April 2017 Midwest by Featured Agent

April 2017

Fresh start â&#x20AC;&#x201D; Spring home staging tips

Heather Winser also featured:

Kim Howard Nishul Patel Chad Willmore

Setting the tone for success

contents

professionals 4

Setting the tone for success â&#x20AC;&#x201D; 15 How to set reasonable expectations with buyers and sellers 18 Fresh start â&#x20AC;&#x201D; Spring home staging tips

Boost curb appeal for under $100 What to expect if you decide to become a landlord

Top 10 Traits of successful real estate agents

Featured Agent Magazine Phone 888.437.5707 Fax 888.849.3663 contact@featuredagentmagazine.com www.featuredagentmagazine.com 2

buyers&sellers

Materials and content included in Featured Agent Magazine and on featuredagentmagazine.com are subject to copyright and may not be copied or reproduced in any part without prior written consent. Featured Agent Magazine is published by Times 3 Publishing Group, LLC. Publisher shall not be liable for any inaccuracy, error, or omission and makes no representations or warranties of any kind, express or implied, as to the information, content, or materials included.

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Heather Winser

Kim Howard

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Nishul Patel

Chad Willmore

Setting the tone for success—

How to set reasonable expectations with buyers and sellers REALTORS® wear a lot of hats. As full-time marketers, advocates, consultants, and business owners, every day real estate agents are doing the job of multiple professionals. With demanding schedules, ongoing deadlines, and often late nights, and weekend work — there is a lot to juggle.

Those who do it well have learned that one of the keys to staying organized, keeping clients happy, and managing time for a personal life, is setting reasonable expectations with clients. By clearly laying out what your buyers, sellers and investors should expect from you as their trusted real estate representative, 4

you’ll set a tone for success from the start of your partnership.

Here are smart tips from top-producing REALTORS® for setting reasonable expectations with your buyers and sellers.

Provide a Timeline — By letting your sellers know each week what marketing efforts you’ll be initiating, they will feel confident in your organization, and won’t be as likely to feel the need to contact you if they don’t hear from you for a few days. Likewise, when working with buyers, it’s equally important to provide a timeline Copyright Featured Agent Magazine

much better to have clients who are elated by a pleasant surprise, than it is to console a disappointed client.

Provide Worst Case Scenarios — Strange as it sounds, by informing clients of the worst that can happen from the start, you’re safeguarding the relationship by avoiding a bombshell later on down the road. If your seller is insisting on pricing their home at a level that the market won’t support, explain the dangers in doing so. Or when working with buyers, prepare them for the possibility of a home inspection coming back with significant issues, particularly if they are interested in an older home. Establish Clear Communication Methods It sounds simple, but determining which method of contact your clients prefer for communication is often overlooked. From the start, be sure to inquire whether they want to be reached via text, email, or phone calls and how often they would like to be updated. Knowing how your buyers or sellers will respond best to you, and you to them, will go a long way in ensuring that an open dialogue is maintained, and that no items go unaddressed.

of how the buying process will unfold. Providing buyers with deadlines, and expectations for how long each stage of the process will take, effectively empowers them through education, boosting their satisfaction with your overall service.

Share Your Schedule — Real estate can be a 24/7 profession, but it’s still smart to let your clients know your preferred schedule. If you take calls late into the night, let them know. If, however, you return calls and texts received after 8pm the following morning, be sure to let them know that as well. If you try to take certain days off each week, or have weekly evening engagements, make sure your clients are aware that you’ll be unavailable during those hours.

Refuse to Overpromise — It’s unwise to tell a buyer that you can get the seller to pay for repairs or to promise to sell a client’s home within a set period of time. Even if you’re fairly confident that you can accomplish either of these, it’s best not to make any guarantees. It’s Copyright Featured Agent Magazine

Introduce Them to Everyone Involved — If you will be having an assistant, a showing agent, or anyone else contact clients on your behalf, be sure to let them know who each person is and the role they will play. This will prevent your clients from feeling like they are being shuffled around, or confused about why they are receiving calls or emails from your colleagues or team members.

Provide A Clear Picture of the Market from the Start — When it comes to setting reasonable expectations with your buyers or sellers, sugarcoating the market will not do you any favors. It’s important that sellers are informed about comps, and are made aware of trends, or shifts in the market immediately. Likewise, buyers should be educated on precisely what their budget will allow for, using statistics, analysis and data.

