iBuyer Real Estate Blog

The Orlando iBuyer Market [Podcast Episode 5]



Transcript

SHAMUS: Hey there and welcome to The iBuyer.com Podcast. I’m your host Shamus Samerdyke and today you got a couple of very important gentlemen based in Orlando Florida. They are very involved in the market there from the investment side. They are local iBuyer already with iBuyer.com. We are very happy and hopefully they feel the same. I’m going to let them give you their background and some of their different experiences and we’re going to jump in today and really dive into the Orlando Florida market specifically. So Brennan and Brian, how are you guys?

BRENNAN: Doing well, how is I going?

BRIAN: Doing great.

SHAMUS: Very well. I’m glad we were able to finally connect to get you guys on the show. I’m really excited to talk about Orlando. You know, I went to school there. It’s one of my favorite places. So you guys being the local experts there, can’t wait to really dive in. So if you don’t mind, if you guys just want to give everyone sort of a background on yourself, your company and how you got to where you are right now.

BRENNAN: Sure, absolutely. So both actually originally from Arizona, I moved out here in 2010, actually for college and that lasted about a full six months. I was in college, was very blessed to meet a professor of mine who taught me actually how to do Tax Deed Sales. Brian and I have actually been friends since seventh grade and we’ve always been in touch. We’ve always had a good relationship with friends and of course we’ve been like-minded as far as business goes. But anyway, to make a long story short, the Professor had held my hand and taught me how to do Tax Deeds. Brian and I have always been in touch. He showed some interest in that, teamed up about 2011, 2012.

BRENNAN: Yeah. So we focus primarily on Tax Deeds for about the first four years. At that time, we started 2010 we did that to about 2014, as we all know that the market was in the dumps back then, so that was a lot of people were delinquent on their taxes and there wasn’t very many investors go into those options. So we would track the tax lien, wait for them to be foreclosed on. And we were, you know, the typical guy to go into the County auction, making our bid and we were doing really well with that. Come about 2014, the tax deed started to wither and the competition started to increase. So we got creative and we got with our team. That’s when we started doing the direct to seller marketing. We got into Ohio around the same timeline. Now we’re actually in three different States. We do a little bit of buying whole, a little bit of fixing slip, but we focus primarily on wholesale now.

SHAMUS: Got you. Very nice. It is funny coming from the Tax Deed space at something, you know, we were very heavily in on the lien and deed side as well. I know we had sort of chatted about that before. It’s an interesting way to get into the real estate market. It’s a, I mean it’s a side that most people don’t even realize exists. Right? Very, very few people realize that not only can they lose their property on taxes, but exactly how that whole process works.

BRIAN: Well, it’s funny you say that actually because when Brennan had learned, like he said from his professor at wholesale, when he had told me how he did his first deal here in Florida, I didn’t believe him. I didn’t believe that you could buy somebody’s house for their taxes of their own and that was the start of the big thing. So it took me a while to actually come around to the whole idea and then I found out that Florida and you know, quite a few other States do it that way in my mind, well, like you said, I had no idea it was even a thing that you could bid in an auction and the starting bid is what the taxes were owed on a house, that was mind blowing to me.

SHAMUS: Right? Yeah, absolutely.

BRENNAN: Just to piggyback off that as well, it’s kind of how we branded ourselves. We were obviously young kids back then, just hustlers and really hungry. But like you said, most of people, anybody knew of Tax Deeds was kind of like this urban myth but nobody really knew how to do it. So I kind of established ourselves with local market as experts, if you will.

SHAMUS: Sure

BRENNAN: We started to grow our business mainly on JV agreement. So we actually would raise money. We didn’t have much money at the time. We would raise money from private investors and branded ourselves as the guys that knew how to do it or turned a lot of money to the private investors that we had. And now that allowed us to scale to where we are today.

