The Portland Real Estate Podcast

The only source for Portland Oregon real estate news, forecasts, interviews and entertainment. Steve Nassar and Joe Fustolo cover the latest news in the Portland real estate market in this weekly podcast. This Podcast is for any Portland Developer, Home Builder, Realtor or Real Estate Professional.

PDX Real Estate EP158: Navigating the Future of Real Estate: The Impact of the NAR Lawsuit and What's Next 03/26/2024

PDX Real Estate EP158: Navigating the Future of Real Estate: The Impact of the NAR Lawsuit and What's Next Almost everything from our last Best of Masters was about the NAR lawsuit and settlement. In fact, this was our largest audience ever. Everyone is interested in knowing how this is going to play out. In this episode, Steve and Joe share what this means to them and what it could look like going forward. They also share insightful comments and questions from listeners. In 2021, there were 100 billion dollars in commissions in the US. Is this pie going to shrink after the NAR lawsuit and settlement? Find out what we think! The NAR lawsuit and settlement is huge. There are massive changes happening in our industry. These changes are equivalent to what Dodd-Frank did to the mortgage industry in 2010. We break down how commissions used to work with buyer’s agents being sub agents of the seller. We talk about changes made in fiduciary responsibility and rules for transparency. The lawsuit found that NAR may need to pay 5.4 billion dollars. After this, negotiations started. It was just announced that they settled for $418 million. Now buyer's agent commission doesn't need to be posted, and buyers representation agreements will be required in all 50 states. Starting in July with court approval. No one really knows how this is going to play out, but we do know the changes are here. Instead of fighting it, let's get through it together. Join us as we navigate the possibilities. It’s not time to panic. It’s time to up our buyer representation game, improve our value, and master our craft! Key Takeaways The evolution of commission structures before and after the recent mandates Why listing agents might see their share of commissions increase despite overall reductions The anticipated increase in effort required to secure buyers under the new commission norms Predictions for a rise in direct transactions between sellers and buyers How the mandate for buyer's agents to demonstrate value could enhance industry professionalism Potential changes in how seller-paid commissions are disclosed The necessity of representation agreements for both buyers and sellers in the new landscape Tips for negotiating commissions with a signed buyer's representation in hand The emergence of service menus offered to buyers by various entities Speculation on the impact of these changes on major real estate platforms like Zillow The likelihood of more competitive pricing structures, including flat fees The possibility for sellers to adjust commission offers dynamically The critical role of securing signed buyer's representation agreements Questions around the future of pre-agreed broker commission rates in listing contracts The need for extensive education among buyers, sellers, and brokers regarding these changes The implications of eliminating the NAR's MLS membership requirement Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/30546403

PDX Real Estate EP157: How to Stay on Top of Industry, Market, and Tech Changes—with Ken Perry 02/05/2024

PDX Real Estate EP157: How to Stay on Top of Industry, Market, and Tech Changes—with Ken Perry Have you been wondering how to stay on top of all the industry, market, and technology changes in today's real estate world? Understanding market trends, compliance, and leveraging technology has never been more critical. It's not just about navigating the legalities; it's about thriving in a market that demands adaptability, foresight, and integrity. What are the emerging market trends and technological advances that can benefit today’s real estate professionals? , a former lender turned trainer, speaker, outstanding podcast guest and host, and compliance expert, stays on the cutting edge of the industry. His company, , specializes in keeping lenders at the top of their game with compliance, continuing education, technology, market trends, and lessons in leadership and life. In this episode of The Portland Real Estate Podcast, Ken joins hosts Joe Fustolo and Steve Nassar for a masterclass on the fast-moving real estate industry. He shares insights into navigating the complexities of today's market with confidence and integrity. We also discuss the NAR lawsuit, how to use technology ethically, and the benefits and dangers of the AI world. We touch on election-year interest rates and have a little fun with some of the Best of Masters topics. Tune in for a conversation that's bound to inspire and equip you for the road ahead in real estate. Key Takeaways Compliance is just a portion of what Knowledge Coop does. It's more about helping the real estate industry What realtors aren't doing right include not properly understanding or following RESPA (Real Estate Settlement Procedures Act) Realtors shouldn't quote interest rates without disclosures or technology that posts real interest rates Ken's podcast, , provides listeners with strategies for resilience How this downturn is worse than 2008 with the lowest amount of units sold since 1995 How the real estate and mortgage industry need to take some responsibility for the low numbers and reach out to help potential buyers How buyer behavior is influenced by FOMO (Fear Of Missing Out) and FOBO (Fear Of Better Options) Activity increases when rates go down, but rates like in 2021 probably aren't in the future During election years rates are usually artificially lowered or not spiked Ken shares his theory from Best of Masters about the NAR lawsuit and how it's framed as consumers being harmed A buyer's agent needs to be able to explain their worth to the client, some are going to the lender’s side and Zillow now have AI products With the emergence of deep fakes and AI, we need to be skeptical of everything Connect with Ken Email Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/29804673

PDX Real Estate EP156: Rebuilding a Real Estate Business in a New Market—with Tucker Merrihew 12/19/2023

