PODCAST TRANSCRIPT:

Ian R: Welcome back to inspector toolbelt, the home of Beon DeNood. How’re you doing Beon.

Beon D: We’re gonna get it once, like, say it after me. Denote, you know, I

Ian R I say denote when I’m not talking with you, but for some reason, I think it’s because I have like notes in front of me. It’s just, I just read it off the page. I don’t know. Denote.

Beon D: Yeah, I was often introduced as a speaker, you know, at events, and then they’d say, they also just read it. I used to start actually changing the spelling of my name so they’d say it right.

Ian R: It’s funnier when you say it wrong, though.

Beon D: Yeah, I guess to some people.

Ian R: The audience can’t see, you guys can’t see Beon right now but he’s sitting in a little blanket fort, basically.

Beon D: Basically, in my closet.

Ian R: Well, I’m actually building a new sound booth for our podcast here. I’m going to get better sound to have a nice little setup. And right now, though, if you’ve never built a sound booth, you’ll never know how much it looks like a torture chamber until you start putting it together and just put one chair in there. I’m like, oh, man. The contractor I was working with. He was just looking at it he’s like, “so what are you gonna do in here?” I don’t know if I should call the police or not.

Beon D: I just want it to be really quiet. You can hear anything from outside. That’s very important.

Ian R: To somebody put up the soundproof panels and don’t ask questions.

Beon D: What I love is you sent me a picture of the frame and the one quarter you can see the sewer pipe coming from upstairs. Every now and then on the podcast, you’ll just gonna hear this little, gentle breeze of flowing water.

Ian R: Well, we’re a home inspection podcast, we can all appreciate that.

Beon D: It’s all good. As long as you got no leaks, we’re good.

Ian R: Well, on that note, we are going to talk today a little bit about what’s going on. I say what’s going on because referring back to our podcast, which was actually one of our most popular ones, the “2022 Market Outlook podcast”. We really weren’t that far off. But a couple of other factors have come up. That has kind of been making us ask a few questions, namely, two things. First of all, interest rates starting to go up. The feds are starting to raise interest rates, they already did it just a few days ago. Now they’re going to be doing it again several times throughout the year, which is kind of freaking people out. Then the very obvious one is gas prices. That’s always a big marker for any home inspector because it directly affects how we run our business. Have you been watching how the feds have been raising the interest rates and gas prices and things like that Beon?

Beon D: Oh, yeah, it’s been very interesting to watch. Obviously, there’s a lot of speculation already off of last year. You mentioned our last podcast, but we were mentioning just how numbers were crazy. Everybody knows but I think it’d be good to look at sort of where the housing market was even before the rate hike, and what effect the rate hike, if any, is going to have on the market. Some interesting perspectives there and of course, I mean, energy prices, inflation itself is up. I think February, the number was 7.9% CPI inflation going up, which is unheard of, since you know, for decades. There are a lot of things that are going to influence a lot of businesses and our inspectors and their direct market segments.

Ian R: Yeah. If we think, Oh, well, you know, this is gonna help us or hurt us, or whatever it happens to be really, a lot of what we’re going to talk about comes down to the cost of living for consumers, and inventory of houses on the market. We had Harold Van Dyk on last week, fantastic podcast. If you haven’t listened to that one, listen to it, because it’s a great ancillary service for us to be offering as home inspectors. He was talking about how in his county, about 700,000 people over in Grand Rapids, and as of when he was talking with us, little over 200 houses for sale. That’s insane. Almost a million people, you’re going to have a lot of home inspectors in there. And that’s not enough to keep them going. So inventory is a big part of that.

Beon D: Yeah, the situation you’re experiencing depends a lot on where you are some guys, the markets have returned more or less to normal, at least, it feels that way. In a lot of counties, like I was reading a report just from Dallas, Texas, how just crazy hot the market is there, and a lot of it is driven by low inventory, as you said, that’s the issue. There was one story as well of a realtor. He was saying that he actually had two clients, you know, getting down to the final stages of wanting to have this house. They both wanted the same house. One client actually offered the other one, $50,000 cash to withdraw the offer and just to take it. He was sort of like, whoa, like, ethically he didn’t know where he stood, you know, with that kind of thing, but it just kind of shows how some parts of the market are still super hot.

Ian R: So I guess that’s a new business we could start. Just go around and put offers on houses, then ask for money to walk away.

Beon D: Yeah. Probably guaranteed you won’t end up with a bunch of houses.

