WEBVTT - Study Hall: How to Make Your Home More Valuable

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<v Speaker 1>I want to give some tips to people. So you're

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<v Speaker 1>a realtor, So the first thing is like when you're

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<v Speaker 1>showing people properties and things that nature, right, we always

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<v Speaker 1>say about like good neighborhoods, bad neighborhoods. Like what makes

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<v Speaker 1>a neighborhood quote unquote a good neighborhood? Like for people

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<v Speaker 1>that's looking to buy a home, they always say the

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<v Speaker 1>school system, but like what else?

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<v Speaker 2>Well, I'm looking at the numbers. So I'm a numbers person.

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<v Speaker 2>So if you're interested in a certain area, I'm going

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<v Speaker 2>to run the market stats. I'm looking into curved Atlanta.

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<v Speaker 2>I'm looking at the developments that take place. So I

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<v Speaker 2>have like a little spreadsheet. I start developing on zip

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<v Speaker 2>codes and keeping up. So if the appreciation values are

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<v Speaker 2>going up year over year, that's a good thing. If

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<v Speaker 2>they're going down you over year, that's something I want

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<v Speaker 2>to talk to you about. So that doesn't make a

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<v Speaker 2>great neighborhood if the appreciation values are on the negative

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<v Speaker 2>and not in the positive. So people start focusing on

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<v Speaker 2>the schools where you need to be looking at the

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<v Speaker 2>values or the values going up or down. That's number

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<v Speaker 2>one that makes a great neighborhood. I feel like the

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<v Speaker 2>second part makes a great neighborhood is what's important to the client.

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<v Speaker 2>There are some people that they want to be in

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<v Speaker 2>a live work space. They want to have someplace so

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<v Speaker 2>they can walk outside and happy hour and all that.

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<v Speaker 2>Then we need to find out if that's a good

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<v Speaker 2>neighborhood for you.

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<v Speaker 3>And then you have other people.

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<v Speaker 2>I want to walk nature trails, you know, I want

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<v Speaker 2>to be in those types of areas. So it's not general,

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<v Speaker 2>it's clients specific, but generally speaking, everybody should be worried

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<v Speaker 2>about appreciation values and school systems because both of those

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<v Speaker 2>go hand in hand when it's time for you to

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<v Speaker 2>sell your property. Because every property is a profit that

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<v Speaker 2>you should look at your house as a bank.

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<v Speaker 3>You're trying to make money when you sell this house.

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<v Speaker 4>So we say Curve Atlanta, Curved Atlanta, and so it's

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<v Speaker 4>a basically it's an online magazine that you can use

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<v Speaker 4>to look at different developments in different neighborhoods and what's

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<v Speaker 4>up and coming.

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<v Speaker 2>So I was just looking up a project for in

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<v Speaker 2>College Park. My clients are looking to get a property

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<v Speaker 2>in College Park and they have this big six point

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<v Speaker 2>five billion dollar project that's coming down there where they're

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<v Speaker 2>making a mixed use space down in that area. And

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<v Speaker 2>the reason for that, even though it's part of Fullton County,

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<v Speaker 2>that area has been economically challenged for so long.

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<v Speaker 3>Now they're going to bring.

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<v Speaker 2>In because the average income that a person was making

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<v Speaker 2>down here is like twenty nine thousand years. But the

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<v Speaker 2>regular people up here in Atlanta on the north.

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<v Speaker 3>Side of Fulton County and sixty five thousand.

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<v Speaker 2>So they have an initiative to make that better than

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<v Speaker 2>they're calling an airport city because it's literally by the airport.

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<v Speaker 5>I just saw that ya. Y'all got a G League

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<v Speaker 5>team coming to come.

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<v Speaker 2>Oh yeah, exactly, So you got to keep up what's

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<v Speaker 2>going on in our city. That's what I can tell

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<v Speaker 2>you that if you were looking to invest, maybe you

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<v Speaker 2>want to look over here because now the presses are low,

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<v Speaker 2>but they won't stay low when the project comes up.

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<v Speaker 5>Did that That website also shows the appreciation values?

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<v Speaker 2>No, No, that's that's on the back end. That's what

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<v Speaker 2>you gotta do some work for that. That's that's the

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<v Speaker 2>agent thing. You know, you're gonna have to log into

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<v Speaker 2>your your mols and you're gonna have to run.

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<v Speaker 1>Some Statskay, A regular person.

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<v Speaker 5>Can see that, no gotcha.

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<v Speaker 1>Is any way a regular person can see if appreciation

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<v Speaker 1>values you can.

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<v Speaker 2>See something because you know what, a lot of our

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<v Speaker 2>stats now, even though they're a little skew.

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<v Speaker 3>I hate, I hate, I hate.

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<v Speaker 2>Zelo, let me say, I hate.

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<v Speaker 5>My house is eight hundred thousand, right, you know, even

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<v Speaker 5>though his.

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<v Speaker 2>House was less than the house the own house, it's worth.

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<v Speaker 2>But you can use site like sites like that to

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<v Speaker 2>get a general idea of what's going on in the

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<v Speaker 2>market because it'll if you scroll down, it'll talk about

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<v Speaker 2>values and recent souls. So that'll give you help if

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<v Speaker 2>you don't you not necessarily want to jump out the

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<v Speaker 2>window with the relator, you can at least see what's

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<v Speaker 2>going on there.

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<v Speaker 5>So when you're showing a house, right, staging a house,

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<v Speaker 5>what's that process?

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<v Speaker 6>Like?

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<v Speaker 5>Are you or are your company putting the items of furniture,

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<v Speaker 5>everything decord into the house? Like how's that earth?

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<v Speaker 2>Well, Well, okay, I have what's called the friendly little

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<v Speaker 2>a friendly little staging. So I have like a couple

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<v Speaker 2>of items like keeping the storage room. You know, you

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<v Speaker 2>ain't really got the budget, or if we just need

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<v Speaker 2>a smooth a few things like a pillow or something

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<v Speaker 2>like that a plant.

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<v Speaker 3>You know, I go over there, I put that in.

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<v Speaker 2>You know, it's nothing because I'm you know, when house sales,

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<v Speaker 2>it makes it better. Other than that, if it's like

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<v Speaker 2>a full staging project, it depends.

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<v Speaker 3>We have so many ways we can do.

