Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
For thirty five years, Cindy Stumpo has been a female
home builder with a passion for design, a mastery of detail,
and a commitment to her crack. With daughter Samantha Stumpo
by her side.
Speaker 2 (00:10):
I don't need my whole family on a date with me.
That's a good note. It's goddemn weird.
Speaker 3 (00:13):
See.
Speaker 1 (00:14):
Stumpo Development is the only second generation female construction company
in the country.
Speaker 4 (00:18):
You're crazy, You're a wacko, You're insane.
Speaker 1 (00:22):
I mean, it just doesn't end together. Cindy and Samantha
welcome guest to explore the world of construction, real estate, development,
design and more.
Speaker 3 (00:31):
Unpredictable.
Speaker 5 (00:31):
Every time I think I know what you want, you
switch it out. But that's what makes your houses all
your day.
Speaker 1 (00:36):
Discuss anything that happens between the roof and the foundation.
Nothing is off limits. You truly do care about everybody.
She can yell at SHEI get scream, but when you
get her alone, she's the best person on the planet.
Cindy Stumpo is tough as nails.
Speaker 2 (00:53):
And welcome to Cindey Stumbo chuck his nails on WBZ
and Who's Radio ten thirty and we're here tonight with
who which your name.
Speaker 5 (01:01):
Michael Carucci, second ad vice president, Gibson Cellar Beasts.
Speaker 4 (01:05):
And I'm Larry right out, chairman that gets in Southby's
International World.
Speaker 2 (01:10):
You want to try it against so people might understand
what you just said. We're in thirty something states, right,
we have an accent here, go ahead again.
Speaker 4 (01:17):
I'm Larry right out, yep, with Gibson Southby's International.
Speaker 2 (01:20):
Real, okay, very good. The big cheese, the big cheese.
So you're basically his kind of sort of.
Speaker 5 (01:27):
Boss which signs my signs my checks.
Speaker 2 (01:30):
Yeah, that makes you boss man. So you're the one
that finally got Carucci to go with you and leave. Yes, yeah, he.
Speaker 5 (01:38):
Left Carucci, he left Crouchi.
Speaker 4 (01:40):
We had a long history with one another, and I
finally convinced him to come across.
Speaker 5 (01:45):
My first franchise. He was the big guy in Precipity,
New Jersey. He used to sell franchises for real at
the time, Reology Century twenty ones and the best, the
most in the country, didn't you and Paul?
Speaker 2 (01:57):
Okay, So talk to me about what is going on
every time I go on x spaces any social audio
devices they're talking about. This is that they've been talking
about this for about a year and a half now,
and I need Mike to keep us coming in at
least like once every six weeks five weeks to keep
us updated, you know, for these brokers that I talked
to brokers all the time on social audio, and they
(02:18):
all have No, we're not gonna get hurt. No, it's
not happened in July. No, we're not going to affect
our state. Oh we're in Texas, not coming here. I
know we're in Avod and not coming here. Let's set
the record straight, boys.
Speaker 4 (02:28):
Everywhere that is not now in place, everywhere that it's
not now in place, is going to be affected.
Speaker 3 (02:34):
Every state.
Speaker 4 (02:34):
So there are states that already have this in place
and it's business as usual for them.
Speaker 2 (02:39):
But the other company states have been I know, I
know New York and New Jersey have already done it, right.
Speaker 4 (02:45):
Yeah, and then I think Washington, Washington State, and I
think there's one more like one of the Carolinas or something.
There's a couple of states that already in business.
Speaker 2 (02:53):
Okay, Now, what is the what if? What?
Speaker 5 (02:56):
What?
Speaker 2 (02:56):
What is the what thing that's going to happen? To
make people understand what's going to.
Speaker 4 (03:00):
Happen is we're all going to have to have broker
agency uh commissioned discussions with all of our buyers. You
will not be able to bring a buyer to your
property unless you have a commission an agency signature.
Speaker 2 (03:13):
So cite ever been an example. Pretend you and Michael
right now do let's do let's do a role play here,
Sammy and Michael right now, you're the you're the you're
selling one of my pieces of property. Mike, you got
the buyer. How's that work?
Speaker 3 (03:26):
I know?
Speaker 2 (03:26):
Now going forward with the new law passing, I.
Speaker 5 (03:29):
Now have to have that buyer sign an agency agreement
with me before I show Sammy's house.
Speaker 2 (03:38):
Okay, but prior to that, sometimes they were brokers that
were buyer agents. And sometimes the broker is a cell's agent.
Speaker 5 (03:44):
Well, that should have already been doing it anyway. The
thing is this what's happening, we should have already been
doing it.
Speaker 2 (03:49):
You have to do it all right now. What if
Sammy says, well, sorry, I'm not paying you two and
a half percent.
Speaker 5 (03:56):
Well she can do that now, but she probably shouldn't.
Speaker 2 (03:59):
But what if she Okay, we're going to get We're
going to get people that are not going to be
educated and know how to do this the right way.
Let's call what is most people don't have a lot
of common sense out there because common sense isn't common anymore.
So let's play that role play that Samantha goes, no,
I'm not paying you to percent and you'll have to
get the money from your buyers.
Speaker 5 (04:19):
That's correct, correct, that's right.
Speaker 2 (04:21):
And then what if you say, well, my buyer is
not going to pay a commission, and she's being stubborn
and said, well, what do you want for me?
Speaker 5 (04:27):
Like I'm just trying to rope We have multiple.
Speaker 2 (04:30):
Options here, correct, Yeah, but what you want to know
is my point is, can seem me stand on you
that it's.
Speaker 6 (04:38):
Not really need though it's a conversation with you, it's
really what you say. I'm just reiterating what you're again,
I'm doing I'm doing.
Speaker 5 (04:46):
Way Cindy lists the home with Sammy. Yeah, Cindy can
say I'm going to pay you x and you are
not allowed to pay a buyer agent, and so then
I have to then Sammy's.
Speaker 2 (05:01):
Okay, But Sammy might decide okay, but I'll split half
that commission with you. Bring your buyer.
Speaker 5 (05:07):
Yes, she could do that, and she should do that.
Speaker 3 (05:09):
Yeah, that's what's gonna happen.
Speaker 2 (05:10):
So brokers are gonna make less money.
Speaker 3 (05:13):
Not necessarily think so what we're gonna do?
Speaker 2 (05:15):
Okay, hold on again, I'm the I'm the developer in
the room. Right, guys are the brokers? I say, Okay, Sam,
I'm going to give you this listening at two and
a half percent. I'm not paying five and a half.
I'm not paying five percent anymore. Right, So what do
you want to do?
Speaker 5 (05:30):
Well, Cindy, eighty nine percent of buyers had agents last year.
Do you want to lose a large pool of bias
because of this?
Speaker 2 (05:37):
No, I'm going worst case scenario. I'm being the jerk
off right now in the room because something has to
be right. I'm just saying, you're going to come across
brokers that are going to behave the way I'm behaving
right now now. Me I'm too smart to know after
thirty six years, I need brokers. Okay, but you got
dumb dumbs out there that think that they can, you know,
hold in their five house development and have a little
(05:59):
trailer set up and sell your own product. Okay, knock
yourself out.
Speaker 5 (06:02):
Then you signed a buyer agency, and it could be negotiable.
Pay me two percent, pay me a consulting.
Speaker 2 (06:08):
Fee, let me let me, let me bring you back. Okay.
Within a two year, three year period, we had a
ten house subdivision between two streets in Brooklyn. Right, there's Woodland.
I could in house everything we did one broker. We did,
but that wasn't meant to be that way. She just
presold everything correct, right, But I could have said, Okay,
(06:29):
you're on salary, we're going to in house broker this.
You're not going to make this much commission, and we're
going to sell everything on our own.
Speaker 5 (06:36):
So well, it's it's not unlike what Fallon did when
they first came out with the developments. People have done
that in the past.
Speaker 4 (06:44):
And one of the things you're using yourself as a developer.
But the reality is in real estate there's more sellers
out there than developers, and so that's where the education
has to come in, you know, sellers where we're trying
to do it with our companies.
Speaker 2 (06:56):
That's even hotter because the sellers.
Speaker 4 (06:58):
Well see what you're saying, you're almost starting at today.
What happens is when I sit down with the seller,
my agents sit down with a seller. We're going to
educate him on here's your options. You can pay nothing
if you want to, and that's here's what probably will
happen with that. Then you could pay this, and this
is what will happen and if you pay that. So
what we're saying is you expand your opportunities of people
seeing the property. You make the decision and you say
(07:21):
to me, I'm not going to pay any going to
pay you and I'm not paying anyone else. Okay, So
now I have to make sure that all the brokers
are aware of that. He has to have a signed agreement,
and in that agreement, when we're talking to.
Speaker 3 (07:33):
The buyer, we have to set a number and say, look, we.
Speaker 4 (07:36):
Don't know what we're walking into here, but I want
to be paid X amount of commission.
Speaker 2 (07:39):
But understand something, I really don't understand why this law passed.
I don't understand anything about this law. And I've read
read Relieve n Mike and I've had conversations on this,
but it's.
Speaker 5 (07:51):
Kind of like does nothing for the consumer.
Speaker 2 (07:53):
Correct, and it does nothing for anybody. But it's just
like me, think about this as a developer in Newton
Brookline for thirty six, and I'll go out of Newton
Brook Line, but very little, very little my hydrant. I'm
the dog. Here's my hydrants. Stay out of my way, okay,
and that's just my okay, okay, that's my hydrant. But
(08:16):
you know, I feel as though to now be competing
with companies like Toll Brothers coming after me like I
never thought i'd see that. I never thought i'd see
these public companies trying to buy what I buy. What
is this? I can't compete with public companies. I can't.
And I think what they're.
Speaker 5 (08:33):
Trying to do, but I can't.
Speaker 2 (08:36):
I can't. It's it's very hard. So I have a
niche market. But again, they can come in in any
time buy what they're going to buy, and I got
to compete against them with public money. It's hard. And
what I feel what's going on in my end of
the world is kind of going on your end of
the world with the red Fins and the whatever can
(08:57):
come in and squeeze you guys and push you out
of game. That's just my take on it. But I'm
gonna go hold on. I have to go to break
and then you people can talk. How's that were good?
Redfin whatever it's called, I don't know if. And I'm
sit on WBZ News Radio ten thirty. This should be
an interesting evening.
Speaker 7 (09:16):
Sponsored by Flora Decor, National Lumber, and Village Band Man.
Speaker 1 (09:31):
It's just the day.
Speaker 2 (09:36):
Away and welcome back to Toughest Nails on w b
Z News Radio ten thirty. And I'm here with Sam,
I'm here with Mike, I'm here Larry, and I'm gonna
do the introductions because they're gonna waste too much of
my time. Let's go back whid we leave off because
I'm a metopause brain. Well, you brought up a red
fin bar okay, zillow bar okay. So I get the
phone calls at Sea s Double. They go, hey, miss stuff,
(09:57):
but we'd like you to buy this blah blah bah.
My mother's a hoarder, she says. We don't want to
put out on the market. What are you looking for,
missus Jones? Well, Zillo says this, Well, Zilo, I'm not Zillo.
See stumble wrights checks Zilla's not right in a check well, Redfit.
I don't care about that either. So if I'm getting that,
how are you guys not getting that? From end users
playing that game we do, but we then we give
(10:18):
them real comps. Okay, but I can I'm going to
befferent level. Well you know what, it's okay, guys, you
know what. I met with you, Sam, I met with you,
Mike Rucci. We decided we're going to list our house ourselves.
That's another big one that they do, right because now
all these end users call twenty builders in the year
that says we buy houses, which those signs should have
(10:39):
to come down because they're tacky looking. I don't ever
have a sign that says we buy houses. What says
we buy gold and silver and now I'm a pawn
shop on a side.
Speaker 5 (10:48):
We buy ugly houses.
Speaker 2 (10:50):
That's another one like I would never ever ruin my
reputation by having that on a sign, but there's many
builders that do that. So if the name gets done
with those ten people, I always save this to somebody
that calls me. I'm not here to steal your property
and see me knows what I say. Do yourself a favor.
