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Transcript

Study Hall: How to Make Your Home More Valuable · Earn Your Leisure

• 0:00
  Speaker 1: I want to give some tips to people. So you're
• 0:02
  Speaker 1: a realtor, So the first thing is like when you're
• 0:06
  Speaker 1: showing people properties and things that nature, right, we always
• 0:08
  Speaker 1: say about like good neighborhoods, bad neighborhoods. Like what makes
• 0:12
  Speaker 1: a neighborhood quote unquote a good neighborhood? Like for people
• 0:15
  Speaker 1: that's looking to buy a home, they always say the
• 0:17
  Speaker 1: school system, but like what else?
• 0:20
  Speaker 2: Well, I'm looking at the numbers. So I'm a numbers person.
• 0:23
  Speaker 2: So if you're interested in a certain area, I'm going
• 0:25
  Speaker 2: to run the market stats. I'm looking into curved Atlanta.
• 0:28
  Speaker 2: I'm looking at the developments that take place. So I
• 0:30
  Speaker 2: have like a little spreadsheet. I start developing on zip
• 0:32
  Speaker 2: codes and keeping up. So if the appreciation values are
• 0:35
  Speaker 2: going up year over year, that's a good thing. If
• 0:37
  Speaker 2: they're going down you over year, that's something I want
• 0:40
  Speaker 2: to talk to you about. So that doesn't make a
• 0:41
  Speaker 2: great neighborhood if the appreciation values are on the negative
• 0:44
  Speaker 2: and not in the positive. So people start focusing on
• 0:47
  Speaker 2: the schools where you need to be looking at the
• 0:49
  Speaker 2: values or the values going up or down. That's number
• 0:51
  Speaker 2: one that makes a great neighborhood. I feel like the
• 0:54
  Speaker 2: second part makes a great neighborhood is what's important to the client.
• 0:57
  Speaker 2: There are some people that they want to be in
• 0:59
  Speaker 2: a live work space. They want to have someplace so
• 1:01
  Speaker 2: they can walk outside and happy hour and all that.
• 1:03
  Speaker 2: Then we need to find out if that's a good
• 1:05
  Speaker 2: neighborhood for you.
• 1:06
  Speaker 3: And then you have other people.
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  Speaker 2: I want to walk nature trails, you know, I want
• 1:09
  Speaker 2: to be in those types of areas. So it's not general,
• 1:12
  Speaker 2: it's clients specific, but generally speaking, everybody should be worried
• 1:16
  Speaker 2: about appreciation values and school systems because both of those
• 1:20
  Speaker 2: go hand in hand when it's time for you to
• 1:22
  Speaker 2: sell your property. Because every property is a profit that
• 1:25
  Speaker 2: you should look at your house as a bank.
• 1:26
  Speaker 3: You're trying to make money when you sell this house.
• 1:28
  Speaker 4: So we say Curve Atlanta, Curved Atlanta, and so it's
• 1:32
  Speaker 4: a basically it's an online magazine that you can use
• 1:35
  Speaker 4: to look at different developments in different neighborhoods and what's
• 1:38
  Speaker 4: up and coming.
• 1:39
  Speaker 2: So I was just looking up a project for in
• 1:42
  Speaker 2: College Park. My clients are looking to get a property
• 1:44
  Speaker 2: in College Park and they have this big six point
• 1:47
  Speaker 2: five billion dollar project that's coming down there where they're
• 1:49
  Speaker 2: making a mixed use space down in that area. And
• 1:51
  Speaker 2: the reason for that, even though it's part of Fullton County,
• 1:54
  Speaker 2: that area has been economically challenged for so long.
• 1:57
  Speaker 3: Now they're going to bring.
• 1:59
  Speaker 2: In because the average income that a person was making
• 2:01
  Speaker 2: down here is like twenty nine thousand years. But the
• 2:03
  Speaker 2: regular people up here in Atlanta on the north.
• 2:05
  Speaker 3: Side of Fulton County and sixty five thousand.
• 2:08
  Speaker 2: So they have an initiative to make that better than
• 2:10
  Speaker 2: they're calling an airport city because it's literally by the airport.
• 2:13
  Speaker 5: I just saw that ya. Y'all got a G League
• 2:15
  Speaker 5: team coming to come.
• 2:15
  Speaker 2: Oh yeah, exactly, So you got to keep up what's
• 2:17
  Speaker 2: going on in our city. That's what I can tell
• 2:19
  Speaker 2: you that if you were looking to invest, maybe you
• 2:21
  Speaker 2: want to look over here because now the presses are low,
• 2:23
  Speaker 2: but they won't stay low when the project comes up.
• 2:26
  Speaker 5: Did that That website also shows the appreciation values?
• 2:28
  Speaker 2: No, No, that's that's on the back end. That's what
• 2:30
  Speaker 2: you gotta do some work for that. That's that's the
• 2:32
  Speaker 2: agent thing. You know, you're gonna have to log into
• 2:33
  Speaker 2: your your mols and you're gonna have to run.
• 2:36
  Speaker 1: Some Statskay, A regular person.
• 2:38
  Speaker 5: Can see that, no gotcha.
• 2:41
  Speaker 1: Is any way a regular person can see if appreciation
• 2:43
  Speaker 1: values you can.
