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Crazy Sh*t In Real Estate with Leigh Brown

Crazy Sh*t in Real Estate!—a podcast that will shatter the HGTV-induced veneer of real estate, and celebrate the challenges of working in this wild, wacky business.
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Now displaying: November, 2017
Nov 28, 2017

Margaret Martin does a little bit of everything from event planning to running an adult day care. After having worked in dentistry, Margaret dove headfirst into association life and inherited her executive position when her boss passed away. Tune in to learn how Margaret adapts, writes a “prenup” with incoming presidents, and talks her members off the “crazy ledge.”

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.

Time Stamped Show Notes:

  • 01:08 – Margaret is in Dothan, Alabama and has a small board of 260 realtors, 400 in her MLS
  • 01:30 – Didn’t start out as an association executive, she was in the dental field, got injured, and started working at the association office for an interesting woman
  • 02:50 – Her boss passed away in the office, she was always smoking and made it a difficult working environment, but this is how Margaret’s career began
  • 03:20 – She is pinned the “black widow” by associates because of how she inherited her job
  • 04:08 – She’s been there for 14 years and enjoys her job – she’s an event planner, travel broker, story listener, and is all over the place
  • 04:45 – She believes in her members and has a great assistant, Emma
  • 05:07 – The biggest surprise moving from dentistry to association life
  • 05:30 – You never want to mess with someone’s children or money, but in dentistry you do both
  • 06:15 – She said she was running an “adult daycare center” and her 6-year-old repeated it so she had to backtrack
  • 06:41 – Being a realtor has difficult times, a boss may have never been a manager, you must be able to adapt
  • 07:43 – You go to training and come back feeling refreshed and with new ideas, but people don’t want change because it’s hard
  • 08:27 – Kiss babies, shake hands
  • 09:11 – AE and incoming president program at Leadership Summit that clearly defines the lines and purpose of each branch of the association
  • 10:11 – She writes up a “prenup” with incoming president to clarify needs/wants/preferences and establish a relationship
  • 10:35 – The AE must be very adaptable
  • 10:53 – What’s the craziest thing an incoming leader has done?
  • 11:04 – For the first time, they made a profit off CE and a committee chair wanted to use extra money to rent a condo for a committee party
  • 12:00 – She had to talk them off that “crazy ledge”
  • 12:17 – Fundraising: Sometimes members must be reminded that they are not a civic organization
  • 13:36 – Strategic plan must align with fundraising efforts
  • 14:13 – Benevolent fund for realtors in need
  • 14:55 – Find Margaret Martin on her personal Facebook, the Dothan Association of Realtors Facebook, or by email at Margaret@dothanrealtors.com

3 Key Points

  1. You must be adaptable – change is hard if you aren’t open to new ideas.
  2. Establish a relationship with leadership to clarify expectations and management style.
  3. Fundraising efforts and spending must align with the association’s overall strategic plan.

Credits

Nov 24, 2017

Whether it be sweet seniors or the bomb squad and sex toys, Dennis Gaggini has pretty much seen it all. After having worked in the industry for 17 years, an eviction that came complete with a SWAT team, bomb squad, and gynecological bedroom tool pretty much took the cake. Tune in to learn how Dennis connects with the greatest generation, and how he learned first-hand what can happen when you knock on the wrong door.

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.

Time Stamped Show Notes:

  • 01:13 – Dennis has been in the business for 17 years, started right out of high school, is 35, and is in New Jersey
  • 02:15 – Did a real estate pre-licensing course the summer after high school
  • 02:27 – Surviving in a commission-based position at that time
  • 02:39 – Grateful to his parents for support and was also a pharmacy technician on the side
  • 03:00 – Has been doing real estate full time since he was 20, average real estate broker is 56
  • 03:30 – Experience as a young person in real estate
  • 04:00 – The people he gravitated towards were seniors, the “greatest generation”
  • 04:15 – Millennials and seniors work beautifully together, they were his bread and butter
  • 04:38 – His sister is 7 years older, and her friends were at home buying age
  • 04:59 – Confidence took him a long way
  • 05:28 – Old school relationship-building approach – how millennials can fit in with seniors
  • 05:47 – Just do it, and don’t overthink
  • 06:00 – Go to your senior real estate specialist designation
  • 06:07 – Visit, talk to your grandparents and go to places where seniors spend time
  • 06:35 – Dennis went to water aerobics classes at a local Swim Club to chat with seniors
  • 07:45 – Importance of connecting – humanity
  • 07:54 – They need to be nurtured, he sees them and protects like his own grandparents
  • 09:29 – Crazy story - He does a lot of foreclosures and REO properties
  • 09:40 – He got a new listing about 45-50 minutes from his office so he went to visit at night
  • 10:10 – The lights were on, he went back during the day, knocked, saw a sign that said, “Stupid people will be shot,” and left
  • 11:00 – Was going to offer cash for keys: Went back, knocked, lady answered the door
  • 11:36 – He introduces himself kindly, she introduces herself, says she isn’t the owner, gave him the owner’s number
  • 12:30 – He wanted to take photos but she declined, he tried the number and left a message
  • 13:05 – The most irate person calls back, saying it’s the wrong number
  • 13:33 – He goes back, sends letters, offers cash for keys, gives deadline, informs bank that someone lives there
  • 14:38 – Someone is there the third visit; he can see them on the side of the house
  • 16:08 – He knocks on side door, asks for “Michael,” tried to get rapport with Michael’s nephew, continues sending letters
  • 17:39 – He goes back out, sees original lady, takes photos, she takes photo of his license plate
  • 18:41 – They filed for eviction, but even 2 days before he still wanted to work with them
  • 19:30 – He goes to house with officer on eviction day and knew it wasn’t going to be good when canine officer was there
  • 20:03 – No one answers the door, then someone threatens to blow the place up: 6 sheriffs come, local police officers come, canine officers are present, then SWAT team arrives
  • 21:30 – The guy’s girlfriend is held up in the bedroom, he’s threatening to blow up the place, and the bomb squad arrive and the block was closed
  • 22:26 – They bust through the door, the guy shoots once, no one was hurt, but they saw he was manufacturing bombs in the house
  • 23:23 – He sees woman coming to the police, and it’s the man’s ex-wife, they have to come back to get things out of the house
  • 25:04 – He goes to house that evening to lock everything up, finds out that the guy had 50 guns, took pictures of the inside and saw things he had never seen before
  • 26:08 – Saw sexual toys, adult magazines, heard officers talking about tools that a gynecologist would use found in the house
  • 27:50 – 11 more guns were found, one was missing then found, nephew tried breaking in during inspection and threatened to shoot him
  • 28:09 – Ever since, police escorted him
  • 28:23 – Always use your head, be safe and aware of your surroundings as a realtor, take advantage of cash for keys offer if offered
  • 29:22 – Contact information: 856-455-7653, dennis@njrealtorservices.com http://www.njrealtorservices.com/

3 Key Points

  1. Build relationships with seniors by spending time and chatting with them – they need to be nurtured and taken care of.
  2. Always use your head and be safe and aware of your surroundings.
  3. When dealing with foreclosures and evictions, treat the people with kindness and care...you never know who you are dealing with.

Credits

Nov 21, 2017

The nation needs YOU to get involved! Gavin Blair, AE/CEO of the State Realtor Association of Iowa, discusses the passing of first-time homebuyer legislation, the challenges of association life, and the dire need for top producers and working realtors to have a voice and make an impact. Tune in to learn how Iowa is leading the nation and making home buying a reality for first-time buyers, and get inspired to be a voice in your own community.

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.