PDX Real Estate EP156: Rebuilding a Real Estate Business in a New Market—with Tucker Merrihew In 2015, Tucker Merrihew got the idea for The Portland Real Estate Podcast. And he cohosted the show for seven years. But in 2022, Tucker left the Pacific Northwest for the sun and sand of southwest Florida. What has he been up to since then? How does Naples, Florida, differ from Tucker’s old stomping grounds in Lake Oswego? What does it look like to rebuild a real estate business in a new market? On this episode of The Portland Real Estate Podcast, your hosts Joe Fustolo and Steve Nassar catch up with Tucker, discussing how he rebuilt after the move and what it’s like to operate a home building company and hospitality business in the State of Florida. Tucker, Steve and Joe consider what the Fed announcement around rate cuts in 2024 means for the market and predict how the NAR lawsuit might (or might not) change the landscape of real estate. Listen in for insight into the recent transition of ownership in Steve’s company and enjoy a highlight reel of the high-value guests who appeared on the podcast in 2023! Key Takeaways How The Portland Real Estate Podcast has evolved since Tucker came up with the idea in 2015 The synergy between the podcast and Joe’s Masters in Real Estate Facebook Group What inspired Tucker’s move from Oregon to Florida and how Naples differs from Lake Oswego The success of Tucker’s hospitality business (and why it’s easier to operate STRs in Florida) How Tucker rebuilt his home building business in Florida and documented the process How codes requirements and insurance differ in Florida to accommodate potential hurricanes Tucker’s experience living through Hurricane Ian and how long it takes to rebuild afterward The recent Fed announcement re: rate cuts in 2024 and what that means for the real estate market The psychological impact of rising interest rates on the real estate market How the transition of ownership in Steve’s company followed its operating agreement How the NAR lawsuit is likely to change the landscape of buyer’s agent compensation in real estate An overview of the high-value guests we’ve interviewed on the podcast in 2023 The purpose we serve in uniting the real estate industry through the podcast and Facebook group Connect with Tucker Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/29142918

PDX Real Estate EP155: Unpacking Nar Developments—with Rob Levy 11/20/2023

PDX Real Estate EP155: Unpacking Nar Developments—with Rob Levy A Missouri court recently found NAR, HomeServices of America and Keller Williams liable for $1.8B in damages for conspiring to keep commissions artificially high. And there’s a long list of copycat lawsuits advocating a shift in the way commissions are paid in real estate. So, what might that look like? What does it mean for you and your business? Rob Levy has been a licensed Portland REALTOR since 1988 and currently serves as Principal Broker with , a top-producer in the Pacific Northwest. On this episode of The Portland Real Estate Podcast, Rob joins hosts Joe Fustolo and Steve Nassar to walk us through the lawsuits against NAR and discuss how buyer’s agents might be paid in the future. They describe how the decoupling of commissions will impact first-time homebuyers and why buyer’s agents will have to sell what we do to consumers moving forward. Listen in as Rob explains how decoupling commissions will increase the barrier-to-entry in real estate and learn how to adapt to a change in how BACs are paid and thrive in a ‘specialist’s market.’ Key Takeaways What’s behind the $1.8B lawsuit against NAR (and the long list of copycat lawsuits) Rob’s insight on how the real estate industry resisted change in 1993 when buyer’s agency came out Why the listing agent and buyer’s agent are both paid by the seller right now How buyer’s agents might be paid by homebuyers or negotiate commissions when an offer comes in Why buyer’s agents being paid by buyers is bad for the industry and first-time homebuyers Why buyer’s agents will have to sell what they do to consumers moving forward How a shift in the way BACs are paid will impact the attrition rate for REALTORS How a decoupling of commissions might be a good thing for listing agents How the decoupling of commissions will increase the barrier-to-entry in real estate Why it’s crucial for real estate agents to anticipate and adapt to change The similarities and differences between the current market and the Great Recession Opportunities to buy in the current real estate market (and how first-time homebuyers are priced out) How the recent dramatic rise in interest rates killed demand in the real estate market Life events that drive people to buy and sell homes regardless of the market Connect with Rob Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/28707993

PDX Real Estate EP154: Free-Standing Structures for Maximizing Living Space with Anthony Taylor-Weber 10/25/2023

PDX Real Estate EP154: Free-Standing Structures for Maximizing Living Space with Anthony Taylor-Weber Do you have clients who need more space but can’t move in the current market? With rates reaching 8% for the first time in 20 years, plenty of people are stuck in the home they’ve got. What if you could offer a solution that would give them the space they need and add value to their current home without spending hundreds of thousands of dollars on an addition or ADU? Anthony Taylor-Weber is Founder and CEO of , a business that designs and builds custom, fully finished backyard studio spaces for home businesses, work-from-home employees and creatives. On this episode of The Portland Real Estate Podcast, Anthony joins hosts Joe Fustolo and Steve Nassar to explain how he was his own first customer and why you might consider building an outdoor office. Anthony discusses the distinctions among additions or remodels, ADUs, tiny homes and sheds, describing why his outdoor offices fall into the regulatory category of sheds—and how that’s beneficial. Listen in to understand the potential return on investment for building an outdoor studio and learn how to make potential clients lifelong fans by recommending Outdoor Office. Key Takeaways Anthony’s background working in the Department of Defense and as a home inspector How building an outdoor office for himself led Anthony to found Outdoor Office, Inc. The distinctions among additions/remodels, ADUs, tiny homes and sheds Why Anthony’s outdoor offices or studios fall into the regulatory category of sheds (and why that’s beneficial to his customers) How to install a toilet or sink in your outdoor office without changing its regulatory status Uses for an outdoor office beyond a traditional workspace, e.g.: yoga studio, home gym, bar, etc. Why Anthony’s business grows during dips in the housing market Strategies for financing an outdoor office and why Anthony is building an in-house option How Anthony navigates HOAs that are hesitant to approve an outdoor office Why you might consider building an outdoor office or recommend it to your clients How building an outdoor office adds significant value to your home How Joe and Steve advise their clients around pricing in the current real estate market Why Joe and Steve predict an exodus from the business in the next 6 to 12 months Connect with Anthony Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/28421876

