What Will Homes In The Future Look Like? – Scott Bzdok
On this episode of The Closing Table, we sat down with Scott Bzdok!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Scott Bzdok…
The conversation began with a fill-in-the-blank icebreaker on what makes clients feel more comfortable, a way to leverage high mortgage payments, and more. Scott then introduced himself as more than just a real estate professional. While he has established himself in the real estate industry, his background in marketing has played a significant role in his success. With a competitive spirit driving him, Scott has excelled in his career and personal endeavors. As a dedicated Ironman triathlete for the past decade, he embodies qualities such as focus, discipline, and a relentless drive to improve.
Geographically, Scott is centered in Oakland County, Michigan, which comprises the suburbs of Detroit. Although he isn’t confined to a specific market, Scott’s business thrives on referrals, allowing him to serve clients wherever they are and wherever they wish to buy or sell property. While his preference lies in operating within Oakland County and its neighboring counties in Southeast Michigan, he embraces the opportunity to work with clients across various locations. In terms of the local economy, Scott notes that he has been in the real estate business for only two years, during which the market has experienced significant surges and upward trends. Consequently, it is challenging to provide precise average pricing and time on the market as every day brings new and different listings that deviate from general trends.
Before entering the real estate industry, Scott experienced a disconnect from his previous career. Despite his success in marketing, he realized that he lacked passion for the field. Scott had initially pursued marketing because it was a degree he felt compelled to obtain, but over time, he craved a return to his core interests centered around homes and their surroundings. Inspired by his successful aunt, who had embarked on a similar career path a decade earlier, Scott made the bold decision to transition to real estate at the height of his marketing career. This transition not only allowed him to embrace his true interests but also helped him break out of his introverted tendencies and expand his horizons.
What resonates with Scott the most in his role as a real estate agent is the opportunity to genuinely help people. While many acknowledge that real estate professionals assist others, he has found it to be an eye-opening experience. He has had the privilege of supporting individuals during some of the most challenging, intimidating, and uncomfortable periods in their lives. Specifically, he has encountered numerous clients navigating divorces, enabling him to be there for them during their highest or lowest points. This sense of meaning and purpose was missing in Scott’s previous marketing career, emphasizing the deep impact he can have by guiding clients through significant life decisions.
His background in marketing has also equipped him with the ability to handle curveballs and unexpected challenges in his real estate work. Marketing skills seamlessly transition into the real estate realm, as both fields heavily rely on effective promotion and differentiation. Scott’s experience in the corporate world provided him with the resilience and adaptability necessary to navigate client curveballs on a daily basis. Although the challenges may be different in real estate, his ability to handle complex situations, engage with sophisticated clients, and establish trusting relationships has proven invaluable. Scott considers himself fortunate to have cultivated a network of clients who trust him, transferring their confidence from his previous career to his current field without missing a beat.
“There’s also tons of threats in this space that is happening with discount brokerages and technology companies trying to do some of the things that agents do…”
To stay ahead of the curve, Scott Bzdok recognizes the need to anticipate and adapt to these challenges. While discount brokerages and the allure of lower costs have always existed in business, Scott believes that there will always be a segment of the market that values a branded, fully executed, and immersive experience. Therefore, he is not overly concerned about the impact of discount options. Instead, he sees technology as the primary game changer in the industry, even noting significant developments over the past six months. While he acknowledges the positive aspects of embracing technological advancements, he does not believe that agents will be entirely replaced by robots overnight. Scott emphasizes that while technology can provide valuable tools and opportunities, there remains a crucial need for trusted individuals who can provide fair, truthful, and honest guidance that technology alone cannot deliver.
For Scott, the key to differentiating himself and adding value for his clients lies in his commitment to exceeding expectations and going above and beyond what a typical agent would do. By providing custom, unique experiences for each client, from the initial meeting to the closing process and beyond, he creates a level of personalized service that technology cannot replicate. While technology may enhance the transactional aspects of the real estate process, it is the human touch and the ability to connect with clients on a deeper level that truly sets agents apart. Scott believes that those who embrace technology while understanding its limitations will be the ones who stand out and thrive in this evolving industry.
