The August 17th D-Day: New Rules That Will Affect Your Home Purchase With Fred Glick and René Pérez Jr. Of Arrivva

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

• Discover how bundled real estate services by brokerage firms can lead to hidden fees and less transparency for consumers
• Listen to expert insights about the big shift happening to the California real estate market on August 17th as new regulations will transform how buyer broker commissions are handled
• Gain insights on  how agents manage offers and the dynamics of negotiating and counter-offers
• Learn why response times can vary, strategies to use while waiting, and how to manage your expectations after your offer is submitted
• Explore how the SAG strike is shaking up the real estate market
• Know about the new tactics for handling open houses and buyer broker commissions in a more regulated environment

In this episode with Fred Glick and René Pérez Jr.

Fred Glick and René Pérez Jr. of Arrivva explore the upcoming real estate regulation changes set for August 17th. They dive into how these new rules, including adjustments to buyer broker commissions and MLS practices, could reshape the home buying process. 

René and Fred also discuss the impact on transparency, potential new requirements for buyer representation, and the evolving landscape of brokerage firms’ profit models. Tune in for insights on navigating these changes, managing expectations, and leveraging tools to advocate for yourself in a shifting market on the We Fixed Real Estate podcast.

Resources mentioned in this episode

• Fred Glick on LinkedIn
• René Pérez Jr. on LinkedIn
• Arrivva
• Arrivva Live Mortgage Rates
• Valley Village Homes
• Redfin
• Real Estate Settlement Procedures Act (RESPA)
• Slack
• Disclosures.io
• Screen Actors Guild
• Real Estate Help (@laterwendy) TikTok
• Once Upon a Coconut

EPISODE TRANSCRIPT

[00:00:00] Drew Thomas Hendricks: Welcome to We Fixed Real Estate. We got René, we got Fred, we’re already right in the middle of the conversation.

Just talking about how brokerage firms don’t make the money really off the transaction, but on the ancillary services.

So they’re off percent kickback or whatever it’s called.

[00:00:16] Fred Glick: Well, here’s what they’re bundling. You know, they’re becoming a flow of the real estate world. They’re going to bundle. So from those insurance company commercials.

[00:00:32] Drew Thomas Hendricks: I talked to you about that with Rocket Mortgage like a year and a half ago, how they’re bundling the mortgage and the,

[00:00:39] Fred Glick: Yeah, well, they were doing something different.

They were just doing referrals out to agents. This is Howard Hannah. They’re going to be operating. It basically says, and we can link to Wendy’s TikTok about this too. They’re basically saying, look, you use us for your real estate buyer transaction and your mortgage. We’ll give you a quarter of a percent of the commission back or however, they’re gonna phrase it.

So what they’re saying is if you use us to do your real estate transaction and the mortgage, we’ll give you, you know, a few bucks off, whatever. Now, here’s the question that they don’t answer. Nobody asks, “Hey, Howard Hanna Mortgage. How much of a profit do you make on a loan?” And they’re going to tell you because you’re going to, if they tell you they’re going to tell you probably let’s say one and a half percent of the loan amount.

Okay. So if you’re buying a house for a million barring a half a million. Well, let’s make the math easy. So they’re making 1, 500 dollars that way. And as a broker, what are they charging you? They don’t really say what the whole total amount, but let’s say it’s two and a quarter. Let’s say it’s 2%. They discounted all the 2%. So that’s 20 grand. Okay. But what mortgage rate are they giving you? They’re giving you the one there. Everybody gets the same wholesale rates every day and they just mark them up. So, you know, the rates are going to be more expensive than another company that charges less because they’re making less or like us where you charge a flat fee.

This is all like seriously easy logic. And then, you know, with the mortgage, it’s just numbers with the real estate, it’s who are they giving you to, to be their agent? Is it a broker? Someone who has a lot of experience or somebody brand new. You’re paying the same price, regardless of the quality of the agent. But remember all this is negotiable.

