Why Buyers Should Purchase During High Interest Rates • Learning With A Lender • Joel Schaub

Welcome to the October episode of Learn with a Lender with Joel Schaub of Guaranteed Rate! In this episode Joel discusses the importance of delegation, how to make it a success and how this will help you grow your business. Joel talks about events he organizes every month. Joel also discusses rates and what he’s doing to stay busy during this period. Last, Joel talks about partnering with him and discusses his weekly newsletter. If you’d prefer to watch this interview, click here to view on YouTube! Joel can be reached at joel@rate.com and 773.654.2049. This episode is brought to you by Real Geeks . Transcript D.J. Paris 0:00 There’s a strong argument to be made for buying a home, even during a high interest rate environment. We’re going to talk about why stay tuned. This episode of Keeping it real is brought to you by real geeks. How many homes are you going to sell this year? Do you have the right tools? Is your website turning soft leads and interested buyers? Are you spending money on leads that aren’t converting? Well real geeks is your solution. Find out why agents across the country choose real geeks as their technology partner. Real geeks was created by an agent for agents. They pride themselves on delivering a sales and marketing solution so that you can easily generate more business. There agent websites are fast and built for lead conversion with a smooth search experience for your visitors. Real geeks also includes an easy to use agent CRM. So once a lead signs up on your website, you can track their interest and have great follow up conversations. Real geeks is loaded with a ton of marketing tools to nurture your leads and increase brand awareness visit real geeks.com forward slash keeping it real pod and find out why Realtors come to real geeks to generate more business again, visit real geeks.com forward slash keeping it real pod. And now on to our show. Welcome to another episode of Keeping it real the largest podcast made by real estate agents and for real estate agents. My name is DJ Parris, I’m your guide. I’m your host through the show. And today once again is our monthly series called Learn with a lender with Joel Schaub from guaranteed rate now, Joel is the vice president of lending guaranteed rate. He’s been doing loans at a high level since 2003. And he’s got to that level because of what he does specifically for agents, which is that he gives back part of his commission to the buyer on every transaction last year alone, Joe gave back over four over $300,000 in closing costs to his buyers who worked with him and that puts Joe’s volume in the top 1/10 of 1% of all lenders nationwide. In fact, there’s 400,000 loan officers in the country and Joel is ranked number 137 out of that 400,000 Incredible last year. He did his highest amount of or he actually did 126 million last year. But let’s talk about this year because this is the most impressive number I really want you to focus on. Because this is really why I have Joel on the show. So we know that this is a tough year. This is 2023 We’re wrapping up. This is one of the toughest years for anyone in the real estate industry. Lenders, of course included. But this year alone, he’s closed 216 purchase transactions for just shy of $93 million. So when we’re talking to Joel that I want really us to distill what he’s doing, that is enabling him to continue to have success when so many loan officers and so many real estate agents are struggling. Joel has the secrets. We’re going to listen to him today. But if you’re looking for a loan officer, we cannot more highly recommend Joel he’s the very best we’ve ever worked with. He’s my loan officer as well. And I would not hesitate to refer him to everybody I know. So please consider that my personal recommendation, Joel can be reached at joel@rate.com J oel@rate.com. And email him because he has this great weekly newsletter where he tells you what’s going on in the world of lending so that you can better communicate that to your clients. You don’t have to read everything he does the reading tells you exactly what you need to know. But please reach out to him. You can also send them a text message or call him at 773-654-2049. Let’s say hello to the biggest Cubs fan. I know Joe Joel Schaub, and Joel Schaub 3:53 thanks again DJ for having me on. And it’s funny when you were saying those numbers right, like we were talking before we got on the air here in terms of just everyone has lower production and you can busy regardless of how many deals you’re doing. It’s it’s about making sure that you stay active and keep your mind positive. So we’re gonna go through all the things that I’m doing and I’m an open book and I’m really excited to be here again, I D.J. Paris 4:19 want to I want to ask you a question because this I think I’m going through this process myself we have a consultant that we’ve hired and you know, I we’ve never really been through this but he is having me go through a time value