WHAT MAKES US DIFFERENT?
Please note, this session is being recorded. Hello and welcome to the trusted podcast. I’m your host, Blake Johnson. And today we’ve got a great guest. We’ve got Harvey blanks, the elder of the Brown blink health group. And we are going to be talking about real estate. We’re going to be talking about COVID-19 and how that is affecting everything. And, um, I think the first thing we need to know is that it’s affecting, you know, hair and facial hair, both got the stress going on. I’ve uh, have had haircuts along that I’ve got, you know, the Matthew McConaughey pull back. Look, I haven’t done this since college, so it’s pretty interesting. We have the best Trusts Attorney Las Vegas without question.
I know me too. It’s uh, you know, my, my wife, uh, has, has tried to trim the edges a little bit and, and uh, and I decided, you know, what, if I’m not meeting a lot of people face to face, I’m just, you know, I hate shaving. I’m glad you feel about it, but I hate shaving. He, so I said, you know what, I’m gonna let it go for a little while. See what happens.
Yeah. I don’t like it, but I also don’t like it after it gets about a week. So I’ve just been shaving once a week and that’s been perfect. It stays at that length that I like. And when you only shave once a week, it doesn’t bother your face as much, at least for me.
Good for you. Yeah. Good idea.
It’s funny. My, my assistant walked in today and she said, you look like you got the beach vibe going on with the lawn. Like, I guess that’s all right.
Well, for me, for me, Blake, it’s interesting. Cause if, um, when I go shopping now, uh, once a week, uh, people stay away from me. So, you know, it’s helping
All right, Harvey, um, you know, we worked together, uh, for a long time, but while he gives our listeners a little background about yourself, about your firm and you know, what makes you guys experts in the field of real estate that could use a Trusts Attorney Las Vegas?
Uh, I’ll say, thanks, Blake. You know, we’ve, uh, we’ve been selling by my partner, Shelly and I have been selling homes here at Southern Nevada since 1988. Um, we’ve done a lot of business here. Uh, we do business in real estate that traditional manner, but with a lot of, uh, modern convenience, um, we have a team of agents. We have 12 agents on our team, uh, and, uh, between us, we, we do home, uh, sales. Uh, we do help buyers and we also do property management. So we’re uniquely positioned to be able to help anyone with anything residential real estate. And, um, uh, the only reason we even started doing property magic, cause we couldn’t find a firm that we were happy with. So we decided to do it ourselves and we hired a couple of people. And now we do that. We’re managing about 150, 160 properties right now. Um, and that’s an interesting element within COVID-19 as well. Property management’s cannabis has an interesting twist within it. Um, but uh, we’ve been doing this a long time. We have a team, uh, and, and our team is, uh, they’re all partners. They’re all, uh, quality real estate agents. And so when we take on a client, we all collectively take on that client.
Nice. I think that’s great. Um, let’s talk about, uh, property management that since you brought that up, um, it’s something that we haven’t discussed on the show before. So what, um, you know, what’s the effect you’re seeing on it and then also what’s, um, you know, what types of things, um, should people be looking for in a property management company or what are some things that some mistakes you see people make when they’re trying to, to use a property management company, you’re trying to do it on their own and why a property management tip makes sense.
Yeah, no. Um, in, in the time of COVID property management has a lot of additional challenges right now that goes, the governor’s directives basically told us we can not evict. We cannot charge late fees. There are some tenants out there who will, who will, uh, who will not be able to make payments. And we understand that there are people out there who are laid off and furloughed and just don’t have income. And so they can’t afford to make their rent payments. So we understand that. Um, the thing that we want to make sure that the tenants understand is is that while there are people out there who can’t if you can, you should, because the governor did not forgive the rents. The rents will still be due at some point. And so it would be extremely difficult for people to catch up later, should they fall so far behind?