Setting reasonable expectations with buyers and sellers is a best practice for keeping your clients informed, aware, and happy with your service from start to finish. As a bonus, you’ll likely find that this process is a win-win for both of you, as you’ll be more likely to stay on target with your own personal and professional obligations and responsibilities. 5

featuredagent Kim Howard magazine

After spending several years in corporate marketing, Kim Howard found herself at a crossroads. She enjoyed the work and loved the people she worked with, but she couldn’t shake the feeling that something was missing. She turned to her network for career inspiration and in talking with several contacts who were in real estate, realized it would be a perfect fit. Kim became a licensed agent (during a very busy year in which she also got married) and hasn’t had a single regret about her decision. “Every day is different and my clients keep me so energized,” Kim says. “Plus I’m always learning something new about my city, which I fall more in love with each day.” As a Residential Consultant for Dream Town Realty, her main focus is helping buyers and sellers on the North Side of the city and also in the North Shore suburbs — although she has had clients throughout other areas of Chicagoland. She really enjoys working with buyers and helping them explore the different neighborhoods of Chicago to find a great fit for them, while walking clients through the process from start-to-finish in an educational way.

Educating her sellers is also a large part of why she lands her listings. With her solid marketing background, Kim is able to easily convey how she attracts buyers to their listings through her creative marketing tactics, including social media marketing. “The term ‘social media marketing’ is abused so much. It’s not just putting a listing on a Facebook page and hoping it sells,” Kim says. “I strategically look at the market, target the right audience, and what appeals to them — right down to the choice of colors and fonts I use for my digital marketing efforts — and that’s just the baseline.”

It’s not just the educational aspect of buying a home and the creative marketing tactics Kim has to offer clients, however. She is committed to establishing trust as the foundation of success, which helps build long-lasting

relationships. “I always want to communicate honestly with clients, even if it’s something they don’t want to hear — I don’t beat around the bush, my best interest is always their interest,” she says. “It’s about creating an honest, genuine experience.” With that in mind, Kim also goes out of her way to make the process for her clients not just educational, but enjoyable. “The process isn’t always as exciting as they make it look on HGTV,” she says with a laugh. “I try to keep my clients engaged because sometimes it’s a little exhausting. With buyers, inventory is low in many places, so the process can take patience, diligence and of course, expert negotiation.”

Kim is no stranger to winning deals for her clients, and one recent experience showcases that negotiating talent and being her client’s best advocate. “I beat out seven other offers for my clients for a particular property in the North Shore — it was such a great feeling!”

Kim’s commitment to her clients is paying off in the best way, positive word-of-mouth. Though she’s only been in the business a little over a year, she already enjoys an incredibly high percentage of referral clients. That’s not surprising though, when you learn that her over-arching goal for every buyer, seller or investor is for them to feel like they are her #1 client.

Naturally social and outgoing, Kim also finds satisfaction in the networking and community building aspects of real estate. “I love being a go-to resource and connecting people,” she says. “It’s exciting because it means I get to help more people, which is one of the big reasons I chose this career.” She supports the communities she serves with her involvement in Business Networking International (BNI), IVY — The Social University, the Woman’s Club of Evanston and the Chicago Association of REALTORS.® There is nothing standing in the way of Kim’s continuing ascent to success. Her future plans include achieving a repeat and referral client rate of 90% and tripling her business year-over-year. “By the five-year mark, I hope to have a team that runs like a well-oiled machine so we can serve even more clients.”

Kim Howard

Dream Town Realty | Evanston, IL 312.515.7447 | kim.howard@dreamtown.com | www.dreamtown.com 6

Fresh start —

Spring home staging tips

Even if the weather suggests otherwise, spring is right around the corner (and has already arrived in many places). With this change of season comes a change in the way you stage and present your listings. Spring is all about showing off a space that looks fresh, clean and inviting. Check out these pro-approved home staging tips for spring.