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<v Speaker 2>We got virtual staging, got a company you can just

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<v Speaker 2>basically virtually stage the whole house. I mean, person is

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<v Speaker 2>gonna be empty, but those pictures you're gonna show up,

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<v Speaker 2>you know. Then you also have companies that you can

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<v Speaker 2>hire to come in and stage the properties for you, which.

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<v Speaker 3>Is what I do for people.

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<v Speaker 2>That's like, listen, you need to stage this property to

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<v Speaker 2>sell it.

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<v Speaker 1>So as far as like school system, because that's a

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<v Speaker 1>big one. How do you know? It was like the

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<v Speaker 1>schools like four stars. It's like ratings, like what like

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<v Speaker 1>what do you look at like.

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<v Speaker 3>To see the first You can see it everywhere.

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<v Speaker 2>But I like to go to Great Schools dot org

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<v Speaker 2>for school. I like to site because it tells you

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<v Speaker 2>a lot about the neighborhood in the area. Because you know,

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<v Speaker 2>do to Fair House and we can't say certain things

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<v Speaker 2>to our clients. But when you go to Great Schools

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<v Speaker 2>dot org, not only does it tell you the star

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<v Speaker 2>of the school. But it also tells you the demographics

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<v Speaker 2>of the students, and it tells you each category. So

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<v Speaker 2>science they're growing, you know, they're low, and maths so

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<v Speaker 2>it's categorized. So if you're looking at demographs of the students,

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<v Speaker 2>then you know demographics.

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<v Speaker 5>Of the parents and then parents correct reviews and everything

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<v Speaker 5>about the school.

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<v Speaker 2>District reviews about the school, so it helps. I tell

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<v Speaker 2>people to use great Schools dot org to find out

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<v Speaker 2>about this.

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<v Speaker 5>Once upon a time there was a review written about

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<v Speaker 5>me upon a time. Okay, yeah, you are a teacher,

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<v Speaker 5>I am.

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<v Speaker 3>Yeah, yeah, yeah, okay, so you know about that.

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<v Speaker 5>I do.

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<v Speaker 1>Yeah, he's definitely a teacher and more ways than one.

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<v Speaker 1>So how important it comps? That's like the most important thing.

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<v Speaker 2>Absolutely, you gotta have comps and you have to search

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<v Speaker 2>for comps. So I was, I'm so obsessed with comps.

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<v Speaker 2>I took an appraisal class at the beginning this year,

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<v Speaker 2>maybe it was the end of last year.

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<v Speaker 3>I know, other thing's running together.

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<v Speaker 2>I really I really wanted to know, like, how are

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<v Speaker 2>use appraisals coming up with these numbers? Because you're dispute

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<v Speaker 2>and me if I'm on the sell in side, like

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<v Speaker 2>wait a minute, I know this house is worth this,

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<v Speaker 2>like how you guys are coming up with this. So

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<v Speaker 2>comps are important because appraisals have to happen for people

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<v Speaker 2>to get the houses financed and if it comes in below.

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<v Speaker 3>A value to issue.

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<v Speaker 5>I had a very very unfortunate situation when it came

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<v Speaker 5>to appraisals where I didn't even know if there was

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<v Speaker 5>a class. So where can somebody take the class? And

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<v Speaker 5>are you noticing there's more people that look like us

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<v Speaker 5>taking these classes, because that is the part of the

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<v Speaker 5>the home buying process that can make or break things.

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<v Speaker 2>The class I was in, it was just me and

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<v Speaker 2>one it was three of us. It was on three

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<v Speaker 2>of us. It was eight o'clock in the morning. You

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<v Speaker 2>had to drive like an hour and a half outside

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<v Speaker 2>the city to get there. It was only three of

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<v Speaker 2>us there. But I took the class. And it's a

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<v Speaker 2>few things I learned about these appraisals. First of all,

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<v Speaker 2>they just they can get their license the same way

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<v Speaker 2>rule to get their license.

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<v Speaker 3>It's low barriers to entry.

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<v Speaker 2>They're human too, and so sometimes you got to walk them,

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<v Speaker 2>you know, if they're not really an experience appraiser. I

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<v Speaker 2>learned from my listings. Go ahead and put my comps

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<v Speaker 2>on the kitchen table. I'm trying to meet them at

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<v Speaker 2>the house. I'm trying to explain to them at the

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<v Speaker 2>moment what how I came up with my comps and

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<v Speaker 2>why they should use mine because by the time they

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<v Speaker 2>write on the report is even though you can dispute it, they.

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<v Speaker 1>Never get Yeah. Cause that's that's important because what he's

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<v Speaker 1>referring to is I'm not sure if you're familiar, but

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<v Speaker 1>the Bookings Agency Institute did a report last year and

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<v Speaker 1>they said that black homes were undervalued by one hundred

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<v Speaker 1>and fifty six billion dollars. You know about that, yeah, so,

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<v Speaker 1>and we did it. We did a whole on the

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<v Speaker 1>podcast about it and Troy. Actually it happened to Troy.

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<v Speaker 1>His house got like devalued, like sixty thousand dollars.

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<v Speaker 3>It happens a.

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<v Speaker 5>Lot, yes, one hundred thousands.

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<v Speaker 1>Compared to his neighbors with like the same type of houses.

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<v Speaker 5>It's crazy.

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<v Speaker 2>It's called redlining. You know, It's not like it doesn't happen.

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<v Speaker 2>But I'm honestly speaking, I tell my clients to take

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<v Speaker 2>all those personal pictures out the house. You don't know

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<v Speaker 2>you're my class are ambiguous. When you walk in there,

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<v Speaker 2>you don't know who owns this house, what they look like.

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<v Speaker 2>I do it on purpose. I tell him take them out, like,

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<v Speaker 2>don't even hide them in the closet, take them out

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<v Speaker 2>the house, put them in somebody else house, put them

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<v Speaker 2>in the trunk.

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<v Speaker 3>You don't because people are.

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<v Speaker 1>Nature game. Even if it's subtle, it's it's like they

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<v Speaker 1>could still have a hidden Yeah, you know, it's objective, Yeah,

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<v Speaker 1>getting objective.

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<v Speaker 5>But if there's more people on the side of you know,

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<v Speaker 5>the people who are actually from our communities, actually doing

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<v Speaker 5>these appraisals, then we may have a fair chance.

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<v Speaker 2>We'll have a fair chance because we know what to

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<v Speaker 2>fight for, you know, and we know what makes sense.

