It’s Friday, let’s sweep! | The “Pope” + turning (seller) analysis into strategy

 

This week one highlight was the opportunity to engage with “the Pope” – ok, Alan Pope – at our November Luxury Breakfast. Having a local appraiser who has been a part of 5 full and now going on 6 market cycles is an absolute tool in our toolbox. A few digestible soundbites worth noting allowing us to set + reset expectations with buyers + sellers.

Market is still undersupplied.

The media is the biggest factor in our slow down.

We are in a “stable” market.

Our moment of change in this market was May 2018.

Seattle now more diverse economically than ever.

Want to move beyond these digestible bites and look at the data? Check our Alan Pope’s website and consider using these graphs with your clients. An incredible tool for those willing to know the #’s. “Show vs Tell”…

Market Trends Charts – January 2013 through October 2018 here. 

Three weeks ago we took an insightful quiz together regarding the 2018 BUYER profile. Ready for another? Let’s dive into the 2018 SELLER profile…

Grab pen + paper and spend the next few moments answering the below questions. Yes, I promise the answers are available within this blog post! That said, don’t cheat and let’s see how you do! Ps, the goal of this quiz isn’t to necessarily get the answers right – instead, we are together picking apart the National Association of REALTORS 2018 Profile of Buyers an Sellers. If we do this well – if we look at this “industry research” with insightful eye my gut tells me you too could take such analysis and turn into your strategy as we head into 2019. Yup, I’m still on the business planning track…

Do you have your writing utensil and paper of choice ready? Good, let’s go…

INDUSTRY RESEARCH UPDATE: According to the National Association of REALTORS 2018 Profile or SELLERS:

The average seller is _____ years old?

The percentage of sellers who sold their home in the first time was _______%.

The median national days on market to sell a home last year was _________weeks.

The average distance a seller moved in 2017 was ________miles from their previous home.

_____% of sellers worked with a real estate broker.

[reference point: in 1997 77% of sellers used a broker]

_____% of sellers chose their agent by referral from a friend or family member.

_____% of sellers interviewed only 1 agent.

_____% of sellers were “satisfied or very satisfied” with the home selling process.

Challenge: What data (big or small) from the National Association of REALTORS 2018 Profile of Sellers could become strategy for you? Considering adding that to your 2019 business plan!

[As promised, answers below – scroll on down…]

Signing off for now! Nice win Dawgs, congratulations on your ticket to the Rose Bowl! Defense wins ballgames – at least it did tonight!

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

The answer is!…

The average seller is 55 years old?

The percentage of sellers who sold their home in the first time was 32%.

The median national days on market to sell a home last year was 3 weeks.

The average distance a seller moved in 2017 was 20 miles from their previous home.

91% of sellers worked with a real estate broker.

63% of sellers chose their agent by referral from a friend or family member.

75% of sellers interviewed only 1 agent. ***Be first! = FLOW!

89% of sellers were “satisfied or very satisfied” with the home selling process.

It’s Friday, let’s sweep! | 3 miles

 

Welcome to Friday, let’s sweep…and I mean, “sweep the beach” in gratitude. Thanksgiving happened. Leftovers put away – at least until the Apple Cup tonight. Some family have traveled back home. The rest of us remain together enjoying this “pause” at the beach.

Yesterday was the day for so many in a very collaborative effort to give thanks. Today I found my gratitude on 3 miles “sweeping the beach.” This was not a new 3 miles for me. It is the 3 miles I’ve walked often. Today it showed me a bit more. There was a stretch that was smooth solid sand underfoot. Then came a few pebbles whereas I began to look for agates or “PRs” (pretty rocks). A few boulders popped up from the tide. Then came a very rocky beach. Today these rocks were very slippery. A new tree had fallen which provided a large obstacle. My Brittany Spaniel and I took a few steps back to take a better look at how we might pass it. It was too large to go over. We found our solution. Then came another stretch of smooth solid sand underfoot – whereas we became inspired and moved from a walk to a jog. We reached our turnaround point and navigated back embarking on a smooth solid sand underfoot, then slippery rocks & logs, obstacles, “PRs” (no agates today) and finally smaller pebbled section of beach turning to yet again a smooth solid sandy beach underfoot arriving home.

There was not one mile that stood out for me today over another. I was grateful for the entire 3 miles…as is my gratitude in our work together – all of it. We’ve walked many miles that look very similar to the 3 miles I swept on the beach this morning. Grateful I get to walk with you. For most of us it is real estate that connects us and for many of us our relationships go well beyond our work. It will be the upcoming miles that will connect us even more.

