Like A Bos — Beyond The Sale

The Realities of the Estate Sale with Patrick Rocca

Bosley Real Estate LTD., Brokerage Season 1 Episode 12

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0:00 | 28:23

Estate sales are often emotional and complex, and most people don’t know what to expect until they are in the middle of one. In this episode, Christan sits down with an experienced agent to break down the process, from probate and timing to preparing the home and supporting families through the transition. 

The goal is to provide clarity, set expectations, and help both consumers and agents understand what it takes to navigate an estate sale with care and confidence. 

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Christan Bosley

A home holds a lifetime of memories, and when that home becomes part of an estate, it is never just a transaction. It is emotional, it is complex, and it carries real weight. Today, we're talking about the realities of an estate sale and what families need to know before they find themselves in that position. For nearly a century, Bosley has been helping to shape the landscape of Canadian Real Estate. This podcast is an extension of that legacy, our way of staying connected to what matters most to you. Join us as we sit down with leading voices from across the industry and beyond to explore the ideas, trends, and stories that move real estate forward. Whether you're an agent, investor, homeowner, or just curious about the market, there's something here for you.

Intro to Patrick

Christan Bosley

Welcome, Patrick.

Patrick Rocca

Thank you for having me.

Christan Bosley

Um I have to just be honest, I'm having some weird flashbacks to a childhood. But we're here today, so this is exciting. Patrick has been with our company for over 30 years, with about 15, if not more, of those years as our number one realtor, tons of experience, massive market share in Lee Side over the years. What keeps you going?

Patrick Rocca

I just I love the business. I love what I do. Um I I love the people. Uh it does get tiring at times, but uh I just I come into work and I just feel like it's my my second home.

Christan Bosley

Okay. Can I ask a little bit about your journey into real estate? Sure. How did that happen?

Patrick Rocca

Well, I come from a real estate background. Um my father was a developer, excuse me, in the East Coast, uh, commercial, residential. Um, and um I I grew up around it. I grew up going to construction sites, housing, townhomes, hotels, shopping malls. Um never really thought about getting into real estate when I came to Toronto and to go to university. I took business and um I transferred from the University of New Brunswick and I had I was out of whack a couple of courses, so I finished early uh for for my degree. And I had from December to May till I graduated, my father said, Why don't you take your real estate course? Here I am.

Christan Bosley

Okay, amazing. And I think your father and Tom, my father, have some history as well, right?

Patrick Rocca

Yep.

Christan Bosley

So that's how you came to be at Bosley.

Patrick Rocca

That's how I came to be at Bosley, yeah.

Christan Bosley

Okay, and you just never left.

Patrick Rocca

Never left.

Christan Bosley

You must have done something right. And are your children going into real estate?

Patrick Rocca

No. My daughter would do really well at it, I think. Um, but no. I they're there I tried to get them, but not at this point. Not at this point. My son's a lawyer, my daughter's doing her thing, and uh yeah, no.

Christan Bosley

Okay. And so we're gonna talk today a little bit about estate sales. How is it that you came to be such an expert on the topic?

Patrick Rocca

Well, it's interesting. I've been doing this, like you said, for over 30 years. So a lot of my clients started out um, you know, when I moved into the area in Leaside and Davisville, they were, you know, in their late 20s, early 30s, and um they had family here. And now that they're older, that they're they're my age, you know, late 50s, 60, their parents are getting older. Um so they're selling family homes for various reasons. Well, obviously, one is an estate.

Christan Bosley

Okay. So the natural progression of your demographic in your market area.

Patrick Rocca

Yeah, a big part of my demographic now is is the older uh demographic, and I do a lot of estate sales, unfortunately. But they're fact of life.

Christan Bosley

They are, they are. And they are quite different from the typical transactions. So why

How estate sales differ from normal transactions

Christan Bosley

don't we start by explaining what an estate sale is and how they're unique from your perspective as an agent?

Patrick Rocca

Yeah, they're they're different transactions for sure. Um, there's a lot more real estate in general is an emotional business. Um, but obviously when you're dealing with uh an estate sale, um there's memories, there's years, there's um lots of history. Um, and um I think that that's the big thing. So you're you're dealing with you're dealing with death, you're dealing with, you're not dealing with the actual owner, you're dealing with their family. Um, so there's a lot of emotion and memories that go into it. So it has to be handled correctly, you have to have the right people.

