Real Estate and the Millennials-What do they want?

Real Estate and the Millennials- What do they want? By Rick Guthrie Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, what do they want? We determined, in our blog how will they find us, millennials will find us the old fashioned way. Most of the time by […]

Real Estate and the Millennials- What do they want?
By Rick Guthrie

Thanks for returning back to my blog on Real Estate and the Millennials. Today it’s about, what do they want?

Millennials What do they want?We determined, in our blog how will they find us, millennials will find us the old fashioned way. Most of the time by word of mouth. This certainly holds true to the first time home buyer. They want a trustworthy professional who has been recommended to them. Also, in our last blog, we stated that millennials are looking for value plus opportunity in the work place. They want to do a good job, get paid for it then go home and enjoy life. Hey nothing’s wrong with that. It seems like all of the data and information supports these statements.

In this blog I want to look at what is important to millennials across the board. In short what do they want? I’ve been talking with several groups of millennials and I’ve started a millennial business group. We’re meeting twice a month. In our second get-together I gave them a questionnaire and also sent the questionnaire out to other millennial groups I’ve been talking with. Here are some key points that surprised me about what millennials want.

They want great technology-You would think that millennials are impressed with new technology like the boomers were. Actually they’re not really impressed with it, they expect it. They also expect that technology comes at a higher level backed with streamlined processes.

They want a consumer experience-You would think that millennials would prefer to shop online. Actually millennials are into the experience type of activity. They want a brick and mortar shopping environment that creates a great experience.

They want to involved I thought that millennials we’re more into themselves and not their surroundings. Actually they are more environmentally aware and pro-community than their predecessors.

They want a home – Someday anyway. Most say they want a home in the future but are held back by several things. For the most part, starting a family is not a pressing matter. It seems the ability to pick up and move quickly is very important. Lastly, debt mostly student loans is a factor.

They want to be healthyThey are more heath conscious and want more healthy choices. They are into exercising and are more anti-booze and cigarettes than pre-generations.

So why is this important? Well if you’re involved in any kind of business that deals with a consumer or you employ anyone who deals with consumers, it’s real important. If you’re trying to attract talent that can communicate with our largest population, it’s important.

I saw a report that it is estimated that 22.4% of the population, in my county will be retirees from the DC area in 2040. So how will the millennials effect that? In 25 years some millennials will be approaching retirement. That’s need to know info.

If I’m looking to grow my business and maybe leverage with other businesses inside my community, these are things I should be looking at.

Generational characteristics and attributes are important to understand. With millennials now being the largest population, we need to focus in on their needs. Now I’ve already gotten some push back from some on this subject. “Focusing on the millennial needs is not that important”. All I can say to that is, “Really?” Well the good news is that the millennial will find the product, brand, company and employer who will focus on their needs if you won’t. Blog you soon.

List to Last- Explaining The Appraisal Process

List to Last- Blog Series #3 Explaining The Appraisal Process. By Rick Guthrie I hope you’ve tried my A.B.C. listing format. If you haven’t go to www.rickguthrie.com and read that blog. In the ‘’A” section or the Agreement on price section it is extremely important to explain the appraisal process to the sellers. This well […]

List to Last- Blog Series
#3 Explaining The Appraisal Process.

By Rick Guthrie

I hope you’ve tried my A.B.C. listing format. If you haven’t go to www.rickguthrie.com and read that blog.

In the ‘’A” section or the Agreement on price section it is extremely important to explain the appraisal process to the sellers. This well help you get market pricing based off of your comparables. Once a seller understands what the function of an appraiser is and how they protect the lending institution’s interest, you can have more of a business conversation about pricing. Most transactions will obviously have an appraiser involved and believe or not most sellers are not aware of how this works. Until you have that conversation with them I find pricing is more an emotional decision rather than a business decision. I remember a script I learned from someone 15 years ago, it went like this;
     “Mr. and Mr. Seller, once your home goes on the market it is no longer a home but a commodity so   we need to treat it as such”.

The appraiser places a value on behalf of the lending institution on that commodity and the sellers need to understand that. I explain the appraisal process right in the beginning of my listing conversation. My appraisal script is this;

Mr. and Mrs. Seller the first thing I want to you talk about is the appraisal process. Once we get your home listed tonight and a buyer brings an offer, the buyer’s lender, not the buyer, is going to engage the services of an appraiser. The appraiser is determining value for the lending institution. The appraiser is looking for three like properties (apples to apples) that have sold within your area within the last 3 months. They want to find at least one or more that have sold at your contracted price or higher. Do you understand? Certainly a lending institution would not lend more money than a home was worth and you as a buyer wouldn’t want to pay more than a home was worth right?”The Appraisal Process

Now once I have gotten verbal acknowledgement that they understand, I move forward. When you backup this script with great comps and what I call a location of comparables map you’ll find they will choose realistic pricing, which is good for everyone. Poor pricing costs you and more importantly them time, inconvenience and definitely money.

So try this appraisal script in your next listing presentation or conversation and see how it works. If you would like to see this in a YouTube video just email me at www.rickguthrie@kw.com and I’ll send you a private link.