PDX Real Estate EP153: How New Land Use Regulations Help & Hinder Development—with Ezra Hammer & Jamie Howsley of Jordan Ramis 08/29/2023

PDX Real Estate EP153: How New Land Use Regulations Help & Hinder Development—with Ezra Hammer & Jamie Howsley of Jordan Ramis The Portland region needs 60,000 housing units to resolve the current housing shortage. What new land use laws are helping close the gap? And what legal developments make it even harder for developers to keep up with demand? Ezra Hammer and Jamie Howsley are attorneys at , a firm that serves the businesses of Pacific Northwest. Ezra and Jamie have expertise in land use and development, environmental and natural resource permitting and government affairs. On this episode of The Portland Real Estate Podcast, Ezra and Jamie join hosts Joe Fustolo and Steve Nassar to discuss what’s behind the moratorium on new development in Washington County and why it’s so challenging to build in Multnomah.å Ezra and Jamie explore the benefits of a new law promoting the adaptive reuse of old commercial buildings into residential units and explain how residential infill projects give property owners the freedom to build ADUs and attached homes. Listen in for Ezra and Jamie’s take on cities banning natural gas in new construction and learn what we can do to support thoughtful real estate development and alleviate the growing housing crisis. Key Takeaways What’s behind the moratorium on new development in Washington County How the Washington County moratorium will impact the housing market The benefits of a new law supporting the adaptive reuse of old commercial buildings into residential units Why developers might be slow to take on adaptive reuse projects Why the City of Portland expanded the opportunity to build senior housing in residential zones How residential infill projects make it easier for residents to build ADUs and attached homes and why that’s still not enough fix the housing shortage Why it’s so challenging to build in Multnomah County and what’s being done to change that How short-term rentals affect the housing landscape and recent court cases to restrict STRs How Ezra & Jamie think about cities mandating what you can and can’t use for power (and why municipalities go after new construction vs. retrofitting existing stock) Why the growth Portland has seen over the past several decades is likely to continue and increase Ezra & Jamie’s take on where the next annexations or developments will be Connect with Esra & Jamie Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/27883722

PDX Real Estate EP152: There’s Enough Real Estate for Everybody—with Justin Stoddart of ProInsight 07/24/2023

PDX Real Estate EP152: There’s Enough Real Estate for Everybody—with Justin Stoddart of ProInsight Are you inclined to compete with other real estate agents and defend your territory? Or collaborate as colleagues? At , we believe that a rising tide lifts all boats. And because there’s enough business for everybody, we share best practices with the intention of helping each other succeed. Justin Stoddart is CEO of , a platform that helps real estate agents integrate our services with other professionals, collaborating to improve our value proposition and better serve our ideal clients. Justin is also the author of . On this episode of The Portland Real Estate Podcast, Justin joins hosts Joe Fustolo and Steve Nassar to offer his take on the hottest topics in the Masters Facebook group over the last few months. Justin, Joe and Steve discuss what to do when a buyer wants to represent themselves and explain the benefit of a less-is-more approach to public comments on RMLS. They weigh in on how to handle big repair addendums, agent-accompanied showings, and clients who call you for a listing appointment—and then post their home on a FSBO site. Listen in to understand why so many REALTORS are struggling in the first half of 2023 and learn why it’s better to adopt an abundance mindset and move forward with the idea that we’re all in this together. Key Takeaways The work Justin does with ProInsight to help professionals integrate their services What to do when a buyer wants to represent themselves and save BAC Why we question the credibility of out-of-state recommendations provided by so-called referral clubs How to avoid scams that target real estate professionals and other service providers The benefit of a less-is-more approach to public comments on RMLS Why it’s bad form to slam another agent for saying they’re a neighborhood expert in what you think of as your community Why big repair addendums are back and who’s responsible for handling them Why it’s usually better to credit a buyer for repairs vs. try to get the work done before close How most REALTORS feel about agent-accompanied showings The pros and cons of offering to lead a tour vs. giving buyer’s agents the option to do a walkthrough on their own in an accompanied showing What to do when a client calls you for a listing appointment but also lists on a FSBO site Why 92% of REALTORS have sold fewer than 4 homes in the first half of 2023 How to adjust your strategy to succeed in the current housing market Connect with Justin Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/27552447

PDX Real Estate EP151: Conquer Client Retention (and Engage New Prospects!)—with Scott Fouser of Househappy 05/29/2023

