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In this episode, Roofstock's Retail Supply Manager, Richard Weed, joins us to talk about selling property on the Roofstock Marketplace. We cover, why one might want to sell on Roofstock, who it's a good fit for and how to go about doing it successfully. 

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Transcript

Before we jump into the episode, here's a quick disclaimer about our content. The Remote Real Estate Investor podcast is for informational purposes only, and is not intended as investment advice. The views, opinions and strategies of both the hosts and the guests are their own and should not be considered as guidance from Roofstock. Make sure to always run your own numbers, make your own independent decisions and seek investment advice from licensed professionals.

 

Michael:

Hey, everyone, welcome to another episode of the remote real estate investor. I'm Michael Albaum, and today I'm joined by Rootstock’s retail supply manager, Richard Weed, and he's gonna be talking to us today about all the things that sellers should be aware of before they get their property listed. And also, who might be a great candidate to sell their property on Roofstock, even if they hadn't thought about it before. So let's get into it.

 

Richard weed what's going on, man? How are you?

 

Richard:

How's it going, buddy?

 

Michael:

Good, good. So happy to have you on to talk about seller content with folks need to do to sell their properties on Roofstock.

 

Richard:

Yeah, thanks. It's a pleasure to be here. I was telling Pierre, it's my first podcast. Never been been a big fan of been big listener. First time caller. So excited. Excited.

 

Michael:

Yeah, that's awesome. Well, hopefully, it's gonna be a great experience. We'll have you coming back wanting more.

 

Richard:

Yeah.

 

Michael:

So give, give our listeners a little bit of background into who you are, and what do you do at Roofstock And why if they're interested in selling a property, they should be listening right now.

 

Richard:

Yeah, 100%, I named Richard started on the retail supply team, working with sellers back in 2017. So kind of came into the organization, when we were just starting to ramp up that kind of individual owner supply network. Obviously, a lot of our initial supply came from the institutional world. So I joined in 2017 have since kind of helped scale that team up. We're now at about I think 10 or so sales reps on the supply chain that are working with kind of your small market and mid market sellers. Yeah, I mean, really, what we do is we work with the sellers who come to our platform, they're looking to list their investment properties, we'll talk them through all the different value propositions of Roofstock and how the process works, fees, all those those things we talk pricing, and make sure that these people are squared away and set up to be successful working and listing on our platform.

 

So now, as I mentioned, teams kind of grown from the one me to about 10 of us and I manage that team across all the different markets we're in and all the different sellers we work with.

 

Michael:

I mean, there's 10, there's 10, Richard's at Roofstock? God, help us.  

 

Richard:

There's only one, but there's 10 sales people but there’s only one of me. I don’t know if that is a good thing or a bad thing. Getting there but growing, I think we hired well, and you have a we have a strong, strong team of reps for everybody.

 

Michael:

Awesome. So I think so many people know about Roofstock when it comes to buying investment properties, but maybe less so when it comes to selling. So maybe you could share with everybody what why would somebody sell their investment property through Roofstock, as opposed to the MLS or off market or any of the other avenues that are available to folks?

 

Richard:

Yeah, for sure. I mean, I think at the end of the day, one of the huge value props and reasons why people choose to list their, their occupied rentals or their rental properties on Roofstock is just level of exposure, right? I mean, we've worked so hard and, and invested so much time and energy in building this network of investors. And so if you're looking to get qualified, cash flowing, you know, performing investment property in front of the right group audience and the largest audience possible, Roofstock’s a great place to do that, right. You don't. MLS has a lot of eyes, but they're very geographically specific. So if you want to get in front of the most people apart marketplace, like rootstock enables investors to look across multiple markets, right.

 

Whereas if I was going to put my home on the Atlanta MLS, the only eyes I'm going to see are people that are on the Atlanta MLS. And then from there, you're having to sift through the owner occupants, people that want to move into the home. And that's not your goal. If you have a tenant occupied rental, right, you have a tenant in there, you don't want to disrupt them, you want them to stay in place. And the purpose of what you're doing is you're saying, hey, this home is performing, right? I need that capital to go take elsewhere. And rather than wait for the tenant to leave or evict them, someone can buy this as is and start cash flowing from day one.

