Six,

This week I attended out Luxury Breakfast and was reminded of the importance of privacy considerations – especially when working with high profile clientele. Demco went through the considerations for Buyer in how they want to hold title and the basic differences between entities such as LLCs, Trusts and Nominees. Certainly the answers do not lie within yours and my area of expertise however we should know enough to ask and make sure the Buyer knows (or finds out!) – especially when privacy of a Buyer’s name is paramount. A general fyi to keep in mind on this Friday! Ps, Demco has an entire class around this topic – “Legal Considerations in Luxury Real Estate.” I do not see it on our WRE education calendar in the immediate yet when I see another date inked I’ll make sure you know about it.

…and while we are on the topic of Luxury, if you are interested in taking a deep dive in educating yourself on Luxury Portfolio – here is a link to an upcoming webinar. A reminder: Windermere has Luxury Portfolio by way of our affiliation with Leading RE. And we (WRE) gets to stay in the Leading RE network by participating in running our outgoing referrals through Referral Services. Yes, that is a mouthful yet an important one to maintain our global reach. We do local amazing. We have a global reach that we want to keep in tact.  Clear as mud? If not, join the webinar, chat with your manager, your premier director or ME! Anytime.

Sign up for webinar here! I will too.

Hot off the press…

Posted July 26 2017, 11:00 AM PDT by Matthew Gardner, Chief Economist,
Western Washington Real Estate Market Update

ECONOMIC OVERVIEW

“The Washington State economy has been expanding at a rapid pace but we are seeing a slowdown as the state grows closer to full employment. Given the solid growth, I would expect to see income growth move markedly higher, though this has yet to materialize. I anticipate that we will see faster income growth in the second half of the year. I still believe that the state will add around 70,000 jobs in 2017.” >  Read entire WRE blog post – click here AND easy to share!

[A print-friendly version of this report is also available at WORC > Stats & Economics > Gardner Report]

Join me October 3rd & 4th at our 2017 Windermere Symposium. It’s close to home this year for us. The content looks power packed. Remember my goal this year of “packing your parachute?” – THE Captain, Charlie Plumb Former Navy Fighter Pilot, P.O.W. Charlie Plumb will be our opening keynote speaker – you too will get a chance to hear this parachute story. My favorite speaker to do.  After graduating from the Naval Academy, Plumb completed Navy flight training and reported to Miramar Naval Air Station in San Diego where he flew the first adversarial flights in the development of what would be called the Navy Fighter Weapons School, currently known as “TOP GUN”. Code named “Plumber”, he flew 74 successful combat missions over North Vietnam and made over 100 carrier landings. On his 75th mission, just five days before the end of his tour, Plumb was shot down over enemy territory and spent the next 2,103 days as a prisoner of war. His message of perseverance and the power of mindset will surely inspire those experiencing the burnout a fast-paced competitive market brings.

Other key opportunities…

Katie Lance – Expert social media strategist, speaker, author and consultant Katie Lance will kick of day two.

New Moxi Works Innovation Station & Learning Lounge for hands on training. It’s a place for you to discover, hangout, and learn. Come meet with members of the Moxi team for help with Moxi Works, TouchCMA, and Agent Websites.

For those of you who want to witness me teaching my first clock hour class, two opportunities to do so on day two – Working With Buyers. Promise me this though – if you show up – participate with me throughout the class – way more FUN! We all learn from each other. I’ll make sure you get the clock hours.

Headshot Photo Studio! Is it time to update?! Have updated head shots taken for your websites and other marketing materials. We’ll have a professional photographer and studio onsite. Receive a photo session, touching up, and electronic files in two file sizes, (high resolution for print materials and lower resolution files for online and email use) for a third of the regular cost.

All you need to know and Registration – click here! See you there.

That is a wrap for this week. Ready for next. Looking forward to looking to the sky next week and watching these beauties! Shout if you need anything, here to help – the ultimate goal.

Laura Smith, General Manager | Windermere Real Estate Co.

