Million-Dollar Listings: How to Sell Your Home for Top Dollar in Today’s Market With Fred Glick and René Pérez Jr. Of Arrivva

Here’s a glimpse of what you’ll learn: 

• Explore the repercussions of the LA mansion tax shortfall and its effects on the luxury housing market
• Explore Arrivva’s innovative approach to listing your high-value property
• Uncover the mysteries behind houses quickly relisted after being sold
• Discussions on pricing strategies and market transparency
• Explore insights on property tax
• Insights into feedback requests and the importance of effective communication
• Efforts to promote inclusivity and fair housing practices
• Learn from a recent transaction’s critical lesson on issuing counteroffers

In this episode with Fred Glick and René Pérez Jr.

Join Fred Glick and René Pérez Jr. from Arrivva as they delve into the intricacies of how to sell your home for top dollar in today’s market. 

From navigating the impact of the LA mansion tax to innovative listing strategies, they uncover key insights to help sellers secure top dollar for their homes. Explore the reasons behind quick re-listings, pricing strategies, market transparency, and estate planning tactics. Gain expert advice on effective communication, fair housing, and avoiding missed opportunities in real estate transactions. Tune in to learn how to navigate million-dollar listings with confidence and success.

Resources mentioned in this episode

• Fred Glick on LinkedIn
• René Pérez Jr. on LinkedIn
• Arrivva
• Zillow
• Redfin
• Slack
• TikTok Insights on Property Taxes 
• Google Maps
• Fair Housing
• Real Estate Help (@laterwendy)
• ShowingTime
• Google Meet
• Zoom

EPISODE TRANSCRIPT

[00:00:00] Fred Glick: Here’s a crazy question for you, René, because I thought of this. I know you have housemates, obviously, it’s not your house that you live in, but do you guys each have your own renter’s insurance policy? Do you have a renter’s insurance policy?

[00:00:13] René Pérez Jr. Yeah, it’s like 20 bucks with AAA.

[00:00:15] Fred Glick: Okay, even though he’s got the homeowners and living there. Okay. Yeah, it’s cheap. Just, you gotta do it. Especially the liability. Anyway, just curious. Anywho,

[00:00:27] René Pérez Jr. It’s actually little-known fact that renters insurance also covers you on your car.

[00:00:33] Fred Glick: Yeah. If somebody steals out of your car, they come back. Yep.

[00:00:36] Drew Thomas Hendricks: It’s a heat wave across the United States today, except in Southern California where it’s freezing.

[00:00:41] Fred Glick: I’m in Silver Lake and it’s a bit windy here, so.

[00:00:46] René Pérez Jr. Is there a heat wave? I’m living in the fog. I have 65.

[00:00:52] Drew Thomas Hendricks: Yeah, it’s like 107 in Bishop right now.

[00:00:55] Fred Glick: Here’s my other question. I know on Google Meet, there’s a way to change over to the make the phone your camera. Is there a way to do that on Zoom?

[00:01:03] Drew Thomas Hendricks: We can switch to Google Meet. Are you?

[00:01:05] Fred Glick: No, I could care less. I was just curious to see which camera looks better.

[00:01:10] Drew Thomas Hendricks: But now I’m getting peer pressured by everybody that Zoom’s done and I should be on Google Meet for everything.

[00:01:17] Fred Glick: Really?

[00:01:18] Drew Thomas Hendricks: So yeah.

[00:01:19] René Pérez Jr. I’ve told the other way around.

[00:01:22] Drew Thomas Hendricks: Well, the other day, well, I had a meeting and this is a well funded tech company and they all moved to Google, like three months ago.

[00:01:31] Fred Glick: Google has to come out with improvements to Google voice. They know that.

[00:01:35] Drew Thomas Hendricks: Yeah. It was funny. They all shamed me. Like we haven’t been on Zoom in months. No one uses Zoom anymore. I’m like, well, you don’t. Made me feel like an old person, like he’s in my space or something.

[00:01:47] Fred Glick: I know. We should buy AOL for a dollar and just make it a video chat thing.

[00:01:53] Drew Thomas Hendricks: Nice. Yeah.

[00:01:55] Fred Glick: Yeah.

[00:01:55] Drew Thomas Hendricks: This is already more engaging than most of our podcasts. We haven’t even started.

[00:01:58] Fred Glick: But you are recording, so.

[00:02:00] Drew Thomas Hendricks: It’s like the latest shows I’m watching on TV. They start the intro like, so we’re just starting. Fred’s freezing in Silver Lake.

[00:02:07] Fred Glick: It’s like a preamble to a record. You used to have that back in the 50s and 60s, where they’d sing something, but then the real song would start. And I’m trying to remember a song that started like that. Oh Beatles song you do, do, do, do, do, do, da, da, da, da, da, da, da. And then it went into the song here, there, and everywhere. So there you go. That’s what we’ve done. I’m sure there’s a name for it.

Anyway.

[00:02:38] Drew Thomas Hendricks: Welcome to We Fixed Real Estate. Lots on deck today. I was sharing with René on our Tesla. It’s not real estate involved.

[00:02:46] Fred Glick: Oh yeah. Your wife just got it.