They don’t call it ‘spring cleaning’ for nothing Spring home staging starts with a deep cleaning. Winter is tough on a home’s interior. There’s been water and dirt tracked in on boots. Dust building up from heated dry air. And clutter accumulating from holidays and other activities. Before you start adding the aesthetic touches, get back to basics and be sure the home is cleaned and freshened from floor to ceiling. Encourage your sellers to overhaul and purge, rather than just stuffing clutter out of sight in closets. Remember, buyers will check closets for storage space Copyright Featured Agent Magazine

and if they’re overstuffed, it appears there’s not enough room for storage.

Turns out, it’s easy being green — Spring is all about new beginnings. This year’s Pantone Color of the Year — Greenery — is the perfect starting point for adding spring color to the home. The fresh hue is inspired by the color of new leaves, and is surprisingly easy to blend with other colors (Pantone calls it ‘nature’s neutral’). Give the home a fresh, trend-ready look and feel by incorporating the color into throw pillows, bed and bath linens and kitchen towels or placemats. Additional colors that will be hot for the season are blush pink, tan, sage and a spectrum of blues — from delicate robin’s egg to rich lapis. When in doubt, bring the outside in — Nothing says spring like something in bloom. Fresh flowers placed throughout the home are always an elegant 7

Spring is such a special time of year. Capture that feeling in your listings by staging them to reflect the promise of the season. You’ll attract buyers who will want to make your listings their new beginning. and upscale choice. But if that’s not in the budget, there are plenty of other ways to bring the outside in. Flowering potted plants are a more affordable and longer-lasting choice. Potted herb gardens are beautiful, fragrant and perfect for a kitchen windowsill. Indoor succulents remain a popular choice and require almost no maintenance. They’re an easy way to add greenery to any room.

From April showers to fresh flowers — While winter is all about scents that evoke cozy warmth — like vanilla and cinnamon — spring’s home scents should be fresh, clean and light. Think of those things that make you take a big deep breath, like laundry drying in the sun, freshly cut grass, or spring’s brightest blooms. Look for candles or oil diffusers in these scents and place them strategically throughout the house for 8

subtle hints of fragrance. Extra points if the candle colors echo the spring color theme.

Don’t forget those finishing touches — Showing homes this time of year is tricky. You might go through two or three weather changes in the same day. But you’ll be ready for them if you keep a fresh welcome mat by the front door, an umbrella holder in the entryway and hang a few Command hooks to hold raincoats or sweaters. Be sure the front walkway stays clean and unobstructed. On cloudy days, turn on lights throughout the house to chase away the gloom.

featuredagent Nishul Patel magazine

Home buyers and investors throughout the Twin Cities who choose to work with Nishul Patel, REALTOR® with Bridge Realty, have a clear advantage. “I come from the investment perspective,” he says. Indeed, beginning in 2010, under the mentorship of his uncle, Hitesh Patel, Nishul learned the ins-and-outs of purchasing foreclosures, remodeling them and converting them into revenue-generating rental properties. “Together my uncle and I found a niche segment of the market as the economy began to recover. I managed many of these properties, and learned the intricacies of investing from the ground up,” Nishul says. The two also identified an underserved segment of the market, and began laying the groundwork for future development of single family homes — which at less than $250,000 are particularly attractive to first-time home buyers. Nishul’s focus on real estate as an investment is the reason he is not interested in selling a home to an investor, an individual, or a family merely for the sake of adding another sale to his credit. “If I’m going to sell a home to someone, I want to be sure that they are going to be able to sell it 5-10 years down the road. I think a lot of people in real estate will sell a home just to get a commission,” he says.

Nishul does not subscribe to that business philosophy. On the contrary, he refuses to sugarcoat a property’s shortcomings should he see them. “For me selling a home is not a money-driven decision. It is a marketdriven decision. I often tell my clients ‘I am not here to sell you a dream home, I will find you a home, tell you the honest truth about it and then give you advice on how to make it your dream home within a budget.’ I don’t feel that a home buyer, should be fooled into buying a home that looks fancy, if it is at a price point that is not fair to them or the market. I would rather

find them a home that has potential and future equity, and give them the tools to make that home their own. That way, in the future they can move on to an even better home.” One reason Nishul chooses to conduct business this way can be traced to advice he got early on in his career. “I was told not to sell myself for money. So, I will not dilute my name, reputation or skill set just to sell a home,” he says.