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<v Speaker 2>You can fight. You could successfully appraisal. It may delay

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<v Speaker 2>your closing. But if you you have the comps and

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<v Speaker 2>you can run down the numbers and you can show

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<v Speaker 2>you can fight in a praisal, you just need someone

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<v Speaker 2>to do it for you.

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<v Speaker 3>You have them to look at that.

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<v Speaker 1>How do you fight? How do you fight the appraisal?

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<v Speaker 2>The number one thing is you're going to have Like

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<v Speaker 2>I've done a few titles, like a few appraisal fighting one.

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<v Speaker 2>You need to make sure that you're comparing apples to oranges.

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<v Speaker 2>So you got to break down the comps when it

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<v Speaker 2>comes to the upgrading house. That stuff counts. Looking at

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<v Speaker 2>the square footage that counts, and sometimes they'll leave off

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<v Speaker 2>a good chunk of your square footage. So maybe you

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<v Speaker 2>want to hire your own company to come in and

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<v Speaker 2>measure the square footage of your house. That's the number

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<v Speaker 2>one mistake. Actually, look over you. I had one house

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<v Speaker 2>they was missing a whole nine hundred square feet.

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<v Speaker 5>Of course, that's exactly what happened. They said that. And

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<v Speaker 5>you know for sure, like the lower level of my

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<v Speaker 5>house they didn't count exactly.

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<v Speaker 3>They do that often at all.

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<v Speaker 5>Like and we have like a gym down there, a

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<v Speaker 5>whole another like almost apartment, yeah, a window bathroom.

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<v Speaker 3>You know how you as.

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<v Speaker 2>Long as you got a window door, extra door, it's

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<v Speaker 2>counted as a finished space. See they're still counting it

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<v Speaker 2>as an unfinished because the tax records had it is unfinished,

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<v Speaker 2>probably before you finished out that bottom. And so this

0:09:05.920 --> 0:09:08.040
<v Speaker 2>a lot of times, like I said, you gotta fight that, like, no,

0:09:08.360 --> 0:09:10.679
<v Speaker 2>this is my square footage. This is how I had

0:09:10.720 --> 0:09:13.760
<v Speaker 2>a company come out and measure, and I'm going to

0:09:13.800 --> 0:09:15.120
<v Speaker 2>pass this up, so you had.

0:09:14.960 --> 0:09:15.840
<v Speaker 3>You can dis view that.

0:09:16.200 --> 0:09:20.400
<v Speaker 1>Thank you, thank you, and can you like complain about

0:09:20.440 --> 0:09:21.600
<v Speaker 1>an appraiser, like is it.

0:09:21.640 --> 0:09:24.280
<v Speaker 2>Like a absolutely, because they all appraises works for it

0:09:24.320 --> 0:09:25.760
<v Speaker 2>work for a company. So if you look at the

0:09:25.840 --> 0:09:28.160
<v Speaker 2>very bottom where they sign off, there's a company name there.

0:09:28.520 --> 0:09:30.680
<v Speaker 2>Get get in touch with the person that's the chart

0:09:30.760 --> 0:09:31.360
<v Speaker 2>in charge.

0:09:31.440 --> 0:09:32.600
<v Speaker 5>I still have his name written down.

0:09:33.480 --> 0:09:35.520
<v Speaker 2>You can't just go by the person that comes out

0:09:35.520 --> 0:09:37.439
<v Speaker 2>in the praise like they're working for a major company,

0:09:37.600 --> 0:09:39.640
<v Speaker 2>but the company that they work for, then you need

0:09:39.679 --> 0:09:42.040
<v Speaker 2>to send them your grievances and your evidence and go

0:09:42.080 --> 0:09:42.439
<v Speaker 2>from there.

0:09:42.559 --> 0:09:47.200
<v Speaker 1>It happened at DL hugely. Yeah, that was crazy, and

0:09:47.200 --> 0:09:49.439
<v Speaker 1>it was like he got his house to pray and

0:09:49.480 --> 0:09:52.680
<v Speaker 1>it was so low that the bank actually called him

0:09:52.720 --> 0:09:56.160
<v Speaker 1>and thought that he had like damage done to it exactly.

0:09:56.240 --> 0:09:59.840
<v Speaker 1>And so it was just such an egregious situation. And

0:09:59.880 --> 0:10:01.600
<v Speaker 1>I I wouldly he's famous, so that helped probably too.

0:10:01.600 --> 0:10:04.240
<v Speaker 1>The bank actually reversed it and they apologize, but they

0:10:04.360 --> 0:10:06.400
<v Speaker 1>was like he was like it was it was so

0:10:06.600 --> 0:10:10.000
<v Speaker 1>low compared to his neighbors. They thought it was like damaged, but.

0:10:09.880 --> 0:10:12.000
<v Speaker 2>That it still happens, and that's why I think that

0:10:12.040 --> 0:10:15.200
<v Speaker 2>we have to be very careful when you're working with

0:10:15.280 --> 0:10:17.040
<v Speaker 2>people and you know, know your stuff.

0:10:17.120 --> 0:10:18.760
<v Speaker 3>If you're a homeowner, you need to know.

0:10:19.040 --> 0:10:21.560
<v Speaker 2>You need to have documentation of upgrades you've done in

0:10:21.559 --> 0:10:23.440
<v Speaker 2>your house, keep up with that. You need to have

0:10:23.520 --> 0:10:26.200
<v Speaker 2>documentation of your square footage, anything that you've done in

0:10:26.240 --> 0:10:27.960
<v Speaker 2>your property. You need to keep up with that and

0:10:28.040 --> 0:10:30.480
<v Speaker 2>keep it. We're so lacks to day's call until we

0:10:30.520 --> 0:10:32.280
<v Speaker 2>need it. Then when you're in a position where you

0:10:32.320 --> 0:10:34.600
<v Speaker 2>want to sell and you come in under value, you

0:10:34.640 --> 0:10:36.760
<v Speaker 2>can't even keep finding the documents to prove it.

0:10:37.000 --> 0:10:38.000
<v Speaker 3>One time I fought a lot.

0:10:37.960 --> 0:10:41.720
<v Speaker 2>Appraisal by actually having every single receipt that my client

0:10:41.800 --> 0:10:44.640
<v Speaker 2>used to upgrade their kitchen. I put all that in

0:10:44.679 --> 0:10:47.199
<v Speaker 2>a big package. I wrote it out, I wrote out

0:10:47.240 --> 0:10:50.680
<v Speaker 2>what this would be, how these comparison comparing properties. So

0:10:50.880 --> 0:10:53.080
<v Speaker 2>with these upgraded kitchens, then we got the house up

0:10:53.280 --> 0:10:55.439
<v Speaker 2>ten thousand dollars and they would try to bring us down,

0:10:55.600 --> 0:10:57.920
<v Speaker 2>like we still didn't hit the number I wanted, but

0:10:57.960 --> 0:10:59.520
<v Speaker 2>we still got ten thousand back credit.