[00:02:48] Drew Thomas Hendricks: We just got a Tesla four days later. We picked it up. It had a rattle in it. Like there’s a piece of plastic stuck in the air conditioner. So

[00:02:57] Fred Glick: Don’t you need to pay extra for that? Well, yeah, that’s another 12, 000 dollars.

[00:03:02] Drew Thomas Hendricks: They said it’s a one day, it’ll take a day to pull the whole front apart and get the rattle out. Three days later, she was driving back from the hospital, blew a tire on the freeway. Completely shredded it. And there’s no spare. And I guess, so I was telling René that the big tip is no tires are covered at all if you’re moving.

Any car company, no matter how new the tire is, it could be one, one minute off the lot if it blows, it’s your responsibility. So, but the expert thing to do is drive straight to a discount tire and buy the warranty on those new tires. Then you get the

[00:03:40] Fred Glick: So they’ll sell you a warranty even though they didn’t sell the tire.

[00:03:43] Drew Thomas Hendricks: Absolutely.

[00:03:44] Fred Glick: So, oh, they must be making a fortune on that.

[00:03:47] Drew Thomas Hendricks: If it’s a new tire, it’s $40 times four. So for that $160 then you’re covered.

[00:03:52] Fred Glick: Nice.

[00:03:53] Drew Thomas Hendricks: And so we’re $500 into it ’cause we bought the one tire and then bought the tires on, bought the warranty on the four tires.

[00:04:00] Fred Glick: Love the warranty. Excellent news. This is how we fix transportation.

We Fixed Transportation, part of our, We Fixed Real Estate.

[00:04:09] Drew Thomas Hendricks: Yeah, it didn’t occur to me, but it makes total sense. And most people don’t think about that.

[00:04:15] Fred Glick: There you go.

[00:04:16] René Pérez Jr. I think, I mean, it makes sense, but all insurances are all scams.

[00:04:20] Fred Glick: They’re all money-making ventures. I wouldn’t call them scams. Okay?

[00:04:25] Drew Thomas Hendricks: It is designed to there’s always a winner and a loser and they’re betting you’re not going to use the warranty and you’re betting that you’re going to

[00:04:32] Fred Glick: Use it 20 times. Yeah.

[00:04:35] René Pérez Jr. Oh, sure.

[00:04:36] Drew Thomas Hendricks: So let’s see. We’ve got a lot of topics on deck.

[00:04:39] Fred Glick: Yeah, just throw them out. Since you are the host.

[00:04:43] Drew Thomas Hendricks: So I’m new to this, I guess for a year, last year, there’s been a mansion tax in LA.

[00:04:48] Fred Glick: Yeah.

[00:04:48] Drew Thomas Hendricks: I thought they were going to raise like a billion dollars, but they’ve only raised like 600 million.

And now people are like listing their houses at 4.995. So they don’t have to pay the mansion tax. Cause at 5 it hits 4%.

[00:05:01] Fred Glick: Yeah. But just do the math. If you’re going to get 6 million for the place, you know, what’s going to cost you in the tax, as opposed to getting 49999. And all that does also is allow for bags of money to be transferred. Crypto, side deals, and the fact that there aren’t a lot of sales is also because everybody put their houses up for sale before it hit all the stars, everybody in the know and lots of houses transferred because people were able to buy without having to worry about the tax. So that took a lot of inventory on the market. I have a buyer who’s in the Hills. He can go up to, I don’t know, 8, 9, 10.

Yeah, something like that. Yeah, stuff comes on, but nothing comes off. It’s really odd. We were looking at one house and it literally just. They claim they had an offer and then it just went off the market.

[00:05:59] René Pérez Jr. I mean, if you’re going to pay a tax, you’re going to, you want to get your money, right?

So you’re not just going to sell quickly, but you want your number and that’s it. No, I’ll just keep it on the market longer. That’s how you’re playing.

[00:06:11] Fred Glick: Exactly. The supply demand situation right now seems to be kind of balanced up there.

[00:06:17] Drew Thomas Hendricks: Mm-Hmm. .

[00:06:18] Fred Glick: But, you know, so the big money is not going crazy or they’re buying somewhere else, or, you know, there’s certain prestige streets that people want to be on and not just take any house.

So there’s a lot of ego involved. I’ve never ever watched any of those shows about the sunset people and all the drama.

[00:06:39] Drew Thomas Hendricks: Shows the sunset, the million-dollar game.

[00:06:41] Fred Glick: Or whatever, the whatevers. I don’t know.

[00:06:45] René Pérez Jr. I think Fred just wants to hate on a show just because he’s

[00:06:49] Fred Glick: No, there’s ego. I don’t have an ego. So I’m not really impressed with egos and show-offs. It doesn’t amuse me.

[00:06:58] Drew Thomas Hendricks: If you’re selling your home for 10 million, getting listing through Arrivva, you could offset some of that mansion tax.

[00:07:06] Fred Glick: Oh God. Yeah. Okay. Thank you, Drew, for feeding that one to me on a silver platter. Yeah, so here’s the deal. Let’s assume, and this is probably a very good assumption that in order to list your house, that’s you know, big numbers and fancy dancy, you’re going to pay, let’s just say 3%. Maybe you get two and a half, but you know, they’re going to show you their value of selling your bazillion-dollar house. So you’re gonna pay somebody on a $10 million house, $300,000. $300,000. I don’t know, six weeks’ worth of work maybe. It’s crazy. So what we do, and we don’t care about the price of your house, it’s $15,750.

