Save the Date! June 18th Book Signing, 6:30 p.m. at Boulevard 3 on Hollywood's Sunset Strip

I'm delighted to invite you to my book signing, which will take place at Boulevard 3, located in the historic Hollywood Athletic Club. The event will take place from 6:30-9:00 p.m. on Wednesday, June 18.

Citrus at Social (www.chinagrillmgt.com/social), whose menu was created by noted chef Michel Richard for the restaurant in the Hollywood Athletic Club, will provide cocktails and hors d'oeuvre for the book signing. Guests include high profile real estate and business professionals throughout Los Angeles.

Boulevard 3 is, according to The Los Angeles Times, “Hollywood’s one-stop shop for conspicuous nightlife consumption negating the need for a show or a bar or a cab, or anything save a nearby parking spot. This is nightlife as theater. Nay, nightlife as life.”

Boulevard 3 is created by Peter Famulari, who operated the Sky Bar in LA’s Mondrian Hotel for nearly 10 years. You'll find us at 6523 Sunset Boulevard, Hollywood 90028. Parking is available on the street and in the lot located behind the Hollywood Athletic Club.

You can buy my book there, or on this site (click on the book image to your left) for $19.95. In either case, be sure to have your copy so I can write you a warm message. If you have any questions, call Wilma Winer at 310.888.3333 or e-mail her at wwiner@nourmand.com. I look forward to seeing you there.

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Specialized Knowledge Matters, Part 2

In the previous post, I shared how the results from an inspection disappointed both my client and me.

According to the inspector, my client’s dream home would crumble during an earthquake. And to make matters worse, the home was in an earthquake zone.

I didn’t know what to do. I’d been searching for months for a home that would fit my clients' needs, and I finally found one. They loved the listing, and now that the inspection was complete, I’d have to start the whole process over again.

As always, I talked the situation over with my husband. He and I work as a team, and his support is priceless. When I phoned him, he asked me about the property. He reminded me that we had encountered a similar problem with the The Hollywood Athletic Club, a building we purchased several years back.

The inspectors noted the building would need extensive structural reinforcement because it was a hollow clay tile building. Unfortunately, any such changes would alter the building’s appearance. Stephan refused to ruin the exterior of the historic building and believed that there had to be a way to make the structure safe while preserving its original character.

Stephan did his research and contacted a renowned authority on un-reinforced masonry buildings. Ken was a busy man whose schedule was filled with conferences, publishing, and consulting. His expertise was known throughout the architectural community.

Working together, Stephan and Ken were able to develop a plan to reinforce the Hollywood Athletic Club while maintaining its distinctive exterior. Through their collaboration, Ken and Stephan became friends.

My husband told me that he would ask Ken to inspect the Santa Monica home. I phoned my clients and shared the good news with them. The next week, Stephan picked up the architect from his Pasadena home—Ken typically commuted by bicycle—and they drove to the listing. They spent the next couple of hours walking through the interior, checking the attic, and crawling under the home itself.

Ken gave the property a clean bill of health. He informed us that the original architect of the historic property had mastered the art of hollow clay tile homes. He was a man who was ahead of his time and knew the potential weaknesses of the technology. Therefore, unlike many un-reinforced concrete buildings, this one was safe.

He added that in order to make the home as solid as any wood frame structure in the neighborhood, minor changes were necessary. These corrections were simple to implement.

Ken then contacted the original inspector and convinced him to retract his original assessment. This not only gave Jeff and Colleen peace of mind but in the future would also allow them to sell their home without any problems. As a result of Ken’s seal of approval, my clients’ dream home became a reality.

From building inspections and architecture to contracts and negotiation, being a real estate expert requires a broad range of skills. Your expert status means that you continually keep up with current information, and that you know how to handle difficult situations. One of the most important lessons that I learned from my client’s hollow clay tile home is that teamwork and keeping an open mind are key to succeeding in this business.

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Specialized Knowledge Matters

I met a client who contacted me about a listing he saw online. The house met all of his criteria: It was in a desirable part of the city, was close to his office, and had the right square footage. He phoned me, and he was ready to buy. Once he told me where the home was, I broke the news to him—the listing was right next to a freeway. Needless to say, he was disappointed. He certainly had no intention of living by an LA freeway and greatly appreciated the information.

In his case, the photos in the paper looked appealing, but none of them revealed that the house was next to the 10 Freeway. This kind of information is something that only an expert agent would recognize right away.

When you’re an expert, you’ll look at all aspects of the real estate sale with a critical eye. Photos online may look attract your clients, but once they tell you the listing’s address, you’ll know better.

In the next example, a building inspector provided his assessment of the listing my clients wanted to buy. The picture he painted was disastrous for the deal. From the experience, I learned that just because someone has a license and has more training than me in certain area, doesn’t mean that what she says is always right.

A few years ago, I was representing a Hollywood Studio executive. From the beginning, Jeff and his wife had a clear vision of what they planned to buy. They sought a Spanish-style home with spectacular views situated on a large lot. The two had a significant amount of money to invest and were willing to wait until they found their dream home.

Over the course of several months, I looked for a listing that would meet their requirements. After almost a year, I received a tip about a home that was for sale but not yet on the market. I drove to the listing right away. After walking through it, I knew that it was precisely what the couple wanted. I phoned my client right away.

“Colleen, I’ve found what you’ve been looking for. It’s not listed yet, so you’ve gotta come see it right now,” I recall telling her.

“Tell me about it.” she said.

