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Unlock the Hidden Power of Real Estate Brokers – Your Home Sale Depends on It!
Education · Real Estate Sales · Sellers · Selling a home

Unlock the Hidden Power of Real Estate Brokers – Your Home Sale Depends on It!

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Opting for a real estate broker might provide you with safer assistance compared to working with a sales agent or team. Selling your home goes beyond being a transaction; it’s a voyage filled with both anticipation and uncertainty. Whether you’re new to selling or an experienced real estate pro, the journey toward a sale can be complicated and unpredictable. Among the decisions you’ll have to make one choice that stands out as crucial – is selecting the professional to guide you through this process.

Imagine this journey as an adventure, where your home’s the ship navigating through the ever-changing currents of the real estate market. Whom would you trust as your captain steering you towards a haven of success? Would you put your faith in a navigator who knows every intricacy of these waters? Would you entrust your vessel to a sailor hoping they’ll find their way?

In this blog post we delve into the importance of making the choice when it comes to selling your home. We’ll explore the distinction between a real estate agent and a principal broker shedding light on their roles and responsibilities.

As we navigate the intricacies of this decision you will come to realize the impact that your choice of a real estate professional can have. So, raise the anchor embark on this journey alongside us and uncover the key to a home sale guided by expertise.

Principal Broker

A principal broker is a real estate expert who has completed all the real estate courses along with educational requirements mandated by state laws. In Ohio a broker must successfully complete courses such as Ohio Real Estate Law (40 hours) Ohio Real Estate Principles & Practices (40 hours) Real Estate Appraisal (20 hours) Real Estate Finance (20 hours) a Financial Management course a Human Resources or Personnel Management course an Applied Business Economics course and two years of post secondary education or equivalent ninety quarter hours. They must also pass the brokers exam. Fulfill 36 hours of continuing education every two years.

The principal broker serves as the representative of the brokerage firm. Holds authority to enter into agency contracts with both home sellers and buyers. Additionally they are responsible for supervising real estate agents employed by the agency. The principal broker oversees transactions, between buyers and sellers while providing guidance to agents.

A principal broker also holds a trust or escrow account to ensure the handling of the money deposit and any funds owed to the brokerage firm. The principal broker is held to the standard of accountability and responsibility.

Sales Agent

In Ohio a real estate salesperson is a professional in the industry who has successfully completed all licensing real estate courses. These courses encompass Real Estate Principles and Practices (40 hours) Ohio Real Estate Law which covers rights, housing discrimination and desegregation issues (40 hours) Real Estate Appraisal (20 hours) Real Estate Finance (20 hours). Additionally, they must pass the real estate licensing exam. Sales agents are also required to complete 16 hours of continuing education every two years.

In Ohio real estate agents cannot work independently; they must be affiliated with a brokerage firm because they are not legally permitted to enter into agency contracts with home sellers or buyers. When you engage with a real estate agent you are entering into a contract with the broker while the agent acts as an intermediary. In Ohio any sales or purchase contract for estate is, between the principal and the broker.

What exactly constitutes a team?

According to a paper published by the Ohio Board of Realtors titled “Teams; Is Your Team Violating Ohio License Law?”. Copyrighted in August 2017 by Ohio REALTORS®, the license law, in Ohio defines a team as a group of two or more real estate licensees associated with the same brokerage. Additionally it can include licensed professionals such as administrative assistants and other experts in real estate related fields who advertise together. In order to be considered a team there must be two licensees who advertise together. It’s important to note that teams are not licensed entities recognized by the Ohio Division of Real Estate and Professional Licensing. Although the license law allows multiple licensees to work together and advertise under a team name each individual member of the team is still required to hold their agent or broker license. The concept of teams is quite common in this market, where agents form groups and conduct transactions under the name of their team leader. It’s worth mentioning that even if agents work as part of a team it does not relieve the broker from their obligations under Ohio license law; they are still responsible, for overseeing the activities of all affiliated licensees within their brokerage. This also includes individuals and other intermediaries who work as a team.)

In a nutshell deciding to sell your home is a step. You want the process to go smoothly, efficiently and securely. Opting for a real estate broker can make all the difference. Let’s delve into the reasons why selecting a broker’s your best bet.

1. Direct Communication; One of the advantages of working with a primary broker is that you communicate directly with the person you have signed an agreement with. It’s, like having a one on one conversation with the head. This direct line of communication ensures that your concerns are promptly heard and addressed.

2.. Expertise; Primary brokers typically possess knowledge and experience in the real estate industry. They have been in this field for quite some time which means they can effortlessly guide you through the intricate transactions. Their expertise proves invaluable when it comes to negotiations ensuring that you secure the deal.

