Mike Browning

Tag: Landowners

  • “Rare” Isn’t the Same as “Safe”

    “Rare” Isn’t the Same as “Safe”

    Most elections aren’t worth cheating in.

    You’ve heard the line. Voter fraud is rarer than getting struck by lightning, so why bother with ID?

    I won’t argue with the numbers. Documented in-person voter impersonation is rare.

    But what does that really prove?

    Think about who would actually cheat. Nobody is going to risk prison to move a 60-40 race to 57-43, especially since once someone gets caught, whatever method they used gets shut down. A method like that is worth one good shot, and nobody wastes it on a race that was never in doubt.

    So a fraud rate calculated across all those elections tells you very little about the ones where somebody might actually have a reason to try.

    A race decided by a point or two is a different animal. That’s where a relatively small number of votes can decide everything.

    I’m not saying any particular election was stolen, and I’m not saying it’s happening now. I’m saying “we haven’t found much of it” and “there’s no reason to guard against it” are two different claims. The numbers only speak to the first one.

    I’ve sat at a lot of closing tables, and every one of them started with somebody checking a driver’s license. Nobody in the room thought the seller was a crook. Nobody ever suggested we skip it because the last hundred closings went fine.

    You show ID at the bank, at the airport, and at the pharmacy counter for the same reason. Most people are honest, the check is simple, and the one time it matters, you can’t go back and add it.

    That’s the part people don’t like. A safeguard has to be in place before the close race, not after, when the result is already contested.

    So the next time someone tells you the lock is unnecessary because nobody has tried the door, ask how many of those doors had anything worth taking behind them.

    P.S. I know this one doesn’t tie back to real estate too cleanly. But if you own land or lots, the same logic applies.

    Most landowners aren’t planning to sell today. Things can change fast though, and you’re better off being ahead of it than scrambling later.

    That’s what the MBR Land Reality Check is for. It’s my opinion of what a reasonable buyer might pay, based on what’s actually selling near you, with real prices. No obligation to do anything with it.

    It’s free, and it’s done by someone who thinks about what could go wrong, not just what already happened.

    Is it a bad idea to know where things stand?

    [Request Your MBR Land Reality Check]

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  • The Three People You Need

    The Three People You Need

    Finding the customer is only one of them.

    I was listening to something the other day that stuck with me, although I can’t remember who said it. To have a successful business, you only need three people:

    One to find the customers, one to take care of the customers, and one to keep the first two guys out of jail.

    Kind of said in jest, but pretty accurate if you think about it. It doesn’t actually have to be three different people, but there are three main functions. Sort of a three-legged stool.

    Sales/Marketing (find the customers), Management/Execution (take care of the customers), and Compliance (stay out of jail or court).

    They don’t have to be different people, and some of those jobs can be handled by outside professionals. But if you’re dealing with a company that overemphasizes one or ignores another, you’re asking for trouble.

    As a broker, I work on commission. Finding clients is the first step to that, but if I just tell people what I think they want to hear to get them in the door, I’ve got problems.

    If I tell you your property is worth $2M when it’s probably worth $700K just to get you to sign a listing, at the very least I’m going to have a hard time executing.

    And I’ve started the relationship by telling you something I didn’t believe myself.

    But people do similar things every day. It matters who you do business with.

    I can tell you how I try to operate, but you’re probably better off hearing it from people who’ve actually done business with me.

    “I’ve worked with Mike for over 20 years on land and lot deals. He’s a stand-up, trustworthy guy who is very knowledgeable about his market. He has strong relationships with landowners and a deep network in land development.

    He’s always willing to help with anything we need during due diligence, and he does a great job working with sellers, building relationships, and helping them understand what to expect throughout the process.”

    — Jack L., EVP Acquisitions, national homebuilder (publicly traded)

    “Mike Browning is a credit to the North Texas commercial real estate industry. His market knowledge, diligence, competency and attention to detail have been an asset to our family office for over two decades.

    We had owned the property for more than ten years and decided to sell after closing a partnership. Our main concern was maximizing market value. The transaction was handled with good stewardship from LOI through contract, due diligence and closing.

    If you are serious about selling, let Mike handle it.”

    — Amin B., Repeat Land Client (20+ years)

    Of course, none of that means you need a broker today.

    Even if you’re not considering selling, things change. Sometimes quickly.

    It’s better to have information and not need it rather than scrambling at the last minute. The MBR Land Reality Check gives you a clear-headed look at what’s happening around your property and what it might sell for today.

    No pressure to list, no obligation, and it’s free.

    Is it a bad idea to know where you stand?

    Check it out here.

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  • It Changes Faster Than You Think

    It Changes Faster Than You Think

    Stay on top of things, even when it seems pointless.

