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The Story Behind The Jack Mancini Real Estate Team

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Episode Transcript: The Mancini Real Estate Minute – Episode #1

The below is an auto-generated transcription from the podcast. Please excuse typos and grammatical errors.

Ep-1 – The Mancini Real Estate Story with Jack Mancini

Charlie McDermott 00:00
It’s time for the Mancini Real Estate Minute podcast with Jack Mancini. He’s Southwest Florida’s most trusted real estate agent. Hey there, this is Charlie McDermott, producer and co-host of the show and speaking of the show. There would be no show without Jack Mancini and Jack is here. Jack, how you doing?

Jack Mancini 00:20
Great, Charlie. Good morning. Happy to be on your podcast.

Charlie McDermott 00:24
Yeah. Well, you know, you’re the man. Well, you know, there’s that too but I’ll take responsibility for now. But we’re going to turn it over to you when we get to the really important stuff and that’s what’s going on in the real estate market and certainly, you’ve been known for going on two decades as the guy the team and in the Estero, Florida area and beyond. So, excited to have you on your show. I thought we’d start with because I know your name, your team is well-recognized in the area. But there are so many new folks moving into Southwest Florida who don’t know you don’t know your story. So, I thought this first podcast would be an opportunity just to share that. So, let’s start there, Jack. Let’s start with what you’re doing your company and your journey into real estate. How’s that sound?

Jack Mancini 01:15
Sounds good. Yeah, it’s been quite a journey. Out of college, I started as an appraiser. I went through the appraisal training and what qualifications and testing is needed for that and then I got into the mortgage business and that was great. I was doing loans. My dad didn’t think anybody would trust a 22-year-old kid to you know, loan people money, but it worked. It worked great for many years and then I started working for US home mortgage, in 2002, they had an opportunity here in southwest Florida. So, my wife and I, who were newly married at the time, came to Southwest Florida Fort Myers, US home, as you know, is was a sister company with Winnaar and now they’ve just combined to be Lennar. So, I would show up at my desk on Monday, and I would have 30 to 40 contracts on my desk from all of the properties that US home and Lennar had sold over the weekend.

So, I had a stack of contracts and I had to make contact with all of those buyers that we so and then I saw how much fun the realtors were having they were calling me from the golf course. They were calling me from you know all over having fun and I said to myself wow, I need to try this real estate thing and get out from behind this desk. So, I got my real estate license in 2004. So, this has been 18 years I’ve been through the ups and the downs and as you know the real estate market is very strong right now. But I did you know all the foreclosures and short sales back in 2008 and you know our market is is shifting from just a seller’s market to more of a equal market for buyers and sellers at this time.

Charlie McDermott 03:38
Yeah. I mean when isn’t the market shifting right you know, I would imagine you spent a lot of your time just projecting the future right? If not, for the fact that there are what how many real estate agents are there in the area?

Jack Mancini 03:55
Oh man, 10,000. I don’t keep track of those stats.

Charlie McDermott 04:03
But you know there’s a different obviously to someone who’s in it you know, as they say in it to win it or full time and beyond and those who are you know, kind of looking at the occasional I’m going to call it the family and friends realtor who you know maybe gets their license because I can make an occasional commission. Nothing wrong with that but hey, if I’m going to list my home sell my home I want someone who’s been there done that seen all the markets and in your case you know someone who’s already looking six months a year down the road and there’s no crystal ball as far as I know that you have and if you do please share with me but you know you’ve seen a lot and you can better gauge where this market is going and guide your clients. I call it that listing peace of mind. Is that a good way to put it?

Jack Mancini 04:52
Yes, it is and like you said there’s no crystal ball but and there has been a lot of low hanging fruit in the past couple of years. So, we have a lot of new agents that think that the real estate market is easy, and they should get their real estate license and a lot of, you know, family and friends, you know, they feel that obligation to hire their grandson or sister-in-law or whatever it is and that ends up, you know, working out sometimes. But a lot of times, you know, you sold yourself short because you hired family, but what else are you going to do you don’t run off family.

Charlie McDermott 05:35
No, you can’t. But maybe the better solution is just maybe write a cheque for 10 grand. Give it to that family member and then, you know, make up for more than that by hiring someone who…

Jack Mancini 05:46
I’m happy to pay a referral fee to their family member, you know, and we they feel like they still got something out of it. But it’s hard, you know, family and friends working for family and friends. There’s a lot of extra pressure on real estate agents when they’re representing their own family and if you don’t want that pressure, refer them to Jack and I’d be happy to pay you a referral fee.

Charlie McDermott 06:13
That’s awesome. Yeah, and a future episode, we’re definitely gonna have to go down the path of, you know, what makes what you guys do so unique and beneficial for those who are listing their home because there’s a lot that goes into it. Again, you know, the average person the layperson, not involved in the real estate world, just looks at that, like you started out with this, hey, I get to play golf all day. You know, my realtor just you know, fills out an agreement, I sign it, they put a sign on the lawn and occasional open house, and it’s sold and there’s way you shared off might today, just the list of things you need to do today for a couple listings that you brought on. So, yeah, we’ll get into that. So, let me ask you this, then, with your experience, and I love the fact that oh, my goodness, you know, you started out on the appraisal side, you then got into the mortgage side and now real estate. I mean, it talks about, you know, the ideal path of really understanding the total process. Yeah, that’s awesome.

Jack Mancini 07:21
Yeah, I know, you know, appraisal, mortgage and sales, that a lot of agents just know, they don’t understand pre-approval letters and approval letters and what appraisers are looking for, and things like that and I have that background.