[00:02:58] René Pérez Jr.: I think what you’re missing there, Fred is like, okay, you’re paying for the loan there and let’s see that you’re getting a pre-approved. Then being the mortgage loan originator, mortgage broker, they send you out to an agent when they send, when that mortgage broker sends you to an agent, the agent then usually sometimes pays a referral fee. Which is illegal, right? But it’s still done.

[00:03:26] Fred Glick: But Howard Hanna is taking this in as a company. I’m sure they’ll have an NMLS license mortgage person and it might be the same as the agent. That’s possible. We are.

[00:03:35] René Pérez Jr.: Yeah, so okay fine. It’s legal, right? Well, the other problem is that nobody tells a consumer that there is this fee, this referral fee being paid out for. So there was no real reason.

[00:03:48] Fred Glick: Okay. Yeah, I haven’t gotten to the punchline The punchline is the Real Estate Settlement Procedures Act (RESPA). Read it. Basically it says you can’t do what they’re doing. You can’t bundle like this. What’s happening, it’s the same thing that you, when you go to a new construction site and they say, if you use our mortgage company, we’ll give you 10 grand worth of options.

According to RESPA, that’s illegal. You’re enticing someone to use your mortgage company when they should have the choice of the 50 billion people you could go to for a loan and shop the different rates they’re locking you in. So the justice department, I don’t know, has too much to do. They can’t go after these people.

I mean, you know, this is something you think Howard Hanna is a big company that has lawyers. So I’m thinking I, you know, I haven’t read their contracts. I have no idea what their thought processes, but it hits me in the face and it says RESPA.

So we shall see. And let’s just go right into what’s going to happen on August. What is it?

[00:04:52] Drew Thomas Hendricks: I want to go into that, but I want to like, just put a bookmark or bookend on this. So the idea though is that the perception to the client or to the person buying a home is that they’re saving money in this bundle, but there’s hidden fees and hidden manipulations going on behind the scenes where the profit’s still there and there’s no transparency between what they’re actually paying. Is that?

[00:05:18] Fred Glick: For the mortgage side, it’s going to be hard unless you compare rates on the same exact day at the same exact time. So you could

[00:05:27] Drew Thomas Hendricks: Say the rate 7%.

[00:05:29] Fred Glick: I don’t know with how many points and what the fees and all that kind of stuff. Right. But we don’t know. You got to know what the fees are too. They might have some 2, 000 dollars processing fee and 15 million underwriting fee.

I don’t know. I don’t know what they have, but that’s what you should be out there comparing it and making sure you’re getting an advocate. You know, just worried about you and getting making sure you get the right approval and not just here’s our price and take it or leave it.

[00:05:57] René Pérez Jr.: So Fred, I guess the question for you here is, so let’s say I reach out for you and I want a pre-approval and I want to see if you’re my, if you’re going to give me the best rate and all the fees, will you give me a, and I’m old school. Like to know what I’m dealing with five companies. Will you give me what my rate is? What fees I’m paying?

[00:06:18] Fred Glick: Real simple, arrivva.com/rates. But in your scenario, it’ll give you live rates and you can click a button and it’ll keep updating the rates when they change.

[00:06:29] René Pérez Jr.: Oh, sure. The rates are for sure.

But what about the fees? We talked a lot about fees.

[00:06:32] Fred Glick: They’re on there. They’re on there too. The lender fees.

[00:06:36] René Pérez Jr.: Awesome.

[00:06:37] Drew Thomas Hendricks: Subscribe and get rate notifications.

[00:06:41] Fred Glick: Exactly. We don’t care. You know what? Even if you’re not in one of our licensed states, if it works somehow, I think it’s, it might be restricted, you know, just to kind of see what’s going on in the market. We could care less, just sign up.

[00:06:54] Drew Thomas Hendricks: So coming to a state near you soon.

[00:06:59] Fred Glick: There you go.

[00:07:00] Drew Thomas Hendricks: Okay. August 17th. I’d been waiting for you. I know we Slacked each other a few days ago. I mean, I can kind of give me a preview on what’s coming down.

