Celebrating Americana on the Half Shell
November 15th, 2009 categories: Entertainment, Real Estate News
“The first man gets the oyster, the second man gets the shell”
Andrew Carnegie
Fortunately, during last weekend’s 52nd Urbanna Oyster Festival, there were plenty of oysters to be had, even for those in the back of the line. Everyone had loads. And, most of us, way too many! If you’ve not had the chance to venture to Urbanna, Virginia, for the annual oyster celebration, you’re not only missing great food, but also a special glimpse of small town America.
Urbanna is located in Virginia’s Northern Neck, which is situated North of Williamsburg, and Southeast of Fredericksburg, hugging the Chesapeake Bay.
It’s been called a “historic town”, and, in many ways, it is. It’s among the places you’ll see on the National Register of Historic Places. But, each year, on November 6th & 7th, you’ll find some 75,ooo folks headed to this “sleepy” coastal town for oysters, fritters and other assorted dishes, and loads more fun. I can tell you, it’s likely on the “must see” list for those who enjoy touring the country in their RV’s, because there were plenty of those big boys parked in and around the festival.
The two day festival has an assortment of activities, from an oyster shucking contest to the crowning of the festival’s Oyster Queen, among others.
Any number of booths selling food, jewelry, art work, intricate wood design (well, you get the picture, like you’d see at the County Fair), and assorted items dot the town’s landscape. Parking is available, but plan on paying a minumum of $10 or Friday, and $20 on Saturday to park.
And, for those visiting for the first time, it doesn’t matter where you park, the prices are the same. So, for convenience sake upon leaving, use the lots before you come into town.
Enjoying the sights and sounds of Urbanna, and the Oyster Festival, the kids having fun, the adults enjoying each other’s company, the interaction with the booth workers, reminded me of the abundance our Commonwealth has to offer. While most of us relish the time away from work on the weekends, and the relaxation it provides, you might mark the calendar and set aside this early November date next year. It is a piece of Americana that you don’t want to miss.
You’ll meet some very nice people, view a beautiful part of the state, and enjoy some appetizing food dishes. But you might do yourself a favor. In case your eyes are too big for your stomach, don’t forget to bring the Tums!
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First Things First in Real Estate Practice
November 2nd, 2009 categories: Military Installations, Real Estate News
Most of us that have served time in the military have been the beneficiary of training that develops skills that serve us well for the remainder of our lives. One of those skills is punctuality.
Recently, I attended a local Real Estate Expo. Arriving early provided me the opportunity to spend a few minutes discussing the state of real estate practice with the event’s featured speaker, who is recognized as one of the nation’s premier coaches in real estate. During our short exchange, I mentioned the need for better training, and much more demanding pre-licensing requirements for Realtors. The speaker agreed, but indicated that real estate leadership, national and local, would never let that happen for one simple reason – MONEY. Extending the time, and the difficulty of obtaining a license means more money required to get into the profession by applicants, and a longer training time. In simple terms, that means fewer Realtors. Why? Some just won’t have the dollars, and others, the time and proficiency.
But, the speaker’s words spoke volumes. And, while he willingly voiced them, doubtless there are many others who share his feelings.
Fundamentally altering how real estate is practiced must begin with a change in what’s valued in the business. And, as any organizational change expert will tell you, that change has got to begin at the top. Without “buy in” from those in leadership positions, changing the standards in an organization or profession is virtually impossible.
But, one may ask, what’s in it for them? Why should those in leadership positions in the real estate business change anything? Do leaders have an ethical and professional responsibility to improve the way their business operates?
Have your ever wondered what the difference between leaders and managers is? The short answer is, managers manage things, and leaders lead people. Another simple distinction is that leaders point out the right things to do while managers ensure things are done correctly. In simple terms, the responsibility and charge of leadership is not simply to make sure things get done, it is to make sure you and those you are “leading” are doing the right thing. As Stephen Covey emphasizes in his book, The Speed of Trust, this develops trust among a profession’s members, but just as importantly, the clients that use it as well.
For Realtors, the importance of trust, and faith in their practices, is the basis for their referral business. For many, it’s the lifeblood of their practice. For real estate leadership, trust is the bedrock of the business. Without faith in the profession and professionals they’re using, why should buyers and sellers of real estate rely on Realtors and their profession to do business? Simply put, they shouldn’t. Instead, they’d be better off depending on an alternate source to place their faith in. So, what might leadership do to fundamentally and radically transform real estate practices and procedures to enhance the public’s trust?