Time Stamped Show Notes:

  • 00:40 – Gavin is a AE/CEO of a State Realtor Association in Iowa; goal is to deal with legislature in Iowa, deal with back-office needs, protect rights, and defend its 7,200 members
  • 01:40 – State forms, education for members across the state: founded on code of ethics and constantly focused on that
  • 02:02 – What it means to run the association
  • 02:10 – Advocacy: his background is in politics; he was a lobbyist for the Columbus Board of Realtors
  • 02:52 – Goal is to make sure consumer gets best deal in home ownership
  • 03:20 – Spearheaded something for homebuyers statewide
  • 03:43 – “Brain drain issue:” 70% of students leave after they graduate
  • 03:58 – 5 years they started working on first-time homebuyer legislation and it passed last year
  • 04:05 – Individuals can set aside an account where people can donate and write off donation up to $30,000 for first-time home buying fees
  • 04:45 – Iowa was one of the first states to come up with and implement the idea and he hopes it’ll be nationwide to break the barrier to home ownership
  • 05:23 – Realtors in the organization are aware of this movement, but most realtors aren’t involved or aware of the smaller day-to-day legislations
  • 06:35 – Have provided a way for families to help each other and incentivize saving, despite a decrease in revenue to the state
  • 07:00 – Factoring the home purchase process’s impact to the economy, it provides an influx of cash greater to what the state is losing and is a win-win
  • 07:58 – So many people get paid in the process of a home sale
  • 08:20 – For every house bought in Iowa, about $55,000 is dumped back into the economy (contractors, stores, people, etc.)
  • 08:50 – Homeowners are invested in their community long-term; they give back
  • 09:24 – We get lost in money turnaround over the long-term benefit of home ownership
  • 09:44 – As small businesses grow and they buy buildings, business owners care more about their properties as well vs. large corporations
  • 10:20 – Mega farms buy up small family farms and water contamination has become an issue because they don’t care as much about the community
  • 11:42 – Realtors apart of family farms and rural sales are involved in community upkeep and protection
  • 12:07 – Realtors are both rural and urban – must bridge the gap
  • 12:52 – IAR looks out for both types of communities; 2,500 are urban, the other 5,000 are rural
  • 13:30 – What do you wish you could un-see?
  • 13:42 – Some people are involved in association but aren’t in the everyday business; the best members are in the field everyday
  • 14:03 – The “trade association junkies” aren’t tied so closely to the business so sometimes don’t watch out for the day-to-day agent or consumer
  • 14:11 – Can be time consuming for leadership
  • 14:30 – How do you get top producers to get involved and show up?
  • 14:32 – It comes down to, “How do you help me?” and “What’s in it for me?”
  • 14:45 – Its good for your pocketbook, your referral network, your business, and it’s a way to give back
  • 15:15 – Legislature affects you every day; get involved at the local level
  • 15:36 – Hard part is keeping members involved once they are there at state and local level
  • 15:54 – Members that don’t do a lot of business can dominate a meeting and scare away top-producers and everyday business-doers
  • 16:13 – Top producers are needed in association life because you are touching the most consumers and can be heard
  • 16:33 – You can’t complain if you aren’t engaged
  • 16:50 – We are only as good as the members involved at the association level
  • 17:08 – It is a member driven and focused organization; they care but need your involvement
  • 18:19 – If you are participating in conversations regarding legislature, get into an association to make an impact
  • 18:29 – Reach Gavin through social media: Twitter, (search Gavin Blair), or email: gavin@iowarealtors.com

3 Key Points

  1. Advocacy is intended to make sure the consumer gets the best deal.
  2. Get involved – top producers who touch the most consumers need to be heard.
  3. Joining an association directly benefits you, your pocketbook, and your network.

Credits

Nov 17, 2017

Summary:

Cady Thomas, the Government Affairs Director for North Carolina, says that her job is to “talk, stock, and stay paranoid,” and that’s exactly what she does. Tune in to learn about “housing affordability,” why it’s so important to stay informed when it comes to legislature, and discover your market is impacted by your involvement. Now, more than ever, realtors need to speak up for the sake of their businesses, their clients, and their communities.

