It’s Friday, let’s sweep! |”…but you will know and I will know”

iphone

Welcome to Friday! The last couple of week’s I’ve been focused on sharing digestible bites from this year’s Windermere Summit. I’ve shared with you my Top Ten list. #10 is worth expanding on, as promised…

#10 “but you will know and I will know” story – a Steve Jobs story about painting a fence.  A story about excellence.

I’m going to retell a story I heard on stage from one of our speakers that intrigued me. Note: I’m retelling it to the best of my knowledge – the details may not be 100% accurate however the overarching lesson is worth sharing.

Author Walter Isaacson was asked on several occasions by Steve Jobs to write his biography. Walter Isaacson – whom had penned the biographies of Benjamin Franklin and Albert Einstein – on several occasions deflected the idea of this request and told him, “maybe when you are closer to retirement.”

Early 2009, Steve Jobs’ wife called Mr Isaacson and said “if you are ever to write Steve’s biography, you’d better do it now” as Steve’s cancer was increasingly getting worse. New Years eve of 2009, Steve Jobs called Walter Isaacson – in a very reflective mood – and they began what would become the biography, “Steve Jobs.” > a riveting story of the roller-coaster life and searingly intense personality of a creative entrepreneur whose passion for perfection and ferocious drive revolutionized six industries: personal computers, animated movies, music, phones, tablet computing, and digital publishing. *ps, I’m listening to the book right now!

One one of their long walks together, Walter and Steve walked the property of Steve’s childhood home. He pointed out the fence his father built. His father had too given him a hammer so he could work with him. As they were wrapping up painting that fence some 50 odd years ago, Steve thought they were done. They had painted at that point the inside of the fence. Steve was surprised to find out that they had the backside of the fence to paint. When he asked his dad about why they would need to continue because in Steve’s mind – no one will see the other side. His dad replied…

but you will know and I will know.

This lesson was firmly implanted deeply within Steve Jobs. His father loved doing things right. He cared about the look of the things you couldn’t see. Fast forward to the release of the first iPhone – you know, that business that started in Steve Job’s parent’s garage – yes that one!

Steve asked to see the first iPhone before the release. One of his techies brought it to him. Steve asked that the backside of the iPhone be taken off so he could see this inside. He looked at it. He referenced, “this is a mess.” The techie referenced, but Steve “no one will see the inside.”  Steve’s reply…

but you will know and I will know.

As Steve Job’s biography clearly depicts, he saw his products as an extension of himself. And yes, that “mess” was cleaned up before the release of the first iPhone – certainly caused a delay in coming to market.

Ok, back to us. As we look to 2020 and as we continue with a theme of SHIFT, where might your “product” become more of an extension of yourself. For me, I will double down in my mantra of people first, business second. The rest will take care of itself. How will we continue our story of excellence?

All in, for you.

Laura

People First. Business Second.

Laura Smith | Co-owner | Windermere Real Estate Co.

Side note on setting a goal: Steve Job’s overarching goal was to create a company that was so imbued with innovative creativity that it would outlive them. Did he succeed in his goal? I’d say so.

Welcome to Sunday, let’s sweep! | Top Ten from WRE Summit 2019

Shift

Welcome to Sunday evening after returning home from Spokane – home base for Windermere’s first annual Summit! I spent Thursday + Friday with 300 [sell out!] of our brokers across the network inside an environment committed to learning and doing. As we moved thru our TedTalk style event I pieced together a Top Ten. Looking forward to continued conversation in + around these digestible bites as we all prepare for seeing clearly in 2020.

Ps, if you make it to the end of the Top Ten list – a special announcement awaits you. Put aside a few more pennies for Windermere Symposium next year. I know I am, it will be worth its! Hint hint: pool party.

 “SHIFT” was the theme for our WRE Summit > In order to be responsible in a shifting world, we need to be ready to adapt to the needs of those whom we are influencing. 

