30 Minutes with Spyglass Lending

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Jamie Tian

September 09, 202235 min read


Unknown Speaker 0:02
Hi everyone, September 8, September September 8, as it were Thursday 11am Welcome to 30 minutes with Spyglass lending, as always, but of course, especially we have an incredible guest today we have an award winning Los Angeles Realtor with us a 10 year veteran, she's got a great story. She's going to tell us all about what she's got going on. And of course, enlighten us to what's happening out there in the industry. As always, please welcome Jamie Tian. Jamie, welcome to the show.

Unknown Speaker 0:30
Thank you, Erin. Thanks for having me today. I'm glad to be here.

Unknown Speaker 0:34
Appreciate it, as always, love to start with this guy to hear your story, right? Gotta get to know you right off the bat. Tell us a little bit about you. And start as far back as you want to go.

Unknown Speaker 0:45
Yeah, I guess. So I was actually born in China. So I'm a first generation immigrant. I moved to America when I was five years old. So my parents actually, they decided to come to the United States to get their PhDs. They're both civil engineers. And part of the reason was, at the time in China, back then, the government, well, the government still owns all the property, but ever since the early 2000s. They've given people the ability to citizens the ability to own property, but they're still on a 75 year land lease. But prior to the early 2000s, you couldn't buy or even rent property, you were just assigned it by the government. And they kind of did it based off of like seniority. So both of my parents at the time were working as professors at the college that they had graduated from in Nanjing, and they just weren't high enough in the ranks yet to get assigned housing. So they literally had nowhere to live their families, they expect you to kind of live with your families or find someone to live with, but their families are living in different cities, far away from the city that they were in. So they literally had nowhere to live, they had to live in their research lab that they worked in during the day. So they just kind of put a bed mattress in there. And that's where they stayed at night. And when I was born, that's where they were living. So, you know, they kind of realized that staying in China, they probably wouldn't be able to really, you know, make the life that they wanted. And they wanted some kind of a better opportunity for me and for themselves. So they both decided to get their PhDs in engineering, and they applied to a bunch of different schools in America and my dad got accepted to the University of Oklahoma. And my mom got accepted to the University of Pittsburgh. So they had to kind of do long distance for a couple of years, because that's just kind of where they could get scholarships to and what they could, you know, afford at the time. So I stayed behind with my grandparents for a few years. First of all, they came over here and kind of try to set up base and like establish themselves before a couple years later, I came with my grandparents to America, and I landed in Norman, Oklahoma. So that's where I my first experience in America was in Norman, for a couple of years there. And then we eventually our family relocated to Southern California and settled in Irvine. And starting from around age nine or 10. I grew up in Irvine. So yeah, that's kind of my childhood story. So that's kind of why homeownership is really important to me, because, you know, it's like the American Dream seriously. And it's like a really is the land of opportunity. It's cliche, but it really is and it gave my family the opportunity to kind of like establish ourselves. But um, yeah, so I after college, after high school, I attended college at UCLA. And I actually majored in environmental science. At the time, I thought I was gonna go into law and go to law school, I was working at a law firm, as like a legal assistant and I also I completed my L sides applied for law school, all of that. And then, during my last year at UCLA of my undergrad, I just after I finished all the applications, everything I decided I wanted to get my real estate license. Kinda like for fun. I just thought maybe I could do it as a summer job a side gig.

Unknown Speaker 3:54
You were thinking about this, while being a college student?

Unknown Speaker 3:57
Yes, I was 20 years old at the time when I got licensed. I you know, it was my last two or three quarters, two quarters at UCLA. And you know, last year senior year course loads a little lighter. And then I had finished all my grad school applications. So I was like, why don't I just do this kind of like for fun and then I can always, you know, help my family or friends if they need a realtor do a deal here and there. So was

Unknown Speaker 4:21
there was there some impetus that led you this way? Was there a mentor who kind of pushed in this direction or were you just came to this conclusion yourself?