SHAMUS: That’s awesome. Excellent. I mean it’s sort of the, it was the perfect setup. You guys were able, you came in, like you said, young and hungry, you know, you’d figured something out that not a ton of people had their heads wrapped around yet. You were able to go out, prove you can do it and raise the money. And I mean it’s the story of what’s going on in the iBuyer marketplace right now, right? I mean, newer, well, not a new concept, but a new take on an old concept that a few people have figured out and got very, very good at it and been able to at the end of day help a lot of people. So now in the positioning where you guys are at, especially in the Orlando marketplace, I know that it’s, I mean it’s ginormous marketplace, ton of people, a ton of inventory, ton of houses, a lot of money coming in and out of the system, a lot of international travel and things like that. So you’ve got a bunch of different niches you can hit. Tell me specifically about your, some of your, let’s say over the last couple of years, what you guys have seen in the Orlando marketplace from exactly what you guys are doing. Maybe from a, let’s start from like the house flipping side. So you’re buying directly from sellers.

BRIAN: You want to take that?

BRENNAN: Yeah, sure. Um, so I mean, in terms of, in terms of what we’ve been seeing in the market, it’s been, it’s been looking pretty healthy and natural. I mean, we’re not seeing any exorbitant prices. We’re seeing appraisers, keep everything in line. You know, we’re seeing more and more wholesalers kind of enter the market, but everything seems good, people are being smart with their purchases. The home buyers, I’m talking about, you know, you’re always going to have your investors that will make some mistakes here and there, but it seems to be very consistent, very healthy. We’re seeing, we’re seeing killer quarters of transactions and you know, we’ll start to kind of feel like maybe this is getting overheated. But then the next quarter we’ll see in kind of, you know, calm down and maybe even contract a little bit in certain zip codes, towns, whatever it might be.

So we’re seeing a lot of good stuff for real estate. Uh, you know, the builders can’t really keep up with the demand that’s out there. People wanting to buy their homes near downtown areas so that kind of kicks out some of these new larger developments as well. And we’re seeing it, you know, really, really kind of healthy pace and you know, our investors are still here at the table and their customers at the end of the day, the end user seems to be feeding them as well. So it seems to be nice and healthy here in Orlando right now.

SHAMUS: Good. That’s great to hear. And it’s funny you’d mentioned the builders not being able to keep up. That seems to be sort of a sentiment everywhere right now is they can’t put enough houses in the ground to fill the demand at this point, which is a great sign for the market.

BRIAN: Yeah, absolutely. In Orlando. Right? It’s an East coast state, so it’s an older state. I mean the age of our inventory’s already pretty old and the builders can’t keep up with the demand of the end users. Means that it’s a prime market for flippers to be in, which is good for us as well because, you know, we’re serving a lot of these flippers with their investments that they are doing.

SHAMUS: That’s wonderful. So with, and I’m just going to take a stab at this and correct me if I miss anything here. So with a large piece of what you guys are focusing on in your business right now is being able to market directly to sellers who have some kind of a situation. Maybe it’s a divorce, death in the family, the inherited a house, they need to move quickly, you know, any of the above, some sort of life altering event and you’re able to market directly to them and say, Hey, I’m willing to come in and help you out of this situation. We’re going to try and get you in as much as we can for the house. But at the end of the day we’re a full profit company, so we’ve got to make a little bit on it as well. And so you’re able to help these people out of their current situation and also help and you said your customers, which would be your end consumer, your investors that work with you guys by being able to match these sellers with these buyers, right?

BRENNAN: Exactly.

BRIAN: Absolutely. That’s one thing though that we really pride ourselves in, I think is a competitive advantage of ours. We offer multiple options typically too. I mean from a macro scale, there’s two ways to sell your property, right? And typically you’re going to work with the agent, mass marketed, professional photos, open houses, but everybody and anybody know about this property, you get that top quality price, but obviously those are the homes and that can yield a top dollar price and then have no repairs needed and maybe the newer build. And then there’s obviously the other side that maybe needs a sell off market. Like you mentioned Shamus, basic foreclosure, how’s this halfway burned down, growth just collapse, just inherited and the family who inherit it lives in Washington, property is in Florida. They’re more prone to work with. Well we focus on and that’s the investment side, but we really pride ourselves in offering both options. Yeah. We call it a five laws that we try to adopt as far as the mindset. We’re working with sellers. But we really consult with the sellers first. That’s step A, right? Depending on what’s best for them. We provided the best service, so we’re not the people that are going in do a property and for example, Gloria Parks by the prestigious neighborhoods here that uses the example.