I don't need your deal. Call a broker. I'll give
you my daughter's number. I'll give you two other broker's numbers.
(11:12):
Take the house on a test drive. You go one
shot to make the long dollar. I'll be your insurance
at this number if you can't sell it. Every time
I do it, she's got the listing, and every time
she's pulled anywhere from one hundred and fifty at one
point to two fifty more than what I would have paid.
And then they call me back and they say thank you. Now,
if I wanted to be a jerk off, I could
have bought it that number and flipped it to her
(11:34):
sell it for me right, But I went I would
develop it. My point is I try to do business
in my area as as good as a human being
as I can be, right, because usually the person's call
me either knew my parents or went to school with
her or her friend's parents or child's parents. You know
what I mean, Like it's too it's too tight in.
Speaker 4 (11:54):
You are making our point, though your reputation precedes you correct.
Speaker 3 (11:57):
When we do.
Speaker 4 (11:58):
And we feel the same way. We have a company
that has a great reputation. We're not here, We're not
going to be disappearing. I've been there for sixteen years ago.
Speaker 3 (12:04):
You mean no tail light warranty, no tail warranties from us.
Speaker 2 (12:07):
So anybody that does know what that is. That means
when you don't see my tail that you warrant he
has done. Okay, go ahead. I'm just trying to be
the one that's going to debate you guys. Right, I'm
just trying to be the jerk off because you're going
to run into jerkofs. So I want to know how
we're going to handle the jerkoffs this business.
Speaker 6 (12:22):
That means we're going to have to have bigger cohones
and tell them if you want to actually sell your houses.
Speaker 2 (12:27):
What you gotta do.
Speaker 6 (12:28):
Yeah, and right now, almost every one of my listenings
I've offered more than the normal.
Speaker 5 (12:32):
Two and a half. We may very have the same
position you'd take in this. We'll take a test fund
and call us after.
Speaker 3 (12:37):
Yeah, we've done it several times.
Speaker 2 (12:39):
And know what's going to happen. I think if they
take on a test drive, see here's that would be
my sales pitch. My sales pitch would be. The more
important thing, which is not a sales pitch, is the truth.
You're going to let the strangers walk through your home
that you don't know, that have not been vetted, and
next thing you know, somebody's raped, somebody's murdered. Some tied
(13:00):
it behind chairs, and your jewelry goes missing, and your
money and anything else in your house. People gonna come in.
I've seen Sunday open houses where guys gone into open house.
Drug acts have gone to open houses and you wudn't
even know it, just to take old people's prescriptions. I've
seen it all out there. In thirty six years, I
watched a guy do this. There was an old gentleman.
Older gentleman. I thought it was old at the time.
(13:21):
I was in my thirties. He was probably seventy. She
that doesn't seem too old anymore, but late sixties seventy
and he had like a thing of percosets like this.
The thirty something of a kid went in for that.
He knew what he was going for. And I really
came around the corner. I said, put that down right now.
He said, mind drown business, and don't think I'm one
of my business. That's not happening.
Speaker 5 (13:44):
Suggest she carries a license. He's got a license to catch.
Speaker 2 (13:46):
Ye, I do so. But my point is that's what
I would say to people, this is not safe. I
don't like seem me going on as showing by yourself
as a female, I'd rather her when I have a
funny feeling and she says, have day, I go with you. Right,
Especially so, how as an end user, do you want
strangers walking through your home that's dangerous?
Speaker 5 (14:06):
Well that's just one element. That's a safety element, that's
a big there's a whole other level of concerns. Is
the safety element.
Speaker 2 (14:12):
Okay, Well that'd be my number one.
Speaker 5 (14:13):
The pricing okay, is the pricing element. There's the wasting
your time element about putting the property in contract.
Speaker 2 (14:20):
I don't care about. Let's say they don't care about that.
Speaker 5 (14:23):
Let's say they don't care about it's about wasting their time.
Speaker 2 (14:25):
But let's just say I would have to say, well,
maybe they're at that stage in the game where they're
retired and they cot all the time in the world
to pull.
Speaker 5 (14:33):
The extra money. Safety, Michael, they're just not clients.
Speaker 2 (14:37):
But every client's a client till they're not a client, right,
And we're talking to the masses out there right now
that's sell two hundred thousand dollar homes that sell three
hund thousand dollars homes. Remember that we're in thirty something
states here at iHeartMedia, right, So We're not just in
the Boston area. That's not your clientele, that's not stands clientele,
that's not your it's not a lot of But not
(14:59):
every buddy is a niche high end broker either, right, So.
Speaker 6 (15:04):
But even some of the high end brokers are very greedy.
I think that's where a lot will get back. I
think you're very greedy a lot of them, because, like
I've had conversations. I've been like, hey, I'm going to
kick in, and they'll be like, I'm not kicking in,
and they have their lawyer right to me from their
company being like you can't do that because you offered this,
And I'm like, really, you're going to take it this
far with me?
Speaker 2 (15:21):
Yeah, Well, I don't know. Look, the world changes, Larry, Right.
I remember I've been doing this for thirty six years.
If I could go back to when I started with
my broker, Carol Brenner, and she was a phenomenal broker, right,
But again, you don't know what you have till it's gone. Yeah, yes, right,
Like I didn't know how phenomenal she was. Like I
knew she was great, don't get me wrong, but I
(15:43):
didn't know she came she was dressed well. She had
the epitome of class she was. She would run out
at twelve o'clock at night. You made that offer, she's
running and she's at midnight. One of them. We put
some of our best wills together between twelve and two
o'clock in the morning. If you think I'm kidding you,
I'm not. She'd still get out of her bed whatever
and go. Have you sign the offer and give you
(16:04):
a deposit at one o'clock in the morning. Time is money,
Money is time, and shame't letting anything sleep.
Speaker 6 (16:08):
Well, you didn't have cell phones.
Speaker 2 (16:10):
We had cell phones. Bid cell phones. When we talked
with Simms had cell phones. So I've had cell phones
for twenty five years. If not the point, we had
fax machines too. By the way, how to imagine that
she wanted to pick up the check, have you sign it,
and then the deal she could go to bed. But
the point is that you don't know what you have
until all of a sudden, when she came to me
and said, I'm retiring, Cindey, I'm like, well, garylic Then
(16:34):
I went after one broker after another after another, and
they weren't And then you compeer everything to the person
you just spend twenty years plus working with right, and
they don't and they come dressed sloppy, and they don't
dress like her, and they're not as articulate as she was.
She was a good broker though. She knew how to
work me. She knew how to work the buyer. Well, cydey,
you know it's Newton, but yeah, you got nine right there.
(16:56):
She knew how to She could play me like a fiddle.
But you know, but when she was selling me the land,
it's a great piece of property. And I said, Carol Carroll, like,
what happened when you sold me the problem? You told
me now if you know now it's but it's okay
because I knew how she played. It was all good
like and she was right like, okay, so let's come down.
But my point is you don't know what you have,
(17:17):
so it's gone. And I went through five six other
brokers and then finally Sammy trained with Michael and I
had Sammy and then I once I got Sammy with me,
and I said, okay, I can train her up to
what I want her to be, how I want her
to show my product, how I want her to present
herself showing my product, you know, But that's but oh
(17:40):
my god. I had some brokers that were like complete earheads.
Speaker 3 (17:45):
They're still love there too.
Speaker 2 (17:46):
Well, they're still out there, and there's too many of them.
But Carol, she was tied in eight the nine, ten
to eleven market right around there, and she had she
was tired and done, tired and done. I'll blame her,
but she was a great broker. But what I see
happening is that it's like, does everybody just have to
ruin something that's a good thing? What's wrong with this program?
Speaker 4 (18:07):
Now?
Speaker 2 (18:07):
Like why do we have to change this? Whose great
idea is?
Speaker 3 (18:10):
You know?
Speaker 4 (18:11):
You know the MLS pin was drawn in first correctly. Well,
the DJ has weighed in and and I didn't bring
the linquage.
Speaker 2 (18:16):
I want to say, a play stupid because the listeners
are like me, right now, we're going to play stupid
and you're going to educate.
Speaker 3 (18:21):
Well, well, I explaining how it kind of came about.
Speaker 4 (18:24):
Is DJ now has a a they put out They
published exactly what they see, what was that was wrong
and how they're going to fix it.
Speaker 2 (18:33):
What was wrong?
Speaker 4 (18:35):
What was there in their mind? The transparency issue. We
weren't transparent in terms of who pays the commission and
how it gets paid.
Speaker 5 (18:41):
Why they can't it's it Well, I don't want to.
Speaker 3 (18:44):
Use the word cartel, but it was like they thought,
we're all in cahoots. If if the.
Speaker 4 (18:48):
Listing broker, the listing broker was establishing the commission, right,
the selling broker would only go along with whatever that
money was. So it seemed to them like we had
some something going on where we all read. You know,
you see the media. The media is blowing it up
in the wrong direction. But they're saying, no more six
percent commissions. Well, you know what, I haven't seen that
for a long time.
Speaker 2 (19:07):
What was Massachusetts ever six percent?
Speaker 3 (19:09):
Mike, exactly.
Speaker 4 (19:10):
But that's what the media is doing to us, is
creating a furre that is unnecessary.
Speaker 2 (19:17):
But there are six and seven percent in other states.
Speaker 4 (19:19):
Right yeah, oh yeah, okay, but not here, yeah, and
not in a lot of states. I mean, I was
just I had the good fortune of being with sixteen
Southern International realtor owners this weekend, and there was only
two of.
Speaker 3 (19:33):
Them that weren't impacted by everybody else was.
Speaker 2 (19:35):
It was, well, I thought, will come right back. I'm
sinny stumbling. Listen Toughest Nails on WBZ News Radio Temporary
and be right back.
Speaker 7 (19:41):
You're sponsored by Pellow Windows of Boston, Next Day Molding
and Kennedy Carpet.
Speaker 5 (19:49):
The Tests to see it's a fantasy music and welcome
back to tell Us Nails on WBS.
Speaker 2 (20:01):
He's raightiar ten thirty and I'm sitting them here with Sammy.
I'm here with my Carucci and I'm here with Larry. Larry,
say your last name right out right out, like we're
going to write out right out.
Speaker 5 (20:11):
Just like that, right out right out the storm.
Speaker 2 (20:13):
What are you doing with an Italian?
Speaker 3 (20:16):
I've been with him since I was eighteen years old.
Speaker 2 (20:18):
I'm just played Trucks and Chelsea the good old days.
So okay, go ahead. You were saying you were at it.
Speaker 4 (20:26):
Yeah, So that the government sees this as a collusion,
I guess for lack of a better word. And they're
in there to make sure that.
Speaker 2 (20:32):
That's what I believe in. Like government, like small government,
keep me safe, deliver my nail, I'll pay my taxes.
Stay out of our business, okay, let us run our business.
It's okay. Everything else. I yes, I'm a Democrat. I
don't know like I can do what I want. My
body don't tell me what to do. But that I
believe in capitalism, that's me that go out work.
Speaker 5 (20:51):
You're basically a socialistic democrats, republican, I don't even know
what I am anymore. But independent, that just that's it.
Speaker 2 (21:00):
It's just the best way to use now right that
we're all independence. But now that's why I believe, Like,
why are you always sticking your nose in something that
you shouldn't be sticking your nose in. This is where
you don't stick your nose in. But we always have
to ruin a good thing.
Speaker 4 (21:12):
Yeah, so we're all having to deal with it and
it's it's a challenge, but we'll get through it.
Speaker 3 (21:17):
And you know, the good things that come from this is, uh,
the real estate.
Speaker 2 (21:21):
You know that people still don't understand what's going on.
Speaker 4 (21:24):
No, of course not, and they won't even through the summer.
We're all trying to educate people now, but we don't
until they tell us the exact marching orders.
Speaker 3 (21:32):
We can't explain it because.
Speaker 5 (21:33):
The change is almost still not finalized.
Speaker 3 (21:35):
It's not finalized.
Speaker 2 (21:36):
If it's not finalist, how some states already passed it.