Unknown Speaker 4:28
So I came to the conclusion myself I didn't have a mentor or anything but I've always like I've as a child when my parents would like go to open houses all the time just for fun to check out like you know after we finally bought our first house, it was so important to them like when there was new houses for sale in our neighborhood we go to like all the open houses check out everything. So I love that experience. And then honestly, this is kind of embarrassing, but when I was in college like Million Dollar Listing kind of came about it was happening literally around me right because I was like in Westwood, and there's Bellaire homebase. hills, Beverly Hills around me as I'm driving around town, I will see the signs of the people I'm willing to listen. Now this is so cool to kind of want to just try get into it, see what I can do. So I just got my license, I dove right into it. And then I joined rodeo Realty. And then I closed a couple of deals before I graduated from UCLA. And it was awesome, obviously, I mean, at a time I was, you know, working in a law firm making 12 bucks an hour and got my first commission check. And I'm like, This is amazing. I love this. And I love like working with people. So I decided not to go to law school. It was like very, it was a very hard decision. And my parents were, like, very upset at the time. They're, you know, they're both PhDs. And they're very, very focused on education. So they wanted me to do some sort of higher learning, you know, engineer, doctor, lawyer. So I told them, I wanted to do this, I really love real estate, they were like, you know, you could just do it on the side, finish your law school, you know, you can always go back to this later. But I just thought, like, no one have like momentum right now. I love it. I enjoy it. And I'm like, I could always go back to law school later to. Just after I graduate, I just went full time into real estate. And now 10 years later, here I am.

Unknown Speaker 6:17
I mean, that is a pretty amazing story. And you know, you don't often hear that, right? It usually is the opposite way. Okay, well, I'll just get my license on the side. And then I'm going to ultimately stick to what maybe I started out with, and then I'll come back to this if it's working. But you had such an amazing taste of success. So early. It sounds like hard to give up. Like you said, I mean, you know, I'm hearing you say at $12. Now for working at a law firm. How long was that going to last? Or how much debt would you ultimately go into? If you had tried to become a lawyer and all that and all the commission checks? By the way, were they listings? Or were you working with buyers? Those first few deals in

Unknown Speaker 6:54
the first couple of deals? Definitely buyers? You know, I think the first deal I did was 212,000. It was actually a condo in Sherman Oaks. I mean, I can't even believe you could get a condo insurance at the time for 212,000. Not to say I mean, you're 12 to 20 or something. And I'm now 70 I'm sure it's worth like six, seven or 8000 Now, but um, yeah, so it was like a little condo that I sold. And I just started slowly kind of working my way up in price range. And yeah,

Unknown Speaker 7:30
that's amazing. You know, we're gonna jump back to this in a second, of course, continued on in the real estate conversation track. But something you brought up that just really struck with me, that was incredible. Your parents came here before you you were living with the grandparents back in China. And as you mentioned, I mean, they took this journey to one get set up in Norman, Oklahoma and the other in Pittsburgh. And then you came a few years later, how many years did it take before you came in? Join them.

Unknown Speaker 8:00
So about two and a half years, they they just they literally had never been to the United States before even even for vacation or anything. So they literally packed up a couple bags, and moved to Pittsburgh, my mom, my dad went to Norman they barely spoke English except for like a couple of English classes at university. And also they had like broken English really thick accent, never even had American food or anything. And they were they have each other so they just when they tried to get settled, like figure out where to live, you know, starts about

Unknown Speaker 8:31
a leap of faith. And I think you mentioned you came over here at five. So it was a full two and a half years that you were back in China. Do you remember any of this? Do you remember kind of being 234 years old without them?

Unknown Speaker 8:43
I you know, I have like a certain few memories. But honestly, you know, sometimes you don't know if they're really memories or just stories that your parents told you or you're looking at the photos and things like that. So I think like I don't really have clear memories until when I was around five when I came to Norman, Oklahoma. I have clear memories of that. Yeah, I don't remember too much being in China.

Unknown Speaker 9:05
Did they get a chance to visit you over that two and a half year period? Were they able to come back now. So they were here in the States, it was a full two and a half years separated.

Unknown Speaker 9:13
So hard. They were getting close to finishing their PhDs and well, they decided that it was time for me to come and then also they wanted to make sure that I came before kindergarten started. Because they you know just the later you start school in America the hardest to learn English and catch up. So and when I came I didn't speak a word of English either. And they just dropped me off at kindergarten but they wanted to make sure that I did all of my schooling here in the United States. So that was like part of the reason to is right before kindergarten started. I came over to do that. Yeah.