Ian R: Yeah, exactly. I put my offer in with 17 other people.

Beon D: Yeah, It is kind of crazy, you know. What I also thought was interesting from looking at the stats is there are a lot of folks obviously, who are looking to enter the realm of owning a home. The last time, we had spoken a little bit about the millennials and how they are really, at a prime point for owning real estate. They are very motivated, they’re very driven, they want to have a home. But a lot of them have been pushed out of the market because of the crazy high prices and all that kind of thing happening. So if you don’t own a home, what do you do? Well, you’re renting, but the renting market has also gone absolutely insane. I know down here in Florida, we literally know of people who are moving back up north because they couldn’t buy a home and they can’t afford the rent anymore. So those kinds of things are also going to make buying a house still attractive to some people who just can’t afford the rental prices.

Ian R: Yeah. And like you said, it is very regional. There are some areas where this isn’t affecting anybody at all. That’s why we’re talking about it. Because no matter where we are, when Feds raise interest rates, it’s going to affect us to one extent or another. We may not be in a market when we say what are these two guys talking about my markets are great. Great, but an interest rate hike will change things one way or the other. Then gasoline prices, sometimes we only think about that in terms of, okay, well, this is going to cost me an extra 100 bucks a week in gas or however much it’s gonna cost me. But it actually has more of a direct effect on our business than we might realize. We’ll get into that in a little bit. So maybe we can get right into the meat and potatoes of this then. So our first point is going to be talking about the interest rates. What do you think the Feds raising the interest rates, their intention is? and what do you think the effect will be?

Beon D: Yeah, well, look, it’s been interesting to see over the past couple of years with the whole pandemic and everything. Obviously, the feds are trying to keep the interest rates low. Why? Because it’s good for the consumer, it keeps the economy afloat, people are spending more money because it’s affordable, that sort of thing. What’s been interesting about this rate hike, everybody knew it was coming, and they were bracing for the worst. You know, the markets were kind of preparing. It’s been interesting to see the reaction from the general broader market after the announcement. They were no surprises. Everybody knew it was coming. It’s a 0.25% hike in interest rate, and the market actually responded positively. Now, what does that mean for prospective homebuyers? And how’s it gonna affect the housing market? Again, we’ll have to kind of wait and see exactly how but what you mentioned earlier, I think is key because we know that the Fed is planning about six rate hikes throughout the year. So this is number one of six. If I’m a homebuyer, and I’m holding out, and whoa, here’s an interest rate hike number one. You’ll find psychologically, likely a lot of people are predicting that there’s going to be a little bit of rising to try and beat the further rate increases. So that may help to fuel sort of not a crash in the real estate market. Everybody’s just gonna stop not going to go back to normal quite yet. But we still going to see a bit more momentum because of that.

Ian R: Yeah, I actually personally think it’s going to be a bit of a buying frenzy because those points in your interest rates, that equals money each month, that equals how much you ultimately pay for the house. If you say, hey, in the next couple of months, I could save 10s of 1000s of dollars. If I buy a house now, it creates a little bit of a frenzy. I think it’s going to take the housing inventory and reduce it even further for a little bit. I think at least until mid-summer. I think by mid-summer personally anyways, I kind of see it, people saying okay, well, I can’t get something before this tidal wave is done crashing. So I’ll just write it out. I think by the end of the year, it’ll start to normalize interestingly enough, that went right along with our predictions with our 2022 Market Outlook podcast. It would be a little bit weird, a little bit of a buying frenzy and I still think we’re online for that. But just for a lot of different reasons, the interest rate hikes were coming. That’s how the Feds kind of, you know, regulate the economy, they don’t want to have too much of a boom so that they have a bubble that burst. And they don’t want to have too much of a deflation. So they take those interest rates and wave them up and down. But I’ll tell you, I mean, anywhere below 5% interest rate on your mortgage, those are still relatively historic lows. Those are good interest rates. I saw the other day again, can I get an interest rate just a few months ago, 2.9. That’s free money. You know. That’s just somebody handing you a bag of cash over the years, it really is. They’re almost I hate to say it, almost too low, to be able to be sustained that way. So everybody kind of expected that to happen.

