July 2019

July 2019

The pros and cons of trying to time the market

Top 10 Questions to ask your agent

Heather Valentine

Productivity boosters —

Get more done every day

contents

buyers&sellers 4

Weighing your options — The pros and cons of trying to time the market

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Top 10 Questions to ask your agent

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Get the look — Avoid these decorating mistakes

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Heather Valentine

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Play it safe — Security for real estate professionals Productivity boosters — Get more done every day

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Weighing your options —

The pros and cons of trying to time the market

In many circles, when conversations about buying and selling homes arise, the concept of “timing the market” invariably emerges. Some people will swear by the practice, citing example after example of instances where buying low and selling high has worked for them, or for people they know. Others will say that timing the market is not only impossible, but that the best time to buy or sell is when you’re ready to buy or sell. Period.

So, what is fact and what is fiction? Can the market be accurately timed, so as to mitigate spending and maximize profit? Or are those who seem to have an uncanny knack for buying when homes are at their lowest price, and selling them at the highest points, just incredibly lucky? Unfortunately, despite entire books being devoted to the practice of learning how to time the market, it’s most certainly not an exact science. But like most things in life, there are definite 4

pros and cons to trying to time the market. Here’s a look at some of them.

The pros of trying to time the market

Ensures Education — If you’re attempting to time the market, you’re going to have to do your homework. You’ll need to monitor home values, interest rates, FED rates, neighborhood appreciation/ depreciation, inventory levels, and more. Overall, this works to your benefit, as you’ll be learning something new nearly every day, which can only help you to become an even savvier buyer or seller in the future.

Knowledge is indeed, power.

Protects Your Pocketbook — Being mindful of what the real estate market is doing certainly increases your likelihood that you’ll get a better deal than if you completely omit market conditions from your Copyright Featured Agent Magazine

Can the market be accurately timed, so as to mitigate spending and maximize profit? Or are those who seem to have an uncanny knack for buying when homes are at their lowest price, and selling them at the highest points, just incredibly lucky? mortgage interest rates drop to their lowest, can lead to missed opportunities to invest, or to become a homeowner. Holding out for just one more price reduction or decrease in interest rates may cause you to lose out on an incredible deal.

Missed Opportunities to Make Memories Waiting too long to buy or sell, in effort to time the market can ultimately cost you valuable time. Instead of taking the profits from a home sale and purchasing a new home when conditions are favorable, you ultimately may miss out on awesome opportunities to make new memories in your home. Consider that buyers who attempt to time the market perfectly may miss the chance to celebrate special occasions and milestones in a new home.

investment strategy. Generally speaking, making an effort to time the market, although not failsafe, will make you a more informed buyer or seller, thereby increasing your likelihood of securing better pricing, terms, concessions, or conditions.

Puts You in a Position of Power — Whether you’re a potential buyer in a down market, or a seller in an up market, you have a lot more bargaining power during decidedly lopsided markets. Subsequently, as a buyer or seller, you will have far more leverage in an unbalanced market than during periods of relative equilibrium/neutrality in the real estate market.

The cons of trying to time the market Potential for Letting Great Properties or Profits Pass You By — Trying too hard to wait to buy until home prices hit rock bottom, or when Copyright Featured Agent Magazine

Market Stability Is Never Guaranteed — It’s long been said that the only constant in life, is change.

That’s undeniably true when it comes to the real estate market. There is no guarantee that interest rates, or home prices won’t change on a dime. The inherent unpredictably of the real estate market means that even the most well-laid plans for buying or selling are not immune from potential and/or substantial market swings.

Although there are benefits and potential pitfalls to consider when deciding whether to try your hand at timing the market, one irrefutable fact remains. An investment in a home is a significant undertaking. For the overwhelming majority of people, it will be one of the biggest financial decisions of our lives. As such, deciding to buy or sell is not something most people will want to go into alone, or haphazardly.

With the help of an educated REALTOR,® a skilled mortgage professional, and guidance from other trusted advisors such as your CPA or financial advisor, conducting due diligence before making any decision just makes sense.

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Top 10 Questions

to ask your agent

Buying or selling a home is one of the most significant financial transactions most people will ever be involved in. So it follows that choosing a real estate agent to help reach those goals is one of the most important decisions anyone can make. Surprisingly, though, many people don’t ask the right questions of their buyer’s or listing agent.