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

Six,

It’s Friday, let’s sweep! This week, two tools for your toolbox + a reminder of the New Cell Phone Law  (this Sunday!!!) + Amazon in the news + preparing for another roadshow at your office meetings. Let’s do this, let’s sweep…

Official Property Value Notices

I received mine in the mail. You know, that roughly 5.5″x4.5″ white and black notecard from the King County Assessor’s office that arrives annually in your mailbox (electronically for some of you) – breaking down what your property taxes will be the following year. Each year this notecard is a reminder for me to share a resource with you so that in turn it can be a tool in communicating with your people! Why not be the resource when people too receive their Official Property Value Notice in their mailbox?! Be a resource. Let me help – for answers to Common Questions + How Assessments Work + How to Appeal and more – a great resource to share…Tool: click here.

A note on Zillow – specifically to your listings

Tool: strategicsupport@zillow.com

Another resource we’ve drummed up that I’d like to share with each of you this week. First, always check your listings on Zillow. If the price, status or anything else is incorrect on Zillow – send an email immediately to strategicsupport@zillow.com. We’ve had success with this tool.  And as a continued reminder, Zillow is not a Brokerage. Their data is not 100% accurate being that they do not have direct access to MLS data – instead they depend 100% on us and brokerages syndicating to them.

Six,

This week I finished up my “summer roadshow” in visiting each of your office meetings. I absolutely loved all of it. My hope is that the conversations + storytelling led to more talking points in helping you “win the business” + articulate your value.  I’ve already heard from several of you in how you have used the content to win – and did. Coming out of this roadshow, several ideas and tools made it to my whiteboard for further discussion and creation. Some of the very best ideas come from you. I’m excited, stay tuned! In the immediate, let’s sweep this week and get after today + the upcoming  weekend in productive summer work and play. Let’s start with a few digestible June talking points as our monthly stats are again ready for you…

 

Six,

Short + sweet week. With that said, will take a short + sweet sweep of this week in what I’ve noticed and hit repeat on hosting our Episode #3, Double Down podcast as I’ve had good feedback on this content and conversation…

A public service announcement on Closing Dates. Unfortunately I’m observing a bit too often delays in Closing – which in the end as you know causes much stress and ultimately a tick down in client satisfaction. My analysis on the “why” we are seeing these delays takes into accounts several factors. Please keep these in mind as you ink a Closing Date on a purchase and sale:

My analysis: Uptick in inventory + more buyers under contract + upward pressure on lenders/underwriters = some of those aggressively promised Closing Dates (because your Buyer’s have to in order to”win”) with loan officers may be at risk.

Furthermore: I do not believe this is the time to jump ship from your preferred lenders based on a delayed Closing Date. I do not believe any lender is 100% immune from the above market condition. I’m not seeing a trend with any one lender.

Possible solutions: 1. Uptick on your communication + education with clients early on in Buyer/Seller intake. 2. Scrub and critique even further with lenders on proposed Closing Date – especially when strategically crafting an aggressive offer. 3. Make sure upon writing an offer Buyer clients understand the importance of quickly responding to requests from lender in an extremely timely manner.

Next up on this week’s sweep – hitting the repeat button on Episode #3, Double Down. Have a wonderful weekend in productive summer + work and play. Shout if you need anything – the ultimate goal. In the immediate, 40 minutes in conversation with David Daniel, Jordan Malloch and Edward Krigsman…

Laura Smith, General Manager | Windermere Real Estate Co.

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

Six,

Welcome to Episode #3 Double Down where broker Edward Krigsman + manager Jordan Malloch + attorney David Daniel joined me this week inside my traveling podcast recording studio to talk wire fraud (legal bite) and articulating your value (idea worth spreading).

Before we tune in, two things I’d be remiss in not mentioning this week as we prep for the holiday weekend (and beyond!)…

Reminder!

