June 2024 Lancaster County Sales Meeting for Berkshire Hathaway HomeServices Homesale Realty covering the following topics: 1. VA Suspends Buyer Agent Payment Plan (article), 2. Frequently Used Terms in title, 3. Zillow Showcase Overview, 4. QuickBuy commission promotion, 5. Documenting Cooperative Compensation, 6. NAR's Code of Ethics - Mass Media Solicitations, 7. Is it really cheaper to rent? 8. Do's and Don't's when Terminating the Agreement of Sale, 9. Living in an UBER World
The document discusses the benefits of obtaining a "Key-Card" from L&G Mortgagebanc, which verifies a buyer's approval for a mortgage loan before showing them homes. It notes that 16% of real estate deals fail due to mortgage issues and 26% of conditional approvals are invalid. The Key-Card gives buyers a stronger offer, saving money and reducing stress. Real estate agents who provide the Key-Card are seen as more valuable and will retain loyal clients.
NAFCU - Keeping Your Marketing Pitches CompliantE Andrew Keeney
This document discusses compliance issues related to marketing and social media for credit unions. It covers topics like privacy, legal risks, reputation risks, FFIEC and NCUA guidance on social media use. It also discusses specific marketing tactics like sweepstakes, promotions and giveaways. Key recommendations include having clear policies and procedures for social media monitoring, transparency in disclosures, and designating a social media coordinator. When in doubt, full disclosure of terms is advised to avoid legal and compliance risks.
LCAR Unit 14 - Real Estate Brokerage - 14th Edition RevisedTom Blefko
This document discusses real estate brokerage, including how the nature of brokerage has changed over time with increased complexity in transactions and use of technology. It covers broker and salesperson relationships and compensation models, as well as legal considerations like antitrust laws. The key points are that brokerage involves bringing parties together for real estate transactions and charging a fee, brokerage firms have evolved from small family operations to larger companies using technology, and brokers must understand various laws governing compensation and market practices.
Learn more about MAP - COVE's innovative "Lease and Later Own" program.
Customers lease and live in the home of their choice today while they seek to qualify for a mortgage to purchase the home in the future at a locked-in price.
The document provides information on the process for transferring flats in cooperative housing societies in India. It states that in order to transfer a flat, certain formalities must be followed. A housing society is an organization that provides plots, houses or flats to its members, and may also provide common amenities and services. The society can be a cooperative society registered under the Societies Registration Act.
The nationwide average cost to a property management company for every resident that leaves is about $3,900. Resident retention should be your number one priority, especially during leasing season since it has a major impact on your cash flow. We know you’re busy, so join us for a quick 20-minute session to find out how you can remove friction around the renewal process and incentivize residents to stay with you year-after-year.
This document discusses the ongoing lawsuits between the National Association of Realtors (NAR) and the Department of Justice (DOJ) regarding buyer broker compensation practices. It provides an overview of the current lawsuits, proposed changes to NAR policies regarding how buyer broker compensation will be disclosed, and potential impacts of the changes. The key points are:
1. The DOJ is alleging that certain NAR MLS policies limit transparency around buyer broker compensation, which they believe harms home buyers.
2. NAR has proposed policy changes to address the DOJ's concerns around disclosing buyer broker compensation in MLS listings and affirming access to listings.
3. The industry could see significant changes depending on the outcome
Guaranteed Rate is a large retail mortgage lender founded in 2000 and licensed in all 50 states. It has approximately 170 offices nationwide and closed $12.4 billion in loan volume in 2014. Guaranteed Rate aims to provide a fast and transparent mortgage process for customers along with competitive products and services tailored to real estate agents. Key offerings include various loan options, digital mortgage capabilities, marketing support, and an online real estate community called Partner Xchange.
This document discusses Federal Trade Commission guidelines for contracts and disclosures relating to influencer marketing. It provides an overview of the key elements that should be included in contracts for brand collaborations, photography work, and travel. It also summarizes FTC requirements for clear and conspicuous disclosures in sponsored social media posts and advertisements. The document notes that failure to properly disclose a material connection between an influencer and brand advertiser could constitute deceptive practices under the FTC Act.
Find valuable information from the VP of Appraisals at Cherry Creek Mortgage, Scott Hamling on how Fannie Mae's Collateral Underwriter is changing the face of the mortgage industry, yet again.
