May 21, 2024 • 49 mins
Rick Ripma and Chris Price discussed the Indiana real estate market, including new law changes and a recent settlement with the DOJ. They emphasized the importance of finding the right home and the time it takes to complete the process. They also discussed the current changes in the industry, such as the shift towards automated underwriting systems, and the challenges faced during the pandemic. Additionally, they discussed the advantages of teamwork and joining a real estate team, highlighting the importance of mentorship, camaraderie, and a positive work environment. Finally, they discussed a recent law change affecting real estate transactions and its potential impact on the industry.
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https://www.TheIndyPropertySource.com/
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Rick Ripma (00:00):
Chris price with Keller Williams the end property
(00:02):
source was on today and he is aphenomenal real estate agent. He
runs a fairly big team. He haswhat I'd call a mega team. A lot
of agents, he does a lot ofvolume himself. His team does a
lot of volume, because of thefantastic team that he has a
they pretty much work in all ofIndiana, and they work in almost
(00:23):
every market as far as singlefamily homes doubles, for
plexes, you know, multifamily,commercial, they just do. They
just do a lot and he has atremendous amount of knowledge.
He's 20 years in the business.
He is a guy that you want tolisten to we talk a lot about
the new law change the NARlawsuit settlement and this is
(00:46):
this is what I think you'llyou'll find very entertaining.
He's a great guy, fantastic realestate agent, and I hope you
enjoy the show. Thanks forlistening. Welcome to India's
real estate gurus, your ultimateguide to the dynamic world of
real estate in Indiana. And I'mrecruited by your hard working
mortgage guy and I've been inreal estate and mortgages for
(01:07):
over 24 years. And I'm IanArnold, a loan officer on brakes
hardworking mortgage team and weare both with advisors Mortgage
Group together will empower youwith expert advice market trends
is assessable stories from Gururealtors and local experts.
Whether you're a homeowner,investor or pro, join us as we
navigate the thriving indie realestate market. Now get ready to
(01:29):
unlock the doors of success. Oneepisode at a time. Welcome back,
Chris. I really appreciate youcoming back in. Thanks for
joining me today.
Chris Price (01:40):
Yeah, thanks for having me.
Rick Ripma (01:41):
And this is Chris price. You're with Keller
Williams, the property sourcethe end property any property
source? Yeah, yeah, the endproperty source. I know that
now. See, I didn't have thatright before. So I know that
now. And you've been on the showbefore you're a you're a not
only a fantastic agent, but yourun a mega team. A real estate
(02:02):
agents, correct?
Chris Price (02:03):
That's right. Yeah.
It's kind of a business within abusiness. Yep. Yeah. So
Rick Ripma (02:07):
you have a lot of not not just the knowledge of
working with a customer on a dayto day basis, purchase, you
know, buying, selling, listing,all those kinds of things. But
you also help many, many agentson your team. Be successful.
That's right, right. Yeah. Yeah.
That's, that's exciting to me,because I like to hear what
people like you, what you whatyou do, how you motivate, you
(02:29):
know how you do those things.
But before we get into that,let's real briefly, we won't
take the same 45 minutes we tooklast time, just, you know, we're
Who are you were, you know, giveus your background and how you
got to where you are today.
Sure.
Chris Price (02:45):
So, I've been a couple decades in in real estate
now, kind of found my way intoreal estate right after college,
I grew up here locally and wentto college here locally studied
economics and finance. And, andagain, just kind of, I'll be
honest, wasn't my first choiceto go into real estate probably
(03:06):
wasn't my parent's first choiceeither. But I ended up in it.
And I started to really like it.
And I started to apply a lot ofthose business management and
economics type courses that Itook in college and and was able
to apply it to kind of run abusiness. So fast forward. Been
doing it for ever since then.
(03:33):
And yeah, I've been fortunateenough to grow a team within
Keller
Rick Ripma (03:37):
Williams. Yeah. And, and not only a team, but a mega
team. How many agents do youhave?
Chris Price (03:43):
We have about eight agents. So there's about I
think, 12 of us overall, we'vegot a couple employees and yeah,
Rick Ripma (03:50):
okay. Yeah. So it's a, it's a big team. It's not
just, you're being modest, it'sjust not a little team. It's a
big team, you do big volume.
You, you've you've had it forquite some time. And so you have
a tremendous background, notonly that you've done done a
phenomenal job and actuallyworking with clients, you've
sell a lot of homes by law, youknow, you help buyers, you help
sellers, you just do aphenomenal job. That's why we're
(04:12):
so excited to have you back onbecause now we're gonna dig into
your how you do your business.
Sure, which I think is importantfor everybody to know. You know,
your, your, your customers wantto know that. You know, other
you know, that there's newagents, there's inexperienced
agents, you know, there may besomebody out there looking for
to be on a team. Sure. And, youknow, maybe they're a good fit
(04:35):
for you or they they're, youknow, there's there's new
agents, people trying to figureout if they should even come
into real estate, right. Solet's, let's start with the
buyer or the know the seller. Solet's go to the seller. So when
you get a seller, what how doyou how do you do that? Like
what is your somebody calls youthey say, you know, think about
(04:56):
listen? What's your process?
Chris Price (04:58):
Yeah, no, that's good. So usually a seller will
call as a result of maybe havingworked with us in the past, or
just friends and familyreferral, or maybe even,
hopefully a result of ourmarketing. Coming to our
website, yeah. And we have ascript that I go through over
(05:21):
the phone, kind of like avetting questionnaire, just to
kind of feel out a little bitmore about what they have, what
they're looking to do. And thenultimately, what we what we want
to try to do, what I'll do isset an appointment. So I'll go
out to see the home, meet withthe client start to build
rapport. And I usually takepretty good notes so that you
(05:43):
know, going into theappointment, I'll have an idea,
hopefully, knowing what theirtimetable is. And then I'll
basically show them the valuethat I bring as an agent and the
value that my team brings in,try to match that with their
needs. And ultimately, you know,I'll try to, you know, sign them
up as, as a client when we meet,but it's, maybe I'm not as high
(06:08):
pressure as most you know, ifthey're not quite ready, I do, I
will look to try to, you know,try to get them to commit with
me, but if not, you know, I'llstay in touch with them. And
then as their timetable adjusts,I'll follow up. So once once
they sign up as a seller withus, and agree, like, Hey, you
(06:28):
look like like you're gonna be agood fit with this, then the the
actual pre marketing was what wecall it Steps Start to to take
place. And you know, all thelogistics behind getting a home
ready. Sometimes it's sometimestheir staging and design that we
will provide input on a lot oftimes, there's unfinished
(06:50):
projects, that we'll go overwith the seller. And really,
it's getting it ready for thephotography for the 3d tour for
all the marketing shoots thattake place before it goes live.
We try to work pretty hard toget them to that point.
Rick Ripma (07:09):
So that it's ready.
Okay, so if you have a, you havea you're, you're going to an
appointment to list the house orat least talked about listing
their house. And what, whatquestions should a seller have
for you? And, and I'm guessingthat knowledge that they have,
(07:30):
but you said you know what theyare you probably answered them
without them necessarily askingthe question. So what? How do
you how do you cover that? So asan example, do people ask, you
know, so how many how manyhomes? Have you sold in the in
the area? And how long? Have youbeen a real estate agent? Do
they ask questions like that?
Chris Price (07:50):
They do. They should? Some people do. Yeah, a
lot of people will ask, How longhave you been in real estate?
Certainly, when I first got in,I was maybe 21. And I didn't
have all the gray hair that Ihave now. So they're maybe not
as concerned about that anymore.
But they still might ask a lotof people have gotten into real
estate over the past few years.
(08:10):
And they want to make sure thatthere's like a track record that
goes behind. So I definitelylike to cover that. Even if they
don't ask me. You know, I'lltell them sold several 1000
homes 20 years in the business.
And here's why I think I couldhelp you out too. So.
Rick Ripma (08:26):
So let's say you have do you have any newer
people on your team? We do.
Okay, so how does that newerperson because they can't say
that? Right? Because they havebeen in the business 20 years
and haven't sold 1000s of homes.
But how do you teach them topresent to that, that that
seller? And kind of communicatethe same information?
Chris Price (08:48):
Yeah, so I think it's important to know for at
least if someone's going to beworking with us that we don't
just cut loose like a brand newperson onto a client. Like as an
experiment, we typically they'llshadow me or another experienced
agent, they'll go through prettyextensive training within our
(09:10):
company, but also within theteam. And then usually, they
will end up working with buyerskind of right off the get go.
And in partnership with me oranother agent kind of helping
them along. And then sellerstypically will be after they've
been in business for a littlebit longer because it can be I
(09:34):
don't know that it's morecomplicated, but it's a
different process than workingwith buyers. So then once they
get to that point, to answeryour question. They're typically
I'll say, for them, they'llthey'll bring a similar
presentation that I will andthey'll say, you know, if
they're asked that question,they can, you know, be
transparent about how longthey've been in the business,
(09:55):
but I'm affiliated with a teamand I work alongside a team that
has a platform that sold 1000sof homes, and my broker's got 20
years plus in the business. Andso if there's something that I
don't know, I have the resourcesto get them for you. Yeah,
Rick Ripma (10:09):
I think I think it's it may go back in my life years
and years ago when I was veryyoung. Okay, I barely remember
it. But I was a real estateagent. And I, the way that it's
set up today with teams, I mightstill be a real estate agent
(10:29):
today, had I been on a team.
Because I didn't know. At thatpoint, I didn't know anything.
Right? I didn't, I was 2021years old. I didn't know
anything. And I had peoplethere, that would help me. But
they, they weren't really, youknow, it wasn't like having a
team and having somebody likeyou, who knows what they're
doing. I just think it'sextremely important. If
(10:50):
anybody's out there thinkingabout being a real estate agent,
or they're new to real estate,called Chris, I mean, get on a
team, like your team that canhelp them if, if you're a good
fit, of course, you know, yeah,you know, all that. But I just
think that's, that is the mostvaluable thing. And I knew
that's exactly what I would do.
If I was a new person, I wouldsay, Yes, I'm new. Because you
(11:13):
got it. You can't you can't fakeit. Right. I'm new. But you know
what I do? Have? I got this guy.
He's been in the business for 20years now that I've got seven
other agents that are workingwith, with his team that I can
ask questions to plus, I'm partof Keller Williams, and I've got
all these people. And it's allthat mentorship. Don't you think
that makes a huge difference?
Yeah, it
Chris Price (11:32):
really does.