Speaker 4 (21:39):
Well, some of already done it in previous years, they
decided they were going to institute that by a broker
agency situation.
Speaker 2 (21:46):
So basically they're just doing this to try to cause
stop a mob type of I don't know what in.
Speaker 4 (21:53):
Their mind they're protecting the consumer, and we both know
and we all know that that's.
Speaker 2 (21:58):
Probably not but in their mind how they protected the
consumer again.
Speaker 3 (22:01):
Because now the.
Speaker 4 (22:04):
Michael, you, I have to sit with you as a
buyer now and explain exactly how the commissions are.
Speaker 3 (22:09):
Going to be paid. Okay, well, by the way they're
paid by you.
Speaker 2 (22:11):
Okay, sit down. I have to pay you how much? Larry?
Speaker 3 (22:14):
Uh? I'm not gonna use numbers about it, you know.
Speaker 2 (22:17):
Okay, Larry, I want to list my house.
Speaker 5 (22:18):
What do we do you as a listing agent? We're
talking about buyer.
Speaker 3 (22:21):
A listing agent is the same thing we're going to talk.
Speaker 5 (22:24):
About buyer agency, is all right?
Speaker 2 (22:27):
Then again, she's the broker, she's got the listing. I
go with Mike as the buyer. He has to have
me signed something. And she's still going to be responsible
for paying the commission.
Speaker 4 (22:38):
Not necessarily because if she says no, this is where
you where it ends. If she says no, because you
say I am not paying a commission. Now we look
at the buyer and say, if you want to purchase
this property, you signed an agreement with me that you
would pay X amount of dollars.
Speaker 5 (22:53):
We can't get out money from the seller.
Speaker 3 (22:55):
You have to you have to you have to cover that.
Speaker 2 (22:57):
I mean buyer is going to cover this type of cost.
That's the problem.
Speaker 3 (23:00):
Yeah, nobody wants to. But this is what this is
what's been set up, and this is what we have
to deal with.
Speaker 2 (23:04):
Well, you know what, hold on, I'll go backwards on
that one. I definitely have clients that would have a
biasation even if because of that expec.
Speaker 5 (23:12):
The firefighter of any of the policeman that just saved
two years to save the down payment I can't afford
now now he needs representation. He's not buying a pair
of shoes right, and he wants good representation. What happened
and anybody with good representation needs to be paid. What
do you say to this guy? Add another two? How
you can't find you can't finance it?
Speaker 2 (23:34):
But let me ask us. I'm going to take the
flip side too, and just just to keep it balanced
to this conversation, what if I'm selling my house, I'm
already upside down one hundred thousand. There is that.
Speaker 5 (23:43):
Well, the buyer agency's not going to affect you.
Speaker 2 (23:46):
You're upside down any more money.
Speaker 4 (23:49):
So you have the option now to say I am
not going to pay a commission to a buyer.
Speaker 2 (23:52):
I got to tell you I would say that. Then
Mike should take his client, will take his clients somewhere else,
to another listing. That's exactly what's going to happen to chang. Okay.
So if you sell ers are listing out there and
you buy, is better take care of you? Broke is
because the buy is broken, We'll go to another listing.
Speaker 5 (24:08):
You're not really going to change money unless.
Speaker 2 (24:11):
The buyers are on Zillow or redfin trying to buy
direct on.
Speaker 5 (24:14):
Well, what is this new Zillow too?
Speaker 6 (24:16):
They trying to come up with, oh the seven day thing.
Speaker 5 (24:18):
Yeah, the seven day thing.
Speaker 6 (24:19):
They'll make you sign a thing for you can be
a buyer for them for seven days.
Speaker 2 (24:24):
Luck with that, okay, But another way to stick it
to you, right, Yeah, I mean more knives you want
to know? Yeah, told brothers is you're exactly get out
of my city of Newton. No, one invited you here
and now you're in my back yeard, good luck, congratuations
you stayed there. Always buy real estate, dude in Brookline
thirty six years, haven't gone down yet? You like you
(24:45):
watch by the way, and I like the Irma's orange
by the way. But okay, so there's a situation was
sitting in and then we have to try to figure out. Oh,
you guys have to I have enough to try to
figure out as the builder and developer. You guys have
to try to figure out how to explain to everybody. Well, no,
the broker that gets this, that gets the seller, it's
(25:06):
going to have to sit there and explain why it's
important we open this up to the buyers.
Speaker 4 (25:11):
Broker, there's now a whole menu of options. You know,
here's your options, and here's the side and the downside.
You make the decision. You'd hope that they look at
it and say, you know what, this this thing looks
like a.
Speaker 3 (25:20):
Good one and we move forward.
Speaker 4 (25:22):
But if it isn't, then they have the prerogative to
do whatever they want and we have to kind of
make it work.
Speaker 2 (25:27):
Have I heard this correctly that people are going to
be able to put their homes of cells on MLS
or is that a story? So they will never have
the option of them.
Speaker 5 (25:35):
Well, they've always had an option to put a for
sale by there's portals out there that charge you three.
Speaker 2 (25:41):
You can't get on MS.
Speaker 5 (25:44):
No, you can get on them MS.
Speaker 6 (25:46):
Well if you do the watch McCall it thing, like,
what's the watch McCall thing.
Speaker 2 (25:50):
We have a radio show here, what's the call?
Speaker 6 (25:52):
When you have a prod you to like what it
was called?
Speaker 5 (25:56):
Something sold something?
Speaker 2 (26:00):
This conversation going, it's like, it's like, let me just
people just listen to it.
Speaker 5 (26:07):
They call you directly.
Speaker 2 (26:08):
I just want people to want everyone understand what they
just heard. Listening to radio. I usually called things things.
Sam just said, what you recall, I'm going to find it,
and you went, let me think about that word. They
just want you all to know that no one knows
I didn't. I did it for Derek, would you do, honey?
Speaker 6 (26:23):
When he wanted to list his house?
Speaker 2 (26:24):
This out?
Speaker 6 (26:24):
But I took the credit for it, and they called
him directly.
Speaker 2 (26:27):
Okay, whatever that means, I forget what it's called. So
we're on a word. We're gonna stand a word and
waste minutes on it. Now you're going to keep talking
enough O can you find that?
Speaker 3 (26:35):
So we're going to get through this. You know you
just said you were in the business. Now how many years?
Speaker 2 (26:38):
Thirty six years?
Speaker 3 (26:39):
Thirty six years?
Speaker 5 (26:39):
We had it when she was ten, and I wish
I did.
Speaker 3 (26:42):
We've all gone through a lot of changes. This is
another change. It's good.
Speaker 6 (26:46):
Yeah.
Speaker 2 (26:46):
But see, here's my problem. Why do we have all
these changes? When something works?
Speaker 5 (26:50):
Why do we have to change it?
Speaker 3 (26:52):
We don't have We didn't ask for the change.
Speaker 2 (26:54):
No, we should go back to forty years ago. No,
if I are were first, I know. If I entry only,
that's ry only there, thank you, that's the watchman. Call
Ward Entry. Don't need to give me a piece of candy.
Deal with him.
Speaker 6 (27:05):
It's called Entry only.
Speaker 2 (27:06):
I'm looking at Gucci on the back of his jeans.
I think it's KOUCHI I look really fat and say Gucci. Okay,
sit down and rod men, how old do you not?
Speaker 5 (27:14):
Mike, don't ask.
Speaker 2 (27:16):
I don't want to know. I know you're older than me.
Sixty Oh you're sixty five? Okay, Well see you guys
can keep doing this until you're in your eighties if
you want. But I can't keep building and developing at
that stage.
Speaker 5 (27:27):
You can't.
Speaker 3 (27:28):
Way, you've got a daughter over there though, sure.
Speaker 2 (27:30):
I also have a son. Can you get off his ruin? Oh?
Speaker 5 (27:34):
Cheers?
Speaker 2 (27:35):
Why you guys always protect Chad.
Speaker 6 (27:36):
I'm not protecting anybody. I'm trying kick him out of
his house faster.
Speaker 3 (27:40):
I have two daughters work that work with me, so
it's a family.
Speaker 6 (27:43):
I sold the house that he's looking.
Speaker 2 (27:44):
Try to take him out faster. Don't they make you crazy?
Speaker 3 (27:46):
You know?
Speaker 4 (27:47):
No, No, we have We have a healthy relationship like
this where we can I can bark and they bark
back and get through it.
Speaker 5 (27:52):
Yeah, we barked here they use the bathroom. Poor daughters.
Speaker 3 (27:58):
Yeah, only mirrors.
Speaker 4 (27:59):
I want to say a lot of me is everything
was good?
Speaker 5 (28:02):
Four four daughter?
Speaker 3 (28:04):
I am prematurely gray.
Speaker 2 (28:05):
Did you get a son?
Speaker 3 (28:06):
Never?
Speaker 2 (28:06):
You're lucky. It's a lot in that house, looks, I.
Speaker 3 (28:10):
Said, I'm perfectly comfortable here right now.
Speaker 2 (28:15):
Remember what they say any twin sons of sons. He
takes a wife, a daughter's a daughter for the rest
of your life. And I tell ray this all time.
He's got three daughters. You're a lucky man because you
got three of them. That are going to take care
of you because I'm not.
Speaker 3 (28:27):
They don't treat me.
Speaker 2 (28:29):
What's that?
Speaker 3 (28:29):
They treat me like a china doll.
Speaker 4 (28:30):
I can't fall down like my wife says, to step
over me and a gutter, worry about.
Speaker 3 (28:35):
Me, stuff in my toe.
Speaker 2 (28:38):
And they all daddies girls.
Speaker 5 (28:39):
Oh yeah, nothing like daddy's and daughters.
Speaker 2 (28:44):
Sometimes not. Sometimes it goes the other way too.
Speaker 4 (28:47):
There's nothing like, you know, the nice thing his daughters
and mothers. There's Mark Twain had a great saying about daughters.
He said, when the daughter gets to be thirteen, you
put it in a wine barrel, you put the cover on, your.
Speaker 3 (28:58):
Drill a hole in the cover.
Speaker 5 (29:00):
Sorry, you drill a hole in it.
Speaker 4 (29:01):
You feed them through the hole, and then when they
turned sixteen, you block up the hole. So that's for
a mother because mothers and daughters in those age times
have a hard time.
Speaker 2 (29:10):
I didn't have any trouble with her.
Speaker 3 (29:11):
Oh that's nice. You're lucky. Then I can tell you
they all came back and they're.
Speaker 2 (29:15):
Like so easy, so easy thieves, like thieves, thickest thieves,
the thickest thieves. I don't know. I think you get
one easy one and then one hot one.
Speaker 6 (29:25):
Well, you can't have three, you have to have like four.
It's either two or four.
Speaker 5 (29:29):
Yeah, because ball out.
Speaker 2 (29:33):
They need to be pairs. We don't need milk child syndrome.
We got enough crazy kids. How old your daughters?
Speaker 3 (29:40):
Forty one, forty thirty one and thirty?
Speaker 2 (29:44):
Wow, you're really old too. Clock take it there, don't
stick that.
Speaker 1 (29:48):
I like.
Speaker 2 (29:49):
Okay, I'm going out. We're gonna go for break now
on City Stumple, we listen to Tough His Nails on
WBS and his radio tenth Therapy.
Speaker 7 (29:54):
Right sponsored by new Brook Realty Group, Boston Wood Smaller Insurance,
World Auto Body and Taska Drive Auto Body.
Speaker 6 (30:08):
Yeah it's me again, wouldn't you know.
Speaker 3 (30:12):
It?
Speaker 2 (30:12):
Would I did my best, the perfect guest and welcome
back to the Toughest Nails on w b Z News
Radio ten thirty. And I'm here with Seamy, I'm here
with Mike, and I'm here with Larry. Okay, besides us
all having funal laugh and I'm sorry the listeners that
you know they can hear you talking to me right now.
Speaker 6 (30:31):
Right we're debating when I left.
Speaker 2 (30:32):
Well, can you debate while we're on your light like
we are right now? We are you debating? I didn't
work for him.
Speaker 6 (30:36):
It's O the base only at Group Boston. Did you
work for thirteen and fourteen?
