🔴 PROPERTY MANAGER STOLE $55,000! | NAR President Tracy Kasper Resigns 🚨 State of the Market SAN JOSE
- #REWTF of the Week
- PROPERTY MANAGER STOLE $55,000!!!! How To Spot Red Flags!!!
- REO of the Week https://www.onereal.com/vito-scarnecchia-1/listings/ebrd/41046819/Oakland%2C%20CA%2C%20US
- MARKET SNAPSHOT
- NAR President Tracy Kasper Resigns
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🔴 PROPERTY MANAGER STOLE $55,000! | NAR President Tracy Kasper Resigns 🚨 State of the Market SAN JOSE
Title: Property Manager Steals $55,000! NAR President Tracy Kasper Resigns - State of the Market SAN JOSE
Introduction:
In a shocking turn of events, a property manager recently made headlines by embezzling $55,000 from a landlord. This incident further highlights the importance of being cautious when hiring a property manager for your real estate investments. Additionally, the National Association of Realtors (NAR) has faced another setback as its president, Tracy Kasper, resigned amid allegations of a blackmail message. This blog post delves into these events and provides insights into the current state of the real estate market in San Jose.
Property Manager's Deception:
The case of the property manager who stole $55,000 from a landlord serves as a stark reminder that due diligence is crucial when selecting a property manager. The landlord in question hired a property manager who charged a lower percentage fee but ended up nickel and diming them, withholding money, and eventually overcharging by a staggering $55,000. This unfortunate situation emphasizes the need for investors to thoroughly research and choose a reliable and trustworthy property manager who prioritizes their clients' best interests.
The Risks of Investing Out of Area:
Investing in properties outside of one's area is a common strategy for real estate investors, but it comes with its own set of challenges. In such cases, hiring a property manager becomes even more critical. However, caution must be exercised when selecting a property manager, considering their integrity, track record, and commitment to professional ethics. Prioritizing due diligence before entering into an agreement with a property manager is essential to protect your investment.
REO of the Week: Leimert Boulevard:
Shifting gears, let's take a closer look at the REO (Real Estate Owned) property of the week, Leimert Boulevard. Priced at $1.5 million, this property has been on the market for only five days. Offering a breathtaking view, this two-bedroom, two-bath home spread over 2,500 square feet definitely catches the eye. However, it's important to note that the main appeal lies in the location and view, rather than the house itself. Potential buyers should be aware that the property may require significant updates and renovations.
The Challenges of Buying REOs:
Purchasing an REO property brings its own set of unique challenges. Buyers must understand that they are acquiring the property "as is," without the luxury of inspections or any guarantees. These properties often undergo minimal repairs and maintenance before being put on the market. While REOs present an opportunity for buyers to find properties at potentially lower prices, they should approach the transaction with realistic expectations, a keen eye for potential issues, and a willingness to invest in renovations.
NAR's Struggles:
The recent resignation of NAR president Tracy Kasper due to allegations of a blackmail message adds to the organization's ongoing challenges. NAR previously faced criticism following a sexual harassment scandal involving a former president. These incidents highlight the need for NAR and the real estate industry as a whole to reassess their practices and better protect the interests of consumers. NAR must establish stricter guidelines and enhance consumer protection measures across all states.
The Evolution of Real Estate Practices:
Over the years, real estate practices have transformed significantly. From the introduction of the MLS (Multiple Listing Service) to the rise of online aggregate sites like Zillow and Realtor.com, the industry has undergone significant change.
However, these changes have also brought about their fair share of complexities and challenges. With a low barrier to entry, the profession has seen an influx of subpar agents focused solely on closing deals rather than prioritizing client needs. The industry must maintain high ethical standards and ensure that professionals prioritize the best interests of their clients.
Conclusion:
As the real estate market in San Jose continues to evolve, investors and homeowners must remain vigilant. The recent case of a property manager stealing $55,000 highlights the need for thorough due diligence when selecting property management services. Furthermore, NAR's challenges with recent leadership changes emphasize the importance of maintaining high ethical standards within the industry. By staying informed, conducting careful research, and working with trusted professionals, individuals can navigate the real estate market and protect their investments effectively.
Vito Scarnecchia
Real Estate Broker, Veteran, Dad
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Vito@abitano.com
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Transcript:
Property manager steals $50,000 from landlord RO of the week, and NAR President Tracy Sper resigns. It just gets better and better, I think. I think. Yeah. Let's get into this. Let's look at the REF of the week today. Right now,
there, let's take a look at the R-E-W-T-F of the week. I have no idea why anybody would. Build a rock in a room, but there you go. It's Ridiculous. I have no idea what the value is of that I would have built around it or built, I don't know. Call me crazy.