It’s no surprise that although Nishul spent the early years of his career working with investors exclusively, those investors soon began referring him to traditional buyers looking for single-family homes to call their own. “I certainly will not refuse a referral,” Nishul says. Instead he says, he treats home buyers much as he does investors, by ensuring that he is consistently overdelivering, rather than overpromising on the service he provides. This dedication to honesty, integrity and premier service has led him to count a full 30-40% of his business from referrals from past clients.

Another reason that Nishul insists upon being so honest with clients, is because he’s planning a long, diverse career in real estate. Though he’s already a savvy investor, has a property management company, and even a commercial cleaning business, he still has big plans. In the immediate future, he intends to get his contractor’s license. “There is a need for high quality, well-built homes under $250,000, particularly for first-time home buyers. I’m looking forward to building those homes,” he says. In the long term, Nishul dreams of becoming a developer of high end homes, a goal the fearless entrepreneur is sure to achieve.

Quite frankly, there is no limit as to what Nishul may accomplish in the future through real estate, and he’s looking forward to it all. “I’m excited about all of the different things I can do with real estate. I can work in development, as an investor, and as an agent helping investors, individuals and families. I love being able to dictate my own duties, without a set criteria of what I have to do. It is really wonderful.”

Nishul Patel Bridge Realty LLC | Eden Prairie, MN 612.310.1405 | Nishul@hotmail.com Copyright Featured Agent Magazine

Top 10 Traits of

successful real estate agents

It takes a special person to become a successful real estate agent. Succeeding in the business requires a unique set of qualities and skills that not everyone has. But when they all come together, the result is someone who is perfectly suited to the ups and downs of a life in real estate. These are the Top 10 traits real estate agents need.

Friendliness — As an agent, you have to be able to talk to all kinds of people about a wide range of topics. Being open and friendly is a must for real estate professionals.

Empathy — Agents deal with people at some of the highest — and lowest — points in their lives. Being able to empathize and understand what clients are going through is essential.

Listening Skills — Successful real estate agents are great listeners. It’s an important part of finding out what your clients true wants and needs are.

Sense of Humor — Weathering the ups and downs inherent to real estate is going to be easier — and more fun — for agents who are able to laugh at themselves and maintain a sense of humor when faced with adversity. Tenacity — Great real estate agents possess a mental toughness that may not always be on display, but is definitely there. They are tenacious, committed and goal-oriented.

Desire to Learn — With markets and technology changing at an ever-increasing pace, it’s essential for agents to want to learn more and continue their education throughout their careers.

Assertiveness — You want what’s best for your clients, and sometimes, you’ll have to fight for it. Being assertive while remaining professional is a balancing act the best agents have down pat.

Attention to Detail — When it comes to real estate, the devil really is in the details. When you’re working with contracts and figures, having a good eye for detail is essential.

Honesty — No agent lasts in this business without developing a reputation for honesty and integrity. Real estate agents must be committed to doing the right thing at the right time — every time.

Self-Starter — Perhaps the most important trait successful real estate agents share is the ability to motivate themselves. Without it, agents won’t last long in this business. You have to have the drive and desire to succeed.

Heather Winser

Heather Winser’s real estate resume tells any prospective seller or buyer in the Milwaukee Waukesha metro and surrounding areas everything they need to know about the wildly successful listing specialist. For starters, she’s received the National Sales Award and has been a member of the Presidents Club each year since 1997. She’s also been a top agent in her office dating back to 1996 and the Milwaukee Journal Sentinel has twice named her the “REALTOR® of the Week.” Indeed, with more than 20 years of expertise as a listing, buyer’s agent and relocation specialist, Heather is about to surpass more than $200 million in sales. Callen Construction Muskego

What’s perhaps most surprising about Heather’s success, is that she has not only done it all as a solo agent, but she’s done it as a single mom raising three children. However, unlike many new agents who spend their early years soliciting business from buyers, Heather took the opposite approach. “I have specialized in listings since day one. I focus on resales and I always have.” This decision to pursue listings right out of the gate was in part due to advice she received early in her career, when a fellow REALTOR® said to her: “Listings are the name of the game.”