Speaker 5 (30:41):
You were coup aust You have a couchie would who
had nine years together? Fine, okay, see whatever.
Speaker 2 (30:48):
You should listen to her. She's younger, so her brain's
a little bit sharper. Still, you know what happens as
we get older, right, c r S. What does that mean?
Speaker 5 (30:56):
You can't remember?
Speaker 2 (30:58):
That's an everyday event. Oh you go like this? If
I ask Ray one more time when Yellowstone is coming
back on, well how about this one? Because I cann't
remember Yellowstone. I have my good days and bad days.
I sent him that's good. I sent Mike in to
get me. I froze the coffee. So I said to him,
tell him I want this on and he goes, you
(31:19):
gotta know, Michael moxs. He goes, you want me walk
into Duncan Dollars and say, Cindy wants this, and I
make my finger go round and round around. The goes
she goes, Sam knows what it is, So I go
just go in then they'll know.
Speaker 7 (31:30):
They'll know.
Speaker 2 (31:30):
He's like, can you help me with the what the
round the finger. You know, my finger's going around the
top of the in the air. So he said, forget.
I said, I can't remember the name of it would
come to me right that, you know how it doesn't
come to you. He walks into Dunkan Donuts and Street goes, ok,
can I've got this woman sidneys stump and oh we
know Cidy. Well she wants this thing. And he makes
his finger go run. Oh she wants Como. He walked,
(31:51):
and he goes, how do you all know she wants Camo?
She gives us ten dollars every one of us.
Speaker 6 (31:55):
I'm gonna start telling you promised everybody seven percent commission
now because you don't I can't remember.
Speaker 2 (32:00):
Yeah, that happens when we get to the closing table
and I look at my selling statement and go, hell,
it's funny. I can't remember words, but numbers I'm still
great at. Yeah, numbers work for me. Still thank on.
There's only a subject I did good in school, but
at the end of the day you feel as though nothing.
Well that's not true. We have a million point eight
one point eight million brokers. So I'm listening to what
(32:21):
Mike said to me last time. Here six one point
six I'm off by two hundred out of one point
six million brokers in our country, honey brokers will be
left after this all funnels through.
Speaker 3 (32:32):
There's going to be huge exues.
Speaker 2 (32:34):
I don't know what you need to come.
Speaker 3 (32:35):
Going to be huge exents.
Speaker 4 (32:36):
I don't know what the number would be, but there's
going to be a lot of It's gonna be the
weeding process that happened over the last I've been in
forty years, and every time something of a calamity happens,
the place gets weeded out and all of kind of
the cream rights to the top.
Speaker 3 (32:50):
That's what I'm hoping for this.
Speaker 5 (32:51):
And I remember sending those one point six million agents.
Half of them did one or two TS accidents.
Speaker 2 (32:55):
Correct your sister, your brother here, you're right.
Speaker 3 (33:00):
Yeah, explain the commission to someone that's not going to.
Speaker 2 (33:02):
Work and they want a stage to that. Okay, now
with okay, now that we kind of understand that, let's
talk about something else that you weren't that you were
not prepared to talk about.
Speaker 3 (33:11):
Was that prepared for this?
Speaker 2 (33:12):
Nope, Nope, We're going to talk about where the market's going. Yeah,
the segment's going there, So we can talk about the
Boston market because we're sitting in Boston. So anybody that
is listing outside of Massachusetts, we're not referring to your state.
But Massachusetts has happens to be a very strong state
in real estate. We always have certain cities and towns.
(33:35):
Never even I never felt the recession of weight nine
ten eleven. Things took a little bit longer to sell,
but everything sold came in in the eighty seven market
eighty eight, eighty nine, ninety ninety one, ninety two. That's
how it started my career. Hiccup in ninety seven where
I gave way a free Ferrari with the sale of
a house. I found that, by the way, and put
on my Instagram like a month ago. Right or wrong?
(33:55):
So where do you think the market is heading? I
think I'm want to tell you.
Speaker 4 (34:00):
Yeah, well, okay, that's good because here's my Okay, my
assessment is when the rates went from three to eight,
everybody frozen place.
Speaker 2 (34:09):
How many right kits do we have?
Speaker 3 (34:11):
Oh?
Speaker 2 (34:11):
I don't even know there was a ton but nine
ten eleven, okay.
Speaker 4 (34:16):
Is people had to adjust their mindset. So we had
a fifteen or eighteen month lag in our business. Twenty
three was terrible, you know, in terms of the way
it was in twenty and twenty one and nineteen. So
twenty three was tough, and it was because everyone, including brokers,
had a mindset of three percent two percent, and they couldn't.
Speaker 2 (34:33):
Be swol Choose that word. You don't use mindset, You
haven't picked up with the young people. Say that's a
stupid words like the other words. Say what's the word mindset? Mindset? Yeah,
what's that word manifest? Yeah, we're to manifest. I'm twenty
three years old again, I'm like, and I'm young and
hip and everything's going on great.
Speaker 4 (34:49):
What I'm saying is people have adjusted to the rates now,
and regardless of whether they go to I think they're
around seven right now. I don't see them going lower
than six or five and three quarters potentially, I don't
see them meet people.
Speaker 2 (35:00):
How's that going to happen? First of all, you're lucky
if they moved down a quarter of a point before
the year ends. Right now, inflation has not made just.
Speaker 4 (35:07):
A short term I'm saying over the time in twenty five,
there's gonna be a time between six and seven no
matter what time of the year.
Speaker 2 (35:12):
Is Okay, but can we admit that maybe that generation
thirty seven they've only sow free money.
Speaker 3 (35:19):
Yeah?
Speaker 2 (35:19):
Absolutely, so, well that's okay, use that word I call
using my brain. But here's here, here's the problem. We
know that we are seven million houses short in the country, right, okay,
you know how we got there? Correct, The oait market
took us there. So in not twenty ten, I was
on Bloomberg Radio and I said this, and go find
(35:41):
on the internet that in a decade we're gonna be
short housing. The person that was sitting in mice behind
the mic now said, I don't know what you're talking about.
This is a crazy conversation. It's very simple. In many states,
excavator stops, buildings stop. That's it came to a screeching
halt for four or five years. Did you not think
it's gonna catch up on us? So okay, right overhead
(36:03):
on that one. Here's what I see to be the problem.
If we have seven million houses that we need and
we okay, right now, here's my attitude. You can you
can say I'm wrong. If you got the miner, buy,
go buy, because the minth those rates come down the mint,
they come down that small window of opportunity is gonna
(36:24):
be gone, and there comes a ten twelve offers again
on the table right, and then you have no shirt.
So if you can carry these interest rates for a year,
they are gonna slow down. They're gonna bring them down. Okay,
but here's the problem why developers and builders, why we
can't build. The interest rate is too high. So to
get a construction loan, forget the mortgage. There are guys
(36:46):
paying three four five hundred bases points over the FED rate.
That's number one. Number two products are through the roof
and skilled labors through the roof. I look at numbers,
they're telephone numbers every day. One year into prior to that,
when I did a job, I was under my estimated
value and everything I ever built out of my whole career.
(37:07):
Now I'm over on everything. I haven't come in budget
since twenty twenty because the numbers move on me daily daily.
And you can't hurt these guys because if they signed
a contract with you and they gave you an all
in number, but all of a sudden at the end
of the job, the condensers went up, and now the
two thousand dollars and they can prove it to me,
I'm going in my pocket. I'm giving it to the
(37:28):
guy because if I hurt him, he's not gonna You're
going to put him out of business. So if twenty
guys that he's doing he's roughing in the HVC, comes
to the end of the job, his condensers went up,
and no one's stepped up to the plate and pay
them the difference, You're going to put that guy out
of business. Right, So that's why I'm saying. The numbers
were moving like it's like an EKG machine, except it's
(37:50):
only going up, up, up, up up. We don't get
that three four month notice. Hey January first, Hey February fifteenth,
your price are going up? Oh no, no, Pella, two
weeks go up two weeks, Like what do you mean?
Get all my plans in?
Speaker 5 (38:02):
I don't care.
Speaker 2 (38:02):
I'll buy all the windows now like we made a mistake.
I'll eat the couple windows because it's going to be
cheaper that way. So the warning's aren't there. So if
you take there's your trifector. So if you think you're
seven million houses short, now imagine where you're going to be.
If us builders out there can't be building, you can't
pay ten percent on constructional money. Rule of thumb was
(38:24):
always this in my business. You built it took a
year to build. Even though we were fast builders back
in the day. Inspectors used to slow me down. You
can't build a house in six months? Why can't I? Well,
you're not letting things act would make up up oup.
But get out of my face. Don't tell me. Go away.
That doesn't take me twelve months. I can't help. But
then you men take twelve months to build a house
(38:45):
and I can build a house of six months. See
you get out of my hair. They try to slow
me down. But if you take rule of thumb. When
I first out in the business, it was make sure
you have enough money to carry the interest for one
year after you build it. Because tech the it could
take up to a year six months to a year
to build that house. If you're going to pay four
(39:05):
or five hundred bases points and that's what the money
not even some of these guys going the hard money road, right,
they're gonna get crushed, so we won't even talk about them.
We're talking about traditional lending and they're paying this money,
they can't carry it for a year. So if these
houses don't move fast enough, they're going to get what
they call underfunded, over leveraged. What brings down the marketplace.
(39:31):
This guy's gonna stop dropping his numbers. He starts dropping
his numbers, and then they walk away, and then they
leave the banks hanging because they didn't get They can't
get out clean because the interest has eating them away.
So there's my four minute, five minute on where I
think the market's going. Products gotta stop moving again.
Speaker 3 (39:49):
Inventory is bottom line.
Speaker 2 (39:51):
But we can't think that stuff moves in two days
or a day. That was not realistic.
Speaker 5 (39:56):
That was that was insane.
Speaker 2 (39:58):
Luck, right, and you you went to a casino, you
got lucky for a month, and then they took you
down afterwards. Right, you gotta do this. You gotta be
a skilled player out there right now. But that's right
to the market going.
Speaker 3 (40:08):
I don't disagree.
Speaker 4 (40:10):
I think the inventory drives everything, and in construction drives.
Speaker 2 (40:14):
Guy grees with me. Thank god, I'm gonna end on
that one hold on, I'm going to break. I'm sinning. Stumbley.
He was in tennest Nails on WBZ News Radio ten thirty.
We'll be right back to have you ever trave.
Speaker 5 (40:33):
Really reaching out for.
Speaker 2 (40:37):
And welcome back to Tenness Nails on WBZ News Radio
ten thirty. And I'm Sindy and I'm here with Sammy,
I'm here with Mike, I'm here with Larry. So we
just got into the market, okay, So now you've got
to come back in. We're gonna finish that conversation, okay.
And you are the man of the hour. That means
Mike Rucci is the guy that's coming to talk about
anything has to do with the economy when it comes
to real estate and brokerage. And Larry's gonna be here
(40:59):
with you.
Speaker 5 (41:00):
That'd be great deal.
Speaker 2 (41:01):
Absolutely, we just made the deal live on radio. You can't.
Speaker 5 (41:04):
That's it. That's my job.
Speaker 2 (41:07):
Mike Hot you reach you now he wants to already
be my co host my cott people reach.
Speaker 5 (41:11):
You, Michael dot Carucci. That's c A R U C
C I at Gibson s I R dot com my Instagram,
Michael Carucci.
Speaker 2 (41:20):
That's an easy one. Michael Crucci. All right, people, have
a great, safe weekend, and we'll see you next week.
This is Cindy Stumbo Tough his Nails on WBZ News
Radio ten thirty
For thirty five years, Cindy Stumpo has been a female
home builder with a passion for design, a mastery of detail,
and a commitment to her crack. With daughter Samantha Stumpo
by her side.
Speaker 2 (00:10):
I don't need my whole family on a date with me.
That's a good note. It's goddemn weird.
Speaker 3 (00:13):
See.
Speaker 1 (00:14):
Stumpo Development is the only second generation female construction company
in the country.
Speaker 4 (00:18):
You're crazy, You're a wacko, You're insane.
