Indy's Real Estate Gurus

Mastering Real Estate in Indiana: Insights from Chris Price on Indy's Real Estate Gurus

• Rick Ripma and Ian Arnold • Season 7 • Episode 8

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Rick Ripma and Chris Price discussed the Indiana real estate market, including new law changes and a recent settlement with the DOJ. They emphasized the importance of finding the right home and the time it takes to complete the process. They also discussed the current changes in the industry, such as the shift towards automated underwriting systems, and the challenges faced during the pandemic. Additionally, they discussed the advantages of teamwork and joining a real estate team, highlighting the importance of mentorship, camaraderie, and a positive work environment. Finally, they discussed a recent law change affecting real estate transactions and its potential impact on the industry.

To Contact Chris Price
Call or text    317-752-1259
Email--chrisprice@indypropertysource.com
https://www.TheIndyPropertySource.com/

Visit Our Podcast Page
https://www.podpage.com/indys-real-estate-gurus/

Contact Hard Working Mortgage Guys
https://hardworkingmortgageguy.com/

Rick Ripma  NMLS# 664589
Call or Text  317-218-9800
Email--rripma@advisorsmortgage.com

Ian Arnold  NMLS# 1995469
Call or Text 317-660-8788
Email--iarnold@advisorsmortgage.com

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Rick Ripma:

Chris price with Keller Williams the end property source was on today and he is a phenomenal real estate agent. He runs a fairly big team. He has what I'd call a mega team. A lot of agents, he does a lot of volume himself. His team does a lot of volume, because of the fantastic team that he has a they pretty much work in all of Indiana, and they work in almost every market as far as single family homes doubles, for plexes, you know, multifamily, commercial, they just do. They just do a lot and he has a tremendous amount of knowledge. He's 20 years in the business. He is a guy that you want to listen to we talk a lot about the new law change the NAR lawsuit settlement and this is this is what I think you'll you'll find very entertaining. He's a great guy, fantastic real estate agent, and I hope you enjoy the show. Thanks for listening. Welcome to India's real estate gurus, your ultimate guide to the dynamic world of real estate in Indiana. And I'm recruited by your hard working mortgage guy and I've been in real estate and mortgages for over 24 years. And I'm Ian Arnold, a loan officer on brakes hardworking mortgage team and we are both with advisors Mortgage Group together will empower you with expert advice market trends is assessable stories from Guru realtors and local experts. Whether you're a homeowner, investor or pro, join us as we navigate the thriving indie real estate market. Now get ready to unlock the doors of success. One episode at a time. Welcome back, Chris. I really appreciate you coming back in. Thanks for joining me today.

Chris Price:

Yeah, thanks for having me.

Rick Ripma:

And this is Chris price. You're with Keller Williams, the property source the end property any property source? Yeah, yeah, the end property source. I know that now. See, I didn't have that right before. So I know that now. And you've been on the show before you're a you're a not only a fantastic agent, but you run a mega team. A real estate agents, correct?

Chris Price:

That's right. Yeah. It's kind of a business within a business. Yep. Yeah. So

Rick Ripma:

you have a lot of not not just the knowledge of working with a customer on a day to day basis, purchase, you know, buying, selling, listing, all those kinds of things. But you also help many, many agents on your team. Be successful. That's right, right. Yeah. Yeah. That's, that's exciting to me, because I like to hear what people like you, what you what you do, how you motivate, you know how you do those things. But before we get into that, let's real briefly, we won't take the same 45 minutes we took last time, just, you know, we're Who are you were, you know, give us your background and how you got to where you are today. Sure.

Chris Price:

So, I've been a couple decades in in real estate now, kind of found my way into real estate right after college, I grew up here locally and went to college here locally studied economics and finance. And, and again, just kind of, I'll be honest, wasn't my first choice to go into real estate probably wasn't my parent's first choice either. But I ended up in it. And I started to really like it. And I started to apply a lot of those business management and economics type courses that I took in college and and was able to apply it to kind of run a business. So fast forward. Been doing it for ever since then. And yeah, I've been fortunate enough to grow a team within Keller

Rick Ripma:

Williams. Yeah. And, and not only a team, but a mega team. How many agents do you have?