As always, “You have a great month today”

 

Watch Out for Real Estate Traffic

Watch Out for Real Estate Traffic By: Rick Guthrie We as real estate agents need to watch out for real estate traffic as we head into the fall, which is when the real estate industry starts to slow down.  We need to be constantly researching the real estate market as the number of houses that […]

Watch Out for Real Estate Traffic

By: Rick Guthrie

We as real estate agents need to watch out for real estate traffic as we head into the fall, which is when the real estate industry starts to slow down.  We need to be constantly researching the real estate market as the number of houses that are being listed and sold change. Agents need to be reporting to our sellers to keep them educated about the market and where it is heading.

A good agent is watching the housing market, a great agent is educating their clients about the market as it does change.  So, if a house isn’t selling it is most likely over priced.  As the market slows that would be the best time to be taking a look at other houses in the area that are on the market or have recently sold.

After doing your research, re-educating your seller about what their house should be listed at is a way of keeping your clients knowledgeable, about the industry.  Not only should you be contacting your sellers when the market is changing but you should also be following up with them about once a week.  You should be letting the sellers know about the feedback you are receiving from other agents about their home.  If people aren’t calling to see the house then that should be a big indicator that the house isn’t listed for the appropriate price to bring buyers in to make an offer.  Make pricing your focus this week!

If you would like to talk with me about moving to Keller Williams, ways to increase your business or just to introduce yourself please contact me by clicking here.  Look forward to hearing from you!

Well it's About Time-The FOCUS Triangle

Well it’s About Time – The FOCUS Triangle By: Rick Guthrie We’re back on my blog series “Plane, Space and Time”. Thanks for reading. I want to continue with the blog, “Well it’s about time”. Last time we ended with the understanding that we would be discussing more on planning. Remember I wrote, “It’s all about […]

Well it’s About Time – The FOCUS Triangle

By: Rick Guthrie

We’re back on my blog series “Plane, Space and Time”. Thanks for reading.

I want to continue with the blog, “Well it’s about time”. Last time we ended with the understanding that we would be discussing more on planning. Remember I wrote, “It’s all about knowing, having and doing”? Let’s expand on that with this great tool. This is too cool!

I would like to give credit where credit is due, but honestly I can’t remember who to give it to. All I know is this tool has morphed into something I got from someone. I’m guessing either Gary Keller and or John Maxwell or a combination of both. That said, I use it all the time. I call it the “Focus Triangle”.

When you have your “One Thing” that you need to accomplish, this is a great planning tool and crazy/simple to use. FOCUS triangle   Basically just draw a large triangle on a sheet of paper. In the middle of the triangle write in  what you need to accomplish. On the left side of the triangle write the word KNOW, on the  right side the word HAVE and on the bottom the word DO! Then draw four lines beside  each word and number those lines 1-4. Now as you can see, I have made one up and saved it  so I can grab it off of the computer any time I need it. If you want one, just email me at  www.rickguthrie@kw.com and I’ll get you one. So let’s put together a quick plan for our  Focus Triangle.

Let’s say you wanted to drop expired listing packets tomorrow, it may look like this;

 

What do I need to KNOW?
1. The Newly expired listings from the MLS
2. If they have been re-listed with another Realtor®
3. Quick stats on the property and area
4. Owner Information and if the property is vacant, the owners phone number

What do I need to HAVE?
1. The proper number of expired packets
2. A practiced great expired script
3. Routes and maps to the various expired occupied homes
4. A full tank of gas

What do I need to do?
1. Get up early
2. Door knock those expired listings on the way to the office
3. If no one is home, leave the packet. (I like to roll it up and put it in the garage door
handle.)
4. Follow up with a phone call and put them on a daily 8X8.

There you made an easy quick plan. Now all you have to do is follow the plan. You’re saying to yourself, “That sounds too easy”…… It is!

You can use this for any type of lead generation, marketing planning or just doing the Saturday yard work. When I have a lot I think I have to do, I use this and I start doing the things I need to and should be doing. There is a difference. Again, I would prepare your Focus Triangle the night before so you’re ready to go the next day. Believe me you’ll feel like you’ve accomplished tons!

Blog ya’ soon

Did You Triangulate?

https://www.youtube.com/watch?v=ivMMkHaG5bs Did You Triangulate? Rick Guthrie the Team Leader at Keller Williams Fairfax Gateway, in Fairfax, Virginia talks about triangulating in Real Estate to build your core.  The Triangulate Challenge has some pretty awesome rewards too!! You could win a trip to Orlando, Florida for Mega Camp which is the first place prize.  So go […]

https://www.youtube.com/watch?v=ivMMkHaG5bs

Did You Triangulate?

Rick Guthrie the Team Leader at Keller Williams Fairfax Gateway, in Fairfax, Virginia talks about triangulating in Real Estate to build your core.  The Triangulate Challenge has some pretty awesome rewards too!! You could win a trip to Orlando, Florida for Mega Camp which is the first place prize.  So go out and build that core of yours and not only will you be increasing your chances of winning the prize but you also will be growing your business.

did you triangulate?