Concentricity. Ever heard that word? It means “to have a common center.” I just learned that in the world of fiber optics, the definition of concentricity is about being “well-centered.” At any given real estate brokerage office with more than a few agents on staff, even the most free-wheeling and independent agents are part of the culture – the good, the bad, and the ugly. At my “market center” in Decatur, Georgia – we live up to the title of market center. We sit in the center of our core submarkets and we dominate the numbers in FMLS Area 52 – the “Greater Decatur” submarket. We also have significant market share in the nearby areas both inside and outside the perimeter. How do we do it? Well, pretty much just like other successful, mature Keller Williams market centers do it. 1. provide the The Best Technology tools to our agents As technology continues to transform the ways in which buyers search for homes and real estate professionals … [Read more...]
A is for Atlanta, D is for Decatur and KW is #1
2011 ends with one or two real estate brokerage surprises that I did not see coming 365 days ago. Kind of a turbulent year for some in the real estate brokerage business. And 2012 is going to bring a big surprise to some real estate players, but to real estate business folks like me, we won’t be surprised. My company President, Mark Willis, claims that Keller Williams Realty is poised to be the #1 real estate company in the world next year. On 12/31/2010, I did not even speculate that one of the world’s largest Re/max franchisees, Re/max Greater Atlanta, would evaporate and scatter its agents far and wide by Spring 2011. A sad, broken business model. Ran out of money. I also did not consider that one of Atlanta’s most formidable boutique brokerages, Sanctuary, was struggling too. I got my real estate salesperson’s license in Georgia in 1999. Back in 1999, when I became a Charter member of Keller Williams Realty First Atlanta, I became a “blueprint buyer,” for Keller … [Read more...]
One year later, in downtown Decatur
I bought my downtown Decatur townhouse one year ago today. My purchasing power was amazing - VA Loan, 100% financing and a 4% APR. Who was thinking that we would be seeing rates lower than that one year later? Not the Mortgage Bankers Association...but I digress. I completed the renovations months ago, but it is still a work in progress - Decatur is a fantastic place to live (and walk to work), my real estate agency business at Keller Williams Realty Metro Atlanta is terrific, and life is extremely good - in a world of complaint, misery, woe and confusion, I know what I know and I know that I am blessed... My daughter is asleep upstairs, as I write at 700 this morning. She likes the fact that my townhouse is next to the dog park, and within walking distance of the Snoball Cafe'. I am going to use my townhouse as an example for the rest of this post - an example of advice that I offer to my clients everyday. I like to distinguish the fact that real estate purchases - … [Read more...]
The secrets to finding a buyer in the Intown Atlanta real estate market
Many different features attract buyers to a real estate purchase, but the seller only has control over two of them. Sellers can still get the highest possible list-to-sell ratio and sell their homes as quickly as possible if they are willing to put their trust in two time trusted principles of real estate: condition and price. Since 72% of all sales transactions are “equity” transactions – not distressed, not some odd luxury transaction and not an estate sale, the chances are favorable for sellers who “get it.” Here are the the top ten features that attract buyers according to the Keller Williams Realty International survey conducted for our 2011 Market Navigator booklet. 1. Location – favored by 69% of buyers 2. Neighborhood – favored by 55% of buyers 2. Floor plan – favored by 37% of buyers 3. Updates to the house – favored by 36% of buyers 4. Curb appeal – favored by 30% of buyers 5. Square footage – favored by 28% of buyers 6. Back yard – favored … [Read more...]
The distinction and value of a lakefront lot
This is another story where the value of knowing Hank Miller comes in handy. I represent some folks who wanted to buy a house on a lakefront. More like a pond front, but we’ll call it a lakefront. Not Lake Altoona or Lanier – a small suburban lake. Well, the buyers didn’t think that the seller and the listing agent were realistic with their pricing. The property had about 100’ of lakefront. So, I talked to this listing agent and she encouraged me to consider the value of lake frontage - she lives on lake frontage - she's sold many lake fronts - she told me that they always have to be “comped” against other lake lots and she told me that appraisers routinely will go outside of distinct zip code and school district level geographic parameters in order to make an accurate comparable for a lakefront property. She encouraged me to look at lake lots all over and to go back further than 6 months of sales - she states that appraisers will routinely adjust for the sales … [Read more...]
Ouch! Intown Atlanta Sellers and the Price Reduction Effect!
This chart is a big eye opener. Take into account the following facts: 1. The <$200K price range had a more severe impact (-24.9 percentage points) on the percentage of listing price realized after a price reduction, but all price ranges are affected heavily when a reduction is necessary 2. The lower price range impact was likely amplified by the number of foreclosed properties in that price range 3. Between $200K and $999,999, Sellers who don't price their property right the first time are losing anywhere from 5-8% on the sale ... that doesn't even account for the lost capital - time is money, and monthly debts must be paid, month after overpriced month In the past 2 weeks, we've concluded the following, in addition to this bold statement about the effect of price reductions: A. Sellers are paying some or all closing costs in about 71% of Intown transactions B. Most Listing Agents and Sellers, most of the time are off by about 7% List vs. SOLD on … [Read more...]