COLORADO EDITION
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THINGS YOU NEED TO DO TO BE A GREAT MENTOR
Untangling The Bidding War:
A BUYER'S & SELLER'S PERSPECTIVES COVER STORY
FEATURED AGENT
MICHAEL COLEMAN
Why Millennials Are Now
THE HOTTEST SEGMENT OF THE BUYERS MARKET
RICH KOLOSSO
COLORADO EDITION
MICH 7
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RICH KOLOSSO
MICHAEL COLEMAN
CONTENTS
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4) 6 THINGS YOU NEED TO DO TO BE A GREAT MENTOR
18) WHY MILLENNIALS ARE NOW THE HOTTEST SEGMENT OF THE BUYERS MARKET
14) UNTANGLING THE BIDDING WAR: A BUYER'S & SELLER'S PERSPECTIVES
22) 7 SIMPLE TIPS THAT ARE
With aPROVEN personal of relocati TOexperience HELP YOU STAY AHEAD 30 OF THE COMPETITION proximately times, Michael posse deep understanding of the needs and des both buyers and sellers. This expertise h Phone 310-734-1440 | Fax 310-734-1440 pelled him to become one of the most su mag@topagentmagazine.com | www.topagentmagazine.com ful real estate brokers in the fiercely co No portion of this issue may be reproduced in any manner whatsoever without prior consent of the publisher. Top Agent Magazine tive luxury real estate markets of Bould is published by Feature Publications GA, Inc. Although precautions are taken to ensure the accuracy of published materials, Top Agent Magazine cannot be held responsible for opinions expressed or facts supplied by its authors. To subscribe or change address, send inquiry to mag@topagentmagazine.com. Denver. From an early age, Michael fos Published in the U.S. passion for real estate as he accompan entrepreneurial-minded Topparents on the Agent Magazine merous moves, actively assisting them i
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6 Things You Need to Do to Be a Great Mentor
Everyone reaches the point in their career where they feel they have gained enough experience and wisdom about business and what it takes to succeed, to actually help someone else achieve the same. Although you may have trained or given advice over the years, taking on the official status as a mentor to someone is a whole new ball game. 4
Although mentorship is an unpaid endeavor, you’ll be surprised to find out how much you’ll gain from the experience. You’ll also grow as a business person through the process of teaching someone else. It’s also an endeavor that many will pay forward one day, creating a business atmosphere that is based more on mutual success than competition, which is better for everyone.
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If you were mentored, you may already have an idea of what it entails, and what you liked or didn’t like in your mentor/mentee relationship. Although it is a personal relationship that will need an individual approach, there are certain things that are key when it comes to being a great mentor: 1. Be a good listener
est about your own failures. It can be a huge relief to find out someone they look up to has gone through similar experiences and still managed to come out on top. As we all know, oftentimes the greatest lessons come from failures, which can be times when our character is truly tested. Building trust through mutual respect and honesty will make every aspect of your mentorship more effective.
You’re basically a sounding board who needs to hear your mentee’s ideas, plans and goals in order to advise them. Strong, constant and clear communication is key to any successful mentoring relationship. Sometimes just letting them talk things out with you, will lead to them to discovering the solution they were looking for. 2. Set expectations and goals at the start When listening to your mentee in your first meeting about the potential relationship, it’s important to establish the parameters of what that relationship will be: What can you give them? What do they need or expect from you? Once the terms are agreed upon, you may want to set specific goals you’ll be working on together so that there’s a defined plan of action, timeline and result you can both expect. 3. Be honest This is important when it comes to offering them constructive criticism or tough love, but more importantly, you need to be honTop Agent Magazine
4. Get them to think, don’t make decisions for them Sometimes being a mentor is being a bit like a psychologist. By asking certain ques-
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tions you can lead your mentee to their own conclusions about their business dilemmas and strategies to reach their goals. Being a mentor is all about guidance. Build confidence by drawing out the best in your mentee rather than just presenting them with solutions. 5. Look at the situation objectively One of the key strengths you offer your mentee is a complete emotional detachment to their business. You have no sentimental attachment to doing things a certain way or working with an incompetent vendor because you ‘go way back’. Your only motive is what’s best for your mentee and their business. Although emotions cans still get in the way sometimes, having a detached perspective on hand to guide you is invaluable. 6. Don’t just offer constructive criticism, be supportive Yes, being a mentor is sometimes advising your mentee that he’s doing something ineffectively, but your main purpose is to alway approach everything like cheerleader. You need to let them know that through it 6
all, you are a reliable support to them and have a complete belief in their abilities. Make sure to always praise their accomplishments. Remember: your job as a mentor is more about guidance than constant feedback. Your goal is to help someone become the best they can be, not someone who just does everything the way you do it. You’re helping them build confidence in their own intuition, which will hopefully lead to a lifetime of success, and one day, they too might be a valuable resource to another mentee down the road.