of money exercise to figure out what my what I’m currently making per hour, you know, as a I’m not an hourly employee, of course, but Joel Schaub 4:39 wait a minute. Oh my gosh, I want to know about this. That sounds so D.J. Paris 4:44 good. Yeah, cuz to know what my time is worth such that then I can say okay, I have these tasks to do. And is this something I could delegate out and actually pay somebody to do that isn’t you know, where I should be focusing my energy because it’s maybe not worth my time, or it’s something that just bogs me down to you, I feel, have really understood this and and really leveraged, you know, you have you have a great team in place you are the figurehead, you are the one in it, the front of everything. But I also know you’re really great at delegating out so that you can be in front of your clients as much as possible. So I would love to just sort of get a little bit of understanding of how you know, this is something you should do versus something you could you know, have someone else do because your time is better spent, you know, doing other things. When Joel Schaub 5:34 I was first starting out, I wanted to control every part of the process, right? Like, that’s what I thought my value was, is that I can control it from beginning to end. And then I realized I am such a better delegator, I can absolutely hire somebody to do the job, I can train them. And I can make sure that they can do the job 80% as good as I can, so that I can move on and actually make a lot more money per hour, and I pay my people well. And the number one thing you want to do is try to replace yourself. And that’s the thing that I have done and built the team by not firing people that are exactly like you finding what your weaknesses are, and then hiring people to do those jobs for you. D.J. Paris 6:17 Yeah, you really have threaded the needle so well with that, because it is a balancing act. Because the fear, of course, and I really I’m probably speaking for everyone who’s listening is that if I don’t control every part of the process, number one, like you said, maybe they are the person won’t do it as well. And maybe my clients might think, well, Joel should be doing everything. And the funny thing is you do almost everything because I’ve been your client and I know what the experience is like it is not, you are not just the figurehead who is sitting on top of a mountain that can’t be reached you are personally involved in I don’t think that’s how it works with all the big loan officer teams. I know. In fact, I know it isn’t. I know there are teams, where the person who is the face of it isn’t really interfacing with clients at all at all. And you have really figured out how to still have those great client relationships and run a business and a team. So I really applaud you for that. It’s I don’t know of any other team that quite does it the way you do it. So it’s amazing, I Joel Schaub 7:17 want to share it. You’re exactly right. So if you’re if you’re a real estate agent right now, and I don’t know the production, right, and let’s say that you’re right now doing $10 million a year of production, and you want to take it to the next level, the one hire that you need to have is you need to be able to duplicate yourself and have somebody replying to your emails as you Okay. And so what I have here is I have a director of business operations, who’s in my inbox all day long. And he runs me like a puppet for real, like, make sure that my calendar is set, returns the phone calls to clients, and schedules everything as well as replying as me and setting up my day, my week and my month. And at first I thought this would never work. And now for two years, having somebody be you in your inbox completely frees you up to go out and get one more listing, go out and work with one more buyer. Your value isn’t replying to emails, or even answering the phone, I get the phone calls that are needed to me, but the buyers and the sellers really feel connected because somebody’s always answering and replying quickly. And D.J. Paris 8:27 you know, the thing that I admire most I know this is sounding like this is a big commercial for you. But it is because of course I feel this this authentically towards you is this, this idea of delegation is really, really interesting to me, because what you what you seem to be able to do more effectively than a lot of other agents is and other loan officers is really understanding where you’re best suited. So you’re talking about delegating out, you outwork everyone in your in the in the activities that are generating the most income for you. So I know for example, you are just constantly at events and I think this is a great thing. You’re either hosting events or you’re going to events, almost, you know, most nights of the month really I know how hard you work and I think Realtors could really take a page out of your book and say hey, this this is a great way to stay in front of in your case realtors who can help bring business to you. And in a realtors case clients that