Thank you for each stretch of beach – it all matters – not one mile over another.

#Grateful #WeAreWindermere #GivingThanks

And oh, I came across this article on Thanksgiving – 35 gratitude-prompting question: Full read here. …I often call gratitude the well-being wonder-drug”…my opinion, this is one drug very well worth getting addicted to! As I read this article, it was the 10th question that I thought an interesting optic to reflect on – as I did on my 3 miles today…

What have others done that I am benefiting from in my life…even if I don’t know who those people are?

Signing off, in gratitude…

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

 

It’s Friday, let’s sweep! | October “science”

 

October Monthly Talking Points

Seattle (based on Residential and Condominium report):

Market continues to balance. Active inventory has over doubled over a year ago. Pending sales are down about 15% from 2017. Even with the balancing, median closed sales prices are up 6% from a year ago and down 7% from the peak (May 2018).

Buyers today may be concerned their new purchase could be less in the future than what they pay for it. Time is on their side.

How do people that bought a home in 2006 through 2008 feel today?

 What do you get in exchange for buying a house today?

You can be more selective in the house you buy.

You have time to decide if the house is right for you.

You are going to live there six years or longer.

 It is OK to buy if:

You like the location.

You can afford the payments.

You are going to live there six years or longer.

All these factors checked out for the Smith house too – we are indeed moving to a new home! Pool anyone?

FULL REPORTS HERE | need password? text me: 206.227.7133

Next week I’ll share the 2018 INDUSTRY RESEARCH UPDATE: According to the National Association of REALTORS  – specific to the Seller Profile! Interesting stuff!

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

It’s Friday, let’s sweep! | turning analysis into strategy

Welcome to Friday! This week I attended the wrap up session for our 2018 Windermere Leadership Series for 2018. Always striving to be a better leader for you and for our company. This final session was hosted by Matthew Ferrara – no stranger to our stage these days – of most recent – our keynote at Symposium in Palm Springs this past October.

The focus this week was an Innovation Workshop. We looked at big data (macro), looked at little data (micro), industry research and the power of turning analysis into strategy. Today’s sweep will focus on these three topics – in the form of a fun + insightful quiz!

Grab pen + paper. Anything you have convenient to you – make it easy. And spend the next few moments answering the below questions. Yes, I promise the answers are available within this blog post! That said, don’t cheat and let’s see how you do! Ps, the goal of this quiz isn’t to necessarily get the answers right – instead, we are together picking apart the National Association of REALTORS 2018 Profile of Buyers an Sellers. If we do this well – if we look at this “industry research” with insightful eye my gut tells me you too could take such analysis and turn into your strategy as we head into 2019. Yup, I’m still on the business planning track…

Do you have your writing utensil and paper of choice ready? Good, let’s go…

INDUSTRY RESEARCH UPDATE: According to the National Association of REALTORS 2018 Profile or Buyers (next week we’ll look at Sellers):

The average buyer is _____ years old?

The average first-time home buyer is _____ years old?

______% of buyers are married, _____% are single females, and _____% are single males.

The average distance a buyer moved in 2017 was _____ miles from their previous home.

The typical buyer expected to remain in their new home on average of _____ years.

_____% of buyers worked with a real estate broker.

_____% of buyers chose their agent from a friend or family member.

_____% of buyers used the same agent as they previously worked with.

_____% of buyers interviewed only 1 agent.

_____% of buyers were “satisfied or very satisfied” with the home buying process.

Foreign buyers purchased $_____ in US Residential Property last year, comprising a total of _____ properties.

The average price of a property purchased by foreign buyers was $_____.

The top 5 countries that purchased in the U.S. until _____, _____, _____, _____, _____.

_____% of foreign buyers purchased the property as a primary residence.

Challenge: What data (big or small) from the National Association of REALTORS 2018 Profile of Buyers and Sellers could become strategy for you? Considering adding that to your 2019 business plan!

[As promised, answers below – scroll on down…]

Computation of Time Reminder

When computing time for purchase and sale agreements, please regard this Monday, November 12th as a legal holiday.

The answer is!…

The average buyer is 46  years old?

The average first-time home buyer is 32 years old?

63% of buyers are married, 18% are single females, and 9% are single males.

The average distance a buyer moved in 2017 was 15 miles from their previous home.

The typical buyer expected to remain in their new home on average of 15 years.

87% of buyers worked with a real estate broker.

41% of buyers chose their agent from a friend or family member.

12% of buyers used the same agent as they previously worked with.

67% of buyers interviewed only 1 agent.

92% of buyers were “satisfied or very satisfied” with the home buying process.

