Ben Gay III Joins Bruce Norris on the Real Estate Radio Show #214

Bruce Norris is joined once again this week by sales legend Ben Gay III.

Ben and Bruce discuss "do you own one" sales, the concept of wholesales, the history behind the Closures 1 and Closures 2, sales infiltration, scripted sales, and much more on this weeks real estate radio show and podcast.

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Ben Gay III Joins Bruce Norris on the Real Estate Radio Show #213

We're back! Thanks so much for all the cards, thoughts, prayers and concerns. This week we re-launch the show with sales genius Ben Gay III.

Ben and Bruce chat about how he got into sales, one of the best things Ben's parents did for him that made him successful, the many different sales positions he's had, and bits of why he can do what he does no matter what it is he's promoting.

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Tommy Williams with the National Auctioneers Association 4-4-08 #62

Bruce Norris is joined once again by auction legend, co-founder of Williams and Williams Auctions, and current president of the National Auctioneers Association, Tommy Williams. Bruce and Tommy discuss what the duties are as the president of the National Auctioneer Association, foreign countries and the auction process, the lessons to be learned from foreign countries, the leading foreign auction country, auction cycles and the psychology of acceptance, Tommy’s dream for the auction process, the biggest impediments for the auction method to gain wider acceptance, the possible synergy with Realtors, what the National Auctioneer Association is doing to reach out with the National Association of Realtors, the number one auction category in the United States, what rules or regulations could be put in place to help the auction process, Tommy’s wish to see foreclosure process change, the perception of auctions and how its changed over the years, what the public thinks about auctions and how Ebay has played an important role, shill bidding on Ebay, the benefits to joining the National Auctioneers Association (NAA), the national auction publications, the education process of an auctioneer, how the auction industry self regulates against those that abuse the system, how word of mouth weeds out the bad seeds, rookie mistakes of auctioneers, the importance of understanding value, how the business has changed since the Internet, marketing being the most important ingredient for the auction process, the future for the Williams and Williams auction company. Williamsauction.com

Thomas L. Williams is a graduate of Penn State University (B.S. Animal Science) and the Certified Auctioneers Institute (CAI). Representing the third generation of Williams family auctioneers dating back to the mid-1800s, Williams is also a graduate of the historic Reppert School of Auctioneering. He has over 40 years experience in real estate auctions, land development and real estate investment. He currently serves as President of the National Auctioneers Association.

A founding partner of Williams & Williams, Williams served as president from 1986-2000, and became board chairman in 2001. He also co-founded and served as managing partner of Lowderman & Williams Auctioneers from 1965-85. He has conducted over 10,000 auctions in all 48 of the contiguous United States and Canada, and is an advisor to auctions conducted throughout Western Europe, South Africa, Australia and New Zealand.

An avid cattleman, Williams also owned and operated Bradmar Angus Farms from 1965-85, after which he continued to serve as a herd and genetics consultant for many of the nation's premier Angus cattle breeders.

Williams is a licensed auctioneer and real estate broker in over 20 states, and an active member of the National Association of Realtors.

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Tommy Williams with the National Auctioneers Association 3-29-08 #61

Bruce Norris is joined this week by auction legend, co-founder of Williams and Williams Auctions, and current president of the National Auctioneers Association, Tommy Williams. Bruce and Tommy discuss how Tommy got involved in auctions and his family’s history in the auction business since the 1800s, how the tradition continues in the family, how Williams and Williams auctions are set up, the team members that make auctions possible, on-the-front-yard auctions, why Williams and Williams chooses not to pursue ballroom auctions, why auctions on the lawn helps obtain true market value, dealing with surprises during live auctions, how bad weather actually makes for a better auction, how long the process takes and how efficient the process has become, how government-backed banks are harder to deal with than private institutions, the readiness of Williams and Williams to grow as the market changes, the different types of auctions and which Williams and Williams chooses to use, how a seller is more willing to change what they will take for a property on auction day, true market value and how auctions show the seller the truth, if sellers today are more willing to accept lower offers, why it’s important to have the seller present at auction, problems with old appraisals, shill bidding in current California auctions, when shill bidding is acceptable and what auctioneers should be doing if it’s a practice they choose to pursue, how some states have licensing laws and other’s do not, Tommy’s thoughts on shill bidding, the stigma to builders considering auction, what any seller will need to consider when considering the real estate auction process, the difference between a loved home and an unloved home, auctions during the peak of a boom and how sellers could see even more gains, the marketplace tells the truth, and finally, williamsauction.com.