PROPERTY MANAGER STOLE $55,000!!!! How To Spot Red Flags!!!
I watched this video last night, yesterday, and it was this guy who bought a fourplex and word to the wise, right?
You get what you pay for. This is a property manager who charged a lowly 5 percent instead of the standard 10 or 15%. And yeah, they started nickel and diming them and hiding money from him and not giving him money. And overall, at the end of a year, he found he dug in and found out that this property management company.
overcharged them by 50, 000, 55, 000. So buyer beware, right? Be careful. The link is down below. You can absolutely look at it. If you don't see it, go to my blog. I would suggest if you get into this business of investing and you buy property, that's outside of your area. Definitely get a property manager, but also be very careful about who you hire.
REO of the Week https://www.onereal.com/vito-scarnecchia-s
All right, let's get into the next one. Cameraman, bring me in. There you go. REO of the week. The REO of the week is Leimert Boulevard. It's 1. 5 million. It's been on the market for a whole five days. It's something to take a look at. This is a nice-looking house. It's a two bedroom, two bath and 2, 500 square feet. And let's take a look at it.
That's your view. So you're paying for the view, not necessarily the house. There you go. Again, if you want to look at more pictures, etc. This is a standard-looking house, but when you're up in the hills, you get to ask for a premium. It's a million-dollar view. That's a million-dollar view, guys.
The problem is, it's only a two-bedroom. Fairly old. It's not updated. So what you're buying is the land. Oh, I don't like that at all. What is that? That looks like either a walkway. I'd have to go take a look,
but yeah, you're pretty much-buying something that you're going to have to continue to fix up. It looks like it's been maintained not horribly, but just a lack of maintenance there. Looks like it's a decent property though. Remember when you're buying. REOs you're not going to get a perfect house period.
You're buying it as is. You're buying it from a tertiary buyer or seller. They don't, they've never been to the property. They have a real estate agent taking care of cleaning out and doing minor repairs, but they're, and there are no inspections. So you're buying this thing as is see if it sells quick. Take a look at it next week, Wednesday.
Okay. So amid allegations of a Blackmail message that went to this new president. If you recall last year, we had a president at NAR who resigned because of sexual harassment and other allegations. He stepped down, Tracy Casper took over and there was a threat to disclose past personal nonfinancial matters, which, I'll let you and your imagination decide what that means.
But at the end of the day. Blackmail is not, I guess it's illegal, but at the same time, it's one of those things. Now, NAR continues to get punched in the face. And I know I follow a lot of people that are consumer advocates and I'm all for that. And I think we need to step back and take a better look across the board.
Not just in California, but all the States across the nation, hence National Association of Realtors come up with some better guidelines that fit how we protect the consumer. When they bought houses and from the buyer-broker agreement to negotiating to protect both sides a hundred years ago, it was completely different, right?
You hired a broker to find the buyer and that was it. And then we brought in the MLS, which before the internet, wasn't as prevalent, you'd have to go to a broker and get any kind of listings that were there. And obviously, the agent's role was to present. All the properties are available, but you would want to sell them.
Brokers listings or other agents' listings in that office first, and that was their primary goal Allowing it to go on the internet allowed us to Spread it across and bring in any buyer to sell any house and there were a couple lawsuits about the Agency and who's representing who and if you bring in the buyer, what's your?
Do Sherry's duty to that fire. Can we do dual agency? And then further down the road, we had aggregate sites like Zillow and Truly. Realtor. com, which is not owned by NAR. So I'm by a third party and they sell leads back to real estate agents. Now understand that if you do sign up for those leads or for more information on that, you're not going to get one agent call you're going to get five or seven agents harassing you, calling you, and pestering you at all ends of the day until they finally die off.
And then. You'll wind up going with them, right? That's just the way those sites work. If you're in the mode of buying a house, it's always better to talk to somebody who's a referral. So it's somebody that's trusted because you work with these agents. They don't care about you. They're just looking for money.
They're just looking to sell the house, get you into the house as quickly as possible, make you buy as much as possible, and get you in and out. You want to work with an agent that's referred. Or trusted. And that's why I do these because I want to make sure that we keep our profession above board. And it's just really difficult because the way that's set up is it we're set out to bring in as many people into the business as possible.
So we have a low barrier to entry and it makes it more difficult for professionals who have been around for a long time to do the right thing. And. and still do business. These people come in, do a crappy job, bribe people, and do business with them and nothing ever good comes of it. And that's why realtors have a bad name.
As a matter of fact, I was telling one of the agents on my team that I'm going to stop using the brand Realtor on any of my disclosures because I think it's until they change their ways, that I'm not going to be a part of it. I have to be a part of it to be on the MLS. It's one of the MLS and my association's rules.