• 2:44
  Speaker 2: See something because you know what, a lot of our
• 2:46
  Speaker 2: stats now, even though they're a little skew.
• 2:48
  Speaker 3: I hate, I hate, I hate.
• 2:49
  Speaker 2: Zelo, let me say, I hate.
• 2:53
  Speaker 5: My house is eight hundred thousand, right, you know, even
• 2:57
  Speaker 5: though his.
• 2:57
  Speaker 2: House was less than the house the own house, it's worth.
• 3:00
  Speaker 2: But you can use site like sites like that to
• 3:02
  Speaker 2: get a general idea of what's going on in the
• 3:05
  Speaker 2: market because it'll if you scroll down, it'll talk about
• 3:08
  Speaker 2: values and recent souls. So that'll give you help if
• 3:10
  Speaker 2: you don't you not necessarily want to jump out the
• 3:12
  Speaker 2: window with the relator, you can at least see what's
• 3:14
  Speaker 2: going on there.
• 3:15
  Speaker 5: So when you're showing a house, right, staging a house,
• 3:18
  Speaker 5: what's that process?
• 3:19
  Speaker 6: Like?
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  Speaker 5: Are you or are your company putting the items of furniture,
• 3:23
  Speaker 5: everything decord into the house? Like how's that earth?
• 3:25
  Speaker 2: Well, Well, okay, I have what's called the friendly little
• 3:29
  Speaker 2: a friendly little staging. So I have like a couple
• 3:32
  Speaker 2: of items like keeping the storage room. You know, you
• 3:36
  Speaker 2: ain't really got the budget, or if we just need
• 3:38
  Speaker 2: a smooth a few things like a pillow or something
• 3:40
  Speaker 2: like that a plant.
• 3:41
  Speaker 3: You know, I go over there, I put that in.
• 3:42
  Speaker 2: You know, it's nothing because I'm you know, when house sales,
• 3:45
  Speaker 2: it makes it better. Other than that, if it's like
• 3:47
  Speaker 2: a full staging project, it depends.
• 3:49
  Speaker 3: We have so many ways we can do.
• 3:50
  Speaker 2: We got virtual staging, got a company you can just
• 3:53
  Speaker 2: basically virtually stage the whole house. I mean, person is
• 3:55
  Speaker 2: gonna be empty, but those pictures you're gonna show up,
• 3:58
  Speaker 2: you know. Then you also have companies that you can
• 4:00
  Speaker 2: hire to come in and stage the properties for you, which.
• 4:02
  Speaker 3: Is what I do for people.
• 4:03
  Speaker 2: That's like, listen, you need to stage this property to
• 4:06
  Speaker 2: sell it.
• 4:07
  Speaker 1: So as far as like school system, because that's a
• 4:10
  Speaker 1: big one. How do you know? It was like the
• 4:13
  Speaker 1: schools like four stars. It's like ratings, like what like
• 4:17
  Speaker 1: what do you look at like.
• 4:18
  Speaker 3: To see the first You can see it everywhere.
• 4:20
  Speaker 2: But I like to go to Great Schools dot org
• 4:22
  Speaker 2: for school. I like to site because it tells you
• 4:25
  Speaker 2: a lot about the neighborhood in the area. Because you know,
• 4:27
  Speaker 2: do to Fair House and we can't say certain things
• 4:29
  Speaker 2: to our clients. But when you go to Great Schools
• 4:32
  Speaker 2: dot org, not only does it tell you the star
• 4:34
  Speaker 2: of the school. But it also tells you the demographics
• 4:37
  Speaker 2: of the students, and it tells you each category. So
• 4:40
  Speaker 2: science they're growing, you know, they're low, and maths so
• 4:43
  Speaker 2: it's categorized. So if you're looking at demographs of the students,
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  Speaker 2: then you know demographics.
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  Speaker 5: Of the parents and then parents correct reviews and everything
• 4:49
  Speaker 5: about the school.
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  Speaker 2: District reviews about the school, so it helps. I tell
• 4:52
  Speaker 2: people to use great Schools dot org to find out
• 4:54
  Speaker 2: about this.
• 4:55
  Speaker 5: Once upon a time there was a review written about
• 4:58
  Speaker 5: me upon a time. Okay, yeah, you are a teacher,
• 5:02
  Speaker 5: I am.
• 5:03
  Speaker 3: Yeah, yeah, yeah, okay, so you know about that.
• 5:04
  Speaker 5: I do.
• 5:05
  Speaker 1: Yeah, he's definitely a teacher and more ways than one.
• 5:13
  Speaker 1: So how important it comps? That's like the most important thing.
• 5:18
  Speaker 2: Absolutely, you gotta have comps and you have to search
• 5:21
  Speaker 2: for comps. So I was, I'm so obsessed with comps.
• 5:23
  Speaker 2: I took an appraisal class at the beginning this year,
• 5:25
  Speaker 2: maybe it was the end of last year.
• 5:26
  Speaker 3: I know, other thing's running together.
