Imitation is the Sincerest Form of Flattery

I guess that it was bound to happen. I just wasn’t expecting to find out so soon. I was flipping through one of the real estate trade magazines, and I saw an advertisement for a book about how to sell real estate. There’s no lack of those.

I looked the book up online, and I saw that the author described herself as a top producing Realtor, who worked in the south central part of the US. Her image appeared on the cover. And based on the book’s description on the website, it was part memoir and part how-to. This piqued my interest. Upon further examination, I saw that the book was scheduled to launch in February 2009—about a year after mine.

Now, I haven’t read the book, but I couldn’t help but be a bit amused with the similarities between her book and mine. Was it just a coincidence? Or was it a result of the publication ofFrom Homemaker to Breadwinner? I can’t be for certain.

A friend told me, “Myra, you’re on talk shows, you’re appearing in magazines, it was bound to happen.” I guess he was right. It’s the risk you take when you go public with your knowledge.

I don’t think I’ll bother to buy the book. But if I do hear that it’s about a girl who was born in Schwandorf Germany, moved to Patterson, New Jersey, and was raised in Buffalo, New York, I think I’ll get pretty suspicious.

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Sealing the Deal with the Five Senses

In my January 21, 2009 post, I shared the importance of the five senses. Specifically, how the five senses bring buyers into your listings. Then I shared about one: sight.

As I tell my clients all the time, “You never have a second chance to make a first impression.”

That’s why the house has to look top-notch from the moment buyers pull up to it. I suggested a freshly painted door with a gleaming door knocker, a well groomed front yard with new plants, and a clutter free driveway—no tricycles or newspapers.

The five senses are so important that I devote a chapter of my book to them. For now, here’s a brief explanation of the next four: touch, taste, smell, and sound.

Touch

Your prospective buyers may sit on a bed and use the bathroom towels. That’s why I suggest that you buy new bedding and place fresh towels in the bathroom. A fluffy comforter and pillows create an inviting space. Soft towels in the bathroom provide simple luxury.

Taste + Smell

Often these two work together. For instance, baked cookies are high impact and simple. They are as easy as stopping by the market and buying a tube of ready to bake dough. Once you slide the cookie sheet into the oven, you fill the room with the scent of cookies. Similarly, coffee has a soothing smell and can be consumed too.

Fruit displayed on a platter or resting in a bowl is another example of a two for one. Fresh fruit adds visual life to a space, and a buyer can reach for an apple and eat it. Candles and orchids also provide visual appeal while filling a space with relaxing smells. While you have countless floral options, orchids last a long time and have an intense scent.

Sound

Finally, I bring along a CD of classical music with me to a listing appointment. I suggest classical music because you don’t want to scare away buyers who are averse to other types of music. If you don’t bring along a CD, I recommend that you find a classical music station and set the volume low.

The name of the game is to appeal to buyers consciously as well as subconsciously. That's why if a home is empty I often recommend that my client stages his or her home. They often balk at the price. But when I tell them how much more their homes can sell for as a result, they usually follow my advice.

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LOS ANGELES BUSINESS JOURNAL reports on Current Real Estate Market Conditions

A February 9, 2009 article titled “Median Home Price Falls 35 Percent in January” in the Los Angeles Business Journal reports that the median home price in LA County was $320,000, which was down from the mid-2007 figure of $585,000.

The good news is that the number of homes sold hasn’t changed much from past months. In January, 3,108 homes in LA County sold, compared to between 2,000 to 3,000 during the beginning of 2007.

My son Michael Nourmand, President of Nourmand and Associates, was asked about how the real estate downturn has affected business in LA’s Westisde and Malibu.

“In the days after the stock market got hit on September 29, we lost about six homes in escrow from prices ranging from $1 million to $5 million. Nothing and no one is untouchable in this economic climate. We’re seeing about a 15 percent softeness in the Westside housing market,” he said.

For the full article, which details how the slowdown has affected other parts of the state, click here. There you’ll read about how areas like Palmdale are experiencing jaw-dropping drops in value whereas areas like Lancaster are seeing record high sales figures. Very strange times indeed.

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From Beverly Hills and Beyond, These are Tough Times in Real Estate

It’s been high stress in the office these past few months. Every deal requires more work than ever. Most of it comes from the fact that buyers and sellers are nervous and uncertain about the market, and they’re counting on me to protect their interests.

I’ve said this many times, and I’ll say it again because I can’t overemphasize its importance. Part of providing client service above and beyond the competition is to be an expert.

Expert status comprises many different aspects. Today, I’ll focus on the following: Knowing the competition and acting accordingly.

In a recent deal, my client was selling his home for $5.5 million. No one submitted any offers. As a result, we reevaluated the price and dropped it to the lower 5’s.

We then had a buyer who put in an offer in the mid 4’s. My clients were eager to sell, but this offer wasn't exactly what they were expecting.

First, there’s the loss of profit.

Second, we had competition. A comparable home listed for around $5 million. What if we accepted the buyer’s $4.5 million offer, only to find out that another buyer purchased a similar home for $5 million?

I urged my client to accept the offer. It was a tough call. And one that risked making my client very, very unhappy if the comparable home ended up selling for its asking price.

But after being in the business for over 20 years, and experiencing my share of volatile markets, I believed the offer was worth taking.

Four days after my clients accepted, the competition dropped the price of their home to one that nearly matched ours.

When I told my clients to accept the mid-$4 million offer, they were reluctant. But they trusted my expertise. I was not only their real estate agent, but also a close friend who had helped them through many deals in the past. As a result, they followed through with my recommendation.

Once they heard the news of the other home’s drastic price cut, they were elated. They had clearly made the right choice.

These are tough times that require tenacity and wisdom. It’s markets like these that separate the real estate agents who jumped into this business when times were easy, from those who are passionate about what they do and are committed to succeed no matter what.

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