Speaker 1:
I represent the rent’s two damn high party people working eight hours a day and 40 hours a week of summer. Third job, got to listen like me, women can’t afford to take care of their children, feed their children breakfast, lunch and dinner. Got to listen like me. It’s not going to happen. The rent too high movement. The people I’m here to can’t afford to pay their rent. I represent the rents to damn high party. Talk about Mr. Can. 30 seconds for you sir.
Matthew Maschler:
Alright. Hello. Welcome to the Real Estate Finder podcast. And today’s episode we are talking about
Speaker 1:
I represent the rent is too Damn High Party. People are working eight hours a day and 40 hours a week. The summer
Matthew Maschler:
Third job, we are talking about the rent. That rent. The rent is too damn
Staci Garcia:
High.
Matthew Maschler:
I don’t know if you remember, this was about 10 or 12 years ago, the governor’s race in New York. The rent is too damn high party and we’re back. The rent is too damn high. It’s a problem here in South Florida and probably all over Florida and all over the country. People as we’ve had these massive increases in the values of houses. So what follows is the increases in rent and if the price of the house goes up 20% in a year, well when that lease is up, you were paying $2,000 a month and then all of a sudden the owner wants $2,400 a month because the value of their house is up. That’s a big increase for people to spring on someone.
And that’s the market. I was talking to someone who’s paying $3,000 a month in rent and the landlord wanted to raise it to 6,000. So he wanted to find another place to rent. And I said to him, I go, okay, but wherever I’m going to show you, it’s only available because that landlord raised the rent on the previous tenant who ended up leaving. So you have, because the price of houses are high, a lot of landlords are saying, well great, let me sell right? Let me sell when it’s high. I bought this property for one 50, it’s now worth two 80. It’s a good time to sell because if the property is now worth two 80, they’re going to want to rent it out for, I don’t know, $2,500 a month. They’re only getting 1750 a month before it’s too high to raise the rent. So they sell the property, the buyer is someone who’s going to live there and now you have a rental unit off the market. So we’re going to have, there’s less inventory in general and you’ll have less rental inventory and you still have these big massive rental complexes.
Staci Garcia:
But we have a larger exodus of people coming from other states to come down. And so there’s still a high demand
Matthew Maschler:
And they’ll pay the higher because they might be less expensive than where they’re coming from. And I’m hearing stories now of rental companies doing as is leases. And I’ve never heard as is lease before your air conditioner’s broken too bad? Call the air, get it fixed, so get it replaced. And it’s things we’ve never seen before and people are going to have to where I live in Boca, the alternatives is to go further north or further west to get a lower priced house or a lower priced rental. The rent is too damn high.
Staci Garcia:
So not only is the rent high, it’s really impossible to find anything for rent that’s on the market longer than one day. And so the demand is high. What is it? The supply is low. And I’ve noticed that if you study, if you keep looking at the same properties, the ones that are sitting for a little while, there’s something going on with them. They’re not necessarily real. So you have to also account for the fact that there might be a scam going on. And I feel like there is because people are vulnerable or desperate and they need to rent. So there are companies that require an application fee and all of basically your personal information and you have to send it in blindly. You don’t know really who you’re sending it to and then they’ll talk to you. So I have a lot of people that I deal with, they don’t want to send all of their personal information plus money to someone they don’t even know who it’s for.
And then it’ll say, this might not be the property that they receive and then be ready to move within seven days. And it doesn’t come with a washer or dryer and you need to sign up for a certain service that comes in and you’d have to pay them for air filters and so forth. So there’s a lot of shady business going on and I’m not completely aware of what the ins and outs are of the programs that have bought a ton of properties and they’re managing them online through a portal. And I don’t know if any of you live in one of those, if you let me know if it’s legit or not. It seems like it’s not. And so I stay away from them. So my renting tenant clients are, I avoid anything like that. So when they say I found this great place, I said it looks a little bit too good to be true, I wouldn’t submit all my personal information plus the fees because if you look at it, it says it’s not available until November and they don’t really look at that
Matthew Maschler:
November.