And you’re saying to yourself, well, at that price, I mean, that’s ridiculous. It’s too low, but it’s not low. And here’s why, because we pay for all the inspections. We pay for all the photography. We pay for a thorough cleaning of the house before it goes on the market. And we presented in a positive way.

We can restrict showings to only people who are pre-approved or have cash. We know how to do all the process and put it on the MLS and let everybody see it. I mean, we don’t do private listings because it’s just doesn’t benefit the buyer of the seller. Just crazy. But yeah, so $300,000 minus about. $15,750 or I should say exactly $15,750.

Do the math. It’s a lot of money to save. And part of it goes to the tax and then you’re still walking away with more money. Do the math. We should build a little spreadsheet that people could put in the price, we’ll figure what the city tax is, and then it’ll show what our commission is versus their commissions. And then they can see who’s got the better deal and why you should just pay the tax and get out.

[00:09:21] Drew Thomas Hendricks: Yeah.

[00:09:21] Fred Glick: There you go. Oh, and by the way, we don’t, we don’t require you to put a buyer-broker fee. You can have nothing and they can, people buy at a 10 million dollar house can afford their buyer broker. So no need for a buyer broker fee.

That’s it. That’s just silly. It’s just beyond silly. So, okay, that’s it.

[00:09:43] Drew Thomas Hendricks: Let’s mention tax. And René, I’ve got a scribbled note here that we were supposed to talk about. Navigating real estate non-disclosure states.

[00:09:52] René Pérez Jr. Yeah. Well, I think that’s going to have to wait for next week. Cause I didn’t really do a lot of research on that.

But one thing, one thing I’ll mention this time is the fact that like.

[00:10:00] Fred Glick: Tease it. Tease it for next week.

[00:10:03] René Pérez Jr. Yeah, I’ll tease that it’s quite obnoxious that in markets like Idaho, you can’t, you can’t see what a house sold for. You have to depend on an agent to see what the sale price was. And I think that’s just ridiculous. It’s not consumer-friendly. So

[00:10:21] Drew Thomas Hendricks: Really? I didn’t know that. So if I go to Zillow and I look at houses, like in Cardinal Ln, I’m not going to be able to see the sales history?

[00:10:27] René Pérez Jr. And that’s exactly where I was trying to find a home.

[00:10:30] Fred Glick: But if you remember the MLS, you can see the data, correct?

[00:10:36] René Pérez Jr. Exactly. Yeah.

[00:10:37] Fred Glick: Now here’s the question. Does that MLS allow you to publish that data?

[00:10:44] René Pérez Jr. Yeah, no, yeah.

[00:10:45] Fred Glick: I don’t know that quite the answer to that question.

[00:10:48] René Pérez Jr. Yeah, I haven’t really looked into it and that’s that’s what I want to come down.

[00:10:52] Fred Glick: Yeah, definitely. Because I know in Texas, same thing. They don’t make it public. Yeah, there’s 10 states that do that.

[00:10:59] Drew Thomas Hendricks: Oh, yeah. Check in next week and we’ll give you the lowdown on that.

[00:11:04] Fred Glick: There you go.

[00:11:05] Drew Thomas Hendricks: One thing that I got to tell you and it’s I got to take better notes because I’ve got to see these random things going on here. I’m just going to lay it out here. Why is a house re-listed so quickly? Can we get an insight and why it sold in April and relisted?

[00:11:20] Fred Glick: Yeah. Can we get the insight why the house wasn’t sold in April? I get, I got that message from one of my people on Slack about a house. Single family in Orange County.

And, oh, by the way, they ended up not even replying to the seller counteroffer on that one where the woman was from the CRMLS. So she’s off in the distance. But this new one, it came on the market, went off the market, came back on the market, and we just want to know why. And it’s always interesting what the agent can say, they could say, “Oh, it was no fault of the property.”

But how do you know that? You have no proof. Okay. Oh, do you have a home inspection? Well, they didn’t give it to us. Okay. You know, and that happens. And then they don’t have to disclose anything. You know, or it was the mortgage, they didn’t qualify or something. Okay. I’m sure you got a copy of the cancellation of the mortgage.

Because you need that to be able to do that. Cause you can’t lie about that. No, we didn’t get that. We trusted them. So you don’t, you just don’t know there’s, you know. So the idea is to take a more cautious approach when looking at a house that comes back on the market. And unless it comes back in like two days because that means.

The buyer didn’t make the deposit, let’s say 3 days, something that quick, or they lost their job. So it’s not going to have anything to do with the property if it’s really quick, because they usually don’t get an inspector that quick, even if they do get the paperwork and back and forth. So, but just keep an eye on it, it can only be two things, the person didn’t get their mortgage, or they walked away and abandoned the transaction, or something with the property that bothered them.

[00:13:20] René Pérez Jr. Well, actually, I will counter that with look at who the listing agent of the property is, right? A good agent that’s been on the industry for a long time that I guess it’s hard, right? A good agent that has a history of knowing listings that don’t fall through, they’re not going to take a contract that is ridiculous that has terms that are going to make it so that it comes back on the market.