Because you kind of jogged mymemory there. Were not when I
got into the business, I alsokind of was searching for that.
And it was, for years, I guess,probably up until maybe the last
decade or so it was kind of likeyou, you got thrown in the fire.
And it was, you know, feast orfamine and, and all that good
stuff. But teams really kind ofcame about, I don't know, what
(11:56):
do you think but like we madethe past 15 years, I think that
yeah. And I kind of reallylatched on to it, because I
liked the idea of creating abusiness where I could teach,
like my skills to other peopleand kind of work alongside them.
And and we could do it together.
(12:17):
And it was another option forpeople that were were new to the
industry or maybe looking toleverage some of the resources
of a team. We've had people orwe've had agents that have
retired from real estate, fromour team, like they were they
were experienced enough thatthey stuck, you know, with us
through their career. And soit's exciting that to be able to
(12:40):
have a business that kind ofwelcomes people of all
experience levels. But But yeah,absolutely. I think there's
there's plenty of ways to getinto real estate, dual career.
Individual agents start your ownteam. But yeah, certainly
joining a team is worth lookingat for and it's a good option
for a lot of people. Yeah,
Rick Ripma (13:01):
I don't think it's just for the new people. Just I
could relate to it as a person.
Yeah. Because I think teams, myson who's 31 Now, he he went to
IU, and he kind of taught methis because he got into
business fraternity, okay. Andin the business fraternity, they
had mentors. And so when you gotin the business fraternity kind
of was like me if I came to workfor you, okay, I come in, you
(13:22):
teach me Yep. Right. And thenafter a year or two, then you
become a mentor for others. Andso it helps everybody. Now, of
course, at IU you, you move onbecause you graduate, but you
don't have to. And thecamaraderie that you have with
those people, the therelationship that you get, it's
(13:42):
such a just such a valuablepiece that I believe I didn't
always believe this. Okay, butas I've gotten older, maybe
maybe I'll say wiser, justbecause it sounds good to me
makes me feel better. Money isimportant. But it's not
everything, right. And culture,and enjoying who you're working
(14:08):
with and where you're working.
And having fun at work. In myopinion is much more important.
Yeah. I would agree. I feel thatsame way. Yeah. Yeah. And so I'm
guessing you have a really goodenvironment.
Chris Price (14:25):
We try. Yeah, we try to I think we do we build a
culture that, like we bringpeople into that we think are
going to be a good fit. And wereally try to promote that. I
think our clients see it. Andyeah, like, like you said, I
mean, professionally, we're inthis you know, to bring it you
(14:46):
know, in an income but that'snot by any means the only thing
and it's certainly not manytimes the main thing. We want to
be working alongside people thatwe're going to enjoy. Yeah, and
we see him grow. So
Rick Ripma (15:01):
yeah, I don't I don't think it's the I don't
think you can't discount money.
However, I have worked placeswhere I made great money, but I
hated it. Right. Okay, I lovedit at first, but then the
culture changed. Yeah. And itwas no longer any fun. I hated
every day going into work. AndI'm one of those people, I tend
(15:24):
to be way too loyal. So I stickit out way too long. Yeah. And,
and when you finally leave, it'slike, okay, I should have done
this. Either. You have to helpthem change their culture back
to what it was, or you have toleave if you don't fit anymore.
You know. And so I just thinkthe money's important. But if
you're unhappy, it's it's notworth the money. Because there's
(15:48):
plenty of great places to work.
And there's plenty of greatpeople to work with like
yourself that why would you? Whywould you sit there and suffer?
Like I did? I'm not I'm notdon't do as I did. Because I was
wrong, you know, it was a badthing to do. But if anybody is
listening, and somebody wants tobuy a home, sell a home, maybe
(16:09):
somebody is looking to come on ateam, maybe get into real
estate, what is the best way forthem to contact you? Yeah,
Chris Price (16:16):
appreciate you asking. Phone number, put it out
there. 317-225-5507 can call ortext also, email Chris at KW tip
s.com. Or they can visit ourwebsite which we would love for
you to come check out the indieproperty source.com. And we're
(16:36):
on all the normal social medias.
All over, right? We try to be
Rick Ripma (16:42):
the indie property.
source.com. Right, the indieproperty source. Okay, that's
easy. Yeah, except for I'llmisspell source. I'll try to put
an S in it every single timewhere the CS goes. Oh, yeah. But
Chris Price (16:55):
so I don't know, do you think you Yeah,
Rick Ripma (16:58):
I know, you almost want to buy sites, you want to
buy all the names that haveevery misspelling. But you can't
do that. That's just, that'sjust not possible. And to get a
hold of ena, I go to hardworking mortgage guys.com.
That's hard working mortgageguys.com. Or you give us a call
at 6463. I wrote it over there,because it's a new number on
(17:19):
4632239592463239592, I got adifferent number, because you
can text that number, or callthe number it used to be just
call so you can text or callthat number. So let's get back
to real estate. I want to talkabout the sellers. But I'm
(17:42):
trying to decide you tell mewhat do you think? Should we
talk about sellers? And thentalk about which is kind of both
buyers and sellers? The new lawchange? Or should we just just
go talk about the law changefirst?
Chris Price (17:53):
Yeah, we can talk about that for people that maybe
don't know. Okay, tell us
Rick Ripma (17:57):
and it's NAR made an agreement after a big lawsuits.
And and it's it's really howCommission's are paid? Which
I'll just give my two centshere. I don't think it really
changed anything. I think thatthe price has already had the
Commission's built in, right.
Every seller I ever talked tosaid, you know this, they looked
(18:18):
at their net, they knew whatthey were going to net. And the
appraiser appraised the propertybased on all those costs being
in it right. So I think it's oneof those things that we have to
adjust to. And it definitelyhave to change how we talk and
things like that. But it's notnecessarily that big a deal. But
what do you think? And how doyou think it's going to affect
everything? And how are yougoing to deal with it?
Chris Price (18:41):
Yeah, no, those are good questions. So for, like you
said, people that may not haveseen it or been aware, the kind
of the structure of atransaction is changing. I think
ultimately, the goal of of allof this is through the DOJ and
(19:03):
regulations would be that thebuyers, the consumer in real
estate, so the buyer knows whatthey're paying their agent, and
that they realize that that canbe negotiable. And so having it
maybe we'll talk through some ofthis, how we do it, but being
(19:24):
transparent, so as an agent,telling them this is what this
is what it would look like towork with me, just as you would
with a lawyer or you know, Idon't know a dentist, you'd talk
to them and get a feel for howyou would work with them. And
then the seller, we've kind ofalways done that. Who said hey,
(19:44):
like you mentioned beingtransparent here. Here's what a
net sheet would look like. Sohere's what we think it will
sell for. Here's all of thecosts estimated to sell at that
price. And then this will bebased on your mortgage backed If
you have one, here's here wouldbe your net proceeds, well,
we're going to do somethingsimilar to that what the buyer.
(20:06):
So that's kind of what it hascome down to. So the way that it
has been is that a seller wouldpay X amount, percentage in
commissions. And that would getthe list agent would would get
what they've negotiated with theseller, and the buyer would get
(20:28):
what's been alreadypredetermined by the seller. So
now they get a say in that wayupfront when they're meeting
with their agent, so that theyknow what that cost is going to
be. And then, once an offer ismade, the negotiations take
place on whether there'll becredit for that. From the
(20:52):
seller, but it's all it's goingto be a little bit more
transparent. It's also going torequire us as agents to explain
more. And of course, all thepaperwork changes and everything
like that. But ultimately,you're right, I think I unless
things continue to change in adifferent direction, I think the
the way that real estate workswill be similar as it was
(21:14):
before,
Rick Ripma (21:15):
I actually think it's a good thing. You know,
it's funny, because until abouttwo minutes ago, when you were
talking, I didn't necessarilythink that but all of a sudden
you said something I rememberwhat it was, I changed your mind
just then you open my mind.
Okay, okay, you open my mind andthe fact that it's a good thing,
because now the seller and thebuyer truly understand. And
(21:37):
they're much and really, I guesswhat I really think is the the
the selling agent, and the selland I'm sorry, the buying agent
and the buyer, the buyer isgoing to know what the agent
actually does. I think a sellingagent, the seller knows what
their their agent does. I thinkI don't think most of what a
(22:00):
selling agent does is a mystery.
Right? Right. I think I think inyour presentation, you go over
what you do, right? Yep. And youtell them, but I think for a
buyer. I don't think theyrealize all the things that you
do. To get to the point all,because I haven't had an agent
(22:23):
come in here one day, he'slaughing He goes, Yeah, I was
getting coffee. And in front ofme, I heard these two guys
talking, they were talking aboutreal estate agents. And all they
are is glorified door openers.
And and that is I don't know howmuch farther from the truth you
can get. Right? So is it?
Couldn't this be a good thing?
Because now you're going toexplain it? And you're going to
actually show them? Becausereally what you're going to have
(22:44):
to do as an agent, I think isyou're going to have to show
them why you're worth the money.
Yeah. What is your value here inthe transaction? I know it's
there. You just have the agentsare going to have to be able to,
to show it.
Chris Price (23:00):
Yeah. So for us, it's something that we've been
doing for years is we will meetwith a buyer go through a
consultation, explain what wedo. And then essentially how we
get paid, you know, not till itcloses. But what that looks
like. So for us it has thathasn't really changed a whole
lot for the industry as a wholeat will. More agents, well, all
(23:25):
agents will, will need to bedoing that. And going over the
value proposition going overwhat that looks like up front so
that when they work with aclient, they now have what's
called a buyer's agencyagreement to work with them. And
I could see why consumers wouldhave felt that way about being
glorified door openers isbecause sometimes as a real
(23:47):
estate agent, you get a phonecall, you say, hey, I want to
see this house with very fewquestions, that agent may go and
open the door. So we've trainedthe consumers to think had just
call an agent. And they'll comeup in the door for me and then
but what else do they do? How dothey get paid? Who's their
(24:08):
loyalty to all that kind ofstuff? What's what's their
fiduciary relationship with me?
You don't really think aboutthat. You just kind of want to
see what the house looks like.
So the way that the industry wasit really didn't those
conversations didn't happen withthe buyers as much. And agents
now. We'll see that more.
Rick Ripma (24:28):
Yeah. And I think that's that's why I think it's
it can actually be a bigbenefit, because I think it's
going to force. Obviously,there'll be some people will
probably get out of thebusiness. But you've been in the
business for 20 years. How manychanges have you seen and
Chris Price (24:43):
it really well, in the past few years. It's
definitely been quickened, butchanges all the time changes
Rick Ripma (24:51):
all the time. Yep.