Unknown Speaker 9:44
Oh, unbelievable. Okay, thank you for enlightening us all to the rest of that story. That's incredible. And obviously back to just having graduated. Join rodeo Realty and just jumping right into that. Then you mentioned obviously that you went to UCLA yours Have and you know, we were talking about this just before the show, but in a lot of your social media posting, I've noticed, you know, you've really branded yourself a Bruin, you know, and taken off with that a great pride there, it seems like

Unknown Speaker 10:12
Yeah, I mean, I'm proud to be a Bruin and it's a great network, of course. And after I graduate from UCLA, I lived and farmed in Westwood for many, many years. So I kind of branded myself as a UCLA Bruin. And obviously, there's a lot of students, you know, graduates, incoming, you know, professors, people that work at the hospital. So there's, it's a big community that you know, is affiliated with UCLA and the Bruins. So it's definitely been helpful in that. And, yeah,

Unknown Speaker 10:43
so I like to put a lot of timestamp on everything here. So you said, you know, you're a little over 10 years in the industry, I'm going to put us back in essentially 2012 2013 That's what we're talking about, right, when you first kind of started and jumped in. So obviously, oh, wait, you know, the Great Recession, nine a little dent in the industry, but by 2010, you know, we started seeing this big upswing and, and a lot of equity coming back and prices escalating, and a lot of people doing a lot of things real estate investors, especially where you're working with any investors at the time was around 2012 or 13 numbers at all standard buyers and sellers. Yeah,

Unknown Speaker 11:14
no, I was working with a lot of investors at the time. You know, I think it was a great time to get into the market because the market was just going up and going up as I started getting more experience and building my resume and getting more clients. And the market was was hot. And there was a lot of foreign investors. So I am Chinese I speak Mandarin. So there was a lot of foreign investors that were coming in from China investing around UCLA, some of them were for their for the parents for their students.

Unknown Speaker 11:44
May I ask was it was it? Was it just condos and single family? Or where you're working in any the small balanced multifamily space or any mixed use property?

Unknown Speaker 11:51
Yeah, um, I mean, I do do multi use properties. And like, you know, a four Plex, five Plex type situations. But overall, especially at that time, it was mostly just condos and single family. And honestly, I started off with mostly just condos.

Unknown Speaker 12:06
Yeah. And that's a common tab as well, you hear that from a lot of real estate agents, you start in that respect, and then all of a sudden, you just kind of springboard into that single family space. And then all of a sudden, you're doing those luxury listings? You know, I want to jump right to the big question. I mean, what's the biggest listing you've had? What's the biggest price that you've had on the single family?

Unknown Speaker 12:23
Biggest price point on single family is about 15 million. So up in Beverly Hills in the summit? And yeah,

Unknown Speaker 12:31
are you talking about Million Dollar Listing? I mean, do you think about anybody on that show? A lot of them have plenty, just in the one to 3 million space. So they they're lucky themselves? I know when when they're 10 million plus? So that's incredible. Have you had any? Have you had a number of those in that atmosphere?

Unknown Speaker 12:47
Um, just a couple, you know, I, I do a lot. I would say that my average price point is probably like two or 3 million. And I do a lot of condos still even like I have a listing right now for 525. So I would say I work with a big range of price points. And yeah,

Unknown Speaker 13:05
where are you farming mostly now.

Unknown Speaker 13:07
So I still farm a lot in Westwood. It's just where I've been farming for, you know, many, many years now. So that's kind of like my bread and butter. So both the single family homes and the condos there. When I first started off, I just I realized that it probably would be easier to get into condos first. So I actually just started getting like just visiting and getting to know all the buildings. So you know, on the Wilshire Corridor just around town, getting to know each building, what amenities they offer, what's the price ranges where the HOA ranges. And when I first started off, actually, a way that I would get leads is I would go to broker's open houses at the different buildings kind of visit the building, take pictures, and I would blog about it. And believe it or not, people, like eventually started contacting me. And even today, many, many years later, I'll still have people contact me on my blog posts from like back in 2012, or 13. Because they're like, just happened to be Googling, you know, like the Wilshire grand or whatever a certain holding, and it comes up. And they'll be like, Oh, I saw, I saw that you have a listing there for 600,000. I'm like, well, that's like a million.