Newer bills, you know they’re going to have marble floors, granite counter tops, and micro freezers. Those people typically don’t want to sell to our investment team. However, we’ll let them know that you’re ensued, making them a cash offer and let them know what that cash offer is. That’s not the best fit for them. Then we bring them to our agent team and we do exactly what I just mentioned. But to your point, Shamus we are targeting situations and most of those situations aren’t as stressed or motivated sellers. Honestly, we keep them close to the chest and we have that real black and white convenient sale that’s going to be of interest to them.

SHAMUS: Right. And so, and to your point about the, you know, you sort of have your two buckets, right? You’ve got your, your newer build, nicer homes maybe don’t need a ton of work or any work at all. And situationally they’ve got time to sell. They’re just maybe starting to dip their toes in the market. You know, that’s the kind of, it’s the kind of seller who might want to look at a company more like even say like an Opendoor or an Offerpad, there’s going to be able to come and say, Hey, you know, we’ll give you close-ish the retail value and try and help you out of that situation. Whereas you guys covering much larger part of the market with your second bucket as well, being that these bigger guys have such a tight buy box, right? You know, it’s got to be seven years, certain beds, baths, square footage can only have X amount of repairs. Whereas you’re able to come in and say, listen, if you don’t fit this incredibly tight buy box, we can go ahead and come in and make you a fair offer, get you out of whatever situation or as help you into a new situation, even when you’re a Realty side that you have attached to it and really take them from start to finish, real transparent and made sure that at the end of the day, well, whatever the situation is, it’s a win-win for both you and the customer. Right?

BRIAN: Yeah, absolutely. And just to kind of explain it a little bit, I mean wind back maybe four years ago, we still always investment deals coming in as well as these sellers that weren’t necessarily investment deals. And honestly four years ago we were just telling those people that needed a realtor, we’re sorry, we can’t really do anything for you. So you kind of realize, you know, obviously, A. We were leaving some money on the table, but more so B. We’re not really providing a full service. We’ll be happy these people calling us, asking us to provide them one. That’s when we added that secondary service in. And not only are we able to help more people like by offering both, but it changes the conversation entirely on the front end with these sellers, it’s more of a full on service. You’re calling us to help you one way or another. We’re not going to force you into a box where you need to sell to an investor at a discount. That’s not what you want to do. You don’t need to, we have another service that’s designed specifically for you to get as much as possible out of your property and not worry about the investment side of the business at all. So not only, you know, are we able to help more people make it more money, but we’re able to just to offer full service. If you want to sell your house one way or another.

SHAMUS: And one of the beautiful things I love about that, having that full service option is that from a business side on your end, whether you realize it or not, it gives you the freedom to not have to force a deal to happen. You don’t need the deal to go, to be an investment deal you don’t need to say, Hey, we’re going to low ball you, do all this to make money. You, gives you the freedom and the ability to really truly help that person. If their situation deems that they can go, you know, the traditional MLS route, excellent! We’re happy to walk you down the line to do that too. So by doing that, you know, I just think that’s wondering what you guys were able to do that and it allows you to really, like you said, full service and offer the most help to these people that you can. And that’s something we try and push, especially on the show, is that people are afraid when they hear, especially coming from the realtor side. Realtors hate iBuyers at this point. I mean, some of the things I’ve seen on social media and whatnot, I mean, it’s almost akin to hate speech at this point. So, you know, we like to drive home that these iBuyers, whether it’s an Opendoor or Offerpad or whether, it’s a Joyce Reid Capital, you know, and I’m a local iBuyer who knows the marketplace, you know, front to back. These people aren’t here to try and, you know, get you out of your home equity and steal from you or buy your home at a rip off and they’re laughing all the way. No, you’re providing a service, a real service to help somebody out of a situation that they wouldn’t normally be able to get out of on their own and walking through and being very, very transparent the whole way.

BRENNAN: Yeah, that’s absolutely correct. And Shamus, just to piggyback off that, I always tell my sales guys often, advise the seller as if you would advise your mother, right. When somebody contact me and say, Brennan, I know you’re in real estate. Here’s the deal. I have this property on 123 X street but I haven’t paid my taxes in 40 years and I just got this notice that says I’m going to lose it in two weeks and I don’t have X grand. Right? To payload delinquent taxes off, what should I do? I would advise my mother, right, to take a cash offer as soon as possible, pay off those taxes, avoid foreclosure on a record, put some money in your pocket before it’s too late.