PDX Real Estate EP151: Conquer Client Retention (and Engage New Prospects!)—with Scott Fouser of Househappy The average person lives in a home for about 7 years. And agents and lenders need to stay top of mind, so we’re there when the client is ready to move again. However, 88% of people forget their real estate team less than a year after closing. But what if there was an easy way to stay engaged with clients and support them in taking care of their home—with very little effort on your part? Scott Fouser is Chief Revenue Officer of , a tech platform that helps real estate professionals stay in front of their homeowner-clients through the gift of concierge home maintenance services. On this episode of The Portland Real Estate Podcast, Scott joins hosts Joe Fustolo and Steve Nassar to explain how the Househappy concierge connects homeowners with trusted service pros, giving your network of contractors first dibs on open jobs and coordinating the transaction in-app. Scott discusses what’s included in the agent-branded emails Househappy sends clients and shares his response to REALTORS who worry that a bad experience with a contractor will be associated with them. Listen in to understand what differentiates Househappy from platforms like Angi or HomeAdvisor and find out if Scott’s team can help you engage with new and existing clients to conquer client retention and grow your real estate business! Key Takeaways How Househappy keeps agents and lenders top of mind with homeowners The role the Househappy personal concierge plays in finding homeowners a trusted service pro How agents and lenders can refer their network of service professionals through Househappy The process Househappy uses to notify contractors about open jobs, send homeowners bids and schedule services What’s included in the emails Househappy sends clients (and why the open rate is over 50%) Why an agent might use Househappy rather than asking homeowners to contact them directly How Househappy notifies agents when a homeowner might be selling The cost of a Househappy subscription package for agents and lenders Scott’s response to agents and lenders who worry that a bad experience with a contractor will be associated with them What differentiates Househappy from Angi or HomeAdvisor (and how it improves the user experience for homeowners) Househappy’s ecosystem of 104,000 contractors across the US and what the concierge does if they don’t have a service pro in a particular area How Househappy vets contractors to ensure they live up to a certain standard The onboarding process for agents and lenders to set up a subscription to Househappy The best way to gift your clients and prospects a Houshappy account How to use Househappy to farm a neighborhood and generate new business Connect with Scott Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/26975427

PDX Real Estate EP150: Real-World Applications of AI for Real Estate Agents—with Eric Post of Huzi 04/11/2023

PDX Real Estate EP150: Real-World Applications of AI for Real Estate Agents—with Eric Post of Huzi No doubt you’ve read multiple news items about artificial intelligence and received several emails promoting AI trainings since launched last November. And many believe that AI technology will start a revolution bigger than anything we’ve experienced in our lifetime, including the internet. But what is AI really capable of? And how might real estate professionals use it in a meaningful way? has 20 years of experience in the industry, owning both real estate and mortgage brokerages and working in the consulting, coaching and startup space. Today, he is building a company called to help small business owners and entrepreneurs leverage artificial intelligence to expand their business. On this episode of The Portland Real Estate Podcast, Eric joins hosts Joe Fustolo and Steve Nassar to discuss the AI language model known as ChatGPT and describe how it allows us to have conversations with a given data set. Eric explores real-world applications of AI in real estate, sharing his vision of how we might use AI to improve the client experience and create efficiencies in writing deals and conducting valuations. Listen in to understand what skills you need to use AI effectively and learn how to leverage ChatGPT to solve problems in your real estate business and do more for your clients than ever before! Key Takeaways What aspect of ChatGPT inspired Eric to build a company around this technology The difference between a language model like ChatGPT and general intelligence What skills you need to use AI technology like ChatGPT effectively Eric’s vision of how we might use AI in real estate to improve the client experience How what ChatGPT can do is a reflection of your creativity as a user How AI like ChatGPT allows you to have a conversation with a given data set The value in leveraging ChatGPT to design your business strategy What it looks like to be successful using AI as a real estate agent (now and in the future) How to use ChatGPT AI to build relationships with prospective clients What kinds of jobs ChatGPT is likely to eliminate and how quickly that might happen Why ChatGPT is only trained on data through the end of 2021 and when it might be updated The imminent transition from SEO keyword to AI optimization strategies How AI might change the way we write real estate deals and do valuations and inspections Eric’s advice for agents on how to survive in a world built on AI The real estate product Eric is developing to help agents answer questions with AI Connect with Eric Email Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/26504601

PDX Real Estate 149: The NEW Oregon REALTORS Forms Library—with Jeff Wiren and Jeremy Rogers 02/27/2023

