Denise Koval, Art that Grows, ran our presentation (and our microphone!) today as some great questions were asked of some of the professionals in the room!
Scott Scribner, Keller Williams Residential, what are residential market trends today? Even first-time buyers want a home that is “done”, so they don’t have to do anything. People want outdoor entertaining spaces: covered arbors, outdoor kitchens and televisions. People also want smart features in their home with fabulous lighting. Hot neighborhoods are West Frisco, Park Cities, and North Dallas renovations.
Julie Grant, Julie Grant Interiors, what current trends do you think will go away? Marble in the master bath is now going to porcelain tile and marble look-alike products. What about big store-front windows? They are here to stay; people love open and light. Think about the show “Fixer Upper”: it is having such an impact on even the fronts of houses in neighborhoods; they go in and tear out every wall they can find to have more open living space; Julie doesn’t see that going away.
Ben Dalton, Keller Williams Commerical, what are the trends and demand in commercial real estate? In this area, the market is booming and should continue to do so. We are in year 7 or 8 of a bull market. Usually success begets more success. There is a lot of office development. Lease space is 80% occupied. If you know any investors or want to invest – call!
Ted Biggers, Biggers Law Firm, what sets you apart from up & coming big law firms? The big law firms that are coming in are trying to catch big deals and intellectual property issues. Biggers Law Firm offers more hands-on, personal service, on personal matters, estate planning, small business owners; they offer great service at a reasonable price. The prices of the big law firms are outrageous.
Mike Mirau, ProActive Leadership Group, for a business owner wanting to take his business to the next level, what are 3 – 5 attributes they should look for in selecting a business coach? Mike recommends the 4 “C’s”: Is there a connection relationship-wise? They need to have content; no licensing requirements, what are they offering? Do they have a good “toolbox”? Are they connected to resources they can bring to the table? Do they have the community behind them to get help if they don’t know the answer?
Rich Parker, Sewell Cadillac, cars are expensive; is the trend to leasing? At $80K+, most people are leasing as opposed to buying because you take such a hit. Sixty percent of their transactions are leases. People like the continual warranty and staying in a new car. Leasing is the easiest way to do that; cars are too expensive to buy a new car every 3-4 years.
Kevin Taylor, Merrill Lynch Global Wealth Management, domestic equities PE ratios are high; what is your perspective on what is going to happen in the stock market in 3 – 5 years and where do you see international opportunities? Kevin is optimistic in the 3 – 5 year time-frame; we have had such a good run since 2008. This year has been good in almost all markets; international have caught up and even exceeded some of the U.S. performance. With tax reform and things that could happen, there is probably still a lot of opportunity domestically for performance and certainly for safety if there is a hiccup. This Fall, volatility could increase with the 3-4% pull-back everyone is waiting for. Sooner than later (don’t wait until year-end, or even late October): know what you own, why you own it and what it is for. Have a mindset that if we have an increased volatility, this is what I am going to own through that, and not try to time it in a big way. Lately, we’ve had the least volatile time in Kevin’s career. Know that your allocation is right for your personal situation to ride it through. If you feel you are a little extended, you probably need to have more cash and short-term investments. Concerning the international market, still be underweight; the emerging markets are much more volatile; stay in only developed markets overseas through at least January.
Dr. Maude Cejudo, my friend is in his early 40’s and is in pain; I’ve offered to pay for his first session to see you, but he doesn’t want to see a doctor. How do I get him to come see you? Generally, focus on the pain issue and that they can probably get good pain relief and at least know what can be done. Most of the time they can get immediate pain relief, and that is a good seller! Don’t focus on the fact that she is a doctor. Emphasize words like “magic”, “friend”, and “immediate relief”!
Rich Parker, Sewell Cadillac, how big will electric cars be in 5-10 years? As long as the price of oil stays down, electric cars are probably not going to be big, yet. Personally, Rich doesn’t want an electric car; if he goes to Houston for the weekend, he doesn’t want to stop for 30 minutes to charge it! Any new, start-up, car company has a 10% chance of succeeding today, but Elon Musk is doing well! It is anybody’s guess. A lot of manufacturers are jumping on the bandwagon and the Federal Government is doing a lot credit-wise. It is all aimed at raising the industry standard for fuel economy.
Jack van Wunnik, Thomas O. Bailey, CPA, if 4 partners are starting a new business, which is the best business set up: LLC, S-Corp, or C-Corp? Don’t ever get partners! However, most people go to LLC’s because they are easy to form, change your ownership percentages and profit and loss percentages; LLC’s have a lot of flexibility. S-Corp’s have requirements concerning stockholders, and profits and distributions have to be by ownership; there are some tax advantages. For the most part, LLC’s are the best way to start and you can always go to an S-Corp from there.
Michael Bosco, Safe Haven Pest Control, can you address the chemicals that are used today in pest control and the environment? There is much more regulation today, but much more chemistry. There were only a few products and a few chemistry formulations 20-30 years ago. Once you put those products out in the environment, they tended to persist. Today, products are more specific to the insect we are treating and are very effective; they don’t last as long and are much more environmentally friendly. Most importantly, use a professional who can choose the right product!
The morning flew by with many more questions and answers waiting! We will look forward to doing this again!