[00:07:09] Fred Glick: Here’s what’s going to happen. There’s going to be like World War Three with 50 different armies fighting each other and confusing the hell out of everybody because there’s, let’s just take our California.

What’s going to happen is they’re gonna, the brokers are, and the California Association of Realtors who we can’t get into their meetings. We have no idea, but I’m sure they are scaring their people. You must get this signed. You must get this signed. They’re gonna use the standard form. They’re gonna shove it in people’s faces.

They’re gonna tell ’em things like it’s an insurance requirement. You can’t get into our open house. You must sign a buyer broker. Have a buyer-broker agreement.

We’re gonna have an open house. And you know what? I don’t care. I’m just letting everybody know. I don’t care if you have a buyer because you’re here to see the house. We’re there to represent the seller. So it doesn’t matter.

[00:08:11] René Pérez Jr.: It’s really simple, right? I mean, so we have a listing that’s going to, I mean, it could be in the market any day now, right?

If you want it to. But I decided to say, look, we’re so close to the date where we had allegedly have this change. Let’s just put the house in the market on August 17th. And it’s simple. It’s not complicated, no need for wars or anything. People that are in that, people that are in that open house, they’re going to be told, “Bring a great offer.” When an agent calls and they call and they say, “Is there a buyer broker commission?” Bring us a great offer and you can negotiate that as part of the offer.

[00:08:53] Fred Glick: Yeah, that, that’s one thing that I was going to say is, is one of the things that’s going to happen.

So you’re going to have everything in the MLS, except in the Seattle area for the Northwest MLS, they are keeping buyer broker fees. That’s going to be really interesting. I’m thinking maybe we go up there with a campaign of zero buyer broker fees guaranteed. We don’t, we just don’t do them and see what happens.

Then we’re going to see, we’re going to see how it happens based on California, really. But anyway.

August 17th, you can not no longer like when a house goes forHere’s the quick rule. Here’s the quick rule. On August 17th, the multiple listing service is not going to have any ability, except for the Northwest MLS, to put a buyer broker commission that the seller is offering to a buyer to pay a buyer broker. Just can’t have it. It’s not going to be there. Okay? So the flip side of that is every buyer must have a contract and it must be in writing. Now at what point? You know when they want to become a client. Or who knows but some of these agents are going to block you from coming into open houses unless you sign a buyer broker contract with them.

By the way, they’re going to try to sneak it to you. They’re going to try to sneak the fact that it is lock stock and barrel. You have to use them. Okay. Be very, very, very, very careful. Make sure it’s a non-exclusive contract and make sure it’s for two hours, the two hours that you could be in there at the open house.

That’s all they get. After that, you can get your own broker. We’re going to actually, I was thinking of offering something as like an open house license to people. I don’t know what that is yet, but it’s like you sign a non-exclusive contract with us for the day you’re not obligated to us, but you can go to all the open houses between 11 AM and 7 PM on these two days or something like that.

[00:10:59] Drew Thomas Hendricks: What was the motivation behind this? I love the idea of a house license.

[00:11:04] Fred Glick: 1. 8 billion dollars, dude.

[00:11:07] Drew Thomas Hendricks: I get that, but I don’t want to break it down simply. I don’t, I get the 1. 8 billion lawsuit. I get the commissions, but I don’t get why you’re no longer, an average person like me is no longer able to go to an open house that’s down the street, like looking for a friend.

[00:11:23] Fred Glick: Because they all lied to you. Okay, because of what the agents did and the reasons they lost the lawsuit. They were just maybe lying, maybe not telling the truth, maybe twisting the truth around. And that’s why I made it so easy for all these people who just had friends to become real estate agents, because I don’t, you don’t have to pay me. The seller pays me. That’s the problem you as a consumer deserve to know how much it’s going to cost you to use someone’s services up front. So we’ve been doing this forever. So it’s no change for us.

