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Considering a fixer-upper? What you need to know

April 16, 2021 By

Fixer-uppers are tempting prospects. Such properties let you buy into a desirable neighborhood at far below typical market value. That’s because you’re not buying a typical house.

With fixer-uppers, you must think carefully. Ask yourself: Will this house be worth the work I put in? To find your answer, follow these three steps.

1. Add up the costs: First, consider everything that needs to be done in the home. Always assume more work rather than less. Add up all costs for materials and labor. If you plan on doing some of the work yourself, factor in your own labor costs as well.

Hiring a home inspector helps a lot during this step. Their expertise can ensure you’re not missing any costs hidden behind the walls or under the roof.

2. Calculate the final value: Regardless of whether you plan to sell the house or live in it, you need to estimate what the finished value will be. Search for comparable listings, or “comps,” that have sold in the area to get a rough idea of what to expect. A Realtor can easily run a search on your behalf.

3. Find the difference: Finally, subtract the total estimated costs from the estimated final value. Subtract an extra 5-10% for unforeseen issues. The number you get should be the absolute upper limit of what you offer. Anything more, and a great deal can easily turn into a money pit.

If that final number looks good to you, then that fixer-upper may be just what you’ve been looking for. Time to secure a renovation loan!

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Rocco Morrella III 1970’s- “I was born into C21”

April 6, 2021 By

Ask Rocco Morrella III of CENTURY 21 Hallmark in San Jose how long he’s been with CENTURY 21, and his response just may stop you in your tracks.

“I was born into CENTURY 21.”

Following in the footsteps of his father, Rocco learned the ropes from the best of the best, in the humble beginnings of CENTURY 21 Real Estate in the early ‘70s, as CENTURY 1 was the 1st, in real estate, to franchise. Officially joining the ranks in 1972, Rocco can remember the exact conversation with his dad, the day he learned their next move was to become CENTURY 21 real estate agents. They were one of nine offices started in Santa Clara County California.

“We are going to be a part of CENTURY 21.” Rocco Morella Jr. casually mentioned to his son.

“Do we have to buy anything?” Rocco III asked.

“No. We need cards but I am going to buy them for you.” Rocco Jr. continued. “Why are we doing this? It can be worth something.” His dad assured him.

Though Rocco didn’t fully understand everything that day, he trusted his dad and believes it was on that day that changed everything for him.

“It’s been better than what I could’ve ever expected in my life,” Rocco said, as he took us down memory lane to a much simpler time.

We asked Rocco, “what’s one thing you remember about running your business during the ’70s?”

“Paperwork! Papers everywhere!” Rocco said, with a hint of excitement in his voice. “Bookkeeping was huge, and if we were off by 2 cents, our secretary would spend hours looking for it. We had to keep track of everything!”

Back then, reputation was everything. “There was no way you would do a deal with someone if they didn’t have a good reputation. Many transactions were a handshake.” Rocco recalls how important it was to the business to be viewed as reputable and trustworthy.

Rocco Morrella III 1970’s- “I was born into C21” image 1

“Our contracts were only one page when I started, and when it went to two pages, I thought the business was going to hell,” he said as he chuckled about how much of a shift it was to his business when the buyer and seller contracts were updated.

Though much has changed since then, some things have remained the same.

“They were brilliant,” Rocco recalls, as he shared with us how much the CENTURY 21 brand was a disrupter to the real estate industry with print and television advertising.

Rocco Morrella III 1970’s- “I was born into C21” image 2
TV Commercial, 1978

“We were in commercials, print ads, and radio ads, and when people would find out you were with CENTURY 21, they’d say, ‘you’re with that company that uses kids in advertising!’ It was some of the best advertising I’d ever seen. It was impressive. Very, very impressive.”