Now, if you have a new agent or an agent, that seems like the only work with investors. That are overpricing things or that are just trying to move things quickly. You should think about, “Okay, what’s, what happened here in the house?” Did someone make an offer ridiculously high, but with the contingency, so I think they could negotiate down? And the sellers were like, “No, I’m not going to take that.”

Because the one strategy is that a lot of people try to do is like, “Oh, we’ll make an offer at a million and we’ll just use the inspection to lower the price.” Well, then at that point, like, no, the sellers, there was nothing wrong with the house, but the sellers just wanted a huge deal. So at that point, the sellers say like, “No, I’m not going to take that deal. And there was nothing wrong with the house.” So there’s a little bit of both.

And it’s one of those things where you have to want to decipher. I mean, if we’re able to put us inspection contingency afterwards, that’s great, but there’s things that are still going to, you know, go back to pending immediately after getting out of the contract because there is a lack of inventory. And, I mean, Fred loves to say this all the time. That you’re not buying the house, right? You’re buying the land. So, if it’s in a good location, it doesn’t matter what’s wrong with the house. People are still going to buy it.

[00:15:03] Fred Glick: There you go. It’s called real property.

Yeah. Real estate is just the physical building. Real property is what you’re buying. All the minimal rights if you have them. I know a guy made a million dollars selling out to one of the oil companies for shelling rights or drilling rights in his house. Yeah. What was that? Where they’re going sideways?

[00:15:29] Drew Thomas Hendricks: Oh, fracking?

[00:15:31] Fred Glick: Fracking. Yeah. So sold it to somebody fracking, made a million bucks, moved to Florida. Yeah.

[00:15:38] Drew Thomas Hendricks: Talking about a million bucks. What’s this price discrepancy I see here on the Slack you sent over to me on June 1st?

It was listed for 1.9 million and sold for 3 million. A million over listing?

[00:15:51] Fred Glick: Oh, yeah. I just want to tell you, welcome to Cupertino.

[00:15:55] Drew Thomas Hendricks: Yeah.

[00:15:55] Fred Glick: Okay.

[00:15:56] Drew Thomas Hendricks: One million over asking.

[00:15:59] Fred Glick: Yes. And now she can go to the people down the street and want to sell, “Oh, we got a million over asking.” Well, guess what? The house was worth 3 million. Maybe it was worth 2.8, 2.9. Put it up at 2.7 and you’ll get the same 3 million without a bunch of dodo birds who don’t know what they’re doing putting in offers at a hundred over list.

I mean, the waste of time. I mean, I complain about this all the time, but you as a consumer, if you go through this, you get pissed off. Be realistic with your prices. It’s not gonna hurt you. It’s going to help concentrate with quality rather than quantity.

[00:16:44] Drew Thomas Hendricks: It should be a 10 percent plus-minus like variance. Like that’s, even that’s a lot.

[00:16:49] Fred Glick: It’s fraud.

[00:16:49] René Pérez Jr. Okay. How do you, okay. So how do you figure out what 10 percent is going to be though? Cause we don’t know. I mean, you can be the best real estate broker in the world, but you don’t know which buyers are going to come into your house. You don’t know who’s going to come in with the, with an agent that doesn’t have real estate knowledge and is going to just throw it, throw in a number for you to offer.

So how do you actually market transparently? Do you just use the last comp? The last comp that might’ve been bought by an investor already then got it, or by an investor that got a really good deal? So you market to the house next door? So it’s, there’s no real way, like we can complain all we want about like how agents you know, mispriced listings and yes, some do it overboard, but you know, if you want to list a property that’s 3 million and listed at 2.99, that’s a risk.

That’s a risk because you’re, you could be overpricing it. So there’s no way, there’s no 10 percent number to really go out off of. That’s the difficulty of listing residential real estate, right?

[00:17:48] Drew Thomas Hendricks: In markets like Cupertino, that are just going bananas with multiple listings, I mean not multiple listings, I’m sorry, multiple offers going on, and no one really, I mean, such a discrepancy, a million dollars over, would an auction process make sense where everyone could just put in their offers and see what the other offers are and bid it up to the point that the person does it?

[00:18:10] Fred Glick: What if I were to tell you,

[00:18:12] René Pérez Jr. In a perfect world, yes.

[00:18:13] Fred Glick: We are actually working on a process where you’re going to be able to log into a website. There’s a lot of registration involved, and you’re going to be able to put an offers, offers in on properties, and it’s going to be live scoreboard. You’re going to show price, mortgage, if you’re going to do one, if it’s a cash deal how many days are you going to waive inspections and appraisal, all that kind of stuff, and maybe agree to a rent-back if they need it, and it’s just going to be fun.

[00:18:50] René Pérez Jr. The only way for something like that to work is if the people who are on the other side who are buyers actually put in their money in there. So that you can verify that the real offers before they get accepted. That would be the only way.

[00:19:01] Fred Glick: Oh, no, no, no. The way, the way it’ll work is the winner gets an email and says you have to send the following things within an hour.

[00:19:09] René Pérez Jr. And what happens if they don’t?

[00:19:09] Fred Glick: You go to the next person.

[00:19:12] Drew Thomas Hendricks: But you have to have earnest money. You have to be approved. You can’t let like,

[00:19:15] Fred Glick: Well, you can’t have earnest money until you have a contract.

[00:19:17] Drew Thomas Hendricks: Oh, well, it seems like you need to be pre-approved or something.