[00:11:58] René Pérez Jr.: Let me just say something, Drew. I think the reality is of not allowing people to just go into open house.

I don’t think that’s going to happen. Right? It’s a great idea. As an example, the state of Colorado already struck down this idea of forcing people to have buyer broker contracts to go. Yeah, because it’s not a licensing. You don’t need a license to go see houses, that’s not a part of the licensing requirements.

To see houses. So, one of the things the Colorado statement said was that actually showing a house itself is not a part of the fiduciary duty of a real estate professional. It’s, I don’t know, Colorado is one of the most progressive states in regards to real estate.

They’re the only state actually, maybe they’re one of maybe two or three that actually have banned and made it illegal to have love letters, which are for the most part, discriminatory. So it’s not illegal and it’s not illegal in most states, but in Colorado, it was the first one and that was back in like 2019, I think.

[00:13:12] Drew Thomas Hendricks: Oh, that’s interesting.

[00:13:13] René Pérez Jr.: The other thing is that the reality is most lead generation happens through open houses. So this idea that like brokerages are not going to, you know, do everything they can to get more people into open houses is, I think, a false statement.

[00:13:30] Drew Thomas Hendricks: So there’s really no, I mean, you draw up your own little contract and show it to the realtor and they’re not going to,

[00:13:36] René Pérez Jr.: Yeah, it won’t really matter. I think it’s going to be a more fight to just like have people sign in. I think that’s where people are going to really want to have like, “Hey, sign in.” I mean,

[00:13:46] Drew Thomas Hendricks: And watch what you’re signing in.

[00:13:47] Fred Glick: No. Don’t sign in.

[00:13:50] René Pérez Jr.: Oh, no, of course.

[00:13:51] Fred Glick: If you’re going to sign in, sign in a completely fake name, fake email, fake phone number. Do not ever, ever, ever, ever, ever, ever sign in. There is zero reason to do it.

[00:14:04] Drew Thomas Hendricks: That’s a good point. And what, what are all the reasons not to do it? Or to, yeah, there’s no reason to do it, but what are the reasons not to do it?

[00:14:11] Fred Glick: Because you will never get rid of this agent. That’s number one. They will pester you to death. They will do all the, you know, Brian Buffini course on how to nurture clients. It’s nauseating people. It’s disgusting. They will not tell you what they are going to charge you upfront.

[00:14:36] Drew Thomas Hendricks: All right. You’ve got a very…

[00:14:37] Fred Glick: I’m sorry.

[00:14:39] Drew Thomas Hendricks: You’re gonna be surprised by what I’m saying. I’m saying you got a very good view of agents marketing abilities. I have signed into so many open houses just because I thought I needed to. And not 1 has ever followed up with me.

[00:14:51] Fred Glick: It’s a great idea. Some of the other times they want to show the seller what they’re doing. You know, I don’t believe in any of that stuff. It’s like, look, let us just do what we’re going to do. I, we’ve agreed to do it this way and it’s the best that’s produced so far. It’s just, you’re not in Cupertino. So we just keep it on the market, keep steady.

It’ll sell. It takes some time. You know, there’s some markets that aren’t just.

[00:15:24] René Pérez Jr.: Here’s a side of not signing in or doing anything. Let’s say this. There’s an open house on Saturday, 2 to 4 p.m. The sellers’ agent gets an offer and 3:50 p.m. right at the end of the open house. So now you as a buyer, you didn’t sign in, you’re going to hold off until the end of the weekend to reach out to your buyer’s agent, then that’s your mistake.

That’s a mistake but it happens. It happens all the time and it’s going to happen to nice properties. So if you as a buyer, don’t let your agent know immediately that you like a house, and you didn’t sign in anywhere, and the agent has no way to reach you. Well, guess what, the house is going to go pending.

[00:16:08] Fred Glick: Excuse me. Yeah, go ahead. Here. Here’s what we do. That’s different. We tell our clients, let us know where you’re going to open house that you really care about, you know, a couple of them. We go into the MLS beforehand, we get the disclosures, and then we’re on the list. So when she sends out the list, we have it. That’s the difference between us and them.