Beon D: Yeah, yeah. With the rates going up, now, it’s going to create a bit of a FOMO, you know, the fear of missing out, because of the pressures that we’re experiencing as well, now with inflation rising, every time you go in, you buy the same groceries that you’ve bought for months up to now, but now the price just keeps going up. You’re putting gas in your truck, or your car, and you know, the prices are going up, everybody’s experiencing that. So if you were a family on a restricted budget, and you’re looking to be a homebuyer, you know, those numbers are gonna continue shrinking. So the availability of what you have to actually spend on a house on your mortgage because I think that’s how most homebuyers in that millennial category are looking at it they looking at what monthly payment can I afford? You know, obviously, as interest rates continue going up and other unpredictable expenses, they may pull the trigger here pretty soon. It’s not all, you know, we’re not going to see what we saw at the end of last year, it seems like everybody’s kind of created a consensus on that. We’re not going to go off the charts crazy. Then again, what I will add to that is, even guys like Zillow, the big players in the market, we’re predicting that you know, the real estate market was almost going to crash to the end of 2021. So who knows, you know, even now, the predictions all over the place. Bank of America, they’re kind of the outliers right now. They said, we’re gonna expect about a 10% increase in home prices, by the end of the year, everybody else is a bit more conservative from 3-5% going up, but, you know, again, we’ll have to wait and see what actually happened.

Ian R: Yeah, and unfortunately, this whole thing is a build-up. The market is not going to regulate itself quickly. Unfortunately, we’re going to have historically high house prices, even with interest rates going up because we’re getting a glut of buyers. We mentioned before we have people retiring, trying to buy houses, and they’re trying to buy in the same market that younger millennials are. Then by the time this settles, Gen Z is going to become a really big buyer in the market, they’re really going to I mean, they’re a buyer in the market now, but they’re going to become an even larger percentage as time goes on. There’s going to be a backup of the buyer. So for us as home inspectors, what that means is, as uncomfortable as the market is right now, we’re probably going to see a halfway decent spring overall, throughout US and Canada. We’re probably still going to see people skipping inspections for a bit. I know guys up in Canada have been telling me that some inspectors I know out in British Columbia, they said it’s been you know, it’s been kind of tough because you know, you want to buy a condo in Vancouver or something, you’re gonna have to fight a little bit for it. Some guys that I know near Toronto, saying kind of the same thing. Again, it’s regional. I think it’s just gonna be a little bit like this, be better for a time in spring, kind of slow down a little bit late summer, and then we might be in for a semi lean winter. This is the beginning of a self-regulatory time period. I kind of like it back to the Great Recession, we saw the market regulate itself, it felt like overnight, like all of a sudden, there was a glut of buyers. Oh, my goodness, there’s not enough inventory. We can’t build houses fast enough. And then all of a sudden, all these foreclosures, house prices drop, you know, total buyers market because there’s tons of inventory. It’s not going to be like that, again. That was a really quick market regulation and it wasn’t good for people. This is going to be a little bit off for a while, unfortunately.

Beon D: Yeah, it does seem like most of the experts are kind of agreeing that by the time we get to 2023 and we see 2023 through, we’re going to see numbers that look a bit more like normal. That’s going to be in the 4-5% range. That’s good news and it also I don’t know what your experience has been as an inspector and talking with other inspectors, but for me just even looking online and searching, it seems like buyers even in this market are becoming a bit wiser when it comes to the whole home inspection situation. Instead of just forgoing the inspection completely, it seems like a homebuyer education is pushing folks towards do the inspection, just you know, waive the inspection contingency. You can still know what’s going on with the house if you’re buying a dud, but you don’t commit the seller to anything. So it seems like that may also have a little bit of good impact for home inspectors going forward.

Ian R: Yeah, there’s a couple of things that guys have been doing if you’re listening, and you haven’t tried any of these, you know, just beating our head against the wall, trying to get buyers to do the home inspection. Do what Beon said, tell the agency you can waive the contingency but still have me come in, it’ll still make your buyer know and reduce your liability. Unfortunately, what a lot of what we do for age and sizes, we reduce our liability, we find issues, oh, you’re in the spectrum is something if we don’t do an inspection for them, the buyer really just comes back to the agent. Offer those say, hey, contingency, gone, that’s okay, let me do an inspection walk and talks. I’ve always said I’m not a fan of walk and talk. I have an opinion on that, but those are really popular right now. I like to call them pre-closing inspections when you do your final walkthrough. Do a walkthrough with the home inspector. You can do it at that time period, or you can do a walk and talk you can call them showing inspections. The people can hire you to go with them on showings. There are lots of ways to frame it but a walk and talk have become very popular right now. My favorite thing is I know an inspector right now doing post-closing inspections. Like after they close on their house, they do an inspection. For a home inspector, I remember an attorney years ago talking about this, there’s almost no liability when you’re doing an inspection for the owner of the home because they have to prove damages. If they already own the home, they already own the damages, you didn’t create any more damages unless you drop the bathtub to the ceiling. So offering post-closing inspections are really good, because then it at least sells people on peace of mind, they can still know and that’s important. So there are lots of different ways we can go about it. 11th-month inspections are super hot right now. And you have to kind of go old school with those door hangers. I think we’ve talked about this before, too.