0:11:00.160 --> 0:11:01.920
<v Speaker 3>So you can fight this stuff. You just gotta know.

0:11:02.400 --> 0:11:06.000
<v Speaker 1>So what makes a house more desirable? Because they always say,

0:11:06.040 --> 0:11:10.320
<v Speaker 1>like the kitchen is like something that's like a big item,

0:11:10.400 --> 0:11:12.880
<v Speaker 1>like what, yeah, you as a real to what would

0:11:12.920 --> 0:11:15.520
<v Speaker 1>you suggest people that are looking to sell their home

0:11:15.600 --> 0:11:17.520
<v Speaker 1>or even buy a home, Like what what's the desirable

0:11:17.679 --> 0:11:20.000
<v Speaker 1>things that people can do to add value to their homes.

0:11:21.360 --> 0:11:23.600
<v Speaker 5>This episode is brought to you by P and C Bank.

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<v Speaker 5>Sponsored by the United States Department of Homeland Security.

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<v Speaker 3>Well, I think general maintenance.

0:14:13.920 --> 0:14:15.520
<v Speaker 2>I find a lot of times when people are ready

0:14:15.559 --> 0:14:17.480
<v Speaker 2>to sell their house, they got in the house, house

0:14:17.520 --> 0:14:21.680
<v Speaker 2>ain't been pressure washed Washington's six. You know any pressure washing,

0:14:21.840 --> 0:14:24.160
<v Speaker 2>you can tell those the Ferd maintenance on the property.

0:14:24.360 --> 0:14:25.880
<v Speaker 2>So you need to get that stuff done. If you

0:14:25.920 --> 0:14:28.360
<v Speaker 2>want to sell a top dollar. If you have a kitchen,

0:14:28.440 --> 0:14:30.160
<v Speaker 2>and we know how those kitchens look back in the

0:14:30.240 --> 0:14:32.640
<v Speaker 2>day where it was a little walnut colored cabin and

0:14:32.720 --> 0:14:34.320
<v Speaker 2>ever and you walked in the house, it was like

0:14:34.400 --> 0:14:36.560
<v Speaker 2>burgundy walls and the other room was yellow.

0:14:36.920 --> 0:14:38.520
<v Speaker 3>I'm gonna need you to get agreeable.

0:14:38.160 --> 0:14:41.760
<v Speaker 4>Grade here a satan.

0:14:42.320 --> 0:14:45.720
<v Speaker 5>If your fridge is white, refrigerator is steal white, but.

0:14:45.720 --> 0:14:47.520
<v Speaker 2>Your stove is black because you're placed the stove with

0:14:47.600 --> 0:14:49.160
<v Speaker 2>a broke with refrigerator steal kicking.

0:14:49.160 --> 0:14:50.560
<v Speaker 3>These certain things you're gonna need to do.

0:14:50.800 --> 0:14:53.560
<v Speaker 2>So you need to be prepared to just general maintenance

0:14:53.640 --> 0:14:56.120
<v Speaker 2>unless you trying to sell it below value. If you

0:14:56.160 --> 0:14:58.160
<v Speaker 2>want to sell a top dollar you need to present

0:14:58.200 --> 0:14:58.920
<v Speaker 2>a product like that.

0:14:58.960 --> 0:14:59.920
<v Speaker 3>The kitchen counts.

0:15:00.600 --> 0:15:03.720
<v Speaker 2>The general maintenance of the property is what is really

0:15:03.760 --> 0:15:04.760
<v Speaker 2>important to a lot of people.

0:15:04.840 --> 0:15:07.000
<v Speaker 5>Yeah, one thing that they looked at and they took

0:15:07.040 --> 0:15:08.920
<v Speaker 5>into account was the roof. Roof is important too. Oh

0:15:09.000 --> 0:15:10.320
<v Speaker 5>yeah yeah.

0:15:10.520 --> 0:15:12.080
<v Speaker 2>I mean, if you're a homeowner, you need to be

0:15:12.080 --> 0:15:14.400
<v Speaker 2>calling your home You need to call your little insurance company.

0:15:14.440 --> 0:15:17.000
<v Speaker 3>Anyway, was there some hell here? Better watch the news.

0:15:18.280 --> 0:15:20.600
<v Speaker 1>But but but it's kind of tricky because it's like,

0:15:20.640 --> 0:15:22.600
<v Speaker 1>if you're trying to sew a home, at what point

0:15:22.760 --> 0:15:25.360
<v Speaker 1>do you do too much renovation and it's like not

0:15:25.440 --> 0:15:26.240
<v Speaker 1>really worth it.

0:15:26.360 --> 0:15:28.040
<v Speaker 2>Oh, that's when you start looking at the comps. So

0:15:28.080 --> 0:15:30.560
<v Speaker 2>I tell people all the time there is a certain cat.

0:15:30.400 --> 0:15:31.160
<v Speaker 3>In your neighborhood.

0:15:31.240 --> 0:15:33.600
<v Speaker 2>So don't go put in marble floors and it's two

0:15:33.680 --> 0:15:35.840
<v Speaker 2>hundred thousand dollars house. You're not gonna get your money back.

0:15:36.320 --> 0:15:38.320
<v Speaker 2>You know, you have to be very careful about that.

0:15:38.360 --> 0:15:40.440
<v Speaker 2>So when you're looking at comps, look at the photos

0:15:40.440 --> 0:15:43.200
<v Speaker 2>of what recently sold too. Look at and then get

0:15:43.240 --> 0:15:45.920
<v Speaker 2>a good idea of your area and your demographic. If

0:15:45.960 --> 0:15:48.600
<v Speaker 2>you got a half a million dollar house, don't use

0:15:48.640 --> 0:15:50.840
<v Speaker 2>that sticker backslash that you can get from home depot.

0:15:50.840 --> 0:15:52.560
<v Speaker 3>I go get some real tie back.

0:15:53.160 --> 0:15:55.400
<v Speaker 2>But if you're selling one hundred and sixty thousand dollars house,

0:15:55.560 --> 0:15:56.040
<v Speaker 2>you can throw the.

