S2 Ep10 - The Man, The Myth, The Legend! - Gary - a podcast by Brian Cook And Kindra Cox

On Season 2, Episode 10 of The Brian and Kindra Show they spoke with the man, the myth, the legend Gary Whitcomb!  Gary Whitcomb has been in Real Estate since obtaining his broker license in 1968.  He took some time away while he was in the air force, but then moved back to Woodward around 1974 and began to work in the real estate business in multiple ways.  Because of his diverse real estate background, he is able to offer some great insight from home building to the cycles in real estate to commercial.  Below are a few highlights from a recent interview that Brian and Kindra had with Gary.  

Because of Gary’s longevity in the real estate industry, he is able to share valuable insight and information for this column.  One of the things he shares is the fact that the real estate industry is cyclic.  The Woodward real estate market closely follows the oil and gas industry. Gary says, “The thing about Boom-Bust cycles is that the more drastic the boom the harsher the bust and it always busts a lot faster than it booms.  It’s like jumping off a cliff.”  Brian and Kindra have seen this to some extent since 2002, but Gary reminds us that he has seen even greater lows compared to highs.  The value of this information for consumers is the reminder that real estate is a long term investment.  Be prepared to have your property value inflate and deflate over time.  Brian describes the cycle as a roller coaster but says the tendency is for value to increase over time even with the dips.  

Commercial real estate comes with some creative challenges.  Gary mentions when you are purchasing a home, you want a nice place to live with bedrooms, bathrooms, kitchen, etc. However, when someone buys a commercial property they are buying it to suit their specific needs. These needs range from the power type to the size of overhead doors.  There can be a sizable list of requirements to meet a buyer’s needs commercially. The National Association of Realtors says it is important for a Realtor to be competent in the market in which they work.  Kindra shares how she is not as savvy or educated in commercial real estate and must depend on the expertise of others whereas Gary has this experience from years in the business.  It is important for buyers and sellers to interview their agent to make sure they find someone who has the ability to assist them as they invest or sell commercial properties.  

Brian and Kindra hope these tips have been helpful to you. As always, if you have any questions or need help, please feel free to reach out to your local real estate professional.

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