Why? Let the new agents get their start with one of the big guys. They often have in-house training, which is truly needed to get these agents competent enough in their careers after relaxed education requirements by the Texas Real Estate Commission (TREC). And many great agents emerge from the big guys — into small, boutique-style companies with a focus on customer service. The rest are eaten up by the business, and pursue a better-fitting career.

Quality vs. Quantity
Do you want the agent you hire to be focused on quality or quantity? The big companies play the old-fashioned, used-car-salesman numbers game. No wonder REALTORS® are getting the Used Car Salesman reputation, huh? The instruct agents to go after every listing, no matter the quality of the clients and the property. If you have 10 listings and 5 drop out, you still have 5 listings! This is why you receive post cards all the time from agents with the big companies, especially if your listing expires in MLS.

Although some small Austin brokerages still focus on quantity, most focus on quality. Quality listings, quality clients, take 3 clients, have 3 happy clients who make it to closing with smiles on their faces. Shouldn’t quality over quantity matter when you’re hiring someone to guide you through such am important time in your life?

Do you want to be a number or a person?
Although I sometimes want to shop quietly and anonymously, be it at the mall or for real estate, I still want the customer service when it counts. I want the answers and I want them when I need them. I want guidance and I want it when I need it. What will I get that with a frazzled agent shuffling 10 listings and 15 buyer-clients (with 8 over-priced listings, 5 don’t show well, 9 haven’t heard from her in weeks, and all 15 buyers are represented without pre-qualification and a buyer’s rep agreement)? I doubt she’ll answer when I call, how can she? I doubt she’ll have the answer and will have to get back with me. Why am I paying her again?

I won’t take a number, I’ll move on to the next guy. I don’t want to waste time, effort, and money. I want to get it done and get it done now. That’s why I recommend a small company — a Boutique Brokerage — headed by a great Owner/Broker who has a vast amount of knowledge and experience. Don’t take a number, be number 1. Hire someone who will earn their money by giving you guidance and advice every step of the way, even before you asked the question. Hire a REALTOR® who will take the time to be your friend, because trust me as someone who moves a lot, a friend is what everyone needs when they are moving!

Naturally, I recommend BridgeOne Properties headed by Michelle Cain. Yes, she got her start with one of the big companies. She used everything she learned by being successful with the big guys to create a company supportive of both its agents and its clients. BridgeOne is Austin’s Boutique Real Estate Company… We don’t sell an exceptional number of properties, just exceptional ones.

If you’re using firefox, you’ve probably noticed that the main page of my blog is not loading properly. If you click the title of any post, it will look normal. Safari is loading properly. You can also switch to Internet Explorer, but I don’t recommend it.

I’m working on it, but it’s still a mystery.

Update: All FIXED! That was annoying. I apologize to any of you who stumbled upon the chaos. I still recommend Firefox to everyone (although it is less forgiving with some code tags), especially those 39% of my visitors using Internet Explorer (which is forgiving only of div tags).

Of course, there are still many things being added to the new website so there may be a few quarks here and there. Feel free to contact me if you find any issues. ariakristen@gmail.com

You will always find it at: http://liveaustinrealestate.com/live

I’m always searching for great content and with my new MacBook, I’m looking into giving information about my listings on there as well. This is a brand new media and concept, is there anything you’d like to see? Do you have any great videos (YouTube counts) that you’d like to see added?

The feed should load below:

I know that I have a pretty strong mix of consumers and Realtors® reading this blog and this is an issue that really matters to both. What is the value of a Realtor®, what are the basic levels of experience you expect, and should standards be raised? I read a blog for agents several times a week called Agent Genius and today a blogger, Benn Rosales, posted “Ending Right to Practice” which brings up an argument that I have touched on in the past but is very important. There are over 8,000 Realtors® under the Austin Board of Realtors®. Keep in mind that Williamson County has its own board, although some are members of both. 8,000 Realtors® in Austin, not counting those licensed real estate agents who are not members. No wonder we all receive so many post cards and emails!

The perception of value of Realtors® is not good right now. There are plenty of really good Realtors in town. And there are just as many under-qualified, under-trained Realtors and real estate agents. This makes my job so much harder! I work my tail off using the experience that I’ve gained through a lifetime in the real estate industry. I honestly don’t know how hard it is to learn this business, but some are suited for it and some are not. I hope that these “turbulent times” help to weed out those who are in it for the joy of the job and those who heard there is money to be made in real estate.

What should the requirements be? In Texas, those seeking a real estate license must complete a few hundred classroom hours of courses followed by 15 classroom hours each year. Those seeking Broker’s licenses must be an agent for two years and complete an additional load of courses. I won’t bore you with everything here, visit TREC’s Education section if you’d like to know more. Is more education needed? I did not find the courses difficult and completed my initial hours in two months. I had the advantage of a strong background in real estate and found that many of the items covered are not practically used and that I felt I needed more transaction-specific education. I found this with the Texas Association of Realtors® GRI Courses. Still, nothing beats good old-fashioned experience! Many, many agents don’t pass the licensing exam the first time. You’d be amazed at how many don’t! I’m proud to say that I aced it, but again, I had experience before education so I was at an advantage.

I find that all of the odd transactions find me. I mean that seriously. When I take a simple listing, I get complicated offers. When I take a complicated listing, contracts don’t often lead to a closing the first time. Luckily, I have the support of my experience and my Broker’s encyclopedia of experience and knowledge (thanks, Michelle!). Without the support of my Broker, I wouldn’t be nearly as successful. All of these new brokerages around town can be scary. I was in class with a girl younger than myself (and I consider myself a youngin’) at the tail end of getting her broker’s license who already had part ownership in a brand new brokerage with other new brokers. Scary! Who do the agents call when they have a funny item on a contract?