Foreign buyers purchased $121 Billion in US Residential Property last year, comprising a total of 266,800 properties.

The average price of a property purchased by foreign buyers was $454,400.

The top five countries that purchased in the United States until China, Canada, UK, India and Mexico

52% of foreign buyers purchased the property as a primary residence.

 

It’s Friday, let’s sweep! | coping with uncertainty + planning

Welcome to Friday everyone! What appears to be a short sweep this week is actually power packed if you accept the challenges within. Less writing for me today…I’m in the midst of a pending inspection offer on a home for our family and digesting quickly that this will throw me into full project management mode in getting our home ready and to market – quickly! Boy oh boy! Stay tuned on that…

Challenge #1 | Identify what measures of predictability you can provide your clients during this transitioning market. Buying and Selling a home for people can fall into the “traumatic stress” category. Why? Because of the unknowns involved. Buyers and Sellers do not know when this process will be over. Just because we tend to know, remember they don’t. My challenge for you…watch this video (it’s 45 minutes) – specifically minutes 12-18  and implement actions that add predictability to the process for your clients. Help your clients cope with the uncertainty!

Challenge #2 | It’s time, planning time! My 2019 business planner is ready. If you are up for the challenge – email or text me – I’ll send it to you! If you complete the planner and want to go over it together one-on-one – I’m always game. 206.227.7133 cell.

Ok, back to my own “traumatic stress” as both a buyer and a seller! Anyone want to help me cope with my own uncertainty! Kidding, I’ll be ok. Happy weekend everyone! Here to help.

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

Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood

It’s Friday, let’s sweep! | Podcast Episode #10 | Double Down

Welcome to Friday, let’s sweep! This week is Episode #10 of my Double Down podcast – doubling down on a “legal bite” and an “idea worth spreading.” This month the focus takes us back to summer for a minute – to the July 1st 2018 effective date of the new Washington Uniform Common Interest Ownership Act (governing common interest communities, or “CIC’s”), and also we discuss the ins + outs of our houseboat (floating home) communities. And if you make it to the end of Episode #10, you’ll enjoy a good story on “fabled service”…an excellent reminder that our service becomes our brand!

This week I attended the 2018-2019 Core Curriculum [Current Issues in Washington Residential Real Estate] taught by Demco Law Firm in wrapping up my license renewal. The content was timely in that the first teaching point within our CORE curriculum mirrors the CIC “legal bite” within this podcast. After reading the NWMLS legal bulletins, reading Demco’s legal bulletin, and recording a podcast…it wasn’t until attending CORE that I had the “ah-ha” as to why Washington State went to such great lengths to add this new “CIC” law – as of July 1st 2018.

Here is the “why” I stumbled upon = Washington State’s goal with this new Act is to fold single family and townhome communities into a framework of legislative protections that we have already become familiar with when dealing with condominiums. The new law broadly covers new CIC’s with shared expenses (including cooperatives, plat communities, and condominiums) as well as any pre-existing community that may choose to opt-in to the new law.

Ok, now for the WHAT before you tune into our podcast conversation…(Note: The new CIC Act does not apply if there are 12 units or less AND average annual assessments of $300 or less per unit.)

1. Public Offering Statements (POS’s) or resale certificates (RC’s) will be required for the sale of all new or resale homes within CIC’s, including covenanted communities with shared expenses – not just condominiums. *Similar to current condominium law, buyers of a CIC unit will have a right of rescission after receipt of POS (7 days) or RC (5 days).

2. It will be relatively easy for many existing communities to become a CIC subject to the new law. With some exceptions (such as for existing condominiums) if after proper delivery of notice 30% of unit owners participate in the vote and 67% of those who vote approve, the new law applies.

3. The new law will enable communities to impose rental caps at a 67% approval threshold as opposed to the more stringent 90/100% approval threshold under the 1990 Condo Act..

4. Condominiums under the new law (but not other CIC’s) will still be subject to extensive warranties of quality as have been required under the 1990 Condo Act.

5. Sellers and their brokers will need to disclosure whether or not a marketed property is a CIC subject to the new law. Brokers are advised to check title when taking a listing (even on an older property) to see if a property may be subject to the new law.

Enough of the “dry” stuff, let’s get to the conversation! Thank you once again David Daniel, Darlene Sozinho and Mary Durkan for getting mic’s up and sharing your best radio voice with us!

*Ps, Being that license renewal is top of mind for me today, a good time to point out the CORE curriculum I referred to above is THE 3 clock hour class REQUIRED every time you renew your license. **This is different from your REALTORS membership requirement in taking Ethics. ***Ethics can be used however towards your elective clock hours. ****NOTE: you are setting out on your FIRST license renewal – be sure to connect with your manger to be sure you are tracking in the right direction + requirements.