Thomas L. Williams is a graduate of Penn State University (B.S. Animal Science) and the Certified Auctioneers Institute (CAI). Representing the third generation of Williams family auctioneers dating back to the mid-1800s, Williams is also a graduate of the historic Reppert School of Auctioneering. He has over 40 years experience in real estate auctions, land development and real estate investment. He currently serves as President of the National Auctioneers Association.

A founding partner of Williams & Williams, Williams served as president from 1986-2000, and became board chairman in 2001. He also co-founded and served as managing partner of Lowderman & Williams Auctioneers from 1965-85. He has conducted over 10,000 auctions in all 48 of the contiguous United States and Canada, and is an advisor to auctions conducted throughout Western Europe, South Africa, Australia and New Zealand.

An avid cattleman, Williams also owned and operated Bradmar Angus Farms from 1965-85, after which he continued to serve as a herd and genetics consultant for many of the nation's premier Angus cattle breeders.

Williams is a licensed auctioneer and real estate broker in over 20 states, and an active member of the National Association of Realtors.

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David Berson of PMI Group #60

Bruce Norris is joined by former Chief Economist with Fannie Mae and current Chief Economist with PMI Group, David Berson. Bruce and David discuss what PMI Group does, mortgage insurance, risk lenders are no longer willing to take, the size and scope of PMI Group and its services, risk averse lenders and how it all changed, practices of lenders and pushing the credit envelope in cycles, unsustainable trends and the end of subprime, lenders passing loans through new vehicles not previously available, mortgage-backed securities and CDOs, portfolio lending, expansion of Fannie Mae and Freddie Mac and what the effects will be, investors and their assumption of risk for mortgage-backed securities, credit ratings and how they misled investors, the issue of looking backward and not forward, why pricing inflation saved the day, if the worst over, home sales and price stabilization, California in a recession, the economic signs of a recession, consumer spending, what happens if consumer spending dwindles, unemployment rates and its importance to the market, what happens if wages decline, Realtors and jobs in California, impact on bond insurers if ratings are lowered, separating muni bonds from subprime bonds, what happens when insurers go out of business, mortgage defaults, unanticipated price drops, when Fannie Mae started to be concerned, the national scope of price drops, Great Depression talk and if it’s exaggerated, raising loan limits for Fannie and Freddie, the FED and their solutions, moratorium on foreclosures, what signs to look for in a recovery, bond yield spreads and what they might say about interest rate moves by the FED, stagflation, and the percentage of housing market for employment.

As Chief Economist and Strategist, David Berson's responsibilities include domestic and global market research and planning, support of government relations and public policy, and strategic environmental planning. He also acts as a PMI spokesperson on topics related to global economic housing, and mortgage market conditions, prospects, and policy.

Berson comes to PMI from Fannie Mae, where he was Vice President and Chief Economist since 1989. At Fannie Mae Berson was responsible for advising the company on national and regional economic, housing, and mortgage policy and conditions, including forecasts and analyses of the economy, interest rates, and housing and mortgage finance markets. Berson was also a senior member of the corporate strategy group, where he provided alternative views and risk analyses based on economic and market changes.

Prior to Fannie Mae, Berson held senior management positions at Wharton Econometric Forecasting Associates overseeing domestic services, financial analysis, and modeling. As well, he has held several teaching positions at the University of Michigan, Claremont McKenna College, and Claremont Graduate School. Berson has published more than ten papers on the U.S. housing and mortgage markets.

Berson received a Ph.D. in economics and a M.P.P. in public policy from the University of Michigan, and a B.A. in history and economics from Williams College. He has a long history of civic activity and currently serves on the advisory board for the Middle Patuxent Environmental Area and the board of directors for Crossway Community, a transitional housing project for homeless families.