Chris Price:

We have about eight agents. So there's about I think, 12 of us overall, we've got a couple employees and yeah,

Rick Ripma:

okay. Yeah. So it's a, it's a big team. It's not just, you're being modest, it's just not a little team. It's a big team, you do big volume. You, you've you've had it for quite some time. And so you have a tremendous background, not only that you've done done a phenomenal job and actually working with clients, you've sell a lot of homes by law, you know, you help buyers, you help sellers, you just do a phenomenal job. That's why we're so excited to have you back on because now we're gonna dig into your how you do your business. Sure, which I think is important for everybody to know. You know, your, your, your customers want to know that. You know, other you know, that there's new agents, there's inexperienced agents, you know, there may be somebody out there looking for to be on a team. Sure. And, you know, maybe they're a good fit for you or they they're, you know, there's there's new agents, people trying to figure out if they should even come into real estate, right. So let's, let's start with the buyer or the know the seller. So let's go to the seller. So when you get a seller, what how do you how do you do that? Like what is your somebody calls you they say, you know, think about listen? What's your process?

Chris Price:

Yeah, no, that's good. So usually a seller will call as a result of maybe having worked with us in the past, or just friends and family referral, or maybe even, hopefully a result of our marketing. Coming to our website, yeah. And we have a script that I go through over the phone, kind of like a vetting questionnaire, just to kind of feel out a little bit more about what they have, what they're looking to do. And then ultimately, what we what we want to try to do, what I'll do is set an appointment. So I'll go out to see the home, meet with the client start to build rapport. And I usually take pretty good notes so that you know, going into the appointment, I'll have an idea, hopefully, knowing what their timetable is. And then I'll basically show them the value that I bring as an agent and the value that my team brings in, try to match that with their needs. And ultimately, you know, I'll try to, you know, sign them up as, as a client when we meet, but it's, maybe I'm not as high pressure as most you know, if they're not quite ready, I do, I will look to try to, you know, try to get them to commit with me, but if not, you know, I'll stay in touch with them. And then as their timetable adjusts, I'll follow up. So once once they sign up as a seller with us, and agree, like, Hey, you look like like you're gonna be a good fit with this, then the the actual pre marketing was what we call it Steps Start to to take place. And you know, all the logistics behind getting a home ready. Sometimes it's sometimes their staging and design that we will provide input on a lot of times, there's unfinished projects, that we'll go over with the seller. And really, it's getting it ready for the photography for the 3d tour for all the marketing shoots that take place before it goes live. We try to work pretty hard to get them to that point.

Rick Ripma:

So that it's ready. Okay, so if you have a, you have a you're, you're going to an appointment to list the house or at least talked about listing their house. And what, what questions should a seller have for you? And, and I'm guessing that knowledge that they have, but you said you know what they are you probably answered them without them necessarily asking the question. So what? How do you how do you cover that? So as an example, do people ask, you know, so how many how many homes? Have you sold in the in the area? And how long? Have you been a real estate agent? Do they ask questions like that?

Chris Price:

They do. They should? Some people do. Yeah, a lot of people will ask, How long have you been in real estate? Certainly, when I first got in, I was maybe 21. And I didn't have all the gray hair that I have now. So they're maybe not as concerned about that anymore. But they still might ask a lot of people have gotten into real estate over the past few years. And they want to make sure that there's like a track record that goes behind. So I definitely like to cover that. Even if they don't ask me. You know, I'll tell them sold several 1000 homes 20 years in the business. And here's why I think I could help you out too. So.

Rick Ripma:

So let's say you have do you have any newer people on your team? We do. Okay, so how does that newer person because they can't say that? Right? Because they have been in the business 20 years and haven't sold 1000s of homes. But how do you teach them to present to that, that that seller? And kind of communicate the same information?

Chris Price:

Yeah, so I think it's important to know for at least if someone's going to be working with us that we don't just cut loose like a brand new person onto a client. Like as an experiment, we typically they'll shadow me or another experienced agent, they'll go through pretty extensive training within our company, but also within the team. And then usually, they will end up working with buyers kind of right off the get go. And in partnership with me or another agent kind of helping them along. And then sellers typically will be after they've been in business for a little bit longer because it can be I don't know that it's more complicated, but it's a different process than working with buyers. So then once they get to that point, to answer your question. They're typically I'll say, for them, they'll they'll bring a similar presentation that I will and they'll say, you know, if they're asked that question, they can, you know, be transparent about how long they've been in the business, but I'm affiliated with a team and I work alongside a team that has a platform that sold 1000s of homes, and my broker's got 20 years plus in the business. And so if there's something that I don't know, I have the resources to get them for you. Yeah,

Rick Ripma:

I think I think it's it may go back in my life years and years ago when I was very young. Okay, I barely remember it. But I was a real estate agent. And I, the way that it's set up today with teams, I might still be a real estate agent today, had I been on a team. Because I didn't know. At that point, I didn't know anything. Right? I didn't, I was 2021 years old. I didn't know anything. And I had people there, that would help me. But they, they weren't really, you know, it wasn't like having a team and having somebody like you, who knows what they're doing. I just think it's extremely important. If anybody's out there thinking about being a real estate agent, or they're new to real estate, called Chris, I mean, get on a team, like your team that can help them if, if you're a good fit, of course, you know, yeah, you know, all that. But I just think that's, that is the most valuable thing. And I knew that's exactly what I would do. If I was a new person, I would say, Yes, I'm new. Because you got it. You can't you can't fake it. Right. I'm new. But you know what I do? Have? I got this guy. He's been in the business for 20 years now that I've got seven other agents that are working with, with his team that I can ask questions to plus, I'm part of Keller Williams, and I've got all these people. And it's all that mentorship. Don't you think that makes a huge difference? Yeah, it

Chris Price:

really does. Because you kind of jogged my memory there. Were not when I got into the business, I also kind of was searching for that. And it was, for years, I guess, probably up until maybe the last decade or so it was kind of like you, you got thrown in the fire. And it was, you know, feast or famine and, and all that good stuff. But teams really kind of came about, I don't know, what do you think but like we made the past 15 years, I think that yeah. And I kind of really latched on to it, because I liked the idea of creating a business where I could teach, like my skills to other people and kind of work alongside them. And and we could do it together. And it was another option for people that were were new to the industry or maybe looking to leverage some of the resources of a team. We've had people or we've had agents that have retired from real estate, from our team, like they were they were experienced enough that they stuck, you know, with us through their career. And so it's exciting that to be able to have a business that kind of welcomes people of all experience levels. But But yeah, absolutely. I think there's there's plenty of ways to get into real estate, dual career. Individual agents start your own team. But yeah, certainly joining a team is worth looking at for and it's a good option for a lot of people. Yeah,

Rick Ripma:

I don't think it's just for the new people. Just I could relate to it as a person. Yeah. Because I think teams, my son who's 31 Now, he he went to IU, and he kind of taught me this because he got into business fraternity, okay. And in the business fraternity, they had mentors. And so when you got in the business fraternity kind of was like me if I came to work for you, okay, I come in, you teach me Yep. Right. And then after a year or two, then you become a mentor for others. And so it helps everybody. Now, of course, at IU you, you move on because you graduate, but you don't have to. And the camaraderie that you have with those people, the the relationship that you get, it's such a just such a valuable piece that I believe I didn't always believe this. Okay, but as I've gotten older, maybe maybe I'll say wiser, just because it sounds good to me makes me feel better. Money is important. But it's not everything, right. And culture, and enjoying who you're working with and where you're working. And having fun at work. In my opinion is much more important. Yeah. I would agree. I feel that same way. Yeah. Yeah. And so I'm guessing you have a really good environment.

Chris Price:

We try. Yeah, we try to I think we do we build a culture that, like we bring people into that we think are going to be a good fit. And we really try to promote that. I think our clients see it. And yeah, like, like you said, I mean, professionally, we're in this you know, to bring it you know, in an income but that's not by any means the only thing and it's certainly not many times the main thing. We want to be working alongside people that we're going to enjoy. Yeah, and we see him grow. So

Rick Ripma:

yeah, I don't I don't think it's the I don't think you can't discount money. However, I have worked places where I made great money, but I hated it. Right. Okay, I loved it at first, but then the culture changed. Yeah. And it was no longer any fun. I hated every day going into work. And I'm one of those people, I tend to be way too loyal. So I stick it out way too long. Yeah. And, and when you finally leave, it's like, okay, I should have done this. Either. You have to help them change their culture back to what it was, or you have to leave if you don't fit anymore. You know. And so I just think the money's important. But if you're unhappy, it's it's not worth the money. Because there's plenty of great places to work. And there's plenty of great people to work with like yourself that why would you? Why would you sit there and suffer? Like I did? I'm not I'm not don't do as I did. Because I was wrong, you know, it was a bad thing to do. But if anybody is listening, and somebody wants to buy a home, sell a home, maybe somebody is looking to come on a team, maybe get into real estate, what is the best way for them to contact you? Yeah,

Chris Price:

appreciate you asking. Phone number, put it out there. 317-225-5507 can call or text also, email Chris at KW tip s.com. Or they can visit our website which we would love for you to come check out the indie property source.com. And we're on all the normal social medias. All over, right? We try to be

Rick Ripma:

the indie property. source.com. Right, the indie property source. Okay, that's easy. Yeah, except for I'll misspell source. I'll try to put an S in it every single time where the CS goes. Oh, yeah. But

Chris Price:

so I don't know, do you think you Yeah,

Rick Ripma:

I know, you almost want to buy sites, you want to buy all the names that have every misspelling. But you can't do that. That's just, that's just not possible. And to get a hold of ena, I go to hard working mortgage guys.com. That's hard working mortgage guys.com. Or you give us a call at 6463. I wrote it over there, because it's a new number on 4632239592463239592, I got a different number, because you can text that number, or call the number it used to be just call so you can text or call that number. So let's get back to real estate. I want to talk about the sellers. But I'm trying to decide you tell me what do you think? Should we talk about sellers? And then talk about which is kind of both buyers and sellers? The new law change? Or should we just just go talk about the law change first?