They might say they prefer to ‘go with their gut’ or just ‘have a good feeling’ about someone. While it’s certainly important to feel a connection and develop a rapport with your agent, there are several pertinent questions you should ask. This isn’t a complete list, but will give you a good start and generate some revealing information.

Questions to ask a Listing Agent

Are you a full-time agent? Many agents, especially those new to the business, get started by practicing real estate part time. There isn’t anything inherently wrong with that, but be aware that agents who aren’t fulltime may not be as focused on your listing as you would like.

Have you worked with homes in this price range? A competent agent should be able to sell a home regardless of price. But it’s ideal to have an agent who regularly works with homes in the same range as your home. They will have unique insights into the market and the buyers who are looking for homes just like yours.

How will you market this listing? Your home won’t sell if no one knows about it. Agents today have more marketing options than ever and should be able to answer this question quickly and thoroughly. If they don’t seem to have a concrete plan in place, keep looking.

How do you communicate with clients? This isn’t necessarily a trick question, per se. But the best answer is for the agent to ask back, “How would you like me to communicate with you?” An agent should tailor their communication style and frequency to your preferences.

What is your average days on market? Simply put, days on market means the length of time a listing appears on the Multiple Listing Service (MLS) before it sells. While a number of factors affect this, agents with a lower than average number of days are pricing and marketing their listings effectively.

Questions to ask a Buyer’s Agent

How often do you work with people like me? Whether you’re a first-time homebuyer, starting over after divorce or widowhood, upsizing, downsizing or relocating to a new city, every buyer has unique needs. Find a buyer’s agent who has plenty of experience working with people in your situation.

May I speak with some of your past clients? Reading online reviews can shed a lot of light on how an agent’s past clients feel about them, but it doesn’t tell the whole story. Even if you don’t actually plan to speak with past clients directly, an agent’s enthusiastic or reluctant answer to this question can tell you a lot.

How many homes have you found in this neighborhood? The more familiar an agent is with the area you want to live, the better chance you have of finding a home you’re going to love. There’s a good chance they’ll know about homes that are about to come on the market but aren’t yet listed.

Do you work with a network of professionals? Connected agents should have a network of professionals ready and waiting — from lenders and title agents to contractors and painters. If they can’t offer solid referrals, keep looking for an agent who can.

How do you win a bidding war? There isn’t a single correct answer to this question; it’s more about how prepared the agent is with an answer and whether or not they have a plan in place to handle this inevitable situation.

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Play it safe — Security for real estate professionals

It might not be something you think about often, but keeping yourself safe, both in person and online, should be a priority for every real estate professional.

It’s important to consider not only your physical safety, but also the security of the sensitive information you work with every day. Here are several safety precautions you can take to protect yourself in the real and virtual worlds.

Physical Safety

Chances are, you will go your whole career without encountering someone who wishes to do you harm.

But working in a business where you’re consistently meeting new people, it just makes good sense to watch out for your personal safety. These tips will help: Stay Alert & Aware — We all have a tendency to stay glued to our screens, but doing so in public can Copyright Featured Agent Magazine

compromise your safety. When you enter any new surroundings, take a break from scrolling to do a quick mental inventory of who you see, what they’re doing, the general layout of the room and where the exits are.

Taking a few moments to familiarize yourself with your surroundings can help you make decisions more quickly if needed.

Share Your Whereabouts — When you leave the office, make sure at least one colleague knows where you’re going, who you’re meeting and what time you expect to be back. Send a quick text to let them know when you arrive safely, and again when your meeting is over. Also keep your electronic calendar up-to-date and easy to view so colleagues know where and when to expect you.

Ask for I.D. — Ideally, meet with new clients for the first time in the office. While they’re there, make 7

a copy of their driver’s license or another photo I.D. to have on file. If they’re hesitant to share it with you, that could be a red flag.

Avoid Oversharing — All good relationships evolve over time. The first meeting with a new prospect isn’t the time to divulge highly personal details or logistical specifics, such as your home address.

There will be plenty of time to learn more about each other as the rapport develops.

Lead from Behind — When showing homes, let your clients go ahead of you while you guide and direct them from behind. It helps you keep track of where they are in the home at all times and minimizes the possibility of being caught off guard by someone coming up behind you.