• 5:29
  Speaker 2: I really I really wanted to know, like, how are
• 5:32
  Speaker 2: use appraisals coming up with these numbers? Because you're dispute
• 5:34
  Speaker 2: and me if I'm on the sell in side, like
• 5:36
  Speaker 2: wait a minute, I know this house is worth this,
• 5:38
  Speaker 2: like how you guys are coming up with this. So
• 5:41
  Speaker 2: comps are important because appraisals have to happen for people
• 5:44
  Speaker 2: to get the houses financed and if it comes in below.
• 5:46
  Speaker 3: A value to issue.
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  Speaker 5: I had a very very unfortunate situation when it came
• 5:50
  Speaker 5: to appraisals where I didn't even know if there was
• 5:52
  Speaker 5: a class. So where can somebody take the class? And
• 5:54
  Speaker 5: are you noticing there's more people that look like us
• 5:57
  Speaker 5: taking these classes, because that is the part of the
• 5:59
  Speaker 5: the home buying process that can make or break things.
• 6:03
  Speaker 2: The class I was in, it was just me and
• 6:05
  Speaker 2: one it was three of us. It was on three
• 6:09
  Speaker 2: of us. It was eight o'clock in the morning. You
• 6:10
  Speaker 2: had to drive like an hour and a half outside
• 6:12
  Speaker 2: the city to get there. It was only three of
• 6:13
  Speaker 2: us there. But I took the class. And it's a
• 6:15
  Speaker 2: few things I learned about these appraisals. First of all,
• 6:17
  Speaker 2: they just they can get their license the same way
• 6:20
  Speaker 2: rule to get their license.
• 6:21
  Speaker 3: It's low barriers to entry.
• 6:22
  Speaker 2: They're human too, and so sometimes you got to walk them,
• 6:25
  Speaker 2: you know, if they're not really an experience appraiser. I
• 6:29
  Speaker 2: learned from my listings. Go ahead and put my comps
• 6:31
  Speaker 2: on the kitchen table. I'm trying to meet them at
• 6:33
  Speaker 2: the house. I'm trying to explain to them at the
• 6:35
  Speaker 2: moment what how I came up with my comps and
• 6:38
  Speaker 2: why they should use mine because by the time they
• 6:40
  Speaker 2: write on the report is even though you can dispute it, they.
• 6:43
  Speaker 1: Never get Yeah. Cause that's that's important because what he's
• 6:46
  Speaker 1: referring to is I'm not sure if you're familiar, but
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  Speaker 1: the Bookings Agency Institute did a report last year and
• 6:52
  Speaker 1: they said that black homes were undervalued by one hundred
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  Speaker 1: and fifty six billion dollars. You know about that, yeah, so,
• 6:58
  Speaker 1: and we did it. We did a whole on the
• 7:00
  Speaker 1: podcast about it and Troy. Actually it happened to Troy.
• 7:03
  Speaker 1: His house got like devalued, like sixty thousand dollars.
• 7:06
  Speaker 3: It happens a.
• 7:07
  Speaker 5: Lot, yes, one hundred thousands.
• 7:09
  Speaker 1: Compared to his neighbors with like the same type of houses.
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  Speaker 5: It's crazy.
• 7:12
  Speaker 2: It's called redlining. You know, It's not like it doesn't happen.
• 7:16
  Speaker 2: But I'm honestly speaking, I tell my clients to take
• 7:18
  Speaker 2: all those personal pictures out the house. You don't know
• 7:21
  Speaker 2: you're my class are ambiguous. When you walk in there,
• 7:23
  Speaker 2: you don't know who owns this house, what they look like.
• 7:26
  Speaker 2: I do it on purpose. I tell him take them out, like,
• 7:28
  Speaker 2: don't even hide them in the closet, take them out
• 7:30
  Speaker 2: the house, put them in somebody else house, put them
• 7:31
  Speaker 2: in the trunk.
• 7:32
  Speaker 3: You don't because people are.
• 7:35
  Speaker 1: Nature game. Even if it's subtle, it's it's like they
• 7:40
  Speaker 1: could still have a hidden Yeah, you know, it's objective, Yeah,
• 7:45
  Speaker 1: getting objective.
• 7:45
  Speaker 5: But if there's more people on the side of you know,
• 7:48
  Speaker 5: the people who are actually from our communities, actually doing
• 7:50
  Speaker 5: these appraisals, then we may have a fair chance.
• 7:53
  Speaker 2: We'll have a fair chance because we know what to
• 7:55
  Speaker 2: fight for, you know, and we know what makes sense.
• 7:58
  Speaker 2: You can fight. You could successfully appraisal. It may delay
• 8:01
  Speaker 2: your closing. But if you you have the comps and
• 8:04
  Speaker 2: you can run down the numbers and you can show
• 8:07
  Speaker 2: you can fight in a praisal, you just need someone
• 8:09
  Speaker 2: to do it for you.
• 8:10
  Speaker 3: You have them to look at that.
• 8:11
  Speaker 1: How do you fight? How do you fight the appraisal?
• 8:12
  Speaker 2: The number one thing is you're going to have Like
• 8:14
  Speaker 2: I've done a few titles, like a few appraisal fighting one.
• 8:18
  Speaker 2: You need to make sure that you're comparing apples to oranges.