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RICH KOLOSSO
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Top Agent Rich Kolosso with eXp Realty assists buyers, sellers, and investors across all of southern Colorado. Rich Kolosso of Woodland Park, Colorado, has built his real estate enterprise (and his entire life) on a bedrock that combines neverending determination with a deep sense of gratitude. “No man is an island. When I look at my success in this industry, I think about the people who thought I was a winner before I was one. I needed them to believe in me when I didn’t believe in myself, and now that I do, I want to help 8Copyright Top Agent Magazine
other people lead their best lives however I can.” Prior to entering real estate, Rich pursued careers in both Wisconsin and Colorado. “I did mechanical design work for department of defense companies for about fifteen years,” he recalls. “My family moved back to Colorado in 2009, and you can’t really build aircraft carriers there, so I retooled Top Agent Magazine
and got into nursing for almost ten years.” In 2018, Rich decided to formally pursue his lifelong passion for real estate and became a fully licensed REALTOR®, and he began servicing all of southern Colorado as a full-time agent with eXp
Realty. In his first year, Rich cleared $1.8 million and volume, and in 2022 he closed just over $5 million. So far in 2023 it looks like he’ll surpass $5M in sales by the end of June. “The Lord put me into nursing to give me the empathy I needed to connect
14490 Aiken Ride View, Colorado Springs, CO 80926
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With his position already cemented in the industry, Rich is looking forward to expanding his business and to leave a legacy for his two sons. with my clients – buying or selling a home is one of the top three most stressful things someone can do – and He gave me the engineering background to help me with the home inspection process and the appraisals. I’m grateful to have a career that makes the most of my life experiences.” Copyright Top Agent Magazine 10
With his position already cemented in the industry, Rich is looking forward to expanding his business to impact the industry and leave a legacy for his two sons. “Both of my boys are buying their own groceries and have roofs over their heads – but I still want to support them as best I can. God is Top Agent Magazine
working out the details to allow me the opportunity to do just that. I have the time and ambition to connect with international agents, and eXp gives me the opportunity to recruit other agents across the globe.” He’s excited to grow his endeavors as a collective, while continuing to hone his marketing strategies centered on becoming a go-to resource whether buying or selling Colorado mountain homes. Beyond supporting his family and building his professional network, Rich is proud to bolster his extended community by doing his part in lifting others out of addiction.
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“On May 18th I celebrated 4 years sober. Now, I recover out loud because I used to suffer in the silence of my addiction. My sister Kristen invited me to a group at her church called ‘Celebrate Recovery.’ I’m a much better man now without alcohol, and I get to serve in that organization and live my recovery out loud. CR is for anyone with any kind of hurt, habit or hang-up. Tell me someone who doesn’t struggle with a couple of those?” When he’s not supporting his neighbors and family, Rich enjoys spending time with his Goldendoodle. “Buddy is my
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3959 Spruce Rd, Woodland Park, Colorado 80863
shotgun rider and he just turned two! He and I go four-wheeling and fly fishing as often as possible. We love all the same things: being outside, meeting new people, finding a new trail in the 4Runner and visiting those
perfect views of Pikes Peak, the Greenhorn or the Sangre’s. I love showing him around where I grew up, and he loves meeting my clients and helping me find the best spots for their Colorado dream homes!
For more about Rich, please call 719-568-1897, email richkolosso@gmail.com, or visit his website: https://
richkolosso.exprealty.com
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Untangling the Bidding War: A Buyer’s & Seller’s Perspectives In a competitive marketplace, bidding wars become the norm. While this may put sellers in an excellent position to recoup on their investment, it can push buyers beyond their budgets and test their temperaments in the process. As an agent, how do you navigate both sides of the coin? After all, you want to net the best results for your client—regardless of which side of the closing table they’re on. To fortify your approach to a heated bidding war, here are a few ideas and insights to better clue you in on the perspectives of buyers and sellers alike. 14
Buyer’s Perspective: Emotions Running High? Channel it. When the market is booming, buyers feel the pressure—especially when affordable inventory is limited. This can create stress, feelings of hopelessness, and impulsivity. As an agent, how do you channel this emotional energy into something positive? Consider asking buyers to put those anxieties and high hopes onto paper. Have buyers outline
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who they are, why they’re inspired to buy a home at this juncture in their lives, and how they see their lives unfolding once they become a homeowner (or repeat homeowner). Think of it as a letter of intent. Buyers benefit from taking abstract fears and dreams and articulating them on paper. Likewise, this document can serve as a valuable tool during a bidding war. Letters like these can help sellers with multiple offers make a personal, emotional connection with a particular buyer.