Feel free to contact me with any questions or to find out the next time Scott will be presenting on this critical topic.
Explaining Your Value as a Buyer's AgentTom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's sales meeting covering the following topics: 1. the use of a Power of Attorney document when settling on a property, 2. the insurance industry's 'Hard Market', 3. comparing local and national monthly listing count from July to August, 4. improving consumer confidence in home prices, 5. Explaining Your Value as a Buyer's Agent (Part 2).
Working in a Changing Market - How to keep your sanity when those around you ...Tom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's sales meeting covering the following topics: 1. FHA guidelines, 2. Pros and cons of solar panels, 3. The Great Convergence in the insurance industry, 4. How to submit a HUD offer, 5. The rise of Homes.com, 6. Homesale Center has moved to the RESource Center, 7. The use of SOCI in your social media posts, 8. Working in a Changing Market.
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty's sales meeting on February 7, 2023, covering the following topics: 1. Homesale Mortgage overview of Seller's Assist, 2. Review of mortgage loan commitments, 3. SOCI, 4. Advertising enhancements, 5. Berkshire Hathaway HomeServices rebrand, 6. The Lion Over the Hill.
Auction.com Executive Vice President Rick Sharga, in a joint webinar with RealtyTrac vice president Daren Blomquist, covers the basics of buying at a foreclosure auction and specifically how that can be done using Auction.com.
Academy Mortgage provides a 10-step guide for first-time homebuyers to purchase a home. The steps include: 1) pre-qualification to determine affordability; 2) home search with a real estate agent; 3) formal loan application and product selection; 4) home inspection and appraisal; 5) underwriter review; 6) final loan approval; 7) closing where documents are signed; 8) funding by the lender; 9) close of escrow; and 10) confirmation of recording. Academy is dedicated to helping first-time buyers achieve sustainable homeownership through the entire process.
This document discusses understanding digital consumers and internet advertising. It covers the increasing importance of customer focus in digital marketing strategy and changes in online consumer behavior. It also discusses different types of internet advertising like banner ads, search engine advertising, and social media advertising. The key models of search advertising like pay-per-click and Google's AdWords and AdSense programs are also summarized.
Class Action Lawsuit and How a Buyer's Agent Gets PaidTom Blefko
The North Pointe Office of Berkshire Hathaway HomeServices Homesale Realty monthly sales meeting covering the following topics: 1. The impact of rising interest rates on housing, 2. A look back at the Showing Index over the last 5 years, 3. Adwerx is now Chalk Digital, 4. Issues with the Seller's Property Disclosure, 5. Is there a major shit on the horizon with buyer agency?
Similar to Living in an UBER World - June '24 Sales Meeting (20)
Forest Nation, a pioneering real estate developer in Hyderabad, is revolutionizing the concept of urban living by seamlessly integrating nature and modern luxury. Their groundbreaking "Forest Homes" concept offers a unique opportunity to reside amidst the serenity of a Miyawaki forest, while enjoying the comforts of contemporary amenities.
Embracing the principles of sustainable development, Forest Nation employs the Miyawaki forestation technique to create lush, dense forests within their residential projects. This innovative approach not only enhances the ecological balance but also provides residents with a serene and rejuvenating environment.
The company's commitment to preserving traditional architectural styles is evident in their use of poured earth walls and Manduva-inspired structures. These design elements, combined with modern amenities, create a harmonious blend of heritage and modernity.
By offering a unique opportunity to experience the best of both worlds, Forest Nation invites residents to immerse themselves in the beauty of nature while enjoying the convenience of urban living. This exceptional offering caters to those seeking a lifestyle that nurtures the mind, body, and soul.
4th Quarter Technologies (4QT) is a leading provider of ERP and CRM software solutions tailored for the real estate sector in India. Established in 2001, 4QT has been at the forefront of developing sophisticated software that addresses the unique needs of real estate developers, agents, brokers, and property managers. With a comprehensive suite of tools, 4QT enhances efficiency, streamlines operations, and improves customer satisfaction.
Real Estate ERP Solutions
4QT offers a variety of ERP solutions designed specifically for different facets of the real estate industry. These include:
Real Estate Developer ERP:
Pre-Sales Management: Handles customer enquiries, lead management, and marketing campaigns.