Christan Bosley

Okay. And I think we often move through the real estate transaction with misconceptions about all sorts of different things. So do you find that there are any common misconceptions when it relates to estate sales?

Patrick Rocca

Yes, there can be. And I mean, I think the most common one is is an estate sales, or it's an old house, or it needs a lot of work, or it could be possibly a good deal because the people are passed on and the family wants to unload it. So those are all misconceptions.

Christan Bosley

Okay.

Patrick Rocca

Because I've dealt with estate sales where the house has been renovated and the person's just passed.

Christan Bosley

Right. Hmm. Okay. So let's start at the very beginning. So an estate sale obviously means that the owner of the property has passed. Um when someone passes away and real estate is involved, what is the very first step the family or the executor should take?

Patrick Rocca

Usually the first step is they get in touch with their lawyer because there's usually a will, uh, you hope there's a will, and then the lawyer will uh instruct the executor or executrix to um, you know, reach out to a realtor, maybe their preferred realtor or or someone that they know and um get opinions of value based on the time of death versus the time when they bought the property. Um there's a lot that goes on behind the scenes, but usually the first step is through a lawyer.

Christan Bosley

Okay. And have you ever been involved in a circumstance where there wasn't a will?

Patrick Rocca

Yes. It can get cloudy.

Christan Bosley

Right.

Patrick Rocca

It can get very cloudy. It's not very often. Um, we had a situation uh two years ago where unfortunately great clients of mine, um, their son passed away uh accidentally, and he was younger and he did not have a will. So it was it was it's it's a bit more complicated.

Christan Bosley

Right. Okay. So assuming that there's a will, assuming that there's an executor,

The role of an executor

Christan Bosley

what role does the executor play and how do they engage with you as a realtor?

Patrick Rocca

So the executor's role really, I mean, it's it's not just to dispose of of the the estate or the the property. The the executor has a key role, and that that's to make sure that they do their job to the best of their ability to maximize the value of the estate for the beneficiaries. Um if there are multiple beneficiaries involved, if you've got, I've I've got one right now where the um the executrix um has two beneficiaries that are involved, and um they're both family members, so she has to prove to them that you know, should we renovate the place? The gentleman passed away in the house, um, should they renovate it? Should they not renovate it? How much money? So she takes direction.

Christan Bosley

Okay.

Patrick Rocca

Um, so I mean I just I think it's it's an executor's job to do like don't cut corners because it can come back to bite you.

Christan Bosley

Right. Okay. In the conversation, the example you just gave, you did mention that the gentleman passed in the in the property. How is that dealt with? Does that have to be disclosed in a transaction? Do you find that that imp impacts value?

Patrick Rocca

I mean, does it have to be disclosed? If it's asked, of course, it has to be disclosed. It depends on the way the person passed away. I mean, natural causes are natural causes people pass away daily. Um, if it was a murder, if there was something more horrendous involved, yes, absolutely has to be disclosed.

Christan Bosley

Right. And that would surely impact value, I would imagine.

Patrick Rocca

Depending on the buyer, depending on um the nationality, there's there's um various cultures that um, you know, the first thing they'll ask you when they see an estate is did the person pass away there?

Christan Bosley

Right.

Patrick Rocca

And if they did, it's a no-no.

Christan Bosley

Right. Interesting. Okay. So the executor handles probate, correct?

Patrick Rocca

The no, the lawyer handles probate. Okay. And if probate is needed.

Christan Bosley

Thank you.

Patrick Rocca

Um, so what we're finding more recently is, and and it's it's actually ideal, is that if probate's not needed. So in other words, if the person that that passed had owned the property when it was the old registry system, okay, 1990 or earlier, um, you can do what they call first dealings exemption.

Christan Bosley

Okay.

Patrick Rocca

So you don't have to go through the probate process. Um, you have to apply for the exemption. It's two, four weeks as opposed to two to four months now for probate. It has been as long as six to eight months. So uh first dealings misses skips a lot of the stuff if the person's been in the house a long time.

Christan Bosley

So if the owner's been there for a very long time, let's call it since the 90s, they can apply for this exemption. That will probably take two to four weeks. Then by the time you prep the property, it's really a fairly normal listing cycle for you, right? As a realtor?