So I’m going to just, I just like people to know, look while as a property management company, we’re happy to work with people to help them. And what, and when this is over, um, we’ve already expressed to our landlords that look, we’re going to want to work things out with people in a fair and a fair and equitable manner so that they don’t have to write one huge check. Cause they’re not going to be able to do that. If they didn’t have the income. Now they’re simply not going to have the income the day the governor lifts the directives. So we’ll work out payment plans for them afterward again. But I think it’s important to note that, uh, if you, uh, if you cannot afford to make your down payment, that’s fine. Maybe make a partial payment if you can, and, or just make sure you have it in your head exactly how you’re going to get caught up later, they start thinking about it when it comes to our Trusts Attorney Las Vegas services.
Now, one of the directives the governor gave is that we’re not allowed to basically negotiate. Now. We can’t even talk to our tenants about how we’re going to resolve their issue when this is over, because they’re fearful that there’ll be some property managers out there who will use that as a coercion method to get them to do things that they really can’t do. And so, um, we’ve had tariffs call us and say, Hey, what are you? What do we do? So we get through this afterward. We’ll talk right now. We can’t. And if there, if it happens that their lease comes up for renewal and they want to adjust it, we can’t do that either. We have to wait to renew the lease. Now we have had a couple of people come to say, Hey, we’d like to renew the lease at the current rate with no changes. We’ve been able to do that, but that’s, as far as we can go, if there’s any negotiation or any change in it, we have to hold off until after everything’s done. Um, and we did, by the way, like we did have to recently just let a landlord go because they wanted us to do things we would not do. So, and that happens from time to time. Gotcha.
Yeah. It’s very, uh, very interesting. Yeah. I think it’s people think, Oh, you know, I don’t have to pay my rent, so it’s going to be forgiven. No, this is just, it’s making it so you can wait until you have income. Um, so yeah, if you can pay, if you have savings, you know, make that rent payment, it’s not a big burden. Cause you know, obviously if you ha, if it has the money to pay the rent, you know, they’d be able to write that one big check when this is all over, but people that the truth is people can’t do that most times. So, um, you know, make whatever payments you can. I think that’s, that’s a smart strategy there.
Indeed. Yeah. And that’s, that’s where we’ve gone in. And, uh, look at, and to the, to the credit of both our levels that are tens, I’m gonna tell you the vast, the vast majority of everyone understands this and is, is going with the flow.
What about the landlord’s perspective? Are they, are they getting any help from the banks as far as their mortgages they have going on? Are they able to negotiate that yet? Or is that the same thing? They just can’t negotiate. And it’s just kind of like, we’ll take care of it when it’s done with the best Trusts Attorney Las Vegas.
No, actually that does happen. Um, you’re and I would tell anyone who has a mortgage speak to your lender. If you’re having difficulties making that payment as a landlord, who’s not collecting rent. For instance, if you’re having difficulties talk to your lender, now make sure you talk to your lender. Don’t make any assumptions. Even though the governor and the president have both basically said, Hey, we want the lenders to work with everybody. That means different things to different lenders. And there are two basic, uh, components to that type of move. And one is forbearance. And the other is deferment. Forbearance is a little riskier for, for a borrower in the sense that if the, if the bank says, yes, we’re going to give you forbearance for 60 days or 90 days or 120 days, that’s fine. But at the end of that term, they could, in essence, as a result of that, say, Hey, okay, now we gave you those hundred proteins.
They’ll give us all the money. They could essentially say, do what I’m saying. You shouldn’t do to a tenant, um, with a deferment, they will move all those payments to the end of the mortgage. And they’ll all get pushed back all the way to the end. That’s what you’d really like to see, as a borrower. And each landlord has to deal with each lender individually we’ve occurred them to do so. Should they have any difficulties? And, and, and I will say, for the most part, the banks have been pretty good. They’ve been working with everybody that I’m aware of when we always offer a great Trusts Attorney Las Vegas solution today
Yeah. I think for the most part, um, you know, there’s been a lot of sad things that have happened with COVID-19, but I think there’s been a lot of good things. I think we’ve seen the better side of, uh, of our country and as you know, business, business owners in our community in general, um, people are willing to work and it’s nice to see that kind of comradery come together, um, for that respect.