3. Extensive Network; Primary brokers often boast a network of buyers and professionals within the industry. This means that more people who are genuinely interested in your property will be exposed to it. They can tap into their connections to find a match, for your home significantly increasing its chances of selling

4. Ensuring legal compliance is crucial, in real estate transactions as they involve a web of laws and regulations. Primary brokers shoulder the responsibility of ensuring that every aspect of the transaction aligns with Ohios real estate laws. This helps mitigate the risk of facing complications in the future safeguarding your interests. On the hand sellers without the guidance of a broker may find it challenging to ensure compliance with Ohios real estate laws.

One advantage of working with a broker’s increased flexibility in negotiating terms and conditions for the sale. It’s akin to having a line to the decision maker allowing you to tailor the deal according to your needs and preferences.

In contrast salespeople may possess experience and knowledge compared to brokers. Their limited expertise can potentially impact the level of service you receive. By choosing to work with a broker you can rest assured that you have access to top notch expertise.

To conclude, when selling your home and considering your equity at stake partnering with a real estate broker is highly recommended. You stand to benefit from their experience, network, legal expertise flexibility, in negotiations and direct communication channels.

FAQ 1; What qualities should I consider when choosing a real estate agent?

Answer; When selecting a real estate agent it is important to take into account their experience, knowledge of the market track record and client reviews. It is crucial to assess their expertise and reputation within the industry.

FAQ 2; Is commission split the factor in choosing a broker?

Answer; Although commission split is an aspect to consider it should not be the determining factor. Other factors such as presence, support system, training opportunities and overall culture within the brokerage also play a role in making your decision.

FAQ 3; How can I ensure that I am selecting the real estate brokerage?

Answer; Prior to joining a brokerage real estate agents should ask questions to evaluate whether it aligns with their needs. These questions may relate to commission structure, training programs, support provided by the brokerage team and the reputation of the brokerage, in the market.

FAQ 4; What distinguishes a real estate broker from an agent?

Answer;

A real estate broker possesses a level of qualification. Can work independently or oversee a brokerage firm. On the hand agents typically operate under the supervision of a broker. Do not have the authority to enter into agency contracts on their own.

FAQ 5; What inquiries should I make during an interview, with a real estate broker?

Answer; When interviewing a real estate broker it is essential to ask about the support they provide training programs available commission structure, company culture and the resources they offer to assist agents in achieving success. These asked questions (FAQs) and their corresponding answers are based on information obtained from search results. They aim to provide guidance, for individuals seeking to select the real estate agent or brokerage.

(*1) It’s important to note that real estate brokers are not attorneys and are not permitted to engage in practice.

Ohio Real Estate Broker & Author Dennis Rath Celebrates Winning Prestigious Acknowledgment for his Work
life and experience · Real Estate Sales · Sellers · Uncategorized

Ohio Real Estate Broker & Author Dennis Rath Celebrates Winning Prestigious Acknowledgment for his Work

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Dennis Rath a Real Estate Broker in Rocky River Ohio has been named for the second year in a row to the Cleveland Magazine Top Real Estate Agents list in the June 2019 issue.

July 9, 2019

Rocky River Ohio Real Estate broker Dennis Rath of Dennis Rath Home Sellers is well known for saving his clients’ money, without them sacrificing anything in service.  In 2019 this averaged $2,895 a client, a number that is a few steps beyond remarkable in the opinion of most with experience in the real estate world.  With over 25 years of experience, and handling each client individually rather than relying on a team, Rath has been able to maintain and replicate this high-level of success in a straight forward and transparent way.  In exciting news, this excellence in his field has been recognized for the second year in a row, with Rath being featured on the Cleveland Magazine Top Real Estate Agents List, which was published in the June 2019 issue.  He is also the author of two popular real estate related books, “Value-Driven Approach to Sell Real Estate: A Practical Guide to…” and “The Dennis Rath Home Sellers Professional Service Approach to Selling Real Estate”.

Rath commented, “I think my success has been my unique approach to selling real estate most agents are still using a one size fits all approach but charging a commission based on the sales price. So the marketing fee ends up totally disconnected from the actual work.”

“My clients have saved on average $2,895.00 and still received full service,” he continued clearly passionate about his work. “I use a sound approach developed over my 25 year career that’s straight forward and transparent. I don’t have a team so my clients never end up feeling like a hot potato, when a client calls I return the call. A number of my clients are not as comfortable with technology so I don’t force them into it. I still make house calls. I still believe in personal service.”

