Ongoing Communication

Many Reatlors have mixed feelings about HGTV: love it, hate it, it sets unrealistic expectations, and so forth. There is one show and designer I particularly like: Sarah Richardson from Canada. She has had a variety of house renovation series called "Sarah's House." From one of these programs comes my Quote of the Day.

Your relationship with your real estate agent shouldn't end on move-in day. Their market expertise can often guide you in renovation decisions.

Just yesterday, a client asked me for input on the potential future market value of her house post renovation, so I ran a Comparative Market Analysis for her. I welcome questions, requests for resources, and opportunity to provide input on renovation decisions from clients and friends. 

How can I help you?

Real Emotions

I was planning on writing today about the emotions that installing a for sale sign in the yard can evoke for sellers, their children, and even their neighbors. That sign is a symbol of change, and change is challenging. One of my daughters said that when the sign went up in front of our old house, she knew it was real and she was saddened.

Today, I was further reminded of how, in my job as a real estate professional, I often encounter people during emotional times. Selling a house, many have written and researched, is right up there on the emotional index. Well, there are other instances when clients need my help. A horrible event occurs and one client can no longer live in the rental we found. Another client receives disappointing news and their anger spills over. And I take a deep breath and work on a solution that can hopefully help.

And even with a sign installation, in my experience, talking with the client about where it should go and to prepare them for its appearance can ease a touch of their stress.

QOTD: Process

This quote of the day is from my favorite Washington Nationals announcer, FP Santangelo. On August 26, 2014, top of the 7th inning playing at the Philadelphia Phillies, one out, bases loaded, up to bat was Kevin Frandsen of the Nats. FP was talking about how, as a young hitter, you might be focusing on the result, say a grand slam, and not the process. Instead, as a veteran, he stated you let the pitch dictate the at bat:
  
Results take care of themselves if you stick with the process.

Hold a beat, then Frandsen hits an RBI single!

As a real estate agent, I believe in my processes, both in managing a transaction, leading buyer clients through their home search and contract, helping a seller with their property's preparation, presentation and pricing, as well as my client prospecting activities. It is difficult sometimes to lose sight of the process, but the results do come. They come in the form of the perfect house for a newlywed couple, the ideal inspection contingency result for a single buyer client, and the ideal house prep and presentation to the market for a seller who needed a quick sale.

5 Things I Love About McEnearney Associates

Before I became a Realtor, I thought that the brokerage you chose was only where you stopped in occasionally to pick up mail and drop off transactional paperwork. Not so! With each transaction and after countless business meetings, I appreciate more each day how important the brokerage is to a real estate agent's success.  I am fortunate to be affiliated with a terrific local brokerage, McEnearney Associates. Here are the Top 5 things I love about working here, in the DC office.

1. McEnearney is LOCAL.  Our firm covers the greater Washington Metro area, the DMV, including offices in Old Town Alexandria (where the firm began), Arlington, McLean, DC, Kensington, Middleburg, Leesburg, and Bryce Mountain resort. Our agents and our brokers know this area and our markets. This allows us to really focus our efforts on what we know best.

2. McEnearney is a MID-SIZED FIRM. No one office is too big that the agents don't know each other.  Even across offices, there are many friendly, familiar faces. The firm is not so large that we are merely satellite branches in a broad empire. We have strong technology support and innovation, policies and procedures, and just the right level of support for business development and sales and rental transactions without needing to adhere to the bureaucracy of a much larger enterprise. That said, we're also not so small that there is no infrastructure or support staff.

3. McEnearney is FAMILY OWNED and operated. John McEnearney started our firm in 1980 with the goal to be the best. His family values of trust, empowerment, and support are strong and make each agent feel like their efforts are appreciated and that we help make the whole better because of the parts.

4. McEnearney has SUPERIOR AGENT SUPPORT. Our office team is professional, friendly, dedicated, creative, supportive, and hard working. They find ways to help each agent be successful as well as to make our office a pleasant, rewarding place to work. I gain insights and inspiration from their experiences and input and I am a more successful agent because of our team in the office.