Speaker 1 (00:22):
I mean, it just doesn't end together. Cindy and Samantha
welcome guest to explore the world of construction, real estate, development,
design and more.
Speaker 3 (00:31):
Unpredictable.
Speaker 5 (00:31):
Every time I think I know what you want, you
switch it out. But that's what makes your houses all
your day.
Speaker 1 (00:36):
Discuss anything that happens between the roof and the foundation.
Nothing is off limits. You truly do care about everybody.
She can yell at SHEI get scream, but when you
get her alone, she's the best person on the planet.
Cindy Stumpo is tough as nails.
Speaker 2 (00:53):
And welcome to Cindey Stumbo chuck his nails on WBZ
and Who's Radio ten thirty and we're here tonight with
who which your name.
Speaker 5 (01:01):
Michael Carucci, second ad vice president, Gibson Cellar Beasts.
Speaker 4 (01:05):
And I'm Larry right out, chairman that gets in Southby's
International World.
Speaker 2 (01:10):
You want to try it against so people might understand
what you just said. We're in thirty something states, right,
we have an accent here, go ahead again.
Speaker 4 (01:17):
I'm Larry right out, yep, with Gibson Southby's International.
Speaker 2 (01:20):
Real, okay, very good. The big cheese, the big cheese.
So you're basically his kind of sort of.
Speaker 5 (01:27):
Boss which signs my signs my checks.
Speaker 2 (01:30):
Yeah, that makes you boss man. So you're the one
that finally got Carucci to go with you and leave. Yes, yeah, he.
Speaker 5 (01:38):
Left Carucci, he left Crouchi.
Speaker 4 (01:40):
We had a long history with one another, and I
finally convinced him to come across.
Speaker 5 (01:45):
My first franchise. He was the big guy in Precipity,
New Jersey. He used to sell franchises for real at
the time, Reology Century twenty ones and the best, the
most in the country, didn't you and Paul?
Speaker 2 (01:57):
Okay, So talk to me about what is going on
every time I go on x spaces any social audio
devices they're talking about. This is that they've been talking
about this for about a year and a half now,
and I need Mike to keep us coming in at
least like once every six weeks five weeks to keep
us updated, you know, for these brokers that I talked
to brokers all the time on social audio, and they
(02:18):
all have No, we're not gonna get hurt. No, it's
not happened in July. No, we're not going to affect
our state. Oh we're in Texas, not coming here. I
know we're in Avod and not coming here. Let's set
the record straight, boys.
Speaker 4 (02:28):
Everywhere that is not now in place, everywhere that it's
not now in place, is going to be affected.
Speaker 3 (02:34):
Every state.
Speaker 4 (02:34):
So there are states that already have this in place
and it's business as usual for them.
Speaker 2 (02:39):
But the other company states have been I know, I
know New York and New Jersey have already done it, right.
Speaker 4 (02:45):
Yeah, and then I think Washington, Washington State, and I
think there's one more like one of the Carolinas or something.
There's a couple of states that already in business.
Speaker 2 (02:53):
Okay, Now, what is the what if? What?
Speaker 5 (02:56):
What?
Speaker 2 (02:56):
What is the what thing that's going to happen? To
make people understand what's going to.
Speaker 4 (03:00):
Happen is we're all going to have to have broker
agency uh commissioned discussions with all of our buyers. You
will not be able to bring a buyer to your
property unless you have a commission an agency signature.
Speaker 2 (03:13):
So cite ever been an example. Pretend you and Michael
right now do let's do let's do a role play here,
Sammy and Michael right now, you're the you're the you're
selling one of my pieces of property. Mike, you got
the buyer. How's that work?
Speaker 3 (03:26):
I know?
Speaker 2 (03:26):
Now going forward with the new law passing, I.
Speaker 5 (03:29):
Now have to have that buyer sign an agency agreement
with me before I show Sammy's house.
Speaker 2 (03:38):
Okay, but prior to that, sometimes they were brokers that
were buyer agents. And sometimes the broker is a cell's agent.
Speaker 5 (03:44):
Well, that should have already been doing it anyway. The
thing is this what's happening, we should have already been
doing it.
Speaker 2 (03:49):
You have to do it all right now. What if
Sammy says, well, sorry, I'm not paying you two and
a half percent.
Speaker 5 (03:56):
Well she can do that now, but she probably shouldn't.
Speaker 2 (03:59):
But what if she Okay, we're going to get We're
going to get people that are not going to be
educated and know how to do this the right way.
Let's call what is most people don't have a lot
of common sense out there because common sense isn't common anymore.
So let's play that role play that Samantha goes, no,
I'm not paying you to percent and you'll have to
get the money from your buyers.
Speaker 5 (04:19):
That's correct, correct, that's right.
Speaker 2 (04:21):
And then what if you say, well, my buyer is
not going to pay a commission, and she's being stubborn
and said, well, what do you want for me?
Speaker 5 (04:27):
Like I'm just trying to rope We have multiple.
Speaker 2 (04:30):
Options here, correct, Yeah, but what you want to know
is my point is, can seem me stand on you
that it's.
Speaker 6 (04:38):
Not really need though it's a conversation with you, it's
really what you say. I'm just reiterating what you're again,
I'm doing I'm doing.
Speaker 5 (04:46):
Way Cindy lists the home with Sammy. Yeah, Cindy can
say I'm going to pay you x and you are
not allowed to pay a buyer agent, and so then
I have to then Sammy's.
Speaker 2 (05:01):
Okay, But Sammy might decide okay, but I'll split half
that commission with you. Bring your buyer.
Speaker 5 (05:07):
Yes, she could do that, and she should do that.
Speaker 3 (05:09):
Yeah, that's what's gonna happen.
Speaker 2 (05:10):
So brokers are gonna make less money.
Speaker 3 (05:13):
Not necessarily think so what we're gonna do?
Speaker 2 (05:15):
Okay, hold on again, I'm the I'm the developer in
the room. Right, guys are the brokers? I say, Okay, Sam,
I'm going to give you this listening at two and
a half percent. I'm not paying five and a half.
I'm not paying five percent anymore. Right, So what do
you want to do?
Speaker 5 (05:30):
Well, Cindy, eighty nine percent of buyers had agents last year.
Do you want to lose a large pool of bias
because of this?
Speaker 2 (05:37):
No, I'm going worst case scenario. I'm being the jerk
off right now in the room because something has to
be right. I'm just saying, you're going to come across
brokers that are going to behave the way I'm behaving
right now now. Me I'm too smart to know after
thirty six years, I need brokers. Okay, but you got
dumb dumbs out there that think that they can, you know,
hold in their five house development and have a little
(05:59):
trailer set up and sell your own product. Okay, knock
yourself out.
Speaker 5 (06:02):
Then you signed a buyer agency, and it could be negotiable.
Pay me two percent, pay me a consulting.
Speaker 2 (06:08):
Fee, let me let me, let me bring you back. Okay.
Within a two year, three year period, we had a
ten house subdivision between two streets in Brooklyn. Right, there's Woodland.
I could in house everything we did one broker. We did,
but that wasn't meant to be that way. She just
presold everything correct, right, But I could have said, Okay,
(06:29):
you're on salary, we're going to in house broker this.
You're not going to make this much commission, and we're
going to sell everything on our own.
Speaker 5 (06:36):
So well, it's it's not unlike what Fallon did when
they first came out with the developments. People have done
that in the past.
Speaker 4 (06:44):
And one of the things you're using yourself as a developer.
But the reality is in real estate there's more sellers
out there than developers, and so that's where the education
has to come in, you know, sellers where we're trying
to do it with our companies.
Speaker 2 (06:56):
That's even hotter because the sellers.
Speaker 4 (06:58):
Well see what you're saying, you're almost starting at today.
What happens is when I sit down with the seller,
my agents sit down with a seller. We're going to
educate him on here's your options. You can pay nothing
if you want to, and that's here's what probably will
happen with that. Then you could pay this, and this
is what will happen and if you pay that. So
what we're saying is you expand your opportunities of people
seeing the property. You make the decision and you say
(07:21):
to me, I'm not going to pay any going to
pay you and I'm not paying anyone else. Okay, So
now I have to make sure that all the brokers
are aware of that. He has to have a signed agreement,
and in that agreement, when we're talking to.
Speaker 3 (07:33):
The buyer, we have to set a number and say, look, we.
Speaker 4 (07:36):
Don't know what we're walking into here, but I want
to be paid X amount of commission.
Speaker 2 (07:39):
But understand something, I really don't understand why this law passed.
I don't understand anything about this law. And I've read
read Relieve n Mike and I've had conversations on this,
but it's.
Speaker 5 (07:51):
Kind of like does nothing for the consumer.
Speaker 2 (07:53):
Correct, and it does nothing for anybody. But it's just
like me, think about this as a developer in Newton
Brookline for thirty six, and I'll go out of Newton
Brook Line, but very little, very little my hydrant. I'm
the dog. Here's my hydrants. Stay out of my way, okay,
and that's just my okay, okay, that's my hydrant. But
(08:16):
you know, I feel as though to now be competing
with companies like Toll Brothers coming after me like I
never thought i'd see that. I never thought i'd see
these public companies trying to buy what I buy. What
is this? I can't compete with public companies. I can't.
And I think what they're.
Speaker 5 (08:33):
Trying to do, but I can't.
Speaker 2 (08:36):
I can't. It's it's very hard. So I have a
niche market. But again, they can come in in any
time buy what they're going to buy, and I got
to compete against them with public money. It's hard. And
what I feel what's going on in my end of
the world is kind of going on your end of
the world with the red Fins and the whatever can
(08:57):
come in and squeeze you guys and push you out
of game. That's just my take on it. But I'm
gonna go hold on. I have to go to break
and then you people can talk. How's that were good?
Redfin whatever it's called, I don't know if. And I'm
sit on WBZ News Radio ten thirty. This should be
an interesting evening.
Speaker 7 (09:16):
Sponsored by Flora Decor, National Lumber, and Village Band Man.
Speaker 1 (09:31):
It's just the day.
Speaker 2 (09:36):
Away and welcome back to Toughest Nails on w b
Z News Radio ten thirty. And I'm here with Sam,
I'm here with Mike, I'm here Larry, and I'm gonna
do the introductions because they're gonna waste too much of
my time. Let's go back whid we leave off because
I'm a metopause brain. Well, you brought up a red
fin bar okay, zillow bar okay. So I get the
phone calls at Sea s Double. They go, hey, miss stuff,
(09:57):
but we'd like you to buy this blah blah bah.
My mother's a hoarder, she says. We don't want to
put out on the market. What are you looking for,
missus Jones? Well, Zillo says this, Well, Zilo, I'm not Zillo.
See stumble wrights checks Zilla's not right in a check well, Redfit.
I don't care about that either. So if I'm getting that,
how are you guys not getting that? From end users
playing that game we do, but we then we give
(10:18):
them real comps. Okay, but I can I'm going to
befferent level. Well you know what, it's okay, guys, you
know what. I met with you, Sam, I met with you,
Mike Rucci. We decided we're going to list our house ourselves.
That's another big one that they do, right because now
all these end users call twenty builders in the year
that says we buy houses, which those signs should have
(10:39):
to come down because they're tacky looking. I don't ever
have a sign that says we buy houses. What says
we buy gold and silver and now I'm a pawn
shop on a side.
Speaker 5 (10:48):
We buy ugly houses.
Speaker 2 (10:50):
That's another one like I would never ever ruin my
reputation by having that on a sign, but there's many
builders that do that. So if the name gets done
with those ten people, I always save this to somebody
that calls me. I'm not here to steal your property
and see me knows what I say. Do yourself a favor.
I don't need your deal. Call a broker. I'll give
you my daughter's number. I'll give you two other broker's numbers.
(11:12):
Take the house on a test drive. You go one
shot to make the long dollar. I'll be your insurance
at this number if you can't sell it. Every time
I do it, she's got the listing, and every time
she's pulled anywhere from one hundred and fifty at one
point to two fifty more than what I would have paid.