Charlie McDermott 07:40
Yeah. Boy, must save a lot of time and heartache, right, because you go down the path, just assuming, you know, from an appraisal standpoint. I do a mortgage

Jack Mancini 07:50
Mortgages are big. You know, when you get a pre-approval letter, and you haven’t talked with that loan officer, and, you know, 29 days out of their 30 day loan contingency, the 29th day, you find out that, you know, the buyer doesn’t qualify. It’s heartbreaking for the owner, who may have contracted to purchase another property and that falls through because, you know, a loose loan commitment or loan approval letter, you know, don’t start packing. They start packing up their belongings. They’re given stuff away, and then they send a release a cancellation of contract because they couldn’t get financing. That’s the worst.

Charlie McDermott 08:46
Okay, well, sounds like another great topic to get into down the road. So, we got a lot to talk about. But that’s the step back to busy, busy, busy. You’ve had a lot going on, but you decided to do a podcast. What’s your why in that? Why are you spending the time to help folks?

Jack Mancini 09:11
Well, I think more than anything, buyers, and sellers, they may be misinformed or not certain of the market. They think it’s still going up 10% a month, and it’s not. So, I’m here to educate buyers and sellers, current market conditions, how interest rates affect pricing, these on market, price reductions, you know, investment markets, how they are affecting property values, different buyer, and seller perspectives.

Charlie McDermott 09:53
Yeah. Price Reduction. I mean, that stands out. It’s like timing the sale of a stock right you know, Like, when do you pull the plug or when do you make that adjustment? And again, my guess is there’s a strategic plan there.

Jack Mancini 10:09
There is a strategy to pricing a property also, you know, when buyers are online looking, they’re looking in $25,000 or $50,000 increments. So, pricing a property at 399.9, actually hurts you. It should be 400,000 because buyers that are looking from 400,000 and up, don’t find you at 399, for instance.

Charlie McDermott 10:38
Oh, my goodness, I yeah, I would have assumed that it would be the 39,999.99.

Jack Mancini 10:45
You know, historically, that’s what agents have done? Yeah, 249.9, instead of 250 and everybody that starts their search at 250 doesn’t find at 249.9. Well, there is a strategy to pricing and price reductions, when to do them when not to do them. We haven’t been doing price reductions for a couple of years. We’ve been doing price increases, you know. But to give you an idea of this past week, there were 310 new listings in Lee County. There were 358 new contracts. So, there’s a balance there. There were 357 price reductions and 209 closed sales. So, we’re back to a more of a balanced market. It’s not doomsday. It is equal for buyers and sellers. So, you price it fairly, it will sell. If you overprice it because your neighbor just sold it 900, now you want 950, you know you’re dreaming. So, it’s still a great time to be a seller. But it’s a great time to be a buyer as well, even though interest rates have gone up, you can either pay off your mortgage, or you can pay off the landlord’s mortgage, whatever you want. Pay down your mortgage or pay down the landlord’s mortgage, up to you.

Charlie McDermott 12:27
Good point and as I’ve always advised my kids, you know, it’s with real estate, it’s long term, obviously, but boy, versus paying rent, the tax advantages, the options, you know, hey, move to a new home, rent that one out, you know, whatever it is, you know, all kinds of possibilities when you’re investing in your property and I always think back to when Barb and I bought our first home and you know the interest rates were double digits, you know, it’s like, I still look at whatever wherever we’re at 6% is like holy cat.

Jack Mancini 13:06
In 2002, our first home in Stony Brook estero was seven and a quarter and that’s because I got a preferred rate because I was working for the mortgage company. So, 6% a great rate. Sure, it was 3% a year ago or less, but it’s still a great time to finance.

Charlie McDermott 13:28
Hey, and when it eventually drops, refinancing up and at least you have home that you’ve paid the mortgage down a bit, maybe a lot. All right. So, boy, we’re kind of getting into some different topics here which is awesome. So, going forward, Jack, what do you have in mind? You know, a few teasers. What are you going to cover?

Jack Mancini 13:48
Well, I’m gonna bring some special guests in. I think we’ll make a stop by my attorney’s office, my real estate attorney David [Inaudible 13:57]. We’ll get him on the podcast, give you some information about title insurance, and what to look for on title commitments. We’ll get some information about wills and, you know, trust. Everybody, you should be really considering having your property in a trust. That’s to protect your spouse, or your family and children from having to go through probate which can take 3 months, 6 months, 12 months. So, we’ll talk with my real estate attorney. We will get my mortgage guy in here. He’s hilarious and then we’ll get my financial planner who will give you a perspective on the investments and maybe an estate planner, as well. I’ve got you know over 20 years being here and in Estero, South as Florida, I’ve made some great connections with businessmen and women that I think would be important to share with everyone else.

Jack Mancini 13:56
Damn, I’m excited.

Jack Mancini 15:14
I am too. We have fun but we are professional and what we do have a lot of fun.

Charlie McDermott 15:22
Gotta have fun. Love it. Well, Jack, this has been awesome, and I truly am really looking forward to the future ones. I hope you will include me on your show going forward. Did I pass the test here?

Jack Mancini 15:34
Yeah, absolutely. You’re amazing, Charlie. Thank you, buddy.

Charlie McDermott 15:39
Man. Well, we look forward to episode number two real soon. In the meantime, I know you have a long list of things to do today and you know, go get them.

Jack Mancini 15:49
All right, Charlie, you have a great day, sir. Thanks so much.

Charlie McDermott 15:53
Thank you for listening to the Mancini Real Estate Minutes. To learn more about the Jack Mancini team go to Jackmancini.com or call 239-218-2685.

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