Real Estate Information Archive

After posting my initial Tough-Love Real Estate Marketing entry, a number of people asked me to clarify the details of a Paulia Kennedy's 'honesty talk' and what the criteria was for 'being choosey'. 

Paulia explained that, "We first determine how motivated they are (if they really want and NEED to sell).   If they say, 'We don't really have to sell' -- then we really do not want their listing. If the need is there, then we spend a lot of time during the interview process explaining the complete process.  We want to make sure they are ready to work with us - which means we need their full involvement and participation in order for us to be successful. We consider the seller the No. 1 person on our marketing team."

Paulia continues, "In order to sell a home, there are 3 things that the seller has control of -- the home must be priced right, it must be in good condition, it must be easy to show.    If the seller sticks their head in the mud and ignores our advice along with all of the ongoing information that we send them after we enter into a listing agreement, such as the showing feedback reports, the ongoing market reports and the competition home reports then we try to amicably exit our listing agreement.  It then becomes only a waste of our time and their own.  We also consider the other factors of the property (which are out of our control) -- location, the actual property, etc.  -- and determine if we think it has a chance of selling."

Resulting in continued, steady sales, Paulia exclaims that many agents are sending their listings to The Kennedy Team knowing that this Tough-Love approach means that the property has a better chance of selling. 

I asked Paulia why outside agents would give up their listings to The Kennedy Team. She explained, "Actually, I think the referring agents' biggest problem is that they do not have good follow-up systems with their sellers.  The agents do not keep their sellers involved - which then causes the seller to be disgruntled.  At that point, the agent has totally lost the relationship which we work so hard to develop and nurture between agent and seller.  So by referring the property to us, I think it is the other agents' way to try to hold on to the deal somewhat and at least earn a referral fee.  We also hear from those sellers we take on that they are seeing our homes all over the internet, with virtual tours, etc., and they wonder why their agent is not doing the same marketing for them.  All of the internet work is standard marketing for us." 

Paulia concludes that, "The Realtors have to work much harder now, and it takes a full team to handle all the work involved with a listing.  And it seems to be a survival of the fittest mode now.  The Kennedy Team saw this coming and we have been fully prepared."

I received an interesting email from Paulia Kennedy last week. She explained me, "We're really getting hammered with new listing calls lately -- seems like we've been averaging about 3 new calls per week.  It's getting to be so many, that we really have to be choosey about the properties we list.  We have been deliberately honest, upfront and realistic with the sellers.  Then after the honesty talk, some of them are deciding to hold off on selling." 

Having worked with Paulia for sometime now, I am well-aware of the integrity that defines The Kennedy Real Estate Team, so I asked her to characterize, 'honesty talks'. 

Paulia explained, "It's being totally candid on what we think their property will sell for (with no sugar-coating) and how long we think it may take to sell.  We are upfront about the true negatives of the property that we will have to face.  We come up with a plan on how to offset those negatives.  We fully explain to the seller information they may not want to hear about their property based upon our market absorption rates, our knowledge and experience.  We often suggest they hire an appraiser - especially when they are being unrealistic - or it if it's an unusual piece of property with very few comparables available."

When the market was really lucrative, Paulia and The Kennedy Team would give a similar 'honesty talk' but they were not as adamant with their advice.  Paulia explained that they would often give in to the seller requests and allow them to start off with a higher price – as it was not as critical then.  She added, "The sellers did not seem to be in such desperate financial conditions and the buyers did not seem to be as demanding before."  In this volatile market, The Kennedy Team gives the seller the most realistic news, which more than likely is not what the seller wants to believe is the truth.  This frankness means that Paulia and The Kennedy Team can concentrate on selling only those properties, priced appropriately for their market working only with realistic sellers who fully understood the truth of today's market. 

It may also mean fewer listings but the reality is that the Tough-Love approach has meant stable sales.

Janine Gregor
Virtual Assistant to Paulia Kennedy

When we put our northeast home up for sale a few years ago, I remember the day that the real estate agent caravan stopped our home on agent Open House day.  There isn't much to say here about that day, as it was an uneventful experience.  The agents came, and then they went. So last month when Paulia Kennedy asked me to flag her internet sites to indicate that one of her listing properties was to have an Open House the following week, I didn't think much of her request.  I soon learned that this was not going to be a ho-hum event.

Paulia explained that everyone on The Kennedy Team pitches in for Open House activities to create a rather tasty smorgasbord for the invitees. Paulia wrote, "Our Realtor® Open Houses are Open to all, (the public and the real estate community) but we focus on having the event when it is convenient for the Realtors to come."  Paulia found that after holding a number of Open Houses, her team noticed better attendance on Wednesdays or Thursdays at lunchtime.  She added, "Then we cater the lunch and of course the free food gets them!"

