Texas Realtor’s 360 Real Insight Regional Meeting
Texas Realtors 360 Real Insights Regional Meeting with Shana Aquistoo, a luxury real estate broker CCAR you’re the vice the president and waiting vice president elect these titles.
Elect president elect. I need to be better about that because it is a great title. Thank you for your service. I appreciate that. And let’s go ahead and discuss what went on just the other day. Yeah.
So a lot of good takeaways from this meeting and what it was the Texas Realtors leadership was there and just sharing some things that are going on and some hot topics with us. And we had open discussions about it to understand how important it was to realtors that they, you know, push harder on these topics to get some changes made. So I’m going to have Omar pull over this.
This is one thing that I want you guys to never underestimate is the Texas realtor. Texas real estate com website. There is a home buyers and sellers report that we’re going to chat in with you guys. But this link, it gives you lots of great information. There’s a relocation packet that you can download.
There’s lots of great information there that I think will help you in your business and for you as a realtor to just know the different stats. And you know, it really opened my eyes to how strong our market really is compared to other parts of the country and how so many people are moving here.
And it’s all things that maybe we know. But, you know, it’s good to have it in a form that you can you can share with your clients. I thought it was really good. So you can go there and there’s other information and surveys that you can download from here.
You can see quarterly housing report, the market viewer, small land sales report. I mean, there’s a lot of different things, international condos and it just breaks it down. So I thought I wanted to share that with you so you knew where it was. So you have that as a resource to go and look for great information. I like the stats. I like to share all I think it it resonates with people.
And so there you go. The next thing we talked about were appraisals and we’ve talked about it on TNT a couple of times. But how now there’s going to be as of April 1st, desktop appraisals are going to be allowed only with Freddie Freddie Mac loans right now. So they’re government loans, but not all government loans are Freddie Mac. So it’s not all loans that are going to be going through this. But what that means is you can basically have someone else, an assistant who’s not licensed, go in and do your measurements for you.
You know, the realtor could do it. Anybody could do it and submit it back to the appraiser to get to get done in the report. I don’t like that. I mean, licensed appraisers have to be licensed. So the couple of things that were discussed were who’s going to be how are you vetting these people that are coming in in the home if they don’t have to be licensed? You know, and just anybody can go in and do a measurement, is that violating safety for a homeowner? You know how that’s going to work.
So it’s really important that we know who is doing the appraisal and just be aware of what measurement is being done. And if a different measurement is being done, then there’s different addendums and disclosures that we have to make sure that we provide information from other sources is one, we’re getting information on measurements and square footage from another source.
So we’ll talk about that in more detail and I’ll get with Stacy on that. The other thing I learned was, and I didn’t know this, you guys may know this, that anything under ceiling height, under seven feet is not counted in your square footage. So I think in our pantry. Right, it kind of slants down. So that’s that area wouldn’t be counted as square footage in the back.
So it just kind of cuts it off when it becomes less than seven feet. So if you have bedrooms or rooms within your home that have like unique ceiling heights, maybe a slope ceiling, you know, just be aware that wouldn’t be counted in the square.
Footage and it stops there. We were talking the other day about how if a room in particular was kind of like a long, skinny attic and it had finished. Scott bedroom up there. Yeah, that maybe the middle is counted and there’s like the way that, that would end up looking from a slice perspective.
It would be really long and super narrow, right? Because the ceiling might start at eight foot and come over and then come down. So you’d only get such a slice, even though the rest of it’s usable, the room would be like two foot wide by 20 foot deep or something. Isn’t that right?
So just be aware of that. The other thing was competence. So there is a there were some people from the Sherman Dennison area that really vocalized this. They’re seeing agents come from Dallas who are out there trying to sell farm and ranch properties and they have no knowledge or experience doing that. And it brought up a great discussion about competency. And, you know, we’re seeing ourselves have to kind of drift outside of our general area just to find and locate homes for our clients.
So I think it’s important to know that if you’re going to be dabbling in something that you’re not familiar with, that you consider getting somebody who is experienced and, you know, do a referral with them, you can still be present. You know, we talked about us well, you guys didn’t hear us, but we talked about in Montana.
That’s what we did. We went and learned a new market, you know, met different brokers, found one that we were comfortable with. And then we went in and learned the market with that broker. And she helped us and guided us through that first transaction.
And we just split it right and it was fine. We were still there for our clients, but man, we learned a ton. And then it was, you know, it enabled us to be able to go and do it later. But there was discussions about if you’re going to do farm and ranch or you’re going to do condos, that you have to have a certain amount of hours, education, hours in those different fields.
So I thought that was a good idea because there’s a lot to farm and ranch and there’s a lot to condos, right? So I thought that was interesting.
And, you know, and I think that’s a great point. It seems like any time you could quantify experience, knowledge would be good. And, you know, thinking through it, just classroom hours are not necessarily the only measurable. So I would argue that other measurables would also be important. Right? Like do do you have general knowledge of this? Is there some test or aptitude.
Real world application for it? Because there’s many different things other than the traditional learning that goes on and you know, like a C class or something like that.
Well, we all know that experience is where you really get your learning, but you don’t want your client to be the guinea pig through your you know, when you’re embarking on a huge transaction like a farm or a ranch. So just think about that. It’s okay. We all want the business.
You can keep the business, but do your client a favor and you know, partner with somebody who is experienced, who’s going to get them, you know, exactly what they need. So I thought that was a good idea. And then, you know, they might reciprocate. Maybe they have somebody moving closer to Dallas and they need, you know, someone closer. So I think it will work out both ways.
Yeah, that would actually be a really good relationship to establish. Yeah, right. Because that’s totally possible that that local expert there lacks this as well and is your perfect complement.