Kevin then mentioned how not all appraisals carry the same weight, as some may come in higher than the sale price while others may fall below it. Scott understands the importance of assisting sellers in addressing concerns when they feel that an appraisal report undervalues their property. He employs effective strategies to ensure their worries are effectively communicated and resolved. Scott’s approach begins with an initial conversation with the seller, where he walks them through the process of how appraisers and buyers assign value to a property. This discussion is critical because he knows that the majority of the transaction’s outcome hinges on the appraisal. To reinforce his case, Scott emphasizes the importance of consistency throughout the entire process. Whether he is representing the buyer or the seller, he makes it a point to meet the appraiser at the property. During this meeting, he presents his own set of comparable properties (comps) to demonstrate how the market would value the property and highlights any significant property improvements that should be considered by the appraiser. By providing supporting evidence and justifications, Scott aims to influence the appraiser’s assessment positively.
While Scott has engaged in discussions and debates with appraisers regarding their reports, he acknowledges that overturning an appraisal is rare. Despite this, he remains supportive and advocates for his clients. Drawing from conversations with seasoned professionals who have seen limited success in overturning appraisals throughout their long careers, Scott recognizes the need to set fair expectations from the outset. By being upfront about the potential challenges and limitations of the appraisal process, he avoids unnecessary difficulties down the line. His hunger for knowledge extends to understanding the nuances of appraisals. He actively seeks out appraisal reports from every deal possible to study and learn from them. In analyzing past appraisals, he gains valuable insights that enable him to anticipate potential appraisal-related issues in future transactions. This dedication to continuous learning and understanding helps him better navigate appraisal challenges and provide his clients with expert guidance.
The concept of “home” is undergoing a significant evolution, driven by changing dynamics in where people live and work. Scott Bzdok observes that the COVID-19 pandemic has played a crucial role in reshaping our understanding of home. Having personally experienced the work-from-home period while still working in a corporate environment, he recognizes that some individuals continue to work remotely, while others have returned to the office, and many are now embracing flexible work arrangements.
According to Scott, flexibility is the keyword that resonates with both homes and workspaces. Through conversations with his clients, he has discovered that there are often underutilized spaces within their homes. This insight has led him to believe that houses need to adapt to accommodate greater flexibility in how we live and utilize them. For example, a bedroom could serve multiple purposes, functioning as an office space or a guest room as well. The notion of space and its versatility, along with the way people choose to live, is undergoing transformation.
Scott notes that people’s desire for greater flexibility is prompting them to question the traditional norms and routines that have long governed the way we live. Simply because something has been done a certain way in the past does not necessarily mean it is the best way to continue doing it. This shift in mindset is leading individuals to seek more adaptable living spaces that can cater to their evolving needs and preferences.
The conversation wraps up with Kevin asking Scott what approach he would take to own a home if he knows what he knows now and has access to today’s resources. Scott emphasizes the importance of recognizing that one’s first home may not fulfill all their desires and requirements. He advises aspiring homeowners to view their initial purchase as a stepping stone, rather than expecting it to be their forever home. Scott shares that most people tend to stay in their first home for a period of 3-5 years, maybe even 7 years, during which they learn valuable lessons about living in a house and what they truly desire in their next property.
Understanding that beauty is subjective and that preferences can change over time, Scott encourages buyers to focus on finding a home they can feel comfortable in, even if it’s not perfect. He suggests looking for a property where they can invest a bit of themselves to make it their own and build equity. This approach allows homeowners to have a positive return on investment when they decide to sell and move on to their next home. Scott reminds buyers to distinguish between elements that can be changed, such as aesthetics, and factors that cannot, such as location and tax implications. It’s crucial to be mindful of these non-negotiable aspects when making a purchasing decision. While society often seeks instant gratification, Scott believes that buying a house and working towards something substantial teaches valuable life lessons and a sense of accomplishment.
Reflecting on his own experiences, Scott acknowledges that his preferences and knowledge have evolved over time. If given the opportunity to do things differently, he would have taken more time to find the perfect piece of land with good foundational structure, allowing him to customize and design the property to his exact preferences. This realization emphasizes the importance of ongoing personal growth and adaptation throughout the homeownership journey.
Check out Scott Bzdok:
Facebook: https://www.facebook.com/scott.bzdok
Facebook Business Page: https://www.facebook.com/ScottBzdokRealtor
Instagram: https://www.instagram.com/bzdoksco/
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