WEBVTT 1 00:00:00.120 --> 00:00:03.720 For thirty five years, Cindy Stumpo has been a female home builder with a 2 00:00:03.759 --> 00:00:07.759 passion for design, a mastery of detail, and a commitment to her crack. 3 00:00:07.839 --> 00:00:11.160 With daughter Samantha Stumpo by her side, I don't need my whole family 4 00:00:11.160 --> 00:00:13.519 on a date with me. That's a good note. It's goddamn weird. 5 00:00:13.640 --> 00:00:18.280 See. Stumpo Development is the only second generation female construction company in the country. 6 00:00:18.359 --> 00:00:22.719 You're crazy, You're a wacko, You're insane. I mean, it 7 00:00:22.800 --> 00:00:27.000 just doesn't end together. Cindy and Samantha welcome guests to explore the world of 8 00:00:27.079 --> 00:00:31.640 construction, real estate, development, design and more. Unpredictable. Every time 9 00:00:31.679 --> 00:00:33.880 I think I know what you want, you switch it out. But that's 10 00:00:33.880 --> 00:00:37.679 what makes sure houses all your date discuss anything that happens between the roof and 11 00:00:37.719 --> 00:00:41.439 the foundation. Nothing is off limits. You truly do care about everybody. 12 00:00:41.479 --> 00:00:43.840 She can yell, ATCHI can scream, but when you get her alone, 13 00:00:43.920 --> 00:00:52.600 she's the best person on the planet. Cindy Stumpo is tough as nails and 14 00:00:52.679 --> 00:00:56.799 welcome to Sindey Stumpo tough his nails on w b ZEENWS Radio ten thirty and 15 00:00:56.920 --> 00:01:00.759 I'm here tonight with two special people, really two special people. I'm stuck 16 00:01:00.799 --> 00:01:06.640 with both of my bosses. That's where she started with you. Mmm, 17 00:01:07.040 --> 00:01:08.640 don't forget that. This is true. This is why I'm my own boss. 18 00:01:08.680 --> 00:01:11.959 Now for both of you. What's your name again? I don't know 19 00:01:11.959 --> 00:01:14.319 who am I? I don't know. I'm looking at a blonde picture of 20 00:01:14.359 --> 00:01:15.400 you. You're a brunette now in the studio. You really need to get 21 00:01:15.439 --> 00:01:19.879 over this. We gotta change your hair from blonde. See see the picture. 22 00:01:19.879 --> 00:01:22.000 That's the first thing I said, Sammy when I saw you. He 23 00:01:22.120 --> 00:01:25.159 likes my hairdog she hates it. She's my blonde, my whole life. 24 00:01:25.280 --> 00:01:26.719 Let her be Let her be her. Oh, I'm letting her be her. 25 00:01:27.000 --> 00:01:30.120 And who are you? Michael? So? Okay, Michael, give 26 00:01:30.159 --> 00:01:34.400 a rundown? Who are you? I am the executive vice president of Gibson 27 00:01:34.400 --> 00:01:37.519 Sotherby's International Reality Okay? How long you have been a realtor? For? 28 00:01:38.959 --> 00:01:42.719 Really? What? Almost forty years? Okay? I know the compound, 29 00:01:42.760 --> 00:01:48.079 know the exact count. I've been on here for thirty six. Stop saying 30 00:01:48.079 --> 00:01:51.519 three seven years, thirty six years, thirty seven. It's not three seven 31 00:01:51.560 --> 00:01:55.439 years thirty seven. We're keeping it in thirty six years. It sounds better. 32 00:01:55.799 --> 00:01:57.959 Don't you want to keep aging me? Well, if I have to 33 00:01:57.000 --> 00:02:00.599 age, you have to age. What do you mean the daughter's prerogative? 34 00:02:00.719 --> 00:02:01.799 Oh yeah, yeah, what do you mean? I hear you all being 35 00:02:01.799 --> 00:02:06.200 stepped over even though I can't see you. Snickers. Okay, Mike, 36 00:02:06.280 --> 00:02:10.240 I want you to give a bio to the listeners of you. I started 37 00:02:10.240 --> 00:02:15.400 in the industry in the early eighties. Uh you howled? It was twenty 38 00:02:15.400 --> 00:02:20.639 four, baby, baby. My first few years, by coincidence, was 39 00:02:20.960 --> 00:02:24.199 new development. It was the beginning of the condo conversion craze in the back 40 00:02:24.240 --> 00:02:28.479 Bay, and so I started out. Is that the doc com bubble in 41 00:02:28.520 --> 00:02:30.840 that area and era No, it was eighty three eighty four. They started 42 00:02:30.879 --> 00:02:36.719 to convert these brownstones in the city. And my first project was with the 43 00:02:36.800 --> 00:02:39.879 architect Xena Nemetz. Remember Zena came in in eighty nine. Yeah, Jim 44 00:02:39.919 --> 00:02:44.120 Nemetz is a son. I remember Jim. Yeah, he's still he's still 45 00:02:44.360 --> 00:02:47.879 hugely successful. So I did some condo conversions for her, and then I 46 00:02:47.919 --> 00:02:51.800 went on with the Planning Office for Urban Affairs to Catholic Church and did a 47 00:02:51.840 --> 00:02:55.280 couple of schools in the North end. So my first three and a half 48 00:02:55.280 --> 00:03:00.080 to four years was was new development, and then I got into general brokerage 49 00:03:00.120 --> 00:03:06.240 after that. And after that Charlie Patsos with New Boston Properties, we teamed 50 00:03:06.319 --> 00:03:09.639 up and opened a company together. He was the founder of what we now 51 00:03:09.680 --> 00:03:15.479 know is furnished corporate rentals back in the days. And then from a career 52 00:03:15.039 --> 00:03:21.240 yeah yeah, and then found my way into general brokerage. My first partnership 53 00:03:21.280 --> 00:03:24.360 was with a company called Russ and Volpi the New Boston Properties, then out 54 00:03:24.400 --> 00:03:28.080 on my own, and then nine years ago I sold my company to Gibson 55 00:03:28.120 --> 00:03:30.520 Cellby's. You're happy you did that, I did, Yeah, you were 56 00:03:30.520 --> 00:03:34.479 happy to move on to a bigger company. It turned me because you were 57 00:03:34.560 --> 00:03:38.400 concierge type broker. Yeah. I had a very high end, boutique real 58 00:03:38.479 --> 00:03:40.719 estate firm on Newbery Street for twenty six years. It's actually next to Sanse 59 00:03:40.879 --> 00:03:45.439 for the whole time, on the corner of Hereford Newbury Street. And I 60 00:03:45.439 --> 00:03:49.360 had taken the independent model as far as you could go. So I went 61 00:03:49.400 --> 00:03:54.120 from being a very good local independent broker to legitimately a global real estate advisor, 62 00:03:54.599 --> 00:03:58.199 and it's allowed me to do deals all over the world as a result 63 00:03:58.280 --> 00:04:02.680 of having that affiliation. So yeah, so given the choice, it was 64 00:04:02.680 --> 00:04:06.560 better to go with a bigger company than State concierge. It's for you for 65 00:04:06.719 --> 00:04:11.039 me, But it was more about the brand. I liked that brand. 66 00:04:11.080 --> 00:04:15.439 I liked what Southeby's represented because it was right in my luxury space as an 67 00:04:15.439 --> 00:04:19.519 independent. And it's worked out. It's really worked out well. And you've 68 00:04:19.560 --> 00:04:24.879 got to show meet a lot more interesting people. Yeah, other broke from 69 00:04:24.879 --> 00:04:30.040 other places broke. My first year, I actually traveled the country and met, 70 00:04:30.480 --> 00:04:33.040 you know, the players from Manhattan, the players from Southeby's, players 71 00:04:33.040 --> 00:04:38.000 from Manhattan and San Francisco, Miami. And then the second year, they 72 00:04:38.079 --> 00:04:41.240 made me to what they call a Southby's market leaders. That it's the top 73 00:04:41.279 --> 00:04:44.920 fifty Southby's agents in the world. And that's that's gratulations. A group that 74 00:04:44.959 --> 00:04:47.000 I'm in now, and boy, a bunch of smart people. Okay, 75 00:04:47.000 --> 00:04:49.079 I've got some questions. I'm going to come at you. Okay, Well, 76 00:04:49.800 --> 00:04:55.360 what are some of the challenges facing real estate today? In your opinion? 