I inquired about more details on the 'free food concept' and Paulia answered, "I've got the lunches mastered with a really good spiral-cut honey glazed ham from Wal-Mart that I bake for about 2 hours - cost is $23 and it feeds about 60 people." Paulia enlightens this conversation in her endearing southern vernacular by emphasizing, "...and everybody brags on it."  The menu does not stop at a glazed ham.  "Then we get rolls from the deli to make sandwiches and sometimes pick up potato salad. Debi (Jones) buys Kroger's great chicken salad that everyone loves and adds additional items and drinks.  Jeff  takes care of loading the drink coolers and putting out the signs.  Even John Watson, our resident handyman helps out with toting and stocking the coolers and then stops in to socialize with us."

I had not heard of such attention paid to an Open House menu.  But, then Paulia explained to me that, "All of the other Realtors rely on the Title Companies and Banks to cater their own Open Houses but we felt like that was misuse of those vendors.  So we do our own catering by ourselves."  Apparently, as Paulia clarified, "It seems that after we provided all the fixings for a few Open Houses, the local banks and title companies have now put their foot down on it with the other Realtors and as a result they [banks and title companies] appreciate that our Team is not constantly calling on them for food donations."

"We also invite the vendors to bring their own clients and occasionally I send out postcards to the neighbors to come; so we do try to welcome everybody.  Normally, we don't get many of the regular folks to come (other than the curious neighbors wanting to compare to their own home).  But we offer plenty of food to everyone.  We rarely do regular public Open Houses, as we've found that they aren't very effective."

I squirreled this conversation in the back of my head until I came upon an article yesterday from Realtor Magazine entitled, "Feed Them Well and the Associates Will Sell".   The article states, "Rather than provide a dish of candies or a pot of coffee, associates are finding that omelets, salads, and pastry bars, among other treats, are necessary to generate interest. Some realty professionals are going as far as offering homemade cookies in personalized tins to draw crowds, and a menu often is advertised alongside a listing's asking price and other features on materials circulated within real estate circles.

While some real estate pros would rather shell out cash on advertising, others are willing to serve lunch if that is what it takes to sell the home."

Yet again, The Kennedy Team is ahead of the real estate game...in a tasty way!

Janine Gregor
Virtual Assistant to Paulia Kennedy

Hello,

This is Janine Gregor, Paulia Kennedy's Real Estate Virtual Assistant reporting today...

I am always looking at agent listings to see how properties are described.  Although I have conferred with Paulia Kennedy on only a handful of her listing descriptions, when the task has been offered to me, it is something I tackle with pleasure.  Paulia makes it easy for me though, (as I have mentioned in prior blog entries) because her listing photographs are really 'so good' and so very detailed that, I can describe a property quite well without even stepping foot on the lot.

When Paulia has asked me to write a listing description, I begin by scouting the competition's listings for good words and often have a chuckle knowing that some descriptions really require 'reading between the lines'.

It isn't always what agents describe them to be. 

Most agents want to accentuate the positive and downplay the negative.  It's all part of getting the buyer into seeing the home. However, it is important to use the right lingo so as not to mislead a buyer into thinking, for example, that 'easy access to everywhere' could really mean that the home backs up to an expressway. 

In researching this blog post, I came across a great booklet by an organization called National Association of Exclusive Buyer Agents. This organization published a report entitled "Home buyer Report 2008 Report on Home Buying Euphemisms and Lingo or, How to Read Between the Lines When You're Shopping for a Home". It's a great read here which catalogs several euphemisms from their members and the 'real' meanings of these descriptions compiled from listings throughout the country.

I've summarized a few:

Galley Kitchen - Can mean a hallway with cupboards and appliances that two people could not occupy at the same time. Deep South.

Waterfront - Sometimes means a man-made pond or lake instead of gulf access.  Deep South. (I see this often living here in Florida, particularly in areas with subdivisions boasting 'waterfront' a.k.a., man-made lakes. When water levels drop, these lakes are more like dry beds or mud pits.) 

Water View - Sometimes used even when you have to stand on the roof with binoculars and it must be an extremely clear day to see the water. Northeast.

Very Bright Sunny Home - Can mean there is not a tree in sight. Used everywhere.

Unique Design - Sometimes means you have to walk through a bedroom to get to a bonus room or to the exterior. This is most likely a defect in the floor plan. Southeast.

Turnkey - Can mean they want to sell the home with the 80's furniture that they (seller) doesn't want to haul away. Mountain.

Subject to Third Party Approval - Often indicates a short sale or sometimes indicates a relocation company is involved. In all cases, this means you will be negotiating with two different parties on the seller's side. Expect some additional frustrations and delays. Most areas.

Renovated Kitchen - Can mean new faucets and new knobs on the old cabinets.  Midwest.