Staci Garcia:
Yeah, so they’re collecting
Matthew Maschler:
Fees, did they mean last November?
Staci Garcia:
No, no, they actually mean November this year, but they’re advertising it in February. So they’re collecting all the fees for all the people that are looking to rent. Nobody notices that it’s not available until November and they want a hundred dollars a person plus $50 for a background check. They won’t accept any background checks from anyone else
Matthew Maschler:
But their background
Staci Garcia:
Check company. So they’re collecting bank, if you imagine that every person submits all these fees and if there’s two adults, it’s double. If they’re married, it’s single. If there’s adult child in the house, it’s add them too. So I feel like it’s a major scam going on and I don’t know if anyone’s noticing it but me, but I did notice it a long time ago too, and I don’t want to mention any companies, but when you look, it’ll say you might not receive this property. Well, why would you want to look at you found the property that you want to live in. It’s not in a community of all rentals. It’s a regular house in a main neighborhood, pick the school, you pick the house based on the school and then you go to see it and it says, well you might not receive this house. What if you got a house that’s 10 miles away and you said, sorry, I picked this house because I thought I enrolled my kids in school and this is where they need to go and I needed to live here. And they said, well, sorry, you signed the thing that said that you would accept any house within seven days or you lose the deposit that you’ve already submitted and now you have to move 10 miles away and you’re not getting this house. So it’s like bait and switch. And maybe I’m just very skeptical, but I wouldn’t advise anyone do that.
So that’s a third part of it.
Matthew Maschler:
When you’re saying bait and switch, first I was thinking of just real estate agents having unavailable listings, trying to get customers, but then again in this market, trying to get customers because there’s not a lot of inventory, what do you do with the customer if you can’t find them something? But also speaking on bait and switch besides houses, unavailability, obviously cars, right? There’s not a lot of availability and prices are up and every time lately, every time I see a good deal on a car, the car’s not available.
Staci Garcia:
So they just say, well, we have something similar to it.
Matthew Maschler:
Or by the time they add their dealer fees and prep fees, it’s not the advertised price. So you find something, you think it’s $3,000 less than it should be or you think it’s a good deal. And then by the time they add prep fees, service fees, et cetera, they’re not honoring their internet price. But scams and rentals, it sounds like when we were back in New York City when there were scams on scams in the rental market, it’s crazy.
Staci Garcia:
I used to think that the biggest awful thing would be to rent a property that was in foreclosure because any minute somebody would say, sorry, you need to get out within five minutes and then you can’t get your stuff out, then it’s gone. They would lock the door on you. But that’s actually not the scariest part. The scariest part to me is if a client of mine submits all their information online to someone and then they steal their identity and they’ve never even moved and nothing had ever happened and now their bank account swiped out or somebody assumed their identity. So I think the whole thing’s pretty sketchy, but super opportunistic. And in this market, people are so desperate that when you go to show a rental property, there’s a line of people waiting and coming in and out, in and out nonstop, and they don’t really even care.
The people who are the listing agent on it that says vacant on lockbox, go and see. And then that makes me nervous also. Why would you want just anyone to just go and see? So if that was me, when I see that, most of the time the lockbox aren’t even locked because it’s so much traffic that no one ever gets to put the key back in except the last person. So you have to assume that everything in there, nothing’s of value, no one cares. And there are a couple community, couple properties and communities that I’ve seen on the MLS for rent that have never, they’ve just been renewed, they’re always vacant. That’s why I say it’s bait and switch because you go to one was on 4 41, you go, you see it, you say, okay, I really like this. And then it’ll say, submit all these application fees and background check fees and all of that. And then that place is still vacant and they’ll say, we have something else. That place is not available. But if you go look, it’s still vacant. It’s just that’s the bait and switch unit.