Unknown Speaker 14:15
You're like, I feel like I did nine years ago. But that's it. That's incredible as well, because, you know, you think about the term blog or even newsletter, and it feels archaic. But the reality is that still plays, right. I mean, there's something to be said, Are you still blogging at all? I mean, obviously, and we're gonna talk in a moment about your social media and your presence and what you're able to accomplish there. And you're following, but are you blogging at all? Yeah, I'm

Unknown Speaker 14:37
still doing it. But I'm being I'll be honest, I'm not doing it as often anymore. I just don't have the time to do it as religiously as I used to, but I, you know, I really believe in it. So I do encourage other agents to do it. And I do, like try to do it as often as I can. Well, it

Unknown Speaker 14:53
seems to be if you're blogging and you really make a good connection with the community, you're really drilling down into something specific that might speak to someone And as you said, somebody is going to pick up on that because, you know, social media, obviously casting such a wide net. But let's talk about that for a second. Because you have a really big following. I mean, where are you focused most of your efforts on? Are you into you LinkedIn? I mean, how you doing on Facebook, Pinterest, I mean, the list goes on and on a little bit about where your focus is.

Unknown Speaker 15:17
So I would say I focus on three areas of social media. So Instagram, for sure. LinkedIn, and Facebook. Those are the three that I really focus on all like, you know, I have a tick tock and I'll post some videos on there every once in a while, but it's not really my forte, I find that each each app or network has like a different type of audience. So I think that like for example, Tik Tok has a very young audience, mostly Gen Z or even younger. I would say Instagram is kind of like, Instagram is now everyone is on it. But I would say like the you know, millennials really like Instagram, slightly older crowd really likes Facebook. So I make sure that I'm still on Facebook as well.

Unknown Speaker 16:04
I mean, who's gonna have the $15 million listings? Probably not the millennials just yet.

Unknown Speaker 16:10
Although you never know, there's a lot of, you know, rich Millennials right now. I've gotten rich. All right. Now, a lot

Unknown Speaker 16:16
of YouTube money out there. Yeah. But

Unknown Speaker 16:18
you know, influencers crypto money, there's a lot of young people that have figured out ways to make money. So surprised. But yeah, and then LinkedIn, I think, obviously, is a little bit more more of a professional crowd. I actually have more followers, I have like almost 20,000 followers on LinkedIn, like 19,000, or something. And I, I've just slowly built up my LinkedIn over time. So a lot of people don't think about LinkedIn, but I actually use it a lot. And I generate leads from it quite often. You

Unknown Speaker 16:48
I want to ask you about that. I mean, that's fascinating. You have the 20,000 followers, you know, LinkedIn, obviously, they, to your point, thought of as more professional, more specific business, hey, do I get a job on here? But it's also a b2b platform, right? I mean, it feels like it's more business to business than it is business to consumer. But are you getting direct to the consumer? Are you working with other realtors? on there? I mean, what when you talk about leads? Are you talking about lead generation? What are we talking about? Exactly? On LinkedIn?

Unknown Speaker 17:14
Yeah. So I mean, both, I would say that on LinkedIn, it was it's probably less so realtors, and more actually, the consumer. And I meet people all the time in person that are like, Oh, you look familiar. Like this happened to me. The other night, I went to an aria event. And it was like a town hall event. And it was a policy event. And they had a bunch of like local mayors and Congress, people and council people that were running to come and kind of speak about what topics related to housing that their initiatives were focusing on. I met the previous mayor of Alhambra. And I found out she was like, I think we're connected on LinkedIn, and all realize, like we had been connected on LinkedIn for a number of years. And then we finally met in person. So that happens all the time.