When computing time for the purchase and sale agreement, please regard Tuesday, July 4th as a legal holiday. Independence Day is a legal holiday under Washington law. ***Our offices (and Accounting) will be closed both Monday + Tuesday to allow full time staff to enjoy the holiday weekend fully and come back refreshed + ready to get after it! Today (Friday) will be  regular office hours (no early closure). Saturday + Sunday, normal office hours.

This week…

…new features were added to all existing Agent websites. Agents asked, Windermere delivered several new and fully customizable home page design templates, the ability to add video and still photo backdrops to your homepage and a custom drag and drop page builder. You will be able to build new customized pages faster and easier. We are working on “refreshing” my website and our Tune Up website so that we can then show off to you what is possible. We are discovering this now – looking forward to sharing! We will have support for you in “refreshing” your agent websites. In the immediate, for you anticipating these additions – they are LIVE – go for it! For the rest of you…

NO ACTION required on your current agent website. The bells + whistles are for those desiring such! My gut tells me that the majority of you will want a “refresh” – simply a matter of carving out time + having a vision in what you want + identifying the support you need.

Ok, let’s jump on the Episode #3, Double Down podcast. 40:22 in length. Hope you find this information valuable within your real estate practice! I sure did.

That should get us rolling in anticipation of fireworks + other 4th of July festivities! Be safe. Soak up the sun. Have fun. The Smith’s will be staying local + getting our stash of sparklers out!

Laura Smith, General Manager | Windermere Real Estate Co.

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

Six,

Sweeping this week as my kiddos prepare for the last day of school! Wow, that went fast. Moving on up to 3rd and 5th grade respectively. For now, we’ll enjoy summer!

At a glance for this week > May 2017 science wrapped up + talking points + a “contingent offer” win + episode #3, Double Down being recorded next week – so excited! Ok, let’s sweep and dive right into our Friday…

As I prepared the May 2017 talking points for windermerestats.com it felt like a Rubik’s Cube this month – thus the imagery below – every day you are solving this real estate market one side at a time. Talk about articulating your value!

• Prices did not reach a new high in Seattle. The median closed sales price for residential and condominium in May 2017 was $650,000. (page 1) The high was $660,000 in April 2017.
  • *note: it is possible that specific MLS areas could be at a record, although this figure reflects the collective MLS areas for Seattle.
  • The current market cycle passed the August 2007 high of $439,000 three years ago in May 2014 when the median price was $449,250. (see Historical Data, page 8 & 9).
  • We are ten years past this cycle being driven by job, wage and population growth, not subprime lending and speculation.

• How fast is the market moving?
  • 84.3% of closed sales had less than 15 days on the market. (page 5, lower right hand corner)
  • 67% of closed sales, sold above list price and 13% at list price. (page 3)
  • 8% of closed sales sold below list price. (page 3)
  • 12% of closed sales had a price adjustment before sale. (page 3)

Who the buyer hires to represent them can obviously be the difference of buying a house or not.

• Is it about the money (commission rebate) or the move (actually buying the house)? Redfin’s rebate to buyers is generally 0.50%.

Less obvious, but equally true who a seller hires matters. Your presentation, marketing and negotiation skills matter. The sign in your yard matters.

• Is this seller favored market, your greatest selling expense could be the money you do not make. The presentation and marketing your home and the negotiation skills of your real estate broker can bring more value than a perceived savings in your real estate commission – aka, when considering a discount model.

Ponder this question – again – it’s too good…

“Do you believe your home will sell for a fixed price, or do you believe there is a range of value based on the marketing and negotiation skill of your Realtor?” – You.

&/or, based on us being in this fierce Seller’s market…

“In this kind of market, your greatest expense is often the money you don’t make. Are you looking to save money or make money? Great marketing & negotiating will make you money.” – You.

I’ll leave you with those two questions to ponder as you solve yet another side of the Rubik’s cube of a market. And oh, one more soundbite from this week! I learned of a continent offer being accepted. Yes, accepted. My feedback to the broker who shared this with me…”well, aren’t you glad you wrote the offer!” And more good news, that means another home is coming to market!