77 00:04:56.800 --> 00:05:00.279 Is this outside of the aniostm. Now we'll talk about just real estate, 78 00:05:00.319 --> 00:05:04.160 then we'll go into the nar Well, there's too many to begin with 79 00:05:04.319 --> 00:05:09.639 one point six million agents trying to do there's one point six million agents trying 80 00:05:09.720 --> 00:05:16.959 to sell real estate right, yes, Massachusetts, no national. So the 81 00:05:17.160 --> 00:05:23.000 challenges that you're facing today with now, what is going to happen? First, 82 00:05:23.160 --> 00:05:26.600 I'm trying to wrap my arms around the new law and Michael and I 83 00:05:26.639 --> 00:05:31.319 can't. That's number one. I'm trying to decipher how the buyers burgers going. 84 00:05:31.959 --> 00:05:36.959 Is it that the the travelocities of the world got with the travel agents? 85 00:05:38.040 --> 00:05:41.079 Is that the role we're going down is red finn and these companies trying 86 00:05:41.120 --> 00:05:45.040 to take over your jobs. Explain to me and the listens and educate me 87 00:05:45.959 --> 00:05:49.000 what's going to happen here. Well, in March fifteenth, the NAI National 88 00:05:49.040 --> 00:05:56.519 Association of Realtves settle the lawsuit. That is just the start of all this 89 00:05:56.639 --> 00:06:00.800 blowing right, it's and it's going to bring too big change. Okay, 90 00:06:00.959 --> 00:06:03.160 let me stop you this. So I really comprehend this. Why was NAR 91 00:06:03.319 --> 00:06:06.879 sued? Well, it wasn't just NI, it was NI, it was 92 00:06:08.360 --> 00:06:12.199 anywhere, it was Remax, it was it was everybody, everybody, and 93 00:06:12.560 --> 00:06:17.439 they have and so the NAR settled for four hundred and eighteen million dollars. 94 00:06:18.279 --> 00:06:21.560 Okay, okay, so they sell what was the lawsuit for, like, 95 00:06:21.639 --> 00:06:28.800 what was the reason to sue them? They alleged the planeiffs alleged that it 96 00:06:29.000 --> 00:06:41.160 was price fixing where the buyer agency compensation was published in RMLs, and they 97 00:06:41.279 --> 00:06:46.279 felt that it was staring buyers agents to more expensive properties that ultimately the cell 98 00:06:46.399 --> 00:06:49.680 is paid for, which I don't necessarily Wait a minute, So the they 99 00:06:49.839 --> 00:06:58.759 feel the buyer's agent pushed their clients into more expensive properties based on what this 100 00:06:59.720 --> 00:07:01.759 the mission amount was, is what he's saying. Yeah, and it's so 101 00:07:01.959 --> 00:07:03.600 hold on, let me get this. Say I'm a buyer, I'm looking 102 00:07:03.600 --> 00:07:08.199 at a four thousand dollar home. When you push me you six? No, 103 00:07:08.360 --> 00:07:12.199 he's putt they're pushing you to where the commission the commission higher because the 104 00:07:12.240 --> 00:07:15.040 commission Well, let me let me tell you what, because a lot of 105 00:07:15.079 --> 00:07:16.959 this is not going to make sense to you, and it doesn't make sense 106 00:07:17.000 --> 00:07:24.720 to a lot of people as well. So the two the two basic changes, 107 00:07:25.839 --> 00:07:32.879 uh that we can't now put the buyer agency commission in our mls. 108 00:07:33.240 --> 00:07:38.600 But what what's how is that going to change things? It's not. That's 109 00:07:38.720 --> 00:07:44.959 number one. Number two, which I agree with is buyer agents now have 110 00:07:45.120 --> 00:07:47.680 to sign buyer agency contracts. Well, they should have all along. It's 111 00:07:47.759 --> 00:07:51.519 no different than being a listing agent. Michael was it a one point you 112 00:07:51.680 --> 00:07:56.439 decide whether you were a sellers broker or a buiers broker When I first started 113 00:07:58.639 --> 00:08:03.519 and and uh, unfortunately, I'm a very I'm a very heavy listing agent. 114 00:08:03.360 --> 00:08:07.680 And right, and that's really where you want to be, the buyer. 115 00:08:09.000 --> 00:08:16.040 This ruling will make a listing agent stronger and it will put some challenges 116 00:08:16.160 --> 00:08:20.439 on buyers agents. Okay, but there was a time that you did sign 117 00:08:20.519 --> 00:08:24.879 something that you worked for the buyer and you worked for the seller. Correct, 118 00:08:24.000 --> 00:08:26.680 well, you should have all along now now it's your requirement. But 119 00:08:28.759 --> 00:08:33.440 a buyer I would make them sign a buyer. Am I crazy? I 120 00:08:33.600 --> 00:08:37.600 used to sign with Carol Brenis, who's my first real estate broker. Uh 121 00:08:37.240 --> 00:08:41.559 started with my in my career. I had to sign the part that said 122 00:08:41.960 --> 00:08:46.639 I hired her as a buyer's agent. As a seller's agent, we're talking 123 00:08:46.639 --> 00:08:52.600 about buyer. I was selling. It was my product sell and you're the 124 00:08:52.639 --> 00:08:54.360 listing Yeah, you have that, you have the listing agent. Then remember 125 00:08:54.480 --> 00:08:58.759 she was there's two sides to every real estate transaction. There's the listing side. 126 00:09:00.120 --> 00:09:03.919 When Cindy Stepper was selling a house, you're retaining a listing agent. 127 00:09:03.679 --> 00:09:09.519 Carol would make me sign something that said that made me agree that she is 128 00:09:09.639 --> 00:09:13.639 my Cella's agent. That's a listing agent. We're talking about the bias age. 129 00:09:13.679 --> 00:09:16.399 Wait every hold, I thought I didn't realize I got to go to 130 00:09:16.480 --> 00:09:18.799 break. I'm sitting stumbling and listen Tough his Nails on WBZ news Radio ten 131 00:09:18.840 --> 00:09:22.039 thirty and be right back, sponsored by Pillow Windows of Boston, Next Day 132 00:09:22.120 --> 00:09:43.360 Molding and Kennedy carp And I'm sidy stumbling you listen Tough his Nails on WBZ 133 00:09:43.519 --> 00:09:46.639 News Radio ten thirty. Hey Sammy, how are you doing over the honey? 