And then they call me back and they say thank you. Now,
if I wanted to be a jerk off, I could
have bought it that number and flipped it to her
(11:34):
sell it for me right, But I went I would
develop it. My point is I try to do business
in my area as as good as a human being
as I can be, right, because usually the person's call
me either knew my parents or went to school with
her or her friend's parents or child's parents. You know
what I mean, Like it's too it's too tight in.
Speaker 4 (11:54):
You are making our point, though your reputation precedes you correct.
Speaker 3 (11:57):
When we do.
Speaker 4 (11:58):
And we feel the same way. We have a company
that has a great reputation. We're not here, We're not
going to be disappearing. I've been there for sixteen years ago.
Speaker 3 (12:04):
You mean no tail light warranty, no tail warranties from us.
Speaker 2 (12:07):
So anybody that does know what that is. That means
when you don't see my tail that you warrant he
has done. Okay, go ahead. I'm just trying to be
the one that's going to debate you guys. Right, I'm
just trying to be the jerk off because you're going
to run into jerkofs. So I want to know how
we're going to handle the jerkoffs this business.
Speaker 6 (12:22):
That means we're going to have to have bigger cohones
and tell them if you want to actually sell your houses.
Speaker 2 (12:27):
What you gotta do.
Speaker 6 (12:28):
Yeah, and right now, almost every one of my listenings
I've offered more than the normal.
Speaker 5 (12:32):
Two and a half. We may very have the same
position you'd take in this. We'll take a test fund
and call us after.
Speaker 3 (12:37):
Yeah, we've done it several times.
Speaker 2 (12:39):
And know what's going to happen. I think if they
take on a test drive, see here's that would be
my sales pitch. My sales pitch would be. The more
important thing, which is not a sales pitch, is the truth.
You're going to let the strangers walk through your home
that you don't know, that have not been vetted, and
next thing you know, somebody's raped, somebody's murdered. Some tied
(13:00):
it behind chairs, and your jewelry goes missing, and your
money and anything else in your house. People gonna come in.
I've seen Sunday open houses where guys gone into open house.
Drug acts have gone to open houses and you wudn't
even know it, just to take old people's prescriptions. I've
seen it all out there. In thirty six years, I
watched a guy do this. There was an old gentleman.
Older gentleman. I thought it was old at the time.
(13:21):
I was in my thirties. He was probably seventy. She
that doesn't seem too old anymore, but late sixties seventy
and he had like a thing of percosets like this.
The thirty something of a kid went in for that.
He knew what he was going for. And I really
came around the corner. I said, put that down right now.
He said, mind drown business, and don't think I'm one
of my business. That's not happening.
Speaker 5 (13:44):
Suggest she carries a license. He's got a license to catch.
Speaker 2 (13:46):
Ye, I do so. But my point is that's what
I would say to people, this is not safe. I
don't like seem me going on as showing by yourself
as a female, I'd rather her when I have a
funny feeling and she says, have day, I go with you. Right,
Especially so, how as an end user, do you want
strangers walking through your home that's dangerous?
Speaker 5 (14:06):
Well that's just one element. That's a safety element, that's
a big there's a whole other level of concerns. Is
the safety element.
Speaker 2 (14:12):
Okay, Well that'd be my number one.
Speaker 5 (14:13):
The pricing okay, is the pricing element. There's the wasting
your time element about putting the property in contract.
Speaker 2 (14:20):
I don't care about. Let's say they don't care about that.
Speaker 5 (14:23):
Let's say they don't care about it's about wasting their time.
Speaker 2 (14:25):
But let's just say I would have to say, well,
maybe they're at that stage in the game where they're
retired and they cot all the time in the world
to pull.
Speaker 5 (14:33):
The extra money. Safety, Michael, they're just not clients.
Speaker 2 (14:37):
But every client's a client till they're not a client, right,
And we're talking to the masses out there right now
that's sell two hundred thousand dollar homes that sell three
hund thousand dollars homes. Remember that we're in thirty something
states here at iHeartMedia, right, So We're not just in
the Boston area. That's not your clientele, that's not stands clientele,
that's not your it's not a lot of But not
(14:59):
every buddy is a niche high end broker either, right, So.
Speaker 6 (15:04):
But even some of the high end brokers are very greedy.
I think that's where a lot will get back. I
think you're very greedy a lot of them, because, like
I've had conversations. I've been like, hey, I'm going to
kick in, and they'll be like, I'm not kicking in,
and they have their lawyer right to me from their
company being like you can't do that because you offered this,
And I'm like, really, you're going to take it this
far with me?
Speaker 2 (15:21):
Yeah, Well, I don't know. Look, the world changes, Larry, Right.
I remember I've been doing this for thirty six years.
If I could go back to when I started with
my broker, Carol Brenner, and she was a phenomenal broker, right,
But again, you don't know what you have till it's gone. Yeah, yes, right,
Like I didn't know how phenomenal she was. Like I
knew she was great, don't get me wrong, but I
(15:43):
didn't know she came she was dressed well. She had
the epitome of class she was. She would run out
at twelve o'clock at night. You made that offer, she's
running and she's at midnight. One of them. We put
some of our best wills together between twelve and two
o'clock in the morning. If you think I'm kidding you,
I'm not. She'd still get out of her bed whatever
and go. Have you sign the offer and give you
(16:04):
a deposit at one o'clock in the morning. Time is money,
Money is time, and shame't letting anything sleep.
Speaker 6 (16:08):
Well, you didn't have cell phones.
Speaker 2 (16:10):
We had cell phones. Bid cell phones. When we talked
with Simms had cell phones. So I've had cell phones
for twenty five years. If not the point, we had
fax machines too. By the way, how to imagine that
she wanted to pick up the check, have you sign it,
and then the deal she could go to bed. But
the point is that you don't know what you have
until all of a sudden, when she came to me
and said, I'm retiring, Cindey, I'm like, well, garylic Then
(16:34):
I went after one broker after another after another, and
they weren't And then you compeer everything to the person
you just spend twenty years plus working with right, and
they don't and they come dressed sloppy, and they don't
dress like her, and they're not as articulate as she was.
She was a good broker though. She knew how to
work me. She knew how to work the buyer. Well, cydey,
you know it's Newton, but yeah, you got nine right there.
(16:56):
She knew how to She could play me like a fiddle.
But you know, but when she was selling me the land,
it's a great piece of property. And I said, Carol Carroll, like,
what happened when you sold me the problem? You told
me now if you know now it's but it's okay
because I knew how she played. It was all good
like and she was right like, okay, so let's come down.
But my point is you don't know what you have,
(17:17):
so it's gone. And I went through five six other
brokers and then finally Sammy trained with Michael and I
had Sammy and then I once I got Sammy with me,
and I said, okay, I can train her up to
what I want her to be, how I want her
to show my product, how I want her to present
herself showing my product, you know, But that's but oh
(17:40):
my god. I had some brokers that were like complete earheads.
Speaker 3 (17:45):
They're still love there too.
Speaker 2 (17:46):
Well, they're still out there, and there's too many of them.
But Carol, she was tied in eight the nine, ten
to eleven market right around there, and she had she
was tired and done, tired and done. I'll blame her,
but she was a great broker. But what I see
happening is that it's like, does everybody just have to
ruin something that's a good thing? What's wrong with this program?
Speaker 4 (18:07):
Now?
Speaker 2 (18:07):
Like why do we have to change this? Whose great
idea is?
Speaker 3 (18:10):
You know?
Speaker 4 (18:11):
You know the MLS pin was drawn in first correctly. Well,
the DJ has weighed in and and I didn't bring
the linquage.
Speaker 2 (18:16):
I want to say, a play stupid because the listeners
are like me, right now, we're going to play stupid
and you're going to educate.
Speaker 3 (18:21):
Well, well, I explaining how it kind of came about.
Speaker 4 (18:24):
Is DJ now has a a they put out They
published exactly what they see, what was that was wrong
and how they're going to fix it.
Speaker 2 (18:33):
What was wrong?
Speaker 4 (18:35):
What was there in their mind? The transparency issue. We
weren't transparent in terms of who pays the commission and
how it gets paid.
Speaker 5 (18:41):
Why they can't it's it Well, I don't want to.
Speaker 3 (18:44):
Use the word cartel, but it was like they thought,
we're all in cahoots. If if the.
Speaker 4 (18:48):
Listing broker, the listing broker was establishing the commission, right,
the selling broker would only go along with whatever that
money was. So it seemed to them like we had
some something going on where we all read. You know,
you see the media. The media is blowing it up
in the wrong direction. But they're saying, no more six
percent commissions. Well, you know what, I haven't seen that
for a long time.
Speaker 2 (19:07):
What was Massachusetts ever six percent?
Speaker 3 (19:09):
Mike, exactly.
Speaker 4 (19:10):
But that's what the media is doing to us, is
creating a furre that is unnecessary.
Speaker 2 (19:17):
But there are six and seven percent in other states.
Speaker 4 (19:19):
Right yeah, oh yeah, okay, but not here, yeah, and
not in a lot of states. I mean, I was
just I had the good fortune of being with sixteen
Southern International realtor owners this weekend, and there was only
two of.
Speaker 3 (19:33):
Them that weren't impacted by everybody else was.
Speaker 2 (19:35):
It was, well, I thought, will come right back. I'm
sinny stumbling. Listen Toughest Nails on WBZ News Radio Temporary
and be right back.
Speaker 7 (19:41):
You're sponsored by Pellow Windows of Boston, Next Day Molding
and Kennedy Carpet.
Speaker 5 (19:49):
The Tests to see it's a fantasy music and welcome
back to tell Us Nails on WBS.
Speaker 2 (20:01):
He's raightiar ten thirty and I'm sitting them here with Sammy.
I'm here with my Carucci and I'm here with Larry. Larry,
say your last name right out right out, like we're
going to write out right out.
Speaker 5 (20:11):
Just like that, right out right out the storm.
Speaker 2 (20:13):
What are you doing with an Italian?
Speaker 3 (20:16):
I've been with him since I was eighteen years old.
Speaker 2 (20:18):
I'm just played Trucks and Chelsea the good old days.
So okay, go ahead. You were saying you were at it.
Speaker 4 (20:26):
Yeah, So that the government sees this as a collusion,
I guess for lack of a better word. And they're
in there to make sure that.
Speaker 2 (20:32):
That's what I believe in. Like government, like small government,
keep me safe, deliver my nail, I'll pay my taxes.
Stay out of our business, okay, let us run our business.
It's okay. Everything else. I yes, I'm a Democrat. I
don't know like I can do what I want. My
body don't tell me what to do. But that I
believe in capitalism, that's me that go out work.
Speaker 5 (20:51):
You're basically a socialistic democrats, republican, I don't even know
what I am anymore. But independent, that just that's it.
Speaker 2 (21:00):
It's just the best way to use now right that
we're all independence. But now that's why I believe, Like,
why are you always sticking your nose in something that
you shouldn't be sticking your nose in. This is where
you don't stick your nose in. But we always have
to ruin a good thing.
Speaker 4 (21:12):
Yeah, so we're all having to deal with it and
it's it's a challenge, but we'll get through it.
Speaker 3 (21:17):
And you know, the good things that come from this is, uh,
the real estate.
Speaker 2 (21:21):
You know that people still don't understand what's going on.
Speaker 4 (21:24):
No, of course not, and they won't even through the summer.
We're all trying to educate people now, but we don't
until they tell us the exact marching orders.
Speaker 3 (21:32):
We can't explain it because.
Speaker 5 (21:33):
The change is almost still not finalized.
Speaker 3 (21:35):
It's not finalized.
Speaker 2 (21:36):
If it's not finalist, how some states already passed it.
Speaker 4 (21:39):
Well, some of already done it in previous years, they
decided they were going to institute that by a broker
agency situation.
Speaker 2 (21:46):
So basically they're just doing this to try to cause
stop a mob type of I don't know what in.
Speaker 4 (21:53):
Their mind they're protecting the consumer, and we both know
and we all know that that's.
Speaker 2 (21:58):
Probably not but in their mind how they protected the
consumer again.
Speaker 3 (22:01):
Because now the.