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.

Time Stamped Show Notes:

  • 00:40 – Cady is a GAD (Government Affairs Director) for North Carolina
  • 01:05 – She went to D.C. after college and worked on the hill for a couple years before going to law school
  • 01:21 – Moved back to Raleigh to do a corporate and capital markets practice, but realized she didn’t like sitting in an office all day
  • 01:40 – Started doing a pro bono project where she got to the North Carolina General Assembly lobbying the members; successful in passing a revision to the juvenile justice code
  • 01:55 – Found job in lobbying world with realtors 10 years ago
  • 02:25 – What was something crazy/unexpected that you learned/seen along the way?
  • 03:07 – No metal detectors/badge check in the North Carolina Legislative building
  • 03:35 – Friend said, “Cady, half the people in here are packin’...they’ll never put up metal detectors”
  • 03:45 – Shows difference between the state and federal legislature
  • 03:57 – Shocking: The decisions the state makes and how quickly they can make them affect members 10x greater than at the federal level in everything but taxes
  • 04:40 – She learned that she had to read every bill and find out the happenings in every committee because anything could affect real estate
  • 04:57 – Why are realtors so blinded to what happens at the state level?
  • 05:07 – Most people don’t understand state structure
  • 05:41 – Realtors are in the business of making friends – politics isn’t about making friends and realtors don’t want to get involved
  • 06:20 – Find the issues that resonate with the brokers because they be passionate about getting involved
  • 06:48 – Hoping to get through local issues that affect clients
  • 07:02 – Private road maintenance issues and DOT to take over maintenance
  • 07:30 – Getting kids to school busses with proper roads
  • 08:21 – Having a statewide database of roads that are on transportation’s books is a solution
  • 08:40 – Counties already have the information, it’s just a matter of getting it together with technology and keeping it updated with DOT’s records
  • 10:05 – As a consumer, what do you think needs to happen in the realtor community to stay ahead of legislative curves in the future?
  • 10:21 – Creating relationships with elected officials, running for office, advocating for clients where local governments are coming down harder on property rights
  • 10:41 – Counties and cities are taking development ordinances too far, like aesthetic design controls which aren’t powers given by general assembly
  • 11:19 – Have passed legislation to combat that, so it is clear
  • 11:44 – Being vocal and brave will increase awareness in community and broker community
  • 12:11 – Affordable housing is becoming a bigger issue and legislation like aesthetic design control drives up the price further
  • 12:30 – If realtors don’t combat bad legislation, it hurts affordable housing
  • 13:07 – Housing affordability: Affordable within your means and for your circumstance (near schools, amenities used, etc.)
  • 13:46 – “Affordable housing” has negative connotation; “Housing Affordability” better
  • 14:30 – Cities are encouraging more assistance-based payers in their developments
  • 15:00 – Assistant based payers living in environment with others improve the livelihood of all involved
  • 15:48 – How should a realtor find out what their GAD is doing?
  • 16:03 – A phone call, an invitation to a staff meeting, a coffee meeting with broker so they can understand their involvement
  • 16:48 – Go on website to know who does what and ask questions
  • 17:32 – What people think she does vs. what she does
  • 17:39 – House of Cards is all fun and games but it’s not typical
  • 17:50 – Most legislators came to their position because they want to do what they think is best, they aren’t getting paid a lot
  • 18:19 – Legislator tends to be older because they are retired and have the time
  • 18:30 – Cady tells people her job is to “talk, stock, and stay paranoid”
  • 18:46 – Reach Cady by email or phone number
  • 19:18 – Call your local association to find out your local and state Government Affairs Director and get involved to protect your clients

Reach out to Cady Here:

  • Email: cady@focuscarolina.com
  • Phone: 919-573-0996

3 Key Points

  1. State-made decisions hugely impact realtors and their clients – pay attention to them.
  2. Learn the state structure and get involved.
  3. Speaking up can protect your clients; ask questions and education yourself on beneficial programs and potentially damaging legislation.