134 00:09:46.799 --> 00:09:48.200 Hey? Mom? How you doing? Long night tonight? Okay, 135 00:09:48.440 --> 00:09:54.159 Michael, go back to what you were saying. Let's go back to the 136 00:09:54.360 --> 00:09:58.240 n R. I I'm sorry, SIRIH doesn't get that. I am so 137 00:09:58.360 --> 00:10:01.240 sorry, folks, I will turn that off, Michael. Siri doesn't understand 138 00:10:01.279 --> 00:10:05.000 you that. It's okay, Siri. We don't understand either, so don't 139 00:10:05.039 --> 00:10:09.159 be confused. So the two fundamental business practices the changes in this settlement were 140 00:10:09.480 --> 00:10:18.720 that we had to remove the buyer agent compensation in our mls, and we 141 00:10:18.879 --> 00:10:26.080 had to require now that bias signed buyer agency contracts. Good agents have been 142 00:10:26.120 --> 00:10:28.480 doing that all along, So that's not going to really change with the agents 143 00:10:28.559 --> 00:10:31.960 that are doing what they're supposed to be doing. But as a seller's agent, 144 00:10:33.440 --> 00:10:35.480 we're not talking about that. Hold on, hold on, do you 145 00:10:35.759 --> 00:10:41.519 have to pay a buyers brocus and ate their agent? Legally? I know 146 00:10:41.799 --> 00:10:45.960 morally what you'll do, and you'll explain that, but legally, do you 147 00:10:46.240 --> 00:10:50.720 have to pay the buyers broker a commission? Right? And that is a 148 00:10:50.759 --> 00:10:56.440 great question. Legally, legally, no, you don't. So no buyers 149 00:10:56.480 --> 00:11:01.840 brokers are going to bring you buyers that's right. So what is this game? 150 00:11:01.399 --> 00:11:05.519 But what I don't underin So what if I sell as a sellers agent, 151 00:11:05.600 --> 00:11:09.120 I charged five percent and I'm doing both sides of the transaction. At 152 00:11:09.120 --> 00:11:11.200 that point, I deserve the five right. But now, Sammy, you've 153 00:11:11.240 --> 00:11:15.919 got to have You've got to you've got to have your buyer sign a buyer 154 00:11:16.000 --> 00:11:18.639 agency, and you've got to have the buyer and seller agree to what they 155 00:11:18.720 --> 00:11:22.360 call dual agency. Both have to agree. It has to be transparent. 156 00:11:22.919 --> 00:11:26.559 But there's nothing, there's nothing wrong. Well, let me let me get 157 00:11:26.679 --> 00:11:33.360 the misconsumptions and some deals that she is the seller and the buyer for sure. 158 00:11:33.720 --> 00:11:35.600 She says a lot on a road right after July, she's going to 159 00:11:35.679 --> 00:11:41.200 need to sign buyer agent contracts with anybody on a we call it a direct 160 00:11:41.240 --> 00:11:46.039 sale, but there'll be a dual agency. But if she's a seller it 161 00:11:46.080 --> 00:11:50.720 she always seems to lately put out a bigger commission to the buyer. She 162 00:11:50.879 --> 00:11:54.000 will smart, Yeah, she'll put three percent out to the buyer. Yeah, 163 00:11:54.200 --> 00:11:58.679 and she moves that way, okay, and keep two percent staff move 164 00:11:58.720 --> 00:12:03.120 that way. No, they'll blop it. They'll they'll just you'll just say 165 00:12:03.159 --> 00:12:07.759 boom. A lot of my shows that m have Frankie, have Frankie Nick 166 00:12:07.799 --> 00:12:11.360 you I'm all right, listen. At the end of the day, she's 167 00:12:11.399 --> 00:12:16.080 smart, she's less greedy, and she moves more inventory. So now absolutely 168 00:12:16.240 --> 00:12:20.759 and advertise that once she gets on the phone, call well, here's why 169 00:12:20.799 --> 00:12:22.039 things going to happen. You can and you can tell me if I'm wrong. 170 00:12:22.639 --> 00:12:26.120 The bigger brokers are all going to network together like they do. Crucia 171 00:12:26.200 --> 00:12:31.799 got this. George Sokus Bop bop bop bop anyway, correct, and you'll 172 00:12:31.840 --> 00:12:35.519 all stay united. I think you're going to lose more than half your brokers 173 00:12:35.519 --> 00:12:39.559 out there, I hope so well. You know the one point six million 174 00:12:39.600 --> 00:12:43.480 agents I told you about nationally correct, eight hundred thousand of them did less 175 00:12:43.480 --> 00:12:48.960 than eight hundred thousand of them did less than two deals last year. And 176 00:12:48.120 --> 00:12:52.320 that that's the crazy parts. The everybody thinks when you become a broke and 177 00:12:52.399 --> 00:12:56.679 we talked about this earlier, that you're just gonna make noodles and noodles and 178 00:12:56.720 --> 00:13:00.360 money and getting your license to become a broker. That's the easy part, 179 00:13:00.519 --> 00:13:03.080 right. The hard part is now getting out there and hustling well. And 180 00:13:03.159 --> 00:13:05.919 when Sammy passed her license, she went to work for you to learn. 181 00:13:07.440 --> 00:13:11.120 She was with you for the first year, year two, and then year 182 00:13:11.240 --> 00:13:13.960 two and then I said, okay, Sammy, come with me. Now 183 00:13:13.200 --> 00:13:16.240 you've got all the all the training for Mike. Now come with me. 184 00:13:16.879 --> 00:13:20.919 Let's open up your own and let's see what happens there. And the funniest 185 00:13:20.960 --> 00:13:26.440 thing, Mike, which we all laugh at today, when she graduated school, 186 00:13:26.519 --> 00:13:30.000 you know, all the big houses were picking you up, and stupid 187 00:13:30.080 --> 00:13:31.440 them not picking her up. With her mother being a builder. That was 188 00:13:31.519 --> 00:13:35.799 like the dumbest move right. It was like in pretty women like major sucking 189 00:13:35.919 --> 00:13:39.200 up, right, they should be majorly sucking up to her, but they 190 00:13:39.279 --> 00:13:43.120 gave her the the hands out for whatever reason. Look what happened there, 191 00:13:43.440 --> 00:13:46.639 Hello, shoved it right up there. Okay, we know that, but 192 00:13:48.200 --> 00:13:50.080 that's what happened. Now. I would have went after her like oxygen, 193 00:13:50.600 --> 00:13:54.440 knowing that her mother is building out this much product a year. Right, 194 00:13:54.519 --> 00:14:00.639 that's weird because we were coming off of that you have there. There's some 195 00:14:00.919 --> 00:14:05.840 jealousy involved there as well. Thousand percent thousand percent and an old expression they 196 00:14:05.840 --> 00:14:09.000 don't boo BOMs, Yes exactly. But Mike gave you a job. He 197 00:14:09.120 --> 00:14:11.720 did. He was the only one. Yes, this is true. Was 198 00:14:11.759 --> 00:14:15.799 I the last resort? No, you came to me and said I'll take 199 00:14:15.840 --> 00:14:20.360 seem on. But we were always saying why didn't any brokers firms pick her 200 00:14:20.480 --> 00:14:22.519 up? Then lay through? But I learned the right way, Like I 201 00:14:22.600 --> 00:14:26.840 sat at open houses for free, knowing what I had to do. Now 202 00:14:26.879 --> 00:14:28.200 I have to beg a broker and pay your to do. Yeah, you 203 00:14:28.279 --> 00:14:33.879 paid your dues. Yeah that's that's over what ten years ago? I don't 204 00:14:33.879 --> 00:14:35.559 think I'll ever live down the fact that I got a verbal two point seven 205 00:14:35.559 --> 00:14:37.879 million dollar offer and he was like no, And I was like, I 206 00:14:37.919 --> 00:14:45.000 don't know what to do here. What happened with that with Belmont that they 207 00:14:45.080 --> 00:14:48.600 wanted to buy? That's right and take that offer. Yeah, he'd rather 208 00:14:48.679 --> 00:14:50.879 sit a market. Do you remember there? Yeah? So for like, 209 00:14:52.600 --> 00:14:54.679 I've never experienced this before. It forgot that. Yeah, that was so 210 00:14:54.840 --> 00:14:58.279 crazy. Well, it just goes to show that eighty percent of the time, 211 00:14:58.320 --> 00:15:03.000 your first off what your best always. I learned that at twenty eight 212 00:15:03.080 --> 00:15:07.399 years old as I chased one hundred thousand dollars more and my grandmother said to 213 00:15:07.480 --> 00:15:11.039 me, you burn the hand and I want that one hundred thousand dollars more. 214 00:15:11.399 --> 00:15:15.480 I end up getting less and paying out one hundred thousand interest in carrying 215 00:15:15.519 --> 00:15:16.399 costs. I did one last week at nine to two. I'm like, 216 00:15:16.679 --> 00:15:22.679 Okay, you'll never making a mistake because we live in the old times. 