It must begin by realizing that the overhaul must be “transformational”, not piecemeal. That means a new level of change featuring innovation and daring by leadership and practitioners alike. The characterization or term, “Transformational Leadership”, was coined by Presidential historian James MacGregor Burns in 1978, to describe a model relationship between the leader and their followers. Burns focused on a more moral and virtuous example featuring new attitudes and perspectives – in other words, a new way of thinking, and new approaches to old problems. In many cases, this new approach requires a new “breed” of leadership. Because, as we all know, it is certainly hard (but not necessarily impossible) to teach an old dog new tricks.
This new level of might begin by including a tougher standard for owners and brokers, the key players in our profession. The old standard of “what they knew or should have known” is just the beginning of what this group of leaders should be held accountable for. How about greater responsibility for the practices of their agents that are a party to a transaction? For example, how many mistakes are made today by agents (how many of these errors result in a failure of the agent to act in the best interest of their client?) involved in short sale or foreclosure transactions due to the agent’s ignorance because they’ve had little or no training in the specifics of either type of those special circumstances? More than a few. In each of those transactions, specialized training is one of the keys to success. Yet, there is no requirement for the necessary specialized training by leadership at the local, state or national level. You have to wonder why?
Secondly, better communication standards or practices would greatly enhance the way business is carried out. The time wasted by trying to track down agents and information due to unanswered and unreturned inquiries is enormous. Now, are those missed or unreturned calls the fault of the managing broker or owner? Well, not directly. But, if their firm’s culture (not to mention, this profession’s) is one that tolerates unprofessional practices, then the blame is certainly partly theirs. As many Realtors would admit, many firms willingly look the other way rather than confront those that are routinely guilty of these faults.
Most owners would rather not upset the money cart. One too many admonishments might scare off the money maker. But, what if managing brokers demanded the same higher standard of practice from all the agents they oversee, and none was “above the law”? How easy would it be for an agent to find another enabler to practice under?
Do better practices mean a better product? By all measures, yes. So, why aren’t they required? When will leadership begin to set higher standards for those practicing real estate? Perhaps these are questions, we who practice real estate, need to be asking more and more of those who sit in the seats of real estate leadership.
As mentioned recently by Lem Marshall, the Special Counsel to the Virginia Association of Realtors(VAR), in discussing what’s needed to dramatically improve the Short Sale process, he said that improved competence by agents would go along way in making a dysfunctional process much better. His audience was a group of brokers and owners. Lem was making it clear to those who hold the reins of power that they are responsible for having their agents prepared to practice properly. Demanding competency is simply good leadership. And, after all, accountability is a strong motivator. Let’s hope those in the audience were listening.
While Lem’s Road Show was sorely needed, in an attempt to improve a Short Sale process badly in need of repair, let’s hope it is just the beginning of a larger effort to move this profession’s leadership in the right direction.
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Are We Being Led, or Led On?
September 23rd, 2009 categories: Real Estate News, Relocating
Leadership has been examined, discussed, practiced, criticized, admired, and mischaracterized for almost as long as humans have been around.
But, for real estate professionals, where does ”leadership” come into practice? Do we lead anything? Are we led by anyone? The obvious answer is, of course leadership is practiced. And, yes, there are indivduals leading us in our profession. But, if that’s the case, what kinds of leadership do we see? Are they leading us in the right direction? And, who is leading who, to do what?
What Does Leadership Look Like In the Practice of Real Estate?
As real estate agents, our job is advise, counsel, and, among other things, educate our clients. At the end of the day, we are paid to influence or persuade. Is that leading? Of course it is. As most of us would agree, leadership is the practice or art of persuasion. The ability to lead is based upon the faith or thrust that those being led have in their leader. Aren’t our clients trusting us when we advise them on market conditions or price? How about when we make recommendations to sellers on staging their home or preparation needed before placing it on the market?
What is their faith in our capabilities based upon? A positive history with us as a previous client? In the case of a new client, what leads them to place their trust in you as an agent? Was it your amazing marketing presentation? And, what about buyers with their new agent, what is the basis for the selection of agent? A recommendation from a friend? The agent’s track record? Good interpersonal skills? Does it really matter? When all is said and done, isn’t it the result that’s most important? While the result is certainly very important to the buyer or seller, how the agent leads is sometimes more important than what the result is.
