Michelle Flaherty Philbrook
By Michelle Flaherty Philbrook
A while back, I got a call on a condo listing of mine. The potential buyers were a retirement-age couple looking for a new place just large enough for their kids to stop by for a visit, but just small enough that their fledglings couldn’t fully return to the nest.
I showed the condo, and when it wasn’t a fit, I brought them on as buyer clients. After we became more comfortable with each other, this couple confided in me that they initially thought I looked “way too young to be [their] agent,” but that in the context of having met other agents both recently and over the years, they felt I was uniquely equipped help them meet their goals. I think the reasons we were so compatible can be applied rather universally, so if you don’t mind entertaining the occasional demographic stereotype, read on for how Gen Y traits can uniquely serve some common Baby Boomer needs.
Baby Boomer with a Sense of Urgency? Meet Gen Y with Fast Texting Fingers. As a general rule, most people don’t become more patient with age — a fact of life that works in favor of agents raised in the age of text messaging and real-time e-mail. When these buyers inquired via e-mail on my condo, I called them right away. And when the property didn’t work for them, I got their search set up the same day. They told me later that none of the other brokers came close to that level of responsiveness.
Baby Boomer with Intelligent Questions Based on Experience? Meet Gen Y with Fab Research Skills. The way that I was able to quickly aggregate property information from multiple (and at times obscure) sources beyond the MLS really impressed my boomer clients. The 2010 Census confirmed that the percentage of post-secondary graduates among the U.S. population is at an all-time high, so it follows that most YPNers can likely offer extensive research skills. And in an industry like ours with ever-changing guidelines, best practices, and technology, it is more valuable to be a quick study than a deep topic expert.
Baby Boomer with Very Specific Needs? Meet Gen Y Power Networking: Continue reading »
Michelle Flaherty
By Michelle Flaherty
Now that we’re on to day two of the REALTORS® Conference & Expo, and my mind and body are beginning to adjust to west coast time, the pieces of information that I will bring back home with me are becoming much more clear.
First, it is becoming abundantly clear that I need an iPad. Every class I’ve attended so far has opened my eyes to at least one new tip, trick, or app to enrich my clients’ experience and make my job easier and more fun. Nobu Hata (2012 chair of the YPN Subcommittee) in the “follow me” class made a point to say it was THE single tool that agents need to have to improve their businesses. And when it came time to write this blog post, I’m embarrassed to say that I had to ask my MOM to borrow hers so I wouldn’t have to go get my laptop in the hotel room. Yes, I’m embarrassed to say that the Gen-Y is the technology dinosaur in this family real estate team.
Second, in a world full of social media and advertising noise, people in the community appreciate when you recognize or mention an ad they placed in the newspaper, an award they received, or an accomplishment that earned them a place in the news. Both the “marketing without money” and “selling luxury property” class instructors suggested clipping articles and reaching out to people personally when their names or businesses are in the news (assuming the story is positive). A great reminder that real estate is and will always be a business built around real relationships. Continue reading »
Michelle Flaherty
By Michelle Flaherty
Has the incentive for first-time home buyers to break into the market just gone away?
My non-scientific market research has shown me that it has not. My buyer clients are still excited about the house hunting process, low interest rates, and attractive offerings at low prices – and I’m hearing the same from my peers.
In fact, the drop in interest rates over the past two weeks has created a long-term incentive even more attractive than the first-time home buyer tax credit – and *bonus* – it’s not costing taxpayers a thing.
How does this work? Consider the first-time home buyer using an FHA loan to purchase a $200,000 property. For the first five months of 2010, when buyers were snatching up tax credits like hotcakes, the typical FHA interest rate was 5.25 percent. Over the life of their loan, a buyer who locked in at 5.25 percent would pay a total of $412,621.13 in mortgage payments (including principle, interest, and PMI – not taxes or insurance). Now, with the 4.5 percent FHA rate, that same buyer would pay a total of $380,994.95.
The post-tax credit buyer will save $31,626.18 with the better rate, or $23,626.18 better than they would have done by going under contract in April, closing by the newly-extended Sept. 30 deadline, and collecting the $8,000 tax credit. The caveat, of course, is that their monthly savings only totals $87.85, so they would have to remain in their home for 7.6 years to collect $8,000 worth of savings. But after that, they’re doing better every month!
Michelle Flaherty is an associate broker with Prudential Northeast Properties, serving Greater Portland, Maine. Visit her Web site at www.michelleflaherty.com.
Michelle Flaherty
By Michelle Flaherty
Having grown up in a family real estate business, I have seen my parents conduct themselves in certain ways. Now that I’m a REALTOR(R), I try to model their behavior as much as possible. In almost every instance, this has been invaluable to me – I’ve been able to use them as resources for uncharted situations and have adopted the principles and systems on which they’ve built their success.
However, I learned this weekend that the way they actually attract their clients (a pretty important step) is not a strategy that can work for me. My parents grew up in Portland at a time when life was slower. The Internet did not exist, and the only way to socialize was face-to-face. Most of the people they grew up with still live in town, and to this day, my parents remain known, respected, and thought of when people think of real estate. Because of this, they don’t “prospect” at all, yet still enjoy a steady stream of referrals from people they know.