[00:16:31] René Pérez Jr.: And that’s great. That’s good. Well, what we do is I think what should be the protocol, but you are, I mean, as a buyer, you’ve planned out your schedule. You might’ve looked at properties that you requested us on Tuesday and Wednesday, but Friday evening, maybe you forget to give us the address.

The downfall of not putting your name there or an agent’s information or something means that now the agent can reach out to you to say hey.

[00:16:58] Fred Glick: You know what? So you have Slack on your phone, so go to your channel. Just say, “Hey, I like this place.”

[00:17:06] Drew Thomas Hendricks: Hey, I like it. So what happens? Let’s pull back the curtain a little bit.

What happens? You like the house, you put an offer. What happens once you submit an offer to an agent?

[00:17:17] Fred Glick: Yeah, right now, and just so you’ll know, no one has any idea. And here’s what I mean by that. When we send in agreements, it’s one of two ways normally. One is email and usually it’s a Gmail, iCloud, Yahoo, and the occasional AOL.com email address. So not even corporate email of any kind, even though they work for large companies. They like to keep their own, which is I don’t understand that we work on our company emails and that’s it. So that’s a little scary. The second thing is something called disclosures.io, which is bought out by HomeLight.

It’s a system where you upload your documents and you put in a few pieces of information about the contract. And then that goes, you know, to the agent because they get them right away. So the two things in common of those two methods is the contract, go to the listing agent. From there, your guess is as good as mine.

Let me tell you the reality. Most contracts are going to be fair. Listing agents going to go to the seller. Here’s all the stuff and compare them and do a good job. But there’s the occasional situations where they see an offer come in at a certain price and they just have someone in their office who they know has a buyer for this house who submitted an offer a little lower.

They contact them and say, you know, “Get me a better offer. This is how much you have to beat the offer by an adjournment.” We don’t know if that happens or it doesn’t happen. There is absolutely 100 percent no way of telling.

[00:19:13] René Pérez Jr.: But it’s…

[00:19:13] Fred Glick: It’s scares the hell out of you. Doesn’t it?

[00:19:16] René Pérez Jr.: It’s a scary feeling. But I think the scenarios in two different branches on one side of things. If you submitted an offer with the best terms possible, meaning a seven-day closing cash, no contingency, 200K above lists, odds are you’re going to get, we’re going to get a phone call one, two hours afterwards and say, “Hey, look, we like the offer. We’re going to get it under contract.” Because you made a great offer. If we don’t hear for six hours, they’re shopping your deal, and they’re, I mean, apart from us not knowing what it is, it’s just more logical to understand that they’re either shopping your deal, or people work nine to five, and they have a set time where they’re going to speak to the person, even if they have the offer deadline at noon, the agents are waiting for other people who maybe submitted a contract late.

Which might be sneaky as Fred just said right now, where they’re like whispering into other people’s ears, asking for a higher number. It Might just be that people earlier in the day said like, “Hey, I can’t submit it at 12, can I submit it at two?” And that’s fine. Right? So usually agents and sellers have a time to meet 6, 7 p. m. after work, you get the husband and the wife together and whoever family member is gonna, you know, kind of be there as a third party to communicate, you know, should we accept this or should we not communicate? That’s the other thing there’s sometimes it’s a divorcee couple who don’t want to talk to each other.

And you have one person at six and the other party at seven. Sometimes they’re out of the country, seas. So there are things that happen like last minute. I mean, like right now, right? We set up this video call, and I have to leave to Oakland. Right? Things happen. Those dates can change.