Having the opportunity to hear Rocco recount the early days of real estate, paints a much different picture than what most think of real estate today. There were no computers, no smartphones, and social media was non-existent. Agents like Rocco were there to experience a time where the backbone of your business was your reputation. As we celebrate our 50th anniversary, we will be sharing even more stories of our #relentless, who have been boots-on-the-ground, throughout the decades. #OurBrandofRelentless

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Rocco Morrella III 1970’s- “I was born into C21”

April 6, 2021 By

Ask Rocco Morrella III of CENTURY 21 Hallmark in San Jose how long he’s been with CENTURY 21, and his response just may stop you in your tracks.

“I was born into CENTURY 21.”

Following in the footsteps of his father, Rocco learned the ropes from the best of the best, in the humble beginnings of CENTURY 21 Real Estate in the early ‘70s, as CENTURY 1 was the 1st, in real estate, to franchise. Officially joining the ranks in 1972, Rocco can remember the exact conversation with his dad, the day he learned their next move was to become CENTURY 21 real estate agents. They were one of nine offices started in Santa Clara County California.

“We are going to be a part of CENTURY 21.” Rocco Morella Jr. casually mentioned to his son.

“Do we have to buy anything?” Rocco III asked.

“No. We need cards but I am going to buy them for you.” Rocco Jr. continued. “Why are we doing this? It can be worth something.” His dad assured him.

Though Rocco didn’t fully understand everything that day, he trusted his dad and believes it was on that day that changed everything for him.

“It’s been better than what I could’ve ever expected in my life,” Rocco said, as he took us down memory lane to a much simpler time.

We asked Rocco, “what’s one thing you remember about running your business during the ’70s?”

“Paperwork! Papers everywhere!” Rocco said, with a hint of excitement in his voice. “Bookkeeping was huge, and if we were off by 2 cents, our secretary would spend hours looking for it. We had to keep track of everything!”

Back then, reputation was everything. “There was no way you would do a deal with someone if they didn’t have a good reputation. Many transactions were a handshake.” Rocco recalls how important it was to the business to be viewed as reputable and trustworthy.

Rocco Morrella III 1970’s- “I was born into C21” image 1

“Our contracts were only one page when I started, and when it went to two pages, I thought the business was going to hell,” he said as he chuckled about how much of a shift it was to his business when the buyer and seller contracts were updated.

Though much has changed since then, some things have remained the same.

“They were brilliant,” Rocco recalls, as he shared with us how much the CENTURY 21 brand was a disrupter to the real estate industry with print and television advertising.

Rocco Morrella III 1970’s- “I was born into C21” image 2
TV Commercial, 1978

“We were in commercials, print ads, and radio ads, and when people would find out you were with CENTURY 21, they’d say, ‘you’re with that company that uses kids in advertising!’ It was some of the best advertising I’d ever seen. It was impressive. Very, very impressive.”

Having the opportunity to hear Rocco recount the early days of real estate, paints a much different picture than what most think of real estate today. There were no computers, no smartphones, and social media was non-existent. Agents like Rocco were there to experience a time where the backbone of your business was your reputation. As we celebrate our 50th anniversary, we will be sharing even more stories of our #relentless, who have been boots-on-the-ground, throughout the decades. #OurBrandofRelentless

The post Rocco Morrella III 1970’s- “I was born into C21” first appeared on Century 21®.

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Kitchen Trends for 2021

March 24, 2021 By

Homeowners have been focused on making their kitchens work better for them as they spend more time at home, according to Houzz’s “2021 U.S. Kitchen Trends Study.” Here are three key ways the kitchen space is changing this year. 

  1. A focus on storage – Of the one-third of homeowners who opted for partial cabinet upgrades, more than a quarter added at least some cabinets to their newly renovated kitchen, nearly four times as many as the previous year. The percentage of homeowners adding or upgrading a pantry space also increased, with nearly half the surveyed homeowners upgrading pantry cabinets and one in eight adding a walk-in pantry, both gains from the previous year. There was also a greater focus on adding built-in specialty organizers, drawers or trays.
  1. Closing up open layouts— In 2020, people quickly recognized the disadvantages of having a lack of walls as multiple members tried to hold concurrent video meetings. The number of renovating homeowners opening their kitchen to other interior spaces has dropped dramatically since 2019. However, the open concept is not necessarily going away completely, says Houzz. Even just adding simple partitions or sliding doors between the kitchen and other spaces can often do the trick.
  1. Touchless tech – The pandemic has made many of us hyper-aware of the surfaces we touch. In response, there has been growing popularity for appliances with wireless controls; it grew by five percentage points since last year.
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The Economic Impact of Commercial Real Estate