According to Rath, although technology has re-invented , transformed and revolutionized the selling of a home, the majority of real estate brokerages are still operating on a one size fits all commission-only business model, that has not changed since before the fax machine.  The sales culture that is fostered in some of the biggest real estate offices hearkens back to boiler room style high-pressure sales tactics using bait and switch gimmicks  like “I will sell your home in 61 days or buy it.”  Things that are clearly trickery and not based on delivering value to clients or win-win situations, where all involved benefit.

Rath continued, pointing out while house values along with the average commission for Real estate agents have risen over the last 10 years recent market conditions and modern technology, has actually created a situation where it takes less work and outgoing costs, to sell a home. The industry in turn has not added more value to justify the increase in fees. Client property value has gone up because of economic factors and improvements they have done themselves, not because of the real estate industry. And recognizing that Rath works hard to keep his fees at a reasonable level that recognizes these realities rather than trying to act out of greed and selfishness.

With the real estate industry reaching what may be a pivotal point, pressure is beginning to mount from all sides. Several outsiders have picked up on the perceived vulnerabilities like the Class action lawsuit Moerhl v National Association of Real estate agents (NAR), and the Department of Justice investigating antitrust issues. Forced change may be coming to the industry and it looks like the “commission only model”brokers will be hurt first. Fortunately, this won’t negatively impact the few like Dennis Rath Home Sellers who already realize a new era for real estate demands new thinking, which is exactly what he is doing.

Rath’s reviews reflect his positive approach to realty.

Linked In Recommendation    07/04/2019

My family recently worked with Dennis Rath to buy a home and sell a home on the West side of Cleveland. The experience was fantastic! We were able to buy a home for my mother with the minimum of muss and fuss. Dennis managed all the details flawlessly. My mother’s home sold in less than a week at above the listing price and closed on time and as scheduled. All the advice Dennis Gave us from staging, to repairs to the appropriate list price to which buyer to pick turned out to be accurate and wise. Throughout the entire process he was diligent, organized, calm and just incredibly competent. We could not be more satisfied.

For more information be sure to visit https://dennisrath.blog.

Thinking of selling your home visit: https://www.dennisrath.com/sellmine

Email Dennis@Dennisrath.com     Or just call (440) 600-9508

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Education · Real Estate Sales · Selling a home

4300 Butterfly Circle, Medina, OH 44256

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Welcome to your new home! A well maintained colonial, located in a newer quiet cul-de-sac neighborhood called Fox Village. This home has many upgrades; wood floors and recessed lighting to name just a few. The kitchen has counter space as far as the eye can see! You will love the quiet solitude that the deck provides, it’s just perfect for having coffee in the mornings, or as a place to decompress after a long day. The basement is partially finished and is being used as a workout area, and playroom. The location provides easy access to shopping, restaurants, highways, and parks.

Open Click Here

Education · Maximize Your Profit · Real Estate Sales · Selling a home

3 Things You Need in a Shifting Real Estate Market

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Thursday January 24th, 2019

Whether you are thinking of selling your house or buying a home, today’s real estate headlines can be confusing – perhaps even concerning. What is actually happening with mortgage rates? Are home values dropping or are they just rising at a slower pace? What impact will the economy have on the housing market?

If you are either a buyer or seller (or both), you need to know what it will mean to your family if you go ahead with the move. You need to understand three things:

1. What is happening in the housing market right now?

Consumers must get past those fear-mongering headlines and gain a deep understanding of what is truly happening. How strong is buyer demand right now? How much competition do listings have today compared to what they will have in the spring? People want to make an educated decision on what is probably their family’s greatest financial asset.

2. Why is it happening?

Understanding the individual pieces that impact the sale or purchase of real estate is important. Understanding how those pieces impact each other is critical. How does the amount of a down payment impact the mortgage rate a buyer will be offered? Can you still price your house a ‘little ahead’ of the market and still be sure it will sell?

3. How do the first two affect your local market?

Basically, you want an understanding of the overall housing market and a simple and effective explanation of how it will impact your personal real estate goals.

Bottom Line

The best way to get all three is to work with a professional who understands this shifting real estate market and can expertly guide you on the journey to reach your housing goals. Let’s get together to discuss what today’s market means for you.

Education · life and experience · Maximize Your Profit · Real Estate Sales · Selling a home

7 Factors to Consider When Choosing A Home to Retire In

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7 Factors to Consider When Choosing A Home to Retire In | MyKCM

As more and more baby boomers enter retirement age, the question of whether or not to sell their homes and move will become a hot topic. In today’s housing market climate, with low available inventory in the starter and trade-up home categories, it makes sense to evaluate your home’s ability to adapt to your needs in retirement.