Unknown Speaker 17:59
It just, I mean, that's, that's how I, as I mentioned, you kept popping up in my feeds all the time. And I'm not someone who scrolls that much. So I mean, really, you like in the top 1015 that I would see on there. And I'd be like, you know, feels like you've got to listen to a week or you have this incredible marketing. That's why I reached out on the show, certainly. But yeah,

Unknown Speaker 18:17
and I think I'm now finally LinkedIn has kind of caught on to the whole social media trends. So they're trying to make it more like a Facebook feed type situation. They even like their tried out stories, you know, they're trying to have more creators come on to LinkedIn, they have like a whole creator. I guess, like I don't know, if it's a committee or a part of their company now that they want creators to come and use LinkedIn. So they're trying to make it more of a social platform and less just, you know, obviously, in the past, it was just like, you post kind of your resume. And then if you're not looking for a job, you don't really go on there at all, you know, only when you're changing jobs or you want to see what someone is about or check their resume, you'd go on there but now people actually go on their posts about what's going on in their business and their lives. And it's becoming more and more of a social platform and I think that I think all business is trending in that way anyway, you know, I think influencer marketing is more and more going to replace like regular advertising and marketing. And if you ask like the younger generation like Gen Z's or even younger kids, they don't spend much time watching TV they don't they definitely don't watch TV commercials they don't believe in any type of like advertisements but they believe in what their influencers talk about. So like the influencers that they follow, you know, whether it's lifestyle, influencer, beauty influencer, you know, workout influencer or real estate influencer, whatever that influencer represents or talks about in their whatever brands that they support. You know, they believe in those influencers and the influencers also have to be really careful about what brands they align with, because they have built that trust with their audience. But I think more and more now that's going To be more of a trend, and companies are going to spend a lot more money on that influencer and the social media marketing compared to the traditional types of marketing.

Unknown Speaker 20:08
And that makes sense and to speak about companies. Again, when you think about company or corporate, you think about LinkedIn. And here's another fun fact that a lot of people might not know. But I mean, Google yourself, Google your name, what's the first link that pops up? It's LinkedIn. It's everybody's LinkedIn, they think it might be something else. But that's what I mean. If you're on there, and you have any sort of presence, that's really what pops up. A lot of people might not know that. Alright, switching gears for a quick second. The nar 30, under 32,017. That was a big year for you.

Unknown Speaker 20:34
Yes, so the National Association of REALTORS honors 30 agents under the age of 30 each year, so I was awarded that honor in 2017, which I was obviously very proud of. And I'm proud to be part of the organization. So it's kind of a very close, close knit group of people each year, they add 30 more people and all the past alumni, as we call it, are all very close with the new group every year. And each year we get together so I'm actually going to Orlando next week. We're having our yearly meet up and we kind of mastermind we hang out we network. And then it's been really rewarding for me just to have other top agents from around the country in my network, because we can do referrals a lot of people move in and out of Los Angeles. So we you know, I send out referrals, I receive referrals. And also it's nice to have just other agents, you know, similar age, similar backgrounds and experiences that I'm able to bounce ideas off of, because we work in different markets. So everyone is very open about sharing like marketing tips. And you know, what to do when you're having a certain type of conversation with the buyer or seller and you know, all of that.

Unknown Speaker 21:38
How many people are expected to be in Orlando when you head down there next week?

Unknown Speaker 21:41
You know, I haven't checked because everyone we are always wait till the last second, but usually at least 300 or so. Oh, show up. Yeah.

Unknown Speaker 21:51
And you mentioned masterminding I mean, that's a big thing, right? I mean, obviously in this in this business of ours, obviously the networking, getting together and just sharing best practices and competitive development, right? I mean, just saying, Hey, what are you working on? What are you doing? And everybody's kind of looking at each other. But to your point, I mean, if you're all, you know, feeling like there's this kismet, there's this community of the 30 and the 30 forever. I mean, it sounds like you're happy to share, and happy to see everybody succeed. And that's such a big thing about real estate too, right? I mean, as long as everybody's like, you know, this feeling of competition in so many of the businesses, it's a weird thing in real estate. I mean, there are so many real estate agents, and so many lenders like myself, of course, and then there are so many clients, right. I mean, you know, we should be rooting for everyone's success all the time. It shouldn't feel like this. This cutthroat industry, like a lot of other industries are.

Unknown Speaker 22:38
Yeah, no, I totally agree with that. And, you know, obviously, it's great to network with people from other markets because you feel less competitive, but even within your own market, I always tell people like there's, there's so many realtors, like you said, I think there's 1.6 million realtors out there right now in the United States. But think about how many potential buyers and sellers there are out there, right? Way more than that. And every type of buyer or seller resonates and connects with a different type of agent. And that's why we're able to have different agents help different types of clients in the same market. You know, one agent can't take over an entire city or entire market, because not everyone is going to like their personality, like the way they do business, like the way they present themselves and relate to them. At the end of the day. I think our business is very, very much so a relationship business. And it's just, it's about who they feel connected with who they trust. And that's different for everyone's circumstances.