Post-Sales Management: Manages billing, sales, and customer relationship management (CRM).
Construction Management: Facilitates procurement, store management, planning, engineering, and project management.
HR Management: Covers human resource operations, from employee data to payroll.
Financial Accounting: Manages all financial aspects including accounting, billing, and statutory compliance.
Real Estate Agent/Broker ERP:
Specialized tools to manage property listings, client interactions, sales, and commissions. This ERP also integrates with major real estate portals like Magicbricks and 99Acres to streamline lead generation and follow-up processes.
Real Estate Property Manager ERP:
Rental and Lease Management: Helps property managers handle leases, rentals, transitions, audits, and utility billing.
Facilities Management: Manages maintenance services, space planning, customer service, and work order management.
935 Savannah Cir, Naperville, IL 60540 | Home for SaleTeresa Ryan
Charming 4-Bedroom Home in Naperville's Hobson West Neighborhood
Looking for the perfect home?
Look no further than this stunning home! Meticulously-maintained and ideally located, this Naperville property has everything you want in a home and more.
This 4-bedroom, 2.1-bath home features a welcoming foyer, a cozy living room, a formal dining room, and a family room with a brick wood-burning fireplace. The eat-in kitchen boasts Corian countertops, GE appliances, and a bay window. Upstairs, the primary suite offers a luxurious en-suite bath, while three additional bedrooms provide ample space. Enjoy the large deck, perfect for outdoor entertaining. With a new roof, newer hot water heater, and April Aire humidifier, this home is ready for you to become its proud owner.
Call Listing Agent Teresa Ryan or Broker Mike Loewer today for more information at 630-718-0424. Listing courtesy of Ryan Hill Group (Century 21 Circle - Naperville).
Understanding the Real Estate Market in Indore: Discover key insights and trends shaping Indore's booming property sector. This comprehensive guide delves into residential and commercial real estate, investment opportunities, RERA-approved projects, and the dynamic growth of Indore's real estate market. Perfect for property buyers, investors, and real estate professionals looking to capitalize on Indore's rapid development. Explore factors driving property value, top locations, and expert tips to make informed investment decisions in Indore. Join Sukunj Realty Pvt. Ltd. for an in-depth analysis of the Indore real estate landscape.
Explore the key challenges facing Indore's real estate sector and discover effective strategies to address them. Gain valuable insights into market trends, investment opportunities, and solutions to navigate Indore's dynamic property landscape.
Welcome to Genyap Loft: Discover the pinnacle of modern living in Hamidiye, Istanbul. Immerse yourself in urban convenience and natural serenity within this exceptional residential block. Explore our 72 premium apartments, where luxury and comfort await amidst lush greenery.
Genyap Loft, a leading real estate company in Turkey since 1989, combines extensive experience with architectural excellence. With a sprawling land area of 2,370 square meters, our contemporary living spaces offer private balconies and storage areas for a clutter-free environment.
Indulge in our vibrant social facilities area of 327 square meters, fostering a strong sense of community. Unwind in inviting green spaces, socialize with neighbors, or enjoy recreational activities catered to your every need.
Benefit from Genyap Loft’s strategic location, providing easy access to major transportation networks, bustling business hubs, and exciting entertainment centers. Seamlessly explore Istanbul’s offerings while relishing the comforts of your modern urban sanctuary.
Anticipated for delivery in December 2024, Genyap Loft presents a compelling investment opportunity with an 8% VAT applicable to the property.
Experience the ultimate lifestyle at Genyap Loft in Hamidiye, Istanbul. Secure your place in this prestigious address today. Contact us for more information and discover your perfect home amidst luxury, convenience, and natural beauty.
https://listingturkey.com/property/genyap-loft/
Discover luxury living at Adani Lushlands Gurgaon, nestled in lush surroundings of Gwal Pahari. Experience unparalleled elegance and modern amenities in this prestigious residential enclave.
LUNA DRAGOS Kartal Istanbul - Listing TurkeyListing Turkey
Welcome to Luna Dragos, a prestigious and captivating real estate project that draws its inspiration and allure from the ever-mesmerizing moon. Nestled in the heart of Istanbul’s coveted Maltepe district, this exceptional development offers a truly extraordinary living experience, where comfort, luxury, and investment opportunities align in perfect harmony.