[00:19:20] Fred Glick: But yeah, absolutely. We’re going to work on all those details. I just wanted to throw the headline out.

[00:19:26] Drew Thomas Hendricks: That’s exciting. I like that idea. It’s like almost a one step beyond the, on the stairs auction where live auction,

[00:19:36] Fred Glick: Right. Like Australia, which is insane.

[00:19:39] Drew Thomas Hendricks: Yeah, historically, we actually did the first website when they came over here.

[00:19:44] Fred Glick: Oh, yeah?

[00:19:45] Drew Thomas Hendricks: For that auction thing. Hard courts. That was years ago, but

[00:19:51] Fred Glick: Yeah, they’re still around. I don’t really see it. I mean, it makes no sense to pay the auction fees. It’s always higher. You don’t need a separate auctioneer’s license in California, as long as you got a broker, real estate broker’s license. So just another form of pricing.

[00:20:07] Drew Thomas Hendricks: Interesting.

[00:20:08] Fred Glick: There you go.

[00:20:09] Drew Thomas Hendricks: Talk about, what are we talking about? Property taxes. Yeah.

[00:20:16] Fred Glick: I saw this TikTok and we’ll put up the link on this state planning lawyer. And I’ll just read what he wrote here. California investment properties stay low by putting them into revocable living trust.

So he’s basically saying that if you put it into this trust, they can’t really raise your real estate taxes? I don’t know how deep that is or how, what the context is, but go check the link out if you want to see that. It’s very interesting. We’re not financial planners, so we don’t, we don’t get involved in that stuff.

Even if I knew a little bit, I wouldn’t want to say anything, give any advice, but check that out because that looks awesome.

[00:21:05] Drew Thomas Hendricks: Especially if you’re trying to pass your house down through the family and you’re not looking for a resale, you got to have some proper estate planning.

[00:21:12] Fred Glick: Totally. Totally. Totally.

[00:21:14] Drew Thomas Hendricks: You guys are getting behind the scenes today. Now I’m looking at this other feedback requested for your showing. What’s going on there?

[00:21:21] Fred Glick: Feedback. Okay. These real estate agents use some kind of a system. There’s a company called ShowingTime that they just, you know, you make an appointment like in Washington State.

They use it. You click on there to make an appointment to see the property. Then it goes through, they have to approve it or sometimes or whatever. But what’s also attached to this showing system is a request for feedback on the showing. And most of the time we’re not there. We hire people and there’s only, the only feedback we care about is, are our buyers interested in putting an offer in or getting more information?

Other than that, you know, obviously, they’re not interested, but these guys keep not only sending by email, these requests for feedback. But they’re still using the telephone to think I have time to stop everything I’m doing to tell them about you know, some kind of thing about the house or the buyers and I can age and still. I had one yesterday who wrote me an email, you know, after we just requested disclosures and inspections, because they weren’t on the MLS, like normally we just click a button and get it. And I said I requested that she sent us back. “Well, I want to talk to you and talk about your buyers.” That’s like, no, ma’am, they’re qualified, period. That’s all you need to know.

Because I don’t want to get into a conversation with her and you know, that’s what these real estate agents do. The listing agent talks to the buyer broker. If you’ve got a buyer broker that loves to talk, not just find out information, but just yak and yak, she may be able to, the listing agent might be able to find out something from your buyer agent that you really didn’t want them have the listing agent know like they have to buy a house.

He’s got to be here on August 15th. So, you know, they, the wife loves the house, you know, everything’s just perfect colors and whatever. It’s like, okay, we can jack the price up on them because they need it. We just do not have conversations with people generally, especially in advance. They won’t even give us disclosures without that.

It’s crazy. Finally, she, in turn, set the disclosures. And now here’s the funniest thing. I went to her website. And she’s listing all these things about her personal, how many children she has, how many grandchildren she has, where she went to school, a whole bio. Then she lists her parents, and she put all three are still alive and over 95.

That’s right. I said all three parents were still alive. Okay, so. Interesting.

[00:24:25] Drew Thomas Hendricks: Wow.

[00:24:26] Fred Glick: Yeah.

[00:24:26] René Pérez Jr. I guess I just hear complaints. No, our whole business revolves around working with people. Right? So to say like, “Oh, we never talked to them.” I think, first of all, is, you know, taken out of context. Secondarily, you know,

[00:24:45] Fred Glick: I’m just talking about the things we’re not interested in anymore. If we’re interested, we’re going to talk to people when that’s okay.

[00:24:51] René Pérez Jr. But sometimes you got a buyer that is thinking about it, but they don’t want to pay us the earned price. And you answer that phone call and guess what the seller’s agent tells us, “Oh, they’re willing to accept 80 – the list.”

Or you’re setting up an, or you want to set up a second appointment, you know, that call from an agent who wants feedback is idiotic from there. And if the listing is new. Right? If the listing is new, an agent should not be calling you for feedback of an offer.

[00:25:22] Fred Glick: No.

[00:25:22] René Pérez Jr. Why? Because you’re doing your sellers a disservice.

I know that if you’re calling me immediately, it means that you’re antsy because you’re worried that you’re not getting any traction. Because if it’s a good listing, it takes a long, you’re busy with answering other people’s, like everybody has questions, right? So you don’t have time to be answering for feedback. So you just let it be.