Beon D: Yeah, we did. Yeah.

Ian R: Those are really good ways to get around those at the moment. As Beon said, offer the inspection even though there’s no contingency, that doesn’t mean we can’t inspect.

Beon D: Yeah. If you’re talking to sellers, or have contact with sellers, you know, obviously we mentioned the last time to pre-inspections are still, you know, a way of getting in there. It seems like a lot of sellers are using if they do get a pre-inspection is they’re using that to actually be able to push their price up a little further. It’s almost like a marketing thing. Like, we’re pre-inspected, you know, there’s no big stuff to worry about in this home, and they give some sort of opportunity to push up their price. So that can be an attractive thing to a seller if they are that way inclined.

Ian R: Yeah, I mean, there may only be 200 houses on the market in our area. But if we say, Hey, here’s a pre-inspected house, like Beon said, and you don’t have to worry, you could sell that to a seller saying, hey, get an extra five grand for an extra, you know, $600 $700 of inspection. That’s an easy sell. It really has. I wanted to talk a little bit about gas prices, though, because interest rates that vary directly affect our market. Home Inspectors are now talking a lot about gas prices, it costs more to fill up my tank which directly affects my bottom line. That’s kind of how they’re talking about it, but actually has a lot of a lot deeper effect on our business. Doesn’t it Beon?

Beon D: Yeah, a lot of companies that are very dependent on the gas price, obviously, Uber, Lyft, and DoorDash. A lot of people are finding it hard to make ends meet. Then they talk about mandatory surcharges that they’re adding for field increases. A lot of folks are feeling it very directly but yeah, obviously anybody who’s gonna get into that truck and drives a few 100 miles a week for work is going to feel that it’s going to affect your bottom line in some way or another.

Ian R: Yeah, I have a little bit of an opinion on that too. I realized gas costs more. But go back and listen to our podcast. You weren’t charging enough. If we have to raise our prices because we feel the effect of the gas, we might not be charging enough. So let’s say hypothetically it cost us an extra $100 a day, that’s extreme. You have a big truck that is not fuel-efficient and is just guzzling Gas, even at $100 a day two, three inspections a day, that shouldn’t bother us, that shouldn’t affect our bottom line. Our prices should be high enough to absorb that. So that we think about oh, okay, but we shouldn’t be thinking, hey, let me raise my prices because of gas, our prices should have already been there to be able to absorb any of that. So agree with me or don’t, but, you know. Somebody said on Facebook the other day, don’t let other people’s prices dictate yours. That’s a very true statement, we shouldn’t say while everybody else is charging 350 for a home inspection, that’s the average price for a home inspection in my area. My companies were way over that. Yep, work less, make more, don’t drive as much. And we’ll make money all over the place. More importantly, gas affects the home inspection market quite a bit too. When gas prices go up, a few things happen. Beon had mentioned before about people looking at their monthly costs, so crude oil went up is starting to go down, actually. I guess the President’s trying to get this push to make oil companies and gas companies reduce their prices, as the crude oil goes down, instead of keeping it up, because they are keeping it up. Whatever happens, gas is going to be expensive for quite some time, even with crude oil starting to trend downwards. So people are going to look at for the North, Northeast, Northwest, or wherever you need heating oil, they’re going to look at that. Is it going to cost me five grand to heat my house this winter, okay, I might need to wait. Because if I buy a house this summer, and it cost me five grand in the winter to heat it, I’m not going to be able to afford that. So what that does is instead of 10 buyers per house, you might have nine it also affects people’s jobs, their work, other expenses, my garbage pickup company sent me a really nice letter to tell me, it was gonna cost me an extra $3 a month to pick up my garbage I laughed at it. I’m like, okay, that’s, that’s well, within reason, there was a long letter. I’m like, you could have just done in that, you know, $3. That’s more than reasonable but everybody’s kind of feeling the pinch and all those little areas. So it’s going to take some buyers kind of off the market.