Comfortable Living at its Finest:
Luna Dragos envelops you in a realm of comfort, where the gentle gravitational power of the moon serves as a symbol of tranquility and contentment. Choose from thoughtfully designed 1+1 and 2+1 apartment types, each crafted to provide the ultimate in convenience and serenity. Embrace a life where the refreshing scent of the sea, drifting from the nearby shore, becomes an inseparable part of your everyday existence.
An Investor’s Dream:
With its prime location on the Anatolian side, Luna Dragos presents a rare investment opportunity in Istanbul’s thriving real estate market. Boasting open-air shopping streets and convenient access to prestigious shopping centers, schools, and hospitals, this development offers unparalleled convenience to its residents. For discerning investors, this is an unmissable chance to be part of a project that promises remarkable returns and enduring value.
Exuding High Standards:
Luna Dragos sets new standards of elegance and grandeur, taking cues from the moon’s alluring gravitational pull. Its unique architecture and concept of comfort redefine contemporary living, elevating the experience for every resident. Discover a space that seamlessly marries investment potential with an unparalleled lifestyle, all within the heart of Istanbul’s vibrant cityscape.
Happiness Beckons:
Embrace a life of boundless joy at Luna Dragos, where 689 residential units and 55 commercial units converge to create a vibrant community. Stroll along delightful shopping streets, indulge in your favorite café, and revel in the conveniences that lie right beneath your home. Here, happiness is not just an abstract concept but an everyday reality.
Nature’s Embrace:
When you seek solace from the bustling rhythm of Istanbul, the verdant green surroundings of Luna Dragos welcome you with open arms. Find tranquility in the nearby Maltepe Orhangazi City Park, a sprawling haven where blue meets green. Embrace the soothing sounds of birds in neighboring Cumhuriyet and Cengiz Aytmatov Parks, as nature gracefully envelops you.
Luna Dragos represents a captivating world where comfort, investment, high standards, happiness, and green spaces converge, offering an idyllic haven for discerning individuals and families. Unlock the door to enchanting living and embrace the moon’s gravitational pull at Luna Dragos – where a truly extraordinary life awaits you.
https://listingturkey.com/property/luna-dragos/
Rustomjee Urbania: Luxury Living in the Prime Location of Majiwada, Thanegraphicparadice786
RUSTOMJEE VERDANT VISTAS in Majiwada, Thane, is the epitome of contemporary living. These meticulously crafted apartments offer a harmonious blend of elegance, comfort, and convenience. Step into a world of modern aesthetics and sophisticated design, where every corner has been thoughtfully designed to enhance your living experience.
Contact us on- directsite369@gmail.com
Visit us on- https://rustomjee-verdant-vistas.directsite.in/
Orkide Houses; opens the doors of modern life for you right next to Istanbul Airport and Istanbul Canal. It offers peaceful and warm living space in the city with its proximity to transportation routes, public transportation, hospitals, squares, bazaars, and shopping malls.
https://listingturkey.com/property/ses-orkide/
4. NEW Lender Survey
June 13, 2024 4
● After you complete a transaction
with Homesale Mortgage, you will
receive a survey to complete
through Experience.com
● You will only receive this once a
year per Loan Officer that you use
● Please use this as an opportunity
to share your opinions
14. Zillow Showcase
June 13, 2024 14
• Enhanced Visibility: Listings receive premium placement
• Detailed Insights: Valuable analytics
• Prominent Branding: Alongside your listings
Go to ZillowSHOWCASE on Homesale Center
for more information!
15. QuickBuy Promotion – Extra 1% BONUS
June 13, 2024 15
To qualify for this bonus:
Send to your SOI and/or geographical farm (minimum
count: 300)
Provide proof by sending a screenshot of your email
sent confirmation to marketing@movingstation.com
by June 30, 2024.
When you sell your next QuickBuy® home, you will
automatically receive an extra 1% on your
commission
17. Documenting Cooperative Compensation
June 13, 2024 17
• On August 15, 2024, Bright MLS will remove all
reference to co-op compensation in the MLS
• It is important that you begin obtaining
verification of compensation with each sale NOW
• Begin getting the Cooperating Broker
Compensation Agreement (PAR Form #CBC) signed
prior to the tendering of an offer to the listing
broker. Recommended to start immediately.