could you know, obviously become become their clients. So can you talk a little bit about events and how you think about them and Joel Schaub 9:35 I have a 30 day period. It’s not untypical that I’m doing 20 different events in any given month like today’s as we’re taping this I’ve had three events in the last two days, and they can range from small events where I’m helping real estate agents grow their business simple, happy hours, flower making events putting bouquets together. Wine tea He’s doing events, or right now one of the lowest cost events that we can do as a real estate agent is hiring a photographer right now and doing the fall and winter photos in advance. Right? Yeah. So this Saturday, I’m actually we have a Santa Claus, it’s a lot cheaper to get a Santa Claus in October, DJ. Yeah, that’s D.J. Paris 10:19 a good idea. What a smart idea. For real. So Joel Schaub 10:23 we have a Santa Claus. And we have a real estate agent. And so the Santa Claus for a three hour period is literally $250. And then we’re hiring a photographer, all in this event cost about $500. In this real estate agent has 60 families coming, they’re going to get their photos taken. And the agent then sends high quality photos via email, so that their clients can do a Christmas card, Hanukkah card, New Year’s card. And it’s so inexpensive. But agents don’t know how to do that. So partner with a lender that can actually split that cost with you. And that’s one great thing that we’re doing. And it’s just all the way up and down the spectrum from low cost to high cost. There’s things that we’re doing right now to grow the business. Six months out of the year, I’m doing 20 events per month. D.J. Paris 11:13 I don’t know how you find the energy and the stamina for it, but you do and you’re great at it. And that’s what everyone in the local market knows Joel because he is so out in the public. You know, he is he is he is immersed in, in the, in our industry. And that is where you need to be. Let’s talk about rates. So rates are, you know, right now approaching the eights. At the time of this taping, we know it’s it’s a, you know, not the Preferred rates that anyone listening would like to present to their clients, of course, but this is where we’re at. So you are still going strong, you are still doing well. So I am excited to talk to you, because everyone else tells me Oh, it’s just uh, everyone’s sort of in the doldrums about it right now, but you are not. So I’m excited to learn what you are doing to stay busy and what you might recommend to our agents. Joel Schaub 12:05 All right to either rates right now you’re exactly right DJ, as of today, they’re on a fast track towards 8%. And a lot of clients right now without the perfect credit scenario are well into the percents on a standard 30 year fixed rate mortgage, if they have any lower credit scores or lower down payments or unique properties, like a two to four unit building or an investment property. Okay, a perfect credit score, credit score, I should say borrower with 20 or 25% down, can absolutely get rates in the low to the mid 70s Right now, with minimal discount points. But that’s a far cry from even a year ago when they were in the low sixes okay. And so that’s kind of the atmosphere that we’re playing in right now. And so I focus on education, and you as an agent shouldn’t be doing the same thing. I have a hot take right now that I’ve been telling a lot of people and I’d be curious if you want me to share this hot take D.J. Paris 13:07 all right, break breaking a break. We’re not breaking news, but we’re gonna we’re gonna dramatic pause for the hot take. Go ahead. Joel Schaub 13:15 Well, this week, I’ve talked to several clients. And they were shocked when I said this. And once I explained it, they said, Wow, that makes sense. And two of them actually went under contract this week after going through this. So I said, now that you’re out looking at places with so and so realtor, I really hope that we actually go under contract before rates drop, I really hope rates stay as high as they are right now before you find the place. What do you mean I go, D.J. Paris 13:44 so I don’t have any effects in front of you, but to be a screeching record. Joel Schaub 13:51 And this is the truth. As soon as rates drop, if all of a sudden tomorrow rates were at five and a half percent, we’re gonna have a flood of buyers back into the market. And I explained, we had this I was living through it in 2020 and 2021. And most of the people that are listening here, if you were in the business, you remember how great it was, but it was terrible. Okay, terrible D.J. Paris 14:11 for buyers. It was the hardest thing ever. Joel Schaub 14:14 So follow me here, right? I said if we buy this home right now, and the rates are in the high sevens and good for you that you can afford it. Good for you that you have the downpayment, there are so many people that I talked to that actually unfortunately can’t qualify right now. And if they’re on the sidelines, you think it’s just one or two people. It’s 