And this is just another change.
We just have to get used to it.
Yeah, I think you mentioned it.
I think that Do the lenders havehave something to you know, can
can benefit can help the agentsout in this. I was watching a
video by the number one realestate agent in the country. I
(25:14):
think he's out of California,you know, of course, California.
Yeah, that area. And he wastalking, and he was being
interviewed. And he said thatyou're going to have to real
estate agents have to strengthentheir relationship with their
lenders. That's that was thethat was one of the biggest
things he talked about becauseand so for me, I'm excited by
(25:35):
that, because I think that isgoing to mean that we work
together in a much better andmuch more tight, like my plan is
to, really, if I can work withthe agents very, very closely, I
can really help them out like abuyer. We're going to talk about
the buyer, a buyer, the what isone of the first things a buyer
(25:57):
needs to do.
Chris Price (25:59):
Well absolutely.
Talk to a lender, get preapproval, get
Rick Ripma (26:03):
pre approved, right?
So which is more valuable, a prepre qualification, a pre
approval, a pre approval that'sbeen underwritten by by the
automated underwriting system oran underwritten pre approval?
Chris Price (26:19):
Well, I would want to underwritten pre approval,
right. How many of those do youget? You don't see that very
much. Yeah.
Rick Ripma (26:26):
That's what I do.
Okay. Yeah, but here's my thisis this is where I run into and
this is why I'm excited aboutit. I without the agents backing
me on it. Yeah. So if you aresending me somebody, I need you
to tell you know, we really needto go I know it takes a little
bit more work. Right? Because Igotta get it doesn't really take
any more work. It just takes itsooner. Right. I gotta get all
the documentation to get a fullunderwrite. Yeah. So we get a
(26:48):
full underwrite. I, now you goout and you make an offer with a
fully underwritten. I've hadpeople with fully underwritten
offers and a couple other thingsthat I do beat out cash buyers.
Okay, because it's a fullyunderwritten offer, meaning what
a fully underwritten mean, itmeans we have to have an
appraisal, maybe we don't get anappraisal waiver. We have to
(27:09):
have a purchase agreement we canaccept the title has to be okay.
And then you're going to close.
So when you have a cash buyer,you still got a title. Okay.
Right. So that didn't change.
Yeah, you don't necessarily haveto have an appraisal. So people,
they look at them a lot like acash, a cash buyer, but most
people who are buying cash or alot of people buying cash, they
(27:32):
tend to offer because I'm payingcash, I should get a better
deal. Right? Yeah, so you canbeat them out by offering more
and having a fully underwritten?
Do you? Would you see that? Ifyou if you're the listing agent,
and you got that, would you seethat as an advantage? Yeah, for
fully underwritten?
Chris Price (27:52):
Yeah, I mean, you know, yeah, absolutely. I would
personally look, I look at thosedetails on a pre approval, I'll
see who it's from when thecompany is but also what steps
or conditions might be left ifit's been underwritten. Or if it
is a pre qualification, youknow, all of those things do
factor into what I then how Ithen translate that to the
(28:16):
seller, you know, if maybe if wehave multiple offers, so yeah,
Rick Ripma (28:19):
you get you have 10 offers, from what I've been
told, if you have 10 offers, thefirst thing you do is you
eliminate, is that correct?
Yeah, yeah, that's what agentshave told me. The first thing
they do is I go through them andlike, what are the ones that are
easy to? Yeah, you cancel? Yeah.
Okay, you get you have 10offers, you got one that's
contingent. It's going to goaway, right? Most likely, unless
(28:43):
the agent, the agent is going topresent it because they they
know that they're going to dothat, but most likely the buyer
is gonna go, I don't want to orthe sellers gonna go I don't
want to contingency right, I gotnine other offers that aren't
contingent. So and then they,they eliminate my son just just
sold his house up in, inChicago. Okay. And he eliminated
(29:05):
based on the type of financing.
And it's awful. Because thisisn't his but I'll take you take
a VA offer, right? You want totake care of the VA, the
veterans deserve it. But you geta VA offer, and you get a
conventional offer or, and it'sa difficult one to take because
(29:30):
if there's an appraisal issue oranything else, you're you're
done. It's just the reality ofit. Yeah. Viennese needs to work
on that. I think, do you thinkthis commission thing could be a
big deal? And the VA is gonnahave to do that because they're
100% financing if they don't paythat? That's a big deal. Yeah,
Chris Price (29:51):
it would be I mean, it would, ultimately it would
seem that that would hurt thebuyers the most because then
they are forced to buy a homeGet a lesser price point, or
wait longer to buy or, or maybenot even have any kind of
representation at all. So yeah,seems like it would hurt the
buyer.
Rick Ripma (30:08):
I, to me, it seems like it's gonna really hurt the
buyer. And, you know, I know, wedon't know how it's all going to
pan out. But I think VA willchange, I think FHA will change
because the, the two areas thatare the struggle or the lowdown,
or the real area that's astruggle is any low down payment
program is is, is hard, becauseI've put together things called
appraisal gaps and commissiongaps and how we can handle those
(30:30):
right, so that peopleunderstand, right, and I put
together the the numbers on it.
So that actually, this is partof what I give to my agents,
when they go they go to alisting, here's how we, here's
how we can do this. And when abuyer's agent, here's a buyer,
here's how we can, here's how wecan do this so that people know
what to do right to help you onyour presentations. So let's,
let's get more into the buyer,because I think we've talked
about the commission, althoughwe may maybe not. So when you're
(30:53):
when you're talking to a buyer,and you said you do a buyer
presentation, just like youwould with us with a seller? Is
there what's different about it?
What what do you cover for abuyer?
Chris Price (31:08):
I mean, it is different, because you know,
it's a different side of thetransaction. Ultimately, the
process is I mean, he ended upgoing through a lot of the same
steps. So some of it is thesame, we do talk about who we
are, what we stand for, what ourrole is, as an agent with the
buyer. So our fiduciaryresponsibility is for to take
(31:31):
care of them throughout thetransaction, what that looks
like. And then generally thesteps, again, the steps of the
transaction are the same, butfor viewing it from the buyer
side, it's different. So we gothrough what that looks like
versus, you know, being on theseller side. And then we really
like to set up expectations. Sodepending on what's going on in
(31:54):
the market, or just in general,we'd like to talk through
expectations. So preparing themfor what might come up on an
inspection, or given their loantype or their price point what
what might be some things thatwe run into? Things like that.
Rick Ripma (32:15):
That's, you know, it's it was you were talking, I
wrote down because I loved Iloved the answer, which is, in
my mind, I'm gonna just changethe question to what should the
buyer expect? Yeah. Becausereally, that's what we're
talking about, what should abuyer expect? And that's how you
as a real estate agent, that'swhat you kind of have to think,
Okay, what should the buyerexpect? Expect? What are all the
(32:36):
things the buyer should expect?
And then how am I going to? Howdo I do that? What's my process?
And then how do I present that?
Right? And that, to me, that'skind of how it is. So let's get
on more like for you and yourteam. What do you specialize in?
Or maybe multiple things? Whatareas you know, what does that
(32:58):
look like?
Chris Price (32:58):
Yeah, no, that's a good question. So I grew up
south side and and live on adifferent side of town now and
South siders
Rick Ripma (33:08):
can't even say they live what side the other side of
the tower?
Chris Price (33:10):
Yeah, get out of there. But so I ended up in I do
some work part of what we do.
What our business does, is we dosome work with corporate
sellers. So that would be likeforeclosure type work, or maybe
even homes that used to berentals that they're selling.
(33:31):
And that kind of takes us allover Central Indiana. So I hire
agents and staff that that helpsus to be able to cover a wider
territory. So to answer yourquestion, I guess Central
Indiana but I mean Indianapolisand the surrounding counties,
you know, we're we're prettywell versed and in covering that
and then what was the other partof that question?
Rick Ripma (33:57):
Well, I was just looking for like what areas you
specialize in what type ofproduct do okay yeah and product
what we do? Yeah.
Chris Price (34:06):
Do have done a lot of new construction, especially
in the past few years. Were wedo residential, you know, kind
of the single family bread andbutter but I've done a lot of
multifamily over the years.
Smaller apartments done a littlebit of commercial and land. So
we put together more complexdeals but a lot of it ends up
(34:27):
being residential can be homesthat are fixer uppers, complete
rehabs so working with aninvestor all the way up to move
in ready owner occupant alldifferent price levels. So we
don't know kind of gives youmaybe a spectrum of what we do.
So yeah, basically,
Rick Ripma (34:50):
you're you're well versed in everything and you
have a big enough team thatthere's probably somebody calls
you for anything you havesomebody on your team that knows
that right? So if you don't doYou got somebody who does either
you can work with to help you orso that's, that's, again, I
think that's one of the bigbenefits of having not only a
team but having a group likeKeller Williams that you're
(35:10):
working inside, which has, howmany agents you have total, but
there's a lot of Keller Williamsbig. Yeah. So I want to comment
also, the one thing I thinkabout Indianapolis, which is
maybe different than a lot ofcities, is there's really like
the north side. I love the northside, but I also love the west
(35:30):
side. Brownsburg Avon, thatwhole area is beautiful. I have
friends that live out there. Iyou know, it's a place,
Greenwood, Greenwood, I neverrealized how nice Greenwood and
Bartlesville the next one downall that area. How beautiful it
is, when you're if you go downin that area. I used to work for
(35:52):
a builder that I worked forseveral builders, but when they
they had properties down in thatarea, I was like, wow, this is
this is absolutely beautiful.
Hey, yeah, and I thinkIndianapolis is pretty much that
way. Most areas, right? It'sit's a it's a good area to be
in. And you know, as far as thestate most of the state I've
(36:14):
been in, we were up inValparaiso, and Valparaiso. What
a great little town. I mean,it's just, it's just beautiful.
So anyway, I think I think ourareas, you were fortunate that
we have just really great areas.
Yeah, I would agree with that.
So how long does it normallytake, and I know it might be
different in this market forsomebody to purchase a home, but
(36:34):
what should somebody expect
Chris Price (36:38):
from the beginning of the process, when they first
call you. So we usually try tofind out what their timetable
is, do they have a lease that'sending and things like that. But
we'll we'll generally say, youknow, can be a couple of months
to up to a year, maybe evenlonger, depending on if we're
(37:00):
looking for a unicorn situationor not, but it's generally gonna
take at least a couple months,because they've got some steps
to take up front, when we meet.