• Required beginning on July 1st
18. Donate to the Sunshine Kids
June 13, 2024 18
• Sunshine Kids Golf Tournament – September 4, 2024
• Purchase a golf ball for a chance to win a 50/50 raffle & $15,000 *
* Do not need to be present to win
19. Be a Hero for a Cause
June 13, 2024 19
• SPREAD THE WORD: Use provided marketing materials
to share about buying golf balls, sponsoring the
tournament, & playing golf!
• SPONSOR: Gain exposure for your business or ask your
favorite partners/vendors to sponsor! Options start at
$150!
• GOLF: Play or spread the message to others! Fun for
golfers & non-golfers alike!
• VOLUNTEER: Interested in joining the planning
committee? Reach out to dritchie@homesale.com!
20. Know the Code
June 13, 2024 20
Mass Media Solicitations
Aggressive marketing strategy or a violation
of the Code of Ethics?
21. Know the Code
June 13, 2024 21
REALTOR® A launched an advertising program in an area where there were a number
of houses for sale listed exclusively with other REALTORS®, each having the respective
listing broker’s sign on its front lawn. Working with his advertising agency, REALTOR® A
developed a special e-mail solicitation describing the service of his brokerage. He
employed a commercial e-mail distribution service to purchase the e-mails of every
homeowner in REALTOR® A’s market area. The e-mail distribution service sent
REALTOR® A’s e-mail solicitation to all the homeowners in his market area, including
houses that had other REALTORS®’ signs in the front yard. Several REALTORS® whose
clients received the emails, filed complaints with the local Association claiming that
REALTOR® A was unethical because he had failed to respect the exclusive agency of
other REALTORS®. At the hearing, REALTOR® A defended his actions by saying that the
distribution of his e-mail solicitation was widespread in nature; that it had been carried
out by a commercial distribution service; and that it was of the same nature as
television or social media advertising.
22. Know the Code
June 13, 2024 22
- NO VIOLATION -
The Hearing Panel found that REALTOR® A’s advertising campaign was directed in an
indiscriminate manner to all property owners in a given geographical area. Furthermore,
the medium REALTOR® A chose for his advertising campaign was an e-mail, which property
owners could read or delete as they saw fit. The panel determined that this form of
communication does not harass a property owner, as would telephone calls or direct
personal contacts. The Hearing Panel, therefore, held that REALTOR® A’s advertising
campaign did not violate Article 16 of the Code of Ethics.
24. Real Estate Headlines
June 13, 2024 24
Homeownership out of reach for many Americans
May 13, 2024
Cost of buying a home in
America reaches a new high
April 25, 2024 There’s more bad news for
potential homebuyers: Prices
just hit another record
March 26, 2024
25. Appreciation Rate in Lancaster County
June 13, 2024 25
(April Year-Over-Year)
0%
5%
10%
15%
15.1%
8.7%
11.8%
7.1%
8.3%
2020 2021 2022 2023 2024
SOURCE:
26. Rent vs. Own in Lancaster County
June 13, 2024 26
Square Feet:
Sale Price:
Mo. Pymt.:
1,381
$307,500
$1,931.76
110 Musser Avenue
*
• 95% LTV for 30 years @ 6.94%
(FreddieMac 05/23/2024)
Square Feet:
Mo. Pymt.:
1,382
$1,837.00
3 Bedroom Apartment
*
* SOURCE:
$94.76
Difference in
Payments
27. Rent vs. Own in Lancaster County
June 13, 2024 27
Appreciation*
2024 3.78% $ 319,124
2025 3.36% 329,846
2026 3.87% 342,611
2027 4.18% 356,932
2028 4.11% 371,602
* Home Price Expectation Survey (HPES)
Rent
5 years of Rent **
Net Worth
$ 124,260
-0-
** Rent/yr. is increased per the HPES
Appreciation
Mortgage Reduction
Equity
LESS: Down Payment
Net Worth
$ 64,102
17,320
$ 81,422
15,375
$ 66,047
Own
29. Terminating the Agreement of Sale
June 13, 2024 29
PAR For TERAREL
Termination of Agreement of Sale
• Either party may terminate
• Only one party needs to sign
Release and Distribution of Deposit
• Distribution of deposit is
negotiated
• No agreement – No release
• Requires two signature
30. Terminating the Agreement of Sale
June 13, 2024 30
The Buyer terminated the agreement, but the Seller hasn’t
signed the release. Can the listing agent now market the
property as active?