Unknown Speaker 23:31
And that makes a lot of sense. I'm gonna throw in an acronym Mattia, and another, and another year, a ar e a in the year 2025. Tell us a little bit about what's going on there.

Unknown Speaker 23:42
So ARIA is the Asian Real Estate Association of America. So we are a group of 18,000 real estate professionals across the country. And it was founded about 20 years ago with the goal of, of course, helping Realtors network, but the main mission is to provide sustainable homeownership for underserved communities. So some of the policy initiatives that we focus on are like fair housing, alternative credit, because a lot of foreigners from other countries when they moved to the United States, they after even after working for a couple of years, they don't really have a credit history, because they just never had credit cards. And honestly, a lot of Asian communities are kind of like against debt and credit. So it's not in their culture. So even when they come here, they're hesitant to build credit, use credit cards. So then when it comes time to get a loan, they're not able to qualify for a loan, even though they have, you know, sometimes good decent income, you know, the downpayment saved, they still can't qualify for a loan. So one of the initiatives that we're trying to fight for is alternative ways of grading credit so that people have opportunities to perhaps get alternative types of loans, even though they don't have a long credit history. So those are some of the initiatives that we're working on. Either

Unknown Speaker 24:59
document my way House now get me excited here. This is interesting. So besides FICO, you're telling, you're telling me that there's there should be alternative ways to grade somebody, I mean, if they don't otherwise have trade lines, as you're speaking about not getting credit cards or taking on debt and other ways, got to find other ways to qualify,

Unknown Speaker 25:15
exactly and give people the opportunity to do so. And I think one of the things that we also are, especially is important to us is, I think, you know, the market out there has the perception that, you know, Asians are all wealthy, and they come with their cash offers, and outbid everyone. And you know, all of that. And that is certainly the case in some situations. But that's a very, very small percentage of actual immigrants, right? That's just the ones that you hear stories about, and you watch the movies about or whatever, and you hear a lot on the news. But it's definitely not really the case. I mean, like I mentioned earlier, only since the early 2000s, have people actually been able to even have that land lease ownership in China. So that's why they like investing outside of the United States, I mean, outside of China, and especially in the United States, because they're able to actually own the physical property forever, pass it down generation after generation. So it's really important to them, and that's why they want to come here. But of course, you hear the news about that top point 1% of very rich people that made it that come here and outbid everyone, but there's a lot of normal families like my family, immigrants that come here with absolutely nothing. And they have to work really hard to get to that. And so we're kind of like representing those communities, not just Asians, but all underserved communities. So we closely work with NARA, some of the other trade organizations as well that support other ethnicities. And, yeah, so I've been part of this organization for many years now. I've been on the National Board for four years. So we run three years in advance, but this year, I'm running for 2025. National President,

Unknown Speaker 26:53
that isn't a credible Good luck to you. And I think and you know, three years down the line. So what does it all entail over the next 36 months to get to that position?

Unknown Speaker 27:01
Yeah, so I think they, you know, they want to give you time, after you're elected for to just like, make sure everything is ready for you to like, kind of leave and travel a lot. Because as the president of the organization, you're kind of the face of the organization, and we have chapters all around the country. So, you know, when they have events, they want the President to attend as many of them as possible. And we have so many chapters, so we literally have events nearly every single day. So the President that the year of their presidency, they spend a good chunk of the year traveling around and visiting all the local chapters. So um, I think they want to give you like the first year to just kind of prepare your business, prepare your family, prepare your life for that, and kind of get ready for that. And then in 2024, if elected, I will be serving as Vice President. And then the following year in 2025, I'll be president.