Chris Price:

Yeah, we can talk about that for people that maybe don't know. Okay, tell us

Rick Ripma:

and it's NAR made an agreement after a big lawsuits. And and it's it's really how Commission's are paid? Which I'll just give my two cents here. I don't think it really changed anything. I think that the price has already had the Commission's built in, right. Every seller I ever talked to said, you know this, they looked at their net, they knew what they were going to net. And the appraiser appraised the property based on all those costs being in it right. So I think it's one of those things that we have to adjust to. And it definitely have to change how we talk and things like that. But it's not necessarily that big a deal. But what do you think? And how do you think it's going to affect everything? And how are you going to deal with it?

Chris Price:

Yeah, no, those are good questions. So for, like you said, people that may not have seen it or been aware, the kind of the structure of a transaction is changing. I think ultimately, the goal of of all of this is through the DOJ and regulations would be that the buyers, the consumer in real estate, so the buyer knows what they're paying their agent, and that they realize that that can be negotiable. And so having it maybe we'll talk through some of this, how we do it, but being transparent, so as an agent, telling them this is what this is what it would look like to work with me, just as you would with a lawyer or you know, I don't know a dentist, you'd talk to them and get a feel for how you would work with them. And then the seller, we've kind of always done that. Who said hey, like you mentioned being transparent here. Here's what a net sheet would look like. So here's what we think it will sell for. Here's all of the costs estimated to sell at that price. And then this will be based on your mortgage backed If you have one, here's here would be your net proceeds, well, we're going to do something similar to that what the buyer. So that's kind of what it has come down to. So the way that it has been is that a seller would pay X amount, percentage in commissions. And that would get the list agent would would get what they've negotiated with the seller, and the buyer would get what's been already predetermined by the seller. So now they get a say in that way upfront when they're meeting with their agent, so that they know what that cost is going to be. And then, once an offer is made, the negotiations take place on whether there'll be credit for that. From the seller, but it's all it's going to be a little bit more transparent. It's also going to require us as agents to explain more. And of course, all the paperwork changes and everything like that. But ultimately, you're right, I think I unless things continue to change in a different direction, I think the the way that real estate works will be similar as it was before,

Rick Ripma:

I actually think it's a good thing. You know, it's funny, because until about two minutes ago, when you were talking, I didn't necessarily think that but all of a sudden you said something I remember what it was, I changed your mind just then you open my mind. Okay, okay, you open my mind and the fact that it's a good thing, because now the seller and the buyer truly understand. And they're much and really, I guess what I really think is the the the selling agent, and the sell and I'm sorry, the buying agent and the buyer, the buyer is going to know what the agent actually does. I think a selling agent, the seller knows what their their agent does. I think I don't think most of what a selling agent does is a mystery. Right? Right. I think I think in your presentation, you go over what you do, right? Yep. And you tell them, but I think for a buyer. I don't think they realize all the things that you do. To get to the point all, because I haven't had an agent come in here one day, he's laughing He goes, Yeah, I was getting coffee. And in front of me, I heard these two guys talking, they were talking about real estate agents. And all they are is glorified door openers. And and that is I don't know how much farther from the truth you can get. Right? So is it? Couldn't this be a good thing? Because now you're going to explain it? And you're going to actually show them? Because really what you're going to have to do as an agent, I think is you're going to have to show them why you're worth the money. Yeah. What is your value here in the transaction? I know it's there. You just have the agents are going to have to be able to, to show it.

Chris Price:

Yeah. So for us, it's something that we've been doing for years is we will meet with a buyer go through a consultation, explain what we do. And then essentially how we get paid, you know, not till it closes. But what that looks like. So for us it has that hasn't really changed a whole lot for the industry as a whole at will. More agents, well, all agents will, will need to be doing that. And going over the value proposition going over what that looks like up front so that when they work with a client, they now have what's called a buyer's agency agreement to work with them. And I could see why consumers would have felt that way about being glorified door openers is because sometimes as a real estate agent, you get a phone call, you say, hey, I want to see this house with very few questions, that agent may go and open the door. So we've trained the consumers to think had just call an agent. And they'll come up in the door for me and then but what else do they do? How do they get paid? Who's their loyalty to all that kind of stuff? What's what's their fiduciary relationship with me? You don't really think about that. You just kind of want to see what the house looks like. So the way that the industry was it really didn't those conversations didn't happen with the buyers as much. And agents now. We'll see that more.