Quaint Cottage - Can mean a wood frame house from the 50's and less than 600 sq. ft. Deep South.

Period Home - Could mean a 1700's home in original condition with a summer kitchen in the basement.  Northeast.

Newer Furnace and A/C - In one case they were 25 years old each (also confirmed by a home inspector).  When the listing agent was asked why she was stating they were newer she stated, "Because each one of them had received a new part within the last year."  Midwest.

Mechanic's Dream - It is often a real dump, but it typically has a big garage. Midwest.

Mature Landscaping - There was a 40-year old cottonwood tree that needed to be cut down before it fell on the house.  Midwest.

Light and Bright - Everything was white. White ceramic tile flooring and bright white paint everywhere. It looked like a hospital. Midwest.

Grandma's house - Hasn't been improved since she moved in and it still smells like her. Midwest.

Janine Gregor
Virtual Assistant to Paulia Kennedy

September 2, 2008 - Today, Trademark Real Estate, Inc. of Hot Springs, AR welcomed the United Blood Services mobile unit to its parking lot to assist in a blood drive.  Many of the Trademark Realtors and associates from the surrounding businesses stepped up and donated blood today. 

There is always an urgent need for blood in our local area, with our hospitals going through about 1,000 pints of blood every month.  With the area filled with the hurricane evacuees this week, the hospitals have an increased need at this time.

I was happy to be one of those participants early this morning -- even though I believe I may have been one of their select few that almost passed-out afterwards.  Every time that I donate blood, it seems that my energy is zapped for the whole day after I recover from the dizzy spell immediately afterwards ... but I'll continue to do it as long as I can.  I'm so glad to be a qualified candidate that is able to give.  It's absolutely worth the minor pain from the needle sticks, and the short period of feeling ill - when you know that your blood may have helped saved someone else's life.

Paulia Kennedy

• Use a good camera with a flash. Very simply, a camera phone won't work and most indoor photographs are grainy and unusable. If you can splurge on a wide lens, by all means do so. Good, wide exterior photos are hard to come by so a wide lens can be a blessing. Otherwise, I've worked with exterior photos taken from across the street, which allows the photographer to capture the width of the home but sacrifices nice exterior details. If you don't have a wide angle lens, photograph up-close in two sections and use a photo stitching program to bring the two parts together. 

• When photographing the kitchen; one of the most important rooms in any listing, remove the garbage can. I cannot tell you how many times I have to 'crop out' the unsightly garbage can and this, in kitchens which feature stainless steel appliances and granite counter tops. The garbage is quite a distraction from even the most beautiful of kitchens.

• Let the countertops shine, which means, remove the clutter. The 'one appliance rule' seems to work best, so before taking the photograph, consider taking the time to unplug the blender, coffeemaker, microwave oven and move these items temporarily to another room. A clean countertop makes for a great photo even if the countertops are not the highlight of the kitchen.

• I often view virtual tours from other agents to see what the competition is doing. I cannot tell you how many times I see the agents' binders, cell phone, flyers, business cards and car keys in the photographs, particularly on the dining room table and kitchen countertops. The same rule applies…take away the clutter, don't add to it and put these accessories in another room for the photo shoot.

• I realize some rooms will never shine in any photograph; the paint might be too bold, the wall paper might be dated, the room may be small, but removing the laundry and making the bed really helps to improve the look of any bedroom. 

• Try not to include the family pet in the shoot. I've worked with photographs where the family pet is using the cat litter box, walking on the kitchen countertops or sleeping on the living room couch. Again, this is another distraction and some buyers might be turned off just knowing that a 75 lb Labrador shares every inch of a home they might consider purchasing. If the house is being marketed as a pet-friendly home with its own doggie door, tiled floors and fenced in yard, then adding these items to the listing description is smart marketing but do leave the family pet photos out. You want to highlight the home itself and its best features. Some buyers don't appreciate pets. Good photographs should appeal to the masses.

• Bathrooms often don't photograph well because it is very difficult to get inside and position the camera at such an angle to capture the entire room. But if you are able to get a good shot of the bathroom, close the toilet seat and pull the shower curtain. The room will look much neater and a closed curtain acts as a nice background for small and under-decorated rooms. I've often suggested to my agents to carry a pleasant-looking, light shower curtain in their car if the bathroom doesn't have a nice one. It only takes a few minutes to attach but can really make a difference in an unappealing bathroom. One clean, unused bar of soap, one hand towel and a freshly folded bath towel are all that is needed to tidy up a small bathroom. I call that my 'agent bathroom staging kit'. 