 

And so when you put it on the traditional MLS, right, it's not going to do open houses. How do I do that? With a tenant in place? Am I going to put a sign in the yard? Does that alienate them or make them feel like there's suits and people walking through my home, right? That's just like less conducive when you have a tenant in place to marketplace, like Rootstock enables you to get to a larger audience of people who are looking explicitly for an investment property, not homeowners looking to move in. So you've produced that friction. And you're looking at, you're now in front of people who are looking at it on a numbers basis, right.

 

So with the resources that we provide to these buyers, folks are able to see all the diligence that we do, they're able to see the underwriting that we do and and make an informed decision without necessarily having to be on site and walking through the home how you would traditionally sell. So there's something like the qualitative value props obviously quantitatively, our commission on the sell side is currently 3%. There's no buy side agents, obviously we work with these buyers through the through the acquisition. But our representation is to that of the seller, do your Commission's 3%. In the event you sell as a portfolio, there's a tiered structure to that. So your fees go down with the more homes that you sell. But ultimately, that 3% compared to the traditional fee or commission of an MLS sale of 6%, you save a couple points there.

 

If you layer on the missed rental income through vacating the home, right, if you have to vacate the home, put it on the MLS, say it takes two months to sell, and you were previously collecting 1200 months, 1200 bucks a month in rent, that's $2400, you're no longer collecting, right? So compare that $2400. Last to the listener roofstock. You collect that through closing. So it's a couple bucks made. And then that kind of the rehab and updating cost, right, if you're going to put the home in front of end users we're going to walk through, they're going to do that open house, they're going to visualize what their life will look like in this home. Generally, you got to spruce it up, right paint the walls, clean the carpets do all the cosmetic and functional work.

 

And for an investor, right? Well, they're not looking to buy necessarily something that's like super value add or super dirty and hairy. The home is already cash flowing. So you get to you're kind of selling more like an asset sale and that investor saying, Hey, this is cash flowing uncomfortable with the condition for the inspection report. They're not visualizing it from a, can I build a family here, it's, you know, can I get this rented is our tenant paid currently, and they're paying rent and happy with the condition of the home. So if you layer on the 6% Commission compared to 3%, the lost rental income as well as the rehabilitation cost to get that home spruced up, you're looking at 3% versus what could potentially be 9, 10, 11% in total cost to sell the home. So quantitatively, there's a huge gap there. And qualitatively, it's just kind of less friction, as I had previously summarized.

 

Michael:

Yeah, that makes so much sense. That's a really great summary, man, thanks for sharing. I think that that 9,10,11% to sell a property is so often overlooked by folks. And by the time they get to the closing table, like Wait, what are all these things that are coming out of my purchase price that I have to pay for, and they don't realize that the profit really may not be as significant as they anticipated?

 

Richard:

Yeah, and I mean, I think it's also like, think of it as there's more instant gratification, right? Like, you can ever guarantee yourself a sale anywhere. But if you have a tenant that's in place through September of 2022, and you're looking at around the market right now and saying, Wow, it's hot, like homes are flying, it's a seller's market, I want to get this out there. But I have to wait until September for the tenant to move out, then I have to clean the home up. So maybe I get it on the market by October, I get some offers, maybe it's still hot, and I get it under contract by mid October. And then I close by November. I mean, that's a world away.

 

Whereas now you can put it up with a tenant in place and take advantage of the way the current economic situation is interest rates, buyer versus seller just supply and demand. And so rather than waiting, and kind of taking on that risk of like, Where will we be in 6, 9, 12 months, it enables you to gain that exposure now. And your cost could potentially be different, you know, as we look at 3% versus 10%. Right? If you end up having to take a little bit of a discount to sell it now to an investor. Right? You can quantify the cost of sell and the value of time, right?

 

How much are you willing to pay? How much are you willing to sell for less? Considering you have to sell it today? versus nine months from now? 10 months from now, right? That's obviously subjective for every every individual person. But you can put a price on that, I think for a lot of people.

 

Michael:

Absolutely. Absolutely. And so I'm curious too, if somebody is going to want to come sell their property to Roofstock. It's a good fit, they're able to actually get it under contract and ultimately close the sale? Do we have the ability to handle 1031 accommodators on their behalf as well for them to go purchase additional properties?

