Key takeaways from Texas Realtors Conference
Hello, ladies and gentlemen, this is Shana Acquisto. She’s a luxury real estate broker. She just attended the Texas Real Estate Conference
In Austin, and it was a week it was six days of fun, back to back meetings and my brain is kind of overloaded with such great information. But I just wanted to kind of go through a few takeaways from the week. I know one you we talked yesterday about Leslie Rouda Smith, who is the in-air National Association of Realtors president, current president, and she is a CCAR member.
Ok, so it was really good to talk with her. She spends so much time with her local association. When we’re at these events and we can just sit down and pick her brain and talk to her, and it’s really cool. I find it really cool and a very big deal. Yeah. The more that I sit down and talk with her, I realize, dang, I mean, she does so much and how impressive it is that she has moved up in the ranks.
And, you know, she’s really a voice for us here locally, you know, on a national level. So it’s super cool. She’s very approachable. So anybody could reach out to her with any issue or concern that you have. And I guarantee she’d get right back to you and and be willing to talk about whatever it is. So really cool.
You know, on the legislative side, there’s some things in the works from the public policy and governmental affairs about, you know, we’ll talk through that. There’s one thing that I found super interesting is we talked about the big talk is our property taxes and how expensive they are. And I know Omkar is going to slide over a website that I was not familiar with. Maybe you guys were, but it’s Texas dot gov back backslash property taxes, and they’re trying to make everything transparent, right?
Because I think there is a lot of questions about how our property taxes work. It seems simple, but some people don’t understand the homestead exemption. They don’t understand the caps and how all of that works. So this was a really cool feature that we have in place. So you can stop right there at home car, you can go in and find your county. And if we could, I don’t know if we can do this live right now, but it’s super cool. So you can go in, you find your county, which we’re calling county.
There you go. And then search and then if you just type up or right there, I don’t know if you could get my address. Yeah, put our address in their own car. It’s one five six three one Ridgewood Drive. First goal. Well, I don’t know if you have to put first go, but if you just.
Ok, so if you click on that right there, that very first one. So this is a really good way to kind of analyze your taxes, and it gives you percentages of how much they’re going up or kind of what’s happened in an easy to read format. So they have graphs and charts, so you can kind of look through these and find out, you know, how much of an increase are my taxes going up? How much financially does that impact me?
And I think these are business taxes, are they? Yeah. So let me help guide possibly back. I’ll take control for just a second.
The point is, if you guys go to Texas dot gov back slash property taxes, putting your address, play around with it because there’s a lot of good information there. Super cool. Yeah. There you go.
Ok, so this is home property taxes. Mm hmm. Oh wow.
Lot of bars sit down. Yes. I’m all about the bars and graphs. I just think it’s easier to understand and read, but it breaks it down by the city, by the county and by the school taxes. So you can kind of see what those all are. So I didn’t know about this site, but I encourage all of you all to go to that. We also talked about ways that we could supplement. Are there any any ways that we could supplement to to offset our property taxes? Because, you know, as we know, if you lower taxes, I mean, it has to come from somewhere.
So you know the whole thing of you, rob Peter to pay Paul. You know, so what they were talking about is a way to supplement, you know, an offset, these property taxes. So it was very interesting. They had some panelists up there. One of them was the chair of the governmental affairs for Colorado. Ok, so she was there. So she was talking a lot about when they legalized marijuana and how that the impact that that had on their state. And they talk about the pros and cons. Well, it brought in a lot of money, right?
But on the flip side, they’re seeing issues because of it, because these people who are in this business, it’s a cash business. So this is being utilized as a way to funnel or money launder money, right? You can’t put that cash from that business into the bank.
It’s not FDIC insured, so you can’t do that. So there’s a lot of problems with there’s a lot of cash problems with that happening. So although it brings in a lot of money, is that something that we really want to encourage? You know, would we see more? I don’t know cartel type people.
I mean, they’ve had literally cartels set up in their in their state all over now. And they know about it, and it’s just become a huge problem. So the other thing we talked about was gambling, legalizing gambling. And after talking through it, I I like it. You know, they they ask the question how many people go to Choctaw or Winstar or Shreveport? A lot of people kind of shift it from going to Shreveport, and now they go to Oklahoma.
Well, a lot. And I think there was some talk about, you know, now there’s going to be all these gamblers and gambling problems and things in our state. And statistically, that just doesn’t happen. So the people who gamble are going to gamble, the people who don’t, it’s not going to cause them to come over and start gambling, right? But that brings in a ton of money, like it’s really cool.
So the things that they were talking about is they would want huge resort style like Vegas resort style hotel spa gambling. They’re called destination vacations, right? Destination resorts. Rather than having like slot machines in the seven 11s.
So they would like Frisco would be perfect. Oh my gosh.
Oh my gosh. And you know, we talked through it more and more throughout the week, and I I don’t know I would be for it. I think that brings a lot to our area and brings a lot of tourism to our area as well. And it could totally boost our economy and offset our taxes. And I’m all I’m all for that, right? But they did talk about Colorado’s sales tax, and it’s ridiculous. It’s like, I don’t know, twenty nine percent.