PDX Real Estate 149: The NEW Oregon REALTORS Forms Library—with Jeff Wiren and Jeremy Rogers In the spring of 2020, voted to have statewide forms administered by the state association as a member benefit—not for profit. To that end, the association made an offer to purchase the other two owners’ interests in OREF. But that offer was rejected. Consequently, Oregon REALTORS developed its own , which went live on Wednesday, February 22, 2023. , President of Premier Property Group, was President of Oregon REALTORS when the new forms were announced, and serves as the Director of Legal Affairs for Oregon REALTORS. On this episode of The Portland Real Estate Podcast, Jeff and Jeremy join hosts Joe Fustolo and Steve Nassar to discuss the battle between OREF and Oregon REALTOR forms. Jeremy walks us through the simple steps agents can take to avoid legal liability based on choice of form, and Jeff shares some of the key differences between the OREF and Oregon REALTOR forms libraries. Listen in for insight on making Oregon REALTOR forms available to non-members and learn how to access the new forms library and where to send your feedback. Key Takeaways When Oregon REALTORS decided to include statewide forms as a member benefit Why Oregon REALTORS created separate forms vs. working with OREF to perfect the existing library PMAR’s decision to retain ownership of OREF as a for-profit company 5 simple steps agents can take to avoid legal liability based on choice of form The panel’s predictions on who will win the battle between OREF and Oregon REALTOR forms The likelihood that Oregon will go back to a single set of approved forms The expense associated with developing the Oregon REALTOR forms library (and the association’s efforts to do so without raising dues) Jeff and Jeremy’s insight on the advantages of using Oregon REALTOR forms The policy on making Oregon REALTOR forms available to non-members Joe’s suggestion around using specific vs. calendar dates on Oregon REALTOR forms The potential to run Oregon REALTOR disclosure forms through SkySlope’s Breeze platform Why Jeff encourages cooperation among REALTORS when it comes to form preference How both OREF and Oregon REALTORS form libraries create equity between buyers and sellers Who to reach out to at OREF or Oregon REALTORS with complaints or compliments How to access the new Oregon REALTORS forms library and its associated trainings Connect with Jeff Connect with Jeremy Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/26038731

PDX Real Estate 148: The Market Is Between Your Ears—with Dill Ward 01/30/2023

PDX Real Estate 148: The Market Is Between Your Ears—with Dill Ward We can all agree that the real estate market was pretty bad last year. Case in point, pending sales in the Portland metro area were down 50% year-over-year in November 2022. But things are starting to pick up as we move into 2023. And we can either complain about the challenges OR step into 2023 with a positive attitude. Because if you ask Dill Ward, energy begets energy, and the agents who show up with joy will build momentum. In other words, the market is between your ears. Dill is Principal Broker at of Living Room Realty. She has 14 years of experience as an agent and investor in Florida and Oregon. On this episode of The Portland Real Estate Podcast, Dill joins hosts Joe Fustolo and Steve Nassar to explain how she leveraged networking to restart her career in a new state and share her proactive approach to navigating the current market. Dill, Joe and Steve explore why the Portland real estate market picked up in January, discussing the attrition rate among loan officers in Oregon and what they expect the REALTOR numbers to be when they come out next month. Listen in for insight around the rule against text on images in RMLS and get Dill’s advice on stepping into 2023 with energy and ‘finding the humans who need to move’ regardless of what’s happening in the market. Key Takeaways How Dill leveraged networking to restart her real estate career in Portland The relationship between being resourceful and being a successful real estate agent How we’re getting multiple offers on listings that are priced correctly (and why we usually encourage sharing pricing information with other REALTORS) Dill, Steve & Joe’s take on why the Portland real estate market picked up in January What we’re doing to combat negative stories re: the real estate market in the media The statistics on attrition among loan officers in Oregon (and what we expect the REALTOR numbers to be when they come out next month) Dill’s insight on being proactive to perform well in the current market Why we’re not fans of the rule against text on images in RMLS When RMLS plans to make good on its promise to provide an alternative to ShowingTime Why we give very little credibility to the Home Energy Score How an itemized breakdown of how PMAR dues support agents would benefit all involved Our questions around having two sets of forms for Oregon real estate Connect with Dill Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/25756215

PDX Real Estate 147: Finding Opportunity in the Market Shift—with Brittany Gibbs, Heather Robbins & Kim Gellatly 11/22/2022

PDX Real Estate 147: Finding Opportunity in the Market Shift—with Brittany Gibbs, Heather Robbins & Kim Gellatly Interest rates are up to 7%. Pending sales are down 42%. And yet, many real estate agents continue to do business at a high level, despite the dramatic market shift. In April of 2022, Brittany Gibbs, Heather Robbins and Kim Gellatly appeared on the podcast to discuss the developing shift and share what they were doing to prepare for the market correction. So, what did Brittany, Heather and Kim get right? What has surprised them in the last six months? And what are they doing to find success in the current real estate market? Brittany, Heather and Kim serve as Principal Broker at , and , respectively. Together, they have 46 years of industry experience. On this episode of The Portland Real Estate Podcast, Brittany, Heather and Kim sit down with hosts Joe Fustolo and Steve Nassar to discuss how the rise in interest rates and decline in pending sales is affecting their businesses. They explain how seller and buyer behavior has changed with the market shift and offer insight around how what’s happening now compares to the Great Recession of 2008. Listen in to understand how the market slowdown is impacting other real estate professionals and find out how Brittany, Kim, Heather, Joe and Steve are finding the opportunity in this market shift. Key Takeaways How rising interest rates and declining pending sales affect our panelists’ businesses Why proactive communication with clients is crucial in the current market How seller behavior has changed with the real estate market shift What our panelists are doing to set expectations with sellers in the listing appointment How buyer behavior has changed in the current real estate market The creative strategies our panel is using to get around higher interest rates What surprised Brittany, Heather & Kim over the last 6 months How the current real estate market compares to the Great Recession of 2008 Why there is more cooperation among real estate professionals right now How the market shift is impacting other real estate businesses (title, lenders, inspectors, etc.) What our panelists are doing differently to be successful right now What Brittany, Heather, Kim, Joe & Steve are optimistic about going into 2023 Connect with Brittany Connect with Heather Connect with Kim Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/25098840