Next week – broker Edward Krigsman + manager Jordan Malloch + attorney David Daniel from Demco will join me in my traveling recording studio to talk wire fraud (legal bite) and articulating your value (idea worth spreading). Looking forward to the conversations!

Laura Smith, General Manager | Windermere Real Estate Co.

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

Six,

Easy sweep today being that we are all just wrapping up our 2017 Community Service Day – reaching all parts of the city + needs! No need to write about it – instead, “show vs. tell” – one of my favorite mottos. And if you have photos from the day and post them on social media – use this hashtag to shout it out! #communityserviceday2017

…and oh – and there might have been one after party with dunk tank festivities that raised over $1000 for the Windermere Foundation today – very cold for those that went IN –  although so worth it! As one broker said, “all for the kids!”…

We’ll get back to the art + science of real estate next week! For this week, pat yourselves on the back for another fantastic Community Service Day. We have the best people. Thank you very very much for the differences you all make on days like today + everyday in the name of community. #relationships #community #collaboration #professionalism | It all matters.

…and that may have been my swimsuit that Mr. Michael Fanning was sporting in the dunk tank! Time to go shopping for a new one!

Laura Smith, General Manager | Windermere Real Estate Co.

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

Six,

Sweeping this week over a venti passion iced tea unsweetened (extra ice) – that is how I roll. Hope you have or soon will have a cold Friday beverage in hand. It’s shaping up to be a fantastic evening heading into the weekend – Seattle showing it’s best stuff!

At a glance for this week > Dine Well + Do Good campaign launched, June Client newsletter ready, Dan Given’s goodness (Did You Know?- videos) and Community Service Day…yes, gear up – it is just about here! Let’s sweep this week and get ready for the next…

“Do Good By Dining Out During the Month of June!”

It’s June!  Your first opportunity to eat out, not cook and do some good in the hood is this Monday! No idea what I’m talking about? No problem. We have that covered. And ps, our blog post is an easy way to shout this out to your sphere! I posted on Facebook yesterday and it’s been very impactful in who it has reached –  our kids teachers, our neighbors etc…fun to see. It has started a “social” conversation. AND if you post it, tag both #windermere and #windermerefoundation Click here for an easy recap + share!

June Client Newsletter | Your Tune Up Team has released our monthly client facing newsletter! Many of you know about this tool and use it in your “flow” + many of you are still learning that this resource is available to you within our offices. If you’d like to begin participating &/or would like to learn more about it – just ask us! tuneup@windermere.com | The content is local + visual + fun + and a seamless blend of art + science. PS, this content is created for you within our six offices. Done for you, no need to recreate the wheel! Your staff has access to the June newsletter, if you’d like to take a peek. This client newsletter is powered by mailchimp which allows for analytics too – for those of you who like to track that stuff! – Welcome to June, from your Tune Up Team! We too are here to help.

Did You Know? | Video Series – by THE Dan Givens

Did you know…that there is a “Did You Know” video series now posted on WORC intended to help familiarize all of us with the vast array of tools that Windermere offers, and how those tools can help you be more successful. We will continue to add videos about new and existing tools, so please check back for more topics. For now…the line up currently hosted:

(ps, to find these tools – log into WORC > Education drop down tab > Did You Know?)

Did you know you can use the Windermere Blog and Facebook to reach more prospective clients? – 5/17/17

Learn how to get more mileage out of your social media so that you can share valuable content with an even wider audience of prospective clients.

Did you you know you can use Moxi to manage your Home Update subscriptions? – 4/15/17

Learn how to use and manage the Home Update newsletter through Moxi so you can stay in regular contact with your sphere.

Did you know you can add video to your website? – 3/15/17

Learn how to add a video to your Windermere agent website so you can make a good first impression on prospective clients.

Did you know you can make a prelisting pack with TouchCMA? – 2/15/17

Learn all about how to use TouchCMA to create a pre-listing packet that communicates the services and value you provide your clients.