Usually, it's going to involvetalking to a lender, getting
some documents together,figuring out our criteria and
how we're going to worktogether. And then we ultimately
(37:21):
we have to go out and look atthe homes. And it's going to
take well, it doesn't alwaystake but it can take some time
to find the right home, theright match, sometimes the
criteria changes. So we we mightstart looking in one area and
then migrate to another or adifferent price point. So
getting out and seeing the homesis good, I always call it the
(37:43):
discovery period, because thenyou're out seeing it and and the
buyers get to see what they canget for a certain price point
and, and then that's when thingschange. And, but once you go
under contract, so that wouldmean submit an offer, negotiate
it, and we get it accepted, thenit's going to be about 30 to 45
days, until it closes andbarring any unexpected fallout
(38:08):
with the deal, you know, that'swhen they would move in. So
Rick Ripma (38:15):
they're the reason I asked that question is because I
get people asking me that allthe time. Because they want to
know, okay, when should I dothis when are for when we do a
pre approval when we run creditreally credit when we run credit
is good for 120 days. If youdon't close on a house and that
120 days, then we have to reruncredit, again, not necessary for
(38:37):
the pre approval. But definitelywhen you're when you when you
find a house because we have toclose on we want to close on the
on the new credit, right?
Because we have to know what wegot. We don't want to do it at
the end, right before you'reready to close and find out
something change. Right? So yougotta have you gotta have, you
know, the newest credit that youcan. But it's, it's because you
know, so I always tell peoplewell, you know, we need 120
(38:57):
days, you know, but but in thismarket sometimes in any markets
it can take much longer thanthen then 120 days because of
because it's there's not enoughhouses you can't find the right
house. I mean, it can be alonger process. Am I wrong
there? No,
Chris Price (39:18):
you're totally right. Actually, it made me
think you know, when we talk topeople that like are maybe
renting and they decide torenew, like for another year and
then we say okay, well we'llprobably reach out in three to
six months in for for a tenantthat might seem like oh, well, I
just told you I'm renewing mylease. Don't call me again. No.
(39:39):
But the reason would be is youfor a tenant, you probably need
at least six months leeway timeto start that process again so
we can schedule a time to meet,talk to the lender, figure out
what the lease ending of thelease looks like on that end and
then getting the search startedup without feeling rushed,
(40:01):
because in your mind, if you'rethinking, Oh, I got 30 days, it
takes me 30 days to buy a house.
Well, that's from everythingelse to writing an offer to
close. And if you're, if you'rerunning up on the end of the
lease, you really need to giveyourself more time. And if
you're thinking about building,you need to give yourself a lot
more time. Because if you'regoing to build it, it could be
(40:21):
six to nine months from startingthat process to the end. So
Rick Ripma (40:27):
yeah, it's a building is a lot longer
process. So we're looking atreally, I guess this map matters
for for building too. But so ifI'm a buyer, and you're showing
me houses, how do you determinewhether you think the house that
we're looking at as a as wellpriced poorly price? How do you
(40:47):
how do you know how do you makethat decision?
Chris Price (40:50):
Well, with a lot of the new technology, buyers are
more informed now than they werein the past, just because they
can kind of pull some of thatdata. But ultimately, I feel
like that's our job as an agentis, before our clients write an
offer on a home is to go overwithin what we think the actual
(41:11):
market value is, where it's isit priced appropriately? Is it
towards the top end of theneighborhood, maybe it's maybe
it's more of a discount becauseof the condition that it's in.
We definitely like to go overthat before we write an offer
rather than after it's accepted.
Maybe. But yeah, I think that'simportant part of it. Okay,
Rick Ripma (41:30):
so somebody has their offer accepted, they're
going through the process,you're getting ready to close.
Do you do a final walkthrough?
And if so, why?
Chris Price (41:38):
Yeah, yeah. I always like to try to do a final
walkthrough. And I like to do itas close to closing as possible.
So many times, we will do it thesame day. So we'll meet at the
house, right before we go to thetitle company will do our final
walkthrough. We try to gothrough it up front. But it's
(41:59):
usually like, people get excitedonce they get an offer accepted.
And then they think, you know,maybe why are we doing this, but
I want them to see the home asclose to the closing as they
can. And we did you know, it's aquick walkthrough, but it's you
know, making sure a tree didn'tfall on the house. So I didn't
drive a car into the garage doorwhile they were moving out. Or
(42:21):
maybe the basement, flooded, youknow, the night before all of
those things can happen and haveactually had probably all this
happen, but you just never know.
So it's a safeguard for theclient. Yeah,
Rick Ripma (42:37):
I think it's critical. Yeah. You know, as a
new I was 11 years and new homesales we always did
walkthroughs. Right. Yeah. ButI've had so many agents in and
the stories, you know, they theygo to do a walkthrough and
people haven't moved out yet.
Chris Price (42:55):
That's happened.
Yeah. Or the
Rick Ripma (42:57):
one they went in, they went to do the walkthrough
and somebody broken in thatnight. It was an it was a vacant
house, and they took all thecopper out of the house. I mean,
there's just things that canhappen that you don't want to
close on it. No, not knowing. Soyou definitely want to go
through the house. Yeah, right.
Right. Before I would think. Sonow, now they've closed. So how
do you? How do you keep in touchwith them? What What's your
process for keeping in touchwith somebody and, you know,
(43:19):
keeping them educated on what'sgoing on in the markets and that
type of thing? Yeah,
Chris Price (43:25):
we'd like to stay in touch with our clients. So
usually, what we'll do is kindof an immediate follow up just
if they had a good experience,we, you know, we'll we'll ask
for them to share that as wellas a review online, too. You
know, because it's important forother consumers to see that. But
(43:45):
we also like just to see howmaybe the move went. tying up
loose ends, a lot of times, wewill refer vendors to our
clients so that we look atourselves as a resource
throughout the process. So notjust when it closes, but even
afterwards, maybe need some helplandscaping or painting. We try
(44:07):
to connect them with trustedvendors that we use. And you
know, what, I don't know, monthor two, after closing, we'll do
a follow up to remind them aboutthe homestead exemption that
they've gotten it filed. Ifthey're, if it's an owner
occupant, and then justthroughout, you know, we'll
we'll we'll put them into oursystem to where we can
(44:30):
communicate updates with themarkets and maybe different
things that we've got going onin our business and events and
stuff like that. There's
Rick Ripma (44:39):
a lot going on.
Yeah, right. Yeah. So you wantto keep in touch with them. And
there's a lot of a lot of reallyimportant things you can
communicate to them. Yeah. So Ithink that's that's really good.
So do you do any of the clientappreciation events? Well,
Chris Price (44:53):
yeah, we have done those. Those are fun, because
you you get a chance to connectwith people on a more of a
social setting. And so we'vedone those we in, given given
away stuff at those is alwaysfun. So yeah, that's, that's an
important part of keeping ourname out there.
Rick Ripma (45:12):
Yeah, yeah, I think it is. I think it's nice the
clients get, they actually getto meet each other, right?
Because how else would they everand you get to see, one of the
things about being in mortgagesis, you know, we never see the
house. All right. And we never,and we really don't see many
times I never actually put eyeson a customer. It's one of the
things I like to do is I preferzoom calls over phone calls.
(45:35):
Yeah, that's good. Becausethere's a couple of reasons.
Number one, I can I can recordthe call. So if I'm talking to
you about something, right, andyour spouse can't be there, I
can record the call. And then Ican send the call now they can
see what we talked about, right?
So you could keep everybodyinformed, like, talk to us. And
so it's like, that's mypreferred way to do everything
(45:59):
is to do it. So I can record itso that everybody knows what is
going on. Yeah, and and theclient events out of my
wheelhouse. It's one of thereasons I asked that question
because I'm trying to getcomfortable with it's just not
in my wheelhouse. It's not acomfort level for me to have to
do and to plan. So it
Chris Price (46:22):
it's a lot goes into it. You almost need to have
somebody that's had experiencewith event planning. I would say
like, with the hectic times ofhow real estate's been in the
past few years and all that wehad to deal with, like, working
remotely and things like that,like some of those events went
kind of to the wayside. So it'ssomething that we're having to
(46:44):
look at, too, is getting backinto
Rick Ripma (46:46):
during COVID. You couldn't do them, right. Yeah,
yeah, I could do virtual events.
But you have a lot of fun. Yeah.
My son, my son during duringCOVID. He owns like, it's a tour
company, okay, where they takepeople on nature tours, really
bird tours all over the world.
And that shut down. So he was heI said, you need to rob you need
to do a trivia nights. So once amonth, they did trivia nights to
(47:10):
keep everybody involved. And itreally worked, because now
they're as busy as can be.
Because it kept everybody youknow, but for a year or two, you
couldn't nobody was traveling.
Nobody wanted to travel. Nobodycould travel. Right? Yeah, it's
tough. But if there is anybodylistening, whether it's somebody
looking to become a real estateagent looking to be on a team,
buyer or seller, it sounds likeresidential, commercial,
(47:32):
anything with their real estateneeds, and they need a great
agent. They need to talk to you,Chris price. What is the best
way to get a hold of you? Yeah,appreciate
Chris Price (47:43):
that. Call me text 317-225-5507 email Chris at KW
tip s KTV. tips.com. Or theindie property. source.com which
is our website, which we thinkyou'll love, so please visit it.
Rick Ripma (47:58):
Indie property.
source.com Yeah, that comeeverybody will get? Yeah,
Chris Price (48:04):
I don't have to say the www anything. No, not great.
Rick Ripma (48:07):
Or the HTTP? Yeah, just any property? source.com
Yep. Perfect. And to get a holdof either I got a hard working
mortgage guys.com That's hardworking mortgage. guys.com Or
you can I better put that on thescreen. Or you can give me a
call at 463 I probably putshould put it on me.
463-223-9592 I'm new to this.
I'm apologize. I'm new to theIan's not here. He's supposed to
(48:32):
be running this thing for me.
But again, 463-223-9592 You cancall or text that number. And
Chris, thank you so much forjoining us joining me today. I
really do appreciate it.
Chris Price (48:44):
Yeah. Thank you for having me.
Rick Ripma (48:46):
You're welcome.
You're just you're a fantasticguys. You have tremendous
knowledge and it's a pleasure tohave you on. I really do
appreciate it.