0:15:56.000 --> 0:15:57.600
<v Speaker 3>Sticker up there. You gotta know.

0:15:57.760 --> 0:15:59.800
<v Speaker 5>We spoke about that or on an episode with Matt

0:15:59.840 --> 0:16:02.080
<v Speaker 5>when we were talking about fifty cent he put this

0:16:02.800 --> 0:16:05.600
<v Speaker 5>multi million dollar home renovations in it in the neighborhood

0:16:05.600 --> 0:16:07.120
<v Speaker 5>that the average house is like three hundred thousand.

0:16:07.200 --> 0:16:08.240
<v Speaker 3>It makes no sense.

0:16:08.920 --> 0:16:12.560
<v Speaker 2>White elephant white, and you're never going to First of all,

0:16:12.720 --> 0:16:14.200
<v Speaker 2>the prayers are going to be able. They're not going

0:16:14.280 --> 0:16:17.800
<v Speaker 2>to be able to compact, like what why would you like? No,

0:16:18.080 --> 0:16:19.560
<v Speaker 2>you got to stay in line with the neighborhood.

0:16:19.600 --> 0:16:20.440
<v Speaker 1>So you want to stay alne.

0:16:20.560 --> 0:16:21.280
<v Speaker 3>You want to stay alive.

0:16:21.360 --> 0:16:22.840
<v Speaker 2>You can do a little bit too much, but don't

0:16:22.840 --> 0:16:24.520
<v Speaker 2>expect to get your money out of it if you

0:16:24.560 --> 0:16:25.160
<v Speaker 2>take it too far.

0:16:25.400 --> 0:16:27.640
<v Speaker 1>Don't. That's that's import people because a lot of times

0:16:27.640 --> 0:16:29.680
<v Speaker 1>people want to just do crazy things. And with the

0:16:29.760 --> 0:16:31.720
<v Speaker 1>Jauzi and with the grotto.

0:16:34.800 --> 0:16:34.880
<v Speaker 4>The.

0:16:36.720 --> 0:16:39.400
<v Speaker 2>Whole movie, it might have cost you all this money,

0:16:39.440 --> 0:16:41.160
<v Speaker 2>but you ain't getting it bad stroll.

0:16:40.960 --> 0:16:44.560
<v Speaker 1>Lights and he did pull fifty man.

0:16:47.160 --> 0:16:51.120
<v Speaker 5>So it's so so when when when somebody's selling a house,

0:16:51.160 --> 0:16:53.760
<v Speaker 5>what are some of the fees? Right? Like, I think

0:16:53.760 --> 0:16:55.440
<v Speaker 5>people don't really understand that, what are some of the

0:16:55.440 --> 0:16:57.200
<v Speaker 5>fees that come along with selling a house?

0:16:57.280 --> 0:17:00.520
<v Speaker 2>When you're selling your property, you're paying to sell your property,

0:17:00.720 --> 0:17:02.400
<v Speaker 2>so there's a lot of fees that can come along

0:17:02.440 --> 0:17:06.000
<v Speaker 2>with that. So you have the of course general maintenance

0:17:06.000 --> 0:17:07.840
<v Speaker 2>getting the house ready to go on market, but you

0:17:07.880 --> 0:17:10.600
<v Speaker 2>pay the agent, You pay us who who you think

0:17:10.600 --> 0:17:11.800
<v Speaker 2>pays the buyers.

0:17:13.600 --> 0:17:14.199
<v Speaker 3>You pay for them.

0:17:14.240 --> 0:17:16.280
<v Speaker 2>You paid a buyer's agent and the selling agent. So

0:17:16.359 --> 0:17:18.600
<v Speaker 2>you have those expenses and then the only other expense

0:17:18.640 --> 0:17:21.080
<v Speaker 2>that you have is like your pro rated taxes, and

0:17:21.119 --> 0:17:23.119
<v Speaker 2>if you have a homeowner's association, you're going to have

0:17:23.200 --> 0:17:26.560
<v Speaker 2>to get the clear HOA letter. So your your fees

0:17:26.560 --> 0:17:30.800
<v Speaker 2>are minimum, but the biggest fee you pay is your realtor.

0:17:31.560 --> 0:17:33.399
<v Speaker 5>But is that the closing clothes as well, because I

0:17:33.400 --> 0:17:35.359
<v Speaker 5>see it's like tricky. Sometimes a buyer has it, sometimes

0:17:35.359 --> 0:17:35.960
<v Speaker 5>a seller does it.

0:17:36.560 --> 0:17:38.720
<v Speaker 2>Well, this is this is the thing the buyer can

0:17:38.760 --> 0:17:41.280
<v Speaker 2>negotiate closing costs. You look at the market, you look

0:17:41.280 --> 0:17:43.879
<v Speaker 2>at the area you need to when you're pricing the property,

0:17:43.920 --> 0:17:46.400
<v Speaker 2>you need to look at also, I personally, I look

0:17:46.440 --> 0:17:48.479
<v Speaker 2>at what's being going on in the area, the recent sales,

0:17:48.640 --> 0:17:51.240
<v Speaker 2>and on average, what are the sellers contributing. Because my

0:17:51.320 --> 0:17:52.800
<v Speaker 2>biggest thing is I don't want you to set the

0:17:52.840 --> 0:17:56.040
<v Speaker 2>expectation that nobody's contributing anything, and you don't have to

0:17:56.400 --> 0:17:59.520
<v Speaker 2>when the whole area everybody's in contribute ten thousand dollars

0:17:59.600 --> 0:18:00.560
<v Speaker 2>on the average.

0:18:00.600 --> 0:18:01.920
<v Speaker 3>They don't have to contribute.

0:18:01.960 --> 0:18:03.920
<v Speaker 2>If you're getting like an FAHA loan, they can contribute

0:18:03.960 --> 0:18:04.679
<v Speaker 2>up to six percent.

0:18:04.840 --> 0:18:06.800
<v Speaker 3>They can do three percent on the conventional loan.

0:18:06.800 --> 0:18:10.959
<v Speaker 2>But they don't have to contribute anything because that's their profit.

0:18:11.440 --> 0:18:13.400
<v Speaker 2>So if you get enough demand for the property, which

0:18:13.440 --> 0:18:16.320
<v Speaker 2>is you know, my thing is getting multiple offers create

0:18:16.359 --> 0:18:18.679
<v Speaker 2>the bidding war and like, hey, somebody not gonna need

0:18:18.720 --> 0:18:20.800
<v Speaker 2>the money, or you need a thousand dollars boom, I'm

0:18:20.800 --> 0:18:23.119
<v Speaker 2>taking that offer before I take somebody need ten thousand.