 

Richard:

Yeah, absolutely. We do it all the time where folks will come and look to kind of transfer out what they currently have. And it's something else, whether it's through Roofstock, or potentially through it through a different video acquisition channel. But we definitely have the partners as you guys may have, you know, talked about on previous pods, where we're able to get these sellers in touch with 1031 accommodators that can help hold those funds for them as they look to to make those acquisitions we can obviously adjust any of our contracts our PSA, just stipulate the grounds of the 1031 exchange, but it's definitely something that we do and we're happy to help facilitate for sellers who do want to defer those taxes and then use that capital for an acquisition.

 

Michael:

Love it. Love it. Love it. So a question I get regularly in the Roofstock Academy and I'm hoping you can speak to this is Who are these sellers? I feel like they're just dirty landlords trying to offload their problems on somebody else. They want to sell their property because why else would they be willing to sell? Can you speak to who the sellers are and what some of the motivations are behind somebody actually selling a property?

 

Richard:

Totally. And, you know, we get we get that question a lot. And I think it's a valid question. People ask, like, you know, Hey, why are they want to sell and I think the simplest answer is given me this same reason that you you want to buy, right? I mean, there's money to be made, right? Someone's recognizing an opportunity where if no one wanted to sell, ever there'd be never be anything to buy. So like, we'd be at this kind of standstill where no homes are transacted. So people, you know, in terms of personas, right, you have individual landlords, people who, you know, moved into a home 10 years ago, and then when they went to go sell it, it wasn't a great opportunity to the market wasn't hot, they didn't want to put it on the market, or they were in a position to go through the friction of selling a property, it's a big endeavor to take on, especially if you're not really a technically an investor, or just that savvy and buying and selling property.

 

And so they say, Hey, you know, I'll throw a tenant in there, and I'll just let this in cash flow. And then over time, the market gets hotter, or they, they come with your friction, and they're like, Hey, I'm not meant to be a landlord. And I try to get rid of this. But then they recognize what's what sparks out, they're like, Well, I'm not really enjoying this, I didn't really intend or set out to be a landlord, this kinda just like fell into my lap. And the market seems really hot. So now I want to sell it, or it seems like a good opportunity for what I'm hearing from what I'm seeing. So they want to go in and sell that home. You know, that's a persona that we see a lot of right?

 

You see that it's big in the military community, people who move from base to base, they buy a home when they move to a base, and then they end up getting transferred, they move to another base, but they keep that home, they put a tenant in there, they do that a couple of times, they find themselves with three homes, and maybe they just don't want to be a landlord. They don't want to deal with property management, right? There's positive negative to every investment, maybe for that particular person, it's just, Hey, you know, I'm a little burnt out, or Hey, you know, I just, this isn't what I want to do. Or maybe another investment comes, they want to sell, because they want to buy an investment business, or they want to build their own business, and they need that capital. And a lot of their equity is tied up in the home, right.

 

So that's someone that we work with fairly frequently. Obviously, that type of person owns the majority of the real estate that's out there in the world. So you can imagine that a lot of the supply we see comes from that demographic or that kind of persona people. But you also have the kind of the business minded folks who build portfolios, who know over time, whether it's in their local area, or in multiple different markets, they go and they are opportunistic, right. So they buy tax foreclosures, they buy bank foreclosures, and then they build up that portfolio of homes and turn it into a little bit of a business, right, a passive stream right now, Michael, you're doing that, right, you're building, you're buying multiple homes know that passive income, a lot of Roofstock investors want to do that. But every now and then it's opportunistic, for them to want to take that money, and maybe they want to buy a multifamily. Maybe they're saying, Hey, I own 15 units in Memphis, and it's getting a little bit tedious trying to own these individual homes across two property managers, I just want to buy an apartment building, consolidate, right consolidation.

