Heather Soldonia
By Heather Soldonia
It’s the secret that’s driving every client — social comparison.
The Social Comparison Theory explains how individuals evaluate their own opinions and desires by comparing themselves to others in either an upward or downward direction.
An upward comparison example: “Our friends, the Joneses, purchased a brand new 3,000-square-foot home. We don’t want to consider anything smaller than 3,000 square feet.”
A downward comparison example: “Our poor friends have beautiful homes, but can you believe their commute is over an hour?! We’ll be much better off finding something smaller, but closer to the Bay Area.”
We’ve all heard clients irrationally comparing themselves to the Joneses — ignoring ALL the other factors that play a role in determining what home would be best for them financially, geographically, etc. It can be so frustrating!
But here’s the interesting part… We do it to as agents, too!
An upward comparison example: “Last week at the conference REALTOR(R) Jones was telling me that he closed 46 transactions this year… I’m as good as he is, so I better close at least that many this year!”
A downward comparison example: “Well, the newbie didn’t close a single transaction last year, so I could be doing much worse.”
Here is a reminder… Continue reading »
Heather Soldonia
By Heather Soldonia
In the current real estate market I have heard both brand new practitioners and veteran brokers express that they are resorting to some basic prospecting strategies and among those is… open houses.
When I first began working as a REALTOR® my broker advised me to go to at least 10 open houses “to learn what not to do.”
Indeed, I had some interesting interactions. The most noteworthy was at a brand new condo development. I was asked to complete an information card upon which they posed the question, “What reasons are you looking to buy?” I wrote, “First time homebuyers programs.”
Apparently that wasn’t a response they were interested in because the sales agent immediately informed me that the developer is absolutely not accepting less than 10 percent down, which would exclude the 3.5 percent FHA program. Taken aback by his brazen manner, I took a moment before replying, “This is an affluent area and you would be surprised how many people my age have parents who are happy to supplement down payments so that is not something you need to concern yourself with; that’s simply one of the reasons I am looking to buy.”
Around this time, a couple (appearing to be in their 60s) had also come into the sales office and my sales agent informs the receptionist that she doesn’t need to call a different sales associate to help them, he would be happy to tour them… with me in tow. Continue reading »
Heather Soldonia
By Heather Soldonia, 2009 NAR Conference Blogger
Friday at the 2009 NAR Expo was fantastic!! I decided to attend 4 sessions:
• Marketing in 2010 and Beyond
• Treating Your Business Like a Business
• How to Avoid, Survive and End a Sales Slump
• Road Warrior
Max Pigman was a great speaker, for the benefit of the non-YP (aka the more ‘seasoned’ professionals) he focused heavily upon Facebook and other social media. My favorite thing about Max is that he has a personal campaign to end the in-your-face marketing from “friends” …you know who they are. These are your peers, colleagues, and friends on FB who inundate your wall with listings, open house shout-outs and cheesy industry sayings. Max emphasized that your current and potential clients are “friending” you on FB so that they can see who you are…they already know what you are: An awesome REALTOR®! Thanks, Max, for pointing this out to people!!
Richard Flint seems to have his own following of positive thinkers. He’s a great speaker and keeps it real. He has a great way of playing with words, has lots of sayings and exudes enthusiasm. He encouraged REALTORS® to stay focused on the positives and that transitional markets expose the strengths and weaknesses of leadership. He advised to ask yourself “Is this going to feed my confusion or strengthen my clarity?” before making decisions with your business. Thanks for getting us in the right mindset, Mr. Flint!
Despite being in a large room, Joe Meyer is very personable. Not once did he mention Nike, but the whole time I listened to him this one phrase kept popping into my head: Just Do It! He’s a no-nonsense-guy and he emphasized that “there is no such thing as a good market or a bad market. There are only good agents and bad agents…and good agents will adapt to any market.” Joe was pretty serious about being “bold,” and upon realizing that I was the newbie in the room he had me repeat my name as loudly as possible to make his point. Thanks for the recognition, Joe!
And last (but far from least) was the Road Warrior session. Thank you, Shannon Williams King, for sharing your wealth of knowledge and resources about how to operate as remotely and efficiently as possible. This was truly a session that met the YP interests! There are so many great resources, I couldn’t possibly list them all but check them out yourself her site: http://shannonwking.com/ilove/
Rob, Erica, and everyone else involved in the YPN mixer at Lounge Six, I applaud you! It was a great venue and an enjoyable time. You did a great job, thanks so much!!