1000s of people that have this brilliant idea to wait for rates to come down. Okay, so if you buy that home at $500,000 today and rates are in the high sevens, as soon as those rates are in the fives, somebody’s gonna be willing to pay 50 grand more for your home because the payment is going to be so much less. And it’s true. And I don’t know where this is going to end DJ but this is absolutely what the next step in real estate is going to be rates We’ll be coming down. And that’s going to drive values up. And here’s why I know it to be the case here for real. One second, there’s no more inventory, we still aren’t getting new construction up to the level that’s going to put so much excess inventory into the market. And two, we don’t have any sellers that are really dying to trade their 2% or 3% rates in. So there’s not going to be a massive inventory for a while. D.J. Paris 15:29 It makes all the sense in the world. And then so you you’re basically buying high but what you’re also you’re not buying high, the rate is just high, you’re not necessarily overpaying would that’s the important thing to remember, we always think about rates, we don’t think about prices much. And price and rates are inversely related. So they are negatively correlated, as one goes up, the other typically goes down. So the reality of it is Joel is is so right. And this is a wonderful perspective and paradigm shift to give to your clients to say, Hey, would you rather compete with 50 other buyers right now who can get in? We’re not right now. But what if rates were to come down right now? Would you want to compete with 50 people, that’s what it was like a couple years ago. And remember, people were buying sight unseen. They were waiving all sorts of contingencies. They were waiving inspections, they were just sort of throwing caution to the wind, because rates were so low, and a lot of people overpaid. And so let’s say you buy a place now and it’s in the sevens or the eights, whatever the rate may be less competition, you’re probably going to pay less. And when rates drop, guess what you get to do refinance. Take Joel Schaub 16:36 a perfect example, let’s just even go lower in price, because a lot of my stuff that I help clients with aren’t these multimillion dollar homes, everybody thinks, oh, I don’t want to bother you with a $300,000 transaction. But that’s the bread and butter. These are the people that listen to me, they take advice, I can coach them on the next steps for homeownership. If you buy a home today at $300,000, and we put down 30 grand, when rates drop, your value will be 30 grand more, it’s going to go up people will pay more for home, if their payment is based on a 5% rate than an 8% rate. Okay, so now we put in 30 grand, and in a couple of years, we’re going to have 60 or 70 grand worth of equity. I’m not saying we sell but that is the strategy. That is what’s going to happen. So if you’re a realtor right now, and you have buyers saying I want to wait, you say well, yeah, I want to wait till rates come down to but listen to this. If you bought a home now and we put a low down payment. As soon as rates drop, you’re going to have a major increase in value to your place. That’s going to help you it’s a different talking point than what the media is talking about how bad rates are right now, okay? Be the bearer of good news. D.J. Paris 17:51 You know, I want to really encourage everybody to, you know, if this didn’t just change your perspective, at least a little bit. By the way, I’ll give you a stat that changed my perspective yesterday, I’m going to add this in it’s a little, in addition to what we’re talking about now has nothing to do with this. But I’m going to give you an example. So this really changed my my mind yesterday. And then what you just said really helped me feel better about the current conditions of the market as well. So I’m going to give you guys something that I learned on top of what Joel just said. So we know that longevity, right? We know that the average age, at least in America, people live typically into their early 70s. That’s kind of when the actuary tables say, you know, we’re going to start expiring women live a little bit longer than men, but it’s early 70s to mid 70s. However, that’s not actually the really the true numbers. The real number is if you make it to 40, this is just blew my mind, if you make it to 40. You actually now your life expectancy is in the later 80s, which is really cool. And I heard that and it made me feel better. Because now all of a sudden, it changed my perspective. I went, Oh, I got a little bit probably a little bit more time left. And this is what Joel just did. He basically gave you a lifeline. He gave you some information that you can go out there in the world. And actually, it’s not just a rosy sort of, hey, this is the nice side of looking at high rates. It’s actually logical, and it makes sense. So please do me a favor, take this episode. Anyone who’s bummed out that you know, that’s a realtor or a loan officer who’s also