0:18:23.720 --> 0:18:27.320
<v Speaker 1>How do you negotiate? Like, okay, you can negotiate closing costs,

0:18:27.840 --> 0:18:30.119
<v Speaker 1>but like, what's the lower the lower you can go

0:18:30.160 --> 0:18:31.160
<v Speaker 1>on that zero.

0:18:31.920 --> 0:18:34.280
<v Speaker 2>I have sold houses where my sellers have sold have

0:18:34.400 --> 0:18:36.399
<v Speaker 2>contributed no dollars to the closing costs.

0:18:36.880 --> 0:18:37.720
<v Speaker 3>Find your own money?

0:18:38.640 --> 0:18:41.520
<v Speaker 2>Really, yes, I tell buyers that all the time, Like,

0:18:41.520 --> 0:18:44.200
<v Speaker 2>you're not entitled to the profit from the seller.

0:18:44.280 --> 0:18:45.680
<v Speaker 3>The seller has their own expenses.

0:18:45.840 --> 0:18:48.920
<v Speaker 2>They're paying these relatives fees sometimes seven percent relative fees

0:18:49.280 --> 0:18:51.400
<v Speaker 2>that they have to pay just to even get their

0:18:51.440 --> 0:18:54.480
<v Speaker 2>property sold. They don't necessarily have to. It depends on

0:18:54.480 --> 0:18:57.760
<v Speaker 2>the area, the demand that you create by staging the property,

0:18:57.760 --> 0:19:00.840
<v Speaker 2>getting the property prepared for marketing, pricing it correctly, and

0:19:00.960 --> 0:19:01.919
<v Speaker 2>having an agent like me.

0:19:02.040 --> 0:19:02.320
<v Speaker 3>You know.

0:19:03.840 --> 0:19:06.720
<v Speaker 1>You may not have to even so, has anybody tried

0:19:06.760 --> 0:19:08.399
<v Speaker 1>to negotio? Do you negotiate your fees?

0:19:09.359 --> 0:19:09.560
<v Speaker 2>No?

0:19:09.720 --> 0:19:10.520
<v Speaker 1>Not negotiable.

0:19:13.400 --> 0:19:16.160
<v Speaker 5>I tell people the number that is the number.

0:19:16.440 --> 0:19:18.520
<v Speaker 2>My favorite, My favorite line is if you want me

0:19:18.560 --> 0:19:21.120
<v Speaker 2>to negotiate my fees, can I negotiate my service.

0:19:22.119 --> 0:19:23.560
<v Speaker 3>As long as long as you want me. As long

0:19:23.600 --> 0:19:25.560
<v Speaker 3>as I can negotiate my service, we can do this.

0:19:25.960 --> 0:19:26.359
<v Speaker 1>I like that.

0:19:26.640 --> 0:19:29.120
<v Speaker 5>So so that's the seller's fees down the commissions fee.

0:19:29.119 --> 0:19:31.280
<v Speaker 5>Is there a standard commissions fee for realtors.

0:19:31.520 --> 0:19:35.080
<v Speaker 2>Yeah, and it's it's subjective seven percent, six percent, seven percent,

0:19:35.400 --> 0:19:37.560
<v Speaker 2>And so that's about the fee of the whole the

0:19:37.640 --> 0:19:39.480
<v Speaker 2>total price of the property time seven percent.

0:19:40.080 --> 0:19:42.480
<v Speaker 1>Yeah, because that's like these million y'all listening that you

0:19:42.640 --> 0:19:47.359
<v Speaker 1>watched that show. Oh that's because yeah, I think that's

0:19:47.359 --> 0:19:49.680
<v Speaker 1>like what people really like a track want.

0:19:50.080 --> 0:19:52.680
<v Speaker 3>Yeah, you want, I mean, and you still split the money.

0:19:52.680 --> 0:19:54.359
<v Speaker 2>You know, you got to sell and sign the buyer

0:19:54.440 --> 0:19:57.520
<v Speaker 2>side wait for you to really come in, so you like,

0:19:57.560 --> 0:19:59.919
<v Speaker 2>I list the property, so I get my six per

0:20:00.280 --> 0:20:02.920
<v Speaker 2>commission if I bring a buyer and I'm representing the seller,

0:20:02.960 --> 0:20:06.080
<v Speaker 2>because then I've stayed. We can do dual agency both,

0:20:06.280 --> 0:20:08.480
<v Speaker 2>but if you bring the buyer, then I got to

0:20:08.480 --> 0:20:10.640
<v Speaker 2>give you half of that. So I get my three, you.

0:20:10.600 --> 0:20:12.639
<v Speaker 1>Get three, so you can it's not a conflict of

0:20:12.680 --> 0:20:14.960
<v Speaker 1>interest to represent both depends.

0:20:15.359 --> 0:20:17.240
<v Speaker 2>It can be a conflict of interest. So one person

0:20:17.280 --> 0:20:19.600
<v Speaker 2>becomes a client, the other person is a customer. It's

0:20:19.600 --> 0:20:21.600
<v Speaker 2>the only way you're able to do it. It. Really

0:20:21.600 --> 0:20:23.679
<v Speaker 2>you have to walk a fine line because really generally

0:20:23.680 --> 0:20:27.199
<v Speaker 2>speak and then you're just there as to consult and

0:20:27.280 --> 0:20:31.040
<v Speaker 2>write paperwork. You really can't negotiate for either party. I've

0:20:31.080 --> 0:20:33.200
<v Speaker 2>done a couple of dual agencies with like investors or

0:20:33.200 --> 0:20:35.600
<v Speaker 2>people that really know what they want. It's real hard

0:20:35.640 --> 0:20:37.879
<v Speaker 2>to do dual agency with the first time buyer.

0:20:37.920 --> 0:20:38.920
<v Speaker 3>I'm gonna tell you that now.

0:20:39.520 --> 0:20:40.960
<v Speaker 2>As a matter of fact, if I get a first

0:20:40.960 --> 0:20:43.960
<v Speaker 2>time buyer, I'd rather refer them to like a person

0:20:44.000 --> 0:20:47.160
<v Speaker 2>with my team before I before I try to negotiate,

0:20:47.240 --> 0:20:49.280
<v Speaker 2>because I'm gonna I'm fighting hard for myself to keep

0:20:49.280 --> 0:20:52.119
<v Speaker 2>their money. You a buyer, you fighting hard to get money.

