All Forum Posts by: Mike Schorah

How can an agent list more million dollar homes?

Edit: LOL. Very funny. So I’m guessing listing a million dollar home is practically the same as listing a $500k home it seems like. (Call, text, door knock until they give you business.)…only difference is price point?!

As soon as you get an offer or 10 minutes before the buyer’s agent shows the property?

Every offer seems to have a 24 hour deadline. If you’re in a situation where you’re getting numerous showings, how do you keep those initial offers interested just in case the later offers don’t pan out.

In my area, rental rates have caught up to market home values. But vacancy rates doubled which wipes out your profit to the point of negative cash flow territory if you have a newer mortgage with a higher rate.

The number of inquiries have gone up exponentially but the number of qualified renters have gone down exponentially. But I’ve dealt with this for a couple of years so I don’t get burned out from it anymore.

Is a high vacancy rate what’s causing negative cash flow across the country?

Like back in the early 2000s. You could promise a certain amount of closing costs then take a few grand off at closing. Or you could promise a certain interest rate then lower the rate by a percentage or two at closing.

What can be done in todays market to underpromise and overdeliver?

Facebook Marketplace is full of drug addicts.

I used to find professionals on Craigslist 

I’ve heard that some agents will meet with potential clients to look at the property then go on a second appointment to discuss price and fill out the paperwork while other agents will give a price and push for the sale on 1 appointment.

What’s your listing process?

In Gary Keller’s book, Shift, he lists 25 creative options that are most common, but barely scratch the surface:

- Seller Contributions

- Seller-Funded Permanent Buydown

- Seller-Funded Temporary Buydown

- Owner Financing

- Contract For Deed

- Seller Second Lease Option And Lease Purchase

- Seller-Assisted Down Payment

- Wraparound And Assumable Mortgage

- Gift Funding

- Selling And Refinancing Existing Assets

- Non-Occupied Co-Borrowers

- Using 401(K)

- Temporary IRA Transfer

- Pledged Asset Mortgage

- Equity Transfer And Bridge Loan

- Employer-Assisted Mortgage

- Lender-Funded Buydown

- Fannie Mae’s “My Community Mortgage”

- Running Scenarios With Automated Underwriting Systems

- Adjusting Amortization Period To Lower Payment

- Adjusting Interest Rates To Cover Closing Costs

- State, Province, And Local Grant Or Bond Programs

- Mortgage Credit Certificate

- Private Lending

He said these options barely scratch the surface. What other options are there?

Here is a Google definition of “woke” since you seem to be having trouble with it: 

“Woke is an adjective derived from African-American Vernacular English meaning "alert to racial prejudice and discrimination". Beginning in the 2010s, it came to encompass a broader awareness of social inequalities such as racial injustice, sexism, and denial of LGBT rights.” 

There are plenty of factual and non-factual articles for you to explore online of what woke is. I’m sure a Twitter definition of “woke” would give you a different answer.

And apparently you didn’t test all of the AI chatbots when they first came out. BardAI was released by Google about a year ago. It answered every question that I listed above. It is now called Gemini and is 80% useless.

And cap rate was just a fun question that I would ask. It actually still does answer that question and the subject to question. I just didn’t mention that in my OP.

ChatGPT is phenomenal, but it doesn’t have real time data for certain A.I.-based questions

I first used BardAI a year ago when it was fantastic, but I realize that it has gone woke and will soon go broke like the rest of ‘em. Now questions it would answer a year ago are suddenly “racist” and “invasion of privacy”.

Looking to have AI technology to answer the following questions with non-woke answers:

• What’s the median home price of [city, state]?
• What’s the Least Valuable Zip Code in [city, state]?
• Give me a report of Home sales in [state] for the past month
• What Zip Code has the highest crime rate in [city, state]?
• What Zip Code has the lowest crime rate relative to price in [city, state]?
• What are the top zip codes with the lowest crime rates in [city] with the median home price below $500,000 in [month, year]
• What are the top zip codes with the lowest crime rates in [city] with the median home price for single family homes below $500,000 in [month, year]
• How to Explain Subject To to a Home Seller?
• What is Cap Rate?
• What are the most common home issues and repairs needed in [region, state] for houses built in [year]
• What are the costs to repair those issues?
• What zip code has the most rental properties in [city, state] for [month, year]
• What zip code has the most rental properties in [city, state] that are single family homes
• What zip code has the most rental properties in [city, state] that are single family homes relative to population
• what is the value of [address, city, state, zip]?
• What Zip Codes have the largest concentration of older homes in [city, state]?
• give me property info about [address, city, state, zip]
• what would be the cost of a new roof, kitchen, updating, and new hardwood flooring for [address, city, state, zip] based on square footage
• What Zip Code in [city, state] has the most cash sales per thousand people?

give me this information in a visual graphic

• What are the best zip codes for house flipping in [city, state]?
• What Hedge Funds are buying the most properties for cash in [city, state]?
• Based on Google Maps what ares in [city, state] are busiest during rush hour?
• What areas are the cheapest to buy in [state] with a population over 100,000

make a chart of that info

• Give me all of visual graphs, information and data about the [city, state] real estate market for a real estate investor