SHAMUS: Right.

BRENNAN: My mother would call me and say, Brennan, I know you’re in real estate. I have a beautiful property on the Lake that as you know, I built two years ago, what should I do? Right? I in financial distress, and I need a $1 million to pay it. Probably the best service is to take your time, get a professional agent, mass market this thing, get as much money as you can out of it. So I always tell all the sales people, the buyer has decided as you would your mother, right.

SHAMUS: Right. I love that. And do we all know that our mothers need just a little bit of help with some of the stuff?

BRENNAN: Right.

SHAMUS: It’s funny, my mom called me the other day. I kid you not, she said, do you know where the remote is for the DVD player? Mum, did you guys have a DVD player.

BRENNAN: That’s good.

SHAMUS: Yeah. It was the DVR. I feel terrible to say to say that.

BRIAN: Yeah, that’s good.                      

SHAMUS: So let’s dive in a little bit into the market itself in Orlando. So you guys offer a number of services. You have traditional brokerage attached, you have the investment side attached, you also wholesale the properties. You still got, you still deal in the tax market as well, right?

BRIAN: Yeah. It’s one of our campaigns that we market too, you know, where we started and it was our core program in the beginning, but it’s a smaller one of our programs now, but we still targeting that.

SHAMUS: Okay. So in your dealings, you know, being in multiple areas of that market, had you guys come across, you know, of the Orlando is one big hubs in Florida right now for the national iBuyers too. You know, you’ve got Offerpad, Opendoor, I believe Knock is there now as well and Compass as well. So what have you guys seen from some of the bigger national guys in Orlando? Have you guys come across them? Have you lost any deals to them or had any dealings directly with any of them yet?

BRENNAN: Yeah. So, no so to beat for from our vantage point, I would personally say they haven’t posed too much of a threat at all for us. The top of my mind, excuse me, I can’t think of, there’s maybe been one or maybe two deals this year and I can say we may have lost to iBuyer. But from our company standpoint, I don’t see them too much as a threat. However, on the retail side, Oh, agents that you talked about earlier Shamus, I definitely see affecting your business. Definitely our inner market, their branding talk, they’re everywhere. We see them, we see the commercials. But as far as the wholesale deal, we haven’t been affected. From my vantage point on the retail side a little bit. But I mean on that note, like you said at the beginning of this podcast, Shamus, iBuyer has been around forever. They just hadn’t spent billions of dollars to brand themselves.

SHAMUS: Right.

BRENNAN: I actually did a presentation with one of our Title companies about a month or two ago and that was kind of the main dialogue, right, there is room full of agents and Title reps, you know, they’re all threatened by the iBuyers and really, you know, asking why. They’re losing deals because you know, the iBuyer or the iSeller I should say, well it’s convenience, black and white sale. They don’t want to deal with the open houses, all of the things that traditional realtor does. The dialogue with the title team was, where are the iBuyer, right? We can be your exclusive in house iBuyer when you’re on a listing presentation and someone saying, well, I want to sell to Opendoor or Offerpad. You know, when you ask why, it’s typically one of those reasons, right? So I as an iBuyer make sure we can do this quicker. I have, you know, direct lines to the higher ups in the company. And like I said, we’ve been around for a long time, we just have to brand ourselves for billions of dollars.

SHAMUS: Right, right. And to be quite Frank, you don’t need to. And that’s one point that, you know, we harp on here as well is that no matter what, no matter how much money Opendoor or Offerpad or Zillow spends branding and getting the word out there, at the end of the day, because of the way that they run their businesses and they have to have super high level of, you know, algorithmic predictability in the homes that they buy, they will never be able to fully service a marketplace. So no matter what companies like Joyce Reid Capital and you guys float, always having large piece of the marketplace to be able to come in and still help people sell their homes. Right?

BRIAN: Yeah, exactly. And then Shamus, on mine, so I focus more on the operations systems and marketing one of my departments that I look over as well. And you know, the iBuyer seem to target geographically, whereas like we kind of went over in the beginning of this situationally. Well, so we have, we have inherent differences in the way we market and the areas and kind of places. So we don’t see too much overlap with the iBuyers and he can kind of back it up with what he sees with the sales team. But we just don’t see a whole lot of overlap. And like you said, there might’ve been a few here and there that come across this year, but not that many, not that many. It just seems that that we’re just targeting different people and different types of assets and stuff like that.

