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Walk a Mile in Their Shoes

January 26, 2021 By

When you think of superpowers, what comes to mind? How about empathy? Jenna Roberts, of Century 21 Platinum in Clarksville, TN has developed a meaningful way to connect with her clients through empathy. When you ask Jenna about her ‘why’ and what makes her so passionate about her real estate career, it’s very evident that her desire to serve, beyond the transaction, is what makes her #relentless. Not everyone can understand, recognize and articulate the thoughts and feelings of others but, it’s quite honestly, one of the superpowers that give Jenna her drive.

With an ability to relate to others in each of their unique situations, Jenna believes that being able to walk a mile in the shoes of her clients, is what helps her go above and beyond to defy mediocrity. And when we say, walk a mile in their shoes, we mean literally! Jenna actually walked up a steep hill with one of her clients, in heels, to tour a property.

I’ve built relationships with all my clients and try to keep in touch with them and not make them feel like it’s a transaction, but a personal relationship. It’s a decision or journey that I’m walking through with them, not just when we close on paper.

Jenna Roberts

Jenna’s thoughtfulness is key to elevating her service with her clients, for every experience. Whether she’s ordering their first meal, after a client has moved into their new home, or personally delivering boxes to the families she serves to help them with their move, elevating her game, at every touchpoint, is second nature. With a heart to serve military families, Jenna is passionate about making a meaningful impact on the lives of those who serve our country.

“I just try to put myself in their shoes and try to figure out, what would’ve been easiest for me when I was going through all of the transitions when I moved.” Jenna Roberts

Sometimes, it’s the meaningful connections in life that can leave lasting impressions. Jenna’s ability to connect with her clients, by placing herself in their shoes, has proven to be what makes her relentless.

Note: This material may contain suggestions and best practices that you may use at your discretion.  The views, information, or opinions expressed in any user-generated content are solely those of the individuals involved and do not necessarily represent those of Century 21 Real Estate LLC.

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Crushing Your Sales Plateau

January 25, 2021 By

To be honest, like many others in this business I was never good at goal setting, but I am changing that. While I help clients and customers reach desired outcomes, I’ve experienced a plateau before and have been at the same amount of sales for many years. With encouragement from those around me, it was time to leverage goal setting and begin the process of having more conversations, selling myself to more people, with greater frequency, in order to get my sales to a higher level.

  1. Create a system to track and measure your efforts. The first thing I did was create a spreadsheet to manage and hold myself accountable for the number of conversations and touchpoints necessary to overcome the plateau. It’s keeping track of phone calls, community events, talking to people at local stores, and geotargeting a new neighborhood to become the local market expert for that area.
  2. Use your results to determine what technique works best for you. There are many sales techniques and many ways to generate business but, what I have found that works for me, is to first build a personal relationship, and then sell myself and my unique value proposition. I want clients to hire me because they want to, whether it takes one conversation, two conversations, five conversations, or meeting in person a few times. I think it makes the relationship smoother and stronger, and it makes the goal of getting them the outcomes they desire a lot more effective.
  3. Apply your technique and engage your sphere. Ultimately, it’s important for agents to find their own rhythm. Every person has something they’re good at, and they’re going to attract certain people and certain personalities. For me, most of my conversations are in real estate settings, like open houses or industry-related events. When I analyze and look at where my business is coming from, most of it is coming from the sphere that I built and manage. Not only that, I’m reaching them with weekly personalized emails, many times with video, about their local market. Obviously, we want to engage them, but the information must be relevant. Don’t bore them with the same old stuff. It’s difficult to find topics that people are or should be, interested in.
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Selling yourself as the local market expert to your sphere can be key. This can help you build the relationships your business needs to grow. In real estate, there will always be change, so staying ahead of it by knowing your market can be the value proposition you’re looking for. For me, it’s what helped me to get over my sales plateau to grow my business and take it to the next level.

Note: This material may contain suggestions and best practices that you may use at your discretion.  The views, information, or opinions expressed in any user-generated content are solely those of the individuals involved and do not necessarily represent those of Century 21 Real Estate LLC.