Couldn’t agree more. All right. So let’s transition to how things are going with buying and selling during, uh, during this time, um, you know, are we, are we still seeing transactions happen and, you know, what’s the differences you’re having to do to make that happen with all the, you know, social distancing rules.
Yeah. You know, the market, while it has slowed is still very, very active. Um, we’re, um, uh, seeing, uh, a number of transactions, uh, I’ve been doing, one of the things I’ve been doing is because, you know, as you know, I do a radio show every week and the, uh, and the studio has closed. So we can’t do our radio show, forget me. So in light of that, what I’ve done is a weekly podcast on Facebook live and we’ve presented the stats on a week to week basis. And if you’d like, I can, I can share with you this week stats if that’s okay. Let me see if I can bring that up for you. Um, I don’t know if you can see that. Can you see that? Okay, great. So this is a, the satisfy presented yesterday on our weekly podcast, Thursdays at three, um, which is Thursdays of three, it’s an on Facebook live or at LV real estate radio.
And what you’ll see here is that this week we, this is only single-family homes. Uh, so, and that’s what I’ve always done on the air. So I figured I better make sure it’s consistent. So this week we, we, uh, we currently have available, this is all the homes we have available 6,360 last week. Uh, last week we had 64 or five. They see it came down a little bit for the first time in about four weeks, but it hasn’t moved all that much. Now in the last seven days, we put 505 homes in escrow. We closed 369 transactions, 130 single-family homes where we draw. These are all just within seven days. The median sold price of this property is, was 366. And the median sold price was one 74, 46. And the days when Mark was 34. Now when you compare it to last week, there are comparisons.
These two numbers, the median sold, and the median sold per square foot. To me, those are they’re so varied. The sample size is so small. That’s not surprising to me to see them move around a lot, but these other numbers are not horrible. All of them, not the souls did drop it this week and that’s been dropping pretty consistently. We’ve seen this drop, but we put 500 in escrow this week, which is great. And that’s really 500 is kind of the minimum benchmark. We like to see on a weekly basis and look in Southern Nevada. So if we’re anywhere near it, we’re okay. I’m normally this time of year is very busy. That number would be much, much higher. So I will say it’s slower, but it’s not stopped. So if you’re a buyer, then you want to buy, we can buy. If you’re a seller and you need to sell, we can sell in terms of showings, we’re using every precaution when it comes to our Trusts Attorney Las Vegas.
Um, we’re all wearing masks. We’re wearing gloves. We’re having the seller turn on all the lights before we arrive and open all the interior doors. So nobody really has to touch anything. Um, so the seller can open the door for us and then, uh, opened the back door for us. And then we can just walk through without having to touch anything. And that’s, and with that, uh, we’ve, we’ve really not had too much resistance was showings. Now the governor basically said recently, don’t show homes with people, occupied them. So now we’ve, we reduced that to basically just empty homes. Um, and, uh, but there’s plenty. There’s plenty of vacant homes out there. As I told you this morning before I got on with you, I was talking with a buyer who was driving in from Nebraska, and we’re going to be showing them homes tomorrow. They’ve got five that we’ve got picked out that we’re going to go say, so the market still goes on
Virtual show in VR. You’ve been able to do that, like do a FaceTime with clients or anything like that.