Beon D: Yeah, it will indeed affect things you know, funny, I was thinking of what you were saying about $100 a week in gas, or what is the day in gas? You said, I did a quick calculation, if you compare, you know, last year, to this year, so last year, March to this year. Last year, March, we’re looking at about like, $2.80, the national average for gas. Now, of course, we sitting at 427, in March of 2022. If you take that difference, I imagine, okay, you’re running a standard VA truck, you’re getting about what, let’s say 15 miles per gallon, on average. Doing 100 miles a week. So I did the math a little bit, and you actually end up spending an extra $10 per 100 miles with a current difference. It sort of puts it in perspective, because maybe we will look at rising gas prices, and everybody starts freaking out. When you actually translate it to how much is it going to affect you, it may not be in your actual operating expenses, the dynamic it is talking about obviously will affect your business a lot more but in actual operating expenses, your margins really should not be that then.

Ian R: That’s some beautiful math you did right there. That’s one of your strong points there Beon because that just illustrates, if our business can absorb an extra $10, we’re doing something wrong, our margins shouldn’t be that thin. The rising gas cost, I hate saying this because it affects us as human beings, the cost of a bag of vegetables at the store is going to be higher because they had to pay more for gas to for the truck to deliver it and the farmer to get the vegetables and the packing plant to package it. At the end of the day, our margins can’t be that thin. It’s also going to create less of a demand for the houses and it will allow the market to level itself out a little bit. So if you’re in the high-end market, with million, 2 million $3 million homes, you’re really not going to see much of an effect one way or the other. People who buy those homes aren’t worried about, you know, how much costs to fill up their tank and their Maserati. They’re not worried about that but if we’re in a normal area with normal people with houses that are 200 to $500,000 or $150,000, whatever it happens to be, people are going to start backing off a little bit. You know, it’ll give them time to catch up with the market to regulate and they’ll be able to buy at a good time, but then It’ll also allow the inventory to be able to catch up to the demand. So when they do come back on the market and prices kind of level off a little bit, they’ll be in a much better position. They’ll be nicer houses for them to look at. Right now, if you buy a house, I’m sorry, I’m seeing some of the craziest stuff in these houses, see a nice young family with a couple of kids. You know, this is what we can afford, we have to buy it and they’re buying, like 80 grand worth of repairs. You know, they’re going to be crying after that, if they could just wait a little bit longer. None of us like to wait, none of us like to stay in maybe an apartment or with family longer than we have to if we don’t like it there. They can wait a little bit, it’ll end up a lot better and the market will level out if that makes any sense. What I just said,

Beon D: Yeah, no, it does make sense. To what you were saying just about inventory. It does look like as far as you know, the US has been underbuilt for years. It’s been a problem 30 years and making in the coming. In recent months, the homebuilding industry has actually met numbers for the first time in years and years and years. So if they keep up with the current numbers, projections are that inventory needs will be bouncing out and looking better as well, by next year. When the next year, I’m not sure, obviously, everything may be the pricing of commodities of materials, and all the rest, you know, depending. So a lot of it is kind of a wait and see but a lot of indicators are pointing towards this year of kind of being up and down, especially locally, depending on what’s going on. 2023 It looks like hang in there and things will look a lot more normal, it seems.

Ian R: Now we should name this podcast. Hang in there things will normalize.

Beon D: Yeah, look, I hope that’s the case. You know, like we were saying before, maybe this is a good point to inject our disclaimer, this is not financial advice. We’re not professional financial advisors at all. But we’re looking at the numbers, we’re looking at what you know, especially from Ian’s perspective, being in the industry for such a long time. Have we seen high gas prices before? Absolutely. You know, I mean, remember 2012 2013? It was kind of silly season as well on gas prices. Housing markets, yeah, they go up and they go down but it does look like there’s a lot of positive indicators that things are going to go back to a new sort of normal and away from the crazy.

Ian R: Yeah. I was actually thinking about that when we were talking about it before I remember. Gas prices hitting put to the head back in 2012 Beon, what’s it like $5 a gallon.

Beon D: I think we bridge just over $4 a gallon. I think some parts of the country. I was over five. I mean, obviously if you live in California. Interesting fact, though. I was. I was curious to see what was like the cheapest and the most expensive place to buy gas in the US right now.