As buyers agents making offers, it’s hard for us to go in, check-in, and say, “Hey, how’s it going here? We’re going to get something back.” Because the moment that we do, the moment that we ask for feedback about our offer, we’re asking to be countered. Or if we’re asking to be a counter, you put me in the position to hurt you as a buyer, because then I’m saying that I’m antsy, that I want to know more, that I will be willing to go higher versus if we just ignore it and let it be. Yeah, maybe they’ll take some other offer, but that means that when they do come back to us, we can just say, “Hey, look, that’s our final. Take it or leave it.” And it happens. We realized that a lot of the times, you know, when a house has a price drop, most people are going to want to offer below list. We submitted an offer in Orinda.

They had just done a price drop of 150, 000 dollars. We submitted an offer for 50K less. We were firm. We didn’t move. We just waited for a phone call and that phone call was asking us to just go higher just for fun. If I would have asked for feedback after 2 3 hours of, “Hey, how is our offer doing? Hey, are buyers willing to go higher?” And I would have said, I would have had to like ask for the counter, right? That there’s no real other scenario, no other conversation topic other than go higher.

[00:22:32] Fred Glick: Yeah. Here’s the problem. Here’s the problem on the flip side. And it’s all our buyers like they’re always pinging us in Slack, “Have you heard anything?”

[00:22:39] Drew Thomas Hendricks: Yeah. Yeah.

[00:22:42] Fred Glick: Dude, seriously, chill. You’re all going to be nuts. You just have to understand once it goes in the black hole. Yeah, there’s, you know, when it’s coming out the other side.

[00:22:54] Drew Thomas Hendricks: That’s excellent. I didn’t even think about that because I would have submitted an offer, I’d be like, “Did they accept it?”

[00:23:00] Fred Glick: Everybody’s there.

[00:23:02] Drew Thomas Hendricks: How long do you wait?

[00:23:04] René Pérez Jr.: Well, I mean, usually, if we don’t know by the next morning, and we don’t get an update, that means they went somewhere else. And there’s different strategies, right? Like, maybe if you want to be a more aggressive buyer, right?

And maybe after three, four hours, you don’t, if after like four or five hours, you haven’t heard anything, right? Realistically, you can check in and say like, “Hey, what’s the update? We want to make an offer for another property and move on to the next one.” So that can be possible.

[00:23:32] Fred Glick: Not if you have an offer, you know limitation to five o’clock the next day, if it’s got to wait.

[00:23:39] René Pérez Jr.: No, but that’s do you mean like for expiration dates?

[00:23:42] Fred Glick: Yeah.

[00:23:44] René Pérez Jr.: Okay. Expiration dates. I mean, you of all people know that they’re a joke.

[00:23:48] Fred Glick: Yes, but your offer is still alive and they can come back and they can sign it as is, and you got a deal.

[00:23:53] René Pérez Jr.: That’s what I mean though. My whole point was that like, if you know that you’re not really getting a response, it might mean for you to just submit a new agreement.

[00:24:02] Fred Glick: You know, or the agent tells us, “Hey, we’re not meeting with these people till tomorrow morning.”

[00:24:08] René Pérez Jr.: Correct. Yeah.

[00:24:08] Fred Glick: And you know, we, every time we submit an offer, we make sure they got it. When we shape or form, either they email us back or we contact them, so they would tell us if there’s anything going on or when they think they’re going to do it, or sometimes they disappear.

Orange County, for some reason, and it’s for one buyer, people just disappear on for days. And then finally come back.

[00:24:32] René Pérez Jr.: And that is the one thing. That is the one thing to mention, right? Like sometimes once we get the confirmation of offer, some agents are going to be more professional and tell us like, “Hey, we’re meeting with seller at six or seven.” Then we have a kind of an idea of where we are at.

[00:24:46] Drew Thomas Hendricks: They’ll say that they’re going to present all the offers on this day.

[00:24:49] René Pérez Jr.: Correct. Yeah.

[00:24:50] Drew Thomas Hendricks: So you get some sort of expectations so you can manage the buyer’s expectations sometimes.

[00:24:56] René Pérez Jr.: And then sometimes, I mean, sometimes I mean, they can say we’re meeting at five, then six rolls around and it just and they might go back and say, “Oh, hey, actually, sorry, I couldn’t be with them today. We’re going to meet up tomorrow morning.” So I can always change, right? So that’s the hard part with setting expectations.

