This post is actually a week late in being posted BUT I would counter that with the little detail that I am in Real Estate, and my clients will always come first!
That being noted, I would be remiss if I didn’t write about the Women’s Council of Realtors – Empire Westchester Chapter Breakfast Meeting held at the Hilton Double Tree Hotel in Tarrytown on June 17th, 2013 in which there was a panel discussion centering on “Embrace the Change – Again.”
” The world actually hates change but its the only thing that actually brings us promise.” Charles Kettering –
The purpose of the meeting was to not only update the 173 attendees of past events (May 6th Fashion Show raising $22,400 “Coalition for the Hungry” and an upcoming cocktail party and other events), but to also post a panel discussion with market leaders ( Chris Meyers, COO of Houlihan Lawrence, Joe Rand, Better Homes & Garden Rand Realty, Laura Scott of Douglas Elliman, Westchester, Leah Caro, Bronxville Ley Real Estate, LLC, Marcene Hedayati, William Raveis Legends Realty Group, Jason Wilson, Julia B. Fee Sotheby’s International Realty, Laura Acocella, Coldwell Banker Residential Brokerage, Gary Leogrande, Keller Williams NY Realty – all commenting on the current real estate market. Phil Faranda of J. Phillip Real Estate, LLC. was the ever witty and charming Moderator, and he did a great job both introducing the panel, and asking them thought provoking questions.
Some of the points made by the panel were:
1) With sellers obtaining quicker potential sales, they might lean towards discount brokers for representation feeling they do not need that full service, and so it is imperative to face that challenge with market knowledge and expertise.
2) Setting expectations with our clients at the first point of contact. Informing the client “What’s going to happen .” This will avoid any lack of communication.
3) Interest rates are rising. With increasing interest rates, 4% a month ago could have perhaps allowed a buyer to purchase a home at $280,000. A month later that same buyer would only be able to purchase $218,000 and if the rates were to rise to 6.5% – it could actually then be $190,000.. Now, is a great time in which to purchase a home.
4) If we communicate any lack of faith in another broker, it can potentially sideline the transaction, and so we should all be careful of what we say and about whom. Keep focused.
5) The real estate market is cyclable. Transactions continue to rise now because of a low inventory, but the rise in prices are low.
6) Buyers feel they know more than the agents and so it is imperative to provide value. Be the gate-keeper of the information. Be the market advisor.
7) Social media extremely important – an strategic way in which to demonstrate market knowledge. Put clients needs ahead of your own. Be the trusted advisor.
8) Some agents have ‘pocket listings’ and they are simply a violation of one’s fiduciary responsibility to the seller in not opening it up to the market. Despicable behavior.
9) Clients are still not choosy enough.. some agents are chosen for them, and this just should not be the case. Everyone should do their research prior to choosing an agent.
Westchester is GREAT!