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Nicholas Manfredi of the Short Sale Processor #59

Bruce Norris is joined once again by president of the Short Sales Processor, Nicholas Manfredi. Bruce and Nick talk about what attracted Nick to the world of California real estate investing, his background in data, if sales was important to being an investor, how the Inland Empire Investor’s Forum began, how his Southern California investor club has helped his business and skill set, what choices people have when facing foreclosure, what mistakes California investors are making when approaching people in foreclosure, how different short sale businesses are structuring their business, the ideal time frame to complete the short sale process and have the lender participate, where lenders are currently participating in the foreclosure process, the credit difference between foreclosure and a short sale, what someone facing foreclosure wants to hear when doing a short sale, lenders and their focus on BPOs, building relationships with loss mitigation departments, turnover in the loss mitigation industry, the BPO process, the amount of time per California short sale file, synergy with short sales and REO brokers, Nick’s upcoming short sale seminar, the structure of a successful California short sale business, doing what you’re good at, learning to set up a machine to do the most profitable things, percentage of response for short sale marketing, why education is always less expensive then learning the hard way, how long the short sale business in California will likely last, price adjustments in California, and his website theshortsaleprocessor.com.

Nick Manfredi is a real estate investor, speaker and corporate business owner. He has been featured in Fortune Magazine and The LA Times, and contributed to articles in the news media including CNN Money Magazine, The Press Enterprise, and RISmedia.

In 2002 Nick established one of Southern California’s most respected real estate investment club’s The Inland Empire Investors Forum. Focused on volume, he continues to wholesale 80% of his acquisitions.

Eager to capitalize on California’s changing market Nick co-founded The Short Sale Processor LLC. As CEO of Forum Real Estate Investments Inc

Nick continues buy residential & commercial property in California and Texas. Nick resides in Southern California with his wife Susan and 3 boys Gabriel, Nathan and Jacob.

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Nicholas Manfredi of the Short Sale Processor #58

Bruce Norris is joined by short sales expert and President of the Short Sale Processor, Nicholas Manfredi. Bruce and Nick discuss how hard prices have been hit in the Inland Empire, different ways to evaluate homes, why Nick likes Corona as an investment area, what areas of the housing market are safe, inflation and interest rates and their effect on investment decisions, percentage of homes in Corona in a negative equity position, what conversations are like with current sellers, the journey of someone facing potential foreclosure and the option of a short sale, California and a possible depression, rent drops in the Inland Empire, the choices for someone in default, what some home owners have been spending per month on a home payment, the willingness for lenders to really help people to save their home, misconceptions on short sales, Realtors and the misunderstanding of taxation and debt relief, the Debt Relief Act of 2008, if you need to be licensed to do short sales, retail value and short sales, working with a Realtor who understands the process, reasons why lenders decline short sales, the MERS system, lenders position on borrower being behind before short sale consideration, how to attract people to short sales if not through mailers, how the Short Sale Processor works, the money to be made by helping sellers and lenders, how brokers can make just as much money with short sales as they can with a regular transaction, and finally, theshortsaleprocessor.com.

Nick Manfredi is a real estate investor, speaker and corporate business owner. He has been featured in Fortune Magazine and The LA Times, and contributed to articles in the news media including CNN Money Magazine, The Press Enterprise, and RISmedia.

In 2002 Nick established one of Southern California’s most respected real estate investment club’s The Inland Empire Investors Forum. Focused on volume, he continues to wholesale 80% of his acquisitions.

Eager to capitalize on California’s changing market Nick co-founded The Short Sale Processor LLC. As CEO of Forum Real Estate Investments Inc

Nick continues buy residential & commercial property in California and Texas. Nick resides in Southern California with his wife Susan and 3 boys Gabriel, Nathan and Jacob.

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Real Estate Economist Gary Watts #57

Bruce Norris and economist Gary Watts of Impact Real Estate continue their conversation from last week. This week they discuss when this current real estate downturn began, what statistic told us we were headed into a downturn, if Southern California is different from the rest of California, what percentage of the market was second home purchases, what has changed in the lending industry, the Federal Reserve and why they waited so long to do anything about the lending troubles, the new rules of being a lender, how certain minority groups stand to be hit hardest and how it happened, Bruce and Gary’s differing opinion on affordability, resets in 2008, lenders stalling on resets, if banks can truly be proactive and what choices they have in dealing with delinquent borrowers, due-on-sale clause, the media misleading the public on foreclosure rates, how the media’s lack of experience and understanding of the topics lead to bad reporting, press and its impact on real estate in an up market, consumers and attention paid to news articles, Orange County foreclosures, what cities are most affected, did builders overbuild in Orange County, how builders make mistakes, state-wide foreclosures and the never-before-seen sales ratio for Southern California, forecasting in 2008, why California wins migration, and how some areas in California are almost ready to cash flow.