Be Prepared — Take a self-defense or martial arts class. Carry a personal alarm and pepper spray. Do whatever you have to do to make sure you feel safe and confident when going about your job. And if you ever feel like your personal safety is threatened, get out of the situation immediately. If it’s a false alarm, a little embarrassment is the smallest price to pay.

Cyber Security

If it seems you hear about a new cyber scam, hack or security breach every day, it’s because there’s no end to the ways criminals have learned to exploit our reliance on technology. Unfortunately, it’s not possible to ensure the absolute safety and security of online information.

These tips, however, will help you be more aware and spot potential issues before they become a problem.

Be Picky with Passwords — The days of using ‘password 123’ for all accounts on every platform is long gone. Experts agree that the more complex the password is, the better. Many platforms now require more intricate passwords, but even if it’s not required, choose passwords that include a combination of upper- and lower-case letters, numbers and symbols, preferably in random, meaningless order.

Get Wise to Phishing Scams — Phishing scams go all the way back to the days of the Nigerian prince promising to fork over his inheritance in 8

Safety Quick Tips • Keep your phone charged at all times • Travel light; carry only what you need • Never text or take notes while driving • Avoid showing houses after dark when possible • Establish a panic phrase to use with colleagues on the phone or via text

exchange for a small fee. And now that they’ve gotten much more clever, even the savviest online users have fallen for them. Just remember to never respond to an unsolicited email asking for personal details such as SSN, bank account information or credit card numbers.

Even if an email appears legitimate, it’s worth the extra time it takes to pick up the phone and verify who is requesting the information and why they need it.

Don’t Fall for Adware — Adware and malware scams trick you into doing the dirty work for the bad guys. An ominous-looking pop-up ad claiming your computer’s security has been compromised will appear, instructing you to download software that will fix the problem. If you proceed with the download, you will be installing malware on your computer that could do anything from tracking your keystrokes to wiping out your hard drive. In some cases, these ads will lock up your computer and literally hold it for ransom until you call a number and provide bank account information for thieves to drain your account. If one of these ads appears, close out of it immediately (without clicking on anything) and restart your computer. If you have reason to believe your computer has been compromised in any way, seek the assistance of an IT professional.

Rather than thinking about personal and online safety as separate and distinct issues, incorporate these practical tips into your daily routine and they will soon become second nature. Your clients, colleagues and everyone who cares about will be happy you did.

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Heather Valentine

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Heather Valentine

Saying that Heather Valentine, Broker and Owner of Valentine Properties, knows how to sell homes in Central Virginia is a huge understatement. Educated in Interior Design, the energetic Heather also purchased her first home when she was just 19 years old.

By 21, she’d earned her real estate license and began capturing her own piece of the Metro-Richmond market share, and hasn’t slowed down in the years that have followed.

In fact, by 2008, Heather and her husband Austin Bergman launched Valentine Properties, and were featured as “Next Generation REALTORS®” in Listed, the publication of the Richmond Association of REALTORS.® “We started our careers working at a large local brokerage, and a national brokerage, but we were ready to grow our own referral-based business,” Heather says.

Their entrepreneurial endeavor was a smashing success from the start. With Heather’s unique skills 10

in home staging and expertise in home décor, the two began solidifying their reputation as the team in Central Virginia best equipped to help homeowners to “sell homes for the most amount of money, without spending a lot of money.”

“How a home looks is very important in our market.

It’s crucial that a home is properly prepared to be listed,” Heather says. “Little tweaks can make such a big difference in the final sales price.”

Make no mistake though, it’s not just her impeccable design skills and marketing savvy that are responsible for Valentine Properties’ unbelievable success.

Heather counts an incredible 98% of her business directly by referral, and attributes the firm’s popularity in large part due to her commitment to helping buyers and sellers in any way possible. “We are here to provide good advice now, and for the future,” she says. “We build business-friendships with our clients.”

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Because she and Austin have built a debt-free business, including owning the building that houses their office, she explains that the team at Valentine Properties is able to focus solely on the needs of their clients. “We aren’t worried about commission checks.

Those will come. We are able to focus exclusively on taking care of our clients.”