March 18, 2021 By

New commercial real estate development, and the ongoing operations of existing CRE buildings in the United States, had a vital impact on the U.S. economy in 2020, supporting 8 million jobs and contributing $1.01 trillion to U.S. GDP, according to a study released last month by the NAIOP Research Foundation.

The study broke out several key measures by sector – and demonstrate the impact of the pandemic:

  • Office construction expenditures totaled $38.8 billion in 2020, down 28.5% from 2019.
  • Retail construction totaled $11.7 billion in 2020, down 29.5% YOY. This was the fifth straight year of decline.
  • Warehouse construction outlays decreased slightly in 2020, down just 0.3% YOY.
  • Industrial (manufacturing) construction spending was hard hit, declining 29.5%.

The top five states in 2020, by development impact, were Texas, New York, Florida, California and Illinois.

This year, job growth is expected to improve, and GDP growth will make up some of what it lost in 2020. And NAIOP remains optimistic. “Many factors point to a commercial real estate rebound in 2021,” said Thomas J. Bisacquino, president and CEO. “We believe that while the pandemic has accelerated trends already progressing in real estate, we have a bright future.”

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5 Common Contingencies When Buying a Home

March 9, 2021 By

It’s vital to understand the terms “earnest money” and “contingencies” when house hunting. Earnest money is paid up-front as a show of good faith when you make an offer on a home. It is held by an escrow company until the sale is finalized or falls through. A contingency is a condition added to a purchase offer. If that condition isn’t met, the buyer keeps their earnest money if they walk away.

Here are the five most common contingencies used by homebuyers.

  1. Appraisal: This contingency means the offer depends on a satisfactory appraisal of the property. If the appraiser decides the value of the home is much lower than the sale price, the buyer can re-negotiate or walk away.
  2. Financing: This contingency gives the buyer time to secure a home loan. It protects them in the event they cannot find a lender or do not qualify for the amount they need.
  3. Home sale: If a buyer needs to sell their current home, this contingency gives them time to do so. If they cannot sell their home, they get their earnest money back. This contingency is no longer very common, as sellers generally decline offers with it.
  4. Inspection: If the home inspection reveals any problems, this contingency gives the buyer a chance to negotiate repairs with the seller. If an agreement cannot be reached, the buyer can walk away.
  5. Title: This contingency protects the buyer if any problems arise during the title search. Common problems include contested ownership or another person’s debts needing to be paid.
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Power of Social Media Leveraging Your Online Presence to Drive Growth

March 3, 2021 By

When it comes to truly standing out in today’s hyper competitive real estate market, one of the most important factors an agent should consider is their digital footprint. Social media platforms have become an integral part of the real estate business helping agents build a strong and consistent brand presence with target consumers and generate leads. While some may consider it a form of “free advertising”, doing it well takes a different kind of investment – time and effort. The most successful agents on social media agree that you need to be selective with your content, consistent with a posting cadence and showcase your authentic self to successfully drive engagement.

We sat down with a few of CENTURY 21 Real Estate’s most social-savvy affiliates to share their insights and key things to consider when incorporating social media into your business plan.

Chris Stager, CENTURY 21 Pinnacle

Power of Social Media Leveraging Your Online Presence to Drive Growth image 1

Social Media plays the BIGGEST role in my business with over 80% of my transactions having been generated on these platforms. My business plan starts and ends with social media, I treat it like a live CRM. My goal is to build a trusted social brand by creating good and consistent brand awareness with one-of-a-kind, community-driven content. By being myself and giving my consumer a look inside of my life, from both a professional and personal standpoint, I am already establishing that unique connection with them. I believe one of the biggest mistakes agents make is too much focus on business content. There’s only one you, so BE YOU and not someone else. YOU are the one they are hiring to be their partner on this journey.