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Real Estate Trends to Watch in 2021

January 21, 2021 By

With 2020 in the rearview mirror, what’s in store for the real estate market in 2021?

Strong demand and more homes hitting the market in 2021 will mean a healthy rate of growth for 2021. Expect seasonal trends to normalize with a strong spring/summer and slower fall/winter season. While the heated home price growth of 2020 might simmer down in 2021, home prices are still expected to rise. Mortgage rates are at historic lows, which has helped builders and developers finance their projects. As a result, experts are predicting that more new homes will be built in 2021 than in any year since 2006. And last but not least: major migrations are still on the move in 2021. Remote work, which set off a domino effect of increased homeownership in 2020, will continue to drive buyers from high-cost cities to suburban and rural areas with lower-cost housing.  

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Repurposing Properties: Creating New Uses from Old Buildings

January 12, 2021 By

Investors have long been interested in adaptive reuse – the process of repurposing a vacant or underutilized building and converting it into another use. Vacant malls, for example, are now being transformed into medical uses, schools and even housing. And with COVID-19 changing the way we work and travel, savvy investors are now eyeing office buildings and hotels as ripe for redevelopment.

Adaptive reuse offers many advantages to developers over ground-up construction. It’s cheaper – as much as 20% less, according to the Urban Land Institute. It’s also sustainable because there’s less construction required to convert a building than to create a new one. That results in savings on construction materials and energy. And adaptive reuse allows the historic character of a neighborhood to be maintained.

One example of a successful – and creative – adaptive reuse project is 888 Tower, the conversion of a high-rise office building in Santa Ana, California into 148 units of workforce housing by Alliant Strategic, a multifamily real estate investment firm.

The 10-story office building was designed in the 1960s by architect Welton Becket, who is also responsible for landmarks such as Hollywood’s Capital Records building and Los Angeles International Airport. In addition to the apartments, the finished project will include a fitness center and yoga studio in the basement, which also houses an old vault from Security Pacific Bank, a prior occupant of the building. There’s also 3,500 square feet of space that will be used as an art gallery for a nearby school of the arts.

The $60 million project is slated to receive a certificate of occupancy this month, and it will deliver much-needed workforce housing – created from a vacant office building.

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Getting pre-approved for a home loan in 4 easy steps

January 7, 2021 By

Getting pre-approved for your mortgage is one of the best ways to ensure the home-buying process runs smoothly. Many sellers these days expect a pre-approval letter as part of an offer, so take care of it early in your search with these four easy steps.

  1. Check your credit – Request a free credit score or see if your bank automatically provides you one. Higher scores qualify for better loan rates, and most lenders want a score of at least 620. You should also look over your credit history report. Make certain none of your accounts are delinquent, and that your report is free of errors. You may dispute any errors you find.
  2. Determine your debt-to-income ratio (DTI) – This is the amount of money you owe every month vs. how much you earn. Lenders prefer a DTI of 36% or under, including your future mortgage payments.
  3. Collect your paperwork – You’ll need a lot of documentation for your application including your Social Security Number (or Individual Taxpayer Identification Number for foreign nationals), current addresses, employment records, bank account information and proof of income. You will also likely need tax documents, such as W-2s dating back at least two years.
  4. Contact at least three lenders – The only way to know you’re getting a good deal is to compare offers. This step can save you thousands of dollars over the life of the loan. Once you’ve submitted your application, lenders are required to notify you if you’ve been pre-approved within 3 business days.

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Mergers & Acquisitions as a Pathway to Growth

January 5, 2021 By

When it comes to growth strategies, there are many directions a broker or owner can take to elevate their business to the next level. While many look first at opening new offices or attracting new agents to their brokerage, an often-overlooked course is that of mergers and acquisitions (M&As). From growing market share to broadening team skills and market knowledge, pursuing a merger or acquisition can be a beneficial decision for your company. However, there are a variety of factors to consider to set a successful path ahead for your company now and in the future. At CENTURY 21 Real Estate, you’re not alone on this journey. Just as your agents are there to guide their home buying and selling clients, our Franchise Sales teams are here to support you throughout the entire M&A process so that you have all of the information and resources needed to choose the right path for your brokerage.