217 00:15:22.799 --> 00:15:24.960 We've bet we've been through some bad economies, right, and they'll stick with 218 00:15:26.039 --> 00:15:28.039 you. And when you've been up and down, up and down in these 219 00:15:28.080 --> 00:15:33.799 economies, you've learned like, don't be greedy. I'm not greedy so I've 220 00:15:33.879 --> 00:15:37.360 never gone trouble. I'm still see stump with development. No therety six years 221 00:15:37.399 --> 00:15:41.320 later, we'll still see STUMPO. We've never been sued by an end use, 222 00:15:41.399 --> 00:15:43.919 a vendor or subcontractor, and we just keep going. But I always 223 00:15:43.919 --> 00:15:46.039 say, look it, I'm not a brain surgeon. I'm not taking a 224 00:15:46.120 --> 00:15:48.919 tumor out of your brain that's going to save your life. I'm just a 225 00:15:48.960 --> 00:15:54.679 builder. That's it. Stop getting greedy. I hate greed. Greed will 226 00:15:54.720 --> 00:15:58.679 bite you every single time. I've seen this girl give up so much money 227 00:15:58.720 --> 00:16:03.440 commissions on every deal, throw in here, throwing there, and the buyer's 228 00:16:03.519 --> 00:16:08.080 broker never nope, I want my Nope, I want my nope. No, 229 00:16:08.679 --> 00:16:12.399 I'll bring my client somewhere else somehow often was the buyer broker like the 230 00:16:12.559 --> 00:16:18.120 aunt or the sister in law are the distant relatives I had. I had 231 00:16:18.120 --> 00:16:22.440 a guy always, and I can take my aunt anywhere. I love when 232 00:16:22.440 --> 00:16:26.960 the broker says I can take my client anywhere. Really, well, there's 233 00:16:26.000 --> 00:16:29.840 no inventory, so were you taking them right? Like? Well? I 234 00:16:29.919 --> 00:16:33.799 think that's there's you know, like with any settlement, there is good and 235 00:16:33.879 --> 00:16:37.120 there's bad. I think the good part of this settlement is it It is 236 00:16:37.320 --> 00:16:42.519 going to weed out some agents that probably should not have been in the business 237 00:16:42.559 --> 00:16:45.279 to begin with. That's that's pretty much a certainty. Okay, do you 238 00:16:45.360 --> 00:16:52.039 feel this nar settlement is going to make the stronger brokers much stronger? Business 239 00:16:52.080 --> 00:16:55.080 are going to come. There is no question the stronger brokers will get stronger, 240 00:16:55.559 --> 00:17:00.120 strong listing agents will will will be stronger. It's it's going to change 241 00:17:00.120 --> 00:17:03.480 the way we do business, but not as dramatically as people talking about. 242 00:17:03.519 --> 00:17:07.759 And there's so many misconceptions that the news as usual that the newspapers are writing 243 00:17:07.759 --> 00:17:11.599 about that it's just couldn't be fairly from the truth. So it's a lot 244 00:17:11.640 --> 00:17:15.599 of just stop reading the headlines and starts to develop good you know, when 245 00:17:15.640 --> 00:17:18.799 do we ever have a standard six percent? Commissions said, there's never been 246 00:17:18.839 --> 00:17:26.400 a standard ever. When do we have you know, no state law that 247 00:17:26.440 --> 00:17:29.440 says that in any state what it is I think Florida six percent is no, 248 00:17:29.559 --> 00:17:32.480 that's just what everyone charges. There's never been a state law that says 249 00:17:32.480 --> 00:17:36.720 you have to be minimum. This never no. Well, in other market 250 00:17:36.880 --> 00:17:41.200 systems and supply and demand always and one. They also said that they believe 251 00:17:41.240 --> 00:17:45.319 this settlement is going to lower prices. It's not going to lower prices. 252 00:17:45.559 --> 00:17:49.759 Supply and demand and free market systems will dictate whether the prices go up and 253 00:17:49.839 --> 00:17:56.160 down, not how a buyer agent's getting paid. Were you blown away that 254 00:17:56.799 --> 00:18:00.680 no settled, that they lost this lawsuit? Ah four hundred and eighteen million 255 00:18:00.759 --> 00:18:07.319 for now eighty three and a half million for anywhere, which is Southeby's cardboard 256 00:18:07.359 --> 00:18:11.559 banker had a kick fifty three million, fifty five million for me, max 257 00:18:12.480 --> 00:18:19.440 seventy million for Keller Williams. And let's talk about what So all these shingles 258 00:18:19.480 --> 00:18:23.200 have to dish out this money, and you know what, and who's getting 259 00:18:23.200 --> 00:18:27.000 all this money? The lawyers mostly you want we'll talk at the end about 260 00:18:27.000 --> 00:18:30.759 who won and who lost here, Okay, well we'll leave the cliffhanger. 261 00:18:30.960 --> 00:18:34.480 One interesting aspect of this. This is a Lifetime original movie. We just 262 00:18:34.559 --> 00:18:41.319 left covered firms that did less than two billion in business. Okay, So 263 00:18:41.680 --> 00:18:48.000 Compass still hasn't settled yet, Berkshire Hathaway still hasn't settled yet. William Ravis 264 00:18:48.680 --> 00:18:53.720 still hasn't settled yet. So they went companies. Everybody I would Hannah, 265 00:18:55.039 --> 00:19:00.480 every single major real estate firm is twenty odd outstanding. If you were Coochy, 266 00:19:00.480 --> 00:19:03.480 they would have left you alone, depending on my sales volume. But 267 00:19:03.559 --> 00:19:08.400 probably yes. So they went up to the big houses and the big houses 268 00:19:08.480 --> 00:19:11.680 right the checks, not the insurance companies right right, but the excluded companies 269 00:19:12.079 --> 00:19:18.319 two billion and OVA. Why because they saw the money, they saw the 270 00:19:18.400 --> 00:19:26.839 volume. Now remember Anywhere which is Cordwell Bank of souths Corkman, I'm probably 271 00:19:26.960 --> 00:19:32.440 missing some era. They're done eighty three and a half million, Remax is 272 00:19:32.519 --> 00:19:34.799 done, fifty five million. Wait, hold that thought. We got to 273 00:19:34.839 --> 00:19:38.079 go to break. I'm Sinny Stumbling listening to his nails on WBZ News Radio 274 00:19:38.160 --> 00:19:42.039 ten thirty, sponsored by Floor and Decor, National Lumber and Village Bank. 275 00:19:47.680 --> 00:19:53.000 They call it. He called the test as one two three, it's a 276 00:19:55.680 --> 00:20:03.359 fantasy music and Stumble you let's set toughest nails on WBZ News Radio ten thirty. 277 00:20:03.759 --> 00:20:06.880 Sammy, you hear Michael saying, Okay, Michael, go ahead. 