PDX Real Estate 146: How Rising Mortgage Rates Impact REALTORS—with Tammy Wittren 10/24/2022

PDX Real Estate 146: How Rising Mortgage Rates Impact REALTORS—with Tammy Wittren Mortgage interest rates are the highest they’ve been in 20 years. And as a result, mortgage applications are down by 38% and refis have dropped a whopping 86%. So, when will rates start to come back down? What can lenders and real estate agents do to adapt to the current circumstances? Guest Cohost Tammy Wittren is Branch Manager at . With more than 30 years of real estate and lending experience, Tammy separates herself from the competition by building a team of professionals who share her commitment to serve others. On this Best of Masters episode, Tammy joins Joe Fustolo and Steve Nassar to explain why mortgage rates have risen beyond 7% and where industry experts say rates will be in 2023. They discuss some of the top posts from the Masters Facebook group, offering insight around business taxes in Multnomah County, professionalism in showings, and the changes to Oregon real estate forms. Listen in to understand why the value of a good REALTOR grows in a market decline and learn how to master your craft and make your numbers work in a cooling market. Key Takeaways What global factors contributed to mortgage rates rising beyond 7% Tammy’s insight on what the experts say mortgage rates might be like in 2023 How layoffs in the mortgage industry are likely to trickle down into real estate Tammy’s argument that buying a home is still a solid investment Why comps that go back farther than a month are no longer accurate What’s behind the increase in buyer terminations The taxes business owners must pay in Portland/Multnomah County The protocol for professionalism around showing appointments and notifying agents when an offer is rejected How Oregon real estate forms are changing and why it’s a problem Tammy’s warning around sending repair addendums to a lender The benefit of leaving a search on after a client goes with another REALTOR Why the value of agents diminishes in a booming market (and vice versa) Connect with Tammy Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/24774693

PDX Real Estate 145: How to Adapt to a Real Estate Market Correction—with Justin Harnish 07/27/2022

PDX Real Estate 145: How to Adapt to a Real Estate Market Correction—with Justin Harnish The real estate market was nothing but hot in 2021. We saw a staggering number of transactions, and most homes were on the market for less than a week. And now the market is correcting. Real estate has a longer shelf life and there are fewer buyers. But what if this shift in the market isn’t necessarily a bad thing? What can we do as brokers to adapt to the circumstances and be successful for the long term? Justin Harnish is the Broker-Owner of , and industry leader in the sales and marketing of luxury homes in and around Lake Oswego. On this episode of the Portland Real Estate Podcast, Justin joins cohosts Joe Fustolo and Steve Nassar to discuss how the real estate market has changed in recent months, describing how demand has stepped back while supply remains the same. They explain how the interest rate hike works in favor of cash buyers, why off market sales are a good play right now, and what a market correction means for buyers, sellers and agents. Listen in for insight on keeping sellers happy right now and learn how you can adapt and be successful in the current market environment! Key Takeaways How demand has stepped back in recent months while supply hasn’t changed Why the level of urgency is lower in the luxury market How the interest rate hike works in favor of cash buyers The challenge of finding comps in a market that is changing so quickly Justin’s take on how the market will play out for the rest of 2022 Why a market correction is not a bad thing and how it will ‘thin the herd’ in our profession The return of seasonality in the real estate markets Why off market sales are a good play right now How agents can adapt to be successful in the current real estate market Why conversations around price reductions are back How to keep sellers happy right now How sellers know what’s going on in the market and why that benefits us Why real estate is still the safest long-term investment there is Why a new judge was assigned to the Lake Oswego case Connect with Justin Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/23871243

PDX Real Estate 144: The Latest Real Estate Market Action Data with Kurt von Wasmuth 06/20/2022

PDX Real Estate 144: The Latest Real Estate Market Action Data with Kurt von Wasmuth We’ve just seen the most significant interest rate hike since 1994. There’s scary inflation news and an economy in flux.Has all of this caused a slowing down in the real estate market? Kurt von Wasmuth, President/CEO of the Oregon RMLS, is back on the show to share the latest market action data. On this episode of the Portland Real Estate Podcast, Kurt joins cohosts Joe Fustolo and Steve Nassar to share the active listings data and the forecast for new construction for the rest of 2022. Kurt shares what the post-COVID data shows about review deadlines and what buyers want and will pay the highest dollar for in homes now. We discuss two surprising data trends in the commercial market and how the great resignation is affecting the numbers in the real estate population. Listen in for a look at the value of the RMLS for subscribers in a tight real estate market and how Kurt’s team is working to bring new features onboard. Plus, two exciting RMLS offerings coming soon. Key Takeaways Why median is a more reliable market indicator than average when it comes to housing prices Why it’s still a hot market even with the trend of only one month’s worth of inventory What the new construction data says about the change in momentum in the market The indicator that new construction is going to be strong throughout the rest of 2022 Why the review deadlines trend is cooling now that demand is cratering Why buyers are going all-in for larger yards and more square footage The post-Covid trend toward buying in the commercial space How the great resignation drove the MLS subscriber number to an all-time high What will happen to a broker’s bottom line when the number of listings per subscriber resets How artificial intelligence is helping to find errors in the RMLS How the value of an RMLS subscription increases in a tight real estate market Connect with Kurt Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/23467331

PDX Real Estate 143: The Best of Masters in Real Estate – April/May Edition 05/30/2022