 A rundown of our incredible lineup of speakers:

From Handshake to Hashtag – Understanding our Shifting TimesPhil GwokeDisruptors vs Innovators – A Shifting PerspectiveOB Jacobi + York BaurPitfalls of a “Normal” Market: Are you Prepared?Matthew GardnerWho’s Got Next? Shifting the Way We Lead Clients and ColleaguesPhil GwokeHow We See the World is How We Interpret the WorldKevin ParkerFlopportunity: Creating Resilience in Your Personal and Business LifeJustin RiordanUnlock Your PotentialRachel O’RourkeChange is Possibility – How to be “All In”Michael FanningWhen Generations Connect – Embracing the Strength of “All In”Phil Gwoke

 Where you will you SHIFT in 2020?

Let’s go! All in, for you.

1. 4.4 is the industry average in # of transactions sides per broker (NAR), per year; 12.7 per broker within our Windermere network.

2. Data inside of our Windermere tools shows brokers using Windermere tools are yielding 40% more transactions. That said: what are the best tools within the real estate industry? Answer is: the ones you will use. *Be sure you are using technology to reinforce relationships and bring efficiency to the client.

3. Were you selling real estate in 1999? If so, you saw the last “normal” market. It’s been 20 years. We are moving back to normal. Our industry will need to help both buyers and sellers bridge gaps in expectations. It will take a collective effort.

4. If you are not (yet) working with millennials, start now. Our abilities to work across different generations is more important than ever. You’ll need to “shift” in communication styles and approach. *anyone recall what “tl;dr” stands for?

5. Know your stuff. Be the resource.

6. Be one step ahead of your client.

7. Ask for their story, live on their interior.

8. Design a customized experience for each client. Become their partner.

9. Our moods are contagious. Our outer world is a reflection of our inner world.

10. “but you will know and I will know” story – a Steve Jobs story about painting a fence *this will be next week’s blog post.  A story about excellence.

I certainly realize the above Top Ten will mean more to those that were able to join us in Spokane. It really is about being there and digesting the content as shared on stage and with a mic. On that note…

 …it’s time to share our next big gathering Windermere network wide. Join our larger network in Hawaii in 2020 and create your own Top Ten list!

Special Announcement! 2020 Windermere Symposium in Hawaii!

Host location: Fairmont Orchid, Big Island

Save the dates: October 7, 8, 9 2020

 Where will you “shift” in 2020?

People first. Business second.

Laura

Laura Smith | Co-owner | Windermere Real Estate Co.

 

*It’s Thursday! I’m on a plane!*

Shift

It’s Thursday and I’m boarding a plane! Why do I share this? Be on the lookout for my Friday sweep blog post. Preparing a Top 10 from this year’s Windermere Summit. A sneak peek at my next 48 hours. I’m a wee bit concerned my head is going to explode. I’ll do my best to put my Top 10 in digestible bites on the return flight tomorrow!

Ps, if you are joining us in Spokane, please share your favorite digestible bites over these next 48 hours within the comment section of tomorrow’s blog post. Let’s start a conversation. Where will you shift as you prepare to see 20/20 in 2020? It starts now, not in the New Year.

From Handshake to Hashtag – Understanding our Shifting TimesPhil Gwoke

Disruptors vs Innovators – A Shifting PerspectiveOB Jacobi + York Baur

Pitfalls of a “Normal” Market: Are you Prepared?Matthew Gardner

Who’s Got Next? Shifting the Way We Lead Clients and ColleaguesPhil Gwoke

How We See the World is How We Interpret the WorldKevin Parker

Flopportunity: Creating Resilience in Your Personal and Business LifeJustin Riordan

Unlock Your PotentialRachel O’Rourke

Change is Possibility – How to be “All In”Michael Fanning

When Generations Connect – Embracing the Strength of “All In”Phil Gwoke

It’s a beautiful day for a quick flight to Spokane! Wheels ups, heading East!

Let’s go! All in, for you.

leaves

It’s Friday, let’s sweep! |When will the next recession begin? Answer is…

Welcome to Friday, let’s sweep! This week I started out at our Eastlake office and shared the below content for discussion. As real estate professionals, people turn to us as one source for how economics impact the market and yet what they really want to know is how do market conditions impact me. When we speak to the “R” word = recession = it is important our vernacular is framed with an educated lens. We all remember the “Great Recession” – it was big. Let’s look at how Steve Harney and his Keeping Current Matters team is educating with respect to this juicy question, “When will the next recession be?