Absolutely. My team and I have been doing that. Actually, we’ve been doing that long before the time of COVID, if a client, for whatever reason, can’t get to a property and they want to see it, we’ll go to the property for them to do exactly what you said. We’ll do a FaceTime with them and we’ll walk through and show them everything. There’s also for the properties we’re listing, we’re doing virtual tours and we’re doing virtual open houses even, uh, where we just sit there at the home with a video and say, Hey, somebody wants to see it. Let us know, we’ll walk you through. And we walk people through the home. Um, so, and you know, it’s interesting, like I think that, that this is going to affect our business going forward. We’re going to see a lot more of this going forward. For instance, one of the things I’m, I’m concerned about a little bit is people getting in my car, you know, right now you would not want to get into a car with a stranger.
You just wouldn’t want to do it. You just don’t know you want to be cautious. And even if you’re wearing a mask, I’m not sure we’d be comfortable in that confined the space of a car. Um, so, um, from, for me, uh, I don’t know that I’m going to want to put people in the car and I’ve got to tell you, I’m putting people in my car is an important thing. Cause that’s a great time for conversation for me to find out exactly what it is the buyer’s needs and wants. And so that we can get through that process. And that’s a good time to do it, but we may just have to do that else. You know, and another amount of perhaps like this, perhaps just sitting down and having a video conference with us as Trusts Attorney Las Vegas,
I will say from my, my business perspective, um, you know, I had one client that, uh, was insistent on meeting in person, uh, this last week and I was fine with it. I, you know, they’d been a long time client, so I knew who they were and all that, but just being able to sit down and have the conversation, we were able to get to issues so much quicker, but also more deeply, and really understand what was going on, what needed to happen. That I just think that there’s something to that, even though, you know, we can do these, these meetings that are technical, you know, almost face to face video, it’s not the same. You can’t read the situation sometimes, you know, you’re talking over each other, cause it, the delay and everything are just, it’s hard. So I get that concern and I think, you know, hopefully, we don’t lose it completely and when you’re face to face, but I do think there is going to be a transition there. So with that, what are you seeing long term as far as the effects of COVID-19 on the market with a good Trusts Attorney Las Vegas?
Well, the good news is, is that coming into this issue, our market was very, very strong. Uh, we were, uh, growing, um, I just, uh, shared a, an article on the, on the podcast the other day, um, by, uh, by, uh, in the RJ, excuse me, there’s a blower right behind my window here. And I don’t know if you can hear that. Um, um, anyway, um, before then, before the time of COVID, our market had only appreciated around three or 4%, uh, or was on the three or 4% trajectory, which is great. You’ve heard me say this, Blake, if I can choose an appreciation rate, it’s three or 4%. That’s where I’d like it to be. That’s a nice, steady growth. We don’t like to see the rollercoaster effect where it goes up 10 down, nine up 11 down, seven types of thing. We like it this way, much better.
Um, so what do I see going forward? First of all, this is nothing like, uh, the great recession. It’s not like that, the metrics are not there. Um, people who own homes now have, are vested in those homes. They’ve been thoroughly vetted by their lenders. They can afford them. They have money in the properties. Unlike back then when people could just sign the paper and buy five homes. That’s not the case now, as you well know, lenders are very thorough right now, and they’re not letting people buy homes unless they can actually afford them. So the good news is, is that our market is much, much more stable going into this crisis. And I think that the answer as to what the impact on our market is how long does it last? And we’re starting to come out of it now. So I’m encouraged.
And if it only lasts a few more weeks or even just a few more months, we’re going to be great. We’re going to come out of this. We’re going to be just fine. And perhaps pick up where we left off and just go from there. I think prices, prices have held, uh, uh, fairly steady. Uh, they have not dipped dramatically. We’ve there are buyers out there who would love to see that, uh, who have, uh, encouraged us to make offers that were, you know, w w we’ll write the offer for the buyer, but I’m going to tell you that the sellers are not going for it right now. They’re just gonna wait until things get better. And then there are more buyers out there, competition if they don’t like the offer. Now, having said that there are some sellers who are, are more anxious, I’ll say, and you might be able to get a quick little, a quick little deal. But that being said you can use us now for the top Trusts Attorney Las Vegas, I think that the market’s going to be just fine coming out of this thing. I think it will start to appreciate again, once we clear this. Um, but the question is when will that be? That’s all.