According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.

1. Affordability

“It may be easy enough to purchase your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities – all the things that will be due whether or not you have a mortgage on the property.”

Would moving to a complex with homeowner association fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?

2. Equity

“If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage.”

The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $14,000 in equity last year.

3. Maintenance

“As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline.”

As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind of not having to do the maintenance work yourself?

4. Security

“Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind.”

As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.

5. Pets

“Renting won’t do if the dog can’t come too! The companionship of pets can provide emotional and physical benefits.”

Evaluate all of your options when it comes to bringing your ‘furever’ friend with you to a new home. Will there be necessary additional deposits if you are renting or in a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?

6. Mobility

“No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility.”

Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn’t mean that down the road you won’t need your home to be more accessible. Installing handrails and making sure your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.

7. Convenience

“Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!”

How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.

Bottom Line

When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, let’s get together to evaluate your ability to sell your house in today’s market and get you into your dream retirement home!

Education · Lessons Learned · life and experience · Maximize Your Profit · Maximize Your Profit · Real Estate Sales · Selling a home

Maximize Your Profit When Selling Your Home By Avoiding a Fundamental Mistake!

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I was just out to breakfast today with my wife Jen, at Gina’s. (the best place in Fairview Park to eat breakfast) I couldn’t help but overhear the conversation at the table next to us, they said that they were going to wait until spring to sell their house. This made me pause.

That is such a big mistake and I thought you should know why, in case you’re thinking of doing this yourself.

If you wait until springtime to sell your home, and by springtime, I mean April, May, or June, you’re going to be putting your home on the market at a bad time. Typically spring time will have a lot of homes you will need to compete against as well as new construction. When buyers have a lot to choose from they can become anxious and hesitant.

The best way to look at this situation is like supply and demand. Think about housing just like anything else: it’s an asset. In supply and demand, if there are more assets available, the price is going to be less. If there are few assets available, the prices go up. Adding your house to a market already saturated with homes on the “supply” side will only make it harder to sell. The best thing to do is to market your home with less competition on the market.

Our market in the Cleveland area is driven by first time home buyers. They buy a house when they are ready to buy a house. That’s just how it works. They do not normally wait for spring.” They save their money and get at it as soon as they can. Last year in the first few months buyers were willing to get into a bidding war because inventory’s were low, as inventory’s grew they were more likely to just move on to the next one.  

So, do them and you a favor and stop waiting until Spring!

We cover all of these things in my book, so if you’d like a copy of it, feel free to send me an email or comment down below. I’d be happy to get it out to you!

Have a great day and I hope you enjoy the weather! It’s hasn’t been too bad lately, at least for January in Cleveland.

I look forward to hearing from you!

Education · Lessons Learned · life and experience · Maximize Your Profit · Real Estate Sales · Selling a home

The Best Time to List Your House? TODAY!

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The Best Time to List Your House? TODAY! | MyKCM

You may have heard that the housing market is softening. There is no doubt that buyer traffic has decreased. There are fewer purchasers in the market than there were last month and at this time last year. What you may not have heard, however, is that there is still a severe shortage of listing inventory in many regions of the country.

In a recent interview discussing the housing market, First American’s Chief Economist Mark Fleming put it simply:

“The biggest challenge is really the availability of supply.”

When we look at available inventory numbers released by the National Association of Realtors (NAR), we see that the actual number of homes for sale has decreased in each of the last five months.

The Best Time to List Your House? TODAY! | MyKCM

What does this mean to you as a seller?

The best time to sell is when there is less competition. That guarantees you a better price and fewer hassles in the transaction.

Bottom Line

If you are thinking of selling your house this year, the best time to put it on the market might be right now. Let’s get together to evaluate the demand for your house in our market!

Education · life and experience · Maximize Your Profit · Real Estate Sales · Selling a home

The Reasons That Homes Fail to Sell Even In A great Market!

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The Reasons That Homes Fail to Sell

I gotta talk to you. I was just out to lunch and I got asked a question for the second time today, so I figured you may be asking it, too.

The question was: Why didn’t my house sell? The market is good, so why didn’t it sell?

Well, they were right. The market is good right now. But that doesn’t mean your house will be automatically sold. There are actually only a few reasons that homes fail to sell, so let’s take a look at them.

Reason #1: Your house isn’t priced to sell.