Rick Ripma:

Yeah. And I think that's that's why I think it's it can actually be a big benefit, because I think it's going to force. Obviously, there'll be some people will probably get out of the business. But you've been in the business for 20 years. How many changes have you seen and

Chris Price:

it really well, in the past few years. It's definitely been quickened, but changes all the time changes

Rick Ripma:

all the time. Yep. And this is just another change. We just have to get used to it. Yeah, I think you mentioned it. I think that Do the lenders have have something to you know, can can benefit can help the agents out in this. I was watching a video by the number one real estate agent in the country. I think he's out of California, you know, of course, California. Yeah, that area. And he was talking, and he was being interviewed. And he said that you're going to have to real estate agents have to strengthen their relationship with their lenders. That's that was the that was one of the biggest things he talked about because and so for me, I'm excited by that, because I think that is going to mean that we work together in a much better and much more tight, like my plan is to, really, if I can work with the agents very, very closely, I can really help them out like a buyer. We're going to talk about the buyer, a buyer, the what is one of the first things a buyer needs to do.

Chris Price:

Well absolutely. Talk to a lender, get pre approval, get

Rick Ripma:

pre approved, right? So which is more valuable, a pre pre qualification, a pre approval, a pre approval that's been underwritten by by the automated underwriting system or an underwritten pre approval?

Chris Price:

Well, I would want to underwritten pre approval, right. How many of those do you get? You don't see that very much. Yeah.

Rick Ripma:

That's what I do. Okay. Yeah, but here's my this is this is where I run into and this is why I'm excited about it. I without the agents backing me on it. Yeah. So if you are sending me somebody, I need you to tell you know, we really need to go I know it takes a little bit more work. Right? Because I gotta get it doesn't really take any more work. It just takes it sooner. Right. I gotta get all the documentation to get a full underwrite. Yeah. So we get a full underwrite. I, now you go out and you make an offer with a fully underwritten. I've had people with fully underwritten offers and a couple other things that I do beat out cash buyers. Okay, because it's a fully underwritten offer, meaning what a fully underwritten mean, it means we have to have an appraisal, maybe we don't get an appraisal waiver. We have to have a purchase agreement we can accept the title has to be okay. And then you're going to close. So when you have a cash buyer, you still got a title. Okay. Right. So that didn't change. Yeah, you don't necessarily have to have an appraisal. So people, they look at them a lot like a cash, a cash buyer, but most people who are buying cash or a lot of people buying cash, they tend to offer because I'm paying cash, I should get a better deal. Right? Yeah, so you can beat them out by offering more and having a fully underwritten? Do you? Would you see that? If you if you're the listing agent, and you got that, would you see that as an advantage? Yeah, for fully underwritten?

Chris Price:

Yeah, I mean, you know, yeah, absolutely. I would personally look, I look at those details on a pre approval, I'll see who it's from when the company is but also what steps or conditions might be left if it's been underwritten. Or if it is a pre qualification, you know, all of those things do factor into what I then how I then translate that to the seller, you know, if maybe if we have multiple offers, so yeah,

Rick Ripma:

you get you have 10 offers, from what I've been told, if you have 10 offers, the first thing you do is you eliminate, is that correct? Yeah, yeah, that's what agents have told me. The first thing they do is I go through them and like, what are the ones that are easy to? Yeah, you cancel? Yeah. Okay, you get you have 10 offers, you got one that's contingent. It's going to go away, right? Most likely, unless the agent, the agent is going to present it because they they know that they're going to do that, but most likely the buyer is gonna go, I don't want to or the sellers gonna go I don't want to contingency right, I got nine other offers that aren't contingent. So and then they, they eliminate my son just just sold his house up in, in Chicago. Okay. And he eliminated based on the type of financing. And it's awful. Because this isn't his but I'll take you take a VA offer, right? You want to take care of the VA, the veterans deserve it. But you get a VA offer, and you get a conventional offer or, and it's a difficult one to take because if there's an appraisal issue or anything else, you're you're done. It's just the reality of it. Yeah. Viennese needs to work on that. I think, do you think this commission thing could be a big deal? And the VA is gonna have to do that because they're 100% financing if they don't pay that? That's a big deal. Yeah,

Chris Price:

it would be I mean, it would, ultimately it would seem that that would hurt the buyers the most because then they are forced to buy a home Get a lesser price point, or wait longer to buy or, or maybe not even have any kind of representation at all. So yeah, seems like it would hurt the buyer.