Um, now I’ve heard some, some information about getting jumbo loans right now. So if we’re above that 500,000 price point, um, that is very difficult. So I think it’s more of a, what price range you’re in. Is that an accurate thing? And can you speak to the jumbo loan issue?
Yeah, a little bit, because it actually, it was interesting before these jumbo loans were very attractive to lenders and their rates were phenomenal. They were actually jumbo loans. In some cases were lower rates than conforming loans from some of the lenders prior to this happening. However, since this has happened, the lenders that we work with, we’ve seen jumbo loan rates go up and the qualifications for jumbo loans, uh, have also tightened. And I think it’s because the banks are right now. They’re like, Ooh, I don’t know if I want to lend right now. Let’s be careful. And they’re, they’ve, they’ve tightened things up. Um, so I, and I think that’s true of all loans and it’s an unfortunate reality. That’s a lot of the cancellations we’ve seen as a result of people being furloughed or, or, or laid off. And so if you don’t have income, you can’t get a mortgage right now.
Um, and so we’ve seen some of that, but again, once we come out of this and I won’t get back to work, I believe that the lenders are going to be, um, uh, I’m very understanding about the financial hit that everyone’s taken. I think that they’re going to say, Oh, gee, well, you had some issues. I see you had some credit issues here in the first half of 2020. Well, we know what that was about. And so I think that they’re gonna forgive a lot that if it should, people have issues. So coming out of this, I don’t want anyone to be discouraged about the opportunity to buy. I want everyone to consider it. Even if you had some financial difficulties. Now, I want you to consider, you know, going to your lenders and getting that loan. If you’re renting right now, let’s, let’s talk about the difference between renting and owning right now and when we offer the best Trusts Attorney Las Vegas by far.
If you’re renting right now, while the governor has told you that you don’t have to make the payments right now, he has not forgiven that rent. So you will eventually have to pay for it. And then you’ll have to pay it within a year’s time, because that’s when your lease is normally, if your lease is up in October, Oh my goodness. You’re going to probably have to squeeze those payments in tightly. I want you to extend your lease and then maybe the landlord will let you pass. Spread that out over a longer period of time. If you’re an owner and you get a deferment, you get six months off, or three months off, or four months off, you don’t have to increase anything. Everything gets moved to the back. The difference between renting and owning right now is very, very significant for people. And the owners are going to get the benefit of the ability to be able to defer where tenants will not, unfortunately, not now, unless their landlords are incredibly generous somehow. Um, them and landlords, sometimes they just can’t afford to be, as you’d said, they’d get a mortgage to pay. So they’re gonna go to pay that mortgage too. So that’s one of the dramatic differences right now. So if you’re a renter, get out there and buy, get out there and buy a home, the state part of the American dream.
Yeah. As long as you have income, right. That’s the thing, obviously, there’s nothing you can do and the terrible situation to be in. But, um, but yeah, that’s, that’s a really interesting point that you brought up there. So that was good. We covered a lot of stuff here. Um, anything else that we missed that you think is really important that, that we missed as far as what’s going on right now with our new Trusts Attorney Las Vegas services?
You know, uh, can I talk a little bit about I buyers, uh, Blake, just in the sense that in the time of COVID they kind of, they kind of disappeared. I don’t know if you noticed, um, a lot of them who were in transactions just walked away from transactions because of there, the only way I buyers can be effective. And honestly, to this date, they have not been financially effective. They’ve, uh, they’re borrowing money from wall street, like crazy build up their concept. Um, but a lot of them have failed and they’ve stopped. There are, there are some local players who are out there ready to pay cash for your home and do a quick close, which is fine. But I want everyone to understand that when you’re dealing with an eye buyer, you’re dealing with one individual investor whose objective is very simple.