278 00:20:07.359 --> 00:20:10.119 Every company's paying out this type of money. Will this put some of these 279 00:20:10.200 --> 00:20:15.200 companies under no because they can pay it out over time. Kenny Ars paid 280 00:20:15.200 --> 00:20:19.119 out over four years. I don't know the particulars on Anywhere Remax are Keller 281 00:20:19.160 --> 00:20:26.200 Williams. Well, commercial markets down, commercial markets getting killed right now, 282 00:20:26.599 --> 00:20:30.440 So they're gonna have to pay those out of residential in the housing christ they 283 00:20:30.440 --> 00:20:37.680 are primarily residential real estate firms now numbers down for these guys where there's not 284 00:20:37.759 --> 00:20:40.720 enough product to sell right now, we're seven million houses short right now in 285 00:20:40.799 --> 00:20:44.200 America. Well, you know, I have to tell you I think and 286 00:20:44.240 --> 00:20:48.079 getting I have so much admiration for our broker own or anybody that owns a 287 00:20:48.119 --> 00:20:51.200 real estate company. Now, and let me let me tell you. Why 288 00:20:52.759 --> 00:20:56.960 do you pick your favorite restaurant? Okay? Okay? Do you think if 289 00:20:57.000 --> 00:21:03.920 it's payroll with seven or eighty percent, it would still be in business and 290 00:21:03.039 --> 00:21:07.200 still be able to deliver the services you expect. Okay, So if you 291 00:21:07.279 --> 00:21:14.759 look at the model, the brokerage model right now, they're paying mediocre agents 292 00:21:15.480 --> 00:21:19.599 seventy percent. They're paying good agents eighty ninety nine O agents that have one 293 00:21:19.640 --> 00:21:23.279 hundred percent, right, go figure out. But they're there, lost leaders. 294 00:21:23.359 --> 00:21:29.640 Call it what you will. And so how do these companies make money. 295 00:21:29.839 --> 00:21:33.839 It has to be at overhead volume, crazy volume, transaction fees, 296 00:21:33.960 --> 00:21:40.720 ancillary revenues. But it is a long dollar I don't miss it. Quite 297 00:21:40.759 --> 00:21:42.359 frankly, I don't miss owning a brokerage from Yeah, you don't have the 298 00:21:42.400 --> 00:21:47.599 overhead, no, because if you take what you make, it's a lot 299 00:21:47.759 --> 00:21:51.039 less when you're paying the rent, electric, the bopa BA. Well that's 300 00:21:51.160 --> 00:21:55.400 why you know, I'm fortunate, because I think we've got one of the 301 00:21:55.440 --> 00:21:59.400 best operators. What you say is that they're not wholdy enough on your brokers 302 00:21:59.480 --> 00:22:03.400 to cover this lawsuit. Well, the franchise owners, I don't know the 303 00:22:03.480 --> 00:22:08.279 particulars. I don't know whether anywhere, Okay, who settled for eighty three 304 00:22:08.400 --> 00:22:11.680 million, I don't know. I have no idea whether they went to every 305 00:22:11.720 --> 00:22:17.519 one of their franchise owners and said everybody for you. I'm not privy to 306 00:22:17.640 --> 00:22:22.480 that, and I don't know, Well you would it would be fifty five 307 00:22:22.559 --> 00:22:25.599 million. You know they do a calculation, all right, you know it's 308 00:22:25.720 --> 00:22:27.680 thirty you know, I don't know, but I have to assume they're going 309 00:22:27.759 --> 00:22:33.279 to share that cost. I would think so if that the plaintiffs would not 310 00:22:33.640 --> 00:22:37.920 settle, and less the un less the firm settled, which is the ones 311 00:22:37.960 --> 00:22:41.960 I just quoted. But they captured a two billion, And I know why 312 00:22:41.000 --> 00:22:47.119 they captured a two billion because Raves, Huge, Compass, Huge, Howard 313 00:22:47.200 --> 00:22:52.400 Hannah Huge. These are front law, very large law firms. And this, 314 00:22:52.599 --> 00:22:56.279 this is not over, This is far from more on what segment of 315 00:22:56.359 --> 00:23:00.000 our show right now? Third third? When third se this show right now? 316 00:23:00.119 --> 00:23:03.640 And I'm still lost on why this lawsuit happened? How can that be 317 00:23:03.759 --> 00:23:11.240 possible? My brain comprehends here you and not alone. Okay, because fundamentally, 318 00:23:11.039 --> 00:23:15.160 the two fundamental changes, which still have to be approved of the judge, 319 00:23:15.400 --> 00:23:22.880 is that two fundamental changes are we cannot list the buyer agent commission in 320 00:23:23.039 --> 00:23:27.440 our MLS that the seller is willing to pay. That. They didn't say 321 00:23:29.359 --> 00:23:34.960 the seller can't pay the buyer's commission. And they didn't say the seller can't 322 00:23:36.519 --> 00:23:42.240 pay some closing costs for the buyer. They said we couldn't put it in 323 00:23:42.519 --> 00:23:56.880 mlose it something it's transparency. So what happens why Sam so Globe Michael has 324 00:23:56.960 --> 00:24:03.839 one A Street an MLS? Now you know Michael is paying Sam two and 325 00:24:03.880 --> 00:24:08.160 a half percent to bring Michael Abia Because it's transparent, it's disclosed. They 326 00:24:08.200 --> 00:24:11.400 thought it was price fixing. They thought that's what the beginning of this loss. 327 00:24:11.440 --> 00:24:15.960 It was elb So. Now Michael has to take that out. So 328 00:24:17.160 --> 00:24:21.839 Sam, who as a buyer, doesn't know how the buyer is going to 329 00:24:21.880 --> 00:24:26.000 pay her. The buyer either has to pay her the three percent yep, 330 00:24:26.359 --> 00:24:30.440 the buyer has to pay her a flat fee, or she has to call 331 00:24:30.599 --> 00:24:36.079 Michael and say, Michael, are you paying a buyer agency? Or the 332 00:24:36.160 --> 00:24:38.160 public's going to have be able to get right into MLS and find out who 333 00:24:38.200 --> 00:24:41.160 the sale who the selling broker is. That's how Zilla is anyway, Well, 334 00:24:41.240 --> 00:24:44.680 let's they can do that now anyway, Well, most do that then, 335 00:24:45.079 --> 00:24:48.640 well, and so they'll go directly to the listing agent, and then 336 00:24:48.680 --> 00:24:52.319 the issue becomes you create dual agency, right, and you represent that person. 337 00:24:52.680 --> 00:24:56.680 Sometimes I like the be another side. Yeah, sometimes you like the 338 00:24:56.720 --> 00:25:00.160 other person on the other side. Well, listen, here's my rational to 339 00:25:00.200 --> 00:25:03.839 always pay brokers. You're not alone and scratching my head. Well I can't. 340 00:25:03.839 --> 00:25:07.920 I'm still scratching my head. But sometimes you need that buffer. Oh 341 00:25:08.000 --> 00:25:12.279 yeah, okay, So people going head to head with each other never seems 342 00:25:12.279 --> 00:25:15.200 to work out. Well, somebody's got to be the buffer. Let me 343 00:25:15.279 --> 00:25:18.559 give you a number. Okay, here's what I have found out in thirty 344 00:25:18.599 --> 00:25:23.000 six years, which I don't like like is when brokers lie to each other 345 00:25:25.039 --> 00:25:27.680 that I have a problem with. You're gonna understand. You're representing me, 346 00:25:29.119 --> 00:25:33.640 you're representing him. Guys, figure it out, come together, bring us 347 00:25:33.640 --> 00:25:40.720 to the table together. But again, when I not to not to crap 348 00:25:40.759 --> 00:25:45.759 on brokers, I'm not gonna do that. But the same game started after 349 00:25:45.880 --> 00:25:48.839 oh eight, like everybody forgot the old market where oh eight nine ten eleven 350 00:25:49.480 --> 00:25:53.799 business just dumped and then we went right back to final and best, Final 351 00:25:53.839 --> 00:25:57.839 and best like oh eight nine, ten eleven twelve didn't happen, right back 352 00:25:57.880 --> 00:26:03.200 to the same games. Those games I don't like. So with Samantha, 353 00:26:03.279 --> 00:26:06.440 I'll always say to her, who's the first person I made the offer? 