    It’s hard to believe it’s been almost 20 years, but the 2008 financial crisis was really tough on the real estate business. Lending standards changed (rightly), values were down, and people were scared.

    As we started to climb out of it, there were plenty of available lots in outlying areas (which are booming suburbs today).

    The problem was that even at much lower lot prices than we see today, a deal wouldn’t work. Even if the lots were free, the house wouldn’t appraise high enough to make the necessary financing work.

    Along about 2011, a builder asked me to canvas the market in a town for them. There were about eight subdivisions with substantial available lots. Not a single house being built in any of them.

    The lot prices weren’t objectively terrible. The deals just wouldn’t work in the financing environment.

    So we moved on. Found some things in another town that fit their business model and, more importantly, would work for the buyers and lenders.

    But a few months later, I drove through those same subdivisions and there were building programs in every one of them. The market changed slightly in a couple of ways, and what was a non-starter just weeks before was a no-brainer.

    If you own land, it only makes sense to stay on top of the local market.

    Even if you’re not looking to sell, if someone shows up with a check for 30% above what you think it’s worth, you’d probably consider it.

    But what if they know something you don’t?

    About a new development. Utility capacity that’s coming. Something else happening nearby.

    And what you think is someone overpaying is really you selling too low?

    The MBR Land Reality Check helps with that.

    Current sales, what’s happening around the property, and other factors that could affect what a reasonable buyer might pay today.

    Useful information whether you’re in the market to sell today or not.

    No pressure to list, and no charge.

    Does it make sense to know where you stand?

    Check it out here.

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  • It’s Probably Not Time Today

    It’s Probably Not Time Today

    Or maybe it is, but the smart thing to do today is the same.

    From what I’ve seen, the land market around here has been moving mostly sideways for about three years now.

    With acreage it’s hard to do an apples-to-apples comparison because every tract is different. But I’ve seen it with custom home lots, where the exact same lot has sold more than once over the past few years.

    From 2020-2022, rapid appreciation. Since then, basically the same prices, But much less activity overall.

    The usual explanation is that interest rates are higher and that’s slowing down development and investment. Or uncertainty about wars and geopolitics.

    Those are both probably part of it, but I think there’s sort of a musical-chairs aspect to it as well.

    There was a growing subset of land investors who would buy tracts, sell at a profit when new investors came along, buy something else, rinse and repeat.

    Until the new guys stopped showing up.

    Some of them are now trying to sell things they may have overpaid for, and so far they haven’t been willing to bite the bullet.

    Some of that probably needs to work its way through the system before things really start moving again.

    And with agricultural valuation, debt-free land can be relatively inexpensive to carry. So owners who don’t need to sell can, and probably will, wait out the market.

    So it’s probably not time to sell today.

    That doesn’t mean it’s not time to know where you stand.

    Things can change fast, and getting your ducks in a row now pays off. You’re not scrambling at the last minute.

    The MBR Land Reality Check gives you a clear-headed review of where things stand for you today, with actual sold comps and other information that puts you ahead of the game.

    You’re not deciding to sell and there’s no pressure. You’re just giving yourself permission to look.

    You can do that below.

    Of course, you could be someone who needs to sell sooner. Loan coming due, estate issues, you found a better opportunity, or whatever.

    If that’s you, the course of action is the same.

    Get the MBR Land Reality Check and go from there.

    Get it here

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  • The Wall That Keeps Out Disappointment

    The Wall That Keeps Out Disappointment

    It keeps other things out too.

    Most of us spend a lot of time and go to a lot of effort to prevent bad things from happening to us.

    Some of it is smart. Like wearing your seatbelt. Looking both ways before crossing the street. Requiring your bank to call and verify with you verbally before wiring money to or from your account.

    Common sense, in other words. Low-effort things that can prevent major problems.

    But we tend to overdo it. And overestimate our ability to stop anything bad from ever happening.

    Some people try to build a wall around their lives that will keep problems or disappointment from affecting them.

    And the wall can be surprisingly effective. Most of the time anyway. Today we won’t get into all the things people thought would protect them that turned out not to.

    But the thing to remember is that the wall you build against problems keeps other things out too.

    Like opportunity.

    A lot of people want total certainty before making a move on anything. But you can never have it.

    Or they act like the worst thing that can happen is making a mistake or failing at something. But the only way to never make mistakes is to never do anything. And failing is one of the best ways to learn.

    The idea isn’t to be reckless. It’s to lower the wall enough that some of the good can get in.

    Will that result in more problems than you otherwise would have had?

    Possibly. Probably, even.

    But you’ll probably have more successes too.

    And have more fun.

    P.S. If you own land, you know it’s smart to know where you stand with it. Even if you’re not planning to sell, things change, and sometimes they change fast.