Let’s digest what Steve Harney has to say, in his words below paired with visuals below…

KCMoctober

“And we’re going to start, as we always do, right with the news. Ladies and gentlemen, I want to give you a little bit of an update. The Wall Street Journal did a survey of economists and asked a question. When will the next recession begin? As you know, we want to keep you updated on that. We think that’s going to be a big issue. We don’t think the recession is going to cause much challenges in the market, but we are afraid it’s going to cause concern in the market. Meaning, I don’t think the recession is going to be anything like 2008. Morgan Housel said, “It might be over before we realized it began.” But, I’m a little nervous about people panicking over it since there’s so much talk to it, especially coming into a presidential election year. But, the Wall Street Journal did survey over 36 economists, and we added their results to our chart, which you have right in front of you now. So, we have four major surveys done by four major entities, the Pulsenomics survey, the Duke University survey, the National Association of Business Economics survey, and the Wall Street Journal survey:

recession1

So, there it is. You have that there, as you can see. And we lumped it together on the next slide. The almost 47 percent, 46.9 percent, think that the recession is going to occur before the end of next year, with another 28 percent saying it’s going to occur sometime in 2021, and much of that was early 2021. So, what we’re talking about is in the next 18 to 24 months, the vast majority of those analysts and economists surveyed think we’re coming to an economic slowdown.

recession2

Now, remember, I always want you to include this slide (below). Every time I’m talking about the recession, I’ll include this slide. You’re going to get sick and tired of this slide that’s how many times we’re going to include it. This is your home price change during the last five recessions. And obviously, in 2008, the recession of 2008, prices dropped dramatically because the number one trigger of that recession was housing crash and the number two trigger was a mortgage market meltdown.

recession3

So, of course, it impacted the housing industry because it was the housing industry that caused the recession. But, if we look at the four of the five recessions prior to that, home values actually went up, and the only time they didn’t, they went down by less than two percent. So, we don’t see prices dropping. If you have buyers, whether they be a first time homebuyer or a move-up buyer, that are waiting for prices to come tumbling down before they buy, let them know that’s not happening. As a matter of fact, we have the Projected Home Price Percentage Appreciation Going Forward by six major entities, the Home Price Expectations Survey, the Mortgage Bankers Association, Zelman and Associates, Freddie Mac, the National Association of Realtors, and Fannie Mae. And you can see that as far out as they project, some four years, most two years, as far as they project, they’re still looking at appreciation. There are no red numbers there. So, no one is projecting, even those economists that said that there’s an economic slowdown coming, are not projecting that prices are going to be impacted to a level that they’re going to start to depreciate. Appreciation has been decelerating, meaning we aren’t appreciating at the same levels that we have over the last couple of years. But, even that might change. Here’s the Forecasted Year-OverYear Change in Price by CoreLogic. Last year, the last 12 months, according to CoreLogic, prices went up 3.6 percent. But, they’re projecting that over the next 12 months – and here’s the breakdown by state – they’re projecting that prices will go up 4.5 percent. So, they’re really seeing a reacceleration of pricing. And I think that you’re going to see, in their next report, that that number is going to be over five percent. Again, there’s a lack of inventory with interest rates being so low. Buyers are out there. So now, that’s that supply and demand situation again.”

Ok, Laura’s voice returns here to this blog post! If you’d like to listen, read and digest the full 2019 Keeping Current Matters October report and do not have a KCM account – text me,  happy to give you access for a test drive. These reports come out after the 10th of each month and it is where I always start in digesting the macro news and industry updates.

Don’t yet have my cell # number plugged in? 206.227.7133

Happy Friday everyone! Thanks for reading along and staying current, it matters.

In partnership with you, as so grateful to be.

Laura Smith | Co-owner | Windermere Real Estate Co.