• 8:21
  Speaker 2: So you got to break down the comps when it
• 8:22
  Speaker 2: comes to the upgrading house. That stuff counts. Looking at
• 8:26
  Speaker 2: the square footage that counts, and sometimes they'll leave off
• 8:28
  Speaker 2: a good chunk of your square footage. So maybe you
• 8:31
  Speaker 2: want to hire your own company to come in and
• 8:33
  Speaker 2: measure the square footage of your house. That's the number
• 8:35
  Speaker 2: one mistake. Actually, look over you. I had one house
• 8:38
  Speaker 2: they was missing a whole nine hundred square feet.
• 8:40
  Speaker 5: Of course, that's exactly what happened. They said that. And
• 8:44
  Speaker 5: you know for sure, like the lower level of my
• 8:46
  Speaker 5: house they didn't count exactly.
• 8:48
  Speaker 3: They do that often at all.
• 8:49
  Speaker 5: Like and we have like a gym down there, a
• 8:50
  Speaker 5: whole another like almost apartment, yeah, a window bathroom.
• 8:54
  Speaker 3: You know how you as.
• 8:55
  Speaker 2: Long as you got a window door, extra door, it's
• 8:57
  Speaker 2: counted as a finished space. See they're still counting it
• 9:00
  Speaker 2: as an unfinished because the tax records had it is unfinished,
• 9:03
  Speaker 2: probably before you finished out that bottom. And so this
• 9:05
  Speaker 2: a lot of times, like I said, you gotta fight that, like, no,
• 9:08
  Speaker 2: this is my square footage. This is how I had
• 9:10
  Speaker 2: a company come out and measure, and I'm going to
• 9:13
  Speaker 2: pass this up, so you had.
• 9:14
  Speaker 3: You can dis view that.
• 9:16
  Speaker 1: Thank you, thank you, and can you like complain about
• 9:20
  Speaker 1: an appraiser, like is it.
• 9:21
  Speaker 2: Like a absolutely, because they all appraises works for it
• 9:24
  Speaker 2: work for a company. So if you look at the
• 9:25
  Speaker 2: very bottom where they sign off, there's a company name there.
• 9:28
  Speaker 2: Get get in touch with the person that's the chart
• 9:30
  Speaker 2: in charge.
• 9:31
  Speaker 5: I still have his name written down.
• 9:33
  Speaker 2: You can't just go by the person that comes out
• 9:35
  Speaker 2: in the praise like they're working for a major company,
• 9:37
  Speaker 2: but the company that they work for, then you need
• 9:39
  Speaker 2: to send them your grievances and your evidence and go
• 9:42
  Speaker 2: from there.
• 9:42
  Speaker 1: It happened at DL hugely. Yeah, that was crazy, and
• 9:47
  Speaker 1: it was like he got his house to pray and
• 9:49
  Speaker 1: it was so low that the bank actually called him
• 9:52
  Speaker 1: and thought that he had like damage done to it exactly.
• 9:56
  Speaker 1: And so it was just such an egregious situation. And
• 9:59
  Speaker 1: I I wouldly he's famous, so that helped probably too.
• 10:01
  Speaker 1: The bank actually reversed it and they apologize, but they
• 10:04
  Speaker 1: was like he was like it was it was so
• 10:06
  Speaker 1: low compared to his neighbors. They thought it was like damaged, but.
• 10:09
  Speaker 2: That it still happens, and that's why I think that
• 10:12
  Speaker 2: we have to be very careful when you're working with
• 10:15
  Speaker 2: people and you know, know your stuff.
• 10:17
  Speaker 3: If you're a homeowner, you need to know.
• 10:19
  Speaker 2: You need to have documentation of upgrades you've done in
• 10:21
  Speaker 2: your house, keep up with that. You need to have
• 10:23
  Speaker 2: documentation of your square footage, anything that you've done in
• 10:26
  Speaker 2: your property. You need to keep up with that and
• 10:28
  Speaker 2: keep it. We're so lacks to day's call until we
• 10:30
  Speaker 2: need it. Then when you're in a position where you
• 10:32
  Speaker 2: want to sell and you come in under value, you
• 10:34
  Speaker 2: can't even keep finding the documents to prove it.
• 10:37
  Speaker 3: One time I fought a lot.
• 10:37
  Speaker 2: Appraisal by actually having every single receipt that my client
• 10:41
  Speaker 2: used to upgrade their kitchen. I put all that in
• 10:44
  Speaker 2: a big package. I wrote it out, I wrote out
• 10:47
  Speaker 2: what this would be, how these comparison comparing properties. So
• 10:50
  Speaker 2: with these upgraded kitchens, then we got the house up
• 10:53
  Speaker 2: ten thousand dollars and they would try to bring us down,
• 10:55
  Speaker 2: like we still didn't hit the number I wanted, but
• 10:57
  Speaker 2: we still got ten thousand back credit.
• 11:00
  Speaker 3: So you can fight this stuff. You just gotta know.
• 11:02
  Speaker 1: So what makes a house more desirable? Because they always say,
• 11:06
  Speaker 1: like the kitchen is like something that's like a big item,
• 11:10
  Speaker 1: like what, yeah, you as a real to what would
• 11:12
  Speaker 1: you suggest people that are looking to sell their home
• 11:15
  Speaker 1: or even buy a home, Like what what's the desirable
• 11:17
  Speaker 1: things that people can do to add value to their homes.