Matthew Maschler:
And I want to clear up with something you said if you rent something that’s in foreclosure, whoever buys it at foreclosure has to honor the lease.
Staci Garcia:
But what if you don’t have a lease?
Matthew Maschler:
Well then you didn’t rent something in foreclosure.
Staci Garcia:
Well, I guess not.
Matthew Maschler:
If the owner rents you the house and then he loses the house to foreclosure, the bank, that forecloses or anyone who buys it at foreclosure auction, they do have to honor the lease. So it’s not something to be afraid of.
Staci Garcia:
Okay, well that’s good to know.
Matthew Maschler:
That’s good to know. Alright, so it’s a lot that we’ve been talking about is that the prices are high, that inventory is low. And so I had an interesting conversation earlier this week at David Dweck’s, Boca Raton real Estate investment club meeting, and it was a fascinating meeting. He had a professor from FAU come and speak and let’s see if I can get the name of the Professor Johnson, I think it was. And he follows the real estate market and he’s been doing it for 20, 30 years. And he said that this is the first time in his career he’s been quoted in the news extensively and people keep trying to interview him because he follows these housing markets and housing trends. And he had a graph and it’s available on FA U’S website. If you Google Florida Atlantic University, top hundred US housing markets, you could find the website.
But on the graph, he had a baseline of the real estate market with an average expected rate of return. And it shows the 2006 high, the bubble that burst. And in 2006 prices were 80% higher inflated than the expected rate of return that he was graphing in 2006. And then obviously the real estate market crashed, and by 2011, prices were 30% below where they should have been after. So from 2006 to 2011, you had the crash from 80% above to 30% below. And that from 2011 until now, we’ve been climbing back up and a few months ago we hit the level of the expected rate of return where real estate prices would’ve been almost as if the bubble in 2000
Staci Garcia:
Never happened,
Matthew Maschler:
Six never happened, and the crash never happened, we’re back. So if somebody was just paying their mortgage all along, because when the market crashed, your mortgage was fixed, if you were in a 30 year mortgage, even though you were underwater, as long as you just kept paying, paying, paying every month as agreed, you would now be back to where we were. So I thought that was kind of fascinating and it was kind of his proof that we’re not in a bubble right now, we’re just, we are where we should be or where we statistically historically should be. Also another difference between now and the 2006 high was inventory because in 2006 there were plenty of houses to be bought. There were plenty of developers and plenty of developments, if you remember, people were buying second, third, fourth houses. They were buying houses in Orlando and buying vacation houses because money was cheap and the banks were lending a hundred or even 120%. So there was plenty of inventory to be had. And when that bubble burst, plenty of inventory hit the market because you have all these vacant houses. So very, very different to where we are now.
Staci Garcia:
So this is for purchases, not for rentals.
Matthew Maschler:
This was for purchases, not for rentals, but it’s very different than where we are now because there is no inventory. Everyone who’s buying in this market is buying to live in. People aren’t buying second homes like they used to. And obviously people had their second homes in the pandemic, they went to those, they got outside of the crowded cities, they went to the vacation areas. But a lot of people have sold the vacation home or the city home because of the financial worries in 2020. So a lot of people sold and
Staci Garcia:
Also because they saw the market and they can make some bucks,
Matthew Maschler:
Right? And then certainly in 21 people were selling because they thought they were at a high. There’s the problem with selling in this market, if you don’t have anything to buy, everybody wants, everybody would sell. But where would they go? And the friction of the cost of selling a home and replacing it, and if you’re going to replace it with something smaller, well why would you do that in this market? I’m going to get to that in a minute. But so low inventory and statistically housing prices being where they should have been. Had we not had the inventory, had we not had the 2006 bubble, but then once the prices leveled out a few months ago, then obviously homes, prices went up. Obviously they went up drastically in the last year and a half. And I have an explanation for that that I want to share with my listeners. I truly believe that in the spring of 2020 when the pandemic started, we radically changed the definition of home.