• Finally, take many, many pictures….as many as you can; at least 50 per listing. Turn the lights off, turn them on, move the door, photograph from all angles and not just from the main doorways. A nice trick Paulia uses is to stand in front of something decorative such as a fountain and have this item in the foreground while the home is in the background. I've seen her use this technique when a tree or bush is in full bloom so the flowering portion borders the photograph and the home is photographed featured in the background all in one frame. Even the least desirable looking homes can really shine if photographed this way. 

Hello!

I'm so pleased to be on board with The Kennedy Team.  I've so enjoyed learning about the state of Arkansas and in particular, the unique real estate market of historic Hot Springs. I'll share what I've learned with Paulia's readers on her blog while I attempt to keep pace with Trademark Real Estate's Number One agents!

How fast have you closed a listing?

Last week, Paulia emailed me that the Kennedy Team had picked up a new listing on a stretch of a Hot Springs' Highway 290.  As I was jotting down the particulars to prepare to market the listing through http://www.Bestofhotsprings.com virtual tours, craigslist, MLS and the likes, another email came through that the property had already been SOLD.   

Now I have worked with a number of real estate clients from all over the country since I began my virtual assistance business over 2 years ago, whose properties have sold in days...usually weeks and recently months, but never in less than 24 hours or in this case, never in less than 2 hours!

I joked with Paulia that the "...ink hadn't even dried on the contract..." and then decided this might make for some interesting blog content. Wow! This Kennedy Team is good!

I asked Paulia to give me a play-by-play...

She wrote, "...as we began to get prepared to officially list the property...we first started with placing a "For Sale" on the fence, and had not even had time to take pictures of the property, nor begin marketing the property in the MLS, online, etc. Within about 1 1/2 hours of placing the sign on the property, the buyer called and WANTED that property. He was very familiar with the property, and lived nearby, so he knew that it was the perfect property for him. Jeff then met him at the property for a quick look, and then to our office to write the contract.  In less than 2 hours, we had an offer and an acceptance on the property."

Amazing!

Having worked with hundreds of listings throughout the years, I often check with my client-agents and brokers regarding the status of their listings as I am always interested in the outcome.  (A bit of a listing-junkie, I find great satisfaction from assisting in marketing a listing and to see it through to the closing day.) If the property hasn't closed, I expect one of two answers:  the deal is both moving along well and I'll have an anticipated closing date, OR, I will be the recipient of a lengthy 'venting' email from the agent explaining the usual snags which can hold up, or worse, yet, cancel the sale of a listing.  (I've often thought the VA really stood for Venting Assistant instead of Virtual Assistant!) 

But when a listing goes 'just right' at Olympic-style speed, it's all worth writing about.  It's pure joy to share!  This particular Kennedy transaction was truly a case of everything going just the right way at the right time.  The Kennedys' had the right product; the buyer had all of the product knowledge needed to make a decision on the spot; and the seller knew exactly what price he wanted to complete the sale.  It was a mutual meeting of the minds; the Yin and the Yang, the Ebb and Flow of the Tide, Karma; you name it and everything went as planned and as it was designed to do.

Of course it helps that the sale was direct-to-the-seller's-agent, (which created a "dual agent" performance on Jeff's part), and no attorneys were needed....factors which can alter the course of a good real estate transaction, and sometimes rightfully so.  Yes, this was a good, old fashioned, simple, sign-on-the-dotted-line sale.

Not only was I intrigued with the speed in the signing of this sale, but the listing-type was unique as well. This property served no other purpose than to house other homeowner's luxury vehicles and 'toys' as opposed to being a residential property or even a second-home resort listing. 

Paulia explained, "Since the time of the sign going up, we've received about 3 calls per day on this property ... purely from the sign (as we didn't even have a chance to begin any marketing on this property).  This property is one of those one-of-a-kind properties that is in great demand.... a nice, clean 5,000 square foot metal storage building/warehouse priced around $300,000 ... complete with a 1,500 square foot heated/cooled apartment area which includes an office area, 3/4 bathroom, living room, and bedroom/ and about 3,500 square feet of heated storage space with electric roll-up doors on about 1.5 acres of cleared flat ground -- very secure with a full chain link fence with razor wire coiled along the top for extra security. It's in a well-lit area with a street light on the edge of the property, and conveniently located on Hwy 290 with easy access. With many homeowners in this resort area being second-home owners and it seems that many of these residents have lots of large toys such as boats, boat trailers, Sea-doos, four-wheelers, extra automobiles, etc.. However, their luxury waterfront homes do not have much extra space for storage of all of these toys. Needless to say, I wish we could find about ten more of these properties to sell.... there's lots of buyers out there that are looking for this kind of property."

So I ask, "How fast have you closed on a listing?"  Share your story with us!

Happy 4^th of July!

Regards,

Janine Gregor for Paulia Kennedy

Note:  The contract was signed in under 2 hours and the actual closing took place in under 2 weeks!