SHAMUS: So let me ask you this, with the iBuyer model, you know, you read all these articles and all the research that we can see and we’ve been able to pull up and you can find all this on the website as well as. It seems like the iBuyers are losing money on every single house. I mean, in some cases, large quantities of money. I mean 40, 50, 60, a $100,000 loss on a house. Right? So one of the things that I’m still trying to decide and my theory is, you know, they’re going to continue to raise money, raise money, continue to lose money on these houses. Do you think it’s just a land grab or are they trying to soak up as much market share as possible before they think they’ll start being able to turn a profit because coming from a company like you guys, if you lost 40 grand on every house he bought, you would have shut the doors a long time ago.

BRIAN: Right. Yeah. That’s a really good point, Shamus. I mean, my kind of, you know, personal theory is it’s more interest rate driven. And that, if you can buy these things and hold them almost perpetually because you’ve got negative rates in places, you know, across the globe and then extremely historic low rates here. Right? It doesn’t matter, you know, if you pay full market today, if you can hold a note on this and make sure you know, build a portfolio and selling out maybe 20, 30 years later, then you’re going to be okay and make money that way. And so I don’t know how much of that gets put into the equation, but I’m in the same boat as you. I’m not sure how their model works out for their purchasing to make money. But the only kind of way that I can think of is that they’re just banking on the long game here rather than like an actual flipper things like I need to make my money this 12 months. There’s more 20, 30 years down the line kind of thing.

SHAMUS: I sure hope so. Because it scares me just a little bit with the bigger guys watching these numbers. Because it makes you think, you know, if say we did have next year and fingers crossed we don’t, but say we did have another 2008 right? You know, at any given time, some of these companies are holding a thousand houses and inventory that they have reenlisted back on the market. What happens? Do we, iBuyer disappear? What, I mean, let’s say you were then, right? This is all totally accurate, right. But say you were there, you were in their shoes, maybe you know, you’ve got, your business is vertically integrated, so maybe you’re also processing some of the loans on new houses after, you know, somebody sells their house, you help them into a new house, so you’ve got a little income there. I know Opendoor recently bought a moving service. So you know, you’ve got a little additional income there. So you’re in their position, 2008 happens, what would you do? You have a thousand houses in your inventory. What would you do?

BRIAN: You’re just hoping that you can fill them up and make the payments and sell until you’re out of it, right? I mean…

SHAMUS: Filling up rental, right? That you just keep them as a massive rental portfolio, right?

BRIAN: Yeah, that’s what I would imagine.

BRENNAN: They’d have to, yeah. I would have picture it. Would it be a good day for them? I don’t really know exactly what would happen, but I think it would be ugly

SHAMUS: I think it would be ugly.

BRENNAN: I honestly, I haven’t done, I mean honestly I know about Opendoor, Offerpad, but just personally I think Brian would agree that we’re not threatened by them. I haven’t really too much due diligence with them, but I have heard, you know, that one of them is losing extreme amount of money. One of them is doing okay, but it really seems like what you said Shamus about market share player, not a nonprofit. 

SHAMUS: Yeah. I mean it’s, it’s got to be at this point. And then again, that brings us back to, you know, companies like yourselves to run a very smart, profit-driven business. But at the same time, like you said, you guys aren’t going to see a ton of overlap. Right? They’re going after a totally different area of the market. Whereas you guys are focusing on, like you said, your situational sells, right? Which again, and I can’t harp on this enough for everybody listening, is that whether your, whether you need to sell now or the you’re just kicking the tires to see what’s out there, it’s worth your time to reach out to an Opendoor, to reach out to a Joyce Reid Capital and see what the difference is and at the end of the day, who’s going to be able to help you more? Because sometimes getting a little bit more money for your house isn’t always necessarily the right situation for you either. You know, maybe you need to sell, but you have to live in that house for another three weeks while you’re figuring out what your next situation to avoid the foreclosure, to avoid the tax sale or you know, I mean for any number of reasons, not being able to have that flexibility with a larger company, they might give you a little bit more money, but you might be out on your butt the very next day. Maybe that doesn’t work for you. You know, a company like you guys, you can give a little bit of that flexibility. Right?