Staci Garcia:
Yes,
Matthew Maschler:
I don’t hear people talking about it. I mean obviously people talk about it factually, but not as a real radical change when people claim or preach or advise that you are safe at home, right? Discourage. I still hearing people on Facebook groups and social media being discouraged of going out to eat in a restaurant for going out for New Year’s Eve or going out for the Super Bowl, where should we go for the super? Where can I go for the Super Bowl?
Staci Garcia:
And
Matthew Maschler:
People say, stay home, you should home. Well that presumes a person has a home, it’s a safe home. It’s not abusive, it’s comfortable, comfortable chair, comfortable, nice television. Not everybody’s definition of home is that idyllic and people want to get out and be with other people. But we’ve changed the definition of home to a place where you’re safe, say from the pandemic,
Staci Garcia:
A place where you’re working Now
Matthew Maschler:
We work from home, we go to school from home, we have vacations at home. The staycation term was popular before the pandemic, even more so in 2020, in 2021 and now 2022, if you would’ve taken that Caribbean cruise, that European vacation, and now you’re not, you’re putting that money back into your house and that’s going to increase the value of your home. So another reason why property values are going to go up, but now maybe you put in a pool or a jacuzzi or a tiki hutt or recreational amenity. So you’re doing less outside recreation, you’re going to do more entertaining at home. If you’re not going to a restaurant because of the pandemic or other reasons, you’re doing more entertaining at home, you’re doing more vacationing at home, more of your leisure time and more of your work time and people on job interviews, what are my hours? They’re not what the new employee, this generation and plenty of people, my generation are not expecting to work or expected to work
Staci Garcia:
In an office,
Matthew Maschler:
In an office every day, all day, Monday through Friday, nine to five. How many days a week can I work from home? Do I work from home Tuesdays and Thursdays, I only come on Monday, Wednesday and Friday, or do I just come in two days a week? And people are asking employers that are doing their interviewing, the prospective candidates are asking these questions, it’s,
Staci Garcia:
Well, that’s because they’ve been doing it. Now, if I can be doing my job from my house and I’ve been doing a great job with my job at my house, then why do I need to go to an office?
Matthew Maschler:
There is something to be said for the office being together to create company culture so that we can work collaboratively so that we get to know each other. But that model may be phased out. So the technology and the acceptance of work from home. So again, if you’re working from home school, from home, entertaining at home, vacationing at home, or at least more, we’ve radically changed the definition of home and what we want from a home. So obviously the value of the home goes up. And that’s why I said in this market, you’re seeing highs. So you want to take some money off the table, sell your house, replace it. But if you’re doing that and replacing it with something smaller when you really need something bigger because you need workspace and you need school space. So unless you’re already ready to downsize your lifestyle encourages you to downsize right now, you’re not going to be selling and taking money off the table. And then obviously the replacement cost. So I think all of these are contributors to why the prices are so high and also why inventory is so low.
Staci Garcia:
That happens to me. My boys wanted to go to school and college and they’re seniors and now they don’t seem to want to go anywhere. So instead of downsizing, I’m just trying to keep it together with three kids in the house or two were supposed to go away. So a lot of college students are not in college, they’re in college online, and the atmosphere everywhere is unpredictable. So they have to work from home. Everybody’s been working from home, everyone’s on the computer. I think everybody needs their space. And I totally believe that the houses that they’re building now, more of them have home offices and office spaces and spaces to have a home office than they ever did. So I always see now a space for home office or home office where we used to try to make them into bedrooms,
Matthew Maschler:
Now
Staci Garcia:
They’re making them into home offices. And that’s a selling point because people are working from home.
Matthew Maschler:
So if you have any questions about the real estate market, if you are looking to buy a bigger house, buy a smaller house or move, please contact us@realestatefinder.com. matt@realestatefinder.com or Stacy with an
Staci Garcia:
I@realestatefinder.com.