5. McEnearney has a GLOBAL LUXURY AFFILIATION. While we focus our sales efforts in our local market, as indicated above, we have a strong affiliation with the Leading Real Estate Companies of the World and in particular, our clients benefit from the Luxury Portfolio brand for high end properties. This global luxury marketing reach could be crucial for certain sellers. And my ability to easily make introductions to other real estate professionals across the world helps me better serve my clients as well as friends and family who live or want to live elsewhere.

Our tag line supports all of these ideas: Built Around You. When you are selecting your Realtor, whether buying, selling, or leasing, ask them about where they work and see if the pride of brokerage affiliation goes beyond just being the biggest (or if they've even thought about it much at all).

Geography Bee

My real estate reality for today is your geography bee. See if you can picture where all these places are in your head or if you need a map.

I will leave my house in Bethesda, Montgomery County, Maryland, to drive to the McEnearney Associates office in Leesburg, Loudoun County, Virginia, to meet my clients (who live in that town now) in order to write an offer on a house in Knoxville, MD, (the Washington County part), which is listed by a brokerage in Lutherville, Baltimore County, MD.

Bonus points if you know the other county in Maryland where some Knoxville residents live.  I'm happy I drive a hybrid because afterwards, I'll head to the Eastern Shore to our house in St. Michaels, Talbot County, MD. Love living in the #dmv.

 

The Not Spring

I was going to write about spring springing forth this week.  Here are my daffodils, seen peeking through the soil on Saturday, March 15, 2014.

  

And here was my backyard this morning.  Happy St. Patrick's Day.  I guess our spring market will need to wait, or be put on haitus, for a few days. The silver lining: if you were thinking about selling your house this spring, you have a couple more weeks to talk to an excellent Realtor, like me, about getting your house ready to put on the market.  You'll still get a jump start on others if you get started today!

Different Open House Customs

My family and I frequently travel to Wisconsin to visit family. I grew up in Oshkosh, Wisconsin, and have always enjoyed checking out open houses when I am visiting.  Because it was Christmastime during this most recent visit, there were limited offerings on that Sunday, and it was about 19 degrees outside, and there was a Packers game on TV, so I had other priorities.  Go Pack Go!

Browsing the listings in the local paper reminded me how real estate practices, in addition to local and state laws and regulations, differ across the country.  In Maryland and DC and much of this region, the typical public open house is Sunday, 1-4 p.m.  Occasionally an agent will hold a property open on a Saturday for a couple of hours, say 1-3 p.m. or 2-4, but I cannot recall seeing an open house for less than 2 hours.

In Oshkosh, open houses are typically one hour long.  So one agent, let's call him Charlie, can hold House A on Westhaven Drive open 10:30 to 11:30 a.m., then scoot over to Listing B on Grove Street from noon to 1:00 p.m., and finish off the afternoon's work at House C on Mount Vernon Street from 1:30 to 2:30 p.m.  That schedule makes me exhausted just typing it.  Then again, that fictitious agent Charlie might shudder at the thought of staying in one house for three solid hours.

I enjoy thinking about these different practices and customs. I wonder what buyers think?

In the Red Zone

Recently one of my colleagues likened the final 7-10 days before the closing on a real estate contract to "being in the red zone." For those not familiar with football of the American variety, the red zone is the twenty yards before the goal line.  NFL teams are ranked on their effectiveness in the red zone by percentages of touchdowns and field goals scored. This is equivalent to "closing the deal" in real estate.

When I started pondering this analogy further, I debated with myself about whether there actually are offense and defense in real estate.  Occasionally as an agent, one may feel on the defensive, to protect their client's best interests.  However, the period of time from agreement and signature on a ratified sales contract to the settlement table where parties transfer ownership of real property is one of mutual interest.  Both sides of the transaction, the buyers and the sellers along with their respective agents, want to get to closing (while still maintaining confidentiality and the best interests of their clients).  They share that goal.

Perhaps a better football comparison is the 2 minute warning. Let's consider the game clock to be the limiting factor and the whole team is working to get to the closing deadline with all issues resolved, all the money available, and the property in the condition as previously agreed in the contract. In both analogies, here is a goal and a time constraint (the number of downs or the clock).