Unknown Speaker 27:51
Amazing. I want to circle back to something else that you said because it again, it really struck a chord about different ways to qualify for a loan, you know, Bank of America, just this past week has announced their zero I'm calling it a 000 loan, so 00, downpayment, zero closing costs and zero mortgage insurance. Yes. And, you know, they're obviously hyper targeting African American and Hispanic communities, but their loans are for everybody, as you mentioned, and a big part of what they're talking about in the qualification process is not about trade lines. It's not necessarily about credit, it's looking at other things. I mean, even as even as little as a utility bill, and for those, you know, again, first time homebuyers, but an underserved community and looking for the, you know, their slice of the American dream. And it sounds like something that you're, you know, aligned with fighting for. Yeah, 100%.

Unknown Speaker 28:39
It's very exciting. I know, it's like a pilot program. And I think a lot of people misunderstood the headlines, because it said, they thought that it was only available for Hispanic and African American buyers. But that's not true. They're just trying to kind of focus on those communities, so anyone can qualify if they buy in those communities. So we're excited to see, you know, we're wedding, everyone's waiting to see which communities are going to qualify, there are certain ones in Los Angeles that will qualify, but I think it's a you know, it's interesting, it's a great step in the right direction. I'm sure there'll be a lot of kinks that they have to kind of work out, but always alright. Well, Bank of America, I think donated a ton of money to norrep. And they're really focusing on that Underserved Communities initiative as well, which I think is amazing. It's a it's definitely a step in the right direction.

Unknown Speaker 29:24
No doubt. I'm interested to see if other lenders follow suit, certainly. Okay. So last six months, we all know a lot of market volatility, a lot of changes. Have you seen a drop off in business? Are you expecting a bigger one or what do you think's you know, if you don't mind answering that question? And what do you think's coming down the pike for all of us in the next year?

Unknown Speaker 29:41
Yeah, I mean, definitely, I saw a slowdown for sure. I'm sure most agents have anyone who says they haven't. It's probably just lying. But um, you know, obviously six months, not maybe even more than six months ago now nine to 12 months ago and of 2021 beginning of 2022. Things are still crazy. still seeing 20 3040 offers I think the most I ever saw once was like 70 Something offers on one property, right? So it's just crazy to

Unknown Speaker 30:09
be the winner of that. Like what? So I mean, what he did have over a 70 view, but

Unknown Speaker 30:14
it was cool to be a listing agent at the time, although it was a lot of work to go through all the offers, and try to like make spreadsheets and figure out what the differences were, and then explain it all to your seller. So that was actually really challenging. It sounded like amazing, but it was actually challenging. Oh, no, it's

Unknown Speaker 30:29
it's 10 times the amount of work for you. Yeah, exactly.

Unknown Speaker 30:32
So now, it's definitely slowed down. I'm seeing like, one offer, maybe three at most, that are on a really good property, you know, a couple of listings, how to do like, I haven't done too many price drops. I've just been waiting, and it's taking a little bit longer. So I've been telling my clients, like, if we're lucky, you know, we still sell it really fast. And that's happened. Like out of my last, let's say five listings, I think two of them still went over one of them went at asking one of them just went slightly under. So I mean, I think the market I haven't really seen a huge drop, I wouldn't say the prices have really dropped, but the number of buyers has definitely dropped off. And so a lot less activity. And so yeah,

Unknown Speaker 31:14
are you are you expect what I mean? What do you think, though? Are you expecting more of a drop off in price? Or?

Unknown Speaker 31:19
I actually am not. I mean, it's kind of hard to say right now, because everyone keeps saying the rates are gonna go up more, the rates are gonna go up more, but it kind of feels like the rates have stabilized off a little bit right now. So I kind of feel like the rest of this year might just kind of stay around the same is how it is now and we'll see what happens. And then of course, you know, all some of the headlines are saying Fannie Mae, I think last week said that they think it's going to go down to what 4.65 next year. So I think um, unless something crazy happens when the interest rates suddenly jump up to like seven 8% That's for sure going to cause a huge slowdown. But right now things are looking kind of stable and normalizing so I'm hoping that it'll just kind of stays stable for for the next six months or so.

Unknown Speaker 32:06
Let's all hope you're right. Me tn award winning realtor here in Los Angeles running for reo. President 2025. Certainly wish you the best of luck really greatly appreciate you coming on today. This was amazing. I think we've touched on a lot of topics. And again, thank you. Thank you. Thank you. A lot of fun.

Unknown Speaker 32:23
Thank you. I appreciate it.

Aaron Pfeffer

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