 

People come with come into opportunities, maybe they want to syndicate their money out. And so they decide that, hey, I'd rather have a lot of money tied up here, and I want to sell or they want to go get a conventional loan, but throughout that 10 loan Max, so they want to pull, they want to sell a couple of these to go buy some more. You have your Fix, and flippers, which is kind of like that the previous persona just talked about folks whose business it is to buy distressed assets, add the value to them, and then sell them at that market value stabilized. That's a big, big kind of persona we work with as well. They're the ones that are doing a lot of the heavy lifting and taking on a lot of that risk, right that some of us who are out of state just can't really get control of it's getting the couple relationships with contractors and project managers who are going to have that we're going to go in and make that home kind of up to snuff. A lot of people like those turnkey homes, because they are truly passive in nature. And so you see a lot of sellers on our site, who like the opportunity to be able to do that in their local market and use Roofstock as the kind of the all in one, sales and marketing platform for them to gain that exposure to that wide network of investors.

 

And of course, you have your institutional folks, obviously, our institute or our enterprise, or I guess it is the executive team, our high rep team has strong relationships with a lot of the institutions that are out there in the world. And as those groups want to dispose of certain assets in certain markets that they may not be scaling in, they may look to someone like Roofstock to list these homes, in getting get in front of that kind of retail marketplace. So there's a wide variety of folks who have different motivations and kind of different justifications. But I wouldn't say any of them are are one that what you mentioned earlier of, you know,

 

Michael:

The dirty landlord,

 

Richard:

dirty landlord, right. I mean,

 

Michael:

Just trying to dump a property!

 

Richard:

Right. I mean, and that's why we have a sales team, right? We have a sales team of folks, we call and have a conversation with every seller who wants to listen on the platform. It's part of the process, you come to the site, you submit your property or properties or portfolio, you book a call with our team, we work with you to understand what it's like how, what the experience is like. And these are experienced agents, right that we work on our team that work on the supply team so they can sniff that out. They can understand what people's motivations are, what they're trying to accomplish. And through that conversation, as well as the process that we put these homes through prior to publishing, we make sure that the stuff that we put on the site is not going to be something that's you know that they're not trying to just take advantage of an unknown Unbeknown California investor or an estate investor who just like, doesn't know any better, right? Like, that's not the brand that we want to build or for how we want to present ourselves.

 

Michael:

Yeah, no, that makes total sense. And something else that I realized I was I was chatting with someone I forget who. And someone was saying like oh Roofstock sells overpriced properties, and this and that. And so I mentioned will not necessarily because Roofstock is putting a their name behind it, but also their guarantee on the property. And so if the property is underperforming, or it's overpriced, roof stock has a 30 day money back guarantee, so they'll end up buying it back from you. So I don't think that we're in the business of selling crap, because then we'd be in the business of owning a lot of crap.

 

Richard:

Right? Exactly. I'm in it as a relates to pricing, right? I mean, I think everybody's got a different way of underwriting and a different way of kind of assessing the performance of an asset, right? our financials are, you can manipulate them. So if you feel that they're too restricted or too conservative, and how they're being underwritten, and you're looking at a home and saying, hey, the yield is just not really there. I mean, by all means, you can look at the way that we underwrite these homes and adjust it to fit a little bit more into your particular point of view. And you know, maybe that home is performing a little bit differently, the way that you look at it, and maybe it's within that kind of buy box.

 

But you know, yeah, we look at every home on an income approach. We underwrite it, we compare it to the neighborhood it's in, we look at comps to assess kind of how the price is and its ability to appraise. Yeah, like you said, you know, there's a lot of brand that we put behind these listings. And, you know, we want to make sure that what we're putting on the site is, you know, we see the value in to a certain extent, right?

 

I mean, it's a marketplace. So buyers and sellers are going to dictate what trades and what at what price it trades at. What we'd like to do is as best we can to kind of curate and make sure that we see the value in the upside into nice homes and the potential.

 

Michael:

That's great. I'm curious, Richard to get your take on what sellers can do either on Roof or off to best prepare their properties for sale. And let's talk specifics, specifically investment properties.

 

Richard:

Right, I think the biggest thing to do when we have these conversations with sellers is like put yourself in the shoes of an out of state investor who's coming to Roofstock to buy a home like what would you if you were buying a home 1000 2000 miles away, and you were leveraging this, you know, online platform to do diligence and analyze the pricing and analyze all these things? Like what would you feel comfortable submitting an offer and putting your credit card down on and moving forward on? Like, what level of diligence would you feel comfortable. And that's what is being expected of you as a seller, right?

