Unlocking the Keys to Your Next Home Purchase – Mick Khzouz
On this episode of The Closing Table, we sat down with Mick Khzouz!
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 Mick Khzouz…
The conversation began with a word association icebreaker on depreciation, down payment, and more. Mick then shared his journey that extends beyond the realm of property transactions, showcasing a diverse range of entrepreneurial experiences. From the young age of 21, Mick embarked on his entrepreneurial path, fueled by a desire to break free from the constraints of working for others. He delved into various side hustles, including the establishment of a landscaping business and a sign repair venture. Additionally, Mick and his siblings ventured into the restaurant industry by purchasing a restaurant together. Throughout his life, Mick has always been self-employed, constantly seeking avenues for personal and professional growth.
However, amidst his entrepreneurial endeavors, Mick’s true passion lies in music. While his early forays into the music industry did not bring significant financial success, he remained undeterred by monetary considerations. For years, he toured and performed at bars, immersing himself in his musical pursuits. It was during this time that Mick recognized the importance of having a backup plan, particularly as he contemplated starting a family. Realizing the involvement of his family in the real estate sector, Mick ventured into the field as a real estate appraiser which later lead him to being a real estate agent.
In Mick’s current market, his real estate services extend across the entire state of Michigan. When it comes to listing a home, His team sets themselves apart by employing a comprehensive and competitive approach. They leave no stone unturned in ensuring that the listing stands out from the rest. Utilizing various mediums such as videos, aerial footage, social media marketing, and YouTube, they create an enticing and visually captivating presentation for the property. This multi-faceted marketing strategy allows them to effectively reach a wide audience and maximize exposure for their listings.
In addition to their listing services, Mick and his team also cater to buyers throughout Michigan. They have a network of showing agents strategically located across the state, enabling them to provide localized support and assistance to buyers in various regions. This network of professionals ensures that clients searching for properties can be connected with knowledgeable agents who possess a deep understanding of the local market dynamics and can provide valuable insights. When it comes to the crucial aspects of writing offers and negotiating deals, Mick and his team take the lead. With their extensive experience and a considerable number of successfully closed deals under their belt, they possess the expertise required to navigate the intricacies of negotiations.
During the buying or selling process of a home, several common inspection issues can arise, requiring attention and resolution. Mick emphasizes that even in the case of new builds, inspections are essential, as they can reveal potential problems that may have been overlooked. The most significant issues he has encountered include foundation problems, mold infestations, and radon presence. Regardless of how eager someone may be to purchase a home, he emphasizes the importance of conducting inspections, as they provide valuable insights into the condition of the property and potential areas of concern.
Next, Kevin asked about the nitty gritty of things that buyers and sellers should be aware of in real estate transactions that could lead to crucial legal considerations. For sellers, it is essential to complete the seller disclosure form accurately and thoroughly. Leaving any line blank can give the buyer a legal way out of the transaction without forfeiting their deposit. Sellers should act ethically and disclose any issues or hidden defects, regardless of how minor they may seem. This transparent approach helps foster trust and ensures a fair transaction. On the other hand, buyers should always prioritize conducting a home inspection, even when purchasing a brand-new build. Inspections can uncover hidden problems that may not be immediately apparent, providing buyers with a comprehensive understanding of the property’s condition.
When faced with ethical dilemmas or conflicts of interest during a real estate transaction, Mick emphasizes the importance of communication with his clients. He strives to address these challenges by engaging in open and honest dialogue, seeking resolutions that align with ethical standards. However, he acknowledges that there are instances where communication may not be effective or possible. In such cases, he is willing to make the difficult decision to walk away from clients who cannot be reasoned with. Drawing a line when it comes to ethical dilemmas is a priority for him, ensuring that he upholds his professional integrity.
For home buyers looking to assess the potential resale value of a property, Mick provides valuable insights. He advises against purchasing the most expensive home in the neighborhood, as it can limit future opportunities for profit. However, he also stresses the potential for adding value to a property through upgrades and remodels. By carefully considering and investing in improvements, homeowners can increase the desirability and resale value of their homes. Mick cautions buyers to be mindful of any immediate factors that could negatively impact home values in the area, such as the presence of a gas station or similar issues.
When it comes to identifying up-and-coming neighborhoods or areas that are expected to increase in value in the near future, Mick provides insights based on current trends. He mentions that popular downtown cities like Canton, Novi, and Northville come with a premium price tag. However, with the rise of remote work, there is an opportunity to explore the surrounding areas of these popular cities. Mick suggests that moving to the outskirts of these urban centers can offer the potential for future value appreciation. These outlining cities are likely to experience surges in demand and property values, making them attractive options for buyers seeking investment opportunities.
Kevin then asked Mick his preferences between buying a home that needs renovation versus one that is move-in ready. Mick personally prefers move-in ready homes, especially for individuals with full-time jobs and limited time to dedicate to additional projects. Renovations can be fun for some people but nevertheless stressful and time-consuming. However, given the current market situation, if a fixer-upper is the chosen route, He advises getting a thorough inspection and being prepared to invest in the necessary renovation work. It’s important to note that the rising costs of labor and materials can present challenges in pursuing such projects. Thus, Mick emphasizes the significance of working with a knowledgeable realtor who can provide guidance throughout the process, helping buyers make informed decisions and navigate the complexities of renovation projects.
The conversation wraps up with Mick sharing his personal sources of inspiration. As a Christian, the Bible holds a significant place in his life and serves as his primary source of inspiration. Beyond religious texts, Mick’s greatest inspiration comes from his father. As a child, Mick spent countless hours with his father, who imparted invaluable life lessons. One of the most impactful lessons his father taught him was that fear is the greatest enemy. This guidance instilled in Mick the courage to pursue his passions and overcome any obstacles that may arise.
When Mick expressed his desire to enter the music industry, despite the potential for lower financial rewards, his father encouraged him to follow his heart. His father’s words resonated deeply with Mick, as he understood the importance of living a life guided by passion and seizing opportunities. Inspired by his father’s advice, Mick ventured into the real estate business, finding a new passion in helping people embark on their homeownership journeys and find their dream homes.
Check out Mick Khzouz:
https://www.facebook.com/mirockstarrealty
https://www.instagram.com/michiganrockstarrealty/
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