Heather Soldonia is a Broker/REALTOR® in the San Francisco Bay area with Windermere Welcome Home. She can be found at www.heathersoldonia.mywindermere.com.
Heather Soldonia
By Heather Soldonia
More scary than mummies, black cats, or cobwebs is the looming question: Has the real estate market bottomed out?
We REALTORS® have been asking Congress “Trick or Treat? … Please come up with some creative ways to revive the real estate market. Pretty please?”
When Forbes reported the 10 worst real estate markets of 2009, eight were in California. Currently, the unemployment rates are still above 12 percent in California — and remember that unemployment rates are only determined based on the number of people still receiving unemployment benefits — it doesn’t include in its calculation those who have received the maximum amount of unemployment benefits and now have absolutely no income.
Obviously, we can understand why so many mortgages are still going unpaid. In California, default notices have dropped by 10 percent, but that is specifically because lenders are modifying loans and/or short selling.
That being said, let’s take a quick moment to consider how the unemployment rate effects commercial real estate: Continue reading »
Heather Soldonia
By Heather Soldonia
In the spirit of October and Halloween, I think it’s a perfect time to discuss the many superstitions, beliefs, and practices held by home buyers (and sellers). As I’ve implied before, the San Francisco Bay Area is a cauldron pot of ancestries, religions, family, and marital statuses. But with that diversity there is a cobweb of belief systems and practices.
Examples of Taboo Features:
Structural
- Home (or front door) faces North– doesn’t encourage harmony, natural flow, warmth, protection, etc. as it would if it were facing other directions.
- Staircase (or backdoor) visible from front door – means any good fortune in the home will quickly flow out.
Conceptual
- Death in home – the person’s spirit may still remain in the home.
- Numbers in address or purchase price are unlucky – 4 and 13 are unlucky, or any number ending with a downward stroke (1,4,7,9).
Determine the Root: Continue reading »
By Heather Soldonia
Heather Soldonia
The San Francisco Bay area is known for being progressive. In San Francisco we have more than 40 LEED-registered municipal projects in the pipeline, real estate agencies who promote themselves exclusively as “green” and (did I forget to mention…) Berzerkeley.
As real estate agents we use a lot of paper, electric, and energy resources. The following are things you can do to be more environmentally conscious and promote yourself as an Ecopreneur:
By Heather Soldonia
Heather Soldonia
Despite the condition of the nation’s real estate market, California still holds some of the strongest property values in the country.
Forbes Magazine recently released its annual article of America’s 500 Most Expensive Zip Codes. And it’s actually easier to identify which San Francisco Bay area towns aren’t listed. The median home price in Sunnyvale (#498) was $499,000 and the median home price for Atherton (#2) was $3,850,000.
Simply put, the San Francisco Bay Area is one of the toughest housing markets for first-time home buyers to break into. Entering this market requires strategy. It’s not for the faint-of-heart and it’s not for the uninformed.
The following are things I believe will help your clients succeed in this, and any market:
- Manage your clients’ expectations.
- Get them pre-approved before you show them a $700,000 home when they are only approved to finance a $500,000 home.
- Remind them that their first home DOES NOT NEED TO BE THEIR DREAM HOME!! It is just a step to get them in the game.
- Direct them to ethical mortgage brokers.
- The Life of the Loan is the most important aspect to consider. If they have no intention to grow old in this starter home, it’s not imperative to obtain a conservative loan.
- Creative Financing is what will get them into a $500,000 home here. It’s important that you direct them to someone who will educate them about the financing process and potential problems so that they can make informed decisions.
- Suggest Home Buyer Programs.
- Local Programs: http://www.hud.gov/local/ca/homeownership/prgmscity.cfm
- State Programs: http://www.calhfa.ca.gov/homebuyer/programs/index.htm
- Federal Programs: http://www.federalhousingtaxcredit.com/2009/index.html
Heather Soldonia is a Broker/REALTOR® in the San Francisco Bay area with Windermere Welcome Home. She can be found at www.heathersoldonia.mywindermere.com.
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