From cap and gown to community service – a note from Jill & Geoff & OB | ps, this too is an easy social media share piece. More content to consider in your “flow!” Gearing up + looking forward to next Friday, June 9th – as we close our doors for our company-wide Community Service Day. It’s a fantastic day together – enjoy the “pause” – this matters.

…ok, Friday night awaits all of us, let’s get after it and soak up a few rays before heading into a productive weekend in work + play. Shout if you need anything, here to help – the ultimate goal.

Laura Smith, General Manager | Windermere Real Estate Co.

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

Six,

This week as I sweep I can’t help but share several digestible bites I took away from Premier Breakfast. No doubt I’ve attending my share of these breakfasts and for some reason this past Wednesday morning inspired me more than others. Ok, actually I know exactly why – it was the format. The format focused on peer to peer interaction and sharing and we heard from a lot of voices. The breakfast became a melting pot for “ideas worth sharing.” Sound like a familiar theme this year? I can’t help myself…

Let’s sweep and start with a bit of “wisdom” from trenches shared by your peers this week…and a special thanks to Wendy Paisley for facilitating such a fantastic conversation.

• On articulating your value. “Think of a movie and the credits at the end of a movie. Bring the credits to the forefront of your client experience. Make sure they know all and who will be involved.” It is no doubt a large list of people + services in partnership with you and the client to get er’ done! Fee becomes a non-issue (or less than) done well.
• Prior to an appointment, ask your customer “what is it that you most hope to learn at our first meeting?” What a great question! This will give you insight into who you are meeting with and where their head is at so far. Socratic method.
• “Make it a conversation vs. a presentation.” If your entire toolbox is with you, you will be ready for any direction the conversation will go.
• “Your customer should be talking as much if not more as you are.” Ask lots of questions and listen. Again, Socratic method.
• On competing against big teams. Know who you are in partnership with. Be able to articulate your partnership with Windermere – “My team is all of you” – as referenced to everyone in the room at the Premier Breakfast. Powerful.
• Assure your customer that “they are in partnership with you” throughout this process.
• “Make the home the star. Not you.”
• On how to get to the next level in your business. Practice this. “No.” Meaning, say “no” to more things both professionally and personally so that you have the bandwidth to focus on the business you desire to attract. Note: you must first have clarity in what that looks like.
• Use analytics. Know them. Show them. We are local, we are global.

PS. A public service announcement from me – reminder – show up to these sorts of peer to peer networking events. You never know what you might digest that will help you win more business. It can happen every time you get great people in the room together. It happened Wednesday for me.

Dine Well + Do Good

This week we are officially ready to prime the pump for our six office Dine Well – Do Good campaign that will run through June. Marketing deliverables are ready for you to hit the “easy” button – June “flow” created for you. Your Foundation reps + broker care teams at your office received these late yesterday afternoon. Items include – small JPG + large JPG + FB image. Think postcards, think mailchimp campaigns, think social media.

Next week the participating restaurants will receive their posters, table tents and mini-flyers for the menus for Monday nights in June!

A reminder in what we are up to – from last week’s FWL…

Each Monday night in June our six offices have something cooking, literally – cooking up server tips that is! Your WRE Foundation reps + Tune Up team have been busy putting together a “Dine Well + Do Good” campaign. Our six offices, over a dozen local restaurants geographically surrounding each branch and the WRE Foundation are teaming up to raise money for local food banks in the greater Seattle area via Food Lifeline. How are we going to do this? Our WRE Foundation dollars are going to match server tips every Monday night in June. We will tally at the end of June and send those funds to Food Lifeline. This campaign costs the restaurants absolutely nothing outside of exposure and most likely happy servers being the focus on tips each Monday night!

When computing time for the purchase and sale agreement,  a reminder to regard Monday, May 29th as a legal holiday. Memorial Day is a legal holiday under Washington law. Our offices will be Closed this Monday for the Memorial Day holiday.