Patrick Rocca

Depends. I'm dealing with one right now where I met with them in November. Um, and they they're not doing first dealings, so it's different. So it'll be a longer cycle. But yeah, the again, depending on when the first dealings is applied for. So for example, if you if if you apply for first dealings in May or June and you get it in July, you're not listing until September, right?

Christan Bosley

Right.

Patrick Rocca

Depending on the product.

Christan Bosley

And it's the lawyer that applies for first dealings.

Patrick Rocca

Yes.

Christan Bosley

Okay. And then if you're not exempt on that first dealings, then you go through probate.

Patrick Rocca

You go through probate.

Christan Bosley

And that timing is, you said, kind of four to six months.

Patrick Rocca

All over the map. It's been as long in the past, going back a year, six to eight months. Um, I'm seeing them now come in in two, three months.

Christan Bosley

Okay. I guess it also depends on how complicated the state is.

Patrick Rocca

Correct. Yep. And how efficient the lawyer is.

Christan Bosley

Right.

Patrick Rocca

I had one just recently where we didn't have a very efficient lawyer.

Christan Bosley

Right.

Patrick Rocca

And it it took four months, probably should have been two.

Christan Bosley

Okay.

Patrick Rocca

But it happens.

Christan Bosley

And so you have this inevitable time delay on either side.

Strategy for best outcomes for an estate

Christan Bosley

How do you help families decide when the right time to sell is? So you just used an example about, you know, perhaps getting probate in July. I'm gonna go on the assumption that it probably depends on the type of product and the geographic location. But what type of factors are you looking at to help families make that decision?

Patrick Rocca

I think it's the same as any other product in the marketplace that you're putting on. I mean, obviously spring is ideal, fall is ideal, summer, depending on the product, you probably try to avoid. Um, but again, it's it's it's something that with probate, it's hard to hard to time it.

Christan Bosley

Okay. Okay. So does an estate sale differ in how you look at your strategy and pricing when looking at properties?

Patrick Rocca

Not really.

Christan Bosley

Not really. No, no.

Patrick Rocca

Again, it depends on the product. I mean, I I can be going into a house that's an estate sale and it's needs quite a bit of work. I deal with properties that the older people are still living in the house and it needs quite a bit of work. So it really it it's all pretty much the same.

Christan Bosley

Okay. All right. Well, that's good to

Navigating the emotional side

Christan Bosley

know. So I know that originally when we spoke, you just you spent a great deal of time talking about the emotion behind estate sales, right? So lots of memories in the home, lots of, you know, family members who are often impacted by the sale. So, how do you support families during the time?

Patrick Rocca

It's very it's difficult. I mean, um, you know, usually you're dealing with one family member, which is ideal. Um, you do get situations where you're dealing with multiple family members, but there's usually one that's the lead. Um, so it's just helping them get through the process in terms of, you know, telling them what they need to do in terms of getting stuff out of the house, helping them with that. Uh, you know, I have professional packers and movers that that help people go through stuff um to alleviate time. Uh, so I mean it's it's more that. I mean, there are instances where you do have family tensions. Um, you know, they say money is the root of all evil. And I've seen some interesting cases. Okay. Um, not so good, but um, you know, I'm dealing with one right now where the uh the uh brother wants to buy the the house. And I've been clear with the sister who's the executrix that you can't give them a deal because there's two other beneficiaries. And if they find out you give them a deal, you know, you can come back to buy the people.

Christan Bosley

You can come back and sue the person, right?

Patrick Rocca

Exactly. Exactly.

Christan Bosley

Okay. So that's not going well for the brother?

Patrick Rocca

Not right now, no.

Christan Bosley

Okay. And so in that situation, do you propose you go to market to find market value and then negotiate with the brother? Like how does that does he have to be part of that?

Patrick Rocca

I I think in this situation, and we've gone back and forth talking, or I've gone back and forth talking with the executrix, and we I basically said, listen, here's what you're likely to get when you go to market. Um if he pays you that, you know, give him first right of refusal and give him a time frame. Otherwise, we go to market and he's just another buyer.

Christan Bosley

Okay. All right. So solutions, right? I can't imagine that you've only had one family disagree on how to move forward. Nope. How do you typically navigate the emotions and the family strife in there? Like, what are your priorities as you're talking to people?