Matthew Maschler:
And we had our company, our team holiday party last night. Strange to have in the middle of February, but we were so busy selling at the end of 2021 and finally got around to it. So we had a really good time last night at a New York Prime restaurant, had about 25 people together. I think the team sold about $40 million worth of real estate. I had a goal a few years ago to stop being the salesman, the agent myself, to be the broker and to bring on new agents. And I’m very, very happy with the number of new agents that I have. And quite frankly, not all of them are producing, but they’re starting to and some are doing quite well. It’s amazing when they go from learning to starting to first sale, to finally being able to make a living at it.
Staci Garcia:
I can vouch for that one.
Matthew Maschler:
Yeah,
Staci Garcia:
It’s probably the only profession that I know of where you go to school and you take the exam and everything that you learn in the coursework that you have to take to get the license doesn’t really apply to the actual job
Matthew Maschler:
They did that teach out real estate.
Staci Garcia:
So everyone that gets a real estate license is aware of and knows because they had ticked state exam, how long their license lasts and when they have to renew it and stuff like that, but they really don’t know how to do the job. So people that do get their real estate license, I want to advise you because I’ve been through it. If you just go to work for any company and that’s soliciting you because you’re a new licensee and they get your name on some online, whatever, think about how are you going to actually do the job. Because if you don’t have a team, I mean we’re on a team and it’s amazing. If you don’t have a team to ask questions and to assist you along the way, then you’re on your own and no one actually taught you how to do the job. It’s completely not part of the real estate course on real estate. It’s not part of any of the courses. So it’s comical almost.
Matthew Maschler:
So give us a call. Yeah,
Staci Garcia:
Join our team, join our team.
Matthew Maschler:
We have connections with the school. So we get you through the school, through licensing signed up. I enjoy the podcast. You can come onto to the podcast with us. It’s
Staci Garcia:
Much more fun when you’re part of a team.
Matthew Maschler:
I think that’s what the goal of last night was.
Staci Garcia:
It was super fun,
Matthew Maschler:
Was just to get people together because it can be very solo, people can be very competitive. So to have, I even had a friend of mine who I’ll do a shout out, Marshall from Florida’s best Realty
Staci Garcia:
Marshall’s going to come on and talk to.
Matthew Maschler:
Yeah, he’s going to get on the show and he’s a competitor of mine. I mean, at the end of the day, we met competing on a property and we’ll talk about that when he is on the show. He’s a competitor of mine. But we’re friendly. We’ve become very good friends. And when I’m stuck, I give him a call. I’m not going to say he was stuck, he’s brilliant, but if he wants to think things through or think things out loud, I’m always honored. When he calls me, some people call me, I’m like, Ugh, what do they want? But no, when he calls me I’m, I’m always honored when he has a question for me and we can really get into a debate, not debate discussion and we can understand each other. And the other day I had to pull over and go into the backseat and pull out a contract and I’m like, no, no. I’m like, Marshall, you’re wrong there. There’s something buried in the parts that nobody reads. There’s
Staci Garcia:
Something buried. Lemme pull it out.
Matthew Maschler:
I got to find it. There’s something in the parts that nobody reads that addresses this very situation.
Staci Garcia:
Marshall took 20 minutes last night to try to figure out the numbers on David Jason’s envelope paper. He wanted to know, he thinks that it’s not invisible ink, but that when he writes on one thing, it appears on the paper. It was some magical ink that came up. Alright,
Matthew Maschler:
So we’re going to do a little commercial here for my friend David Mentalism Beyond Belief. If you Google David Jason or Mentalism Beyond Belief, David Jason is a mentalist and I had seen him a couple of years ago and so I keep hiring him to bring him to different groups. He does corporate work and parties. And when the pandemic started, he even did some of his, he adapted his shows for Zoom and when people do these Zoom birthday parties and stuff. So one day I’m like, I’m going to get hired an entertainer to do it. And it was just a fun way to liven it up when we were all getting Zoom fatigue.