Rick Ripma:

I, to me, it seems like it's gonna really hurt the buyer. And, you know, I know, we don't know how it's all going to pan out. But I think VA will change, I think FHA will change because the, the two areas that are the struggle or the lowdown, or the real area that's a struggle is any low down payment program is is, is hard, because I've put together things called appraisal gaps and commission gaps and how we can handle those right, so that people understand, right, and I put together the the numbers on it. So that actually, this is part of what I give to my agents, when they go they go to a listing, here's how we, here's how we can do this. And when a buyer's agent, here's a buyer, here's how we can, here's how we can do this so that people know what to do right to help you on your presentations. So let's, let's get more into the buyer, because I think we've talked about the commission, although we may maybe not. So when you're when you're talking to a buyer, and you said you do a buyer presentation, just like you would with us with a seller? Is there what's different about it? What what do you cover for a buyer?

Chris Price:

I mean, it is different, because you know, it's a different side of the transaction. Ultimately, the process is I mean, he ended up going through a lot of the same steps. So some of it is the same, we do talk about who we are, what we stand for, what our role is, as an agent with the buyer. So our fiduciary responsibility is for to take care of them throughout the transaction, what that looks like. And then generally the steps, again, the steps of the transaction are the same, but for viewing it from the buyer side, it's different. So we go through what that looks like versus, you know, being on the seller side. And then we really like to set up expectations. So depending on what's going on in the market, or just in general, we'd like to talk through expectations. So preparing them for what might come up on an inspection, or given their loan type or their price point what what might be some things that we run into? Things like that.

Rick Ripma:

That's, you know, it's it was you were talking, I wrote down because I loved I loved the answer, which is, in my mind, I'm gonna just change the question to what should the buyer expect? Yeah. Because really, that's what we're talking about, what should a buyer expect? And that's how you as a real estate agent, that's what you kind of have to think, Okay, what should the buyer expect? Expect? What are all the things the buyer should expect? And then how am I going to? How do I do that? What's my process? And then how do I present that? Right? And that, to me, that's kind of how it is. So let's get on more like for you and your team. What do you specialize in? Or maybe multiple things? What areas you know, what does that look like?

Chris Price:

Yeah, no, that's a good question. So I grew up south side and and live on a different side of town now and South siders

Rick Ripma:

can't even say they live what side the other side of the tower?

Chris Price:

Yeah, get out of there. But so I ended up in I do some work part of what we do. What our business does, is we do some work with corporate sellers. So that would be like foreclosure type work, or maybe even homes that used to be rentals that they're selling. And that kind of takes us all over Central Indiana. So I hire agents and staff that that helps us to be able to cover a wider territory. So to answer your question, I guess Central Indiana but I mean Indianapolis and the surrounding counties, you know, we're we're pretty well versed and in covering that and then what was the other part of that question?

Rick Ripma:

Well, I was just looking for like what areas you specialize in what type of product do okay yeah and product what we do? Yeah.

Chris Price:

Do have done a lot of new construction, especially in the past few years. Were we do residential, you know, kind of the single family bread and butter but I've done a lot of multifamily over the years. Smaller apartments done a little bit of commercial and land. So we put together more complex deals but a lot of it ends up being residential can be homes that are fixer uppers, complete rehabs so working with an investor all the way up to move in ready owner occupant all different price levels. So we don't know kind of gives you maybe a spectrum of what we do. So yeah, basically,

Rick Ripma:

you're you're well versed in everything and you have a big enough team that there's probably somebody calls you for anything you have somebody on your team that knows that right? So if you don't do You got somebody who does either you can work with to help you or so that's, that's, again, I think that's one of the big benefits of having not only a team but having a group like Keller Williams that you're working inside, which has, how many agents you have total, but there's a lot of Keller Williams big. Yeah. So I want to comment also, the one thing I think about Indianapolis, which is maybe different than a lot of cities, is there's really like the north side. I love the north side, but I also love the west side. Brownsburg Avon, that whole area is beautiful. I have friends that live out there. I you know, it's a place, Greenwood, Greenwood, I never realized how nice Greenwood and Bartlesville the next one down all that area. How beautiful it is, when you're if you go down in that area. I used to work for a builder that I worked for several builders, but when they they had properties down in that area, I was like, wow, this is this is absolutely beautiful. Hey, yeah, and I think Indianapolis is pretty much that way. Most areas, right? It's it's a it's a good area to be in. And you know, as far as the state most of the state I've been in, we were up in Valparaiso, and Valparaiso. What a great little town. I mean, it's just, it's just beautiful. So anyway, I think I think our areas, you were fortunate that we have just really great areas. Yeah, I would agree with that. So how long does it normally take, and I know it might be different in this market for somebody to purchase a home, but what should somebody expect