Gary Watts has long been recognized as a forecasting expert by the real estate industry. His long-term analysis has also drawn the attention of the media due to his consistent accuracy. His Economic Outlook has been spotlighted in regional newspapers, including the Orange County Register and the Los Angeles Times. He has been seen on the PBS TV program Real Orange, he has been heard on the radio at KNX Money Talk and was featured in Fortune magazine. He holds a degree in economics with advanced studies in psychology from California State University at Sacramento. Gary's economic forecast and lecture notes are among the information pieces most widely circulated by real estate agents in Orange County. Gary's last speaking season drew over 17,000 real estate agents. His talks are also available in DVD and an English or Spanish CD format

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Real Estate Economist Gary Watts #56

Bruce Norris is joined this week by economist Gary Watts. Bruce and Gary discuss Gary’s long history of forecasting in California, what surprised him in 2007, how the financing industry put the breaks on the low and high end inventory in California, psychology playing a role in the California real estate market, how this cycle was different from previous cycles, renting versus buying in the mind of a buyer, how much of the loan pool is subprime, how much of the subprime is really a problem, collateralized debt and the mess it has created, FHA and VA loans, how the new loan limits for FHA will hopefully help, how the change might hurt the median price, pent-up demand in certain parts of California, who make up these new buyers, the FED and the solutions they’ve tried to implement, how freezing the subprime might help or hurt the market, foreign markets and lending practices, which foreign country buys the most real estate in the United States, foreigners betting on a short-term weak dollar and a good potential for a rebound, and how the election could effect real estate.

Gary Watts has long been recognized as a forecasting expert by the real estate industry. His long-term analysis has also drawn the attention of the media due to his consistent accuracy. His Economic Outlook has been spotlighted in regional newspapers, including the Orange County Register and the Los Angeles Times. He has been seen on the PBS TV program Real Orange, he has been heard on the radio at KNX Money Talk and was featured in Fortune magazine. He holds a degree in economics with advanced studies in psychology from California State University at Sacramento. Gary's economic forecast and lecture notes are among the information pieces most widely circulated by real estate agents in Orange County. Gary's last speaking season drew over 17,000 real estate agents. His talks are also available in DVD and an English or Spanish CD format

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John Burns of John Burns Real Estate Consulting #55

Bruce Norris is joined this week by builder consultant and founder of John Burns Real Estate Consulting, John Burns. Bruce and John discuss how busy John has been consulting investors and builders who have never experienced a downturn, what industries these new investors are coming from and if it’s cyclical, if builders had a chance to do it over what they might choose to do differently, land shortages, debt strategies of builders, options versus cash, land value decrease in California, portfolio deals, supply of homes the builders are currently holding, construction starts, how lending has changed the game, who the typical buyer is in 2008, the possibility of builders constructing smaller homes, if the cities like that idea, why do builders repeat the same mistakes, are those in trouble the old or new companies, Northern versus Southern California market, affordability changes in the coming years, if affordability will help the housing market, if any of the FED actions will come to the rescue, how the freezing of foreclosure won’t change anything, how interest rates might help, the California employment picture for 2008 and its effect on housing demand, recession in California, migration, presidential elections and possible tax law changes, the state of the commercial industry, commercial foreclosures in 2008, and the new loan limits proposed by the FED.

Prior to founding the Company, John Burns was at KPMG Peat Marwick for 10 years, where he was a Senior Manager in the Real Estate Consulting group. He was also a Principal and Vice President for four years at a national consulting firm, where he completed custom consulting assignments and developed several market monitoring subscription products for the 75 largest housing markets in the United States.

John Burns is a frequent speaker, and has been quoted as an expert by CNN, ABC World News Tonight, The Wall Street Journal, The Associated Press, USA Today, Bloomberg, The Los Angeles Times, The Washington Post, Builder magazine, and others. He designed and authored a weekly e-mail received by more than 25,000 industry participants, and authored the U.S. Housing Markets publication. He also created and edited several highly successful market research subscription reports.

John has a M.B.A. from the University of California, Los Angeles and a B.A. in economics from Stanford University. He is also a Certified Public Accountant. He is a full member of the Urban Land Institute and a board member of the Building Industry Association.

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