“It’s in the best part of Santa Monica and has a view that’ll take your breath away. It’s a hot property, so bring your checkbook,” I said.

Colleen arrived at the listing and found her dream home—the Spanish architecture, the view of the Brentwood golf course, the tennis court, pool, and landscaping all met her requirements. She phoned her husband. He saw the listing the same day and agreed that it was the home that he and his wife had been dreaming to buy.

They needed to act fast. The house would attract much attention once it appeared on the MLS (Multiple Listing Service). To avoid competition, I suggested that Jeff make an all-cash offer and buy the home at its full list price. He agreed. We submitted a clean offer that made it clear that we wanted the house. The seller accepted, and the home went into escrow.

I set up an inspection with one of the most well-respected contracting companies in the city. I met the inspector and waited as he completed a thorough assessment of the home’s condition.

Afterwards, his expression told me that he didn’t like what he saw.

“Myra, you have to walk away from this deal,” he said.

“Why?” I asked.

“This is a hollow clay tile structure. It’s not safe.”

“But I’ve worked with plenty of hollow clay homes. What’s wrong with this one?” I asked.

“This area is earthquake prone. I can’t give my seal of approval because it’s not wood framed,” he said.

Hollow clay tile was cutting-edge construction when the historic house was built, a time before multiple-zone climate control. The insulation that hollow clay tile homes provided was superior to that of other construction methods. In addition, these homes were resistant to fire. Unfortunately, many did not stand up to earthquakes because the tile didn’t reinforce the home as a well as a wood frame.

I shared the bad news with my clients. The couple had their hearts set on buying this home, but they were now advised to back out of the purchase and start the home search all over again.

After the inspection, I phoned my husband and told him about the inspector’s report. I recall his response after I expressed my disappointment.

“Is that it?” he asked.

“What do you mean? The inspector told me to look for another home.”

“Tell your clients not to worry. I’m going to call someone.”

“Who?” I asked.

“Remember when we wanted to buy the Hollywood Athletic Club? And remember what the inspectors said about that?”

Thanks to Saeed’s expertise, the deal was saved. Next time, I’ll share how a second opinion turned around a dream home gone bad.

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To Be an Expert, You’ve Gotta Do Your Homework

In previous postings, I discussed the Four E’s of Real Estate: Effort, Expertise, Ethics, and Enthusiasm. Now, I’ll expand on the second E: Expertise. Once you’re an expert in your area, people will come to you.

A broker will phone me and ask, “Hi Myra, I saw your listing on Lincoln. Could you tell me how many bedrooms it has?” You may think this is a simple question. But I have little patience for inquiries like these. In my mind, if someone didn't even log on to the MLS to find out how many bedrooms a listing has, he's wasting my time. I’ll also add that he's probably not disciplined and driven enough to succeed in this business. Sound harsh? Well, to make it in this business, particularly these days, it’s survival of real estate’s fittest. You've got to be motivated, disciplined, and creative.

In today’s ultra-competitive world of real estate, where an immense amount of people are entering and exiting the business, and commissions are higher than they have ever been, you have to work harder and know more than your competitors like never before. At first, you may have beginner’s luck and sell a listing to a family member—like a cousin or uncle—but making real estate a lifelong career takes more than just good fortune. It requires a tremendous amount of work.

The Real Estate Industry Has Changed, But Certain Things Have Remained the Same

All the high tech tools that we rely on—PDAs, mobile phones, laptops, and car navigation systems—are both a blessing and curse. They have made our jobs easier, but keeping up with the latest smart phone or CRM (customer relationship management software) is a time-consuming endeavor in itself. Not only that, but today, work follows you anywhere you go.

Twenty years ago, none of this high tech gear was widely available. Although there were disadvantages to working without these modern conveniences, successful brokers learned the importance of communication and how to collaborate with their colleagues.

Early in my career, I found many listings by driving around the neighborhood and spotting “For Sale” signs on front lawns. In the event that I saw a new home for sale, I would jot down the number that appeared at the bottom the sign, get to the nearest payphone, and call the broker.

Often, the pay phone was my communication hub. If I was late for a showing, I gathered the change in my pocket and phoned the broker to let him know. If I needed to speak with a client about a hot property that I just saw, I stopped at the nearest phone booth. I would call over and over until someone picked up because there was no voicemail.

Driving up and down the streets of Beverly Hills, Brentwood, and Holmby Hills was an important part of my workday. I was perpetually on the look-out for new listings. I could be driving my daughter to a dance lesson and see a “For Sale” sign that had just been planted on a front lawn. Before arriving at rehearsal, I would pull off the road and make a quick phone call to the listing agent.

Communicating with colleagues and friends within the neighborhood was another way to receive the latest real estate news. Brokers had to stay on top of what was happening within the community in order to act fast when a client needed help.

For example, when I heard about a recent divorce, I knew that it meant a home would most likely be listed for sale. In addition to marriage break ups, I kept track of who lived where, who was getting married, who recently passed away, and who had a serious illness. I also regularly met with my colleagues, and we would share what we had for sale.

Although the landscape has changed, and now I simply press “send” on my mobile phone or e-mail a client, the fundamentals of the business haven’t. No amount of technology can substitute seeing a home in person, creating lasting relationships with residents, and regularly communicating with colleagues and clients.

Over the next couple of weeks, I’ll provide ideas on how to develop your expert status. Although many are leaving the profession for other professions, expert status will keep you busy selling and buying real estate.

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