Speaker 4 (22:04):
Michael, you, I have to sit with you as a
buyer now and explain exactly how the commissions are.
Speaker 3 (22:09):
Going to be paid. Okay, well, by the way they're
paid by you.
Speaker 2 (22:11):
Okay, sit down. I have to pay you how much? Larry?
Speaker 3 (22:14):
Uh? I'm not gonna use numbers about it, you know.
Speaker 2 (22:17):
Okay, Larry, I want to list my house.
Speaker 5 (22:18):
What do we do you as a listing agent? We're
talking about buyer.
Speaker 3 (22:21):
A listing agent is the same thing we're going to talk.
Speaker 5 (22:24):
About buyer agency, is all right?
Speaker 2 (22:27):
Then again, she's the broker, she's got the listing. I
go with Mike as the buyer. He has to have
me signed something. And she's still going to be responsible
for paying the commission.
Speaker 4 (22:38):
Not necessarily because if she says no, this is where
you where it ends. If she says no, because you
say I am not paying a commission. Now we look
at the buyer and say, if you want to purchase
this property, you signed an agreement with me that you
would pay X amount of dollars.
Speaker 5 (22:53):
We can't get out money from the seller.
Speaker 3 (22:55):
You have to you have to you have to cover that.
Speaker 2 (22:57):
I mean buyer is going to cover this type of cost.
That's the problem.
Speaker 3 (23:00):
Yeah, nobody wants to. But this is what this is
what's been set up, and this is what we have
to deal with.
Speaker 2 (23:04):
Well, you know what, hold on, I'll go backwards on
that one. I definitely have clients that would have a
biasation even if because of that expec.
Speaker 5 (23:12):
The firefighter of any of the policeman that just saved
two years to save the down payment I can't afford
now now he needs representation. He's not buying a pair
of shoes right, and he wants good representation. What happened
and anybody with good representation needs to be paid. What
do you say to this guy? Add another two? How
you can't find you can't finance it?
Speaker 2 (23:34):
But let me ask us. I'm going to take the
flip side too, and just just to keep it balanced
to this conversation, what if I'm selling my house, I'm
already upside down one hundred thousand. There is that.
Speaker 5 (23:43):
Well, the buyer agency's not going to affect you.
Speaker 2 (23:46):
You're upside down any more money.
Speaker 4 (23:49):
So you have the option now to say I am
not going to pay a commission to a buyer.
Speaker 2 (23:52):
I got to tell you I would say that. Then
Mike should take his client, will take his clients somewhere else,
to another listing. That's exactly what's going to happen to chang. Okay.
So if you sell ers are listing out there and
you buy, is better take care of you? Broke is
because the buy is broken, We'll go to another listing.
Speaker 5 (24:08):
You're not really going to change money unless.
Speaker 2 (24:11):
The buyers are on Zillow or redfin trying to buy
direct on.
Speaker 5 (24:14):
Well, what is this new Zillow too?
Speaker 6 (24:16):
They trying to come up with, oh the seven day thing.
Speaker 5 (24:18):
Yeah, the seven day thing.
Speaker 6 (24:19):
They'll make you sign a thing for you can be
a buyer for them for seven days.
Speaker 2 (24:24):
Luck with that, okay, But another way to stick it
to you, right, Yeah, I mean more knives you want
to know? Yeah, told brothers is you're exactly get out
of my city of Newton. No, one invited you here
and now you're in my back yeard, good luck, congratuations
you stayed there. Always buy real estate, dude in Brookline
thirty six years, haven't gone down yet? You like you
(24:45):
watch by the way, and I like the Irma's orange
by the way. But okay, so there's a situation was
sitting in and then we have to try to figure out. Oh,
you guys have to I have enough to try to
figure out as the builder and developer. You guys have
to try to figure out how to explain to everybody. Well, no,
the broker that gets this, that gets the seller, it's
(25:06):
going to have to sit there and explain why it's
important we open this up to the buyers.
Speaker 4 (25:11):
Broker, there's now a whole menu of options. You know,
here's your options, and here's the side and the downside.
You make the decision. You'd hope that they look at
it and say, you know what, this this thing looks
like a.
Speaker 3 (25:20):
Good one and we move forward.
Speaker 4 (25:22):
But if it isn't, then they have the prerogative to
do whatever they want and we have to kind of
make it work.
Speaker 2 (25:27):
Have I heard this correctly that people are going to
be able to put their homes of cells on MLS
or is that a story? So they will never have
the option of them.
Speaker 5 (25:35):
Well, they've always had an option to put a for
sale by there's portals out there that charge you three.
Speaker 2 (25:41):
You can't get on MS.
Speaker 5 (25:44):
No, you can get on them MS.
Speaker 6 (25:46):
Well if you do the watch McCall it thing, like,
what's the watch McCall thing.
Speaker 2 (25:50):
We have a radio show here, what's the call?
Speaker 6 (25:52):
When you have a prod you to like what it
was called?
Speaker 5 (25:56):
Something sold something?
Speaker 2 (26:00):
This conversation going, it's like, it's like, let me just
people just listen to it.
Speaker 5 (26:07):
They call you directly.
Speaker 2 (26:08):
I just want people to want everyone understand what they
just heard. Listening to radio. I usually called things things.
Sam just said, what you recall, I'm going to find it,
and you went, let me think about that word. They
just want you all to know that no one knows
I didn't. I did it for Derek, would you do, honey?
Speaker 6 (26:23):
When he wanted to list his house?
Speaker 2 (26:24):
This out?
Speaker 6 (26:24):
But I took the credit for it, and they called
him directly.
Speaker 2 (26:27):
Okay, whatever that means, I forget what it's called. So
we're on a word. We're gonna stand a word and
waste minutes on it. Now you're going to keep talking
enough O can you find that?
Speaker 3 (26:35):
So we're going to get through this. You know you
just said you were in the business. Now how many years?
Speaker 2 (26:38):
Thirty six years?
Speaker 3 (26:39):
Thirty six years?
Speaker 5 (26:39):
We had it when she was ten, and I wish
I did.
Speaker 3 (26:42):
We've all gone through a lot of changes. This is
another change. It's good.
Speaker 6 (26:46):
Yeah.
Speaker 2 (26:46):
But see, here's my problem. Why do we have all
these changes? When something works?
Speaker 5 (26:50):
Why do we have to change it?
Speaker 3 (26:52):
We don't have We didn't ask for the change.
Speaker 2 (26:54):
No, we should go back to forty years ago. No,
if I are were first, I know. If I entry only,
that's ry only there, thank you, that's the watchman. Call
Ward Entry. Don't need to give me a piece of candy.
Deal with him.
Speaker 6 (27:05):
It's called Entry only.
Speaker 2 (27:06):
I'm looking at Gucci on the back of his jeans.
I think it's KOUCHI I look really fat and say Gucci. Okay,
sit down and rod men, how old do you not?
Speaker 5 (27:14):
Mike, don't ask.
Speaker 2 (27:16):
I don't want to know. I know you're older than me.
Sixty Oh you're sixty five? Okay, Well see you guys
can keep doing this until you're in your eighties if
you want. But I can't keep building and developing at
that stage.
Speaker 5 (27:27):
You can't.
Speaker 3 (27:28):
Way, you've got a daughter over there though, sure.
Speaker 2 (27:30):
I also have a son. Can you get off his ruin? Oh?
Speaker 5 (27:34):
Cheers?
Speaker 2 (27:35):
Why you guys always protect Chad.
Speaker 6 (27:36):
I'm not protecting anybody. I'm trying kick him out of
his house faster.
Speaker 3 (27:40):
I have two daughters work that work with me, so
it's a family.
Speaker 6 (27:43):
I sold the house that he's looking.
Speaker 2 (27:44):
Try to take him out faster. Don't they make you crazy?
Speaker 3 (27:46):
You know?
Speaker 4 (27:47):
No, No, we have We have a healthy relationship like
this where we can I can bark and they bark
back and get through it.
Speaker 5 (27:52):
Yeah, we barked here they use the bathroom. Poor daughters.
Speaker 3 (27:58):
Yeah, only mirrors.
Speaker 4 (27:59):
I want to say a lot of me is everything
was good?
Speaker 5 (28:02):
Four four daughter?
Speaker 3 (28:04):
I am prematurely gray.
Speaker 2 (28:05):
Did you get a son?
Speaker 3 (28:06):
Never?
Speaker 2 (28:06):
You're lucky. It's a lot in that house, looks, I.
Speaker 3 (28:10):
Said, I'm perfectly comfortable here right now.
Speaker 2 (28:15):
Remember what they say any twin sons of sons. He
takes a wife, a daughter's a daughter for the rest
of your life. And I tell ray this all time.
He's got three daughters. You're a lucky man because you
got three of them. That are going to take care
of you because I'm not.
Speaker 3 (28:27):
They don't treat me.
Speaker 2 (28:29):
What's that?
Speaker 3 (28:29):
They treat me like a china doll.
Speaker 4 (28:30):
I can't fall down like my wife says, to step
over me and a gutter, worry about.
Speaker 3 (28:35):
Me, stuff in my toe.
Speaker 2 (28:38):
And they all daddies girls.
Speaker 5 (28:39):
Oh yeah, nothing like daddy's and daughters.
Speaker 2 (28:44):
Sometimes not. Sometimes it goes the other way too.
Speaker 4 (28:47):
There's nothing like, you know, the nice thing his daughters
and mothers. There's Mark Twain had a great saying about daughters.
He said, when the daughter gets to be thirteen, you
put it in a wine barrel, you put the cover on, your.
Speaker 3 (28:58):
Drill a hole in the cover.
Speaker 5 (29:00):
Sorry, you drill a hole in it.
Speaker 4 (29:01):
You feed them through the hole, and then when they
turned sixteen, you block up the hole. So that's for
a mother because mothers and daughters in those age times
have a hard time.
Speaker 2 (29:10):
I didn't have any trouble with her.
Speaker 3 (29:11):
Oh that's nice. You're lucky. Then I can tell you
they all came back and they're.
Speaker 2 (29:15):
Like so easy, so easy thieves, like thieves, thickest thieves,
the thickest thieves. I don't know. I think you get
one easy one and then one hot one.
Speaker 6 (29:25):
Well, you can't have three, you have to have like four.
It's either two or four.
Speaker 5 (29:29):
Yeah, because ball out.
Speaker 2 (29:33):
They need to be pairs. We don't need milk child syndrome.
We got enough crazy kids. How old your daughters?
Speaker 3 (29:40):
Forty one, forty thirty one and thirty?
Speaker 2 (29:44):
Wow, you're really old too. Clock take it there, don't
stick that.
Speaker 1 (29:48):
I like.
Speaker 2 (29:49):
Okay, I'm going out. We're gonna go for break now
on City Stumple, we listen to Tough His Nails on
WBS and his radio tenth Therapy.
Speaker 7 (29:54):
Right sponsored by new Brook Realty Group, Boston Wood Smaller Insurance,
World Auto Body and Taska Drive Auto Body.
Speaker 6 (30:08):
Yeah it's me again, wouldn't you know.
Speaker 3 (30:12):
It?
Speaker 2 (30:12):
Would I did my best, the perfect guest and welcome
back to the Toughest Nails on w b Z News
Radio ten thirty. And I'm here with Seamy, I'm here
with Mike, and I'm here with Larry. Okay, besides us
all having funal laugh and I'm sorry the listeners that
you know they can hear you talking to me right now.
Speaker 6 (30:31):
Right we're debating when I left.
Speaker 2 (30:32):
Well, can you debate while we're on your light like
we are right now? We are you debating? I didn't
work for him.
Speaker 6 (30:36):
It's O the base only at Group Boston. Did you
work for thirteen and fourteen?
Speaker 5 (30:41):
You were coup aust You have a couchie would who
had nine years together? Fine, okay, see whatever.
Speaker 2 (30:48):
You should listen to her. She's younger, so her brain's
a little bit sharper. Still, you know what happens as
we get older, right, c r S. What does that mean?
Speaker 5 (30:56):
You can't remember?