Ian R: Planning a move?

Beon D: Well, I don’t know unless you want to go to Leavenworth Kansas.

Ian R: I don’t know where that is. I know it’s in Kansas now.

Beon D: Yeah, it’s like $3.57 cheapest gas in the US right now. If you want the most expensive gas, you’re going to Lee Vining California. $6.99. Oh, wow. comes with a free Starbucks. cup of coffee in a hamper.

Ian R: You know, it’s funny, it reminds me of this little meme this guy staring at the gas pump. The guy asked him, Do you want a premium or regular? He goes no, thank you. I’m just looking.

Beon D: Just window shopping.

Ian R: Looking at things I can’t afford.

Beon D: Yeah, that’s crazy.

Ian R: Yeah. But you know, I remember driving around inspecting, paying four or $5 a gallon for gas and saying, oh, man, that stinks. Then I just kind of, you know, it’s not like I’m a billionaire. It’s just like driving around doing inspections in my Maserati. You know, I still had to run a business. I had to look at the bottom line. And I remember thinking the same thing. I didn’t know the math was $10 for every 100 miles. I’m like, oh, at the end of the day. Alright. Well, we’ll get through this. You know, it’s not like somebody just slapped a $1,000 bill on me every week. It’s gas.

Beon D: So we lived for a while in South Africa until recently and kept in touch with folks over there. You know, if you think rising prices are an issue here. Oh my goodness. They are looking at possibly four to five times the gas price they were paying a few months ago. So you know, and what did they do? Well, they have to adapt, obviously, prices go up. But that’s the thing in a climate. If you are a business owner, you know, you don’t want to use it as an excuse and price gouge obviously, but when prices are going up, people just expect that things are going to cost more. So if your prices are misaligned, it probably is not a bad time to think of making some adjustments. Timing that in the year in would know more particulars about when to do that, but when people are expecting to pay more, it is a good time to adjust your prices. If you see that, you’re not in the right ballpark.

Ian R: That’s actually a fantastic suggestion Beon, I’ve always said springtime, right before the big boom, is when you should raise your prices because nobody thinks about it. They’re just thinking, oh, man, springtime, we got to get the house. They’re just hiring, hiring, you’re not overthinking the price as much. Price increases our best in the springtime. But then on top of that, we can very easily it’s almost back to say, well, you know, cat gas costs more, so I got to raise my prices. I don’t wanna say an excuse to raise your prices. It’s a good time like people would be more understanding right now. Oh, yeah, that makes sense. You know, my garbage guy is now charging me $3 more a month. So makes sense for you to raise your prices.

Beon D: Yeah, hopefully. But more than $3 You know, if you’re that granular you got other problems?

Ian R: Yeah. Raise your prices by a decent chunk. Yeah, just take this all in strides, we’re gonna have more increases coming in interest rates as Beon said, up to like four to six more throughout the year, depending on what the Feds really decide. Then on top of that, crude oil may go up, may go down, kind of watching what’s going on with Russia and Ukraine and some other situations in the world, things are going to happen. We don’t want to be over reactionary. Watch, buffer your business, and take it all in strides. Things will eventually work out.

Beon D: I think that’s some very balanced advice as some of the points that we hit here encouraging guys to focus on ancillary services, I knew I shouldn’t have used that word. But anyways, concentrate on them for your business pre-inspections, in broaching the topic of a post-closing inspection. Try to think of novel ways of keeping yourself going. It will be returning to it but more of a normal in time, but for now, we are going to have to be creative just to keep our businesses going.

Ian R: Awesome. I think this was a fantastic subject. It’s been, on my mind, other inspectors’ minds. So I think this was a great subject matter to cover today. Yeah,

Beon D: it’s nice being able to go through the information and, you know, we’ve done it sort of quarterly. So it was at the end of the last quarter and towards the end of this quarter. And maybe we’ll keep up that habit just to keep everybody in the loop as to what’s going on and what they should be expecting coming the next quarter or so.

Ian R: Either way Beon I’ll have more fancy math for us in the future. We’ll look forward to talking to everybody next time.

Beon D: That was basic division and multiplication but anyways, fancy math it is. Thanks again. Always great.

Ian R: Thank you, Beon. Talk soon.

Outro: On behalf of myself, Ian, and the entire ITB team, thank you for listening to this episode of inspector toolbelt talk. We also love hearing your feedback, so please drop us a line at [email protected].

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