354 00:26:07.920 --> 00:26:11.079 This is who made the first off. Mom, that's who gets my deal. 355 00:26:11.920 --> 00:26:14.599 Do not go back and ask her final and best put the deal together. 356 00:26:14.799 --> 00:26:18.119 I'm probably too transparent, but it makes my life easier. Here's how 357 00:26:18.160 --> 00:26:21.559 I see it, like ethical, Here's how I say, Michael, if 358 00:26:21.599 --> 00:26:25.359 you made the offer on the house and the second off is right around the 359 00:26:25.400 --> 00:26:29.079 first offer, or maybe the same amount of money, or maybe asking the 360 00:26:29.160 --> 00:26:33.119 same thing, I always say to sam who made the first offer, This 361 00:26:33.240 --> 00:26:37.920 is who made It's business. That's who gets it. Let the second buyers 362 00:26:37.000 --> 00:26:41.400 know. If the first buyers fall apart, it's going to go to them 363 00:26:41.720 --> 00:26:45.359 or the third buyers. I don't pick and let her play god out there. 364 00:26:45.079 --> 00:26:49.240 They put pen to paper first. These people came in ten minutes behind 365 00:26:49.720 --> 00:26:55.759 or fifteen minutes behind. Go the first people. She knows that right, 366 00:26:56.160 --> 00:26:57.319 But then she'll have clients that I will say, Sammy, go back for 367 00:26:57.319 --> 00:27:00.960 another round. Sam go back for another round. And I say, Sam, 368 00:27:02.039 --> 00:27:04.240 you can play that game. But when that game is done being played 369 00:27:04.279 --> 00:27:08.240 again, you're going to get that reputation being a scumbag broker like the rest. 370 00:27:10.319 --> 00:27:12.440 So I suggest you don't play that game. You do what you want 371 00:27:12.480 --> 00:27:15.079 to do. I hate that game. Yeah, And I think what a 372 00:27:15.119 --> 00:27:18.400 lot of people don't realize, especially when you get to a high level of 373 00:27:18.480 --> 00:27:22.880 brokerage, is that your relationship with out the brokers is equally important, if 374 00:27:23.000 --> 00:27:32.119 not more than any client. I agree well hardily on that one. So 375 00:27:33.640 --> 00:27:41.720 Tommy, Michael, why and we're in the fourth segment. Who made out 376 00:27:41.720 --> 00:27:45.240 in this? The only benefit that I see to this is the brokers that 377 00:27:45.680 --> 00:27:48.920 pick and choose not to bring your client to that based on the commission. 378 00:27:48.839 --> 00:27:52.279 Well, because now they don't know what it is. Right, that's the 379 00:27:52.359 --> 00:27:56.200 only benefit. Like I've had an't tell me. Everybody talks about transparency, 380 00:27:56.279 --> 00:28:00.440 and we just pulled a big portion of the transparency out of this. Going 381 00:28:00.480 --> 00:28:06.400 back to the same analogy, Michael Carucci has a property for sale right now, 382 00:28:07.119 --> 00:28:11.920 Sam knows exactly what I'm willing to pay her from the seller before she 383 00:28:11.079 --> 00:28:15.599 calls me with a buyer. So the whole thing really is, if Sam 384 00:28:15.720 --> 00:28:18.640 was offering three percent, Let's say you and I were both builders, You're 385 00:28:18.680 --> 00:28:22.200 offering a broker two and a half percent. With your broker, I'm offering 386 00:28:22.279 --> 00:28:26.519 three the buyers, Broke is going to show my product before yours. Yeah, 387 00:28:26.599 --> 00:28:30.799 correct, that's what the lawsuits about. Correct, who's ever paying the 388 00:28:30.880 --> 00:28:36.519 most money? But if I like if what they're saying what they're saying builders, 389 00:28:36.640 --> 00:28:38.960 I'm Stumpo Builders, I like your house better that Broke is not going 390 00:28:40.039 --> 00:28:42.480 to talk me into buying Stumpo's house over Krucci's house. But it happens a 391 00:28:42.559 --> 00:28:48.960 lot unless they make stuff up. Oh okay, okay, there you go. 392 00:28:49.200 --> 00:28:52.319 Especially when there's a language barrier, it happens a lot. I think 393 00:28:52.359 --> 00:29:00.759 you underestimate the influence of representation brokers. Yeah, I never thought about that. 394 00:29:00.920 --> 00:29:03.279 Mike, my client wants to see you, because I think everybody's a 395 00:29:03.359 --> 00:29:06.519 leader, not a follower. But you're only offering one point five on a 396 00:29:06.599 --> 00:29:07.680 nine and a half million dollars. See, he's going to say that again. 397 00:29:07.720 --> 00:29:11.960 So I had a broker straight up tell me he won't show my listing 398 00:29:12.160 --> 00:29:15.480 because we're only offering one and a half a nine point five million, because 399 00:29:15.480 --> 00:29:18.640 it's not enough money for him because he's going to pay referral FIA, right, 400 00:29:18.759 --> 00:29:23.759 and that's his fiduciary with his bio. It's and so is he representing 401 00:29:23.799 --> 00:29:29.079 his bioethically and fiduciary? No? No, And then I kind of understand 402 00:29:29.119 --> 00:29:33.880 the lawsuit. It's because people are doing things that are unethical here to make 403 00:29:33.960 --> 00:29:37.960 more money. And that's probably a small part of it, okay, but 404 00:29:37.119 --> 00:29:41.960 that small pot causes massive lawsuit. So maybe it's as small as y'all think. 405 00:29:42.640 --> 00:29:45.359 I think some smart technids to think about it. While we go out 406 00:29:45.359 --> 00:29:48.920 to break Sidy Stumbley, What's the Toughest Nails? On wb Z News Radio 407 00:29:49.039 --> 00:29:52.279 ten thirty. There you go, sponsored by new Brook Realty Group, Boston 408 00:29:52.319 --> 00:30:10.400 would smaller insurance World Auto Body and Tosca Drive Auto Body. Boy, man, 409 00:30:10.519 --> 00:30:21.839 it's just the day away jumping his nails on WBZ News Radio ten thirty 410 00:30:21.839 --> 00:30:23.480 and I got a loud studio going tonight. Okay, go ahead, you 411 00:30:23.559 --> 00:30:27.079 two, you're out there. What do you guys talking about Sammy's boyfriend? 412 00:30:27.160 --> 00:30:30.279 If I'm dating, what does that have to do with this? Our last 413 00:30:30.319 --> 00:30:36.480 segment, we got the same club question. We answered itparently. It's okay, 414 00:30:37.079 --> 00:30:40.200 all right, So now I'm start to get to the bottom of this 415 00:30:40.359 --> 00:30:45.400 lawsuit. It was if Couci's got a house for Salem, Couchi's a builder, 416 00:30:45.599 --> 00:30:51.960 Stumpo is a builder. Sammy's the buyer's burger. You're paying three percent. 