We sat down with two of our Century 21 Real Estate leaders – Evan Barnes, President of CENTURY 21 Jackson Real Estate and Jennette Phillips Toderick, Broker and CEO of CENTURY 21 Union Realty Co. – who have effectively integrated M&As into their own growth strategies to learn more about their approach to the process and advice for others looking to do the same.

WHAT ROLE DO MERGERS AND ACQUISITIONS PLAY WITHIN YOUR CURRENT OVERALL BUSINESS GROWTH STRATEGY?

BARNES: I would say M&As encompass ninety percent of our company growth strategy. By continuously seeking new opportunities, both within our existing markets and newer areas, we have grown our market share from 9% to 24% in just 5 years. And that’s within a region that currently has over thirty other brokerages offering home buying and selling services.

TODERICK: Mergers and acquisitions have been a significant part of our company’s growth strategy for the last couple years as we have been looking to gain a competitive edge in our marketplace and acquire new skill sets. In my opinion, it is the fastest way to double your agent count and really grow at a much faster pace.

FROM YOUR EXPERIENCE, WHAT ARE THE BENEFITS OF GROWING YOUR BUSINESS IN A NEW MARKET VIA M&A VERSUS OPENING A NEW COMPANY OFFICE?

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EVAN BARNES

BARNES: In my first few months of ownership I opened a cold start office. It was terrible. No one knew me yet in the industry, and I did it inside of a town I was not familiar with. Now I understand that an M&A allows you to develop existing agents and build upon the foundation that the previous owner has created in that market. The key is to ALWAYS be looking for an M&A. Bring up the topic with brokers and at local association meetings, let everyone know that YOU are the person to call if they are considering retirement.

WHAT ARE THE TOP 3 THINGS BROKERS AND OWNERS SHOULD LOOK FOR WHEN CONSIDERING A COMPANY FOR MERGER OR ACQUISITION?

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JENNETTE PHILLIPS TODERICK

TODERICK:

  • Culture is the number one factor I consider. When companies come together and do not share common goals or beliefs you are setting yourself up for failure. It can potentially compromise the beliefs and behaviors of your current leadership, employees and agents. I learned a long time ago from a great mentor of mine David Kellerman, if you pull into the parking lot and dread seeing certain cars parked there you know it’s not a good fit. 
  • The second most important consideration is cost. Go over the finances of the company you’re looking to acquire and make sure to investigate its background. How is their current market share? Are their numbers up or down? Do the numbers match up?
  • Lastly, retainability. Do we have existing relationships with any of the agents currently there? Will the current management be supportive of this change?

BARNES:

  • First, is the existing culture and reputation of the agents in the target. I will not jeopardize my company and plan as a whole with agents who are perceived to be dishonest or cannot work well with others.
  • Second, I look at the physical distance from my other offices. In my current business structure, I personally spend a lot of time traveling between the offices, so location is very important.
  • Third, I look at what the situation is for the building they are occupying. Part of my goal is to acquire the real estate. If they rent, I determine if there is a building close that I can buy and move them in to, or if the building they are in can be purchased. 

WHAT OBSTACLES HAVE YOU FACED IN THE M&A PROCESS?

TODERICK: Unfortunately, there is no instant gratification in a merge or acquisition. It takes time. There will be hiccups in remodeling and not everyone will trust you the way your current office does. Nothing is perfect. All you can do is learn from it and move on. I’ve learned to really just be honest and upfront – to be an open book with everyone involved.

IS THERE EVER A SITUATION WHEN PURSUING AN M&A IS NOT THE RIGHT DECSION?

BARNES: Never complete an M&A without first having developed relationships with the agents you are acquiring. Every day of your business you should be treating all agents kindly and fairly, not just because it is the right thing to do, but because those relationships will usually come back around to benefit you during an M&A. There is nothing keeping your company from having a mass exodus after an M&A, which could prove fatal. The relationships you have formed along the way with these agents are the foundation to your growth.

TODERICK: I’d say don’t execute a merger just to say you did a merger. Make sure the numbers make sense, especially in today’s market. Not knowing where the economy is going along with the pandemic could put you in a rough spot if you’re not financially prepared for it. Make sure the number makes sense to your bottom line.