Shawn Battle, CENTURY 21 Redwood Realty

Power of Social Media Leveraging Your Online Presence to Drive Growth image 2

In today’s market, if you aren’t posting regularly on social media, you just aren’t doing your job as a real estate agent. That being said, I’m very selective with what goes on my page and what goes into my story. I’ve had the most success using video and YouTube. It’s the biggest way I distinguish myself because not as many agents are doing it. I like to put my own fun little spin on each video to show some personality and keep people engaged. I then use the CENTURY 21 CRM and email marketing tools to engage my sphere with this content at least once a week. I’ve attracted several new clients who said they saw my YouTube videos and wanted to work with me. My advice to other agents is to start with one platform and master it. Don’t just post to post, post to build a foundation and make the content consistent with your business.

Gabe Mendez, CENTURY 21 Award

Power of Social Media Leveraging Your Online Presence to Drive Growth image 3

Social media is my main source for lead generation – I use it as a form of personal branding. People connect with me and the way I do business. When they see me, hear me, get to know me, they begin to build a level of trust which makes it easy and fun to work together. Not everyone wants to do business with me and that’s okay, but the only way they can make that decision is by knowing I exist and learning more about me. Our job as agents is to get attention to our business, to capture mind share. That’s why we cold call, door knock, send mailers. Social media is the easiest, most fun, and most affordable way of doing that. But even though it may
seem casual, the biggest mistake agents make is losing the professional aspect of your content. If you wouldn’t put it on a listing presentation, do not post it on social media.

As you can see, each of these agents takes a unique and personal approach to leveraging social media to engage with today’s home buyers and sellers. As part of the CENTURY 21 brand, our network of 146,000 affiliated sales professionals has access to a suite of tools that enable them to create unique and customizable social content, promote their personal brand with key targets and connect with system leaders for the latest coaching and training to take their business to the next level.

The post Power of Social Media Leveraging Your Online Presence to Drive Growth first appeared on Century 21®.

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Power of Social Media Leveraging Your Online Presence to Drive Growth

March 3, 2021 By

When it comes to truly standing out in today’s hyper competitive real estate market, one of the most important factors an agent should consider is their digital footprint. Social media platforms have become an integral part of the real estate business helping agents build a strong and consistent brand presence with target consumers and generate leads. While some may consider it a form of “free advertising”, doing it well takes a different kind of investment – time and effort. The most successful agents on social media agree that you need to be selective with your content, consistent with a posting cadence and showcase your authentic self to successfully drive engagement.

We sat down with a few of CENTURY 21 Real Estate’s most social-savvy affiliates to share their insights and key things to consider when incorporating social media into your business plan.

Chris Stager, CENTURY 21 Pinnacle

Power of Social Media Leveraging Your Online Presence to Drive Growth image 1

Social Media plays the BIGGEST role in my business with over 80% of my transactions having been generated on these platforms. My business plan starts and ends with social media, I treat it like a live CRM. My goal is to build a trusted social brand by creating good and consistent brand awareness with one-of-a-kind, community-driven content. By being myself and giving my consumer a look inside of my life, from both a professional and personal standpoint, I am already establishing that unique connection with them. I believe one of the biggest mistakes agents make is too much focus on business content. There’s only one you, so BE YOU and not someone else. YOU are the one they are hiring to be their partner on this journey.

Shawn Battle, CENTURY 21 Redwood Realty

Power of Social Media Leveraging Your Online Presence to Drive Growth image 2

In today’s market, if you aren’t posting regularly on social media, you just aren’t doing your job as a real estate agent. That being said, I’m very selective with what goes on my page and what goes into my story. I’ve had the most success using video and YouTube. It’s the biggest way I distinguish myself because not as many agents are doing it. I like to put my own fun little spin on each video to show some personality and keep people engaged. I then use the CENTURY 21 CRM and email marketing tools to engage my sphere with this content at least once a week. I’ve attracted several new clients who said they saw my YouTube videos and wanted to work with me. My advice to other agents is to start with one platform and master it. Don’t just post to post, post to build a foundation and make the content consistent with your business.