• 11:21
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  Speaker 3: Well, I think general maintenance.
• 14:13
  Speaker 2: I find a lot of times when people are ready
• 14:15
  Speaker 2: to sell their house, they got in the house, house
• 14:17
  Speaker 2: ain't been pressure washed Washington's six. You know any pressure washing,
• 14:21
  Speaker 2: you can tell those the Ferd maintenance on the property.
• 14:24
  Speaker 2: So you need to get that stuff done. If you
• 14:25
  Speaker 2: want to sell a top dollar. If you have a kitchen,
• 14:28
  Speaker 2: and we know how those kitchens look back in the
• 14:30
  Speaker 2: day where it was a little walnut colored cabin and
• 14:32
  Speaker 2: ever and you walked in the house, it was like
• 14:34
  Speaker 2: burgundy walls and the other room was yellow.
• 14:36
  Speaker 3: I'm gonna need you to get agreeable.
• 14:38
  Speaker 4: Grade here a satan.
• 14:42
  Speaker 5: If your fridge is white, refrigerator is steal white, but.
• 14:45
  Speaker 2: Your stove is black because you're placed the stove with
• 14:47
  Speaker 2: a broke with refrigerator steal kicking.
• 14:49
  Speaker 3: These certain things you're gonna need to do.
• 14:50
  Speaker 2: So you need to be prepared to just general maintenance
• 14:53
  Speaker 2: unless you trying to sell it below value. If you
• 14:56
  Speaker 2: want to sell a top dollar you need to present
• 14:58
  Speaker 2: a product like that.
• 14:58
  Speaker 3: The kitchen counts.
• 15:00
  Speaker 2: The general maintenance of the property is what is really
• 15:03
  Speaker 2: important to a lot of people.
• 15:04
  Speaker 5: Yeah, one thing that they looked at and they took
• 15:07
  Speaker 5: into account was the roof. Roof is important too. Oh
• 15:09
  Speaker 5: yeah yeah.
• 15:10
  Speaker 2: I mean, if you're a homeowner, you need to be
• 15:12
  Speaker 2: calling your home You need to call your little insurance company.
• 15:14
  Speaker 3: Anyway, was there some hell here? Better watch the news.
• 15:18
  Speaker 1: But but but it's kind of tricky because it's like,
• 15:20
  Speaker 1: if you're trying to sew a home, at what point
• 15:22
  Speaker 1: do you do too much renovation and it's like not
• 15:25
  Speaker 1: really worth it.
• 15:26
  Speaker 2: Oh, that's when you start looking at the comps. So
• 15:28
  Speaker 2: I tell people all the time there is a certain cat.
• 15:30
  Speaker 3: In your neighborhood.
• 15:31
  Speaker 2: So don't go put in marble floors and it's two
• 15:33
  Speaker 2: hundred thousand dollars house. You're not gonna get your money back.
• 15:36
  Speaker 2: You know, you have to be very careful about that.
• 15:38
  Speaker 2: So when you're looking at comps, look at the photos
• 15:40
  Speaker 2: of what recently sold too. Look at and then get
• 15:43
  Speaker 2: a good idea of your area and your demographic. If
• 15:45
  Speaker 2: you got a half a million dollar house, don't use
• 15:48
  Speaker 2: that sticker backslash that you can get from home depot.
• 15:50
  Speaker 3: I go get some real tie back.
• 15:53
  Speaker 2: But if you're selling one hundred and sixty thousand dollars house,
• 15:55
  Speaker 2: you can throw the.
• 15:56
  Speaker 3: Sticker up there. You gotta know.
• 15:57
  Speaker 5: We spoke about that or on an episode with Matt
• 15:59
  Speaker 5: when we were talking about fifty cent he put this
• 16:02
  Speaker 5: multi million dollar home renovations in it in the neighborhood
• 16:05
  Speaker 5: that the average house is like three hundred thousand.
• 16:07
  Speaker 3: It makes no sense.
• 16:08
  Speaker 2: White elephant white, and you're never going to First of all,
• 16:12
  Speaker 2: the prayers are going to be able. They're not going
• 16:14
  Speaker 2: to be able to compact, like what why would you like? No,
• 16:18
  Speaker 2: you got to stay in line with the neighborhood.
• 16:19
  Speaker 1: So you want to stay alne.
• 16:20
  Speaker 3: You want to stay alive.
• 16:21
  Speaker 2: You can do a little bit too much, but don't
• 16:22
  Speaker 2: expect to get your money out of it if you
• 16:24
  Speaker 2: take it too far.
• 16:25
  Speaker 1: Don't. That's that's import people because a lot of times
• 16:27
  Speaker 1: people want to just do crazy things. And with the
• 16:29
  Speaker 1: Jauzi and with the grotto.
• 16:34
  Speaker 4: The.
• 16:36
  Speaker 2: Whole movie, it might have cost you all this money,
• 16:39
  Speaker 2: but you ain't getting it bad stroll.
• 16:40
  Speaker 1: Lights and he did pull fifty man.
• 16:47
  Speaker 5: So it's so so when when when somebody's selling a house,
• 16:51
  Speaker 5: what are some of the fees? Right? Like, I think
• 16:53
  Speaker 5: people don't really understand that, what are some of the
• 16:55
  Speaker 5: fees that come along with selling a house?