417 00:30:52.039 --> 00:30:53.920 I'm paying two and a half percent. Good chance Sammy's going to take 418 00:30:55.640 --> 00:30:59.359 the buyer to your house, might show both, but convince the buyer to 419 00:30:59.400 --> 00:31:02.519 buy yours is they're going to make three percent. Have I summed this up 420 00:31:02.599 --> 00:31:06.759 now? With this lawsuits about I think there's a portion of relevancy there, 421 00:31:07.519 --> 00:31:14.000 but I think big picture of stuff, the argument is because remember the sellers 422 00:31:14.039 --> 00:31:18.240 with the plane of seir. The argument on the cellars, the sellers put 423 00:31:18.279 --> 00:31:22.720 this into motion sellers. That makes sense because the sellers with a plane of 424 00:31:22.799 --> 00:31:26.319 sair, and they're saying, collectively, is this like Donald Trump running this 425 00:31:26.359 --> 00:31:30.319 show or something that we're getting collectively, we collectively take, you know, 426 00:31:30.519 --> 00:31:37.119 take three billion dollars whatever the numbers are, collective collectively over the sellers were 427 00:31:37.240 --> 00:31:41.880 upset. The sellers with the plane of sale in the best sale market in 428 00:31:41.880 --> 00:31:45.200 the last five six years, seven years were then complaining about that they paid 429 00:31:45.240 --> 00:31:49.799 an extra premium, let's say, two or three percent because they were required. 430 00:31:49.799 --> 00:31:53.559 I'm I'm back to the first segment. I'm confused again. So now 431 00:31:53.599 --> 00:32:00.200 I'm confused again because I think they've got taken advantage of because they have to 432 00:32:00.240 --> 00:32:04.440 pay the buyer. Is it? It's been like that forever? But essentially 433 00:32:04.480 --> 00:32:07.039 it's also the same. The ruling senses they don't they don't have to now 434 00:32:07.720 --> 00:32:10.599 they don't want to, Okay, but hold on, But who's going to 435 00:32:10.640 --> 00:32:15.240 bring the buyer to all these companies when this is the way it's been forever? 436 00:32:16.079 --> 00:32:19.160 Now you got me confustic, and I thought I had this all figure 437 00:32:19.160 --> 00:32:22.759 out. If you think about it, like you can say the seller's paying 438 00:32:22.799 --> 00:32:24.119 it, but really the buyer is actually paying it because they're the one buying 439 00:32:24.160 --> 00:32:27.559 the property because it's built in, right, so it's the same thing. 440 00:32:28.319 --> 00:32:30.960 But it doesn't matter. This is the way it's been forever. But what 441 00:32:30.079 --> 00:32:35.640 I was told is that you can no longer mortgage the buyer's broker commission now 442 00:32:35.720 --> 00:32:40.279 into your number. Well it's not because it's not part of the purchase price. 443 00:32:40.400 --> 00:32:44.400 Well, depending on how you structure it, right, but there. 444 00:32:44.519 --> 00:32:49.440 But someone had told us that if you can't put that into the purchase if 445 00:32:49.640 --> 00:32:52.759 if who puts on the purchase price, no, you can't. What Sammy 446 00:32:52.839 --> 00:32:57.200 is saying is that if you go into a deal and a sell assays this 447 00:32:57.440 --> 00:33:00.559 medium price half a million dollars, I'm gonna tell you, Michael Carucci, 448 00:33:00.599 --> 00:33:07.319 I'm going to list with you for three percent, and the buyer is going 449 00:33:07.440 --> 00:33:09.880 to have to get their fee from the buyer. And clearly not something I 450 00:33:09.880 --> 00:33:14.160 would recommend because you're gonna lose half your buyers to your house. But let's 451 00:33:14.240 --> 00:33:19.000 just say they said that, then that buyer, Sammy has the buyer and 452 00:33:19.319 --> 00:33:22.359 the buyer knows Sammy, I can't pay you, my seller won't authorize it. 453 00:33:22.440 --> 00:33:25.960 I'm set with just the listing fee, I wish I could help you, 454 00:33:27.039 --> 00:33:29.759 but they're adamant mistake. By the way, he would never do it, 455 00:33:29.880 --> 00:33:34.119 but they have that right to do this, ok not broke as sellers 456 00:33:34.519 --> 00:33:38.039 us. Okay, well good luck to them. So now Sammy has to 457 00:33:38.200 --> 00:33:42.160 like, how am I gonna get paid? She either one goes to the 458 00:33:42.200 --> 00:33:45.119 buyer and say you need to pay me three percent. How is that policeman 459 00:33:45.720 --> 00:33:52.599 and fireman and workforce housing buyer who just saved for years to get his down 460 00:33:52.680 --> 00:33:55.400 payment, how is he now going to be able to pay Sammy? He 461 00:33:55.519 --> 00:34:00.519 can't finance it because the banks won't allow it. Right, you can't mortgage 462 00:34:00.559 --> 00:34:04.200 that after That's what was trying to teach you, right, That's what I'm 463 00:34:04.200 --> 00:34:09.719 saying. So this threes right now. Under these rulings, there are three 464 00:34:09.840 --> 00:34:15.840 options for bias agents, and one of them is predicated on the seller position 465 00:34:15.920 --> 00:34:21.599 on whatever house they like. The seller can still agree, as they should 466 00:34:21.639 --> 00:34:25.519 in my opinion, to pay a bias fee. We just can't put it 467 00:34:25.639 --> 00:34:30.639 in MLS. Okay, here's my next question. What if the selar broke 468 00:34:30.719 --> 00:34:31.360 is not saying, well, we're only going to pay you two and a 469 00:34:31.360 --> 00:34:34.880 half percent now because it's not going to be a buiers broke on the other 470 00:34:35.000 --> 00:34:37.159 end, you know that's coming at you guys, don't you, And we 471 00:34:37.280 --> 00:34:42.400 will say that is your prerogative. But Yoga, in my opinion, you're 472 00:34:42.400 --> 00:34:46.000 going to lose a massive amount of bias that won't look at your home because 473 00:34:46.039 --> 00:34:52.199 they can't afford to pay Sammy, or they'll try to come direct, which 474 00:34:53.440 --> 00:34:57.440 we were getting to that about is this going to get rid of buyer agency? 475 00:34:57.480 --> 00:35:00.480 I don't think eighty seven to ninety percent of all deals done last year 476 00:35:00.519 --> 00:35:05.280 had a bias. Okay, So Cindy Stumpo sees something on Zillow that Mike 477 00:35:05.639 --> 00:35:08.199 she has. Why is Cindy stump On? I don't know, because your 478 00:35:08.239 --> 00:35:14.360 people go on zillo she's playing dum game. I'm playing hypothetics. Well, 479 00:35:14.440 --> 00:35:16.639 don't mention. Okay, I go online. I see that you have a 480 00:35:16.719 --> 00:35:21.159 house for sale. Okay, I'm not going to call my broke. I'm 481 00:35:21.159 --> 00:35:23.639 just going to call you directly. Why aren't you doing that now? Because 482 00:35:23.679 --> 00:35:28.639 I like representation? Okay, there you go. Okay, but you don't 483 00:35:28.719 --> 00:35:31.039 know and I need hold on. But I need to know about and look 484 00:35:31.039 --> 00:35:36.119 at six seven houses at one time. Here's the difference if you looked at 485 00:35:36.119 --> 00:35:42.440 that house right now, you could go on MLS and you wouldn't know if 486 00:35:42.519 --> 00:35:46.880 I was willing for my seller to pay your agent compensation so you could make 487 00:35:46.960 --> 00:35:53.320 an informed decision. I want my own representation because it built out that what 488 00:35:53.400 --> 00:35:59.880 are you eating, muskets. The whole thing reminds me how of when people 489 00:35:59.880 --> 00:36:01.159 have rental listings and how they don't want to co work, but they just 490 00:36:01.199 --> 00:36:05.440 put it on Zillow and they don't put it on MLS because they don't want 491 00:36:05.480 --> 00:36:07.559 to share the fee. That's exactly what I think. But I don't like. 492 00:36:08.719 --> 00:36:14.599 But I don't like about this ruling said. It takes away transparency on 493 00:36:15.400 --> 00:36:17.800 right now, whether you like it or not, whether you believe in the 494 00:36:17.880 --> 00:36:23.480 settlement that it it unfairly affected sellers that and they had to pay more. 495 00:36:24.480 --> 00:36:30.440 At least you knew, okay, if I put a property and I would 496 00:36:30.559 --> 00:36:34.239 publicly say in our database, I will pay you two percent. I'll pay 497 00:36:34.239 --> 00:36:37.719 it whatever the number is. You knew, you knew before you call it. 498 00:36:37.840 --> 00:36:38.840 Now you have to do it behind the behind them. I got to 499 00:36:38.880 --> 00:36:43.119 make a call, and what can happen there? Oh? I love Sammy. 