 

So understanding like I should have a copy of my lease readily available, I should have some sort of payment history readily available, that's going to be able to show that per the rent or the lease, my rent is $900 a month, I charge it on the first, if it's late by the fifth, and they paid late I have that late fee laid out right showing that those debits and credits month over month. That's something that eases people's minds and advisors minds understand the kind of tenant that they're inheriting, right.

 

You know, a lot of the investors On our site are passive in nature in the sense that they're not necessarily looking to maybe make massive repair stones, I think there's a price for everything. And you can kind of put put a price on all repairs and what someone might be willing to pay to inherit. But you see a lot of investors on our site, not necessarily looking to take on massive rehab or value add projects. And so getting with your property manager, as a seller, for assessing the homes, any an inspector out there upfront can definitely help. So you're not surprised by the results of an inspection that come back later on. Because you'd like to get in get ahead of those things, whether it's something that you want to repair before you list, or you want to price in and make read, like make it known upfront. Because you'd hate to take to accept an offer and then get into contract and then have a you know, an inspection come back and you know, a buyer request $5-10,000 in repairs, and then basically feel like oh, like, I wish I'd gotten ahead of that because I can't take that price. And if I had known that that was gonna come up, I might have been able to do something 20 30, 50 days ago to prevent that, right. Just understanding kind of what you're selling, what the condition of it is with with the state the standing of your tenant.

 

Having those docks readily available is really big we collect, like I said, the lease and central ledger rent roll, we collect the section eight contracts. We collect Hoa documents for the seat, the CC&Rs write any contract that you have that is attached to that home, we need to collect because we need to have that available for the buyer to be able to review and understand the terms of and what they're inheriting. And so that's really big to have on file and have readily available. We can get photos taken. We have high resolution photos I can get taken. But if you have any obviously that's super helpful.

 

And then as relates to pricing. Right. You can talk to our team that's kind of part of the why we have the value the the appointment in the call with us with a rep on our team prior to moving forward but having that conversation understanding, you know, what are investors looking for in markets, right, what is an investor on Roofstock? What kind of yield are they looking for in my area of Indianapolis or my area of Dallas? having that conversation you're going to get a lot of insight into what you can expect in terms of price and offers through our platform. So that's big is is kind of putting yourself in the shoes of the investor understanding like, what kind of yield? Would I need to buy this now? Right, I bought it 10 years ago, and it's appreciated greatly, and the rents grown X percent. But if I were to buy it now at current interest rates with my current expense loads, like what would be a realistic price and understanding that and really understanding how an income approach to a home can differ from a comparable approach, because there might be a market that's blown up, and comps are through the roof. But if your home is under rented, or the rent just hasn't really kept up, right, it's going to be potentially hard to justify that for resale value.

 

And so putting that hat on and understanding, okay, this home looks a lot different to an out of state investor than it might to a homeowner who's moving in and is going to live there for 20 years while their kids go to school, right? Like those two people have much different perspectives on what the home buy, why they're buying the home. And they're probably gonna have their perspective, low price low pay.

 

Michael:

Yeah, that's such a great point. And so maybe you could speak a little bit to who would be an ideal candidate to sell their property on Roofstock and then who listening would not be an ideal candidate who should take their property to a local MLS or maybe through a different avenue.

 

Richard:

Yeah, absolutely. I mean, I think that there's, like I mentioned earlier, it said, say, who's a good candidate who's not because right at the end of the day, like the market dictates what will what will sell and who will pay, what price for what home. But what you can generally see is a lot of a lot of Western markets, you don't see a lot of supply on the site, right? You don't see a lot of stuff in Vegas, you don't see a lot of stuff in Denver, Salt Lake City, Reno, Seattle, Portland, San Francisco, because

 

Michael:

Los Angeles,

 

Richard:

Right LA home price appreciation, awesome. Anyone who bought 510 1520 years ago, killing it. But if they bought 10 years ago, and put a tenant in there, and they've kept the same tenant in there at 12 $100, while their rent, although their price has gone up to 500, you know, half a million bucks, right? And new investors not paying the same price that you paid a decade ago. And so that may not be a super great fit for our platform. Right? At the end of the day. A lot of the folks who come to our site are coastal folks, people who live in high cost of living markets, and when they look around, they see and even investment properties 500K, 750k. And they're like, I don't, I don't necessarily want a two or three cap, right? Like I'm looking for a little bit more yield. Otherwise, I'll put my money in Bitcoin or cryptocurrency, seems to be blowing up as well.