    Better to know ahead of time and not need the information than to be scrambling when you suddenly do.

    It’s also important to remember that deciding to look isn’t the same as deciding to act.

    Not selling is the right move for most people most of the time. But you don’t know what’s right for you if you don’t look.

    So give yourself permission.

    The MBR Land Reality Check gives you a clear-eyed view of what’s going on around your property and helps you understand what it might be worth today. You get real comps, real analysis, and insight from people who handle land for a living.

    And it’s free.

    Check it out here.

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  • What Do You Expect For Nothing?

    What Do You Expect For Nothing?

    Sometimes quite a bit.

    Free has a reputation.

    Usually it means automated. Generic. A teaser designed to get your phone number so somebody can call you and start selling.

    So I understand if that’s what you expect when I tell you the MBR Land Reality Check is free.

    It’s not.

    Each one is prepared manually. I look at the property, recent comparable sales, what’s currently happening in the surrounding market, and the things that could affect what a reasonable buyer might actually pay today.

    Then I put it together as a Broker Opinion of Value so you can see the information behind my opinion, not just the number itself.

    Could I charge for that? Probably.

    I’ve had people tell me I’m crazy not to.

    Maybe I will eventually.

    But I don’t today.

    You’re probably not ready to sell. And that’s great.

    But if you look at most of the land on the market, many of those sellers were saying the same thing not long ago.

    Things change. Sometimes quickly.

    Getting a handle on where you stand doesn’t mean you’re going to sell. It’s just being ahead of the game.

    And you’ll get no pressure from me. I only want to work with people who are ready. If I have to talk you into it, it’s not a fit. For either of us.

    Is it a bad idea to have current information?

    It’s still free. For now, anyway.

    Check it out here.

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  • Things Are Headed South

    Things Are Headed South

    And we plan to get there first.

    Yesterday I talked about how things seem to be getting worse and worse in the world, and how people tend to want to put things off until the situation looks a little more stable.

    It’s not just having kids, it goes into things like changing jobs, starting or expanding a business, or doing anything that involves risk (that is, anything at all). But if you wait for perfect conditions to arrive to do something, you’ll likely never do anything at all.

    Most of the time, the “right time” is now.

    If you time it perfectly, great. Most of the time you won’t. But if you learn to succeed when circumstances aren’t ideal, you’ll be that much better positioned when they improve.

    So in the interest of taking our own advice, while everyone is saying things are headed south figuratively, we are heading south literally.

    To Hillsboro.

    Introducing MBR Land Group, our Hill County-based land brokerage operation serving Hill County and the surrounding area.

    My brother Matt lives in Hillsboro and is the guy to talk to if you’re looking to buy or sell lots or land down that way. Or pretty much anything but residential.

    Matt can be reached at matt@browningre.com or by phone at 254.324.6969

    If you own land in the area, you’re probably not looking to sell today. Or maybe ever. But between data centers, wind farms and future growth, things may be starting to look a little different than you expected.

    Things change, often quickly. It’s better to have information and know how things stand before you need it instead of scrambling after the fact.

    The MBR Land Reality Check gives you a clear eyed view of what’s going on in the area around your property and helps you know what it might be worth today. You get real comps, real analysis and insight from people who handle land for a living.

    Not house sellers moonlighting as land agents.

    It’s free. Better yet, there’s no obligation or pressure to list, and you won’t end up in a buzzword filled presentation just because you wanted some basic information.

    Is it a bad idea to know where things stand?

    Give yourself permission to look!

    Check it out here.

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  • Sign Your Own Checks

    Sign Your Own Checks

    We all need advice, but don’t turn over control.

    I saw an article about Kathy Ireland last week, which said she was suing her longtime business managers. The suit alleges they used a power of attorney she’d granted them to take out loans and open credit cards in her name, and quietly ran up something like $100 million in the process. Ireland says she only found out about this when she and her husband were trying to help one of their kids buy a house, and the mortgage application was denied.

    Probably not much fun to wake up thinking you have a 9-figure net worth, only to find out you can’t cosign on a smaller mortgage.

    I also saw a press release where the managers’ attorney called the suit frivolous. So who really knows? I don’t pay a ton of attention to the news, but maybe one day we will see how it shakes out.

    You see it all the time with athletes on a smaller scale. They sign on with a management firm, give them too much authority and trust, and find out one day that all their money is gone.

    It’s a good reminder that handing someone the pen isn’t the same as getting good advice.

    We all need advice in some areas. So get advice. Get a lot of it. But if the person advising you tells you it’s easier if you just let them handle it, that you don’t need to be bothered with the details, it’s time to find a new advisor.

    Anyone who is my client knows the deal. I will put in the work. And I’ll get you the info you need (good and bad). I’ll explain to you the pros and cons of whatever decision is on the table. And try to help you get where you want to be.