0:20:52.320 --> 0:20:54.920
<v Speaker 2>How we're going to make this work? You know, especially

0:20:54.920 --> 0:20:56.359
<v Speaker 2>a first time buyer and not an investor.

0:20:56.359 --> 0:20:57.480
<v Speaker 3>They're different. They know what they want.

0:20:57.480 --> 0:20:58.840
<v Speaker 1>They're good, you know.

0:20:58.440 --> 0:21:02.080
<v Speaker 5>So you deal with luxury homes right, and over the

0:21:02.119 --> 0:21:04.000
<v Speaker 5>course of maybe a couple of years, you've seen the

0:21:04.560 --> 0:21:07.159
<v Speaker 5>median home go from two hundred and seventy five thousand.

0:21:07.160 --> 0:21:09.399
<v Speaker 5>Said yeah, so now three twenty five in Atlanta. What

0:21:09.440 --> 0:21:11.040
<v Speaker 5>are some of the factors that have led to that.

0:21:11.119 --> 0:21:13.919
<v Speaker 5>And what have you noticed with the buyers, what demographic

0:21:14.040 --> 0:21:14.640
<v Speaker 5>is doing the buying.

0:21:15.440 --> 0:21:19.400
<v Speaker 2>Well, predominantly my client's are all African Americans. So it's us.

0:21:19.480 --> 0:21:22.840
<v Speaker 2>We are making some moves here. And what's the driving forces?

0:21:23.040 --> 0:21:25.680
<v Speaker 2>Atlanta is growing now. People that say what they want

0:21:25.720 --> 0:21:27.679
<v Speaker 2>about Mayer Cassine read and when he tore down all

0:21:27.720 --> 0:21:32.960
<v Speaker 2>them churches and built that don't historical churches. But at

0:21:33.000 --> 0:21:34.840
<v Speaker 2>the end of the day, when he made that move

0:21:35.240 --> 0:21:38.399
<v Speaker 2>and they built the Mercedes, Mercedes ben zoned and they

0:21:38.560 --> 0:21:40.720
<v Speaker 2>kind of created State Farm Arena and they redid that,

0:21:41.080 --> 0:21:44.439
<v Speaker 2>it created more opportunity for us. Now we have more opportunities.

0:21:44.440 --> 0:21:47.000
<v Speaker 2>We have soccer games here, we have so much as going.

0:21:47.000 --> 0:21:50.280
<v Speaker 5>Champions, champions, championship, champions, all these things.

0:21:50.320 --> 0:21:51.879
<v Speaker 2>So we start with sports and then we just now

0:21:51.960 --> 0:21:52.560
<v Speaker 2>let's go out.

0:21:52.680 --> 0:21:52.840
<v Speaker 5>Now.

0:21:52.840 --> 0:21:54.840
<v Speaker 2>You got people like Tyler Perry telling people to come

0:21:54.880 --> 0:21:57.760
<v Speaker 2>down here and build their own tables in Atlanta. You

0:21:57.800 --> 0:21:59.400
<v Speaker 2>have the Rock that just bought a nine million dollar

0:21:59.440 --> 0:22:01.119
<v Speaker 2>house here. You got Cardi beat It just bought her

0:22:01.160 --> 0:22:04.280
<v Speaker 2>house here. What is happening here is people are saying

0:22:04.280 --> 0:22:06.359
<v Speaker 2>that there is wealth here and the good thing is

0:22:06.359 --> 0:22:09.240
<v Speaker 2>that's the driving That's how prices go up. We're creating

0:22:09.280 --> 0:22:11.920
<v Speaker 2>our own black Mecca. We're becoming the Black Hollywood that

0:22:11.960 --> 0:22:13.760
<v Speaker 2>they said we were going to be when I first

0:22:13.760 --> 0:22:15.719
<v Speaker 2>moved here. They was talking about the belt line. When

0:22:15.760 --> 0:22:17.280
<v Speaker 2>I first moved here, they were saying that we're going

0:22:17.280 --> 0:22:19.520
<v Speaker 2>to be the next Black Hollywood. I see it actually

0:22:19.520 --> 0:22:21.160
<v Speaker 2>happening now. And that was from.

0:22:21.240 --> 0:22:24.520
<v Speaker 1>Six speaking of Atlanta, speaking of the belt line. And

0:22:25.040 --> 0:22:28.760
<v Speaker 1>I saw a little baby on the breakfast club talking

0:22:28.760 --> 0:22:30.800
<v Speaker 1>about I guess he's from the West side of Atlanta.

0:22:30.920 --> 0:22:33.399
<v Speaker 1>Oh yeah, and he was saying that his neighborhood, the

0:22:33.400 --> 0:22:35.760
<v Speaker 1>prices is going up because of the belt line. Can

0:22:35.800 --> 0:22:36.520
<v Speaker 1>you talk about that?

0:22:38.160 --> 0:22:40.560
<v Speaker 3>No, no, no, it's a big project.

0:22:42.000 --> 0:22:44.080
<v Speaker 2>So the belt line is just basically a belt line

0:22:44.119 --> 0:22:46.680
<v Speaker 2>connecting the entire city of Atlanta. People only think about

0:22:46.680 --> 0:22:48.719
<v Speaker 2>the belt line being at the bottom, but it actually

0:22:48.720 --> 0:22:51.120
<v Speaker 2>goes all the way around. And so what it does

0:22:51.200 --> 0:22:52.879
<v Speaker 2>is really to help us one with traffic, so you

0:22:52.880 --> 0:22:54.919
<v Speaker 2>can get on and off the trolleys. But then on

0:22:54.960 --> 0:22:57.160
<v Speaker 2>top of that you have like parks and all these

0:22:57.160 --> 0:22:59.400
<v Speaker 2>things that are connected. So we're really trying to build

0:22:59.440 --> 0:23:01.560
<v Speaker 2>our own commuit unities within the community. So they do

0:23:01.680 --> 0:23:04.200
<v Speaker 2>yoga in the Park. You can now bite the belt

0:23:04.240 --> 0:23:07.440
<v Speaker 2>line down in South Atlanta. So they're creating these opportunities

0:23:07.480 --> 0:23:07.960
<v Speaker 2>so we can.

0:23:07.800 --> 0:23:08.720
<v Speaker 3>Be more like New York.