Chris Price (48:53):
Awesome. Well, you guys do a great job with the
podcast and much more. We
Announcer (48:57):
appreciate it. Grant on MLS NUMBER 33041 recruitments
MLS NUMBER 6645 Ignite ArnoldNMLS number is 1995469 equal
housing opportunity somerestrictions apply
Chris price with Keller Williams the end property
(00:02):
source was on today and he is aphenomenal real estate agent. He
runs a fairly big team. He haswhat I'd call a mega team. A lot
of agents, he does a lot ofvolume himself. His team does a
lot of volume, because of thefantastic team that he has a
they pretty much work in all ofIndiana, and they work in almost
(00:23):
every market as far as singlefamily homes doubles, for
plexes, you know, multifamily,commercial, they just do. They
just do a lot and he has atremendous amount of knowledge.
He's 20 years in the business.
He is a guy that you want tolisten to we talk a lot about
the new law change the NARlawsuit settlement and this is
(00:46):
this is what I think you'llyou'll find very entertaining.
He's a great guy, fantastic realestate agent, and I hope you
enjoy the show. Thanks forlistening. Welcome to India's
real estate gurus, your ultimateguide to the dynamic world of
real estate in Indiana. And I'mrecruited by your hard working
mortgage guy and I've been inreal estate and mortgages for
(01:07):
over 24 years. And I'm IanArnold, a loan officer on brakes
hardworking mortgage team and weare both with advisors Mortgage
Group together will empower youwith expert advice market trends
is assessable stories from Gururealtors and local experts.
Whether you're a homeowner,investor or pro, join us as we
navigate the thriving indie realestate market. Now get ready to
(01:29):
unlock the doors of success. Oneepisode at a time. Welcome back,
Chris. I really appreciate youcoming back in. Thanks for
joining me today.
Chris Price (01:40):
Yeah, thanks for having me.
Rick Ripma (01:41):
And this is Chris price. You're with Keller
Williams, the property sourcethe end property any property
source? Yeah, yeah, the endproperty source. I know that
now. See, I didn't have thatright before. So I know that
now. And you've been on the showbefore you're a you're a not
only a fantastic agent, but yourun a mega team. A real estate
(02:02):
agents, correct?
Chris Price (02:03):
That's right. Yeah.
It's kind of a business within abusiness. Yep. Yeah. So
Rick Ripma (02:07):
you have a lot of not not just the knowledge of
working with a customer on a dayto day basis, purchase, you
know, buying, selling, listing,all those kinds of things. But
you also help many, many agentson your team. Be successful.
That's right, right. Yeah. Yeah.
That's, that's exciting to me,because I like to hear what
people like you, what you whatyou do, how you motivate, you
(02:29):
know how you do those things.
But before we get into that,let's real briefly, we won't
take the same 45 minutes we tooklast time, just, you know, we're
Who are you were, you know, giveus your background and how you
got to where you are today.
Sure.
Chris Price (02:45):
So, I've been a couple decades in in real estate
now, kind of found my way intoreal estate right after college,
I grew up here locally and wentto college here locally studied
economics and finance. And, andagain, just kind of, I'll be
honest, wasn't my first choiceto go into real estate probably
(03:06):
wasn't my parent's first choiceeither. But I ended up in it.
And I started to really like it.
And I started to apply a lot ofthose business management and
economics type courses that Itook in college and and was able
to apply it to kind of run abusiness. So fast forward. Been
doing it for ever since then.
(03:33):
And yeah, I've been fortunateenough to grow a team within
Keller
Rick Ripma (03:37):
Williams. Yeah. And, and not only a team, but a mega
team. How many agents do youhave?
Chris Price (03:43):
We have about eight agents. So there's about I
think, 12 of us overall, we'vegot a couple employees and yeah,
Rick Ripma (03:50):
okay. Yeah. So it's a, it's a big team. It's not
just, you're being modest, it'sjust not a little team. It's a
big team, you do big volume.
You, you've you've had it forquite some time. And so you have
a tremendous background, notonly that you've done done a
phenomenal job and actuallyworking with clients, you've
sell a lot of homes by law, youknow, you help buyers, you help
sellers, you just do aphenomenal job. That's why we're
(04:12):
so excited to have you back onbecause now we're gonna dig into
your how you do your business.
Sure, which I think is importantfor everybody to know. You know,
your, your, your customers wantto know that. You know, other
you know, that there's newagents, there's inexperienced
agents, you know, there may besomebody out there looking for
to be on a team. Sure. And, youknow, maybe they're a good fit
(04:35):
for you or they they're, youknow, there's there's new
agents, people trying to figureout if they should even come
into real estate, right. Solet's, let's start with the
buyer or the know the seller. Solet's go to the seller. So when
you get a seller, what how doyou how do you do that? Like
what is your somebody calls youthey say, you know, think about
(04:56):
listen? What's your process?
Chris Price (04:58):
Yeah, no, that's good. So usually a seller will
call as a result of maybe havingworked with us in the past, or
just friends and familyreferral, or maybe even,
hopefully a result of ourmarketing. Coming to our
website, yeah. And we have ascript that I go through over
(05:21):
the phone, kind of like avetting questionnaire, just to
kind of feel out a little bitmore about what they have, what
they're looking to do. And thenultimately, what we what we want
to try to do, what I'll do isset an appointment. So I'll go
out to see the home, meet withthe client start to build
rapport. And I usually takepretty good notes so that you
(05:43):
know, going into theappointment, I'll have an idea,
hopefully, knowing what theirtimetable is. And then I'll
basically show them the valuethat I bring as an agent and the
value that my team brings in,try to match that with their
needs. And ultimately, you know,I'll try to, you know, sign them
up as, as a client when we meet,but it's, maybe I'm not as high
(06:08):
pressure as most you know, ifthey're not quite ready, I do, I
will look to try to, you know,try to get them to commit with
me, but if not, you know, I'llstay in touch with them. And
then as their timetable adjusts,I'll follow up. So once once
they sign up as a seller withus, and agree, like, Hey, you
(06:28):
look like like you're gonna be agood fit with this, then the the
actual pre marketing was what wecall it Steps Start to to take
place. And you know, all thelogistics behind getting a home
ready. Sometimes it's sometimestheir staging and design that we
will provide input on a lot oftimes, there's unfinished
(06:50):
projects, that we'll go overwith the seller. And really,
it's getting it ready for thephotography for the 3d tour for
all the marketing shoots thattake place before it goes live.
We try to work pretty hard toget them to that point.
Rick Ripma (07:09):
So that it's ready.
Okay, so if you have a, you havea you're, you're going to an
appointment to list the house orat least talked about listing
their house. And what, whatquestions should a seller have
for you? And, and I'm guessingthat knowledge that they have,
(07:30):
but you said you know what theyare you probably answered them
without them necessarily askingthe question. So what? How do
you how do you cover that? So asan example, do people ask, you
know, so how many how manyhomes? Have you sold in the in
the area? And how long? Have youbeen a real estate agent? Do
they ask questions like that?
Chris Price (07:50):
They do. They should? Some people do. Yeah, a
lot of people will ask, How longhave you been in real estate?
Certainly, when I first got in,I was maybe 21. And I didn't
have all the gray hair that Ihave now. So they're maybe not
as concerned about that anymore.
But they still might ask a lotof people have gotten into real
estate over the past few years.
(08:10):
And they want to make sure thatthere's like a track record that
goes behind. So I definitelylike to cover that. Even if they
don't ask me. You know, I'lltell them sold several 1000
homes 20 years in the business.
And here's why I think I couldhelp you out too. So.
Rick Ripma (08:26):
So let's say you have do you have any newer
people on your team? We do.
Okay, so how does that newerperson because they can't say
that? Right? Because they havebeen in the business 20 years
and haven't sold 1000s of homes.
But how do you teach them topresent to that, that that
seller? And kind of communicatethe same information?
Chris Price (08:48):
Yeah, so I think it's important to know for at
least if someone's going to beworking with us that we don't
just cut loose like a brand newperson onto a client. Like as an
experiment, we typically they'llshadow me or another experienced
agent, they'll go through prettyextensive training within our
(09:10):
company, but also within theteam. And then usually, they
will end up working with buyerskind of right off the get go.
And in partnership with me oranother agent kind of helping
them along. And then sellerstypically will be after they've
been in business for a littlebit longer because it can be I
(09:34):
don't know that it's morecomplicated, but it's a
different process than workingwith buyers. So then once they
get to that point, to answeryour question. They're typically
I'll say, for them, they'llthey'll bring a similar
presentation that I will andthey'll say, you know, if
they're asked that question,they can, you know, be
transparent about how longthey've been in the business,
(09:55):
but I'm affiliated with a teamand I work alongside a team that
has a platform that sold 1000sof homes, and my broker's got 20
years plus in the business. Andso if there's something that I
don't know, I have the resourcesto get them for you. Yeah,
Rick Ripma (10:09):
I think I think it's it may go back in my life years
and years ago when I was veryyoung. Okay, I barely remember
it. But I was a real estateagent. And I, the way that it's
set up today with teams, I mightstill be a real estate agent
(10:29):
today, had I been on a team.
Because I didn't know. At thatpoint, I didn't know anything.
Right? I didn't, I was 2021years old. I didn't know
anything. And I had peoplethere, that would help me. But
they, they weren't really, youknow, it wasn't like having a
team and having somebody likeyou, who knows what they're
doing. I just think it'sextremely important. If
(10:50):
anybody's out there thinkingabout being a real estate agent,
or they're new to real estate,called Chris, I mean, get on a
team, like your team that canhelp them if, if you're a good
fit, of course, you know, yeah,you know, all that. But I just
think that's, that is the mostvaluable thing. And I knew
that's exactly what I would do.
If I was a new person, I wouldsay, Yes, I'm new. Because you
(11:13):
got it. You can't you can't fakeit. Right. I'm new. But you know
what I do? Have? I got this guy.
He's been in the business for 20years now that I've got seven
other agents that are workingwith, with his team that I can
ask questions to plus, I'm partof Keller Williams, and I've got
all these people. And it's allthat mentorship. Don't you think
that makes a huge difference?
Yeah, it
Chris Price (11:32):
really does.
Because you kind of jogged mymemory there. Were not when I
got into the business, I alsokind of was searching for that.
And it was, for years, I guess,probably up until maybe the last
decade or so it was kind of likeyou, you got thrown in the fire.