But in the end, all I can say is don’t be afraid. If it’s not the right time now, build and cultivate those relationships, so down the line you’re the person they come to when ready.

QUESTIONS?

If you have questions related to the CENTURY 21 Brand and Franchising or how our team can help support you in the M&A process, please visit century21.com/about-us/franchise

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Paint colors that add value to your home

December 17, 2020 By

It’s common knowledge that a fresh coat of paint is one of the easiest ways to help your home sell. However, the right colors are crucial. Research shows that certain paint colors in certain rooms of the home can raise the final sale value by thousands.

Blue in the bathroom: In 2017, Zillow found that blue can be a surprisingly valuable color. In particular, houses with bathrooms that were painted a pale, soft blue sold for an average of $5,440 more than expected.

Brown living rooms: That same study by Zillow also found that light browns, such as beige and taupe, added value when used in living rooms. Homes painted this way sold for an average of $1,926 more than expected.

Certain paint colors in certain rooms of the home can raise the final sale value.

Avoid bright white: While neutrals consistently cause homes to sell for more money, stark white for interiors is usually not the right choice. This color can easily come across as sterile and uninviting.

Paint it black: Generally light colors are better, but the exception is the front door. A black front door has been shown to increase the sales price of an average American home by 2.9%. Black can also be an effective color when used on kitchen islands and cabinets, so long as the walls provide ample contrast.

Neighborly exteriors: There are many exterior colors that can work well when selling your house. To help make the right choice for your home, look at what the neighbors have done. After all, buyers already like your neighborhood. Use that knowledge to your advantage when choosing an exterior color.

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New Report Reveals Massive Shifts in Tenant

December 15, 2020 By

A recent study by Zumper, an online rental marketplace, reveals massive shifts in renter behavior and historic market changes for renting in 2020.

The company’s “State of the American Renter” report for 2020 was based on surveys of more than 14,000 Americans conducted between June 2020 and August 2020. It demonstrates how the coronavirus pandemic is altering renter behavior and reversing rental market trends. Key findings include:

  • Renters are moving back in with mom and dad. Nearly 50% more renters are moving back in with their parents, with Millennials moving most often.
  • The majority of renters are under financial stress, with tenant unemployment at 12.7%.
  • Renters are moving more than ever before. A quarter reported moving to a new city within the past year, up 33% from 2019.
  • Renters are abandoning expensive cities in favor of cheaper, often neighboring, markets. For example, Bay Area residents are moving to Sacramento.
  • The country’s priciest cities are seeing the sharpest rent declines. The median rents in San Francisco, New York, Boston, Oakland, San Jose, Washington, D.C., Los Angeles, and Seattle declined 15% from the start of 2020.

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The Home Gym Gets a Makeover

December 9, 2020 By

Where you work matters as much as where you work out. Like the home office, the home gym has moved from afterthought to forethought in the COVID era. Affluent homeowners are now creating workout spaces loaded with personal style. Whether it’s designing around Peloton bikes and Mirror systems or creating complete wellness suites for relaxation, the new home gym is all about you.

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How is Working from Home Affecting the Office Sector

November 24, 2020 By

The office sector is experiencing unprecedented challenges due to COVID-19. As shelter-in-place orders rolled out earlier this year and companies allowed their employees to work from home, the need for physical office space declined. So, what will happen to the office sector?  

CoreNet Global, a nonprofit that represents over 11,000 corporate real estate executives, recently released a survey on the effects of the pandemic. Here are some key findings about the future of the office.

  • One-half of the survey respondents said it will be at least June 2021 before 50% of their workers return to work onsite.
  • Once workers do return, the office will be a place for collaboration and teamwork, rather than individual work, according to 86% of respondents.
  • 64% said that the typical 9-5 workday is a thing of the past.
  • Survey respondents expect their company’s employees to spend about half their time in a traditional office, 42% in a home-based office and 7% in a co-working space.
  • 70% of survey respondents say their corporate real estate footprint will shrink over the next two years.
  • 71% report that their company will not shy away from densely packed urban areas, but 66% say that pandemic readiness on the part of cities will be a factor in their company’s site-selection plans going forward.

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