But until that changes and if they don't make any changes, I'm going to continue to move on. So they put another person in place. Let's see how long he lasts.
We do have this thing called a code of ethics and we have ethical training every year or every other year or something like that. We got to go through it. You always treat the person that's in front of you the same way you want to be treated. If you're a lead gen, if you go to a lead gen agent, they're there just to get your sale, just to get your business.
I'm here for the long haul. I want to educate you. I want you to feel comfortable and know every step of the way. I take a lot of time and pride. of presenting the entire process so that you are comfortable going through the process from start to finish and all the way down the road. It's just part of what I do.
NAR needs to do better, right? I'm not besmirching them. I think that they are like every other large company or corporation or Organization. They have their ways of doing things. And I think this is yet another black eye to say, Hey, step back and do, and correct the course on what you're doing. What value are you giving the consumer?
You state that you're there for the consumer, but. Define that further to find that and teach us as a profession to do better. Enough said. Okay.
MARKET SNAPSHOT
Market snapshot. We have 40 houses or 99 houses that are over 40 days on the market and half of those are 90 days on the market. REOs are 56 in the Bay Area and all of California is 146. You're going to see that our numbers right now, our active numbers are dwindling low. They're super low. If you look at last year, we averaged 327 houses on the market at any given time.
And right now we're at less than a hundred. That's Not normal. It's been something that we've been talking about over the last year that supply two years that supply is a problem. And we go through that all the time, right? I've explained that to you. We had 41 closes last week, 37 on average. This year we averaged 60.
I'll keep on going back to this bar. This was last year's numbers and they're not exact cause I missed a couple of weeks, but this is just a good indication. Good average. So you can get a rule of thumb or a good feeling of where we are. Last year, in the same week we had 43 closes. Last week we had 54 closes.
We only had 33 further evidence that there's less supply. Houses are selling, right? We have, And this is all a Bay area, right?
Santa Clara County, less than 3 million. So it's not a huge amount of money. The average list price is 1. 7 to four last year. Our average sales price was 1. 6 all of a sudden we're all already over the board. And we're up again. And our difference from last year's average sales price is over 10, 000. Last year we were 1400.
It's actually a little bit less, but. There you go. The median price is 1. 77 high listing was 1. 32. See if I can find that. I don't know. We're not. Oh no. And pendings are 17 and list price decrease is 23 and TFTs are 16. So there you go. All right.
So today we talked about houses. We talked about how our EWTF property manager stole 55, 000 from one tenant from one client. Be careful who you hire. Very important. Again, it's a trust issue. We have to do better. The NAR president stepped aside again, and we have another person interim in place and business is doing well.
Real estate is still selling. We just don't have enough demand. I'm Vito with Abitano. We'll see you out there.
Real Estate Updates: Property Manager Scam, NAR President Resigns & Housing Market Snapshot
In this episode, we discuss a recent case where a property manager stole $55,000 from his client, emphasizing the importance of trust and careful hiring in this business. We also touch upon the unexpected resignation of the NAR president due to scandals and the placement of an interim, urging NAR to provide better protection for consumers. Lastly, we provide a quick snapshot of the current real estate market, addressing the issue of low supply and fluctuating prices. A detailed review of a property on Leimert Boulevard is also included in the discussion.
00:00 Introduction
00:35 Property Manager Fraud Case
01:36 Property Review: Leimert Boulevard
02:58 NAR President Resignation and Realtor Ethics
08:10 Market Snapshot: Current Real Estate Trends
09:54 Conclusion and Final Thoughts
Option 1: "🔴 PROPERTY MANAGER STOLE $55,000! 😱 In this gripping Video, uncover the shocking story of a property manager who took advantage of their clients. Watch the video and learn how to protect yourself from such scams. #RealEstateScam #PropertyManagement Abitano.com "
Option 2: "NAR President Tracy Kasper Resigns! 🚨 Discover the latest developments in the real estate industry and why NAR is facing challenges. Get the inside scoop and learn about the efforts to protect consumers. #RealEstateNews #NARPresidentResigns"
Option 3: "Attention Investors! 🏢🚀 Watch how a property manager's greed led to a loss of $55,000 for one landlord. Learn valuable lessons and tips to avoid falling victim to similar scams. Check out the eye-opening video now! #PropertyInvesting #BeInformed"
Option 4: "Looking for a New Home? 🏡 REO of the week, Leimert Boulevard, a stunning property with a million-dollar view! Discover why this two-bedroom gem has caught the attention of homebuyers. Take a virtual tour and fall in love with the beautiful location! #DreamHome #RealEstateListing"
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