And it was, you know, feast orfamine and, and all that good
stuff. But teams really kind ofcame about, I don't know, what
(11:56):
do you think but like we madethe past 15 years, I think that
yeah. And I kind of reallylatched on to it, because I
liked the idea of creating abusiness where I could teach,
like my skills to other peopleand kind of work alongside them.
And and we could do it together.
(12:17):
And it was another option forpeople that were were new to the
industry or maybe looking toleverage some of the resources
of a team. We've had people orwe've had agents that have
retired from real estate, fromour team, like they were they
were experienced enough thatthey stuck, you know, with us
through their career. And soit's exciting that to be able to
(12:40):
have a business that kind ofwelcomes people of all
experience levels. But But yeah,absolutely. I think there's
there's plenty of ways to getinto real estate, dual career.
Individual agents start your ownteam. But yeah, certainly
joining a team is worth lookingat for and it's a good option
for a lot of people. Yeah,
Rick Ripma (13:01):
I don't think it's just for the new people. Just I
could relate to it as a person.
Yeah. Because I think teams, myson who's 31 Now, he he went to
IU, and he kind of taught methis because he got into
business fraternity, okay. Andin the business fraternity, they
had mentors. And so when you gotin the business fraternity kind
of was like me if I came to workfor you, okay, I come in, you
(13:22):
teach me Yep. Right. And thenafter a year or two, then you
become a mentor for others. Andso it helps everybody. Now, of
course, at IU you, you move onbecause you graduate, but you
don't have to. And thecamaraderie that you have with
those people, the therelationship that you get, it's
(13:42):
such a just such a valuablepiece that I believe I didn't
always believe this. Okay, butas I've gotten older, maybe
maybe I'll say wiser, justbecause it sounds good to me
makes me feel better. Money isimportant. But it's not
everything, right. And culture,and enjoying who you're working
(14:08):
with and where you're working.
And having fun at work. In myopinion is much more important.
Yeah. I would agree. I feel thatsame way. Yeah. Yeah. And so I'm
guessing you have a really goodenvironment.
Chris Price (14:25):
We try. Yeah, we try to I think we do we build a
culture that, like we bringpeople into that we think are
going to be a good fit. And wereally try to promote that. I
think our clients see it. Andyeah, like, like you said, I
mean, professionally, we're inthis you know, to bring it you
(14:46):
know, in an income but that'snot by any means the only thing
and it's certainly not manytimes the main thing. We want to
be working alongside people thatwe're going to enjoy. Yeah, and
we see him grow. So
Rick Ripma (15:01):
yeah, I don't I don't think it's the I don't
think you can't discount money.
However, I have worked placeswhere I made great money, but I
hated it. Right. Okay, I lovedit at first, but then the
culture changed. Yeah. And itwas no longer any fun. I hated
every day going into work. AndI'm one of those people, I tend
(15:24):
to be way too loyal. So I stickit out way too long. Yeah. And,
and when you finally leave, it'slike, okay, I should have done
this. Either. You have to helpthem change their culture back
to what it was, or you have toleave if you don't fit anymore.
You know. And so I just thinkthe money's important. But if
you're unhappy, it's it's notworth the money. Because there's
(15:48):
plenty of great places to work.
And there's plenty of greatpeople to work with like
yourself that why would you? Whywould you sit there and suffer?
Like I did? I'm not I'm notdon't do as I did. Because I was
wrong, you know, it was a badthing to do. But if anybody is
listening, and somebody wants tobuy a home, sell a home, maybe
(16:09):
somebody is looking to come on ateam, maybe get into real
estate, what is the best way forthem to contact you? Yeah,
Chris Price (16:16):
appreciate you asking. Phone number, put it out
there. 317-225-5507 can call ortext also, email Chris at KW tip
s.com. Or they can visit ourwebsite which we would love for
you to come check out the indieproperty source.com. And we're
(16:36):
on all the normal social medias.
All over, right? We try to be
Rick Ripma (16:42):
the indie property.
source.com. Right, the indieproperty source. Okay, that's
easy. Yeah, except for I'llmisspell source. I'll try to put
an S in it every single timewhere the CS goes. Oh, yeah. But
Chris Price (16:55):
so I don't know, do you think you Yeah,
Rick Ripma (16:58):
I know, you almost want to buy sites, you want to
buy all the names that haveevery misspelling. But you can't
do that. That's just, that'sjust not possible. And to get a
hold of ena, I go to hardworking mortgage guys.com.
That's hard working mortgageguys.com. Or you give us a call
at 6463. I wrote it over there,because it's a new number on
(17:19):
4632239592463239592, I got adifferent number, because you
can text that number, or callthe number it used to be just
call so you can text or callthat number. So let's get back
to real estate. I want to talkabout the sellers. But I'm
(17:42):
trying to decide you tell mewhat do you think? Should we
talk about sellers? And thentalk about which is kind of both
buyers and sellers? The new lawchange? Or should we just just
go talk about the law changefirst?
Chris Price (17:53):
Yeah, we can talk about that for people that maybe
don't know. Okay, tell us
Rick Ripma (17:57):
and it's NAR made an agreement after a big lawsuits.
And and it's it's really howCommission's are paid? Which
I'll just give my two centshere. I don't think it really
changed anything. I think thatthe price has already had the
Commission's built in, right.
Every seller I ever talked tosaid, you know this, they looked
(18:18):
at their net, they knew whatthey were going to net. And the
appraiser appraised the propertybased on all those costs being
in it right. So I think it's oneof those things that we have to
adjust to. And it definitelyhave to change how we talk and
things like that. But it's notnecessarily that big a deal. But
what do you think? And how doyou think it's going to affect
everything? And how are yougoing to deal with it?
Chris Price (18:41):
Yeah, no, those are good questions. So for, like you
said, people that may not haveseen it or been aware, the kind
of the structure of atransaction is changing. I think
ultimately, the goal of of allof this is through the DOJ and
(19:03):
regulations would be that thebuyers, the consumer in real
estate, so the buyer knows whatthey're paying their agent, and
that they realize that that canbe negotiable. And so having it
maybe we'll talk through some ofthis, how we do it, but being
(19:24):
transparent, so as an agent,telling them this is what this
is what it would look like towork with me, just as you would
with a lawyer or you know, Idon't know a dentist, you'd talk
to them and get a feel for howyou would work with them. And
then the seller, we've kind ofalways done that. Who said hey,
(19:44):
like you mentioned beingtransparent here. Here's what a
net sheet would look like. Sohere's what we think it will
sell for. Here's all of thecosts estimated to sell at that
price. And then this will bebased on your mortgage backed If
you have one, here's here wouldbe your net proceeds, well,
we're going to do somethingsimilar to that what the buyer.
(20:06):
So that's kind of what it hascome down to. So the way that it
has been is that a seller wouldpay X amount, percentage in
commissions. And that would getthe list agent would would get
what they've negotiated with theseller, and the buyer would get
(20:28):
what's been alreadypredetermined by the seller. So
now they get a say in that wayupfront when they're meeting
with their agent, so that theyknow what that cost is going to
be. And then, once an offer ismade, the negotiations take
place on whether there'll becredit for that. From the
(20:52):
seller, but it's all it's goingto be a little bit more
transparent. It's also going torequire us as agents to explain
more. And of course, all thepaperwork changes and everything
like that. But ultimately,you're right, I think I unless
things continue to change in adifferent direction, I think the
the way that real estate workswill be similar as it was
(21:14):
before,
Rick Ripma (21:15):
I actually think it's a good thing. You know,
it's funny, because until abouttwo minutes ago, when you were
talking, I didn't necessarilythink that but all of a sudden
you said something I rememberwhat it was, I changed your mind
just then you open my mind.
Okay, okay, you open my mind andthe fact that it's a good thing,
because now the seller and thebuyer truly understand. And
(21:37):
they're much and really, I guesswhat I really think is the the
the selling agent, and the selland I'm sorry, the buying agent
and the buyer, the buyer isgoing to know what the agent
actually does. I think a sellingagent, the seller knows what
their their agent does. I thinkI don't think most of what a
(22:00):
selling agent does is a mystery.
Right? Right. I think I think inyour presentation, you go over
what you do, right? Yep. And youtell them, but I think for a
buyer. I don't think theyrealize all the things that you
do. To get to the point all,because I haven't had an agent
(22:23):
come in here one day, he'slaughing He goes, Yeah, I was
getting coffee. And in front ofme, I heard these two guys
talking, they were talking aboutreal estate agents. And all they
are is glorified door openers.
And and that is I don't know howmuch farther from the truth you
can get. Right? So is it?
Couldn't this be a good thing?
Because now you're going toexplain it? And you're going to
actually show them? Becausereally what you're going to have
(22:44):
to do as an agent, I think isyou're going to have to show
them why you're worth the money.
Yeah. What is your value here inthe transaction? I know it's
there. You just have the agentsare going to have to be able to,
to show it.
Chris Price (23:00):
Yeah. So for us, it's something that we've been
doing for years is we will meetwith a buyer go through a
consultation, explain what wedo. And then essentially how we
get paid, you know, not till itcloses. But what that looks
like. So for us it has thathasn't really changed a whole
lot for the industry as a wholeat will. More agents, well, all
(23:25):
agents will, will need to bedoing that. And going over the
value proposition going overwhat that looks like up front so
that when they work with aclient, they now have what's
called a buyer's agencyagreement to work with them. And
I could see why consumers wouldhave felt that way about being
glorified door openers isbecause sometimes as a real
(23:47):
estate agent, you get a phonecall, you say, hey, I want to
see this house with very fewquestions, that agent may go and
open the door. So we've trainedthe consumers to think had just
call an agent. And they'll comeup in the door for me and then
but what else do they do? How dothey get paid? Who's their
(24:08):
loyalty to all that kind ofstuff? What's what's their
fiduciary relationship with me?
You don't really think aboutthat. You just kind of want to
see what the house looks like.
So the way that the industry wasit really didn't those
conversations didn't happen withthe buyers as much. And agents
now. We'll see that more.
Rick Ripma (24:28):
Yeah. And I think that's that's why I think it's
it can actually be a bigbenefit, because I think it's
going to force. Obviously,there'll be some people will
probably get out of thebusiness. But you've been in the
business for 20 years. How manychanges have you seen and
Chris Price (24:43):
it really well, in the past few years. It's
definitely been quickened, butchanges all the time changes
Rick Ripma (24:51):
all the time. Yep.
And this is just another change.
We just have to get used to it.
Yeah, I think you mentioned it.