[00:25:13] Fred Glick: So, believe us, you know, we use a common email, common phone, and that’s what makes it work for us. So, you know, one of us is on there, me, René, Jen, and if it’s something we know that’s important, we let you know. Don’t fret, kids.

[00:25:34] Drew Thomas Hendricks: I learned a couple of new things myself during this conversation. There was one other thing we were talking about earlier before the show about the decline in that whole, the whole Screen Actor Guild strike and the whole, like, slow up of video, of TV productions and scripts.

[00:25:52] Fred Glick: Everything.

[00:25:53] Drew Thomas Hendricks: Yeah. And I have a friend that really was heavy in that production company scene and he would manage all the shoots across all these Hollywood mansions and stuff. And his business is completely dried up, but it’s now having a ripple effect into real estate from what I understand.

[00:26:10] Fred Glick: Yeah. Because what’s kind of happening is that the studios are getting wise and they need to, you know, the production companies, they need to do go cheaper. And the only way is to go to Vancouver and all the other places that are getting credits. They can tell their actors and actresses, look, they’re going to have to go live in wherever if you want to earn this kind of money, it’s just the way it is.

So what’s happening, there’s no need to be in LA. So let’s say an actor who lives there six months a year, hires a couple of people, puts enough money into, you know, the world there, they’re gone. And so there’s no, and they’re not going to Universal or whatever to film something. I don’t even know if there’s any film in the Universal still.

So anyway, those days are kind of gone and the deals aren’t kind of being met. And I think our video is getting slower and slower. There’s just going to be less and less and bigger, more expensive product until they can deal with the AI situation, and you know, it’s just a mess. So everybody who’s in the industry is hurting. Everybody. Camera people make up, you name it. All the way down.

They live in Los Angeles. Guess what? They can’t afford it. They can’t pay their mortgages, etc, etc. So I mean, depending on where they are, what they have, you know, they’re going to either make money or whatever. I don’t know. Everybody’s context is different.

[00:27:43] Drew Thomas Hendricks: Context. But there’s also a boom in certain cities, like they’re building movie studios and they’re trying to recruit all this filming talent.

[00:27:52] Fred Glick: Exactly. So, I mean, left to right, but the state has, I’m sure the state is going to come in and do something. Cause this can’t go on. So the good news is that bring more inventory, you know, doesn’t help prices, but it just all depends. I mean, our listing in Valley Village gets nice traffic on the weekends. Then the whole area is on Redfin, just a little bit to the right of being a seller’s market.

It’s not crazy. He just said, you know, people are looking for the right house and taking their time and looking at it three times which is fine. It’s called a normal market. You know, we’re so used to things flying off the shelves, but their places then, you know, that’s an example, you know.

[00:28:45] Drew Thomas Hendricks: It’s too extreme. Like it’s gotta be this at the top or at the bottom, all this vacillation, there is a, you can’t have actual just normal. Normal is new extreme, you don’t see normal often.

[00:28:59] Fred Glick: Yeah. Normal doesn’t exist anymore. No more normal. Anyway, let’s do the commercial to Once Upon a Coconut. Yeah. Thank you for your watermelon. They didn’t send any yet. But this is premium coconut water with watermelon. It’s delicious. No sugar added. Like look at these ingredients, like nothing in it. Available on Amazon. I might as well put up an Amazon.

[00:29:26] Drew Thomas Hendricks: You might as well link coming.

[00:29:32] Fred Glick: Good stuff. Good stuff. Only in 10-ounce cans.

[00:29:35] Drew Thomas Hendricks: And Fred’s not selling homes. He’s selling coconut water.

[00:29:40] Fred Glick: Everybody’s got a side hustle, right?

[00:29:43] Drew Thomas Hendricks: Oh, yeah. Well, on that note, this has been the latest episode of We Fixed Real Estate.