Heather immediately set her sights for the top, and from her very first year when she was named Rookie of the Year, she has channeled her enthusiasm, drive, market knowledge, and expertise into premium customer service, second-to-none marketing, and skillful negotiation. The combination has packed a powerful punch — resulting in Heather’s listings flying off the market quickly, and for top dollar.

In fact, in 2002, Heather became an Associate Vice President at Shorewest, in record time. To earn the elite status of Associate Vice President, an agent must meet challenging sales requirements for six consecutive years, with no gaps in between. Heather did this in her very first six years.

When asked why she has been successful since day one, Heather is honest when she says, “I do what I say I’m going to do. I do not just put a house on the MLS. I’m guided by my ethics and morals.”

On the contrary, Heather turns clients into friends, and fiercely loyal fans, who want nothing more than to share the incredible experiences they’ve had in working with her. For example, recent clients rave about her saying, “Heather was so easy to work with. She’s extremely professional and attentive. She was helpful and encouraging in our buying and selling process and fought for us at every turn. Her wide breadth of knowledge and hard-working nature kept us feeling secure and informed at all times.” 12

photography by Joyce Paisley

“I do what I say I’m going to do. I do not just put a house on the MLS. I’m guided by my ethics and morals.” With such glowing reviews, it’s easy to see why Heather has been named a 5-Star Best in Client Satisfaction by Milwaukee Magazine every year from 2009-2016. She credits her ability to give each client the attention they deserve through meticulous time management, organizing and planning. In fact, all her marketing, networking and strategizing is done well ahead of listing the home, so that once it hits the market, she can focus her attention on negotiations. It certainly doesn’t hurt that Heather Copyright Featured Agent Magazine

Heather and her family reside in Lake Country 13

“If I believe in my heart that an event is going to benefit a good cause, I will do whatever I can to help.” also happens to find the art of putting together each transaction stimulating. “I love the art of the deal,” she says.

Her morals and ethics also compel Heather to give back to her community and to those in need. From galas to golf tournaments, Heather has frequently sponsored entire events. She is humble when saying, “If I believe in my heart that an event is going to benefit a good cause, I will do whatever I can to help.”

Her principled approach to work and service, coupled with her enviable success have understandably made her incredibly wellrespected in her industry. As such, over the course of her career she has served as a trainer for new agents, helping to impart her knowledge, secrets of success, and listing expertise upon those just entering the real estate profession. In the future Heather says she will likely also segue into public speaking and coaching. For now, though, she’s thrilled to be doing the things she loves most in life. “I love what I do. This career has allowed me the flexibility to do the two things I love the most — being a Broker and a mom,” she says with a smile.

Muskego Lakes Golf Course

As for when Heather isn’t busy selling home after home for sellers? The truth is, she doesn’t have a lot of spare time. Heather has sold more than 140 homes amounting to more than $33 million in sales in the last three years. But when she does have a bit of free time, there’s nothing that she enjoys more than having honest-to-goodness downtime. “I think and negotiate for a living. When I have a little bit of spare time, I love to just unwind and relax, with golf, working out, or attending a charity event.”

Heather Winser Shorewest Realtors® | New Berlin, WI 414.659.0932 | hwinser@shorewest.com | www.hwinser.shorewest.com 14

Boost curb appeal

for under $100

You know that one house on the block that always catches your eye as you drive by? It just has that certain something that always makes you look twice and think “what a cool house!” That something is called curb appeal. If you’re getting ready to sell your home, boosting its curb appeal is an important step to help ensure it sells quickly. But even if you’re not selling, why not bump up the curb appeal anyway? You’ll love seeing those special touches every time you return home. Plus, now your house will be the one that has that certain something that gets the neighbors buzzing. Here are several ways you can boost curb appeal quickly and easily. Best of all? Most ring in under $100! Create a Dramatic Door — There’s no easier way to make a statement than with a colorful front door. It stands out in the best possible way and causes people to look twice. The question is, what color? The possibilities are endless and only limited by your imagination (and maybe your HOA). Bold red, hunter green, and glossy black are classic choices. Turquoise, Copyright Featured Agent Magazine

yellow and mint green lend a vintage vibe, while lime green, gray and bright white feel contemporary. If you just can’t decide, download the app Front Door Paint, which allows you to see how different colors will look before you choose. The door makeover doesn’t have to stop with paint, be sure the hardware is looking good, too. You can clean, polish and even paint (using spray paint for metal) what’s already there or add new hardware to complete the new look.