I think that Do the lenders havehave something to you know, can
can benefit can help the agentsout in this. I was watching a
video by the number one realestate agent in the country. I
(25:14):
think he's out of California,you know, of course, California.
Yeah, that area. And he wastalking, and he was being
interviewed. And he said thatyou're going to have to real
estate agents have to strengthentheir relationship with their
lenders. That's that was thethat was one of the biggest
things he talked about becauseand so for me, I'm excited by
(25:35):
that, because I think that isgoing to mean that we work
together in a much better andmuch more tight, like my plan is
to, really, if I can work withthe agents very, very closely, I
can really help them out like abuyer. We're going to talk about
the buyer, a buyer, the what isone of the first things a buyer
(25:57):
needs to do.
Chris Price (25:59):
Well absolutely.
Talk to a lender, get preapproval, get
Rick Ripma (26:03):
pre approved, right?
So which is more valuable, a prepre qualification, a pre
approval, a pre approval that'sbeen underwritten by by the
automated underwriting system oran underwritten pre approval?
Chris Price (26:19):
Well, I would want to underwritten pre approval,
right. How many of those do youget? You don't see that very
much. Yeah.
Rick Ripma (26:26):
That's what I do.
Okay. Yeah, but here's my thisis this is where I run into and
this is why I'm excited aboutit. I without the agents backing
me on it. Yeah. So if you aresending me somebody, I need you
to tell you know, we really needto go I know it takes a little
bit more work. Right? Because Igotta get it doesn't really take
any more work. It just takes itsooner. Right. I gotta get all
the documentation to get a fullunderwrite. Yeah. So we get a
(26:48):
full underwrite. I, now you goout and you make an offer with a
fully underwritten. I've hadpeople with fully underwritten
offers and a couple other thingsthat I do beat out cash buyers.
Okay, because it's a fullyunderwritten offer, meaning what
a fully underwritten mean, itmeans we have to have an
appraisal, maybe we don't get anappraisal waiver. We have to
(27:09):
have a purchase agreement we canaccept the title has to be okay.
And then you're going to close.
So when you have a cash buyer,you still got a title. Okay.
Right. So that didn't change.
Yeah, you don't necessarily haveto have an appraisal. So people,
they look at them a lot like acash, a cash buyer, but most
people who are buying cash or alot of people buying cash, they
(27:32):
tend to offer because I'm payingcash, I should get a better
deal. Right? Yeah, so you canbeat them out by offering more
and having a fully underwritten?
Do you? Would you see that? Ifyou if you're the listing agent,
and you got that, would you seethat as an advantage? Yeah, for
fully underwritten?
Chris Price (27:52):
Yeah, I mean, you know, yeah, absolutely. I would
personally look, I look at thosedetails on a pre approval, I'll
see who it's from when thecompany is but also what steps
or conditions might be left ifit's been underwritten. Or if it
is a pre qualification, youknow, all of those things do
factor into what I then how Ithen translate that to the
(28:16):
seller, you know, if maybe if wehave multiple offers, so yeah,
Rick Ripma (28:19):
you get you have 10 offers, from what I've been
told, if you have 10 offers, thefirst thing you do is you
eliminate, is that correct?
Yeah, yeah, that's what agentshave told me. The first thing
they do is I go through them andlike, what are the ones that are
easy to? Yeah, you cancel? Yeah.
Okay, you get you have 10offers, you got one that's
contingent. It's going to goaway, right? Most likely, unless
(28:43):
the agent, the agent is going topresent it because they they
know that they're going to dothat, but most likely the buyer
is gonna go, I don't want to orthe sellers gonna go I don't
want to contingency right, I gotnine other offers that aren't
contingent. So and then they,they eliminate my son just just
sold his house up in, inChicago. Okay. And he eliminated
(29:05):
based on the type of financing.
And it's awful. Because thisisn't his but I'll take you take
a VA offer, right? You want totake care of the VA, the
veterans deserve it. But you geta VA offer, and you get a
conventional offer or, and it'sa difficult one to take because
(29:30):
if there's an appraisal issue oranything else, you're you're
done. It's just the reality ofit. Yeah. Viennese needs to work
on that. I think, do you thinkthis commission thing could be a
big deal? And the VA is gonnahave to do that because they're
100% financing if they don't paythat? That's a big deal. Yeah,
Chris Price (29:51):
it would be I mean, it would, ultimately it would
seem that that would hurt thebuyers the most because then
they are forced to buy a homeGet a lesser price point, or
wait longer to buy or, or maybenot even have any kind of
representation at all. So yeah,seems like it would hurt the
buyer.
Rick Ripma (30:08):
I, to me, it seems like it's gonna really hurt the
buyer. And, you know, I know, wedon't know how it's all going to
pan out. But I think VA willchange, I think FHA will change
because the, the two areas thatare the struggle or the lowdown,
or the real area that's astruggle is any low down payment
program is is, is hard, becauseI've put together things called
appraisal gaps and commissiongaps and how we can handle those
(30:30):
right, so that peopleunderstand, right, and I put
together the the numbers on it.
So that actually, this is partof what I give to my agents,
when they go they go to alisting, here's how we, here's
how we can do this. And when abuyer's agent, here's a buyer,
here's how we can, here's how wecan do this so that people know
what to do right to help you onyour presentations. So let's,
let's get more into the buyer,because I think we've talked
about the commission, althoughwe may maybe not. So when you're
(30:53):
when you're talking to a buyer,and you said you do a buyer
presentation, just like youwould with us with a seller? Is
there what's different about it?
What what do you cover for abuyer?
Chris Price (31:08):
I mean, it is different, because you know,
it's a different side of thetransaction. Ultimately, the
process is I mean, he ended upgoing through a lot of the same
steps. So some of it is thesame, we do talk about who we
are, what we stand for, what ourrole is, as an agent with the
buyer. So our fiduciaryresponsibility is for to take
(31:31):
care of them throughout thetransaction, what that looks
like. And then generally thesteps, again, the steps of the
transaction are the same, butfor viewing it from the buyer
side, it's different. So we gothrough what that looks like
versus, you know, being on theseller side. And then we really
like to set up expectations. Sodepending on what's going on in
(31:54):
the market, or just in general,we'd like to talk through
expectations. So preparing themfor what might come up on an
inspection, or given their loantype or their price point what
what might be some things thatwe run into? Things like that.
Rick Ripma (32:15):
That's, you know, it's it was you were talking, I
wrote down because I loved Iloved the answer, which is, in
my mind, I'm gonna just changethe question to what should the
buyer expect? Yeah. Becausereally, that's what we're
talking about, what should abuyer expect? And that's how you
as a real estate agent, that'swhat you kind of have to think,
Okay, what should the buyerexpect? Expect? What are all the
(32:36):
things the buyer should expect?
And then how am I going to? Howdo I do that? What's my process?
And then how do I present that?
Right? And that, to me, that'skind of how it is. So let's get
on more like for you and yourteam. What do you specialize in?
Or maybe multiple things? Whatareas you know, what does that
(32:58):
look like?
Chris Price (32:58):
Yeah, no, that's a good question. So I grew up
south side and and live on adifferent side of town now and
South siders
Rick Ripma (33:08):
can't even say they live what side the other side of
the tower?
Chris Price (33:10):
Yeah, get out of there. But so I ended up in I do
some work part of what we do.
What our business does, is we dosome work with corporate
sellers. So that would be likeforeclosure type work, or maybe
even homes that used to berentals that they're selling.
(33:31):
And that kind of takes us allover Central Indiana. So I hire
agents and staff that that helpsus to be able to cover a wider
territory. So to answer yourquestion, I guess Central
Indiana but I mean Indianapolisand the surrounding counties,
you know, we're we're prettywell versed and in covering that
and then what was the other partof that question?
Rick Ripma (33:57):
Well, I was just looking for like what areas you
specialize in what type ofproduct do okay yeah and product
what we do? Yeah.
Chris Price (34:06):
Do have done a lot of new construction, especially
in the past few years. Were wedo residential, you know, kind
of the single family bread andbutter but I've done a lot of
multifamily over the years.
Smaller apartments done a littlebit of commercial and land. So
we put together more complexdeals but a lot of it ends up
(34:27):
being residential can be homesthat are fixer uppers, complete
rehabs so working with aninvestor all the way up to move
in ready owner occupant alldifferent price levels. So we
don't know kind of gives youmaybe a spectrum of what we do.
So yeah, basically,
Rick Ripma (34:50):
you're you're well versed in everything and you
have a big enough team thatthere's probably somebody calls
you for anything you havesomebody on your team that knows
that right? So if you don't doYou got somebody who does either
you can work with to help you orso that's, that's, again, I
think that's one of the bigbenefits of having not only a
team but having a group likeKeller Williams that you're
(35:10):
working inside, which has, howmany agents you have total, but
there's a lot of Keller Williamsbig. Yeah. So I want to comment
also, the one thing I thinkabout Indianapolis, which is
maybe different than a lot ofcities, is there's really like
the north side. I love the northside, but I also love the west
(35:30):
side. Brownsburg Avon, thatwhole area is beautiful. I have
friends that live out there. Iyou know, it's a place,
Greenwood, Greenwood, I neverrealized how nice Greenwood and
Bartlesville the next one downall that area. How beautiful it
is, when you're if you go downin that area. I used to work for
(35:52):
a builder that I worked forseveral builders, but when they
they had properties down in thatarea, I was like, wow, this is
this is absolutely beautiful.
Hey, yeah, and I thinkIndianapolis is pretty much that
way. Most areas, right? It'sit's a it's a good area to be
in. And you know, as far as thestate most of the state I've
(36:14):
been in, we were up inValparaiso, and Valparaiso. What
a great little town. I mean,it's just, it's just beautiful.
So anyway, I think I think ourareas, you were fortunate that
we have just really great areas.
Yeah, I would agree with that.
So how long does it normallytake, and I know it might be
different in this market forsomebody to purchase a home, but
(36:34):
what should somebody expect
Chris Price (36:38):
from the beginning of the process, when they first
call you. So we usually try tofind out what their timetable
is, do they have a lease that'sending and things like that. But
we'll we'll generally say, youknow, can be a couple of months
to up to a year, maybe evenlonger, depending on if we're
(37:00):
looking for a unicorn situationor not, but it's generally gonna
take at least a couple months,because they've got some steps
to take up front, when we meet.