So don’t just think it’s outside of our state or somewhere where you may not be licensed. It could be right here in our area, you know. And so don’t underestimate that. All right. The next thing, it was a big talk about wholesaling. So the assignment contracts and how this is a you know, this is a problem. And I’m I’m really thinking through how is this really a violation on a seller?
So there was a lot of talks of how now the sellers and and previous sellers are coming back saying, you know what, I got totally taken advantage of here and bamboozled.
And I don’t I don’t like it. So, you know, thinking through how that would happen, somebody comes in, right, and they’re going to buy the home, but really they are going to try to flip it. So what they’re doing is they go into contract as Mike and Shawna Christo, but they put and or assigns, which means during that time we can just flip it over to somebody else and make a profit. Right?
So we are buying something for 100,000 and. We’re bringing in all these different investors and different buyers who will pay 150. So we’re going to assign it. They pay 100 and then that 50 comes to us. So, you know, there’s a lot of things that come with that. But one thing is that person, the buyer, if they want to go and they schedule all these inspections during this time, they’re not inspections.
They’re bringing other people in there who, you know, it’s an unlicensed people, again, coming in with people who really shouldn’t be in there. They’re not inspectors. They’re not licensed inspectors or appraisers or, you know, trades that are inspecting. So there’s a lot to that and you’ll see a lot more of that come into play. They’re working on a checks and balance system for that process.
Could I take just a second to comment on whole wholesaling?
So I think that there’s a I think there’s a naming problem with what that actually is. And we had we had talked about that before that the concept to me of a wholesaler is somebody who buys who purchases something in bulk.
Who holds it and has it ready for somebody else to acquire from them at a retail price. That’s a wholesaler like the classic, classic definition. Right. And this scenario, people are not builder yet. People are not wholesaling them, they are buying them and they are assigning them to someone else. They’re not actually purchasing.
Contracts or assignment contracts. And people labeling them as wholesalers, I think just confuses the whole issue. I agree. So I might make a suggestion that when they consider making amendments to this, they reclassify the name and maybe also with those people have a disclosure statement that says this buyer, how often require them if you have done more than this many that you have to give a disclosure.
So, you know, when you sign a a lender, a loan document and it says this servicer transfers 98% of all their loans. Yeah, right. Then, you know, again, my loans are likely to get transferred. There should almost be a requirement on anybody that does more than X amount of wholesale or assignment contracts. One that they yeah. That they write.
Assignment contract that they.
Register and say, has this entity ever assigned other contracts? Are they likely to in what it is? And that is clear and transparent to what’s going on. Yeah, because there’s whole businesses that just operate like this, right. That are really assigning and have zero intention to purchase and the the seller is really entitled to know that.
Yeah. I mean that’s the problem, right. That they’re thinking like when someone hears that, oh, you came in and I agreed to sell it this, but then all this is going on and they’re not aware. It doesn’t feel good. Yeah. You know.
And I just think transparency always eliminates lawsuits and problems. Yeah. So my recommendation for what that happens to be worth is disclosure statement and reclassifying them as assignment contracts, not wholesalers. Yeah, and clarity seller deserves it.
It’s after nine, but I do have a really good last. I mean, I have more but I would like I can talk about this or we can punt it to tomorrow. Well, we’re not going to be here tomorrow, but it’s about solar panels and it’s pretty interesting.
So go ahead. Do it.
So solar panels is an issue because people are not understanding. And fortunately, there’s companies coming out of the woodwork selling. We had a live situation in our neighborhood in McKinney, right where these guys are out selling solar panels. It’s a contract. They don’t really read through and understand what they’re getting involved in. What we’re finding is the really not successful and profitable. So you want to you want to be very, very careful if you embark on this.
Like the company of selling or that’s not profitable if you’re this whole.
Solar panels because you get you know, you’re you’re getting power.
They’re not economically economically viable.
And then they’re they’re having to sell it back. They lease it all this stuff. And it’s just not it’s very, very complicated. And the big takeaway from this is when a seller has this contract in. Weiss Title policies are not being. It’s not it’s violating their title policy. They’re not honoring this solar panel, the solar energy. So it’s an issue with title. A big, big issue with title. It puts a cloud on the title.
Pretty much so. Yeah. So it could really you need to know if you are buying or selling a home that has solar panels. You know, there’s a whole list of things that we need to talk about to protect your client because it is apparently getting out of control right now.
So there you go.
Thank you. All right. Those were great topics. You covered a lot of amazing things. And I see you have more. I do. This is really good.
And yes, I did bring up the builder the builder situation and they’re like, yes, we know, you know, it’s going to come back around and then builders are going to need us. I’m like, well, that doesn’t solve the problem today, right? And it doesn’t solve the problem the next time it happens. So if we don’t get control of it now, I don’t think it’s fair to just kick it down the curb and say it’s part of the market, it’s going to change. So that’s the second time I’ve brought it up with the Texas.
Builders being register or builders.
Being having to have a licensed person in there or putting it on an MLS
Or selling real estate. Yes. And they’re not just selling one. They’re selling wholesale. They’re selling in bulk. And, you know, there’s not a lot of cooperation happening right now between the realtor and the builder.
Yeah, it does need to be addressed. And I appreciate you stepping up for for that. Yeah. You know, your access allows you to address a lot of these issues. Yeah, I mean, it’s good, so.
All right, well, that’s it. Sorry we ran over today, but I definitely wanted to talk to you about the solar panels because I think that’s, you know, I didn’t know Cloud the title. I didn’t realize, you know, the problems that they’re really causing besides people getting taken advantage of. There’s a lot more to it.