Staci Garcia:
It’s super cool though.
Matthew Maschler:
So he did a show for everyone and somehow he did this, I call ’em magic tricks. They’re mentalist tricks. And he got these random numbers picked. It was as long as a telephone number. And when he turned it over, it spelled out signature.
Staci Garcia:
That was crazy. Like
Matthew Maschler:
The S was a five and I was a one and it was just crazy. And then he did a wordle, that Wordle game,
Staci Garcia:
He
Matthew Maschler:
Did a wordle and he had the word or set up and folded in an envelope and he gave it to somebody in the room and he called out random letters and it turned out to be the Wordle and it was hysterical. So David, Jason Mentalism Beyond Beliefs,
Staci Garcia:
Really, really great.
Matthew Maschler:
Check him out on Facebook or on the internet and hire him for your next party or corporate event.
Staci Garcia:
Yes, Saint Marshall sat there for a couple 20 minutes trying to figure out, trying to figure out, he’s like, I’ll figure this out, mentalist. It’s not magic, it’s something, but it does.
Matthew Maschler:
At least 10% was just lucky guests. Really. Well, I would see it. There’d be the pitch and the windup for a routine. And then if you just happened to get stumble upon something, right, you did just deal with it, you take the round of applause and it’s like, okay, wasn’t what I was going
Staci Garcia:
For. You were like, when are our steaks going to be ready? And the door.
Matthew Maschler:
So yeah, so we had a nice event yesterday and celebrated good Goodyear. But it’s interestingly what the community thinks of our Goodyear. The community thinks that we’re happy that the prices are high. We’re not happy that the prices are high. I don’t care what I sell a house for. I mean certainly the seller caress what it gets, but if someone wants me to sell a $300,000 house or a $3 million house, I want that work. I’m going to do the job. I’d rather be working than not working. And in this environment with low inventory, I have customers that I can’t find houses for. So
Staci Garcia:
Yeah, some part of it is much more frustrating than it used to be. Even if you’re making more money essentially because you have a large amount of clients looking for property, it’s more frustrating than it used to be because there’s not property to find.
Matthew Maschler:
I mean, I’ll do a search and when you put in the basic requirements of bedrooms and bathrooms and do they want to pool or not want to pool and you’d get search results that used to be 700 and last year were 70.
Staci Garcia:
Now it’s seven.
Matthew Maschler:
Now it’s seven. There’s four houses for sale in Woodfield Country Club.
Staci Garcia:
Yeah, I know I saw yesterday
Matthew Maschler:
Four houses and it’s nothing. Some of them, if some are too small and some are too expensive, then I don’t know what the choice is.
Staci Garcia:
I know that we could talk about pocket listings on another podcast.
Matthew Maschler:
I kind of went off on them on my personal
Staci Garcia:
Facebook, but I do want to talk about it. Part of the allure of who to hire as your real estate agent basically is to find the person with the most pocket listings or any pocket listings. So I know that I’m going to have a listing available on March 16th. I’m letting everyone know and because I know that the owner of the property hired a, what is it, a pod or whatever, the
Matthew Maschler:
Move to
Staci Garcia:
Move to put in the driveway so he can unload the garage. And he said, the next day you’re going to be showing my house. So I know I’m going to have a property available and I know I’m going to have another property available in May. I don’t call these pocket listings, I just know they’re coming. These are potential listings for me. I want to put them on the MLS and I want to get the most money for my client. At the same time, some people don’t do that, they just hold onto them so that they can find the buyer and then they’ll already have the seller and then they’re making double the money, which is great. But I also think that maybe they could have made more money if they put it on the market. So there’s a lot of properties that are not even on the market that people are selling to their own clients because demand is so high. And so in some respect, those are also properties that are not available to people because no one knows that they’re for sale. And I understand one part of it is if a client is very wealthy or very popular, like a famous person because they don’t want to show their house to anyone.