Six,

Good morning! Sweeping early today as I’ve got a date with my mom + sister – playing hooky to enjoy a little delayed Mother’s Day fun…light rail to the Pike Place Market, ride the great wheel, lunch and Place Pagalle and home in time to jump into Little League and the weekend with the family. Have you checked out the forecast or recent? No rain in sight – instead something very orange and brightly colored is appearing on my iPhone app – could it be? I think so. The sun is coming. Makes me smile big on this Friday. And oh, have you noticed something else? Inventory…could that too be happening? By the sights and sounds in talking with many of you – this too could make my smile get even bigger! Yours too I’m very certain! Ok, it’s Friday…let’s take a quick sweep…in bite-sized pieces…

Oh wait, before we sweep this week – a teaser for next week! June “flow” done for you – press the easy button…

Each Monday night in June our six offices have something cooking, literally – cooking up tips that is! Your WRE Foundation reps + Tune Up team have been busy putting together a “Dine Well + Do Good” campaign. Our six offices, over a dozen local restaurants geographically surrounding each branch and the WRE Foundation are teaming up to raise money for local food banks in the greater Seattle area via Food Lifeline. How are we going to do this? Our Foundation dollars are going to match server tips every Monday night in June. This campaign costs the restaurants absolutely nothing outside of exposure and most likely happy servers being the focus on tips each Monday night! What this means to you – your June “flow” piece done. We’ll have everything at your fingertips to promote these “Dine Well + Do Good” evenings via social media, newsletter campaigns, postcards etc… More to come next week, for now – know it is happening. PS. your Foundation reps have all the details if you can’t wait to hear more! And by the way, these people are simply amazing. I know I’ll be dining out four times in June!

The April Science

Click here for Market Update, data thru April 2017

password protected: wremay (not case sensitive)

*talking points below coincide with the Market Update report, grab it – digest it*

Seattle (based on Residential and Condominium report):

• Closed median price at an all-time high of $660,000 up 17% from a year ago (page 1 bottom chart).
• Price appreciation is being driven by low supply and high demand. Seattle months supply of inventory is less than three weeks (0.6 months page 1 top chart). The lowest ever was last month, March 2017 (0.5 months).
• 606 active listings as of 4.30.17. Down 29.8% from the year before and 29% from two years before (page 1 blue bar top graph).
• Scarcity has buyers paying above list price on 63% of the sales that closed in April (page 3).
• What was the cost of waiting one year (April 2016 vs April 2017) to buy? $95,700 in median price. $7,215 per year in payment – equivalent of $601 per month (page 5 lower left-hand chart).

A spin on SOCs

This “spin” on SOCs was rapped about in my podcast last week. For those that haven’t yet tuned in, a cliff notes version…this is one story outlined by one of you – certainly an idea worth spreading as you craft mindful ways in articulating your value in the marketplace. Another example of the power of knowing your #’s. As described by Ballard broker…

Data pulled in Magnolia (zip, 98199) | $0-$2M (condo & residential) | last 180 days

SOC 3% vs anything less

Results…

“SOC less than 3% was 100.11 over list. | SOC at 3% was 103% (roughly)

My listings over that period (not just Magnolia) were 109%. To be honest this is probably the week link in the study since my market sample is low compared to the above and I had 2 listings go near 20% over.

I think the more interesting part is the 100% vs 103% – that is a real number over a large sample. Something like 160-170 listings (27 were less than 3%)” – WRE Ballard broker

I’ll leave you with that recount in a broker knowing his numbers which in turn gave him even more confidence to win the listing, articulate his value and uphold a 3%  SOC. Take a pause, digest it – how can your numbers do the same? PS, SOCs should be good office meeting banter – chat about it, it’s important.

That’s the sweep for this week! Sun up, suns out, find your shades and let’s go compete. I’m so very impressed with all of you in how we are showing up in this market. Not easy although I’m witness to a whole ton of grit. Here to help you win, persevere and remind each of you to carve out a pause every now and again.

…light rail, my mom, my sister, the great wheel and Pike Place await my morning. Have a productive weekend in both work + play – shout if you need anything, here to help – the ultimate goal.

Laura Smith, General Manager | Windermere Real Estate Co.

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