• 16:57
  Speaker 2: When you're selling your property, you're paying to sell your property,
• 17:00
  Speaker 2: so there's a lot of fees that can come along
• 17:02
  Speaker 2: with that. So you have the of course general maintenance
• 17:06
  Speaker 2: getting the house ready to go on market, but you
• 17:07
  Speaker 2: pay the agent, You pay us who who you think
• 17:10
  Speaker 2: pays the buyers.
• 17:13
  Speaker 3: You pay for them.
• 17:14
  Speaker 2: You paid a buyer's agent and the selling agent. So
• 17:16
  Speaker 2: you have those expenses and then the only other expense
• 17:18
  Speaker 2: that you have is like your pro rated taxes, and
• 17:21
  Speaker 2: if you have a homeowner's association, you're going to have
• 17:23
  Speaker 2: to get the clear HOA letter. So your your fees
• 17:26
  Speaker 2: are minimum, but the biggest fee you pay is your realtor.
• 17:31
  Speaker 5: But is that the closing clothes as well, because I
• 17:33
  Speaker 5: see it's like tricky. Sometimes a buyer has it, sometimes
• 17:35
  Speaker 5: a seller does it.
• 17:36
  Speaker 2: Well, this is this is the thing the buyer can
• 17:38
  Speaker 2: negotiate closing costs. You look at the market, you look
• 17:41
  Speaker 2: at the area you need to when you're pricing the property,
• 17:43
  Speaker 2: you need to look at also, I personally, I look
• 17:46
  Speaker 2: at what's being going on in the area, the recent sales,
• 17:48
  Speaker 2: and on average, what are the sellers contributing. Because my
• 17:51
  Speaker 2: biggest thing is I don't want you to set the
• 17:52
  Speaker 2: expectation that nobody's contributing anything, and you don't have to
• 17:56
  Speaker 2: when the whole area everybody's in contribute ten thousand dollars
• 17:59
  Speaker 2: on the average.
• 18:00
  Speaker 3: They don't have to contribute.
• 18:01
  Speaker 2: If you're getting like an FAHA loan, they can contribute
• 18:03
  Speaker 2: up to six percent.
• 18:04
  Speaker 3: They can do three percent on the conventional loan.
• 18:06
  Speaker 2: But they don't have to contribute anything because that's their profit.
• 18:11
  Speaker 2: So if you get enough demand for the property, which
• 18:13
  Speaker 2: is you know, my thing is getting multiple offers create
• 18:16
  Speaker 2: the bidding war and like, hey, somebody not gonna need
• 18:18
  Speaker 2: the money, or you need a thousand dollars boom, I'm
• 18:20
  Speaker 2: taking that offer before I take somebody need ten thousand.
• 18:23
  Speaker 1: How do you negotiate? Like, okay, you can negotiate closing costs,
• 18:27
  Speaker 1: but like, what's the lower the lower you can go
• 18:30
  Speaker 1: on that zero.
• 18:31
  Speaker 2: I have sold houses where my sellers have sold have
• 18:34
  Speaker 2: contributed no dollars to the closing costs.
• 18:36
  Speaker 3: Find your own money?
• 18:38
  Speaker 2: Really, yes, I tell buyers that all the time, Like,
• 18:41
  Speaker 2: you're not entitled to the profit from the seller.
• 18:44
  Speaker 3: The seller has their own expenses.
• 18:45
  Speaker 2: They're paying these relatives fees sometimes seven percent relative fees
• 18:49
  Speaker 2: that they have to pay just to even get their
• 18:51
  Speaker 2: property sold. They don't necessarily have to. It depends on
• 18:54
  Speaker 2: the area, the demand that you create by staging the property,
• 18:57
  Speaker 2: getting the property prepared for marketing, pricing it correctly, and
• 19:00
  Speaker 2: having an agent like me.
• 19:02
  Speaker 3: You know.
• 19:03
  Speaker 1: You may not have to even so, has anybody tried
• 19:06
  Speaker 1: to negotio? Do you negotiate your fees?
• 19:09
  Speaker 2: No?
• 19:09
  Speaker 1: Not negotiable.
• 19:13
  Speaker 5: I tell people the number that is the number.
• 19:16
  Speaker 2: My favorite, My favorite line is if you want me
• 19:18
  Speaker 2: to negotiate my fees, can I negotiate my service.
• 19:22
  Speaker 3: As long as long as you want me. As long
• 19:23
  Speaker 3: as I can negotiate my service, we can do this.
• 19:25
  Speaker 1: I like that.
• 19:26
  Speaker 5: So so that's the seller's fees down the commissions fee.
• 19:29
  Speaker 5: Is there a standard commissions fee for realtors.
• 19:31
  Speaker 2: Yeah, and it's it's subjective seven percent, six percent, seven percent,
• 19:35
  Speaker 2: And so that's about the fee of the whole the
• 19:37
  Speaker 2: total price of the property time seven percent.
• 19:40
  Speaker 1: Yeah, because that's like these million y'all listening that you
• 19:42
  Speaker 1: watched that show. Oh that's because yeah, I think that's
• 19:47
  Speaker 1: like what people really like a track want.