This weekend, I saw an old friend from high school at a barbecue – someone who is my Facebook friend but who I don’t see very often. She filled me in on what she’s been up to, that she and her husband are looking for homes, and asked me what I’ve been doing lately. I told her work’s been really busy, and when it occurred to her that I sell real estate she was genuinely surprised, and bummed that she didn’t know before she signed up with a broker. She was like, “You need to get the word out – everyone would go through you!!” Continue reading »
Michelle Flaherty
By Michelle Flaherty Philbrook
This is my fourth year taking an active role in one of the most exciting aspects of the NAR Midyear meetings – personally meeting with our congressional delegation on Capitol Hill to discuss issues important to the real estate industry and homeownership. Each year, a group of 20 or so REALTORS(R) from the Maine Association come along, with 8-10 taking speaking roles in one or more of the meetings. We’re briefed on the topics in advance by NAR Government Affairs staff, and given official talking points to guide our conversations.
Effectively presenting a topic to our leaders requires knowledge of the topic, articulate delivery, and lots of confidence – the same qualities that serve us well when giving listing presentations, reviewing buyer agency agreements, and negotiating with fellow practitioners. Really, with the types of issues we deal with on a daily basis (short sales, anyone?), lobbying Congress is a piece of cake.
This year, I was asked to present the topic of GSE (Fannie & Freddie) reform and GSE loan limits to Congresswoman Chellie Pingree at our meeting with her yesterday. To prepare, I went through my normal ritual: Continue reading »
Michelle Flaherty
By Michelle Flaherty
A couple weeks ago, I received an e-mail from a person I didn’t know. The person was inquiring on a property that another broker in my office had listed, and they wanted to set up an appointment to view it.
So I did a few things I almost always do before I meet a new prospective client. First, I Googled them. If a person’s name and e-mail/phone number they contacted me from is nowhere to be found on the Internet, it’s not an automatic red flag, but it’s not helpful either. Next, I Facebook searched this person — not to learn anything personal, but just to see a photo and if we have any mutual friends. In this case, nothing turned up. Finally, because I didn’t know who I was meeting, I brought my team member along with me… who also happens to be my father.
I could tell during the showing that the customer was bothered by my father’s presence. Their comments and demeanor implied that they knew exactly why my father was there, and was offended by my lack of trust. Sensing the customer’s discomfort, my anxiety level became elevated as well. Elevated heart rate, pit in my stomach, the whole bit. As it turned out, the property wasn’t a fit for this person. Whether or not he was well-meaning , I’ll never know. This person never called me again, and I never followed up. The potential business didn’t seem worth recreating the awkwardness of that showing. Continue reading »
Michelle Flaherty
By Michelle Flaherty
Does anyone else miss working with people who want to buy AND sell?
In a market marked by bank sales, short sales, and first-time home buyers, it’s easy to lose sight of what lies beyond this year’s surplus of single-sided clients.
The year 2009 was without a doubt the year of the first-time home buyer. Already, an estimated 400,000 fence-sitters have been drawn into the market by low rates, the $8,000 tax credit, and lots of affordable options. We’re still in the throes of this massive movement; but I’ve been wondering lately: When the able first-timers of 2009 have settled into their nests, what will be the next big thing?
My prediction is that 2010 will be the year of the move-up seller. I truly think that those first-time home buyers of 2005-2007, who may not have any market-based home equity, will still make moves in 2010. Why? Two and a half big reasons: Continue reading »
By Michelle Flaherty
Michelle Flaherty
This week, I went on a quick trip with my fiancé to visit the site of our upcoming wedding in Marco Island, Florida. With my work week reduced to Monday and Tuesday, I went into action mode, arranged coverage for the week, and packed my laptop so I could take care of business from the beach.
Of course, as soon as our flight touched down on the Gulf coast, I transformed from a Type-A taskmaster to a Type-D sun worshiper. So how can a responsible REALTOR® relax on vacation while still keeping all balls in the air?
A few things I’ve learned:
- Don’t plan on doing nothing. Even with perfect preparation and great coverage back home, there will be loan conditions, appraisal delays, water tests, buyer’s remorse… and your clients will need you. Whenever possible, respond briefly via Blackberry. Expect that at least one transaction will require some phone time. In real estate as in life, realistic expectations help avoid disappointment.
- Don’t plan on doing too much. Just like the books you lugged home to study over Thanksgiving break in college never saw the light of day, neither will the marketing brochures and new Web site you plan to create over vacation. Relax, grab some juicy fiction, and head for the sand. No guilt allowed.
- If you’re going to do any extra work, make it market research. Here in Marco Island, I love going to open houses to see how brokers conduct themselves, picking up marketing pieces, surveying the signage, checking out what new communities are offering for amenities. The market norms of a far-away area can be ground-breakers back home!
- Be grateful. The problems that REALTORS® have with work-life balance stem from our incredible freedom, and we should never forget how lucky we are to have it.
Michelle Flaherty is an associate broker with Prudential Northeast Properties, serving Greater Portland, Maine. Visit her Web site at www.michelleflaherty.com.
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