[00:25:46] Fred Glick: Here’s the other thing. I used to answer it years ago, but then I thought to myself, “Wait a second. You’re the listing agent. Do you not know what’s wrong with the property, or why doesn’t it show?” You know, what he’s trying to do is give, make it easy for him to go to a seller and say, “Yeah, they said it was this or that.” But again, there’s this communication link between the agent and the seller.

[00:26:06] René Pérez Jr. You know, if depending on what type of client, some clients want that feedback to fix things, some sellers don’t want to fix things.

If you’re a builder. Well, you know what? All our builder clients want to know, “Okay, what is the feedback of the house? Because builders are building more houses. So you want that feedback and you have even the big builders that Thomas James, Lennar, I’m sure in on Toll Brothers, they get feedback because they want to do better on their next house.

[00:26:33] Fred Glick: They do market research.

[00:26:35] René Pérez Jr. So it’s market research. So, yes, we don’t need to get on a call with every agent asking for feedback and ask for that or being overly ridiculous, really. But at the same time, whether you’re in a relationship, whether it’s working in a restaurant, whatever you name it if you can’t have good communication, you’re not going to do well in business.

You’re only, you’re going to do a disservice to clients. I think that’s the bottom line to it.

[00:27:03] Fred Glick: Totally.

[00:27:03] Drew Thomas Hendricks: Oh, what about direct comments? Because I swear I remember seeing a comment section on Redfin or Zillow where people that toured the house could leave a comment.

[00:27:10] Fred Glick: No, that’s the Redfin agents who have access to that. That’s interesting. I mean, but remember they’re a corporation. They’re not going to let, you know.

[00:27:19] Drew Thomas Hendricks: So like, I couldn’t go leave a comment saying, toured the house.

[00:27:21] Fred Glick: No, no, not even.

[00:27:23] René Pérez Jr. So one thing that I would want to build is something like that, the idea that people go to homes and they review the house that they went to.

It’s like, “Hey, this one, it’s too loud.” That way, you know, people don’t have to go there and

[00:27:35] Fred Glick: Well, you know what, here’s Google Maps. I mean, each house has a latitude and longitude. You’re there and you just go and you put that in there and do a review maybe.

[00:27:48] René Pérez Jr. You can’t review houses.

[00:27:50] Drew Thomas Hendricks: I guess I wouldn’t trust people looking at the houses because they may leave a bad comment just because they want to wait a couple more weeks to put in an offer.

[00:27:58] Fred Glick: I mean, yeah, it could be all manipulated and this would have to be well thought out. But yeah. It’s a good idea. And I’m wondering, we can get an IDX, IDX is Internet Data Exchange of MLS data, but we have to do it in their format? But I’m wondering, because Redfin does stuff underneath that’s not MLS stuff, like their competitive ratings and such.

Maybe we could build some sort of a intertwine with, say, some kind of chat thing.

[00:28:35] Drew Thomas Hendricks: Yeah.

[00:28:36] Fred Glick: That verify people some way or another. All right.

[00:28:40] Drew Thomas Hendricks: Comments have power. And we saw that this week with NAR Pride Month drawing 900 negative comments when they put out the post.

[00:28:49] Fred Glick: What a bunch of assholes. Okay. It’s like, get over yourselves.

Why are you so homophobic? What do you think they’re going to do to you? How is your life going to change?

[00:29:02] René Pérez Jr. And sadly, then it ain’t just NAR. I mean, you see that, you see these kind of negativity across all industries. For any company that wants to align themselves with Pride Month. I wonder if it, so I haven’t really looked into all the commentary as to what’s going on, but

[00:29:17] Fred Glick: I don’t even read it.

[00:29:19] René Pérez Jr. I wonder if it’s actually homophobia or just the fact that people are tired that these companies on June 1st put in the rainbow logo. People don’t want that.

[00:29:30] Fred Glick: How does that affect your life? I don’t understand this, but whatever.

[00:29:38] René Pérez Jr. So that’s something that I would complain about.

[00:29:40] Fred Glick: So, I mean, we don’t care who you are, don’t care what you do. As long as you’re qualified, you get either the cash or fully underwritten pre approval and you’re looking to buy. It’s a pleasure. You know, we like dealing with people.

[00:29:59] René Pérez Jr. Well, that’s one of the reasons why we try to limit our, or even our knowledge of who you are and what you do, because we’re trying to protect you against fair housing violations. Right?

Because while we don’t care who you are and what you prefer, whatever that may be, you know, it’s still common in this day and age where people are racist and sexist and they’re going to dismiss you because of who you are. And I’ve actually, so I’ve pitched the idea of, so as we talk about like the bidding the blind bidding process and stuff that Fred’s building.

I’ve actually told people this idea and you still get people who say, “Well, I don’t want that to be blind. I want to know who I’m selling the house to because I want to know who my old neighbors are going to live with because they’re still my friends.” So you still have this discrimination against people.

So it’s hard. It’s why we try to tell you, don’t like, don’t go to the open house and, you know, act like if you love the house, because we’re trying to minimize, you know, the other parties knowledge of who you are and what you do, because they should be concerned with if you’re qualified and if you’re able to afford the house and we get those calls all the time, like I have to respond.