Chris Price:

from the beginning of the process, when they first call you. So we usually try to find out what their timetable is, do they have a lease that's ending and things like that. But we'll we'll generally say, you know, can be a couple of months to up to a year, maybe even longer, depending on if we're looking for a unicorn situation or not, but it's generally gonna take at least a couple months, because they've got some steps to take up front, when we meet. Usually, it's going to involve talking to a lender, getting some documents together, figuring out our criteria and how we're going to work together. And then we ultimately we have to go out and look at the homes. And it's going to take well, it doesn't always take but it can take some time to find the right home, the right match, sometimes the criteria changes. So we we might start looking in one area and then migrate to another or a different price point. So getting out and seeing the homes is good, I always call it the discovery period, because then you're out seeing it and and the buyers get to see what they can get for a certain price point and, and then that's when things change. And, but once you go under contract, so that would mean submit an offer, negotiate it, and we get it accepted, then it's going to be about 30 to 45 days, until it closes and barring any unexpected fallout with the deal, you know, that's when they would move in. So

Rick Ripma:

they're the reason I asked that question is because I get people asking me that all the time. Because they want to know, okay, when should I do this when are for when we do a pre approval when we run credit really credit when we run credit is good for 120 days. If you don't close on a house and that 120 days, then we have to rerun credit, again, not necessary for the pre approval. But definitely when you're when you when you find a house because we have to close on we want to close on the on the new credit, right? Because we have to know what we got. We don't want to do it at the end, right before you're ready to close and find out something change. Right? So you gotta have you gotta have, you know, the newest credit that you can. But it's, it's because you know, so I always tell people well, you know, we need 120 days, you know, but but in this market sometimes in any markets it can take much longer than then then 120 days because of because it's there's not enough houses you can't find the right house. I mean, it can be a longer process. Am I wrong there? No,

Chris Price:

you're totally right. Actually, it made me think you know, when we talk to people that like are maybe renting and they decide to renew, like for another year and then we say okay, well we'll probably reach out in three to six months in for for a tenant that might seem like oh, well, I just told you I'm renewing my lease. Don't call me again. No. But the reason would be is you for a tenant, you probably need at least six months leeway time to start that process again so we can schedule a time to meet, talk to the lender, figure out what the lease ending of the lease looks like on that end and then getting the search started up without feeling rushed, because in your mind, if you're thinking, Oh, I got 30 days, it takes me 30 days to buy a house. Well, that's from everything else to writing an offer to close. And if you're, if you're running up on the end of the lease, you really need to give yourself more time. And if you're thinking about building, you need to give yourself a lot more time. Because if you're going to build it, it could be six to nine months from starting that process to the end. So

Rick Ripma:

yeah, it's a building is a lot longer process. So we're looking at really, I guess this map matters for for building too. But so if I'm a buyer, and you're showing me houses, how do you determine whether you think the house that we're looking at as a as well priced poorly price? How do you how do you know how do you make that decision?

Chris Price:

Well, with a lot of the new technology, buyers are more informed now than they were in the past, just because they can kind of pull some of that data. But ultimately, I feel like that's our job as an agent is, before our clients write an offer on a home is to go over within what we think the actual market value is, where it's is it priced appropriately? Is it towards the top end of the neighborhood, maybe it's maybe it's more of a discount because of the condition that it's in. We definitely like to go over that before we write an offer rather than after it's accepted. Maybe. But yeah, I think that's important part of it. Okay,

Rick Ripma:

so somebody has their offer accepted, they're going through the process, you're getting ready to close. Do you do a final walkthrough? And if so, why?

Chris Price:

Yeah, yeah. I always like to try to do a final walkthrough. And I like to do it as close to closing as possible. So many times, we will do it the same day. So we'll meet at the house, right before we go to the title company will do our final walkthrough. We try to go through it up front. But it's usually like, people get excited once they get an offer accepted. And then they think, you know, maybe why are we doing this, but I want them to see the home as close to the closing as they can. And we did you know, it's a quick walkthrough, but it's you know, making sure a tree didn't fall on the house. So I didn't drive a car into the garage door while they were moving out. Or maybe the basement, flooded, you know, the night before all of those things can happen and have actually had probably all this happen, but you just never know. So it's a safeguard for the client. Yeah,

Rick Ripma:

I think it's critical. Yeah. You know, as a new I was 11 years and new home sales we always did walkthroughs. Right. Yeah. But I've had so many agents in and the stories, you know, they they go to do a walkthrough and people haven't moved out yet.