Credits

Nov 14, 2017

Do you smell cookies? Leigh and Holly do in this episode of CSIRE, where they decide to lobby for snack baskets and cookies. But it isn’t all chocolate chip and oatmeal raisin; Holly Mabery, leader, educator, and veteran in the real estate business, discusses the need for questions, advocacy, connection, and community protection in the real estate business. Tune in to hear where Holly believes real estate agents are falling short, how we can impact our communities, and what we can do to protect our clients from inevitable changes in a cyclical market.

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.

Time Stamped Show Notes:

  • 00:54 – Holly is outside of Sedona in a place called Cottonwood; 3rd generation realtor and 4th generation Arizonian with 19 years in the real estate business
  • 02:50 – People think real estate is easy
  • 03:05 – Just sold her childhood home; it was the first house her mother purchased and sold
  • 03:40 – She had to explain agency to her mother; she could represent her parents but not the buyer
  • 04:22 – She has coffee with her mother on Sunday mornings and tells her about her day and work
  • 04:53 – Mother asks, “Did you sell something?” and is concerned that real estate “isn’t going to work out”
  • 05:39 – Explained to her mother that the process of meeting with a client and finding their house takes time and a process
  • 06:23 – Reminder that she must slow down and make sure everyone is on the same page
  • 06:34 – Grateful for her parents because they are still teaching her
  • 06:50 – Went out on one of her first foreclosure listings as a young agent
  • 07:02 – She was so excited and she went out and it was a single-wide trailer
  • 07:13 – The front door was open and the inside was a mess; everything was gross, there was trash from the neighborhood and it smelled terrible
  • 07:56 – There was no door; she used a piece of plywood and got a door
  • 08:59 – When you do cash for keys, you see people who are just down on their luck but then others are jackasses
  • 09:12 – You can help people and help work with them and the bank, others you just want out
  • 09:32 – Sometimes there’s evidence of human trafficking, drug abuse, child abuse, etc.
  • 09:45 – She fell through the floor of a foreclosed mobile home property in Central Phoenix
  • 09:51 – The holes had been cut in the floors to hide drugs
  • 10:20 – Open carry for those kinds of properties
  • 10:39 – Mobile homes are most affordable housing option right now
  • 10:50 – Even in a condo, you give your life away in HOA fees
  • 11:01 – She was VP of her HOA one year and it was a “special kind of hell”
  • 11:20 – HOA board members were so fussy about the smallest details
  • 11:40 – “Their light is on...that’s my favorite” (talking about HOA complaints)
  • 12:00 – They think its paid leadership
  • 12:18 – Lobbying for snack baskets and cookies
  • 12:54 – Did you expect to see yourself in a leadership/instructor role when you first started?
  • 13:01 – She came in to the business at 23 straight out of college and didn’t buy her first home until after 1.5 years of selling
  • 13:47 – She started reading the papers and giving the team relevant information
  • 13:57 – She got on the board and saw it wasn’t run the way it should be
  • 14:26 – If you are going to do something well, have a high sense of collaboration
  • 15:00 – How do we get to where we want to be and how do you motivate people to get there?
  • 15:05 – Sometimes it’s knocking on back doors, making conversation, meeting new people, breaking bread with people
  • 15:38 – Channel what you know to be better into people that haven’t heard the message
  • 15:45 – She was teaching LTA with Evan Fukes at a Leadership Training Academy in AZ and she asked, “Why are you here?”
  • 16:05 – She hit a metal easel behind her because she was frustrated and it scared everyone, she knew she crossed the line
  • 16:18 – She said, “I need to know why you are here and what you do for your members!”
  • 16:43 – Clients deserve better – most agents suck at telling the customer why they show up
  • 17:08 – Agents are told to “list to last” but schematics aren’t taught
  • 18:00 – People start to crowdsource to learn how to sell but they aren’t told the full story