BRENNAN: Absolutely. And that’s exactly the issues, like we always stress like to bring value and define the seller’s main objective, right? The main objective is hardly ever, I want X amount from my property.

SHAMUS: Right.  

BRENNAN: And so I want to sell those property so I can move back to South Carolina with my family. I want to sell this property as soon as possible so I avoid the foreclosure. I want to sell this property so I get the equity out of it so I can buy another home cash and you know, little mortgage free.

SHAMUS: Sure.

BRENNAN: And where the real objective is normally not in money. We have to know the real objective and then we could really find what service is best for them. Sometimes, no necessarily no so we always offer both services. Option A, option B, what is best for you, let them choose. And then we just go that route.

SHAMUS: Do you ever do it in concert? Like Hey, we’ll go ahead and we’ll, here’s your offer today. We will guarantee you X amount. But do you want to try listing for 60 days, 90 days and just see what happens?

BRIAN: Absolutely. We do that often.

SHAMUS: Okay. Yeah, I would think so if somebody got a little bit of time to work with, why not, right?

BRENNAN: Yup. And that’s the person that’s truly on the fence. Right?

SHAMUS: Right.

BRIAN: Brian, I like what you’re saying with the black and white cash offer and get this done with the convenience. But I don’t want to sell myself short. I feel like I got to give it some time. I’d be make a little bit more so exactly what you said, Shamus, we do both kind of in hybrid if you will.

SHAMUS: Right. No, that’s wonderful man. So you are also involved on the traditional side, which not all the iBuyers we deal with are. You know, some of them are strictly, listen, we houses, that’s it. That’s all we do. Being that you guys have that other side of the business, do you see any, would you see any value as the, you know, quotable realtor in the situation and taking your sellers homes and submitting them for an offer to Opendoor. So having them as a potential iBuyer that your client can work with if see that house fits more their model instead of yours, is that something that you guys have done or would consider doing?

BRENNAN: We do do it. We could definitely, it would be helpful to do it a hundred X more than we already are, but absolutely.

SHAMUS: Yeah.

BRENNAN: And that’s exactly it. And we let, like, our licensed agents, you know, a lot of our team members are licensed agents, but we expressed all the brokers and agents in town that we’re looking for deals, not commissions, right. Them know that they will always represent us as the buyer’s agent and they already have, you know, the agreement with the seller, right? So they can double sign these deals. It’s going to be sitting across the table from somebody who just inherited a home or space and foreclosure. Let’s say Mr. and Mrs. Agent, here’s my situation. The roof is 25 years old. I’m behind on, you know, taxes, I’m behind on mortgage. I used to have heard this song, I don’t want it right, et cetera, et cetera. Average agent doesn’t have a buyer in their back pocket. So what do they do? You hit the list of your group for 6%, they put it on the MLS, they wait for a random buyer’s agent to bring the buy or they split that property 3% and it takes about, let’s say on average 60 to 90 days. Oh, we offer is…

SHAMUS: If you’re lucky, 60-90days.

BRENNAN: Right. So we don’t make sense for everybody, but when agent sits across the table, listing presentation, here’s that dialogue. They can now let them know, I have a cash buyer for this today. They could make a simple phone call, they make an offer within 12-24 hours if they like it, and agent gets the double sided deal, you’re a hero to the seller. He spent a fraction of the amount of time to make double or triple the amount the seller wants.

SHAMUS: Yeah, and you really nailed it on the head with dealing with the realtor side of things, you know the realtors that I’ve spoken to and I know who are concerned about five buyers in the marketplace, whether it’s an Opendoor, whether it’s Joyce Reid Capital is that they’re, they’re worried they’re going to get cut out of the equation. Well, at the end of the day, you could definitely look at this as an opportunity for you to double, maybe even triple the amount of business you’re doing while still being able to help your client better than ever. Right? You could, if you were me and I was a realtor, every listing I got, I would immediately go to my local group of iBuyers and say, Hey, let’s go ahead and get an offer in on this house. Day one, it’s good for 60 days and we have it in our back pocket. No matter what happens, if, you’ll try and get full price for it on the market, but that doesn’t work. We know we have a guaranteed offer in the backup. I mean what a great sales pitch to say, Hey, I can guarantee you an offer on day one. I would think that would be huge and it just shocked me that more realtors aren’t taking advantage of it.