And sometimes I get on the phone with these agents and they say like, “Hey!” Like, “Did you know that you, like, I know your sellers are interested. But I’m going to have to ask you to please tell your sellers that it’s a fair housing violation.”

[00:31:30] Fred Glick: And I mean, these people go through continuing it, and every year they’re supposed to take this fair housing stuff, and they probably just get their assistants to do it, and they don’t care.

And they’ve been doing this for years, and there’s no penalty. Well, nobody’s getting put in jail for it. No, there’s no enforcement. They, these people do violations and NAR issues and just NAR doesn’t do anything. You’re not, they’re not, well, you can put in a realtor complaint between realtors and then you go through a whole process there.

But what happens is it’s not revealed publicly. So you have no idea who the bad guys are.

[00:32:07] René Pérez Jr. I mean, I think there should be a commission for all this, an enforcement agency, just like there is.

[00:32:12] Fred Glick: Yeah, I mean, the state can only do so much, you know, for little stuff that, you know, takes some years. I mean, there’s just no way except… I don’t know.

[00:32:24] René Pérez Jr. I mean,

[00:32:24] Fred Glick: I mean, there should be fair housing.

Okay. So here’s an idea. To hire a journalist independently, to write a blog or an online newspaper and get the information, and put it out there literally, you know, in some newspaper about the real thing about real estate, not from real estate agents. Just an independent journalist. So there’s an idea for a journalist.

[00:32:54] Drew Thomas Hendricks: Yeah.

[00:32:55] Fred Glick: There’s TikTok channels. We got our friend Wendy’s does consumer stuff. But yeah, it sucks. There’s so many things you don’t know about that are behind the scenes and manipulating agreements.

[00:33:12] Drew Thomas Hendricks: Talking about behind the scenes, you shot me a Slack earlier today about client’s interest in the property.

[00:33:18] Fred Glick: Yeah. I think I already spoke about this earlier and it was part of an earlier segment. It was kind of a combination of things. But we had a transaction where the other agent that she’s supposed, she sent a counter, but with the counter in California, you’re supposed to send the sign contract. She didn’t do that. I called her on and her sellers withdrew their counteroffer. Because I was telling her to do the right thing.

Yeah. No names, no locations, but in California, it happened.

[00:34:06] Drew Thomas Hendricks: Just do the right thing.

[00:34:07] Fred Glick: There you go. And see, I could file a violation against this agent as a realtor, if I was a realtor for realtor to realtor thing, cause it’s a CAR thing. She’s going to keep on doing it and somebody else is going to call her on it. So not my problem.

[00:34:23] René Pérez Jr. Well, this is, I mean, if you look at the person’s license number, it’s a fresh license number. So this is a partially based out of the lack of education. You know, some, an agent who is fresh out of getting a license and gets a listing and they don’t have a support system that tells them, “Hey, this is how things should be done.”

So on that end, yes, there’s errors on their end. Now, you know, again, sellers have, I mean, we don’t know the other side of the story. Obviously –

[00:34:54] Fred Glick: The sellers, let me give you a little context. The sellers were two real estate agents who were doing a flip on a condo, who also didn’t want to give the contract. So what’s it’s, I don’t know how to even

[00:35:13] René Pérez Jr. You forget. I mean, the thing is, sometimes you forget. I mean, we’re still in a seller’s market for a lot of real estate, especially in California.

[00:35:19] Fred Glick: And you know what? Sellers should know this, that they have to sign the entire contract if they’re sending out a counteroffer.

So that’s something for sellers to know. That’s what I wanted to really say.

[00:35:30] René Pérez Jr. Okay, sure. But what I’m saying is that sellers should know, I mean, buyers should know that they don’t, they’re not going to get second chances sometimes. They have to send a good offer or else they’re going to be, they’re possibly losing a deal because they got something cleaner and they’re not going to get back.

So the fact that they got a counteroffer, that’s a blessing, right? That’s luck sometimes.

[00:35:54] Fred Glick: Yeah, and you know, we’ll try to find out from agents in advance if their seller has an appetite for a second round, because sometimes it’s a trust and they just say, “Hey, we’re just going to take the top bid, whatever comes in and be done with it.”

So you don’t know. So don’t, you know, try to find out. And if you can’t find out, you’re better off making your highest and best offer. Cause then it’s got a chance.

[00:36:20] Drew Thomas Hendricks: That’s a great point. I give, if you can find out, will there be a second round or what’s the possibility of a second round? That’s important.

That’s important.

[00:36:30] Fred Glick: Totally important.

[00:36:31] Drew Thomas Hendricks: Speaking of luck, René, are you still there?

[00:36:34] Fred Glick: You’re out in the hot seat. He’s always got something running out of power.

[00:36:39] René Pérez Jr. But no, putting me on the spot is fun.

[00:36:42] Drew Thomas Hendricks: How did the gold mining go? Did you do that yet?

[00:36:44] René Pérez Jr. Oh, no, I haven’t. I’m going to do that in a couple of weeks.

[00:36:47] Drew Thomas Hendricks: Have you been prepping it at all?

[00:36:48] René Pérez Jr. Oh yeah, no, we’re going to collect all our, I’ve been thinking about getting a metal detector for gold.

[00:36:56] Drew Thomas Hendricks: Does it work?

[00:36:57] René Pérez Jr. It does.

[00:36:58] Fred Glick: It seems like it’d be on the beach. Are you going to be one of those guys on the beach?