It’s ridiculous, so they you know, they tried to go through some different things to offset taxes and, you know, just goes to show you if you do something here, then it, you know, it’s got to be balanced somehow and you’ve got if you take it here, you’ve got to put it back here. So it was super interesting.
So I would like to present to those, to those people as well that I think a modification in bringing in super premium housing would actually bring in a lot more money for them because the current system they have in place to tax it at the same exact rate. Yeah, right. So as everything is taxed dollar for dollar at the same rate and there’s no like incentive or ability for a person to build a super premium property and not have it, that’s how I don’t have it like this.
I mean, it’s our property. Taxes are outrageous. I would propose that what would bring in a lot of money is people don’t build those super premium homes because, right, the taxation becomes so expensive.
But at a certain point, I would propose to kind of cap it and add to it incrementally, but not at the same rate and show how that you could bring in a lot more taxation on property taxes by encouraging super premium housing. And your blended average of total dollars collected would be much larger. When you allow people to get into, then you have. The whole flip side is why are you getting capped? And I’m not right, you could fall into that
Well, because it’s about bringing the total dollars in and at a certain point, whether it’s a $2 million above property or whatever it is like, there’s a certain threshold because then all of a sudden, if this person is paying one hundred thousand a year in taxes, that offsets a lot of other people’s at this other rate. So if you encouraged more people to have one hundred thousand property tax on an annual basis, right, then you could reduce these other ones.
I’m more about being fair, and I think I think there’s there’s got to be some ways to do it, but I’m not. I mean, yours gets capped and mine doesn’t that. I just don’t think that’s fair.
Well, incrementally. So like after you get to a hundred thousand and it goes up slower to encourage the three to five thousand three to five million dollar homes. Yeah, I don’t know.
All right. Maybe you can go and talk about that difference of opinion,
Difference of opinion. The other thing is I was able to go and attend a track meeting, which was super cool. It wasn’t something that we that was on our agenda to do, but I actually met the chair of of track of the track commission and it was super cool. And he says, you should.
We’re actually having a meeting tomorrow. You should come like and I was like, Yeah, it’s open to the public. Nobody really comes unless there’s a big issue, he said. And in fact, tomorrow there is an issue. There is a a realtor and I think he’s from your area. Appealing his his license was revoked and he’s coming to appeal that.
And that kind of spicy, right?
Yeah, it got super spicy. And so there was a couple of other realtors from our area that I asked, I’m like, Hey, why don’t you come along with me? So four of us went, and it was super cool and one of the do we want to have this as a whole topic and discuss just that at a future time? Because we’re sure where we are on time, it’s just up to you. All right. So because I know that was exciting,
Another couple of things on that’s three things one, they’re coming up with a a a beta program for brokers for for them to be able to mentor their agents. Right. And this is a whole new program that they’re rolling out. And I get to go, I’m so excited. It’s going to be they’re actually going to have it here. It’s coming up in April at the star and I’m excited about that.
The next thing is we’ve heard about homes and how they’ve come in and made some rules and changes to the, you know, the to regulate the homes. So Trek is now regulating the haze inthe sense that they have to now apply. They have to put their information on the HOA website. So if you guys, here’s what I’m asking of you.
If you’ve had any issues that you’ve heard of with homes, whether it’s like we got to close in, we had this huge transfer tax, for example, or transfer fee, then there is a website called My HOA Story, My HOA Story and you. They still have an active. You can go in there and you can you can put in, you know, real stories that have happened regarding H. Ways so I encourage you to do that, the next thing is wholesaling.
They talked all week about wholesaling and how they really want to regulate, and I’m like, I don’t know those people. The wholesaling part connects with a lot of people, but as we talked about yesterday, what that is it’s an assignment contract, and I bet all of you have received a call from a wholesaler who is basically an investor. And what they’re wanting to do is flip that home.
So what they’re doing is they’re coming in and they’re assigning it so it’ll have their name and or assigns and they assign it basically before they close. So there’s never they never take ownership of this property, and there’s a lot of people that have been taken advantage of in this way. So if you’ve heard of anything regarding that, then please let me know. I think they’re going to have a similar website for us to do that.
I don’t know what it is or if it’s rolled out yet, but if you’ve had any issue like that, let me know so I can take it back to them and and share it because we would definitely want to bring awareness to that. And what time?
So those are amazing. Those are all amazing tidbits there, and I think we can cover each one of those and expand on them greatly. Ok. To kind of break those down? Yeah, the takeaway is you had amazing access to a lot of people. Yeah, your representation matters. New ideas are listened to and changes have been made based on recommendations that have been input.
Impressive. No, really impressive.
Hopefully they get they get changed, but the other key takeaway is this. You’re a realtor. Real tour, you guys. It’s not just about buying and selling, right? There’s so much more to your profession. And if you truly want to add value, then understanding all of these issues and being involved in that, I think is is super valuable. And that’s how you differentiate yourself and have long term success in this business.