  • 18:30 – The problem with team structure
  • 18:39 – Green agents jump on a team and are told they’ll be educated and mentored
  • 18:45 – Team leaders just sees “who sticks,” and customer is lost in obscurity
  • 19:18 – In NC provisional brokers shouldn’t be in teams because leaders aren’t capable
  • 19:26 – New brokers still get in through loopholes and they reflect poorly on other realtors
  • 19:36 – Disconnect between broker, team leader, and whoever else comes along
  • 19:44 – She has a heart for new agents: All they’re told is to make phone calls and get leads
  • 19:58 – It’s about closing and helping people on the back end
  • 12:10 – They say how many leads they get but what matters is what they close
  • 20:28 – Team leaders push calls but don’t teach them the real valuable information that they need to communicate with the client
  • 21:03 – Need to explain to consumer the difference between realtors
  • 21:15 – Consumer should use sites, but then find good realtor to guide them
  • 21:30 – Agents aren’t connecting with client at that deeper level to ask the right questions
  • 21:40 – Agents need to ask the right questions, ask about their goals, see how their goals fit with the market, and get them to their goal
  • 21:54 – Best realtors will get solutions from financing standpoint, find investor depending on what they want to buy, and ask questions to get clear on their long-term goals
  • 22:19 – It’s fascinating how the number of people who got upside-down during the dark time were never asked, “How are you going to support 10 rentals?”
  • 22:23 – We should keep asking questions knowing another recession is going to happen
  • 22:35 – In a low inventory market, people stop asking questions
  • 22:41 – This cycle goes back to foreclosures; the realtor didn’t ask enough questions to protect the end user
  • 22:55 – Ask temporary and long term goals; this is a long-term investment
  • 23:20 – Great opportunity for skilled realtors that understand that the market is cyclical
  • 23:32 – Pay attention to changes in legislation and be proactive
  • 24:00 – We tend to be reactionary in business and associations, but regarding advocacy, “climb the mountain today rather than fight the fire tomorrow”
  • 25:15 – The bill is going after much more than housing; it’s going after institutions and people and how they live
  • 25:33 – People think of themselves, but realtors should watch out for everyone in the community and say something if it could negatively impact others
  • 26:10 – Provisions will affect everyone now or later but people are so self-centered
  • 26:39 – Comparison with other markets (rentals/ownership) aren’t relevant
  • 27:08 – Housing is a main driver in the U.S., 20-30 are involved in home sales
  • 27:36 – Holly knew a flower shop owner who went from working with 40 realtors a month to two during the recession, for example
  • 28:00 – New bill throws a boulder in a puddle
  • 28:30 – Look at what people do for homeownership; she is remodeling bathroom and tradespeople have gone in and out
  • 28:48 – Tells you how budget/business must change for the long game
  • 29:02 - Agents miss opportunity playing the “one and done today” game; stop being pissed at NAR for standing up for people on national level
  • 29:19 – Look at the impact on your community; on people like the flower guy
  • 29:27 – If we educate new realtors we’ll have better advocates in the future
  • 29:44 – Leaders don’t want to talk about advocacy to new realtors due to money and that’s an opportunity lost
  • 30:07 -  At a listing appointment, don’t just spotlight MLS and a sign in their yard, but also negotiations, repairs, lender management, appraiser work, services, etc.

3 Key Points

  1. To do something well, you must have a high level of collaboration.
  2. Ask questions; your questions could save your client in the future.
  3. Understand that the market is cyclical and advocate to help protect your community.

Credits

Nov 13, 2017

Tax reform is on its way...FAST. Jamie Gregory explains what’s going on in Washington D.C. and how it negatively affects homeowners by taxing away tax incentives. Tune in to learn the benefits of homeownership, who is affected (hint: YOU), and what you can do to make your voice heard before it’s too late. 