 

So they look to the Midwest, it looks for the northeast and southeast, where they can get lower price and higher yielding type of assets are a little bit more of a balanced approach. And so if you're in some of these markets, or in certain pockets of areas where home prices have skyrocketed, right, that it may not end up being the best fit for restock, because the discount that you have to sell for could be fairly dramatic relative to the open market, right? We don't want to pretend like every home's going to be a great fit, right? We want to be consultative in the sense that we can look at a home and know, hey, yeah, there's data to show that this is an investment property that would sell on our site. And there's other instances where it's like, Hey, you know, this home is $600,000. And the rent is at 1200, that price ranges, like doesn't really pencil out. Your best bet is getting a tenant out and selling it on the open market to an end user because they're going to they're you're really going to be able to take advantage of the that is the market right now.

 

Michael:

So Richard, something I've been seeing on the site is homeowners or owner occupants, rather selling their properties as investment homes. Are you seeing that? What's up with that?

 

Richard:

Yeah, so I mean, it kind of come twofold, right? So what we do is we do have our select program, where homes are kind of being pumped in from the MLS that we feel are good investment properties. And those are generally, you know, homes that are being sold on the MLS vacant or unoccupied that have good investment potential. So what we'll do is we'll look at a home, we'll comp it out, we'll get a market rent, quote, and assess whether or not we feel like that's a good potential investment. Well, it may not have been previously, you know it, that doesn't mean it doesn't have potential to moving forward. So we'll be able to position that as well.

 

Same thing goes with the exclusive inventory, right? We do have investors who reach out our positions investors, we have sellers who reach out and are living in their home and they're they're saying, hey, I'd like to take advantage of restructured marketplace, I think this could be a good investment. Maybe they're interested in just taking advantage of a lower lower fee structure that we charge and saying, Hey, you know, I like the idea of a online platform. I like the idea of not dealing with the traditional stickiness or friction of going through the the MLS process.

 

And so I'd like to try this out, and we'll look at a home and say, Hey, I mean, one, you know, you're you'll you'll have to move out or you could potentially even sign a lease of a kind of a leaseback option. That's that's a possibility too. But we can look at a home and say, Hey, given the current market rent for bids and the price that you're looking for, this could be a valuable investment property moving forward. So we're going to shy away from that just because it's not there's no tenant in there now. We can sell a home that's vacant, we can sell a home that's owner occupied and that will be vacant upon closing. Or like I mentioned a home where you haven't you have sellers who reach out and say, Hey, I know I want to bring in the equity for my home but I don't want to leave so do you think an investor would be willing to lease this back to me. And that's certainly an option as well. So I mean, that's kind of the reason why you may see some owner occupied stuff or vacant stuff on our platform as well.

 

Michael:

Right on. And curious to know, kind of what you're seeing right now in the marketplace is stuff flying off the shelves? Are things taking longer to get under contract, what do you think?

 

Richard:

Yeah I think the statistic that I heard recently, and essentially not being accurate, I'll point fingers to who had told me but I think the statistic that our marketing team was that 65% of the homes that we're listing are getting offers within the first 14 days of being on the marketplace. So I think we've what we've built is definitely like a flywheel flywheel effect. And like an urgency within the platform where you do see a lot of investors because they're ready to get started, right, they want to start cash flowing, they come to Roofstock, and they're ready to go.

 

So when homes hit the site, you generally do see a pretty hefty interest right off the bat, if the home is, is priced well, and it's you know, it's going to sell. And so you do see a lot of homes moving fairly quickly within once they do hit the marketplace. Like I mentioned earlier, with higher priced homes with lower yield homes, a lot of investors can see those locally. So those may take a little bit longer to move, you do see homes that are in that 80 to $175,000 price point move with a lot more velocity than maybe something that's 275 to 400K, that doesn't mean that that higher priced homes not going to sell. But people generally think like, Okay, if it's 400k, I got to come out of pocket 100,000 for my down payment plus closing costs. If I have $100,000 liquid, why am I not just buying, you know, four of these homes in St. Louis, where I could cut that into four $25,000 down payments, and diversify a little bit more, right. So that thought process can take a journey a little bit longer.