BRENNAN: 100% Yeah

BRIAN: And then another kind of added benefit of offering the two services is a lot of times we’ll send a person over to the retail team based on our initial conversation and what they say on phone call and then it doesn’t, it’ll end up coming back to us on the investment side because the realtor took a look at it and was honest with them about, Hey, I can maybe list it for X on the market. In reality, our cash offer was pretty close to that to start with and it’ll come back to the investment side as well. So that’s another added benefit as well as is sometimes people don’t know which the best route is, well, I mean they want to try the retail route. Realtors, you know, honest with them saying it’s maybe not your best route, you probably should go back to the cash route and then it comes back full circle. So both of these services we’re giving these people time to figure it out and we’re keeping more deals and you know, in our company by doing so, it’s just great. And yeah, they can go back and forth whenever they want. They want to try retail and switch back to the cash route investment side. Great. If you want to maybe think about the cash and then all of a sudden you come into 10 grand, you want to replace the cash route and go on the market? Great. Let’s go that route then.   

SHAMUS: Right. No, and I mean, I think you, you know, you really hit it on the head is, in 2019 coming up on 2020, you know, with, well we’ve got CarMax and UberEATS and Postmates, everybody wants to have options and have a lot of options laid out for them on the table so that they can decide. Well, people aren’t dumb. If they can see transparently what all their options are at the end of the day, typically they’re going to make the decision that makes the most sense versus you know, maybe five, 10 years ago, you know people only had one, maybe two options and didn’t even understand that any of this was a possibility. Right?

BRIAN: Right.

BRENNAN: And that’s a really good point. Right? So we, you know, we’ll talk to our sellers all the time. They’ll call in, you know, we’ll ask how many other letters did you receive like ours and it’s not uncommon for them to say 15, 20 other letters. So what we are really doing is just call it a company to figure out what all of their options are, just to decide what to do. So if we can provide both of the options that are out there for them, it reduces the chance of them hanging up with us and calling that next letter as well, which is another benefit to us. I mean it’s, if they don’t feel like they need more options to call another person for, that increases our, you know, our closing percentage conversion ratio and stuff like that. So it’s just a benefit all around and offer everything you can to these people when they make that effort to call in.

SHAMUS: Absolutely. And especially when they’re dealing with a company like yours because you have all the services and you are, you know, a moral, transparent, you guys are upfront about everything. You know, they’re going to be working with good people versus some of the fly by night wholesalers. And I mean, we all know it’s a world of real estate. There’s a lot of shady people.

BRENNAN: Absolutely.

SHAMUS: There’s just, there’s no way around it, you know.

BRIAN: And that, that’s what was so helpful when we added that secondary services. Wholesalers for the most part, they don’t have a great reputation. And so when we add that second service in our pitch or sales pitch completely changed from, we’ve got to get you to go wholesale and go investment route at a discount to simply just whatever’s best for you is what we’re going to do now. It helps us fight that, you know, kind of that bad aura around full sellers. And it makes the conversation a lot easier for us too.

SHAMUS: I love it. I love it, guys. Listen, thank you so much for coming on and chatting with us today. You know, I love what you’re doing, having everything so full service there, you know, we’re excited to be able to provide more and more people to come through you guys and let them give their own ratings and reviews, which I know are going to be stellar. So to that point, we’re going to sign off here in just a second. I don’t like to take too much of anybody’s time. I know everyone’s busy, so just do me a favor and tell everybody where they can find out more about you guys. You know, what’s your social media, website, Et cetera, et cetera. Obviously they can find you on ibuyer.com but on top of that, where can people find out more about Joyce Reid Capital.

BRIAN: Yeah, yeah, and absolutely. So you’ve got joycereidcapital.com is our main website, but then we are on every single social media platform as well. Facebook, Instagram, I’m on BiggerPockets, connected investors or anything like that. For Facebook it would just be facebook.com/joycereidcapital. Anything will be on there on our website and you can reach the whole team on there. You’ve got a directory on there as well to reach out to myself or Brennan.

SHAMUS: Perfect! Well gentlemen, I really appreciate you guys taking the time. I’m glad we were finally able to set this up and who knows, maybe here in a few months we’ll have you guys back on and see how, how things change in 2020. So I appreciate your time.