Please subscribe to this podcast in iTunes or in the Podcasts App on your phone. Never miss a beat from Leigh by visiting The Leigh Brown Experience.

Time Stamped Show Notes:

  • 00:50 – Jamie is with the National Association of Realtors (NAR) in Washington D.C.
  • 01:45 – What is going in Washington D.C. and the world of lobbying?
  • 01:55 – The passage of the tax bill out of the Ways and Means Committee
  • 02:02 – The release of the senate bill with provisions that affect housing, home ownership, and real estate
  • 02:20 – On the house side, chairman of the committee Kevin Brady says mortgage interest deduction has been retained, when in actuality its effectiveness is nullified
  • 2:38 – Bill will double standard deduction and eliminate state and local tax deduction, meaning only 5% of tax filers will be itemizing
  • 3:00 – Incentive provided by mortgage infrastructure will be taken away
  • 03:13 – Homebuyers receive tax refund, see financial benefit, and put money back into the local economy
  • 03:45 – Renters are great but homeowners tend to invest in and care about the improvement of their neighborhood more
  • 04:20 – Sociologists have studied how home ownership creates more stable, active, voting communities
  • 04:30 – We don’t want to take that away; for 100 years, there has been an incentive in the tax code for homeowners
  • 04:43 – What is being proposed in Washington will take that away and make renting and owning no different
  • 05:08 – Other things in the tax reform: Punishment for buying a home and watching equity values increased over time
  • 05:25 – State and local deductions – house bill retains reduction for state and local property tax, but 70% of deduction is for income tax, which has been removed
  • 05:46 – In senate bill they have eliminated state and local deductions
  • 05:58 – Combined with mortgage interest deduction, the state and local deduction provide total incentive to buy a home
  • 06:08 – In 1997 congress passed the Homeowner’s Capital Gains Exemption: If you sell your house after 2 years you can keep up to $250,000 tax free as a single filer and up to $500,000 if married
  • 06:30 – The house is proposing to change the rules on that to more than double the time requirement
  • 06:50 – The provision was put in place to help people unlock home’s value and functions well for military, people who move frequently
  • 07:25 – The elimination of second homes; mortgage interest deduction won’t be used on second homes
  • 07:34 – This affects not just executives or military; many people move regularly or have other living situations, and changing the rules negatively impacts those people
  • 08:32 – National average for living in a house was 5-6 years, and has crept up to 7-9 with recession
  • 09:44 – When the Homeowner’s Capital Gains Exemption was passed in 1997, it simplified the process from how it was before
  • 10:14 – Resource to understand the whole picture: https://www.nar.realtor/ click “Federal Issues,” then “Tax Reform,” you can see maps, statistics
  • 11:10 –Another resource: http://homeownershipmatters.realtor/
  • 11:30 – Need tax reform, but the National Association of Realtors does not agree with changes proposed and they are intentionally moving quickly
  • 12:30 – Obamacare is an example of something that was hastily passed
  • 12:53 – Speaker Ryan has been telling Republican Conference that they must pass the tax reform or else they won’t do well in the 2018 election
  • 13:11 – Jamie believes that, if bill is passed, people in high homeownership rates will learn the implications of the bill and they’ll do poorly in 2018
  • 13:32 – It’ll impact realtors, but NAR and realtors are really the only voice for homeowners on capital hill
  • 13:56 – Realtors invest in communities and represent their districts in a meaningful way
  • 14:16 – Contact your elected officials by texting “Action” to 30644
  • 14:30 – The NAR wants to hear the voice of consumers, too: go to http://homeownershipmatters.realtor/ to respond to the consumer call to action

3 Key Points

  1. The tax reform bill is speedily making its way through the house and senate.
  2. Use the above resources to educate yourself on the tax reform proposals and see how it impacts you.
  3. Tax reform is needed – but not on the backs of homeowners.

Credits

1