The Numbers Count — If you’re selling your home, clearly visible house numbers are important so prospective buyers know they’re looking at the right house. But more than that, stylish house numbers can enhance the overall look of your home’s exterior. Choose a font and material that complements the architectural style of your house for a clean, cohesive look. Prioritize Plants — Bursts of color from fresh flowers add a warm and welcoming look to the front of your home. You can install window boxes, a vertical

hanging wall planter, or simply cluster flowering potted plants into small groupings. If entry space is limited, you can achieve the same feeling by using hanging planters. If the climate doesn’t allow for summer flowers, or if you prefer a minimalist look, potted succulents are a trendy (and easy care) alternative.

Don’t Forget the Details — Pay attention to the small details that can make a big difference in your home’s curb appeal. Fix or replace torn window screens, keep sidewalk cracks and edges free of weeds and grass, power wash the driveway until it looks pristine, and roll up or put away garden hoses.

Shed Some Light — Exterior lighting is more than an aesthetic issue, it’s one of safety as well. Make sure you have ample illumination by the front door and along the front walkway. If outdoor lighting fixtures are looking worn and weather-beaten, clean them first, then polish or paint them. Line the front walkway with solar twinkle lights or light stakes. It might not seem 16

Quick Fixes No time for a project? Here are five ways to instantly improve curb appeal. • • • • •

Scrub the front door and polish hardware Put out a new welcome mat Clear the front porch light of bugs and leaves Add a grouping of flowering potted plants Pick up trash and yard debris

like much during the day, but at night everyone will notice the beautiful glow.

You’ve Got Mail(box) — A saggy, shabby, weatherbeaten mailbox can downgrade the overall look of your home. If yours is still in good shape, clean it and give it a coat of fresh paint. If it’s seen better days, upgrade to something new. Copyright Featured Agent Magazine

featuredagent Chad Willmore magazine

Just a few years after settling down and starting a graphics business together, Chad Willmore and his wife were ready to start investing in their future through real estate. Throughout the process of searching for properties, Chad took a keen interest in the industry, closely watching the market and following the trends. And later, when close friends asked for his expertise while they hunted for a house of their own, Chad jumped at the opportunity and led the way.

“They were really impressed with the way I helped them out and made the comment that maybe I should become a real estate agent,” says Chad. “That comment stayed with me, and in 2013, I went out and got my license.”

Today Chad, a REALTOR® at Berkshire Hathaway HomeServices in Davison, Michigan, serves his clients throughout North Oakland, Genesee, and Lapeer Counties. What he loves about real estate now are the very things that drew him in to begin with. “I really enjoy the marketing aspect of it along with all the daily ins and outs,” says Chad. “But simply helping people get through what can be a very stressful time is the most rewarding part of it all.”

Chad’s dedication to helping people find the right home, along with his honest and upfront approach, are benefits not only to his clients, but his business as well. “Client satisfaction with my service and representation is my top priority, but it’s also what keeps my clients referring others to me,” says Chad. After only a few years in the business, over 30% of his business currently stems from referrals.

The dedication Chad shows to his craft has also a played a huge role in increasing his business by 130% over the last year. “The best advice I’ve ever received was to work harder than expected and always be the first one

there and the last one to leave. I’ve applied it to everything I do,” Chad says. “When I have a showing appointment, I like to show up early to walk the entire house and take notes so I can give my client all the information they need. And when it’s over, I don’t leave until after they’ve pulled out of the driveway.”

“Continuing to learn and stay on top of the industry trends is going to give you that edge. You have to keep learning every day.” As much as client education is important to Chad, his own continuing education is equally important. “This business takes a lot of dedication and anyone thinking about getting into it needs to be willing to invest in themselves and commit to learning. For the first six months of my career, I came in to the office two hours early every day just to listen to the podcasts of some of the top coaches,” he says. “Continuing to learn and stay on top of the industry trends is going to give you that edge. You have to keep learning every day.”