0:23:08.760 --> 0:23:11.640
<v Speaker 2>You know, love what you guys have, So we're trying

0:23:11.640 --> 0:23:13.640
<v Speaker 2>to create that. And there's restaurants and it's like live

0:23:13.720 --> 0:23:17.159
<v Speaker 2>work spaces. So you're really trying to create that environment

0:23:17.359 --> 0:23:20.879
<v Speaker 2>because now everybody is you know, no longer has the

0:23:21.160 --> 0:23:23.360
<v Speaker 2>aspiration to get the big house in the suburbs.

0:23:23.520 --> 0:23:25.280
<v Speaker 3>People now want to be close to the city.

0:23:25.440 --> 0:23:28.080
<v Speaker 2>They're sacrificing space for that, and they want to enjoy

0:23:28.119 --> 0:23:30.920
<v Speaker 2>them their lives. That's the millennials. They want it right now.

0:23:31.119 --> 0:23:32.720
<v Speaker 2>They want to walk outside right now. They want to

0:23:32.720 --> 0:23:33.959
<v Speaker 2>go on the trolley and get to where they need

0:23:34.000 --> 0:23:35.520
<v Speaker 2>to go right now. So that's the big part of

0:23:35.560 --> 0:23:36.160
<v Speaker 2>the belt line.

0:23:36.200 --> 0:23:40.399
<v Speaker 1>So Atlanta specifically, since we're in Atlanta, like, what's the

0:23:40.440 --> 0:23:42.840
<v Speaker 1>hot area that because it's the west side, that's like

0:23:42.840 --> 0:23:44.879
<v Speaker 1>when Stiti has been steadings on the west side right, Yes,

0:23:45.119 --> 0:23:47.399
<v Speaker 1>that's like the highest area in Atlanta right now for

0:23:47.400 --> 0:23:50.200
<v Speaker 1>real estate, it's a lot.

0:23:50.040 --> 0:23:50.840
<v Speaker 3>Of hot areas.

0:23:51.280 --> 0:23:53.280
<v Speaker 2>If I had to choose one, like they had the

0:23:53.320 --> 0:23:57.200
<v Speaker 2>most appreciation value this based on the numbers I was

0:23:57.280 --> 0:23:59.240
<v Speaker 2>running the other day they up twenty one percent. Is

0:23:59.240 --> 0:24:01.880
<v Speaker 2>the city of the Decay, Yeah, the city of Decatur

0:24:01.960 --> 0:24:04.440
<v Speaker 2>is up twenty one percent on appreciation value. The last

0:24:04.440 --> 0:24:06.840
<v Speaker 2>time I checked. On the west side, they're only up.

0:24:06.920 --> 0:24:09.840
<v Speaker 2>They're up twelve percent, which is still good. East Atlanta

0:24:10.160 --> 0:24:13.280
<v Speaker 2>is hot, but they're up eight percent because East Atlanta

0:24:13.359 --> 0:24:16.280
<v Speaker 2>is actually taking a little while longer to get through

0:24:16.280 --> 0:24:19.320
<v Speaker 2>the process and gentrify than other areas.

0:24:19.720 --> 0:24:22.920
<v Speaker 1>What we in East Atlanta right now? Yes, you are okay.

0:24:23.240 --> 0:24:24.640
<v Speaker 5>Atlanta three.

0:24:25.720 --> 0:24:27.399
<v Speaker 2>Or three one six. This area is growing. If I

0:24:27.400 --> 0:24:29.280
<v Speaker 2>can tell anybody about zip code three or three one six,

0:24:29.600 --> 0:24:31.880
<v Speaker 2>three zero zero three two that's the city of Decatur.

0:24:31.880 --> 0:24:34.359
<v Speaker 2>And then three zero three one eight that's a hot

0:24:34.400 --> 0:24:35.399
<v Speaker 2>area on the west side.

0:24:35.480 --> 0:24:37.480
<v Speaker 5>So these areas are hot. When is the best is

0:24:37.480 --> 0:24:40.040
<v Speaker 5>there best time? A more ideal time to get in

0:24:40.040 --> 0:24:40.760
<v Speaker 5>into a deal.

0:24:41.840 --> 0:24:44.119
<v Speaker 2>I tell people, if you're looking to buying, you on

0:24:44.200 --> 0:24:46.240
<v Speaker 2>a really good deal. Shopping and winter month?

0:24:46.680 --> 0:24:48.639
<v Speaker 1>Winter why because.

0:24:48.800 --> 0:24:51.359
<v Speaker 2>If a person is stilling their houses around Christmas, they

0:24:51.400 --> 0:24:52.520
<v Speaker 2>want to sell, they're desperate.

0:24:53.000 --> 0:24:54.280
<v Speaker 3>You get a better deal. I got.

0:24:54.359 --> 0:24:57.520
<v Speaker 2>I literally I on board of so many clients around Christmas.

0:24:57.880 --> 0:25:00.080
<v Speaker 2>That's why I didn't realize what year was, but we

0:25:00.440 --> 0:25:01.960
<v Speaker 2>all got crazy.

0:25:01.960 --> 0:25:03.080
<v Speaker 3>They got crazy deals.

0:25:03.080 --> 0:25:04.680
<v Speaker 2>The builders are throwing money at you because they don't

0:25:04.680 --> 0:25:06.199
<v Speaker 2>want to start the year in the red. So you

0:25:06.280 --> 0:25:08.639
<v Speaker 2>buying a property, buy it in the winter months. By

0:25:08.640 --> 0:25:10.440
<v Speaker 2>the time you get to spring, two things happen.

0:25:10.480 --> 0:25:13.200
<v Speaker 5>That's what I always heard, spring sale and buy.

0:25:13.000 --> 0:25:14.879
<v Speaker 2>In spring because because they want to her but do

0:25:14.960 --> 0:25:17.520
<v Speaker 2>this before they get out of school transition. You have

0:25:17.560 --> 0:25:20.760
<v Speaker 2>a lot of competition. Everybody's shopping in the spring. Prices

0:25:20.760 --> 0:25:23.520
<v Speaker 2>are up in the spring. So from a buyer standpoint,

0:25:23.600 --> 0:25:26.480
<v Speaker 2>you don't want to be out here when it's like

0:25:26.640 --> 0:25:30.320
<v Speaker 2>ten to fifteen people to one house, multiple office situations.

0:25:32.080 --> 0:25:36.000
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