Caveat Emptor – Latin for: “Don’t buy a house right now”

 

Sage advice indeed. Unless your circumstances warrant it and you’re ok parting with a few extra shekels you may never see again. Not to worry. Prospective buyers in most price ranges have largely backed away from the buffet table at this point. They haven't had much choice in the matter.

The purpose of my rant today.

The tide has turned, kind of…

It’s not a great time to buy or sell. Excluding those under duress without the luxury of a choice, or the ultra-wealthy paying cash.

For most, it hasn’t been the best time to buy for quite a while, but obviously a great time to sell throughout the “Covid-fueled, no inventory” seller’s bonanza we’ve witnessed over the last few…

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So, you wanna be a landlord….

The realities of dealing with a nightmare tenant

 

By Buddy Kane

 

 

 

For those of you that read “Rich Dad, Poor Dad” and utilized this playbook to acquire rental properties prior to Covid, interest rate hikes, and the vanishing of real estate inventory, Bravo! You’ve done well in acquiring rental properties that now command increasing rents and low vacancy rates. It’s good to be you. Life is even better when using other people’s money to pay your mortgages down while collecting cashflow from a hard asset in an inflationary environment. Not to mention the eventual capital gain potential over the long term. This is the good news.

That being said, it’s important to be aware that every sparkling…

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CONTINUING EDUMACATION

“C.E.”

 By Buddy Kane

 

 

It’s that time of year again. The weather is breaking, the birds are chirping, and once again I’ve waited ‘til the last minute to complete my continuing education credits. There is something bittersweet about a mad dash to the finish line under the wire. I must enjoy getting it done this way or I would have already taken care of business like the responsible adult I aspire to be someday.

There’s a certain measure of gratitude that accompanies 11th hour urgency. Tasks become reactionary, in a full contact sport sort a way. I’m able to make tracks quickly when the only way to proceed is forward, and fast. Wisdom, and motivation come suddenly.

In this space, I tend to think out loud…

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IMPERSONATING TODAY’S AGENT

By Buddy Kane


Greetings...

 BK comin at you with another self-realization to help you all feel better about yourselves.

As the misfit I appear to be as an agent, I’m little more than an imposter in the local real estate industry and all its foibles. How could I possibly fit the mold of an accepted agent in this elite club even if I wanted to? I don’t close a volume of deals. I don’t receive Gold, Platinum, Titanium, Round Table achievement awards, and I don’t drive a Range Rover. I’m doomed to remain a mid to low level agent that leverages a real estate license as merely one stream of income amongst other revenue sources.

A “loser”, some may say. Guilty as charged, I suppose…

So why do I assume this…

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SHOW YOUR WORK

By Buddy Kane

 

 

 

Got a call last week from a past client interested in selling one of his properties. Having dealt with him previously, I was well versed in his fly by knight style and approach. Upon fielding his inquiry, I listened with an experienced awareness, knowing what cues to look for that would help me cut through an extended dialogue and boil it down to exactly what it was he wanted from me. What ensued from this point was an opportunity to apply an evolving philosophy I’ve learned the hard way over a longer period of time.

First, some background to provide context. Looking back on my student years, school was not my finest hour, aside from some extra-curriculars. Academics was never a strong suit of…

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Up, Up, and Away!!!

By Buddy Kane

 

 

It’s a bird… It’s a plane… It’s another inflating real estate bubble!!! Hello sports fans. Its BK with another public service announcement on what we’re seeing on the ground. Today we’re going to talk about cash buyers, fierce competition, and a small measure of professional etiquette. Once a rare breed, cash buyers are now much more commonplace, armed with the liquid resources to prevail in current bidding wars for what little inventory remains. In the current market, if you’re not bringing cash, good luck. Within the most affordable price ranges, it used to be that first time home buyers were in direct competition for starter homes with --- well, other first time home buyers. This is no longer the…

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KNOCK KNOCK….

By Buddy Kane


 

 Who’s there?

Buyers. Lots of ‘em. More than there are Sellers, by a long shot. This isn’t news, but it’s gotten to the point that many agents are revisiting age old door knocking techniques used in the past to bring in new business. The agents I’ve spoken with are having a fair amount of success using this approach. To me, the idea of knocking on some one’s front door in the Covid era congers images of Carl Hanratty played by Tom Hanks in the movie Catch Me If You Can, responding with an abrupt “Go F@#$! Yaself”, slamming the door in my face.  

My experience in drumming up new listings has been on the phone. The idea of cold calling expired, and cancelled listings usually made other agent’s cringe.…

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PLAYING FOR FREE

The Lost Art of Losing 

 

 

 

I find it difficult to pass up the occasional viewing of Major League when its on TV. Bob Uecker on the calls, Jack Daniels infused candor. Classic. On this note, I just checked the box scores from the NHL and the NFL. Both my teams in their respective leagues are dead last in the standings. In a strange way I’m ok with it. Makes me love ‘em more. Especially when they’re in the tank. There’s something to be said for having nothing to lose. Freedom to swing for the cheap seats without a rational care in the world.

Any sports fan would love to see their team in first place all the time but obviously this isn’t realistic, even for franchises with payrolls large enough to fund a small…

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THE PRICE IS RIGHT

The Cloud of Ownership Bias

 

 

BREAKING NEWS!!!! Sellers think their property is worth more than it really is. Call it false hope, money already spent, or just plain gorilla math but make no mistake, it lives and breathes. Not exactly a revelation in Real Estate but it does present obvious challenges. What’s more, for every owner out there asking too much, there is a line of agents looking to spin the wheel and gamble on their behalf. In real estate brokerage, this is typically the upheld norm that is needed to make a living. Can’t win if you don’t play. Especially if you’re playing with someone else’s money. For agents, this is normally a fool’s errand and a fast track to making eight dollars an hour, once the…

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THE BEAUTY OF CANCELLATIONS

By Buddy Kane

 

9:58 am EST

 Just had an appointment cancel last minute. Was halfway there. Had to turn around, drive back home and return to doing what I really wanted to do in the first place. It was awful, I think. It’s the third time this agent has cancelled or rescheduled in the last week. After blaming her clients and throwing them under the bus, she apologized for the inconvenience. I graciously conveyed my understanding and let her know that these things are disappointing, but they happen. Little did she know, she had unknowingly put my entire morning back on track and freed me up to do other things, like write these words.

Somewhere, somehow, the idea of a cancellation for anything has typically held a…

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