To show their gratitude to their loyal clients, Heather and Austin created a unique Client Appreciation program, which she says brings her absolute joy. “We host parties every year with 250-300 past clients and referring partners. This year we are doing a Great Gatsby theme, with a full band, food and drinks. We also send gifts to our clients on special occasions. We send all of their year-end tax forms to them, too. We want our clients to know that we are in this with them for the long haul.”

With such relentless dedication to client service, coupled with incredible negotiation and design Copyright Featured Agent Magazine

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“Our goal as a brokerage is to help other agents to be able to grow their own referral based business.” skills, it is easy to see why Heather was recognized as a “30 under 30” by the National Association of REALTORS.® In addition, Heather and Austin have been in the Top 10 Teams in all of Central Virginia since 2012. They are also currently the #1 Sales Team in Chesterfield County. In 2016, Heather and Austin sold a whopping 220 properties.

In addition to running their thriving business, and raising two daughters, ages 6 and 9, Heather and Austin have made it a priority to give back to the community in which they live, work, and play.

They donate to multiple local charities and have even launched their own charitable fund, the Have a Heart Foundation. “Our non-profit will benefit

those who don’t necessarily fit into a category of existing charities. For example, we funded the building of a wheelchair ramp at the home of a client whose daughter is disabled. We also helped a friend from our gym to afford a prosthetic arm that he needed. The Have a Heart Foundation will help those who haven’t had help that they need,” she says.

As far as the future is concerned, Heather is looking forward to all that is yet to come. That will include growing the brokerage, and likely expanding into a new market sooner, rather than later. “Our goal as a brokerage is to help other agents to be able to grow their own referral based business.”

Heather Valentine Principal Broker | Valentine Properties | Moseley, VA 804.423.6000 | heathervalentine@valentinepropertiesva.com www.valentinepropertiesva.com 12

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Productivity boosters— Get more done every day

Maybe you’re just starting out in the real estate industry or your career is already established, but you’ve hit a plateau. Whatever the case may be, it’s always good to step back and re-evaluate your business practices and find ways to improve or increase productivity. Oftentimes it takes stepping out of your comfort zone and going through some challenging growth phases to propel you to the next level in your business. Ever heard the saying, “A ship in the harbor is safe, but that’s not what a ship is built for?” Don’t be afraid to take chances and make changes. Here are some ways you can shake things up and increase your productivity:

Build a Team — If you’re an individual agent, ask yourself: are you able to give your clients the very best service by handling every aspect of business by yourself?

Sure, you’re an expert at finding the perfect fit for your client and negotiating a deal, but what about marketing, lead generating, or maintaining social media accounts?

Each can require quite a bit of time and expertise, now might be a good time to let go and let others use their talents so you can focus on what you do best.

Be the King or Queen of Follow-up — It’s not only critical to follow up with potential clients or industry professionals to expand your database, it’s equally important to keep in touch with the contacts you already have. Reach out to them even if it’s just to say hello and update them on what’s happening in the market. It’s a great way to stay on their radar. If an opportunity arises or a property comes on the market, they’ll think of you first.

Prioritize Your Day — Do you ever feel as though you constantly have your nose to the grindstone only to discover you haven’t really accomplished much?

Scheduling time for specific tasks throughout the day is much less daunting and can be extremely beneficial in boosting efficiency. Set aside an hour or two in the morning for returning phone calls and emails, then be done with it. Your next block of time can be dedicated to listing appointments, showings, or meetings with clients.

End the day by finishing up paperwork, researching marketing strategies, or making your to-do list for the Copyright Featured Agent Magazine

next day. It’s amazing how much can be accomplished when you have a plan and stick to it.

Use Social Media to Your Advantage — With more than 1.65 billion active users on Facebook every month, you simply cannot afford to not utilize it.

However, make sure you’re using it efficiently to get the most out of your posts. Posting on certain days of the week — or even specific times of day — can garner more likes and shares. And remember, quality over quantity is what you should aim for when posting.

Share things that will be useful to your clients, such as a link to your most recent blog post on how to pack for a move, or photos and information about an upcoming open house.

Further Your Education — Think of your business as a software program that requires updates.