Hope you enjoy the podcast conversation! Next up in November I’ll have Madison Park broker, Catherine Adams mic’s up to chat about this changed(ing) local market! We’ll tap into her infinite wisdom.

#alwayslearning #doubledown #innovation #play #wearewindermere

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

Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood

It’s Friday, let’s sweep! | A Symposium Top 10! What was yours?

Welcome to Friday, time to sweep! Arriving home post Windermere Symposium from very sunny Palm Springs calls for another Laura Top 10 list. Let’s jump right in…wait, wait, wait – before I do, please also jump in on this blog post and add to this Top 10 conversation  via the comment section of this blog – to your upper left! What is your Top Ten list? I want to know! Even if it was “just one thing”…

  1. On getting bored. Ballard broker, Bob Melvey’s quote as we were making laps in the lazy river post class…”you’ve got to get bored to get creative.” Yes, a key theme in why to take advantage of getting away from the office and participating in events like Symposium. Getting away to learn, connect and get inspired is what we did this week!
  2. On quality of communication. Remember what I had shared a few weeks back on quality of communication…7% words + 38% pitch/tone/tempo + 55% body language. Try this on for size…consider a witness on the stand – saying the below sentence – 7 times – each time the accenting a different word. “I didn’t say he shot his wife.” Turns out, this sentence would have 7 different meanings! The power of communication at work.
  3. 89% of Buyers and Sellers want what from their broker? Answer is: see bottom of blog post!
  4. Two things people want in negotiation? Answer is: see bottom of blog post!
  5. Most effective communication? Answer is: see bottom of blog post! *ps, this answer should not surprise you however important to keep top of mind! Especially when the stakes are high.
  6. On real estate reviews. Fantastic time of year to work on annual real estate reviews! This activity has THE highest ROI (return in investment). The reason most people shy away from doing them – they don’t know how. I will be delivering each of you a step-by-step “how”. Ps, once your template within Moxi Present is complete (2 hours in prep – give or take) this weekly activity should only take you 5-15 minutes to complete. Did I say…this activity yields the highest return on your investment? Goal = 2 real estate reviews per week. I’ll help you get there in showing the “how.” Stand by!
  7. An idea. Ask your financial advisor if they provide real estate commentary to their clients within their Annual Financial Statements. Wouldn’t someone want to know how their real estate portfolio is doing along with all other investments? Suggestion…”would it be helpful if I provided you Annual Real Estate Reviews” for your clients?
  8. Be different than the other 94%. ZillowGroup’s Consumer Trends report uncovered these staggering facts in broker contact after closing. Of the 13,249 households interviewed: 74% of brokers were never in contact after closing; 20% occasionally and 6% regularly. Storytime: Lee Cockerell (Executive VP Disney)…”my wife and I have purchased 11 homes in our lifetimes. We’ve never once had the Realtor connect with us after closing.” Ps, what you should know is that Lee interviews 3-4 executives monthly. Holy cow! Opportunity for strong referrals? Heck no if you fall into that 94% transaction mindset trap. Be the 6% – referral mindset.
  9. On your Windermere Retirement plan. I was able to secure and set up SIX in-office LIVE Nationwide education sessions for next week. Your manager has our schedule and will be sending you times & locales – Wednesday (Oct 24), Thursday (Oct 25) and Friday (Oct 26) of next week. If you cannot attend your office session – feel free to join any of the other 5!

10. On being a duck. We practiced “being a duck” in class and in the pool this week. Looked who joined us to “show” us how! Calm above the water and working hard below!

It’s amazing what can happen over a couple days away from the offices surrounded by great people, learning opportunities, networking, palm trees, sun, time to simply breath…and hopefully “get bored” just enough to ensue creativity. For those of you who joined us this year at Symposium, I am hopeful you have returned refreshed and energized. For those of you who could not join this year – I hope you chose to do so next year!

Reminder to add to this Top Ten list in the blog comment section…upper left!

And oh, can’t forget #11 – a special thank you to Michael Nelson and David Updike for opening their Palm Springs home to us Monday night. A stunning night, together…the best “meetings” of Palm Springs – hard to top that!

#alwayslearning #grit #innovation #play #wearewindermere

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

Ballard + Eastlake + Madison Park + Northgate + Sand Point + Wedgwood

#3. Answer is: Negotiation Skills – another plug for this book, Never Split the Difference

#4. Answer is: Be understood and heard

#5. Answer is: Face to Face. Let’s not make this a lost art!