Agents are considered to be ”independent contractors“. One of the benefits that comes with that capacity is freedom. Since independent contractors aren’t “employed” per se, but instead, work for themsleves, they are free to operate under their own set of rules. Within limits, of course. They are bound by the professional code or operating guidelines of their profession. For Realtors, these guidelines are the Realtor Code of Ethics and Standards of Practice. And while Realtors are well aware of what they should or shouldn’t do, most of their clients aren’t. In other words, in most cases, they wouldn’t be aware of misconduct by their agents unless it hit them in the face. And to be honest, while Realtors take pride in what the Code stands for, sometimes their practice of it leaves something to be desired.
How are Realtors held accountable for the practice of their profession? Do owner/brokers hold their agents accountable for their lack of professionalism or malpractice? If so, how? Do these brokers consider it more important for those new agents to get out and sell houses as quickly as they can, or to be well grounded in their Code of Ethics?
More importantly, if the Code is the cornerstone or building block of the practice real estate, how familiar does an agent have to be with their Code of Ethics before they are given a license to practice? In other words, what are those in leadership positions in the real estate profession requiring of their community of agents? What example are they setting and what standard are they accepting from those they are leading?
In real estate, like other professions, there are those sitting in leadership roles that are simply placeholders. Normally they’re in the position for affirmation and little else. Certainly not to seek change, and God forbid, to make waves! I’m reminded of a former classmate of mine from a recent leadership program, who, when asked why he was there, responded, “To check the block”!
There are those who believe that our leadership challenges aren’t much different than those of other professions. But, instead of minimizing the difficulties we face, perhaps we need to be asking instead, how we can transform our profession to one that is second to none when it comes to the public’s trust, instead of one that’s on par with Used Car Salesmen, according to Donald Trump.
But, let’s not get the cart before the horse. Before we take a look at some sugggested avenues of improvement, let’s take a look at some anecdotal evidence on where the real estate ethical compass rests today. We’ll begin that examination in our next blog entry.
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The Details of Home Marketing
September 13th, 2009 categories: Real Estate News, Relocating
What’s the best way to market a home? While making sure your visuals (pictures, virtual tours/videos) are exhaustive and don’t leave anything to the imagination, the details of the listing are just as important in attracting prospective buyers.
PROPERTY DETAILS
Properly listing a home requires much more than good visuals. While they are important, providing the specifics of the home is a valuable aspect of marketing as well. How many times has a client wondered about room sizes, while sorting through the homes they actually want to drop by to see, only to find that data is missing from the listing? Is it in the best interest of the seller to include those room sizes in the listing? Yes, it is. What about a description that highlights the home’s best features?
PAINTING A PICTURE
Providing a brief “highlight reel” of what the property has to offer is what the “REMARKS” narrative section of the Multiple Listing Service (MLS) is all about. But, how well is it being used? Is the agent painting a picture of the property’s best features? Given the limited amount of available characters the MLS allows to describe the property, is the narrative accurate as well as compelling in describing the home? Or, is the listing agent’s property description more fiction than fact? When searching for prospective properties, since buyer’s agents do their best to match what their clients are looking for in a home with what’s indicated on the MLS, providing an accurate and complete depiction of the property, benefits the seller as well as the buyer.
Yard Signs & Lockboxes
Yard signs and lock boxes are tools of the trade that have long been staples of listing hardware. While yard signs “mark the spot” of the home for sale, they also provide a visual alert to those who drive or walk by that the property is on the market. Traditional signage emphasizes the name and number of the listing agency, and, oftentimes, the listing agent.
But, some have taken advantage of the sign to provide more information of what the house has to offer through pictures. This simple yet effective method of providing a glimpse inside the home may be the beginning of a more effective use of an old marketing method. Jim Duncan, an agent from Charlottsville’s Nest Realty, uses signs to provide the property’s address, price, a website address for more property information, as well as the listing company’s contact information. Oh, and there are property pictures as well. A more effective way of making the most of the yard sign, don’t you agree?
A lock box is a lockbox is a lock box, right? Well, not in Northern Virginia, right now. Our ongoing controversy over which lock box is the best one is to use is currently very heated, often with more misinformation involved in the discussion, than accuracy. The bottom line for a property listing is this; make sure, whatever lock box is being used on a property, that fact is accurately included in the listing. There are few things as frustrating for a Realtor, or a prospective buyer, than arriving at a property only to find it secured by a different lock box than that indicated on the MLS.