But I think that might be my only exception. Or during Covid when things were absolutely horrible, they don’t want to show their house because they don’t want to get sick. I do understand that also, they just want to buyer and that’s the end of it. But I don’t necessarily understand why someone would let their agent bring the buyer without anyone else ever seeing it because they don’t know how much money they would’ve made. And this is a whole other humongous conversation. We can have another day. But it also adds the fact that there’s higher prices and less supply and it makes things stressful for us.
Matthew Maschler:
My skill is in marketing a property
Staci Garcia:
And
Matthew Maschler:
If it’s that hard to sell property that rare where I got to find that rare buyer, I’m going to find that buyer. And if it’s not a hard to sell property, I’m going to market it to all the buyers and I’m going to get a seller the most that I can for their property. So if they’re selling it off market, private listing, because really because some realtor
Staci Garcia:
Convince
Matthew Maschler:
Them to,
Staci Garcia:
That’ll
Matthew Maschler:
Make it easy. It’s like on the lower end, all those people that we buy houses as cash, someone just wants to come in and make a cash offer. The seller doesn’t want to get the house ready for sale and doesn’t want to have to have a lot of showings. They don’t want to deal with it. So they sell their house cash to one of these investors. They’re selling them at a huge, huge loss. And when I see ’em on the higher end, and I guess it’s the same mindset that they don’t mind selling a property for considerably less than it’s worth just to make it easy.
Staci Garcia:
But that’s like people advertising. I sold it in one day and my advertising is, I didn’t sell it in one day, but I got a hundred thousand dollars more than the next guy.
Matthew Maschler:
That’s what I had to say to one of my customers when a similar house was sold in one day at Above Ask. And it took me 30 days and I sold it for less than Ask, but I got ’em $80,000 more, right? And that was the agent they were going to hire and they were going to list it at that number and that’s just too low because that agent didn’t understand the market. So yeah, it’s tough. And then you have the agents that they price ’em a little low, they want to create that bidding more, right? We got outbid last week on a house that we came in on day one and we were outbid and it’s just going to happen. And now they’re trying to create a bidding war on the backup contract.
Staci Garcia:
They
Matthew Maschler:
Already have a backup contract, but they’ll go with our backup contract instead if we do X, Y, and Z.
Staci Garcia:
All for backup though,
Matthew Maschler:
For backup to be who’s going to get the backup contract, but they’re only going to do that to muscle.
Staci Garcia:
The first one,
Matthew Maschler:
The original buyer. If the original buyer backs out in inspections or in financing or makes any complaints, okay, you don’t want to buy the house, I’ll sell it to one of these people.
Staci Garcia:
I can’t even believe at this point that anyone, because the people in the MLS are saying cash only purchase, no contingencies and no inspections or stuff like that. So now people are saying because they don’t want anyone to be doing an appraisal, they don’t want anything to slow down the process. They want only cash buyers maybe because they think their property’s not going to appraise. And the mortgage, if there’s a mortgage won’t come in for the right amount. But regular people or middle class or any person who does want to come in and make sure that their house that they’re getting is not ridiculously inflated price, which usually it probably is here right now, they don’t have a chance to buy anything because the listing agent for the seller only wants cash offers. So there’s a lot in the MLS that says a lot of, out of the ones that are available, there are a lot that say cash only.
And then clients read it and they say, well, what am I going to do? I’m just a regular person and I have a mortgage. I’m never going to find anything. I feel sympathetic for them. I’ve had one out of all of my transactions had one that was no, I’ve had two that had a mortgage and one was somewhat off market and the other one was a buyer that came into my open house unrepresented and we can have another podcast unrepresented or unrepresented, which is better. But those people that came in unrepresented said they have a mortgage. And since they had no agent, I kind of fought for them. I met them, they seemed awesome. And I really thought instead of being greedy and I could double end it, which was also a thought, it was more like I see how intent they are on moving and I know they’re living in a hotel and they told me their story and I feel for them and now I’m their agent. And now I’m also the agent for the seller. So I don’t think double ending is bad. And I don’t think having to get a mortgage is bad. It’s just the way it all works together. And so now I end up, well, we were joking about love letters for a while. Everyone was sending a love letter or a letter of why they should live in a certain place.