• Yes. The Buyer chose to terminate the agreement.
• The form states, “Seller may market property and accept
offers from other Buyers.”
• The Seller’s refusal to sign the bottom portion of the form
creates a dispute over the MONEY — not the PROPERTY
31. Terminating the Agreement of Sale
June 13, 2024 31
Can the Buyer terminate the agreement of sale because
their mortgage application was denied?
• No. Only the Seller may terminate.
• The agreement of sale states, “Termination of this Agreement
by Buyer due to the mortgage lender’s denial of Buyer’s
mortgage application(s) may demonstrate bad faith by Buyer
and result in the forfeiture of deposit monies to Seller.”
(Paragraph 8.(F)3.)
32. Terminating the Agreement of Sale
June 13, 2024 32
The buyer’s agent had the Buyer sign a termination and
they delivered it to the listing agent . . . but the agent’s are
still talking trying to keep the deal together.
• SORRY. The deal is terminated and a new agreement of sale
would need to be signed if the parties work something out.
• NEVER use this form as a negotiation tactic.
33. June 13, 2024 33
Living in
an UBER
World
SOURCE: Ferrara, Matthew. “What My Uber Driver Knows about Real Estate’s
Future.” Always Inspiring, 28 May 2024, mferrara.substack.com/p/uber.
34. Remember Getting a Taxi?
• Airports were notoriously ‘short’ on cabs
• You had to ‘Hail’ one down
• Cabbies always seemed to go the ‘long way’
• Not spacious – no air conditioning – dirty
+ + + the unions fought against credit cards for years
June 13, 2024 34
35. And Then UBER Hit!
• The consumer was THRILLED!
• Exact opposite of everything the consumer
despised about taxis
• Cab owners and drivers didn’t see it that way
June 13, 2024 35
Does this sound anything like something
we’re in the middle of right now?
37. How the World Works
June 13, 2024 37
• Lawyers won’t provide legal advice without a contract
• Accountants won’t file your taxes without quoting a fee and
charging your credit card
• Doctors require a co-pay before you enter the exam room
• Contractors require a deposit
The consumer is used to paying for services up front
- - - Just Not REALTORS® - - -
38. 1. Success Starts by Believing You’re Worth It
June 13, 2024 38
No client will be excited to meet someone who, “kinda,
sort’a, maybe” thinks they should be paid
ACTION STEPS: Write down 5 things you deeply believe you
deserve in life and review them before meeting with clients
39. 2. Get Comfortable About Talking Price
June 13, 2024 39
Remind yourself of what price stands for: Mutual Value.
You pay for products and services that provide you with
an equal amount of value.
ACTION STEPS: Practice discussing price with a coach,
manager, colleague or in front of the mirror.
40. 3. Develop a Full Pipeline
June 13, 2024 40
Nothing makes it easier to say, “Maybe next time,” to a
customer who won’t or can’t pay than a full pipeline
ACTION STEPS: Get back to basics and use multiple, lead
generation strategies to fill the pipeline
41. 4. Leverage Past Results
June 13, 2024 41
Position past performance as a primary discussion point with
prospective clients rather than referring to future promises
ACTION STEPS: Compile a diverse variety of stats, stories and
examples that cover a wide range of validation moments
42. 5. Be Easy to Engage
June 13, 2024 42
Make it easy for the customer to find you by utilizing a
variety of communications, coordinating tools and
information management systems
ACTION STEPS: Develop a “New Client” orientation session so
people will know what they will receive the moment after they
become your client
43. June 13, 2024 43
“No cabbie ever picked me up in a Tesla Model X with
Falcon wing doors before. And with wings, you can soar!”
- Matthew Ferrara
Editor's Notes
Recite the story of Matthew Ferraro’s being picked up by an UBER driver to take him to speak at a real estate convention. Key points:
Convenience of ordering on an app
Tracking the driver
Could determine what type of car and price point he was willing to pay
He could read reviews on the driver
The driver knew about Matthew too
Discussion with the driver revolveded around the following:
Driver knew something was going on in the real estate business - but didn’t know the details
After Matthew explained what was going on – the driver said, “Duh – this makes total sense to me!”
Then the driver explained how his business worked.