Six

It’s Friday, let’s sweep! | plus one (art) + September #’s (science)

W

Welcome to Friday, let’s sweep both the “art +science” this week! We’ll start with the art and wrap with the #’s…

My cup in October is very full. Some would say spilling over a wee bit much (aka, my kids have noticed a bit – I’m listening). I spent last week at our annual Windermere Owners Retreat – focused on leadership with my peers from the greater Windermere network. This week, around a table for our monthly local managers meet up. My bookend to this week with an executive group [ceo’s + key executives all outside of real estate = important ingredient] that I gather with monthly to collaborate and frankly > they coach me. I’ll wrap up October in Spokane for the Windermere Summit.

With these recent travels, meetings, coaching there has been one consistent theme that has risen to the top yet again for me: People first, Business second > the mantra that is my cornerstone to eliminate noise, lessen distractions, focus in the right places and make sound decisions that I believe are best for our people, our brokers and our staff.

Last week in Sonoma, CA I had the pleasure of hearing a story worth retelling – a people first, business second story. Let’s refer to this story as the “plus one” story:

A person is in the midst of relocating to an all together new city. In working with her broker, the broker asked her this question…”what will you miss most about the neighborhood you are moving from?” The person’s answer: “hands down, my butcher and my wine shop.”

Pause. What would you do with this information? Would you immediately send her links to all your favorite butchers & wine shops?

Would you think to do this…

Time rolls on in their home buying process and search. As they begin to narrow down the search, they had narrowed the search down to the last couple of homes and neighborhoods of interest in her relocation. Heading out to view these two homes, the broker pulls her car over and says let’s make a quick stop on our way.

Where did they stop?

The neighborhood’s favorite butcher. The neighborhood’s favorite wine shop. Did the butcher and the people know they’d be stopping by? Did they know the name of the person relocating? Yes + yes.

When we create unforgettable experiences for our people, we often refer to these experiences as a 10 (on a scale of 0-10). This was an 11. This story, was a “plus one.”

numbers

Ok, now up for your monthly dose of stats – ready for you to digest. Full reports at Windermerestats.com > password is updated.

Need the password? Text me (206.227.7133) or ask your office!

To accompany the Seattle Residential and Condominium report, here are the quick hitting Seattle monthly talking points…

  • Sales are good (pending sales up 10% for September vs last year 948 vs 861). Inventory has stayed flat (1,959 vs 1,965 active at end of the month).
  • With sales up and inventory staying flat it would seem good for the sellers, though prices are down 3% from last year.  19% of September closings were for over list price compared to 23% last year, and this compared to the hot, hot spring markets of 2017 and 2018 when 60% sold over list price. 
  • About half (47.3%) of the properties that sold, sold with less than 15 Days on Market.  List price must be close to value to sell (page 5).
  • Interest Rates, Interest Rates, Interest Rates… 3.61% vs 4.63% from a year ago (page 5 – “waiting” hasn’t cost the Buyers).

A one percent change in interest rate is a 10% change in purchase price.

Competing for a listing? (educate Sellers on page 2)

  1. What are the odds of selling: 7 in 10 (70% for trailing 12 months), 3 in 10 are not selling.
  2. Percentage of Pending Sales that don’t close is ~1 in 6 (16% for trailing 12 months).

Remember, who you hire matters! 

That’s a wrap, welcome to Friday! What will be your “plus one” story as we head into a strong finish in 2019 and launch into 2020. I want to know about it! I know your stories exist in the hundreds. This leadership team is in planning season and “plus one” will indeed be a key theme! Let’s go!

People first, business second – in partnership with you.

Six

Laura Smith | Co-owner | Windermere Real Estate Co.

Shift

Looking to shift your outlook, shift your business and shift your possibilities heading into 2020 – join me October 24 + 25 at Windermere Summit?

Registration open thru today: here.

#WREshift

It’s Friday, let’s sweep! | autumn leaves & podcasts please x 3 [pumpkins too]

pumpkinsplease

Last week, I released a series of podcasts: Episode 15-17 were designed for us to continue conversations as we approach October 1st and the upcoming NWMLS rules changes. These 3 episodes were recorded to work best to listen in succession, yet each episode can be digested as a stand alone podcast.

