Stories from the trenches in the Albuquerque Real Estate World

by | Feb 26, 2021 | Albuquerque Real Estate Talk | 0 comments

Tego Venturi:

And I just want to hear some, some stories, Jane, you’ve got some stories about what buyers and sellers are going through these days. Can you share something with us that you’re experiencing? Thank you. Hold on. I got to cue it up. I always do that to Tracy. That’s like, I go, I go, okay, wait, wait, but let me queue it up. If you don’t know, our market is like, unlike any market we’ve ever seen super low number of homes on the market and a lot of buyers, high buyer demand by low seller supply. That’s kind of what we’re dealing with, right?

Jane Elizabeth:

Yeah, absolutely. It’s a really fun market. Very fun unprecedented. The stories I helped buyers and sellers and the thing that is most noteworthy to me is I talk with people who want to sell. Usually the first time I sit down and meet with them, their jaw dropped. When I tell them it’s not a matter of, if your house is going to sell, it’s a matter of when and how much, how much we’re going to get for it. And that’s amazing. And it’s crazy to be talking like that because I started in 2008, 2009, and we all know what that was like. So that’s been really amazing to be able to help sellers finally get what their houses, maybe they paid for them back in 2006 and maybe even a little bit more just to

Tego Venturi:

Way more. I mean, in, unless they just let it go away, then they definitely are getting more than, than even the top of the market in, in Oh six. And so what are you doing? Like you’re, you’re S you’re listing a home and you’re getting multiple offers, right?

Jane Elizabeth:

We can’t give away all our secrets. But we’re very, very thoughtful. Again, it’s going to sell, you know, you have to really have a a really bad property for it not to sell right now. It’s gonna sell. But we’re doing very strategic things. I always say that we get this, I won’t give away. We get Cinderella ready for the ball. Right? If Cinderella went to the ball with ashes and sack cloth or whatever she wouldn’t have gotten picked by the Prince. You know, she might’ve gotten picked by the housekeeping staff.

Tego Venturi:

She might’ve gotten picked, but you probably wouldn’t got top dollar. I know analogy gets a

Tego Venturi:

Little weird analogy, but anyway

Jane Elizabeth:

Because you can, you can throw anything at the market. But it’s really important to be very intentional about how, how you prepare the house and then how we market it. We’ve got a lot of things that we do that really help everyone have an equal advantage of bidding on the property. It’s the market

Tego Venturi:

Talk about the buyer, but Damon, I want to hear about property management, what you guys are seeing again, you know, I know I rented one of the homes we own here a month or so ago. And I mean, it was, my phone just blew up, rented it out. I mean, like it, like people that wanted to rent it, I had literally people on the phone crying, begging me to rent them the home. They couldn’t find anything. Are you seeing the same thing? We are seeing the exact same thing we’re seeing, you know, you know, our, our nicer properties are, you know, rents are increasing and we’re getting, you know, multiple phone calls that, you know, within minutes of the time we S we post them before they’re even, you know, vacated yet. You know, lot of people, you know, renting site and seam you know, last year we were, we were kind of at the beginning of the shutdown, we were thinking that we had this inventory that was going to sit for awhile.

Damon Maddox:

People realizing they can, you know, co you know, telecommute and work from home. You know, they can come to our beautiful city, you know, cost of living is so much cheaper, you know, they’re willing to spend, you know, that extra money for, you know, a four bedroom. So they have one designated office space and they really only needed two or three bedrooms and, and all of that yard space. So we’re seeing those homes go super quickly. Yep. What about, what about on the, you know, I know you do have some older apartment buildings and stuff that you guys have a little, little lower price point. I mean, what do you seen in that market? Well, you even, those were, they they’ve the, the, the pricing has creeped up, but we do a lot of stuff around the university area. Yeah. Those kind of, that, you know, first semester of, of the shutdown, those kind of sat vacant for awhile. Um, but you know, then, you know, students started coming back, um, and, and, you know, they’re, they’re all pretty full now where we are seeing the same issue that you guys have on the sales side, where low inventory. Um, and so people are jumping on, on what they, you know, what they see as soon as it gets online.

Tego Venturi:

Yeah. Yeah. How many, just curious, how many properties do you have in your portfolio that you, that you help people with? We manage 788 doors. Yep. Roughly 500 properties. We do everything from single family homes up to up to 20 unit complexes. We don’t do any of the, you know, those giant, you know, 80, 160 units, you know, monstrosities, that’s a little out of my wheelhouse and that’s, that’s a whole different niche. Right? You’ve got your niche. And I mean, obviously you guys have built a reputation in town for years and years. You know, like you said, your family has been in the business 45 years, you said 45 years scenario of the year I was born your dad, your dad is a amazing guy. And with the stuff he’s done for our industry, and I think most people will just never know what he’s done, so we appreciate it.