[00:37:01] René Pérez Jr. No, no, no, no, no, no, not on the beach. No. Gold is found in, I mean, back when the gold rush happened, there was gold everywhere, but no, now it’s only on specific locations. The problem, the problem isn’t whether the gold metal detector works, but whether it makes sense because a new little detector is 500 bucks.

You’re not going to find 500 bucks of gold, right?

[00:37:25] Drew Thomas Hendricks: Are you doing like you got a sluice? Are you going to, do you have one of those sluice boxes?

[00:37:29] René Pérez Jr. Yeah, I do. I do own a sluice and we have about six different sized of pans. And we have a magnet for black sand. You know, we have the full.

[00:37:42] Drew Thomas Hendricks: Oh, you’re a real deal.

[00:37:43] René Pérez Jr. I don’t know. We’re professionals out here.

[00:37:49] Drew Thomas Hendricks: So you got your secret plot diagrams and

[00:37:51] René Pérez Jr. Yeah, no, we have a friend that owns a plot as well. So, it’s. Yeah. There’s different ways to find the gold out there.

[00:38:00] Drew Thomas Hendricks: Like if someone sees you in your little secret area.

[00:38:04] René Pérez Jr. Are we what?

[00:38:05] Drew Thomas Hendricks: Does it get competitive when you see fellow miners out there?

[00:38:08] René Pérez Jr. There’s people that ask like, “Oh, did you find any gold?”

And the whole idea is that says like, “Oh, we could be.” You know, it’s like, you never want to tell people like, “Hey, I found a bunch of gold here.” They’re strangers.

[00:38:19] Drew Thomas Hendricks: So yeah, it’s like the fish, I’ll go around there and catch all my fish.

[00:38:22] René Pérez Jr. Yeah, exactly. But there’s not a lot of people out there. I don’t think.

[00:38:28] Drew Thomas Hendricks: That’s cool. We’ll put the Latin long in the comments for anybody that wants to meet you there.

[00:38:33] Fred Glick: Yeah, yeah. It’s kind of a combination hike and gold finding.

[00:38:38] Drew Thomas Hendricks: I can’t wait. I can’t wait to hear about that. Stay tuned, everyone.

[00:38:41] Fred Glick: I’ll make a video. We should start running you know, buses out to there for the day from San Francisco and show them the special hike and bring, yeah, lunch and wine and cheese.

[00:38:58] René Pérez Jr. I think before the pandemic, there was a lot of tour buses that were from like the like Napa to San Francisco to Sacramento.

[00:39:07] Fred Glick: Yeah.

[00:39:08] René Pérez Jr. And they just, they haven’t come back yet.

[00:39:10] Fred Glick: There you go. It was a business idea. That’s fascinating.

[00:39:14] Drew Thomas Hendricks: Fred, last thoughts? Final thoughts? Any thoughts? I’m sure you have thoughts.

[00:39:19] Fred Glick: Final thoughts. Yeah. Okay. Stanley Cup Finals start in about 48 hours.

[00:39:28] Drew Thomas Hendricks: Ooh.

[00:39:28] Fred Glick: I would like to see the Oilers win in six. So write that down, kids.

[00:39:34] Drew Thomas Hendricks: Oilers in six.

[00:39:36] Fred Glick: It’s time for Canada to get the Cup back. That don’t feel like hockey. The Stanley Cup in Fort Lauderdale. It’s just, it don’t make sense. I’m sorry.

I’m one of those guys.

[00:39:53] Drew Thomas Hendricks: Yep. No, I can appreciate that. And the NBA Finals are finally starting. Sure seems like these NBA Finals go on forever.

[00:40:00] Fred Glick: I don’t follow the NBA. Sorry. I think, what is it? Boston and

[00:40:05] Drew Thomas Hendricks: I don’t follow it either, but I, I just can’t believe you know, you’re looking at a really big sport guy here. I’m sorry. If anybody’s listening, they should be laughing right now. It’s drawn out even more than like the baseball playoffs.

[00:40:22] Fred Glick: They all draw it out. And you know what? They all try to get the best time slot for TV. That’s what it’s all about. That’s all. And when the rink is available, and that’s it, so.

[00:40:33] Drew Thomas Hendricks: René, how about you? What are your final thoughts?

[00:40:35] René Pérez Jr. Well I’m sorry for all of you that are dealing with the heatwave. I’m experiencing the beauty of 65 degree weather in San Francisco.

[00:40:45] Drew Thomas Hendricks: Yeah, that’s perfect for there. It’s about 64 here, and Fred’s got a sweatshirt up in Silver Lake, and it’s probably 63.

[00:40:53] Fred Glick: Probably 68, but it’s just that breeze. It’s a wind chill.

[00:40:59] Drew Thomas Hendricks: Yeah. That’s that thing. Be like 10 minutes inland and it’ll be a 100 or 80.

[00:41:05] Fred Glick: Microclimates. I mean, it’s all over California.

[00:41:09] Drew Thomas Hendricks: Well.

[00:41:10] Fred Glick: Just be prepared for anything.

[00:41:13] Drew Thomas Hendricks: Everyone. If you’re still listening, have a great rest of your day. I guess this is the end of We Fixed Real Estate for this episode.

[00:41:19] Fred Glick: See yah.