Matthew Maschler:
The love letters when the buyer with their offer will write to the seller, dear Miss Seller, we sell your house. So nice. My name is Joe, this is my wife Mary, and we have three kids
Staci Garcia:
And a dog, and this is where we’re going to play.
Matthew Maschler:
And they try to play on the seller’s emotions.
Staci Garcia:
These are pictures
Matthew Maschler:
To sell to the next couple. There’s issues there that might be violations if an agent is using love letters to discriminate against people of different sexes or races or religions, et cetera. So there was controversy like the state of Oregon try to ban love letters, but it’s part of freedom of speech.
Staci Garcia:
Really interesting. So
Matthew Maschler:
I’ll submit a love letter. I don’t mind doing that for my buyers.
Staci Garcia:
My client doesn’t want to see, one of my clients doesn’t want to see a love letter If I receive one as their listing agent, they tell you
Matthew Maschler:
Not to.
Staci Garcia:
I have to present offers. She tells me to withhold any love letter. She doesn’t want to hear it.
Matthew Maschler:
That’s smart.
Staci Garcia:
Don’t, she doesn’t want to have feelings for anyone buying her house. She just wants to buy the best offer. But in this market, a lot of craziness is going on. And I was just joking on the way here that I have a rental client and I’m ready to buy them hockey tickets
Matthew Maschler:
For
Staci Garcia:
The listing agent. If he accepts, we haven’t even turned in. But if he accepts our offer for our rental, I’ll take him out because we just need to be seen of everybody else. And the market is extreme,
Matthew Maschler:
Right? I try to bribe a listing agent with a reservation at New York Prime. The buyers will take the listing agent to near prime for dinner after the closing. I think it worked for actually being considered to make sure that if there were 20 offers, at least mine would be looked at and considered. So I would definitely do that again. I think last year I tried to order a bribe listening to you with a pizza.
Staci Garcia:
A pizza,
Matthew Maschler:
A pizza.
Staci Garcia:
I’d be like, I have 20 NK masks for you and booties for your shoes and some anti oh toilet paper.
Matthew Maschler:
Oh, that would be a good bribe. That was the staging item, right?
Staci Garcia:
Yeah.
Matthew Maschler:
20 rolls of toilet paper with purchase. Alright, so I think we we’re going to wrap some things up here. We have some work to do in the next few days for some VIP customers trying to find properties here in Florida and I need to get some listings. So anyway, check us out@realestatefinder.com. On Facebook. It’s the Real Estate Finder podcast or something like that.
Staci Garcia:
Share follow like
Matthew Maschler:
There you go. And shout out to Pod Populi podcast studio in Bo Ratton and now in Palm Beach Gardens. If you have a podcast or an idea and want to share it with the world, it’s a good way to get your words out. That’s what I do on my Matthew Mania podcast where I talk about not real estate, but wrestling and whatever else that I want to.
Speaker 4:
The future looks bright and the stones pass by the sky’s dog blue. When it’s almost that time, light shows cameras flash when I pass living in the moment, forget about the past. They saved the best for last. Matthew Mania. We about to make a splash. Life is a marathon full of sharp turns, got to keep pace while the hands on the clock turns high stakes. Five star real estate. I run a show. You can tell the center place electricity energy. If I brace, I’m always on time. Even if I’m, I make dreams come true. Living my life. Hope the same for you. What time? Time it. Time. You know what time. Know what time. You know who time it’s, you know what time. Yeah. Got him shook, scared. Can’t look. We’re not afraid of the big, bad.