struggling, please send this to them. This is what everybody needs to hear. So we can go out there and capture more business and get more listings and get more buyers. I Joel Schaub 19:28 guarantee this is what’s going to happen. I don’t have the crystal ball in terms of when rates are going to drop. But I’ll reiterate this piece, if you’re buying something now, way above market rate, right we know the feds have pushed rates way too high for a reason to really stamp out inflation. So stick with me here. These rates should not be this high. They have to be this high to actually pull the inflation numbers down. If you’re buying a piece of real estate at these higher numbers, when rates come down and they will come down that property’s worth more? Okay. I don’t know, in the future, what’s going to happen? I don’t know where this all ends, but this next time period, this is truly what’s going to happen. Buy something now, in that price point that’s under a half a million, you know, it’s going to go up. Okay. That’s what’s that’s what we’re seeing. D.J. Paris 20:17 One other question I have now I’m we’re going to switch to it to a different topic, but the same basic idea. Do first time homebuyers in your experience because you work not just with people buying or selling their second property or third, you know, they’ve worked with with loans before they have an expectation of where rates they’d like rates to be. But a first time homebuyer might not have any expectation, right? So do my question to you is do most first time homebuyers even care about the rate? Joel Schaub 20:48 They’re very concerned with the rate? I don’t think this is the answer you’re thinking, but they really are. Because it’s one of the only ways that you feel like you have any damn control, we all know that it’s bad. Makes sense. And so like I can’t get, there’s no inventory, I can’t find the home that I want. But I’m smart, I have good credit, I have good income, I should get the best rate that’s out there. So I’m gonna go scour the internet, and I’m gonna go find the dark corners of the place that’s got the cheapest number. And that’s the wrong way to do it. But I understand the logic behind, there’s probably only one thing I can control is going out and trying to find a really cheap mortgage rate. And that’s similar to we’ve talked about this so many times before details, like, do you want discount eye surgery? Right? Right, I get in the group on for the coronary bypass surgery, or do I actually want somebody who’s done it for years. So there’s a happy medium, and I teach people all the time when they call me, I’m like, I might not be for you. I might not be the person if you’re calling 17 banks saying, What is your rate today? Are you the cheapest? There’s always somebody cheaper, right? There’s only one cheapest person. And what you were really asking is, what is the value that I’m getting working with you? And that’s what you that’s what you’re looking at? D.J. Paris 22:05 Yeah, I mean, look, if you’ve been a realtor long enough, we know some of these discount loan shops who, you know, hey, again, as Joel said, it’s really attractive to chase rates, of course, who doesn’t want the lowest rate, but the rate itself is just one little piece of the entire puzzle. And the real, the real challenge is, can everybody work together to actually close this deal? And a lot of times those while we all know it without saying any names, of course, we know some of these firms are not as good at doing that. And so of course, working with somebody again, just like Joel said, Do you pay? Do you want to not that Joel is necessarily more expensive, but if he is, there’s a reason for it. And it’s not because you know, he just wants, you know, more money, it’s because his value is that he can get deals closed, and he got my deal closed. He gets lots of other people’s deals closed, that are friends of mine, and everybody raves about him. Joe wanted to ask one more thing about partnering with you as an agent, because I know that you have you do partner, you do all these events? Can you talk a little bit about that. And if anyone’s listening who is looking for a partnership, maybe what what you might suggest, Joel Schaub 23:13 after the last episode dropped, I didn’t even tell you this, I’m glad to share this with you live, I got about 40 different emails within like an hour period saying what you shared was amazing. I want to do follow up. And I’ve talked to about seven or eight people out of those 40. And really built some great friends across the United States of just agents that I’m just giving back to and just having real conversations with and we’re actually closing transactions in the company that I work for is in all 50 states. But they always say, Hey, do you work in Florida? Or do you work in Texas? And the answer is always yes. And right now, it’s it’s important to have somebody that’s local for you. And if you don’t have somebody that’s local, really what you want is a partner that wants to contribute money. And this is where I’m gonna get