Agents need more education! And more practical education! Brokers need more experience. The two-year time limit wouldn’t bother me if the Broker-to-Be had closed 40 transactions, but there is no transaction requirement currently.

What are your feelings? I’d love to hear more on both the agent and consumer side. We are the experts, aren’t we?

Real Estate as a Long-Term Investment

• Real estate is an investment in the future and includes social and economic benefits.
• Homeowners are more likely to vote and volunteer than renters.
• Homeowners move less frequently than renters, providing stability in neighborhoods (and lives) which leads to greater community involvement which leads to less crime, better education, and neighborhood upkeep.
• Homeowners stay in their homes a median of 6 years.
• Homeowners make more in equity than other investments; usually much, much more.
• Buyers and sellers give high marks to Realtors® for their helpfulness, expertise, and professionalism.
• 9 out of 10 buyers and sellers would definitely or probably use their Realtor® again and recommend them to others.
• A typical home sale today takes 20 steps. You may not know what they are, but your Realtor® does (or at least should!

So “sit your royal hynee down” and enjoy this photo gallery of the not-so-good, the bad, and the ugly from an MLS listing out of California.  I have my suspicions that this is an agent selling their own home.  Click to enlarge.

Austin/Round Rock hold the #12 spot for New Construction based on single and multi-family building permits.

4 of the top 30 markets show negative job growth and they all happen to sit on the southwest and southeast coasts (Los Angeles, Riverside/San Bernardino, Miami and Tampa) where the media began picking up news of economic trouble.  They saw a great deal of new construction but a -12% job growth.  Again, these are the areas that saw appreciation at 200-2000% per year compared to Austin’s steady and slow appreciation and strong, positive job growth..  That’s a volatile market compared to a steady market.  Of course, we are hurting on a minor scale because of the media attention to the housing sector, but this is another great example of how Austin isn’t suffering like the cities the media keeps covering.

The E-P ratio is the number of jobs divided by the number of permits.  A number less than 1.0 is generally a sign of an unhealthy market, Austin’s E-P ration is 1.2.

Here’s another look at Austin’s economic health.  I’ve been hearing and reading the media attacking builders nationwide for causing our economic downturn.  Although builders should seriously take a break on cities like Los Angeles and Miami, Austin’s builders seem to be properly managing inventory and new starts.  Los Angeles (and other east and west coast markets) saw a boom in the housing market much earlier than we did here in Austin.  To fill the gap, new builders sprang up and moved into the areas.  Now they need to find work in other sectors or cities.  Austin saw a boom in new builders and new construction only a year or two ago when we had our largest seller’s market this decade in 2006.  The job sector saw much less boom as well so it is much easier to stabilize as our market stabilizes as well.

Expect to see new construction continuing as Austin continues to see job and population growth, as well as the wealth of the population growing.

1. 6 Million Americans are expected to buy a home this year. And that’s a lot!
2. There is still over $23 trillion of value in u.s. housing stock. Home ownership continues to be the basis of our wealth in this country.
3. The housing market cannot help but grow. Our country’s tremendous wealth, liquidity, and entrepreneurship will continue to drive our economy. 70-100 million people will be added to our market in the next 40 years.
4. Real estate is cyclical. The biggest fear in good times is that the fair weather won’t last forever—because it doesn’t. But the reality of a cyclical real estate market also provides its brightest hope in bad times—foul weather won’t last forever either.
5. 2008 is the best year to buy a home in 35 years. 1973 was the last time mortgage rates were this low in a buyer’s market.
6. First-time buyers have a real advantage in today’s market. First-time buyers can buy at a reduced price without having to sell at one too.
7. First-time buyers lose money while they wait on the sidelines. First, renters typically pay more state and federal income taxes than homeowners with a mortgage deduction.
8. Homes sell when they’re priced right and show well. Buyers are looking for value in today’s market. When sellers make their home’s value obvious, they make a sale—it’s as simple as that.

So take the news you hear with a grain of salt. And remember, those in the news industry are in the business of selling news. If they have an ongoing story that grabs at your emotions (like fear of losing money), they’re going to run with it! So be an educated consumer and do your research!

Tonight at the City Hall Council Chambers (click for map) the fate of two Hyde Park properties, as well as other aged homes in Austin, will be decided.  The agenda is available on the City of Austin’s website.

4213 Avenue G is one property on the agenda seeking Historic Zoning.  This home has great historic documentation, and Historic Zoning would mean that the home would be subject to limitations on future remodeling, renovation, and demolition.  Historic Zoning would essentially save this home for future generations.  I’m sure the owners would appreciate your support if you have the time to stop by the hearing this evening.

4113 Avenue F is also on the agenda.  All homes over 50 years old with an application for demolition or remodeling are subject to a hearing by the Historic Landmark Commission.  The owners plan to demolish the house and build a new Craftsman style single-family home under the Hyde Park Design Guidelines.  The Commission will determine whether or not the home’s original historic features are in tact.  If the house no longer has these features, they will recommend allowing the demolition.

I have been a part of this process before and recommend that you attend this hearing if you are at all interested in how the city decided which homes contribute to Austin’s history and which have been changed over the years to become just another run-down home with it’s original features stripped.  Each house is researched and if major changes have been made (like asbestos siding, replacement windows, etc) then the house will be deemed a non-contributing historic resource.

Let your voice be heard!