They want to buy your home at a price that will allow them to do whatever improvements they want to do, and then sell it and make a profit. They’re not doing it to live in it. They’re not doing it for a longterm play. They’re doing it because they want to make money on your transaction. So your choice as a seller is, and here’s how our Adeline and analogize it, your choices are, do I want to sell wholesale to this investor? I buyer, where do I want to sell retail to a family? Who’s going to live in the home and pay me more money. Now, the trade-off is, is that what the I buyer it’s easy. You don’t have showings. It’ll happen in a very quick timeline, but you’re probably getting up multiple tens of thousands of dollars. And that’s the question I want you to ask yourself.
Now, the other thing I will say about that to a Blake is, is that if you are thinking about something like that, talk to your real estate agent, talk to your realtor, your trusted realtor, they will likely have the connection and context to get you that quick payment and probably get you more money than the buyer’s going to offer. And so you’ll end up with more money in your pocket and still be able to do it in a timely manner. So that’s the last thing I want to say. Cause I’m, um, I hear a lot about I buyers in the last year and I want to make sure that I get that across as well.
Yeah. And a couple of weeks ago we had, um, Carl Bassett of home investors on the show and he’s one of the local investors. Who’s actually, you know, doing that, but the same thing, he’s not the IVR, so he’s not going to take off, you know, here there, you know, making offers and take it off if that’s the price, you know, what you get up front. And so, yeah, I mean, I know you’ve got investors you work with, so the local guys I’m using a realtor actually do, um, you know, get you more money cause you have those connections and they’re, they’re willing to go a little bit more because they’re not having to spend millions of dollars on the advertisements and the mailers and all that stuff. They work with local connections. Indeed. I agree. A hundred percent. Absolutely. Okay. The last question I have for you is, um, you know, how does someone find a good trusted realtor to use? You know, what are the key qualities that you think that people should be looking for and what are the major red flags that they should stay?
Well, I’m, I’m, it’s easy for me to say now, cause I’m a big believer in experience because I’ve got plenty of it. Although I will tell you, even with all my experience, I still learn every day. We, you know, we’re, we’re, there’s no end to the cycle of learning. Um, but I think the important thing is, is to interview the person you’re considering and look for two things, look for someone, as you say, you can trust that’s important. Uh, someone who has experienced any, I think you need to like them just a little bit because the relationship’s going to be very, very close for a while. We’re going to be, you know, if you’re working with me, you’re going to be with me a lot. We’re going to be talking a lot with our new Trusts Attorney Las Vegas services today. So there’s gotta be both a level of trust. And you have to actually kind of like the person a little bit too only because of that. And with those two things that make the transaction that much better for you as a, as a, as a person. So ask a lot of questions, uh, how much business have they done? How much business are they doing currently? Um, and, uh, and how well do they know my neighborhood? How well do they know the area I want to live in? Those are the things you really want to want to focus on. Okay. So, uh, one of our listeners is gimme moving to Vegas or it needs to sell their home here in Vegas. How do they get ahold of you?
Oh, it’s easy. Uh, you can call me at any time, uh, seven Oh two, two Oh three one one 65, or you can go to our website, Brown blank, feld.com. Um, and uh, and there there’s a hookup to contact any one of us, like directly from your phone and you can look at properties, you can see our property management portal. You can, we’ve got everything residential real estate on our website as well.
Perfect. Yeah. And I’ll make sure to put your contact information in the show notes so they can reference that as well. So thank you, Harvey. I appreciate you being on the show. I think that’s all very valuable and pertinent information. Um, so as always, it’s great to talk Like, Hey Blake, thanks anytime. Happy to help. Okay. Well as always to our listeners, please like, and subscribe. So you get the latest content and you can leave us a review, let us know how we’re doing. We greatly appreciate that as well. And uh, if you have any suggestions about, um, what we should cover on the show the next time, please let us know. We’d love to hear that feedback. So thank you. And we’ll sign it off for now.