PDX Real Estate 143: The Best of Masters in Real Estate – April/May Edition On May 11, a federal judge permanently blocked Oregon’s ban on ‘love letters,’ calling it a violation of homebuyers’ First Amendment rights. And most REALTORS are glad that the ‘love letter’ is still an option. But what does this mean in practice? How do brokers plan to leverage ‘love letters’ moving forward? And what can real estate professionals do to promote fair housing and help prevent the discrimination the ban was supposed to address? On this episode of the Portland Real Estate Podcast, cohosts Joe Fustolo and Steve Nassar dig into the top posts in the Masters in Real Estate Facebook group over the last couple of months, beginning with the ruling on the ‘love letter’ ban and how these personal messages can be used appropriately. Joe and Steve share their take on the controversy over CC-ing another agent’s transaction coordinator and what’s behind the trend to ask about pending listings prices. Listen in for insight around the ongoing fight for public access to Oswego Lake and learn what to expect from the current market correction—and what steps you can take to be inflation-proof. Key Takeaways How Oregon’s ‘love letter’ ban was permanently blocked What made the ‘love letter’ ban an overreach and why it wouldn’t prevent discrimination How brokers might approach ‘love letter’s’ moving forward The controversy over being asked to CC another agent’s transaction coordinator on emails How to ensure that your TC and everyone on your team is included in email communication What’s behind the trend to ask about pending listings prices When you should and shouldn’t reveal the price a seller accepted How to offer guidance for comps without giving away the price of a pending listing The ongoing fight for public access to Oswego Lake What public access to Oswego Lake would mean for homeowners The market correction we’re experiencing now and what kind of inventory increase we can expect What steps you can take as a REALTOR to be inflation-proof Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/23271926

PDX Real Estate 142: Panel Discussion - The Effect of Rising Interest Rates on Buyers and Sellers in Today’s Real Estate Market 04/25/2022

PDX Real Estate 142: Panel Discussion - The Effect of Rising Interest Rates on Buyers and Sellers in Today’s Real Estate Market According to CNBC, today, buyers are paying 37% more for their payments on the same house because of a combination of higher interest rates and higher housing prices over last year. Diana Olick, CNBC Real Estate Correspondent says although closings and pendings have not changed, lockbox activity is down by 19% nationally for the month, an indicator that things are changing. With inflation the highest it’s been since 1981, we’re seeing interest rates back up to where they were in 2009. So how are these higher rates affecting the real estate market? is the Principal Broker at Move Real Estate with 25 people at her Brokerage and 15 team members. She’s been in the real estate industry for eight years and is the mother of two little boys ages four and five. has been selling real estate for approximately 20 years. She owns Robbins Realty Group, a small boutique brokerage in her hometown of West Linn with her mother, who has been her partner and mentor in the business from the beginning. got her real estate license right out of college. She’s been selling real estate for 18 years and is the Principal Real Estate Broker at Berkshire Hathaway HomeServices with three buyer specialists on her team and much support as a mom and business owner. On this episode of the Portland Real Estate Podcast, Brittany, Heather, and Kim join hosts Joe Fustolo and Steve Nassar to share their personal experiences with buyer and seller reactions to the rising interest rates. Listen in for insight into how each member of our panel is going the extra mile to serve their clients through creative strategies to help them realize their dreams of homeownership while managing expectations on both sides. Key Takeaways How the higher interest rates are making it harder for buyers with more competition and less inventory How to help first time and lower price point buyers through creative financing options How to manage expectations for buyers who are seeing a decline in offers How the increase in interest rates has increased communication between industry partners How each member of our panel is meeting the challenge of the new market head on Why our panel members are optimistic about the real estate market for the rest of 2022 and beyond Connect with Brittany Gibbs Connect with Heather Robbins Connect with Kim Gellatly Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/22890440

PDX Real Estate 141: Mark Aalto on Why Interest Rates Are on the Rise 03/21/2022

PDX Real Estate 141: Mark Aalto on Why Interest Rates Are on the Rise A lot is happening in the world right now. The bond market took a dive, interest rates are rising, inflation is prominent, gas prices are up, and there’s a war in Europe. All of these things are interconnected, so how are they going to affect the real estate market going forward? Mark Aalto is a lender and economic forecaster who gives great insight into things that are commonly known among lenders, but might be new, helpful information to realtors. On this episode of the Portland Real Estate Podcast, Mark joins cohosts Steve Nassar and Joe Fustolo to discuss the current market and his predictions for the rest of 2022. Mark shares his perspectives on current events in the real estate industry, how the stock and bond markets affect interest rates, and how the industry is accounting for an appraisal gap in the homebuying process. Listen in for insight on why interest rates stayed low throughout the pandemic and have now increased significantly since the start of the year. Key Takeaways Why the stock and bond markets heavily dictate financing rates How financing rates have increased significantly since the beginning of 2022 How rates have fluctuated with the stock market throughout the Covid-19 pandemic Why Mark would rather do purchases than refinancings with his customers Mark’s perspective on the current state of the bond market and how it is affecting interest rates Mark’s predictions of what rates will look like throughout the rest of 2022 Mark’s experience with loan programs and why they are typically underwhelming Why buyers cannot get recast for government loans and need to go directly through the lender The details of a federal judge recently blocking the new Oregon law banning “love letters” from prospective homebuyers and what that means for the future of the buyer/realtor relationship Mark’s perspective on the appraisal system and how the industry is accounting for an appraisal gap Connect with Mark Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/22516340