Getting the most out of the marketing avenues available when listing a home depends on knowing what tools are available, but more importantly, using those resources properly. Every seller wants the widest exposure for their product. As the Realtor’s Code of Ethics instructs them, it is a listing agent’s duty to act in the best interests of a client in fulfilling their marketing responsibilities. Is your agent using the marketing tools available to properly showcase your home? Let’s hope so.
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When You Know You’ve Made the “Big Time”
June 24th, 2009 categories: Entertainment, Relocating
Life is full of events that flag certain milestones in life. These milestones come in different forms, be they job related, academic, social, emotional, or another. Significant achievements often designate what we might call a ”rite of passage“. A sort of coming into our own. Well, many who found themselves in Fredericksburg this past weekend, may have witnessed just such an event in the life of our City. What was the big event? The opening of Fredericksburg’s very own Wegmans supermarket. But, as anyone whose been inside a Wegmans can tell you, it is anything but your father’s neighborhood grocery store.
While Wegmans has some seventy stores, they’re exclusively in the Northeastern U.S. Many shoppers outside of this area have never heard of Wegmans, much less stepped inside their doors. From its birthplace of Rochester, N.Y., it’s stores have spread to neighboring states New Jersey, Pennsylvania, Virginia, and Maryland. Store features include:
1. Cheese Shop
2. Bakery
3. Coffee bar
4. Patisserie
5. Sushi Station
6. Seafood Bar (with wine & beer by the glass)
7. Burrito and Panini bar
8. Crab Cake Counter
9. Thai & Indian Buffet
10. Kosher Deli
And much more, to include the two levels of seating for diners, who would rather sit down to enjoy their food. This includes the upstairs balcony, where those who enjoy the touch of fresh air feel right at home.
For those of us who avoided the 20,000 or so shoppers who were brave enough to wade into Wegman’s on opening day, there’s plenty left to be had. I happened to stop in earlier today, and the shelves have been fully re-stocked, while the aisles are still quite busy. Its something new, and not your ordinary “shopping” experience. As a matter of fact, the kids I witnessed in the store, seemed to be enjoying themselves as much as their parents.
Many have chosen to call Fredericksburg home because of its location, or history, or family in the area, or for its culture, or lifestyle reasons, among others. And, availability of shopping is an important consideration for many. With Wegmans moving into the neighborhood, we’re beginning to look a bit more like the “Big Time.” Now, if we can just convince Trader Joe’s that Fredericksburg is big enough for them too, we might be on to something!
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Homes By The Numbers
March 13th, 2009 categories: Market Trends, Real Estate News, Relocating
Our local newspaper, the Free Lance Star (FLS), provided us with housing figures this week. First, on Wednesday, it reported the median sales price for the Fredericksburg area had fallen to the lowest level since April, 2003. February sales figures indicated the median sales price dropped to $190,000. RealtyTrac provides current tracking data for foreclosure properties nationwide. Below is a snapshot of the latest picture of Virginia foreclosures.
Yesterday, the FLS followed up with news that Spotsylvania was #1 last month. First in Virginia in the rate of foreclosures, by county. Again, the figures were drawn from RealtyTrac. As the article reported, Stafford County wasn’t far behind, finishing fourth in the state’s foreclosure rate.
While many see the foreclosure numbers as bad news, for those in the market to purchase a home, the news couldn’t be more welcome. There are a couple of obvious attractions for buyers:
1) Coupled with low mortgage rates, depressed home prices provide a market ripe for the picking.
2) For first time homebuyers ( to qualify for “first time” status, you only need not to have owned a principal residence for three years before buying a house), you also benefit from the recent stimulus package’s first time homebuyer’s tax credit.
According to the Metropolitan Regional Information Systems sales data, Spotsylvania home sales increased approximately 40 percent from January to February of this year. Some of the increase may be attributed to the move towards the traditional Spring buying season. But, an increase in the number of foreclosed homes, and the lower prices that accompany them, contributed as well.
While many lenders have taken steps to halt foreclosures, according to RealtyTrac, the number of U.S. homes threatened with losing their homes rose 30 percent in February from last year’s levels. So, from all appearances, it doesn’t appear as if our economic Humpty Dumpty will find himself in one piece anytime soon. And, while buyers may not feel home sellers’ pain, they can certainly benefit from it.
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