500 00:36:43.159 --> 00:36:45.039 Of course I'll give you half the money. But what if somebody calls 501 00:36:45.039 --> 00:36:47.480 you don't I wouldn't do it. But look at the problems that could exist 502 00:36:49.079 --> 00:36:52.320 somebody that you don't like doing business not it's just human nature. No, 503 00:36:52.440 --> 00:36:55.480 i'll give you one I'll give you one percent, I'll give you three percent. 504 00:36:57.519 --> 00:37:01.280 Because it's arbitrary. So it's going to be dictated ship by the seller's 505 00:37:01.320 --> 00:37:04.920 broker. But I feel like sellers are going to start saying things which they 506 00:37:05.000 --> 00:37:07.920 taught us you can't do in real estate. Oh, if you get me 507 00:37:07.960 --> 00:37:09.719 one hundred grad more, sure I'll pay them. Yeah, that's called the 508 00:37:09.760 --> 00:37:17.039 netlist. No, No, I think my personal opinion and this is all 509 00:37:17.159 --> 00:37:22.320 past now. No judge as will prove it. It still hasn't passed judges 510 00:37:22.360 --> 00:37:27.599 to sign off on it in Massachusetts, nationally, No, nationally. Do 511 00:37:27.719 --> 00:37:30.719 you think the judge is going to pass us? Probably? Probably? Yeah, 512 00:37:32.400 --> 00:37:37.519 And that I thought in July, this this becomes in Massachusetts in MLS, 513 00:37:37.920 --> 00:37:45.119 there's they're they're projecting mid July that they will take it's business as usual. 514 00:37:45.159 --> 00:37:50.320 People don't realize that it's business as usual. Will this settlement drive prices 515 00:37:50.480 --> 00:37:52.400 up or down? Or stay local? Stay where we are not local, 516 00:37:52.480 --> 00:37:55.000 but stay level. What's going to happen here? I think this settlement is 517 00:37:55.039 --> 00:38:00.559 going to be irrelevant to price failures. I think price vailures are dictated by 518 00:38:00.679 --> 00:38:04.360 supply and demand and maket conditions. And we have no supply right now, 519 00:38:05.079 --> 00:38:07.880 and as a result that I don't see prices dropping at all. And you 520 00:38:08.000 --> 00:38:13.480 know, supply is going to become a problem because the average America has American 521 00:38:13.599 --> 00:38:15.239 has a mortgage under three and a half percent right now, and are they 522 00:38:15.280 --> 00:38:19.440 going to trade up into a six seven percent mortgage? Well, you know 523 00:38:19.519 --> 00:38:22.360 that's a good question, Cindy, and the easy answer is no. But 524 00:38:22.559 --> 00:38:25.960 remember divorced job relocation people will always comes into play, right. The people 525 00:38:28.039 --> 00:38:31.920 got promotions, they want the lodger home. It's you. You're absolutely right 526 00:38:32.000 --> 00:38:37.599 that there are some people that aren't leaving those low mortgages. But you're not 527 00:38:37.760 --> 00:38:39.079 leaving, but maybe you'd rent it. I think you're going to see a 528 00:38:39.119 --> 00:38:44.239 lot of landloads keep those single fields come in. I think that's Homeowe is 529 00:38:44.239 --> 00:38:47.800 going to become landloads, right. I think that part of the population exists, 530 00:38:47.840 --> 00:38:51.280 but I think it's smaller than most people think. What do you think 531 00:38:51.280 --> 00:38:54.679 the percentages I looked into it. Do you know the percentage of twenty Americans 532 00:38:54.719 --> 00:38:59.519 that have a mortgage under three point something? No, it's over sixty five 533 00:38:59.519 --> 00:39:01.960 percent, is it really? Yeah? Google it? That's somebody google it. 534 00:39:02.119 --> 00:39:05.360 Under three percent, you know, three and a half percent. Somewhere 535 00:39:05.400 --> 00:39:07.000 between three and a half two seventy five to three and a half percent. 536 00:39:07.039 --> 00:39:12.320 I think it's sixty percent of Americans, sixty percent of homews was it? 537 00:39:13.760 --> 00:39:17.320 It's yeah, two nine nine come two nine ninety. Okay, it's somebody 538 00:39:17.320 --> 00:39:22.119 google it. Okay, she's googling it. Okay. One of the biggest 539 00:39:22.199 --> 00:39:28.039 misconceptions Oh okay, he's sticking the clock in front of me. Biggest misconceptions 540 00:39:28.239 --> 00:39:34.039 related to relative to the settlement. Oh that relatives child is standard six percent 541 00:39:34.079 --> 00:39:37.480 commission. That couldn't be further from the truth. Okay, we got ten 542 00:39:37.519 --> 00:39:40.920 seconds that sellers cannot pay the buyer agent commission that has not been ruled on. 543 00:39:42.039 --> 00:39:46.320 We cannot list the buyer agent commission. And I think those are the 544 00:39:46.360 --> 00:39:51.159 two biggest ones. Okay, ready it does more than three quarters of homeowners, 545 00:39:51.639 --> 00:39:55.119 which is seventy eight have a mortgage rate below five percent BINGO, well, 546 00:39:55.280 --> 00:40:00.320 nearly six and ten fifty nine point four percent mortgage below four percent. 547 00:40:00.880 --> 00:40:05.119 Just twenty two point six percent have a mortgage below percent. He was right, 548 00:40:05.320 --> 00:40:08.800 okay, but just still on the five right, Okay, I gotta 549 00:40:08.800 --> 00:40:13.079 go to break. I'm city stumbling. You listen to Yeah those Days Long 550 00:40:13.119 --> 00:40:16.039 Gone, twelve percent will reaches get one percent a month. It's a city 551 00:40:16.079 --> 00:40:20.480 stumble. You listen to Tennas Nails on WBZ News Radio ten thirty. I'll 552 00:40:20.480 --> 00:40:45.800 be right back and welcome back to Tafa's Nails on WBZ News Radio ten thirty. 553 00:40:45.800 --> 00:40:47.440 And I'm city STUMPO and I'm here with Samantha Stump. I'm here Mike 554 00:40:47.480 --> 00:40:52.119 Carucci. Mike, you need to come back again because listen, buddy, 555 00:40:52.119 --> 00:40:54.000 I have no clue what we just talked about. Okay, one hour, 556 00:40:54.159 --> 00:40:58.079 I'm still at zero. Okay, maybe I know one percent of why I 557 00:40:58.079 --> 00:41:00.880 win this lawsuit. How do people reach you? You? Sindy gets Michael 558 00:41:00.920 --> 00:41:05.119 Carucci Michael Carucci dot com and my Instagram handle Michael Carucci. And thanks for 559 00:41:05.199 --> 00:41:07.159 having me, love it anytime. Mike's been a friend of mine for years. 560 00:41:07.480 --> 00:41:09.360 I have a great Satay night. We'll see you next weekend. This 561 00:41:09.440 --> 00:41:12.840 is Cindy Stampo WBZ News Radio ten thirty