PDX Real Estate 140: Justin Stoddart on Differentiating Your Business in the Real Estate Market 03/07/2022

PDX Real Estate 140: Justin Stoddart on Differentiating Your Business in the Real Estate Market Nowadays, there are tons of people in the real estate business. Whether you’re an agent for a large company, small company, or own your own real estate business, it’s important to stand out from the crowd. The truth is that everybody wants to stand out, but not everybody will put in the effort to do it. Justin Stoddart is a real estate coach, podcast host, author, and speaker. He also serves as Founder and CEO of Portland-based company Think Bigger, where they help real estate professionals build successful businesses. On this episode of the Portland Real Estate Podcast, Justin joins cohosts Joe Fustolo and Steve Nassar to discuss his book and how real estate professionals can pursue a life of success AND significance. Justin shares various ways agents can provide value to their clients, the importance of delegation, and how agents can differentiate themselves within the market. Listen in to learn Justin’s 5 steps for building your business with the Upstream Model. Key Takeaways Justin’s background flipping homes and entering the real estate world Benefits of being an independent real estate industry coach Why great leadership is the highest form of sales Current challenges and opportunities in the Portland real estate market and the future of the market How an agent’s mindset can be a great differentiator in the market The relationship-based business of real estate and what agents can do to set themselves apart The importance of delegation The benefits of managing your time by prioritizing customers that will bring you most of your revenue The difference between a referral partner and a referral source Why you should run your business as if it is large, regardless of its current size How consistent communication is key to add value to your clients and stand out How to be seen as MORE than just a real estate agent Justin’s 5 steps for building the Upstream Model Why it is important to pay attention to who you surround yourself with. Connect with Justin Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/22355933

PDX Real Estate 139: James Lee on Problem Solving as a Paraplegic REALTOR 02/22/2022

PDX Real Estate 139: James Lee on Problem Solving as a Paraplegic REALTOR It’s easy to focus on our deficiencies. To wish we had more going for us or blame the market for the fact that our numbers are low. But what if we focused less on what we lack and more on solving the problems in front of us? James Lee got his real estate license in 2010 and was doing well. And then he suffered an injury that left him paralyzed. How did he get back into real estate after the accident? How does he navigate being paraplegic and running ? On this episode of the Portland Real Estate Podcast, James joins cohosts Joe Fustolo and Steve Nassar to share what happened the day of his injury and discuss the health complications he faced in the months that followed. James describes the obstacles he faces on a day-to-day basis, explaining how he relies on technology to do his work as an agent and what he does when a home is not wheelchair accessible. Listen in for insight on why James’ client relationships are better now than before the injury and learn what we can do as a real estate community to support people with mobility issues. Key Takeaways How James’ experience as a contractor helped him succeed early in his real estate career The injury that paralyzed James 8 years ago and the complications he faced in the months that followed What it was like to return home after 6 months in the hospital and rehab How the real estate community rallied around James after his injury Why James says being in a wheelchair helped his career and what he does when a home is not wheelchair accessible How James relies on technology to do his work as an agent The biggest obstacles James faces on a day-to-day basis What James is doing to raise money for a nonprofit that serves people with disabilities Why James is an advocate for Homes for Heroes How the typical client reacts to James’ situation and why he says his client relationships are better now than before the injury What the real estate community can do to help people with mobility issues Connect with James Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/22219352

PDX Real Estate 138: Celebrating 10 Years of Masters in Real Estate 01/25/2022

PDX Real Estate 138: Celebrating 10 Years of Masters in Real Estate In January of 2012, as we made our way out of the Great Recession, ethics in real estate was at an all-time low. And Joe Fustolo asked himself, ‘How can I fix this?’ He created the to foster professionalism and cooperation among real estate professionals in the Portland tri-county area. Ten years later, Masters is nearly 8,000 members strong, and Joe’s commitment to the integrity of the group sets it apart from other real estate related communities on Facebook. On this episode of the Portland Real Estate Podcast, Joe and cohost Steve Nassar celebrate the 10-year anniversary of Masters in Real Estate, discussing what the group looked like in its early days and how the community grew over time. Joe shares the mandatory questions prospective members must answer to be approved, reviewing what's okay to post (and what’s not) and explaining why members who break the rules are blocked. Listen in for insight on asking for vendor recommendations on the platform and find out how staying relatively small and local differentiates Masters from other real estate communities on Facebook. Key Takeaways What inspired Joe to start Masters in Real Estate in January of 2012 Who Joe invited to join the Facebook group early on and how it grew over time The mandatory questions prospective members must answer to be approved and why members who break the rules are blocked from the group Why Joe encourages Masters members to self-moderate When to go to your principal broker with a question rather than the Facebook group What to do if you’re unsure whether a post breaks the rules How Joe feels about posts featuring kudos and shout outs How to ask for vendor recommendations on the Masters platform and why you need to be careful about posting negative reviews Why it's important to Joe to keep the Facebook group small and local The benefit of using the Masters group to address safety concerns Connect with Joe Connect with Steve Resources /episode/index/show/portlandrealestatepodcast/id/21890756