Gabe Mendez, CENTURY 21 Award

Power of Social Media Leveraging Your Online Presence to Drive Growth image 3

Social media is my main source for lead generation – I use it as a form of personal branding. People connect with me and the way I do business. When they see me, hear me, get to know me, they begin to build a level of trust which makes it easy and fun to work together. Not everyone wants to do business with me and that’s okay, but the only way they can make that decision is by knowing I exist and learning more about me. Our job as agents is to get attention to our business, to capture mind share. That’s why we cold call, door knock, send mailers. Social media is the easiest, most fun, and most affordable way of doing that. But even though it may
seem casual, the biggest mistake agents make is losing the professional aspect of your content. If you wouldn’t put it on a listing presentation, do not post it on social media.

As you can see, each of these agents takes a unique and personal approach to leveraging social media to engage with today’s home buyers and sellers. As part of the CENTURY 21 brand, our network of 146,000 affiliated sales professionals has access to a suite of tools that enable them to create unique and customizable social content, promote their personal brand with key targets and connect with system leaders for the latest coaching and training to take their business to the next level.

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Top 2021 Design Trends to Watch

February 18, 2021 By

Our homes became the center of our worlds in 2020. As we move forward into 2021, what home design trends are expected to emerge? Here are some top predictions from interior designers. 

  1. Neutrals Mixed with Bold Colors – Neutral tones will never go out of style, but some homeowners are saying “yes” to pops of color. Pantone led the way by choosing not just one, but two independent colors for 2021: Ultimate Gray and Illuminating (a cheery yellow). As Pantone explained, the combo of a neutral and vibrant hue “highlights how different elements come together to support one another.” Now isn’t that the story of 2021? 
  2. Entertainment Spaces — “Staying in is the new going out,” says designer Brad Ford. Expect more attention paid to creating entertainment opportunities at home with bigger TVs, better sound systems, mood lighting, lounge seating, and substantial dining tables that mimic the feeling of going out. 
  3. Multi-Functional Living Rooms – Now, more than ever, living rooms need to be comfortable, approachable, and functional. Designers are refashioning these spaces by adding a games table, library table, and several seating areas for reading and relaxing that allow the family to be together in the same room no matter the activities they’re doing. 

Which style are you?

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The Outpost Economy: A New Trend

February 11, 2021 By

The COVID-19 pandemic has resulted in many behavioral changes, not the least of which is the acceleration of the work-from-home trend. As the location of many workplaces remains flexible, there’s been a shift in the nature of work, its location and employment implications. Commercial real estate investment firm Graceada Partners has identified this trend and defined it, referring to it in a new report as the “outpost economy.”

The outpost economy is defined as the rise of a more dispersed economy and employment base away from major cities, to smaller cities with a high quality of life that draws workers who have become untethered from their offices in major cities. Clearly, this has implications for the real estate market – on both primary markets, as corporate headquarters become decentralized, and on secondary markets, as they evolve into “outpost economies.”

Takeaways from the Graceada report include:

  • Prior to COVID-19, many workers built their lives around the cities where they were employed. But, today, Millennials and younger workers are nesting, focusing on purchasing homes in smaller cities or suburbs and growing families there. The pandemic has enabled them to do this due to greater acceptance of remote working.
  • Still, the office is not dead. Many remote workers have already returned to the office, and offices are migration evolving as well. Employers may end up leasing smaller spaces in secondary markets to allow employees in those areas to work from those hubs.
  • Three outposts singled out in the report are Austin, Charlotte and Sacramento.
  • Despite the rise of many outposts, primary markets like New York and San Francisco have been economic hubs for major industries for many years and aren’t expected to go away overnight.
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