Patrick Rocca

I for me personally, my priority is much like with all my clients, I'm I'm there to navigate, advise, and I'm there to get them top dollar. So I'm hoping that, you know, I'm I'm not playing favoritisms with anybody, and I want them all to know that I'm treating them all fairly, and it's my goal to get them as much money as I can.

Christan Bosley

And so communication-wise, I know you said there's often a family member that's the lead on it, or you're communicating directly with the executor. In the instance where there are multiple family beneficiaries or people involved, is it just like clear communication across the board? Do you have strategies and systems in place to help navigate that so that everybody's on the same page and so that you can play that neutral role?

Patrick Rocca

Again, in most cases where there is two executors, um usually one will step back and let one take the role and communicate with with all of us, right?

Christan Bosley

Okay.

Patrick Rocca

Um, so I've never touched wood had had a situation where it's gone sour like that.

Christan Bosley

Okay. Good. Happy to hear that.

Patrick Rocca

Yeah.

Christan Bosley

So in your experience, what is something that families going through this process don't often understand until they start it?

Patrick Rocca

It's the time. I mean, there's a lot involved. There's probate, there's, you know, there's getting everything in in line. It's it's getting the house ready, going through. I mean, I know personally when my when my father passed away, just going through the stuff in the house. And it's just not something that, you know, you do on a weekend.

Christan Bosley

No.

Patrick Rocca

It takes multiple evenings and weekends and time, and it's there's a lot involved. And you know, it it's time consuming. It is time consuming because you're not, it's not like you're just chucking stuff away. You you're going through every little detail.

Christan Bosley

Yes. So I will say from my perspective, I'm super grateful because my parents decided to make it into kind of a fun family activity. So about four years ago, they called the entire family, grandkids and everything, to the house. My mom put on this big dinner and drinks, and we made a fun night, and we literally went through all of the family memories, all three categories. So I got really lucky actually, because I think most family members end up doing it after one of their parents passes, right? And it's a very different experience, I think, in that situation.

Patrick Rocca

Yep. No, they get burdened. And I mean, and even in even in instances where it's not done before the person passes away, there's still a you know a litany of people that have to get in line, like the grandkids, and you know, there's and whoever's the executor is saying, okay, you know, who wants this and who wants this? And it's it's a process. It's you you have to be patient. Um this isn't like uh, you know, you have to understand what the family's going through.

Common mistakes when selling an estate property

Christan Bosley

What are the most common mistakes that executors or families make when selling a property?

Patrick Rocca

Very similar to what most people make when they're selling a property, not taking the proper advice, not getting proper legal advice, not not listening to their realtor, hiring the wrong realtor, um, you know, timing, uh, understanding the market. Um, it's a it's a big job, right? And it's like anybody selling a house. I mean, if you're selling an estate, the executor has to have an understanding of what's going on. And listen, I mean, there's people out there that will advise, and he has to he or she has to take that under consideration.

Christan Bosley

Okay. And so in this, in the instance where the home requires a bit of an investment to yield top dollar. Yeah. Where do the funds come from for that in an estate sale? Because typically, if it were resale, we would expect the agent and and the seller to have an arrangement, but most of the time, 90% of the time, it is the seller that's paying to make those investments in the property to yield the positive result, right? So in this case, does the estate pay for that? How does that work?

Patrick Rocca

Again, it really depends on how the estate was set up, how the banking is set up, because what happens is when someone passes, and if it has to go to probate, automatically everything's frozen. Everything's frozen.

Christan Bosley

Yeah.

Patrick Rocca

The bank accounts are frozen. I had I dealt with this last year, um, where the bank accounts got frozen, the sister could not access to pay for stuff that needed to be done to the house. So it can be very, very complicated. Um, most of the time, the executor or executrix foots the bill and gets paid back from the estate.

Christan Bosley

Okay. So good to know. So, besides, I know we've talked a lot about executors, we've talked a little bit about lawyers. So, what other professionals do families need on their team besides a good realtor and lawyer to help bring that to fruition?

Patrick Rocca

Accountant, obviously.

Christan Bosley

Okay.

Patrick Rocca

Um, like I said, a a declutterer. I've I've I have a fabulous person that um has helped many families uh go through many years of stuff um and cut that month or two of decluttering down to a few weeks. Um, so I mean, I think that's what you need. You need a strong team of people. I hate to be morbid, but there's I mean, the gentleman that passed away in the condo, he was there for a few days. So you need a professional, you need professionals like that that can come in and sanitize and and do all that kind of stuff. So I mean, there's there's a lot to it.