    But you’re going to be the one who makes the decision. And the one who signs your name on anything.

    You don’t need to know everything about your land or your business. You just need to be the one who’s still deciding.

    P.S. Most landowners who request an MBR Land Reality Check aren’t planning to sell. They simply want to know where they stand before they ever need the answer. It’s recent comparable sales, current market activity, and my opinion of what a reasonable buyer might pay today. No obligation to sell. Is it a bad idea to know?

    [Request Your MBR Land Reality Check]

    P.P.S. If you want more like this, I write regularly about land, markets, and what’s happening with growth here in North Texas.

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  • Sticktoitiveness

    Sticktoitiveness

    Didn’t happen fast. But we stayed with it.

    Finally!

    Last Friday we closed on a lot.

    If you’ve been reading here awhile, you know why that feels like a bigger deal than it would have a few years ago. The lot market has been slow the last 2-3 years. Mainly interest rates. Someone building a custom home is usually taking out a sizeable loan, and the rate makes a real difference in the monthly payment.

    So fewer people are building. And if you’re not ready to build, you’re not ready to buy a lot.

    Lots are more extreme than houses that way. Everyone needs somewhere to live, so there’s always some demand for existing homes. The price might have to come down a little to get it moving, but it moves. Nobody needs a new custom home, no matter how much they want one. If a buyer isn’t ready to build, knocking $10K off the lot price doesn’t change that.

    So you wait. And keep doing what’s worked before, because it works again. Just a question of when.

    This one had its fits and starts. Fell off the market twice, came back a month later as a new listing both times. A couple of price reductions. A builder who wanted to put a model home on it, until the HOA told him no. Another builder who made an offer, then decided he couldn’t stick his neck out right now.

    We kept going anyway. Congratulations to the McWhorters, who’ll be building on the lot, their agent Ron King, and Chicago Title in Dallas for handling the details.

    And thanks to my clients, for their patience.

    Selling lots was more fun 4-5 years ago, when everything just came easy. Anyone could do it. Getting one done today means more.

    If you own lots or land, you’re probably not looking to sell right now. That’s probably the right call. But things change fast, and it’s better to know where you stand before you need to than after.

    That’s what the MBR Land Reality Check is for. A clear eyed view of what your property might sell for today, what the market in your area is doing, and what you need to be paying attention to.

    It’s free for the asking, with no obligation or pressure to list. Just accurate information from someone who focuses on non-residential property, not a home seller masquerading as a landman.

    Is it a bad idea to know where things stand? Give yourself permission to look!

    Get yours here.

    P.S. If you’re not ready for a Reality Check but like reading about land, lots, and the North Texas market, you can get these posts by email instead.

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  • Everyone But Me

    Everyone But Me

    As it turns out, not everyone.

    I never got into gaming.

    But it felt like everybody else had a console, a headset, and a whole second life happening on a screen I wasn’t looking at. My kids, their friends, plenty of adults…even some older than me. So I made an assumption and never questioned it.

    If everybody’s playing, somebody must be making a fortune.

    Then I read something about Microsoft and the Xbox recently.

    They have spent billions building games, buying studios, and chasing market share, only to discover that popularity and profitability aren’t the same thing. From the outside it looked like an easy business. From the inside it was far more complicated.

    It’s a good reminder that what “everybody knows” is often just the part everyone can see.

    Land works the same way.

    If you own property anywhere near the DFW growth path, you’ve probably heard the stories.

    A neighbor sold for three times what he paid. Somebody got bought out for a data center. A family down the road suddenly became millionaires.

    Those stories spread fast. Before long, they become what “everyone knows.”

    Sometimes they’re even true.

    The problem is that they usually don’t tell you much about your property.

    Land values can change from one road to the next. Sometimes from one side of the fence to the other. Access, utilities, topography, floodplain, buyer demand, surrounding uses, and dozens of other factors can push one tract well above or well below the one everyone keeps talking about.

    That’s why I think there’s a difference between hearing what land is worth and knowing what your land is worth.

    Most people don’t need that answer today. You’re probably not considering selling. You may even plan to never sell.

    But when life changes, a health issue, an estate, a buyer calling unexpectedly, or a family decision, that’s a terrible time to discover you’ve been relying on local folklore instead of current market information.

    P.S.– Most landowners who request an MBR Land Reality Check aren’t planning to sell.

    They simply want to know where they stand before they ever need the answer.

    The report includes recent comparable sales, current market activity, and my opinion of what a reasonable buyer might pay today, without any obligation to sell.

    Is it a bad idea to know?

    Get It Here

    P.P.S.– If you’re not interested in a Land Reality Check but enjoy reading about land, markets, and North Texas growth, you can subscribe to my occasional emails below.

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