Chris Price:

That's happened. Yeah. Or the

Rick Ripma:

one they went in, they went to do the walkthrough and somebody broken in that night. It was an it was a vacant house, and they took all the copper out of the house. I mean, there's just things that can happen that you don't want to close on it. No, not knowing. So you definitely want to go through the house. Yeah, right. Right. Before I would think. So now, now they've closed. So how do you? How do you keep in touch with them? What What's your process for keeping in touch with somebody and, you know, keeping them educated on what's going on in the markets and that type of thing? Yeah,

Chris Price:

we'd like to stay in touch with our clients. So usually, what we'll do is kind of an immediate follow up just if they had a good experience, we, you know, we'll we'll ask for them to share that as well as a review online, too. You know, because it's important for other consumers to see that. But we also like just to see how maybe the move went. tying up loose ends, a lot of times, we will refer vendors to our clients so that we look at ourselves as a resource throughout the process. So not just when it closes, but even afterwards, maybe need some help landscaping or painting. We try to connect them with trusted vendors that we use. And you know, what, I don't know, month or two, after closing, we'll do a follow up to remind them about the homestead exemption that they've gotten it filed. If they're, if it's an owner occupant, and then just throughout, you know, we'll we'll we'll put them into our system to where we can communicate updates with the markets and maybe different things that we've got going on in our business and events and stuff like that. There's

Rick Ripma:

a lot going on. Yeah, right. Yeah. So you want to keep in touch with them. And there's a lot of a lot of really important things you can communicate to them. Yeah. So I think that's that's really good. So do you do any of the client appreciation events? Well,

Chris Price:

yeah, we have done those. Those are fun, because you you get a chance to connect with people on a more of a social setting. And so we've done those we in, given given away stuff at those is always fun. So yeah, that's, that's an important part of keeping our name out there.

Rick Ripma:

Yeah, yeah, I think it is. I think it's nice the clients get, they actually get to meet each other, right? Because how else would they ever and you get to see, one of the things about being in mortgages is, you know, we never see the house. All right. And we never, and we really don't see many times I never actually put eyes on a customer. It's one of the things I like to do is I prefer zoom calls over phone calls. Yeah, that's good. Because there's a couple of reasons. Number one, I can I can record the call. So if I'm talking to you about something, right, and your spouse can't be there, I can record the call. And then I can send the call now they can see what we talked about, right? So you could keep everybody informed, like, talk to us. And so it's like, that's my preferred way to do everything is to do it. So I can record it so that everybody knows what is going on. Yeah, and and the client events out of my wheelhouse. It's one of the reasons I asked that question because I'm trying to get comfortable with it's just not in my wheelhouse. It's not a comfort level for me to have to do and to plan. So it

Chris Price:

it's a lot goes into it. You almost need to have somebody that's had experience with event planning. I would say like, with the hectic times of how real estate's been in the past few years and all that we had to deal with, like, working remotely and things like that, like some of those events went kind of to the wayside. So it's something that we're having to look at, too, is getting back into

Rick Ripma:

during COVID. You couldn't do them, right. Yeah, yeah, I could do virtual events. But you have a lot of fun. Yeah. My son, my son during during COVID. He owns like, it's a tour company, okay, where they take people on nature tours, really bird tours all over the world. And that shut down. So he was he I said, you need to rob you need to do a trivia nights. So once a month, they did trivia nights to keep everybody involved. And it really worked, because now they're as busy as can be. Because it kept everybody you know, but for a year or two, you couldn't nobody was traveling. Nobody wanted to travel. Nobody could travel. Right? Yeah, it's tough. But if there is anybody listening, whether it's somebody looking to become a real estate agent looking to be on a team, buyer or seller, it sounds like residential, commercial, anything with their real estate needs, and they need a great agent. They need to talk to you, Chris price. What is the best way to get a hold of you? Yeah, appreciate

Chris Price:

that. Call me text 317-225-5507 email Chris at KW tip s KTV. tips.com. Or the indie property. source.com which is our website, which we think you'll love, so please visit it.

Rick Ripma:

Indie property. source.com Yeah, that come everybody will get? Yeah,

Chris Price:

I don't have to say the www anything. No, not great.

Rick Ripma:

Or the HTTP? Yeah, just any property? source.com Yep. Perfect. And to get a hold of either I got a hard working mortgage guys.com That's hard working mortgage. guys.com Or you can I better put that on the screen. Or you can give me a call at 463 I probably put should put it on me. 463-223-9592 I'm new to this. I'm apologize. I'm new to the Ian's not here. He's supposed to be running this thing for me. But again, 463-223-9592 You can call or text that number. And Chris, thank you so much for joining us joining me today. I really do appreciate it.

Chris Price:

Yeah. Thank you for having me.

Rick Ripma:

You're welcome. You're just you're a fantastic guys. You have tremendous knowledge and it's a pleasure to have you on. I really do appreciate it.

Chris Price:

Awesome. Well, you guys do a great job with the podcast and much more. We

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Rick Ripma

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Ian Arnold

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