:Yeah, we trust them because they've given us great information. They follow through, you know, if we get into a sticky situation, they've got resources to help you know identify where our levers are. Yeah, and we also have a list of you know agents that we will never do business with again, and some of those are at the biggest brokerages in the US. Right, and it stems back to it's a very low barrier of entry to become a real estate agent.
Speaker 2:Yeah.
Speaker 1:When you identify a client specifically like Buy, buy House, it's a repeat buyer. Yeah, if they just got lucky in one transaction, you know they might think that we're a really great you know resource to continue driving income for them. But we really struggle when you know a buyer's agent doesn't, I guess, disclose and really get us the facts of a property Right. So I mean for us I guess I would say the brokerage, and then I would also just say local knowledge yeah, because we get incoming leads from buyer's agents that want to represent us and they know nothing about the local market.
Speaker 2:Right.
Speaker 1:And on paper the deal looks great.
Speaker 2:Yeah.
Speaker 1:But they haven't dug into school zones. You know hillside Right. You know a bunch of other things, neighbors, like big issues that have really affected us in the past.
Speaker 2:Yeah.
Speaker 1:And so you know, if I'm a consumer you know, and I'm an average American consumer I'm probably really only buying or selling real estate three, four times in my life, Right, and so these things are critical to make sure you're not getting into a bad deal. Yeah, I would be remiss if I didn't rewind and just talk about it. So we, my wife and I, started to consume a fair bit of reality TV in the real estate world.
Speaker 2:Yeah.
Speaker 1:And we watched before the Olympics, because that's consumed my life for the last two weeks.
Speaker 2:Yeah.
Speaker 1:But before that, you know, we watched one of the major shows. I won't say the show, yeah, you know, but it rains home to me when I watched that episode because you know they were representing this buyer. This buyer, you know, was a first-time home buyer and they purchased and they were excited, but they missed four or five major components that drastically changed the experience and they immediately wanted to go and sell.
Speaker 2:And that was really good TV for the show.
Speaker 1:But I mean these people. I don't know what ends up happening to them, but they bought this big house in LA. They didn't see that there was an apartment complex right next to it and it was right underneath an airport, oh my gosh. So they move in and the next episode they're like this was a mistake, we want to sell, oh yeah, and then to go and sell. They were going to take like a half a million dollar loss.
Speaker 2:Yeah.
Speaker 1:And the agent that was representing to go and list and sell the house was not the person that put them into it. Yeah, but I just think of that experience and I'm like, look, if this is your first time buying or if this is your second know, your second time buying, I just caution to take your time. Find that person that checks all five of those boxes communication, negotiation, integrity, a great brokerage, local knowledge, you know, because you could get into a really, really negative situation very quickly. Yeah, it's a wrap.
Speaker 2:That's a wrap. See you next time.