Usually, it's going to involvetalking to a lender, getting
some documents together,figuring out our criteria and
how we're going to worktogether. And then we ultimately
(37:21):
we have to go out and look atthe homes. And it's going to
take well, it doesn't alwaystake but it can take some time
to find the right home, theright match, sometimes the
criteria changes. So we we mightstart looking in one area and
then migrate to another or adifferent price point. So
getting out and seeing the homesis good, I always call it the
(37:43):
discovery period, because thenyou're out seeing it and and the
buyers get to see what they canget for a certain price point
and, and then that's when thingschange. And, but once you go
under contract, so that wouldmean submit an offer, negotiate
it, and we get it accepted, thenit's going to be about 30 to 45
days, until it closes andbarring any unexpected fallout
(38:08):
with the deal, you know, that'swhen they would move in. So
Rick Ripma (38:15):
they're the reason I asked that question is because I
get people asking me that allthe time. Because they want to
know, okay, when should I dothis when are for when we do a
pre approval when we run creditreally credit when we run credit
is good for 120 days. If youdon't close on a house and that
120 days, then we have to reruncredit, again, not necessary for
(38:37):
the pre approval. But definitelywhen you're when you when you
find a house because we have toclose on we want to close on the
on the new credit, right?
Because we have to know what wegot. We don't want to do it at
the end, right before you'reready to close and find out
something change. Right? So yougotta have you gotta have, you
know, the newest credit that youcan. But it's, it's because you
know, so I always tell peoplewell, you know, we need 120
(38:57):
days, you know, but but in thismarket sometimes in any markets
it can take much longer thanthen then 120 days because of
because it's there's not enoughhouses you can't find the right
house. I mean, it can be alonger process. Am I wrong
there? No,
Chris Price (39:18):
you're totally right. Actually, it made me
think you know, when we talk topeople that like are maybe
renting and they decide torenew, like for another year and
then we say okay, well we'llprobably reach out in three to
six months in for for a tenantthat might seem like oh, well, I
just told you I'm renewing mylease. Don't call me again. No.
(39:39):
But the reason would be is youfor a tenant, you probably need
at least six months leeway timeto start that process again so
we can schedule a time to meet,talk to the lender, figure out
what the lease ending of thelease looks like on that end and
then getting the search startedup without feeling rushed,
(40:01):
because in your mind, if you'rethinking, Oh, I got 30 days, it
takes me 30 days to buy a house.
Well, that's from everythingelse to writing an offer to
close. And if you're, if you'rerunning up on the end of the
lease, you really need to giveyourself more time. And if
you're thinking about building,you need to give yourself a lot
more time. Because if you'regoing to build it, it could be
(40:21):
six to nine months from startingthat process to the end. So
Rick Ripma (40:27):
yeah, it's a building is a lot longer
process. So we're looking atreally, I guess this map matters
for for building too. But so ifI'm a buyer, and you're showing
me houses, how do you determinewhether you think the house that
we're looking at as a as wellpriced poorly price? How do you
(40:47):
how do you know how do you makethat decision?
Chris Price (40:50):
Well, with a lot of the new technology, buyers are
more informed now than they werein the past, just because they
can kind of pull some of thatdata. But ultimately, I feel
like that's our job as an agentis, before our clients write an
offer on a home is to go overwithin what we think the actual
(41:11):
market value is, where it's isit priced appropriately? Is it
towards the top end of theneighborhood, maybe it's maybe
it's more of a discount becauseof the condition that it's in.
We definitely like to go overthat before we write an offer
rather than after it's accepted.
Maybe. But yeah, I think that'simportant part of it. Okay,
Rick Ripma (41:30):
so somebody has their offer accepted, they're
going through the process,you're getting ready to close.
Do you do a final walkthrough?
And if so, why?
Chris Price (41:38):
Yeah, yeah. I always like to try to do a final
walkthrough. And I like to do itas close to closing as possible.
So many times, we will do it thesame day. So we'll meet at the
house, right before we go to thetitle company will do our final
walkthrough. We try to gothrough it up front. But it's
(41:59):
usually like, people get excitedonce they get an offer accepted.
And then they think, you know,maybe why are we doing this, but
I want them to see the home asclose to the closing as they
can. And we did you know, it's aquick walkthrough, but it's you
know, making sure a tree didn'tfall on the house. So I didn't
drive a car into the garage doorwhile they were moving out. Or
(42:21):
maybe the basement, flooded, youknow, the night before all of
those things can happen and haveactually had probably all this
happen, but you just never know.
So it's a safeguard for theclient. Yeah,
Rick Ripma (42:37):
I think it's critical. Yeah. You know, as a
new I was 11 years and new homesales we always did
walkthroughs. Right. Yeah. ButI've had so many agents in and
the stories, you know, they theygo to do a walkthrough and
people haven't moved out yet.
Chris Price (42:55):
That's happened.
Yeah. Or the
Rick Ripma (42:57):
one they went in, they went to do the walkthrough
and somebody broken in thatnight. It was an it was a vacant
house, and they took all thecopper out of the house. I mean,
there's just things that canhappen that you don't want to
close on it. No, not knowing. Soyou definitely want to go
through the house. Yeah, right.
Right. Before I would think. Sonow, now they've closed. So how
do you? How do you keep in touchwith them? What What's your
process for keeping in touchwith somebody and, you know,
(43:19):
keeping them educated on what'sgoing on in the markets and that
type of thing? Yeah,
Chris Price (43:25):
we'd like to stay in touch with our clients. So
usually, what we'll do is kindof an immediate follow up just
if they had a good experience,we, you know, we'll we'll ask
for them to share that as wellas a review online, too. You
know, because it's important forother consumers to see that. But
(43:45):
we also like just to see howmaybe the move went. tying up
loose ends, a lot of times, wewill refer vendors to our
clients so that we look atourselves as a resource
throughout the process. So notjust when it closes, but even
afterwards, maybe need some helplandscaping or painting. We try
(44:07):
to connect them with trustedvendors that we use. And you
know, what, I don't know, monthor two, after closing, we'll do
a follow up to remind them aboutthe homestead exemption that
they've gotten it filed. Ifthey're, if it's an owner
occupant, and then justthroughout, you know, we'll
we'll we'll put them into oursystem to where we can
(44:30):
communicate updates with themarkets and maybe different
things that we've got going onin our business and events and
stuff like that. There's
Rick Ripma (44:39):
a lot going on.
Yeah, right. Yeah. So you wantto keep in touch with them. And
there's a lot of a lot of reallyimportant things you can
communicate to them. Yeah. So Ithink that's that's really good.
So do you do any of the clientappreciation events? Well,
Chris Price (44:53):
yeah, we have done those. Those are fun, because
you you get a chance to connectwith people on a more of a
social setting. And so we'vedone those we in, given given
away stuff at those is alwaysfun. So yeah, that's, that's an
important part of keeping ourname out there.
Rick Ripma (45:12):
Yeah, yeah, I think it is. I think it's nice the
clients get, they actually getto meet each other, right?
Because how else would they everand you get to see, one of the
things about being in mortgagesis, you know, we never see the
house. All right. And we never,and we really don't see many
times I never actually put eyeson a customer. It's one of the
things I like to do is I preferzoom calls over phone calls.
(45:35):
Yeah, that's good. Becausethere's a couple of reasons.
Number one, I can I can recordthe call. So if I'm talking to
you about something, right, andyour spouse can't be there, I
can record the call. And then Ican send the call now they can
see what we talked about, right?
So you could keep everybodyinformed, like, talk to us. And
so it's like, that's mypreferred way to do everything
(45:59):
is to do it. So I can record itso that everybody knows what is
going on. Yeah, and and theclient events out of my
wheelhouse. It's one of thereasons I asked that question
because I'm trying to getcomfortable with it's just not
in my wheelhouse. It's not acomfort level for me to have to
do and to plan. So it
Chris Price (46:22):
it's a lot goes into it. You almost need to have
somebody that's had experiencewith event planning. I would say
like, with the hectic times ofhow real estate's been in the
past few years and all that wehad to deal with, like, working
remotely and things like that,like some of those events went
kind of to the wayside. So it'ssomething that we're having to
(46:44):
look at, too, is getting backinto
Rick Ripma (46:46):
during COVID. You couldn't do them, right. Yeah,
yeah, I could do virtual events.
But you have a lot of fun. Yeah.
My son, my son during duringCOVID. He owns like, it's a tour
company, okay, where they takepeople on nature tours, really
bird tours all over the world.
And that shut down. So he was heI said, you need to rob you need
to do a trivia nights. So once amonth, they did trivia nights to
(47:10):
keep everybody involved. And itreally worked, because now
they're as busy as can be.
Because it kept everybody youknow, but for a year or two, you
couldn't nobody was traveling.
Nobody wanted to travel. Nobodycould travel. Right? Yeah, it's
tough. But if there is anybodylistening, whether it's somebody
looking to become a real estateagent looking to be on a team,
buyer or seller, it sounds likeresidential, commercial,
(47:32):
anything with their real estateneeds, and they need a great
agent. They need to talk to you,Chris price. What is the best
way to get a hold of you? Yeah,appreciate
Chris Price (47:43):
that. Call me text 317-225-5507 email Chris at KW
tip s KTV. tips.com. Or theindie property. source.com which
is our website, which we thinkyou'll love, so please visit it.
Rick Ripma (47:58):
Indie property.
source.com Yeah, that comeeverybody will get? Yeah,
Chris Price (48:04):
I don't have to say the www anything. No, not great.
Rick Ripma (48:07):
Or the HTTP? Yeah, just any property? source.com
Yep. Perfect. And to get a holdof either I got a hard working
mortgage guys.com That's hardworking mortgage. guys.com Or
you can I better put that on thescreen. Or you can give me a
call at 463 I probably putshould put it on me.
463-223-9592 I'm new to this.
I'm apologize. I'm new to theIan's not here. He's supposed to
(48:32):
be running this thing for me.
But again, 463-223-9592 You cancall or text that number. And
Chris, thank you so much forjoining us joining me today. I
really do appreciate it.
Chris Price (48:44):
Yeah. Thank you for having me.
Rick Ripma (48:46):
You're welcome.
You're just you're a fantasticguys. You have tremendous
knowledge and it's a pleasure tohave you on. I really do
appreciate it.
Chris Price (48:53):
Awesome. Well, you guys do a great job with the
podcast and much more. We
Announcer (48:57):
appreciate it. Grant on MLS NUMBER 33041 recruitments
MLS NUMBER 6645 Ignite ArnoldNMLS number is 1995469 equal
housing opportunity somerestrictions apply
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