Christan Bosley

Okay. So having a good team. And is it fair to say that most of your clients develop their team through your resources? Yes. Okay, amazing.

Patrick Rocca

Or I meet my client through one of the other resources. One of the other resources.

Christan Bosley

Okay. And so what have estate sales taught you about real estate and people?

Patrick Rocca

It's you know, it's the circle of life, right? It's uh it's interesting. It's um you're dealing with uh families and you have to have empathy and compassion, and uh um it's it's not the real estate in general, it's just a transaction. It's just not this is not a transaction. It's it's people's life, it's people's memories. That's very important.

Christan Bosley

And so how do you maintain your positive mindset as you are dealing, you know, as kind of a niche at this point in estate sales, because you are surrounding yourself with grieving families and challenging situations?

Patrick Rocca

I find it less challenging than dealing with normal sales.

Christan Bosley

Okay.

Patrick Rocca

Because the people are coming to you, they're relying on you, they trust you, um, they don't fight you or rarely fight you, um, and they listen to you.

Christan Bosley

Okay.

Patrick Rocca

Which, as we know, is doesn't happen a lot in our business.

Christan Bosley

There are some difficult moments, yes. And so is it fair to say that um it's made you like a little bit softer as a human?

Patrick Rocca

Maybe, yeah. Yeah, I guess so. Yeah. Yeah. Well, I've had people had someone tell me last week that I'm not the big tough guy that I thought I was.

Christan Bosley

Only just realizing this now. Um, okay, amazing. Well,

Closing questions

Christan Bosley

here are my closing questions for you. Are you ready? This is my favorite part.

Patrick Rocca

Okay.

Christan Bosley

Uh, besides the fact that I've known you since I was eight. I feel like I might know the answer to these, but I also think you might shock me. So, what's one lesson you've learned in your career that you wish you had known earlier?

Patrick Rocca

Well, the the big one is I mean, fortunately I can I can do it now. I'm more established in my career, but it's it's basically to not be a slave to everybody and and and you know, there's a time you can say no if it's not the right fit or the right business.

Christan Bosley

Setting boundaries.

Patrick Rocca

Setting boundaries, 100%. Yeah, setting boundaries is definitely very important.

Christan Bosley

I will say though, as somebody who has been a very substantial mentor to me in my career. The one of the things that I've always admired about you is that you you have always had very good boundaries around schedule, routine, and family.

Patrick Rocca

Yep.

Christan Bosley

So do you feel you have that more now?

Patrick Rocca

I feel it's different now.

Christan Bosley

Okay.

Patrick Rocca

I mean, when I was younger and when I was starting uh in my career, it was uh, you know, starting in my career. And it was tougher to set those boundaries, but it was it was a rule that, you know, I was my wife, I was home every night for dinner at five o'clock. And I would have dinner and then I would go back out. And, you know, we I I spent time with my, you know, my my son at the rink. And uh, you know, those things were always priority. So now when you're older, yeah, there's still boundaries, but they're different boundaries, right? And family, family for me is still the number one priority. I mean, if it comes down to it. I mean, I I've I remember telling clients, I'm sorry, you know, them being mad at me because I couldn't do something because I had something with my kid. Sorry, it's the way it is, right?

Christan Bosley

Yeah. And that we don't always see that in this business. So I always found that um very admirable. Something that I took from your book when I was in sales having young babies. Although I will say that I didn't last that long. I went into a stable management nine to five shortly thereafter. So um tell me what book is on your current reading list.

Patrick Rocca

I'm not a big book guy. Um, I I'm not one of these uh motivational book readers. Um, I do read. I do read a lot. Um, my reading is very different. Um I'm a big historical guy. I like reading history.

Christan Bosley

Yes.

Patrick Rocca

Um and you know, I I read every day, but I read differently. I was I was at the gym for an hour and a half before our talk today, and I was on the bike for an hour twenty, and I read the whole time online, just sports articles and stuff like that. I'm a big sports guy. So it's different.

Christan Bosley

Small snippets.

Patrick Rocca

Yeah.

