Patsy’s Pointers » Denver Real Estate and Relocation

Baby Boomer kids: Gen Y poised to rescue Real Estate

Apr 132011

According to a recent article in the Denver Business Journal, Generation Y’s are poised to come to the rescue of a weak real estate market; these children of Baby Boomers are bringing their strength in numbers-some 70- 80 million of them- to the forefront of the real estate market and there is little doubt they will have an impact. So who are these buyers and what kinds of properties are they looking for? Gen Y born after 1980, is the largest generation since the Baby Boomers to hit the streets…they grew up with technology and use it advantageously.“They always have a phone in their hand. They’re always using tech. They have no learning curve with it because they’ve grown up with it,” said Mitch Levinson, managing partner of mRelevance LLC in Arlington Heights.

Gen Y is already generating a huge pool of first time home buyers… “Gen Y is buying homes at an earlier age than the preceding Gen X, and tends to spend more on their first home,” said Steven Lewkowitz, director of professional services for the home building and real estate group at Atlanta-based CDC Software. So how do these buyers go about finding a home-?…they put their technological skills to work and do online research using the web and social networks. They expect the same level of service from their realtors-instant information that is correct and understandable. According to Brian Buffini, agents who do not keep up with the technological aspect of their business most likely will not be able to take advantage of this pool of home buyers.

Sellers: Is your property ready for today’s Buyers?

Patsy's Pointers, Selling Savvy, Uncategorized 1 Response »

Sep 202010

This past weekend I was showing a property in one of Denver’s great neighborhoods – City Park West- with a wonderful young couple and their 9 month old son. These are pretty typical first time buyers, eager to have a place to call their own and certainly willing to do some work on a property advertised as “Amazing Opportunity-Original Woodwork & Charm throughout!” The curb appeal was ok, white picket fence and small garden area. Our first clue that all was not going well was when we tried to get the front door unlocked. Now this happens to be a pet peeve of mine: for $40-50 a locksmith can make sure one key opens all locks with ease. We struggled for several minutes and finally managed to open the door. What greeted us was unbelievable: the house was filthy and a total mess with left over food displayed for our enjoyment on the kitchen table, the smell of stale grease permeating the air. The walls were dirty, the light switch plates loaded with dirt and grime. There were piles of “stuff” everywhere we looked and when we went upstairs it wasn’t any better. The most shocking realization came when we realized someone was still living in the house along with their cat.

The original listing price of this house was $349,900; it is currently listed at $289,900. My buyers couldn’t begin to see the possibilities this house might have offered had it been in some kind of show-able condition. With the challenging economic times we are experiencing, I understand that some sellers are really under the gun to get their home sold quickly and may put pressure on their agent to get it on the market asap. As realtors, we need to educate our sellers so they don’t make these mistakes: it is a waste of our time and marketing dollars to present homes that aren’t ready for the market.

My partner recently had a house for sell in Congress Park whose owner had lived in it for close to 40 years. It had great woodwork and a nice yard but everything else was so dated and dark. He was very patient with the elderly owner working with her for almost 6 months to de clutter and move out. He brought in a professional cleaning service and convinced the owner to redo the hardwoods throughout for about $2300. During all this time his seller was urging him to just put it on the market; he explained that by waiting until the house was in presentable condition, it would sell faster and for more money…he was right! The home was under contract within 2 days of going on the market. The only improvement they did was to redo the floors; the place was still dated and dark with its 1940′s vintage wall paper, but it was vacant and clean and buyers could easily see the possibilities this home presented!

5 Reasons Realtors Need to be Tech Savvy

Agent to Agent Real Estate Resources, Patsy's Pointers 6 Responses »

Sep 132010

Last week Inmann News held one of 12 nationwide Agent Reboot events in Denver. It promised to cover the following topics in a power packed one day seminar:

Topics throughout the day include:

Social media – converting fans into paying clients
Marketing yourself & your listings online – smarter & faster
Turn your web site into a lead machine
Making more money now – killer business planning strategies
The mobile real estate agent – must-haves for the mobile agent
Local market analysis by leading experts…and so much more!

I immediately signed up for the event thinking this is just what I needed….it turned out I was only able to make the afternoon sessions and maybe this was a good thing: both afternoon speakers- Chris Smith, Co Founder of Tech Savvy Agents and Daniel Rothamel, founder of RealEstateZebra.com were fabulous -their enthusiasm was matched by their tech savvy. I understood about every other word but came away realizing that mobile technology (iPhone, Droid, etc.) are fast becoming essential tools of trade for savvy realtors. If you are like me, and are blown away not only by the technological advances in our world but also by the younger generation that operates within that sphere with ease, here are 5 reasons why, as a realtor, you need to be up to date on all the new technology:

1. Your clients – buyers and sellers – are probably using that technology and if you expect to communicate with them effectively, you have to have the equipment to do so.

2. Competition: The Real Estate business, as everyone knows, is highly competitive. Knowing and being able to use the new technology puts you ahead of your competition giving you a competitive edge.

3. Marketing: With so many homes on the market today, its imperative that agents market their listings in creative ways and get them in front of as many agents as possible.

4. Communication: It is absolutely critical for an agent to be able to reach clients, lenders and title companies in a timely manner. You have to have immediate access to all documents and be able to pass relevant information along to anyone involved in the transaction.

5. Closings: Your goal as a savvy realtor is to have a smooth closing – it’s the last impression you leave with your client and you want it to be a great one. Being able to access and send any documents,contracts or lender information will often times save a closing in these uncertain economic times.

Bottom line: Real estate agents today need to know what internet programs will help them deliver quality service and which mobile devices will facilitate communication and marketing all hopefully leading to smooth closings for their clients.