As I roam our offices this week, based on commentary, it appears these 3 podcasts are being digested and the content has been appreciated…so I’m putting last week’s post on repeat. Thanks for “tuning it” and the feedback thus far.

…and an additional note from OB Jacobi in clarification:

“On October 1st, 2019 all listing detail pages on Windermere.com will have a new section at the bottom of the page called “Additional Listings Info” which will note the “Buyer’s Agent Commission” as a percentage. This information is inputted by the listing agent into the NWMLS. This new data point will be visible on both Windermere.com and Agent Website listing detail pages.” – OB Jacobi

A screenshot below is an example of what this will look like…

SOC screenshot

Ok, last week’s sweep on repeat – thanks for “tuning in”! I’ll keep recording as long as I have people willing to listen!

#TheHuman Algorithm #AllInForYou

Episode #15 | Antitrust 101| David Daniel from Demco Law Firm & I brush up on the 101 of antitrust. We dip our toes into a current antitrust lawsuit and why it is a good time for brokers to refresh their understanding of the law and stay current with their practices to avoid copycat lawsuits. A great opportunity to keep education top for mind!

Episode #16 | NWMLS Modernization of Selling Office Commission Rules | With this conversation David Daniel from Demco Law Firm & I hope to break down confusion around October 1 2019 NWMLS rules changes and share best practices. Word of the day = Transparency. Bottomline, that is a good for the consumer.

Episode #17 | Buyer Agency Agreements | Windermere Ballard broker, Greg Lewis mic’d up with manager Darlene Sozinho & I to share his successful use and process with Buyer Agency Agreements. BAAs are often not a tool used in our marketplace (yet) however after hearing from Greg I do believe many of you will decide to add this process into your playbook…and win the day by doing it! Spoiler alert: good for you + good for you clients. A winning strategy for both! Note: within many markets BAA is the norm.

Laura Smith | Co-owner | Windermere Real Estate Co.

Laura Smith

It’s Friday, let’s sweep! | Double Down x 3

wreRealEstate_STKD_Color

This week, I’m releasing a series of podcasts: Episode 15-17 are designed for us to continue conversations as we approach October 1st and the upcoming NWMLS rules changes. These 3 episodes were recorded to work best to listen in succession, yet each episode can be digested as a stand alone podcast.

As we approach a strong finish to 2019 and launch into 2020 my goal is to lead via education, access and collaboration.

 Ps: a highlight of my week was to receive this picture from our Eastlake office. A great example of “why” to show up to the office. Going this business alone is not for the faint of heart. Going this business together is a much stronger strategy. If you are approaching 2020 feeling as if you are going this alone, connect with me. Here to help, alway the goal.

#relationships #collaboration #community #professionalism

All in, for you!

braintrust

Ready to “tune in” to the conversations? Great, let’s go…

Episode #15 | Antitrust 101| David Daniel from Demco Law Firm & I brush up on the 101 of antitrust. We dip our toes into a current antitrust lawsuit and why it is a good time for brokers to refresh their understanding of the law and stay current with their practices to avoid copycat lawsuits. A great opportunity to keep education top for mind!

Episode #16 | NWMLS Modernization of Selling Office Commission Rules | With this conversation David Daniel from Demco Law Firm & I hope to break down confusion around October 1 2019 NWMLS rules changes and share best practices. Word of the day = Transparency. Bottomline, that is a good for the consumer.

Episode #17 | Buyer Agency Agreements | Windermere Ballard broker, Greg Lewis mic’d up with manager Darlene Sozinho & I to share his successful use and process with Buyer Agency Agreements. BAAs are often not a tool used in our marketplace (yet) however after hearing from Greg I do believe many of you will decide to add this process into your playbook…and win the day by doing it! Spoiler alert: good for you + good for you clients. A winning strategy for both! Note: within many markets BAA is the norm.

Laura Smith | Co-owner | Windermere Real Estate Co.

Laura Smith