• 19:50
  Speaker 3: Yeah, you want, I mean, and you still split the money.
• 19:52
  Speaker 2: You know, you got to sell and sign the buyer
• 19:54
  Speaker 2: side wait for you to really come in, so you like,
• 19:57
  Speaker 2: I list the property, so I get my six per
• 20:00
  Speaker 2: commission if I bring a buyer and I'm representing the seller,
• 20:02
  Speaker 2: because then I've stayed. We can do dual agency both,
• 20:06
  Speaker 2: but if you bring the buyer, then I got to
• 20:08
  Speaker 2: give you half of that. So I get my three, you.
• 20:10
  Speaker 1: Get three, so you can it's not a conflict of
• 20:12
  Speaker 1: interest to represent both depends.
• 20:15
  Speaker 2: It can be a conflict of interest. So one person
• 20:17
  Speaker 2: becomes a client, the other person is a customer. It's
• 20:19
  Speaker 2: the only way you're able to do it. It. Really
• 20:21
  Speaker 2: you have to walk a fine line because really generally
• 20:23
  Speaker 2: speak and then you're just there as to consult and
• 20:27
  Speaker 2: write paperwork. You really can't negotiate for either party. I've
• 20:31
  Speaker 2: done a couple of dual agencies with like investors or
• 20:33
  Speaker 2: people that really know what they want. It's real hard
• 20:35
  Speaker 2: to do dual agency with the first time buyer.
• 20:37
  Speaker 3: I'm gonna tell you that now.
• 20:39
  Speaker 2: As a matter of fact, if I get a first
• 20:40
  Speaker 2: time buyer, I'd rather refer them to like a person
• 20:44
  Speaker 2: with my team before I before I try to negotiate,
• 20:47
  Speaker 2: because I'm gonna I'm fighting hard for myself to keep
• 20:49
  Speaker 2: their money. You a buyer, you fighting hard to get money.
• 20:52
  Speaker 2: How we're going to make this work? You know, especially
• 20:54
  Speaker 2: a first time buyer and not an investor.
• 20:56
  Speaker 3: They're different. They know what they want.
• 20:57
  Speaker 1: They're good, you know.
• 20:58
  Speaker 5: So you deal with luxury homes right, and over the
• 21:02
  Speaker 5: course of maybe a couple of years, you've seen the
• 21:04
  Speaker 5: median home go from two hundred and seventy five thousand.
• 21:07
  Speaker 5: Said yeah, so now three twenty five in Atlanta. What
• 21:09
  Speaker 5: are some of the factors that have led to that.
• 21:11
  Speaker 5: And what have you noticed with the buyers, what demographic
• 21:14
  Speaker 5: is doing the buying.
• 21:15
  Speaker 2: Well, predominantly my client's are all African Americans. So it's us.
• 21:19
  Speaker 2: We are making some moves here. And what's the driving forces?
• 21:23
  Speaker 2: Atlanta is growing now. People that say what they want
• 21:25
  Speaker 2: about Mayer Cassine read and when he tore down all
• 21:27
  Speaker 2: them churches and built that don't historical churches. But at
• 21:33
  Speaker 2: the end of the day, when he made that move
• 21:35
  Speaker 2: and they built the Mercedes, Mercedes ben zoned and they
• 21:38
  Speaker 2: kind of created State Farm Arena and they redid that,
• 21:41
  Speaker 2: it created more opportunity for us. Now we have more opportunities.
• 21:44
  Speaker 2: We have soccer games here, we have so much as going.
• 21:47
  Speaker 5: Champions, champions, championship, champions, all these things.
• 21:50
  Speaker 2: So we start with sports and then we just now
• 21:51
  Speaker 2: let's go out.
• 21:52
  Speaker 5: Now.
• 21:52
  Speaker 2: You got people like Tyler Perry telling people to come
• 21:54
  Speaker 2: down here and build their own tables in Atlanta. You
• 21:57
  Speaker 2: have the Rock that just bought a nine million dollar
• 21:59
  Speaker 2: house here. You got Cardi beat It just bought her
• 22:01
  Speaker 2: house here. What is happening here is people are saying
• 22:04
  Speaker 2: that there is wealth here and the good thing is
• 22:06
  Speaker 2: that's the driving That's how prices go up. We're creating
• 22:09
  Speaker 2: our own black Mecca. We're becoming the Black Hollywood that
• 22:11
  Speaker 2: they said we were going to be when I first
• 22:13
  Speaker 2: moved here. They was talking about the belt line. When
• 22:15
  Speaker 2: I first moved here, they were saying that we're going
• 22:17
  Speaker 2: to be the next Black Hollywood. I see it actually
• 22:19
  Speaker 2: happening now. And that was from.
• 22:21
  Speaker 1: Six speaking of Atlanta, speaking of the belt line. And
• 22:25
  Speaker 1: I saw a little baby on the breakfast club talking
• 22:28
  Speaker 1: about I guess he's from the West side of Atlanta.
• 22:30
  Speaker 1: Oh yeah, and he was saying that his neighborhood, the
• 22:33
  Speaker 1: prices is going up because of the belt line. Can
• 22:35
  Speaker 1: you talk about that?
• 22:38
  Speaker 3: No, no, no, it's a big project.