You may have heard me talk about this before. A real estate agent will list your home at a price way over what it’s worth just to get you to sign a 6-month contract. Then they slowly reduce the price until you’ve missed your honeymoon period. This is called buying the listing and should be avoided at all costs. Also, some agents will show up with a comparative market analysis and price for your home already in mind. If they do this, just run! Or listen and check out, just like my house does when I’m listening.

Reason #2: You hired the wrong agent or brokerage.

This may be one of the biggest mistakes you could make when selling your home. Don’t just hire an agent because you see their signs all over town. What if all those signs don’t mean that they’re good at their job, but have a lot of houses listed that they can’t sell? I used to work exclusively with expired listings when I first started in this business and I saw a lot of things go wrong. If you hired a discount brokerage, or even brokerage who assigned a new agent to your case, it is common to see your home listed wrong on the MLS. I have seen homes listed completely in the wrong area. Make sure to interview multiple agents before you hire one or try to hire a broker directly because they have more education and higher stakes in the game.

Reason #3: You’re not marketing enough.

This isn’t always your fault. Sometimes, larger brokerages have a set pattern that they don’t stray from when it comes to marketing houses. They may not do Facebook ads, share it on social media at all, or keep your listing up to date on all websites where people are looking for houses. I’ve even seen some realtors not use Zillow just because they don’t like it, even though 9 out of 10 people say they use Zillow to look for homes. If you’re having trouble with your home’s marketing, you have to hold the agent’s feet to the floor and make sure they get it done.

Reason #4: You didn’t have professional pictures taken.

You’ve probably heard me say this before, but you NEED to have a professional photographer take pictures of your home. You just do. In today’s market, you can’t afford not to use a professional photographer. You know that if you heard the story about the expired listing of the house over in North Olmstead where the agent took pictures of a $200,000 home with her iPhone. You just can’t do it. Take my word for it.

Reason #5: Your home is not in good condition.

The market is moving right now, but it’s only certain price ranges and only house that are in the top level of that price range. If there are 10 houses on the market, you need your house to better than all 10 in order to sell it. That means beds have to be made, dishes have to be done, and everything should be neat and tidy. You don’t want to have a messy home when trying to sell your house, especially if a viewing is taking place. What potential buyers see can impact their final decisions more than you know.

So, price your house to sell, interview multiple agents, market your home, take professional photos, and make sure it is in good condition if you want your home to sell! Don’t make fundamental mistakes, which you can read more about in my book!

If you have any questions, let me know in the comments below or shoot me an email.

Good luck and have a great day!

Education · Lessons Learned · Maximize Your Profit · Real Estate Sales · Selling a home

Don’t Just Hire Any Real Estate Broker (Even if They Are Your Family)

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I’ve seen it time and time again. People want to list their house for sale. They see a yard sign in a neighborhood and call that agent up, ready to list their house- all without doing any research!

Instead of looking up their options and familiarizing themselves with the process, they decide to just dive headfirst into selling their home. Not doing any research and hiring the first real estate broker you see is not something I recommend.

In fact, I recently had a client who had a bad experience with trying to sell his house before he came to me. He listed his house with a relative of his, his sister-in-law, because he was expected to. He didn’t even consider any other real estate brokers.

Don’t get me wrong, I understand the situation. Being a part of a family myself, I know how families can be and how awkward Christmas could get. But, there is one thing he could have done that could have made his situation better: research.

You Have to Do Your Research

Research can help you in numerous ways when choosing a real estate broker to list your house. First, it helps you understand what you are getting into. Second, it helps you develop some expectations of your real estate broker and the process. Lastly, it helps you make decisions that are best for you.

This is a Business Decision on Your Part

You’re handing over $10-20,000 of your equity when choosing a real estate broker. That’s more than some people make in a year! If you were spending this kind of money on a car or another large purchase, you wouldn’t go into it without doing research on what you’re buying. The same goes for your real estate broker. Do your research and form some expectations before sitting down with your broker. You don’t want to just give into someone else’s expectations with money on the line.

The same goes even if your real estate broker is a relative. Do some research before you sit down with them by interviewing a few other brokers. Then, talk to your relative and ask them questions. Make sure to tell them exactly what you want up front. Even if you hire your relative to sell your house, doing your research will put everyone on an even keel.

You Don’t Have to Hire Them Because They Are Your Relative

My parents were very generous, but they never said, “Hey, here’s $15,000 just for being our sixth kid!” The same goes for hiring a relative to sell your house. Let your relative know you understand the situation and that you have certain expectations that you are going to hold them to.

If you do this and go into it with your eyes wide open, you’ll have more luck than my client who hired his sister-in-law!

Do you have a question? Let me know! Leave it in the comments or send me a message. I’d be happy to answer it!