Outside the office, Chad enjoys spending time with his family, including his wife and three teenage daughters. Supporting charitable organizations is something he also enjoys, namely Big Oak Ranch, a home for boys in Alabama. “I was sent to live there as a teen and it made such a big impact on my life,” says Chad. “When I was there, I had house parents who later left to open up their own home in South Carolina, Eagle Harbor Ranch.” Chad has sponsored a child from Eagle Harbor Ranch since 2005 and in 2015 started sponsoring a child from Big Oak Ranch as well.

The future is looking bright for Chad, as he looks forward to expanding his presence in the real estate industry. “I recently took a management position in our office and within the next year I’ll be getting my broker’s license.” He assures us, “I’m not slowing down anytime soon!”

Chad Willmore Berkshire Hathaway HomeServices | Davison, MI 248.821.3087 | ChadWillmore@bhhsmi.com | www.ChadWillmore.com Copyright Featured Agent Magazine

What to expect

if you decide to become a landlord

You’ve found your new home. It’s perfect, and you can’t wait to move in. Yet, even though your new home has all the bells and whistles you’ve been dreaming of, the thought of letting go of your current home feels a lot like having to throw out your favorite sneakers. You know it is time to say goodbye, but it is so comfortable, and familiar… and you are going to miss it.

But what if you didn’t have to let go of your current home? What if you decided to keep it and rent it out? Would it make sense for your situation? Are you cut out to be a landlord? If you’re wondering if becoming a landlord is a smart decision for you, it’s best to first weigh these three considerations carefully. You’ll want to run some basic numbers to determine

Will You Make Money by Renting Your Home? 18

whether you can secure enough rent to cover your mortgage on your home each month. However, there’s a lot more to being a landlord than just collecting rent. Keep in mind you’ll need to continue paying for repairs, taxes, insurance, HOA fees (if applicable), along with absorbing costs of vacancy. If you find that becoming a landlord is going to cost you money each month, it is probably in your best interest to sell your home with the help of an experienced REALTOR.® On the other hand, if the numbers indicate that even with all expenses of maintaining the property factored in, you’re still turning a profit; becoming a landlord may be a very smart decision.

Are You Ready to Deal with Tenants? There are many wonderful tenants, who you’d undoubtedly love to have living in your rental property. There are Copyright Featured Agent Magazine

As a landlord, unless you choose to turn the responsibility of renting your home over to a property management company, the onus will be on you to successfully work with your tenants. available to tenants, should emergencies arise. You’ll need to have time to show the home during vacancies and repair the home between tenants. You must be willing to spend time finding contractors or vendors (unless you’re planning to make repairs, clean, and update on your own). You’ll need to set aside the time to learn to read credit reports, and/or background checks on potential tenants. You’ll also need to become familiar with laws and regulations in your state regarding your responsibilities as a landlord, and the rights that your tenants have while renting from you. So, is becoming a landlord right for you? If you answered “Yes” to the three questions above, keeping your home and renting it out may be a natural fit for you. However, there are still many additional and important items to consider before ultimately deciding whether to sell or rent your home.

also some tenants who can make your life a nightmare. Exceptionally messy tenants for example, may cause you great stress. Noisy tenants who irritate neighbors may also make your life difficult. Tenants who are chronically late in paying rent may cost you sleep. As a landlord, unless you choose to turn the responsibility of renting your home over to a property management company, the onus will be on you to successfully work with your tenants. If you don’t feel ready to handle any of these situations, becoming a landlord is probably not in your best interest. Do You Have Adequate Time to Be a Landlord? Should you make the decision to become a landlord, you must accept that you’re agreeing to make a significant time commitment. If you personally manage your property, you’ll need to plan to be Copyright Featured Agent Magazine

Subsequent considerations may involve analyzing market trends to see if the area where your home is located is appreciating in value, or depreciating. Likewise, you’ll want to crunch additional numbers to determine if you will make a profit if you sell now, and if so, how much of a profit you’ll make. You will want to know if you’ll be taxed on the profit from selling your home, and weigh that against keeping it and renting it. Suffice it to say, many of these financial considerations will be best decided through consulting with a trusted advisor such as your CPA or financial advisor.

If, on the other hand, you answered “No” to any of the three questions above, it’s unlikely that you will find becoming a landlord an enjoyable — or profitable — endeavor. In that case, it’s time to turn over the responsibility of selling your current home to an experienced REALTOR® who can ensure that you get top dollar for your sale. 19

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