in trouble. Okay, loan officers hate me saying this. But I’m one of the most generous people, I want to find ways to give back to my agents here in Chicago. And that’s where I live. And that’s where 85% of my business DJ is in the downtown Chicago market. So wherever you’re at, in the United States, I can teach and I can help and I can coach but the one thing that I can do is even if you don’t send any business to me, I want to get you on the newsletter so that you can get those bite size pieces of information that you can share with your buyers or sellers to elevate your game. You know without the jargon, what the hell’s going on, right so we can teach you every single week something new, and if it just gives one more seller to you, or gives one more buyer to you. That’s that’s the reason you tune in to DJ show. D.J. Paris 24:57 Great, well, the easiest way to do that to get on his mailing list. And I do encourage you to do that. Because every week usually Wednesdays, his team sends that out. And it is chock full of information, little bite sized pieces that you can use. Like what Joel was saying today about, hey, he actually, his hot take was, it’s actually possibly a really good time to buy right now that will stop people dead in their tracks right now. Oh, it is why, right. Joel is gonna give you well, he just said it today. But he also said every Wednesday or Thursday, when he sends that out, you get exactly that kind of information, Wouldn’t you love to be able to call everybody you know, who’s on the sidelines right now and say, hey, look, I know, you might feel that it’s not a good time, I would like to talk a little bit more about why it might be a good time to buy. I know if somebody said that to me, I would go I’m my ears are open, tell me. And that’s what the kind of stuff that Joel sends out to you. And it’s really, really good stuff. So please, please, I encourage everybody listening, get on his newsletter, and of course, also reach out to him. joel@rate.com is the best place to do that. Joel, any parting words? Maybe something, you are such a positive person, you always sort of are looking for the opportunities and the challenges and you get excited about challenges. What how do you stay? How do you stay positive through difficult times? Joel Schaub 26:18 Well, there’s a lot of ways is a positive right now. And I’ll share a story of just somebody that I was speaking to that was down and I asked this simple question. And I’m going to ask it to your audience to do you just have that listing right now that just isn’t selling. It’s just sitting there and you’re like, What the hell do I need to do to get a buyer into this home, right, so it’s sitting on the market, I want to go through a strategy right now that I did a month ago. And within one week, it was under contract, and they’ve already closed this deal. So before we start going through and doing another price reduction, let’s just talk about the to one rate by down strategy, and how we can get the seller credit to really boost the potential for buyers to come in and buy this place. So let’s set the groundwork. Here we have a listing. And this listing is a $500,000 single family home, and it is not selling. And we have a choice, do we make a reduction to 475. And hopefully that moves the needle DJ. And as I was talking to the client, the agent about what clients would come in and how that move the needle, I broke down the numbers. So I’m going to do that here and just talk about how I $500,000 sale, going down to 475. What that does, and how there’s a much better way. And once you know this better way, there’s going to be it’s going to be music to your ears, okay, so I broke it down like this, I said at $475,000. It’s a $25,000 difference. And that $25,000 At today’s rates, great. That does mean the buyer has about $150 less per month, that’s great. $150 less per month might be enough to get that buyer in the door, but I had a better solution. And I know a lot of you already know this, but let’s go through the specifics of how it helps you and helps the seller. So I suggested, let’s get on social media. And let’s promote that the seller is offering to buy down any buyer that comes in for the next two years and get their rates into the fives and sixes. And they knew about the strategy, they just didn’t know how to implement a to one rate by down. Okay, so remember, this is what we’re talking about. So I told them to specifically get on and we did a video together this is on a $500,000 place, the payment is $644 a month less than the home next door that was priced higher. Okay, so all we had to do is offer a 3% seller credit. And the payment now was over $600 A month less for that first year for the buyer coming in. And so if you’re a listing agent, and you have a place before we do a price reduction, let’s offer the buyer a 3% seller credit so that their lender can do a to one rate by down and I know that was wordy, but that’s how we do it. And it really worked. They had a full price offer there was another buyer that had just