• 22:42
  Speaker 2: So the belt line is just basically a belt line
• 22:44
  Speaker 2: connecting the entire city of Atlanta. People only think about
• 22:46
  Speaker 2: the belt line being at the bottom, but it actually
• 22:48
  Speaker 2: goes all the way around. And so what it does
• 22:51
  Speaker 2: is really to help us one with traffic, so you
• 22:52
  Speaker 2: can get on and off the trolleys. But then on
• 22:54
  Speaker 2: top of that you have like parks and all these
• 22:57
  Speaker 2: things that are connected. So we're really trying to build
• 22:59
  Speaker 2: our own commuit unities within the community. So they do
• 23:01
  Speaker 2: yoga in the Park. You can now bite the belt
• 23:04
  Speaker 2: line down in South Atlanta. So they're creating these opportunities
• 23:07
  Speaker 2: so we can.
• 23:07
  Speaker 3: Be more like New York.
• 23:08
  Speaker 2: You know, love what you guys have, So we're trying
• 23:11
  Speaker 2: to create that. And there's restaurants and it's like live
• 23:13
  Speaker 2: work spaces. So you're really trying to create that environment
• 23:17
  Speaker 2: because now everybody is you know, no longer has the
• 23:21
  Speaker 2: aspiration to get the big house in the suburbs.
• 23:23
  Speaker 3: People now want to be close to the city.
• 23:25
  Speaker 2: They're sacrificing space for that, and they want to enjoy
• 23:28
  Speaker 2: them their lives. That's the millennials. They want it right now.
• 23:31
  Speaker 2: They want to walk outside right now. They want to
• 23:32
  Speaker 2: go on the trolley and get to where they need
• 23:34
  Speaker 2: to go right now. So that's the big part of
• 23:35
  Speaker 2: the belt line.
• 23:36
  Speaker 1: So Atlanta specifically, since we're in Atlanta, like, what's the
• 23:40
  Speaker 1: hot area that because it's the west side, that's like
• 23:42
  Speaker 1: when Stiti has been steadings on the west side right, Yes,
• 23:45
  Speaker 1: that's like the highest area in Atlanta right now for
• 23:47
  Speaker 1: real estate, it's a lot.
• 23:50
  Speaker 3: Of hot areas.
• 23:51
  Speaker 2: If I had to choose one, like they had the
• 23:53
  Speaker 2: most appreciation value this based on the numbers I was
• 23:57
  Speaker 2: running the other day they up twenty one percent. Is
• 23:59
  Speaker 2: the city of the Decay, Yeah, the city of Decatur
• 24:01
  Speaker 2: is up twenty one percent on appreciation value. The last
• 24:04
  Speaker 2: time I checked. On the west side, they're only up.
• 24:06
  Speaker 2: They're up twelve percent, which is still good. East Atlanta
• 24:10
  Speaker 2: is hot, but they're up eight percent because East Atlanta
• 24:13
  Speaker 2: is actually taking a little while longer to get through
• 24:16
  Speaker 2: the process and gentrify than other areas.
• 24:19
  Speaker 1: What we in East Atlanta right now? Yes, you are okay.
• 24:23
  Speaker 5: Atlanta three.
• 24:25
  Speaker 2: Or three one six. This area is growing. If I
• 24:27
  Speaker 2: can tell anybody about zip code three or three one six,
• 24:29
  Speaker 2: three zero zero three two that's the city of Decatur.
• 24:31
  Speaker 2: And then three zero three one eight that's a hot
• 24:34
  Speaker 2: area on the west side.
• 24:35
  Speaker 5: So these areas are hot. When is the best is
• 24:37
  Speaker 5: there best time? A more ideal time to get in
• 24:40
  Speaker 5: into a deal.
• 24:41
  Speaker 2: I tell people, if you're looking to buying, you on
• 24:44
  Speaker 2: a really good deal. Shopping and winter month?
• 24:46
  Speaker 1: Winter why because.
• 24:48
  Speaker 2: If a person is stilling their houses around Christmas, they
• 24:51
  Speaker 2: want to sell, they're desperate.
• 24:53
  Speaker 3: You get a better deal. I got.
• 24:54
  Speaker 2: I literally I on board of so many clients around Christmas.
• 24:57
  Speaker 2: That's why I didn't realize what year was, but we
• 25:00
  Speaker 2: all got crazy.
• 25:01
  Speaker 3: They got crazy deals.
• 25:03
  Speaker 2: The builders are throwing money at you because they don't
• 25:04
  Speaker 2: want to start the year in the red. So you
• 25:06
  Speaker 2: buying a property, buy it in the winter months. By
• 25:08
  Speaker 2: the time you get to spring, two things happen.
• 25:10
  Speaker 5: That's what I always heard, spring sale and buy.
• 25:13
  Speaker 2: In spring because because they want to her but do
• 25:14
  Speaker 2: this before they get out of school transition. You have
• 25:17
  Speaker 2: a lot of competition. Everybody's shopping in the spring. Prices
• 25:20
  Speaker 2: are up in the spring. So from a buyer standpoint,
• 25:23
  Speaker 2: you don't want to be out here when it's like
• 25:26
  Speaker 2: ten to fifteen people to one house, multiple office situations.
• 25:32
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