Just as technology advances and programs need a little tweaking here and there, your business also needs to evolve with the current market trends and changes in the industry. Participating in continuing education in areas such as negotiating, home inspections, and real estate law ensures your clients peace of mind and keeps you ahead of the competition. Obtaining designations is another way to make yourself stand out in the crowd. Becoming a Certified Relocation Professional makes sense if the area you serve is a haven for retirees or has a large military population. The GREEN Designation is beneficial in places where clients are more environmentally conscious. Network with colleagues to see what trends are on the horizon, then take action to be at the forefront of those changes.

Take a Day Off — It might seem counter-productive to take time off when you’re trying to grow your business, but it can actually be just what you need to achieve success. Time away from work can improve your mental state, performance, and productivity. You also run the risk of eventually burning out when there’s a lack of work-life balance. So make the decision to turn off notifications on your phone, pack a bag, and head out for the weekend to re-energize and get your creativity flowing again.

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Get the look —

Avoid these decorating mistakes

You don’t have to be (or hire) an interior decorator to create a beautiful home that’s warm and inviting.

Your own style, taste and imagination should dictate your decorating choices. But there are some common mistakes that can undermine the best home decorating intentions. Here are some of the most common ones, and how you can avoid them — or fix them if you’ve already gone down that path.

Shift Out of Neutral — Neutrals can be a great, basic backdrop. But when you put together an entire room of neutrals without some color to break it up, you run the risk of a room that looks too sterile, plain and frankly, a little boring. Fortunately, adding color is one of the easiest and most fun parts of decorating. You can paint a wall or trim, add solid color or print decorative pillows and throw blankets, create a grouping of colored candles and of course, add colorful framed wall art. If you’re still convinced neutrals are the only choice, there are other ways to add interest to the room.

Try varying the tones and strength of the dominant shade, incorporating textures like velvet, corduroy or 14

linen or even adding splashes of a complementary metallic finish like warm copper or cool chrome.

Hang ‘Em (not too) High — You want to make your ceilings appear higher, so you hang your pictures up closer to them. Mission accomplished, right? Not exactly. Hanging pictures much higher than eye level won’t fool anyone. It will just look like you didn’t judge eye level correctly. A better solution is to add elements to the room that the eyes will naturally follow in a height-enhancing vertical line. Try a large urn with stalks of bamboo, a tall potted tree, or a sleek standing lamp. Placed in corners of the room, these elements will trick the eye into the illusion of higher ceilings.

Where’s the Rug? — Have you ever been served what appears to be a small amount of food on a huge plate? It might be that the portion size is thoroughly adequate, but the scale of the plate can make it appear woefully unsatisfying. The same principle applies to selecting rugs. A too-small rug in a large space just looks off, and can diminish the effect of an otherwise

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Your own style, taste and imagination should dictate your decorating choices. lovely room because all people can focus on is that oddly tiny rug. Generally speaking, a rug should be large enough to reach the legs of all the surrounding furniture (and it’s fine if it’s larger than that).

D.I… Why? — There’s nothing wrong with adding personality to your rooms by incorporating decorative elements you’ve made yourself. But keep in mind that when it comes to DIY, a little goes a long way.

That coffee table made out of recycled palettes topped by glitter-enhanced Mason jar vases featuring bouquets of tissue-paper flowers might not come off as whimsical as you’d hoped. To avoid giving your rooms the look of an arts-and-crafts studio, stick with a single DIY accent piece per room.

Break up that Perfect Match — When shopping for furniture, it’s easy to fall into the trap of thinking all the pieces have to match to complete the room (and your salesperson will certainly encourage that thought).

The truth is, overly matched sets of furniture tend to make a room look dated and unimaginative. Plus, it Copyright Featured Agent Magazine

ends up being a waste of money. Certain pieces will inevitably wear out and need to be replaced or recovered before others do. You will be better off choosing individual pieces of furniture that you like, and selecting one unifying theme to tie them together, think scale, design era or color. This allows you to easily mix and match pieces as needed, both within the room and throughout the house.

In the Spotlight — There’s no doubt overhead lighting is practical and convenient. But relying on that as the sole source of light in your rooms can leave them feeling too cold and commercial. Be sure to add some table and stand lamps for a softer, more inviting glow. Also, consider adding dimmer switches so you can control the brightness level of overhead lighting.

Decorating your home doesn’t have to be stressful.

Following these simple guidelines will help your good taste shine through and allow you to create attractive, comfortable rooms you and your family can live in and truly enjoy.

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