 

And so you generally see homes like that taking a little bit longer to move. But for the most part considering type of supply that we have on our site, you do see quite a bit of velocity once I was getting listed, of getting offers quickly and going into contract quickly.

 

Michael:

Right on, Richard, any final thoughts before I let you out of here for either, you know, sellers or buyers,

 

Richard:

I'll let you guys speak to the buy side, I've been here, you know, four years, four and a half years in the supply side. So that I think that's more you know, more of my bread and butter. But I mean, I think we've we've pretty much gone over it right? There's no strings attached. At the end of the day, if you want to talk to someone on the team and get a better feel for kind of what's possible. Ryan mentioned, we have a pretty big team here. So if you want to come to the site, throw your home into the system, we have a kind of a self serving engine that allows you to submit the property, confirm a couple of details, get evaluation report sent over to you and then have that conversation with our team.

 

I think you'd be surprised, right? I mean, I can only kind of summarize what's going on and kind of what we're seeing in, you know, 10-15 minutes, so effectively, but if you get on the phone with someone on our team, they're really going to be able to give you the value and really drill down into your market and what we're seeing in that specific area of our reps or our kind of their their geographic coverage, their geographic base. So if you have a property in Atlanta, you submit it you'll talk to, to our agent who's working in the Georgia market, and they'll be able to really give you some feedback on what we're seeing in that specific area, you know, what's possible, what's not and kind of what to expect.

 

So, you know, we welcome the opportunity to talk to everybody and at least give them that consultative kind of, you know, thumbs up or thumbs down, if we're going to be a good fit for him. So

 

Michael:

Right on, and where should folks go to submit their properties or to get that initial report.

 

Richard:

So if you go to Roofstock.com across the top banner of the site, you're gonna see by selling owns the third three core landing pages that we have. So if you click on sell, you're gonna be prompted with kind of a submission engine you put the home in, it's like a three or four step process where you confirm a couple of data points on the specs of the home bed, bath, square footage of your build, you're able to upload some photos, provide some lease info, so give us tell us what the rent is kind of a general spec on condition. And then once you've gotten through that flow, you're going to get a valuation report sent to you within about 48 hours. But at the end of that flow, you're also able to book an appointment directly with our team, you know, and as quickly as 15 minutes from when you come to the site.

 

So rapid response, we try to get in touch with everybody as quickly as we can. But if you want to go through that flow, that'll get you in touch to the right person. But I always like to leave my door open. My email is Richard@roofstock.com pretty easy. And so if anybody has any, you know, questions, they don't want to submit a home, they still want to learn a little bit more, you know, feel free to shoot me an email, I'm happy to provide some content, some marketing collateral, or point you in the right direction, or they can touch the right person. So you know, my doors always open and I'm happy to be a resource for anybody.

 

Michael:

Fantastic. Richard, this was awesome, man. Thank you so much for taking the time out your busy schedule chapters. I learned a ton hopefully folks listening did as well.

 

Richard:

Yeah. Likewise, I appreciate you guys having me on. I'm always around you know how to reach me. So anytime you need a little bit more info, feel free to tap me but it was a pleasure being on the podcast. Yeah it's exciting time to Roofstock and cool to see what you guys are doing here. So thanks for having me on.

 

Michael:

Nah. Our pleasure. Hopefully we didn't scare you from the podcast world to that.

 

Richard:

No, not at all. I'm going to make my rounds with rest of the circuit so you'll see me you'll see me on on Spotify here. Hopefully.

 

Michael:

Well take care,  I'll talk to you soon.

 

Richard:

All right, thanks. Cheers.

 

Michael:

Alrighty everybody that was our episode a big thank you to Richard for hanging out with us today I learned a ton. Definitely go back and listen to that episode again, if you're even considering selling your property, even if it's not on roof stock, I think now it could be a great opportune time to think about selling. As always, feel free to leave us a rating or review wherever it is you listen to your podcast catches on the next video. We look forward to seeing you there and as always, happy investing