lost out on deal after deal and with rates going up they didn’t think they were gonna buy it it made all the difference in the world. So it’s a really successful way to do this. D.J. Paris 29:41 Yeah, so basically how that works is the seller is buying down the rate so that the buyer feels better about the rate that they’re paying the monthly payment the buyer is doing that for two years, then it will go to you know its original rate or and of course, the person can refinance as well at that time possible. like. So this is a great strategy for sellers. And the challenge I always suspect with this is marketing it like making sure that people know that this property offers. So you were saying social media is a great place, because it’s not going to necessarily pop out of an MLS listing? Oh, by the way, this is a, you have to comb through it to find that. So do you find that that’s really effective to promote that on social media, hey, we’re doing this we’re going to be buying down the rate Joel Schaub 30:25 it is. But it’s also really important to actually understand it, right? What is really more important than promoting it as you as an agent need to actually do some research and understand the ins and outs of what it is. So that you can effectively tell the seller as well as sell it. I know it because I was doing this back in 2007. When rates went up, then this is what developments were doing. We had big developments of condo conversions, apartments going to condos, and those condos were sitting stagnant. So the sellers were offering every incentive in the world. And that’s where we really got into buy downs back then, the last couple of years, there was no need to buy down a rate. They were in the twos and threes, right. So now that they’ve gone up, it’s come back into fashion. And most of the people talking about it don’t even know what it is. So work with somebody that actually has done it. And if you haven’t done it, do a little bit of research, go on to Google and talk type in to one rate by downs from the seller. And you’ll get a load of resources that you so once you understand it, you’ll be able to promote it better. And if Google doesn’t give you the answer, just call Joel, I’m happy to spend 10 minutes with you and just go into more detail. But you can do this, it’s a much better way than offering another price reduction because it makes the buyers payment a lot lower for a couple of years. And D.J. Paris 31:53 a really, it’s a really cool creative thing that buyers are not going to be as familiar with. So it creates a little bit of exclusivity to the property that you may be listing. And it creates this cool little additional thing that probably 95% of the homes out there on the market don’t all have as well or maybe even high probably 99% Don’t offer that. So that is a really cool thing to just you know, it’s I almost consider it like a little hidden room at a house that’s unique and cool that you know, no other house has. So guys, you know, we want every possibility every possible option to get these homes sold. So this is a great way to attract more people that are maybe a little rate conscious at the time. So great opportunity guys reach out to Joel let’s get on his mailing list. joel@rate.com is his email, you can also reach out to him at 773-654-2049. A guaranteed rate is licensed in all 50 states. So even if you’re somewhere else, or even if you just want advice or you just want some help reach out to Joel he couldn’t be more generous with his time. It is the he is a big believer of givers get so he will always he gives to our show he gives to a lots of people. And so please don’t be shy and reach out to him. Joel on behalf of the audience want to thank thank you for being on we had covered a lot of great ground today talked about Biden’s we talked about you know how to talk about where rates are currently and why it actually may be a great time to purchase. And really just shifting everyone’s attitude and perspective in finding these opportunities today which which are elusive to a lot of people. So we just gave you some great ways, please share it with a friend. But on behalf of Joel and myself, we want to thank our A our agents, our listeners and which are all agents. And by the way, I just wanted to thank everyone personally, we have just crossed over 500 episodes, we’ve crossed over 3 million audio downloads. We are very very thankful and grateful to everyone listening. Please continue to share the show, leave us a review. That’s the other thing that really really helps us unless of course you’re gonna leave a one star review I guess you can leave a one star review to that’s fine. But thankfully most of you don’t but leave a review. Let us know what you think of the show. And let us know how we can improve because that’s our job. So please thank you also support our sponsors and also support our guests like Joel reached out to him. He is awesome. Alright guys, we will see everybody on the next episode. Thanks Joel. Joel Schaub 34:21 Thanks so much for having me on DJ