Speaker 2 (30:58):
That's an everyday event. Oh you go like this? If
I ask Ray one more time when Yellowstone is coming
back on, well how about this one? Because I cann't
remember Yellowstone. I have my good days and bad days.
I sent him that's good. I sent Mike in to
get me. I froze the coffee. So I said to him,
tell him I want this on and he goes, you
(31:19):
gotta know, Michael moxs. He goes, you want me walk
into Duncan Dollars and say, Cindy wants this, and I
make my finger go round and round around. The goes
she goes, Sam knows what it is, So I go
just go in then they'll know.
Speaker 7 (31:30):
They'll know.
Speaker 2 (31:30):
He's like, can you help me with the what the
round the finger. You know, my finger's going around the
top of the in the air. So he said, forget.
I said, I can't remember the name of it would
come to me right that, you know how it doesn't
come to you. He walks into Dunkan Donuts and Street goes, ok,
can I've got this woman sidneys stump and oh we
know Cidy. Well she wants this thing. And he makes
his finger go run. Oh she wants Como. He walked,
(31:51):
and he goes, how do you all know she wants Camo?
She gives us ten dollars every one of us.
Speaker 6 (31:55):
I'm gonna start telling you promised everybody seven percent commission
now because you don't I can't remember.
Speaker 2 (32:00):
Yeah, that happens when we get to the closing table
and I look at my selling statement and go, hell,
it's funny. I can't remember words, but numbers I'm still
great at. Yeah, numbers work for me. Still thank on.
There's only a subject I did good in school, but
at the end of the day you feel as though nothing.
Well that's not true. We have a million point eight
one point eight million brokers. So I'm listening to what
(32:21):
Mike said to me last time. Here six one point
six I'm off by two hundred out of one point
six million brokers in our country, honey brokers will be
left after this all funnels through.
Speaker 3 (32:32):
There's going to be huge exues.
Speaker 2 (32:34):
I don't know what you need to come.
Speaker 3 (32:35):
Going to be huge exents.
Speaker 4 (32:36):
I don't know what the number would be, but there's
going to be a lot of It's gonna be the
weeding process that happened over the last I've been in
forty years, and every time something of a calamity happens,
the place gets weeded out and all of kind of
the cream rights to the top.
Speaker 3 (32:50):
That's what I'm hoping for this.
Speaker 5 (32:51):
And I remember sending those one point six million agents.
Half of them did one or two TS accidents.
Speaker 2 (32:55):
Correct your sister, your brother here, you're right.
Speaker 3 (33:00):
Yeah, explain the commission to someone that's not going to.
Speaker 2 (33:02):
Work and they want a stage to that. Okay, now
with okay, now that we kind of understand that, let's
talk about something else that you weren't that you were
not prepared to talk about.
Speaker 3 (33:11):
Was that prepared for this?
Speaker 2 (33:12):
Nope, Nope, We're going to talk about where the market's going. Yeah,
the segment's going there, So we can talk about the
Boston market because we're sitting in Boston. So anybody that
is listing outside of Massachusetts, we're not referring to your state.
But Massachusetts has happens to be a very strong state
in real estate. We always have certain cities and towns.
(33:35):
Never even I never felt the recession of weight nine
ten eleven. Things took a little bit longer to sell,
but everything sold came in in the eighty seven market
eighty eight, eighty nine, ninety ninety one, ninety two. That's
how it started my career. Hiccup in ninety seven where
I gave way a free Ferrari with the sale of
a house. I found that, by the way, and put
on my Instagram like a month ago. Right or wrong?
(33:55):
So where do you think the market is heading? I
think I'm want to tell you.
Speaker 4 (34:00):
Yeah, well, okay, that's good because here's my Okay, my
assessment is when the rates went from three to eight,
everybody frozen place.
Speaker 2 (34:09):
How many right kits do we have?
Speaker 3 (34:11):
Oh?
Speaker 2 (34:11):
I don't even know there was a ton but nine
ten eleven, okay.
Speaker 4 (34:16):
Is people had to adjust their mindset. So we had
a fifteen or eighteen month lag in our business. Twenty
three was terrible, you know, in terms of the way
it was in twenty and twenty one and nineteen. So
twenty three was tough, and it was because everyone, including brokers,
had a mindset of three percent two percent, and they couldn't.
Speaker 2 (34:33):
Be swol Choose that word. You don't use mindset, You
haven't picked up with the young people. Say that's a
stupid words like the other words. Say what's the word mindset? Mindset? Yeah,
what's that word manifest? Yeah, we're to manifest. I'm twenty
three years old again, I'm like, and I'm young and
hip and everything's going on great.
Speaker 4 (34:49):
What I'm saying is people have adjusted to the rates now,
and regardless of whether they go to I think they're
around seven right now. I don't see them going lower
than six or five and three quarters potentially, I don't
see them meet people.
Speaker 2 (35:00):
How's that going to happen? First of all, you're lucky
if they moved down a quarter of a point before
the year ends. Right now, inflation has not made just.
Speaker 4 (35:07):
A short term I'm saying over the time in twenty five,
there's gonna be a time between six and seven no
matter what time of the year.
Speaker 2 (35:12):
Is Okay, but can we admit that maybe that generation
thirty seven they've only sow free money.
Speaker 3 (35:19):
Yeah?
Speaker 2 (35:19):
Absolutely, so, well that's okay, use that word I call
using my brain. But here's here, here's the problem. We
know that we are seven million houses short in the country, right, okay,
you know how we got there? Correct, The oait market
took us there. So in not twenty ten, I was
on Bloomberg Radio and I said this, and go find
(35:41):
on the internet that in a decade we're gonna be
short housing. The person that was sitting in mice behind
the mic now said, I don't know what you're talking about.
This is a crazy conversation. It's very simple. In many states,
excavator stops, buildings stop. That's it came to a screeching
halt for four or five years. Did you not think
it's gonna catch up on us? So okay, right overhead
(36:03):
on that one. Here's what I see to be the problem.
If we have seven million houses that we need and
we okay, right now, here's my attitude. You can you
can say I'm wrong. If you got the miner, buy,
go buy, because the minth those rates come down the mint,
they come down that small window of opportunity is gonna
(36:24):
be gone, and there comes a ten twelve offers again
on the table right, and then you have no shirt.
So if you can carry these interest rates for a year,
they are gonna slow down. They're gonna bring them down. Okay,
but here's the problem why developers and builders, why we
can't build. The interest rate is too high. So to
get a construction loan, forget the mortgage. There are guys
(36:46):
paying three four five hundred bases points over the FED rate.
That's number one. Number two products are through the roof
and skilled labors through the roof. I look at numbers,
they're telephone numbers every day. One year into prior to that,
when I did a job, I was under my estimated
value and everything I ever built out of my whole career.
(37:07):
Now I'm over on everything. I haven't come in budget
since twenty twenty because the numbers move on me daily daily.
And you can't hurt these guys because if they signed
a contract with you and they gave you an all
in number, but all of a sudden at the end
of the job, the condensers went up, and now the
two thousand dollars and they can prove it to me,
I'm going in my pocket. I'm giving it to the
(37:28):
guy because if I hurt him, he's not gonna You're
going to put him out of business. So if twenty
guys that he's doing he's roughing in the HVC, comes
to the end of the job, his condensers went up,
and no one's stepped up to the plate and pay
them the difference, You're going to put that guy out
of business. Right, So that's why I'm saying. The numbers
were moving like it's like an EKG machine, except it's
(37:50):
only going up, up, up, up up. We don't get
that three four month notice. Hey January first, Hey February fifteenth,
your price are going up? Oh no, no, Pella, two
weeks go up two weeks, Like what do you mean?
Get all my plans in?
Speaker 5 (38:02):
I don't care.
Speaker 2 (38:02):
I'll buy all the windows now like we made a mistake.
I'll eat the couple windows because it's going to be
cheaper that way. So the warning's aren't there. So if
you take there's your trifector. So if you think you're
seven million houses short, now imagine where you're going to be.
If us builders out there can't be building, you can't
pay ten percent on constructional money. Rule of thumb was
(38:24):
always this in my business. You built it took a
year to build. Even though we were fast builders back
in the day. Inspectors used to slow me down. You
can't build a house in six months? Why can't I? Well,
you're not letting things act would make up up oup.
But get out of my face. Don't tell me. Go away.
That doesn't take me twelve months. I can't help. But
then you men take twelve months to build a house
(38:45):
and I can build a house of six months. See
you get out of my hair. They try to slow
me down. But if you take rule of thumb. When
I first out in the business, it was make sure
you have enough money to carry the interest for one
year after you build it. Because tech the it could
take up to a year six months to a year
to build that house. If you're going to pay four
(39:05):
or five hundred bases points and that's what the money
not even some of these guys going the hard money road, right,
they're gonna get crushed, so we won't even talk about them.
We're talking about traditional lending and they're paying this money,
they can't carry it for a year. So if these
houses don't move fast enough, they're going to get what
they call underfunded, over leveraged. What brings down the marketplace.
(39:31):
This guy's gonna stop dropping his numbers. He starts dropping
his numbers, and then they walk away, and then they
leave the banks hanging because they didn't get They can't
get out clean because the interest has eating them away.
So there's my four minute, five minute on where I
think the market's going. Products gotta stop moving again.
Speaker 3 (39:49):
Inventory is bottom line.
Speaker 2 (39:51):
But we can't think that stuff moves in two days
or a day. That was not realistic.
Speaker 5 (39:56):
That was that was insane.
Speaker 2 (39:58):
Luck, right, and you you went to a casino, you
got lucky for a month, and then they took you
down afterwards. Right, you gotta do this. You gotta be
a skilled player out there right now. But that's right
to the market going.
Speaker 3 (40:08):
I don't disagree.
Speaker 4 (40:10):
I think the inventory drives everything, and in construction drives.
Speaker 2 (40:14):
Guy grees with me. Thank god, I'm gonna end on
that one hold on, I'm going to break. I'm sinning. Stumbley.
He was in tennest Nails on WBZ News Radio ten thirty.
We'll be right back to have you ever trave.
Speaker 5 (40:33):
Really reaching out for.
Speaker 2 (40:37):
And welcome back to Tenness Nails on WBZ News Radio
ten thirty. And I'm Sindy and I'm here with Sammy,
I'm here with Mike, I'm here with Larry. So we
just got into the market, okay, So now you've got
to come back in. We're gonna finish that conversation, okay.
And you are the man of the hour. That means
Mike Rucci is the guy that's coming to talk about
anything has to do with the economy when it comes
to real estate and brokerage. And Larry's gonna be here
(40:59):
with you.
Speaker 5 (41:00):
That'd be great deal.
Speaker 2 (41:01):
Absolutely, we just made the deal live on radio. You can't.
Speaker 5 (41:04):
That's it. That's my job.
Speaker 2 (41:07):
Mike Hot you reach you now he wants to already
be my co host my cott people reach.
Speaker 5 (41:11):
You, Michael dot Carucci. That's c A R U C
C I at Gibson s I R dot com my Instagram,
Michael Carucci.
Speaker 2 (41:20):
That's an easy one. Michael Crucci. All right, people, have
a great, safe weekend, and we'll see you next week.
This is Cindy Stumbo Tough his Nails on WBZ News
Radio ten thirty
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I’m Jay Shetty host of On Purpose the worlds #1 Mental Health podcast and I’m so grateful you found us. I started this podcast 5 years ago to invite you into conversations and workshops that are designed to help make you happier, healthier and more healed. I believe that when you (yes you) feel seen, heard and understood you’re able to deal with relationship struggles, work challenges and life’s ups and downs with more ease and grace. I interview experts, celebrities, thought leaders and athletes so that we can grow our mindset, build better habits and uncover a side of them we’ve never seen before. New episodes every Monday and Friday. Your support means the world to me and I don’t take it for granted — click the follow button and leave a review to help us spread the love with On Purpose. I can’t wait for you to listen to your first or 500th episode!
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Special Summer Offer: Exclusively on Apple Podcasts, try our Dateline Premium subscription completely free for one month! With Dateline Premium, you get every episode ad-free plus exclusive bonus content.
24/7 News: The Latest
The latest news in 4 minutes updated every hour, every day.