Either way, this period leading up to settlement is busy.  Real estate agents, settlement coordinators, lenders, inspectors, and other professionals are solving problems, answering questions, working together in the best interest of their clients to reach the goal line.

I use three-page checklists as a guide through the period from contract to closing. This organized process helps me be particularly effective in the red zone of real estate.

On Greatness

Oscar Pistorius.  Katie Ledecky.  Aly Raisman.  Gabby Douglas.  Kimberly Rhode.  Sarah Attar.  Tom Daley.

If you have watched and been inspired by the London 2012 Olympics over the past two plus weeks like I have, these names and many more mean greatness.  Greatness for trying and greatness for winning.  Greatness for more than being there.  Greatness for being their best at that moment and representing their country, along with everyone who's ever tried hard at anything.

My favorite stories about the Olympics came from my friends Nick and Carrie who were there for about a week.  With the joy of having been part of something global where everyone is cheered for their accomplishments, they shared great moments supporting athletes.  There was the high jumper with personality and spirit and the basketball team that did not really have a chance to win.  The best part, they said, was being in the company of people witnessing all sorts of personal accomplishments.  And even some disappointments, mostly handled with grace.

Many people strive for greatness daily, at their job, as a parent, in their community, in their job search, as a student.  Most never earn a gold medal (or even bronze).  Yet they aspire to be great at what they do.

I have been considering what it takes to be a great realtor.  I have a network of close friends and colleagues who help me set goals, document plans to achieve them, and create new ways to organize my work.  I will constantly aim to be a great realtor.  I hope to have the opportunity to be great for you.

The Role of Your Real Estate Agent

A very interesting article in the New York Times last week highlighted the roles and different styles of real estate agents.  Although the real estate market in Manhattan is obviously quite different than the greater Washington, DC, area (or anywhere else for that matter), there are some insightful comments in the article that can be useful to anyone thinking about making a move anytime soon.

The author, Vivian S. Toy, states, "A good broker can help you make sound decisions and guide you through what might easily be the most expensive and emotionally charged transaction of your life." Underlying this statement is the principle that your real estate agent should be someone you trust and someone whose advice and counsel you will accept and, in fact, welcome.  Complexities and idiosyncrasies in local markets, the myriad factors that go into selecting a home for your family or an investment property, and precise paperwork and disclosure requirements mean that an agent who is highly organized and detail-oriented is a valuable adviser.

I believe many people don't really understand the laws and ethics guiding the real estate profession.  As a newly licensed real estate salesperson in Maryland, I recently completed 60 hours of pre-licensing education before I could apply and then take a 2 hour test on Federal and State laws, regulations and codes of ethics.  Basically, a real estate agent has duties and responsibilities to their clients.  Clients are people who have signed an agency agreement with them as buyers or sellers (or tenants or landlords; I will simplify to talking about sales for now).  Customers, or the general public, have no contractual agreement with an agent.  Real estate agents still owe customers fair and honest dealings, factual information about properties, and general ministerial duties such as providing them with answers to their questions (assuming that does not interfere with their duties to their clients).

In an agent/client relationship, with a signed contract (a buyer's agent contract or a property listing for sellers), real estate agents have fiduciary duties.  These include care, obedience, accountability, loyalty and disclosure.  Confidentiality of financial and other personal information extends beyond the period of agency.  Although earning a person's trust does take time, holding these duties is a fundamental element of being a real estate agent.  As you interview new agents, be it for your first time home-buying experience, downsizing to retirement or semi-retirement, a move to a completely new part of the country or world, or moving a little closer to your children's schools or your office, spend the time to get to know them.  Observe how they listen to you, the questions they ask, the ideas they have about neighborhoods to consider, transit options, and marketing options.  Be sure to talk to more than one person before making a move.  Find the best agent for you.

As a new agent myself, I look forward to talking to you or someone you might know in the market or even considering a sale or purchase down the road.  I love to listen and plan and welcome the opportunity to help find creative real estate solutions.