Christan Bosley

It's funny that you say this though, because I have a distinct memory of Anne, my mother, telling me that you secretly read every business book that she suggested you read.

Patrick Rocca

I may have back then. Yes.

Christan Bosley

But now your priorities are different.

Patrick Rocca

I don't read it's it's funny you you say that because I have books and my my kids have bought me books and my wife has bought me books, but I've just found in the last five, seven years I don't read those types of books. I just I I just read different stuff and uh so like what's your favorite historical book? I I love reading local stuff. Like, I mean, stuff on Lee Side. Um, you know, my colleague Chantel bought me uh a nice book on the history of Niagara on the Lake. And uh, you know, I I have a place in Florida, Pompano Beach. I love I love history, I love old pictures, I love, you know, stuff like that.

Christan Bosley

Okay. All right, interesting. If you were asked to give a TED talk, what topic would you choose?

Patrick Rocca

Probably uh work life balance.

Christan Bosley

Okay.

Patrick Rocca

Because I think that's very important. It all goes back to that, and I think it's always gone back to that for me, even even in the beginning. Um, you know, you mentioned how structured I am very structured. I'm here in the morning at eight. You know, I work, I go to the gym in the afternoon, I come back and work, and you know, I I try to spend my you know evenings at home or you know, my weekends with my my wife or my children when they were younger. So I think the the work balance, life balance is very important.

Christan Bosley

I agree. And actually for this month's book club, we're reading The Five Types of Wealth by Sahel Bloom. Because, as you know, in real estate, and I have no doubt that you fell into this trap just a little bit through your career in those 15 plus years as number one. There's such a heavy focus on production and transaction volume in this business that everything else kind of melts away. So we're trying to bring that back, that work-life balance, that ability to enjoy life.

Patrick Rocca

Yeah. But I mean, I think there's ways of enjoying life. I mean, for me, enjoying life, I know it sounds crazy, but my wife will say to me on a Sunday, you're going to the office. And I'm like, Yeah, I mean, it's like my second home.

Christan Bosley

Yeah.

Patrick Rocca

I come here and I'll I'll prepare for Monday. Or, you know, you know, I'll I'll do something. I have to feel productive. And I think that goes back to, you know, when I was a kid. My father went into the office, like me Monday to Friday, obviously, but Saturdays and Sunday mornings. He was always in his office. And I think that's something that's just growing on me.

Christan Bosley

Yes. So I also hear you when you say it's like a second home. I too can sometimes be found in the office on a Saturday afternoon. It's just comforting a little bit. And the routine is nice. And starting the week prepared is like a whole different mindset.

Patrick Rocca

100%.

Christan Bosley

Yeah. So besides your job, which clearly does bring you joy, what are the things in life that bring you joy?

Patrick Rocca

I love to travel. Um and my family. Okay. I mean, I love I love going to Italy. I love going to Florida, believe it or not. Um, but I mean, I just I love to travel.

Christan Bosley

Okay. And uh that's favorite place you've traveled to?

Patrick Rocca

Favorite place? Oh my god, there's been so many. I love Europe. Italy, Spain, Portugal, you name it. I mean, I just I love it.

Christan Bosley

Okay.

Patrick Rocca

Hawaii. I mean, I'd love to Hawaii. I mean, I just there's places that I haven't been that I'm not quite sure I'd if I want to go, but my kids are saying, Dad, you should go. Like, I mean, I I I should probably go to New Zealand or Australia. I have a very good friend there who's been after me for 20 years to go. And it's just it's just too far.

Christan Bosley

Go in the winter because it's their summer.

Patrick Rocca

But you can't go for a weekend.

Christan Bosley

No.

Patrick Rocca

Go for a couple months. Enjoy it. Yeah, exactly. At some point I will.

Christan Bosley

Okay, well, listen, Patrick, thank you so much for joining us today and for sharing your really valuable insights and expertise.

Patrick Rocca

It was my pleasure.

Christan Bosley

Until next time, I'm Christan Bosley. This has been Like a Bos.

Credits

Christan Bosley

Take care. Thanks so much for tuning in. If you enjoyed today's episode, be sure to subscribe, leave a review, and share it with someone who might find it valuable. We've got more conversations coming your way with incredible guests across design, finance, wellness, tech, and more. All through the lens of real estate. A special thank you to our set design sponsors, Stage Right.