Sellers Perspective: Manage expectations. When multiple offers are rolling in on a property, it’s easy for sellers to get carried away. Numbers are flying, expectations are heightened, and sellers may become hypnotized by higher and higher offers and ideal outcomes. While it’s good to celebrate prime market positioning, it’s also important to maintain an even keel so that your seller’s mind is clear and they’re thinking rationally through their options. Sometimes the highest offer isn’t necessarily the sure thing. Manage your clients’ expectations by leading by example, offering a balanced perspective, and talking them through all potential outcomes so that they don’t only hone in on the best-case scenario. During a bidding war, tensions are running high for seller’s too, who will soon begin their next chapter in another home. Keep a cool head and remind your client to see the big picture, recognize that it’s possible for some offers to fall through, and to sit tight until the closing table has been successfully reached.
Buyer’s Perspective: How do you authentically and convincingly convey your interest? When ten or so offers are in the mix, it can be hard to differentiate your buyer from the next. While numbers will obviously do a lot of the talking, you’d be surprised how much of a difference a Top Agent Magazine
personal touch can make. Some popular approaches to standing out include personal letters—as mentioned above—tailored to the property. Was the property in question a family home for years? You might have clients detail their dreams of raising a family inside those walls, rather than tear the property down and rebuild something to boost the lot’s value. Including a family photo is also a good tact for personalizing letters in a bidding war. Likewise, little gifts included with your offer can speak volumes about your personality and due diligence as an agent. It may seem a little cheesy, but when sellers are looking at ten near-identical offers, those personal touches can really paint a compelling, personalized picture.
Seller’s Perspective: How powerful is cash? Data shows that cash offers—typical of investor clientele—double the chances of having an offer accepted. This goes hand in hand with waiving a financing contingency, which also helped boost the probability of an accepted offer, according to research. Cash is king, however, since offers that aren’t completely reliant on comprehensive financing seem to minimize risk for sellers, who are already eager to see a deal go through. Cash deals also tend to go through quickly, freeing sellers up to pursue their next property and move on to new horizons. While not every buyer has the ability to operate in cash, it’s a worthwhile consideration for those in ultra-competitive markets and with liquid capital. While the bidding process can be stressful for agents and clients alike, it’s important to remember that it’s a time of opportunity, too. If you want to make the most of it as a seller, data shows that a personal touch can endear buyers to their seller counterparts. For sellers navigating a competitive process, it’s important to keep a balanced perspective. For agents, here’s the bottom line: get creative, be resourceful, and use all the tools in your arsenal to achieve the best result for the clients you serve.
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MICHAEL COLEMAN
With a personal experience of relocating approximately 30 times, Michael possesses a deep understanding of the needs and desires of both buyers and sellers. This expertise has propelled him to become one of the most successful real estate brokers in the fiercely competitive luxury real estate markets of Boulder and Denver. From an early age, Michael fostered a passion for real estate as he accompanied his entrepreneurial-minded parents on their numerous moves, actively assisting them in finding their next home for their exciting ventures. At the age of 18, he immersed himself in the industry and began reselling properties. After living in various locations, he ultimately found his calling in Denver, Colorado, where he now works as an independent agent for milehimodern, a top luxury real estate agency. With an impressive sales record exceeding $15 million in the past year, Michael attributes a significant portion of his success to 16
his strategic utilization of targeted marketing techniques. He emphasizes the importance of carefully selecting his target audience when listing his clients’ properties. His advertising efforts focus on mediums specifically tailored to attract potential buyers who align with the unique characteristics of each property. For instance, he plans to organize invitation-only open houses and exclusive events with a luxurious flair, catering to influential brokers who have potential clients. Furthermore, he leverages local publications like Cherry Creek Magazine and invests in retargeted advertising on popular social media platforms such as Facebook and Instagram. Michael’s affiliation with milehimodern provides him with access to a wide range of marketing resources, including a substantial database and an in-house copywriter. Recognizing that effective marketing plays a vital role in the responsibilities of a real estate agent, Michael Top Agent Magazine
asserts that top-selling agents must possess strong marketing skills. When asked about his favorite aspect of the job, Michael’s face lights up as he expresses his genuine pleasure in witnessing people’s excitement when they find their perfect home. He encourages his buyers to take their time in exploring a house, understanding that a genuine emotional connection indicates the right fit. Being part of his clients’ next chapter and guiding them through various scenarios to alleviate their stress levels brings him immense satisfaction, as he firmly believes that people cross paths for specific reasons. Michael’s commitment to the real estate industry extends beyond his professional role. He actively participates in numerous industry-related organizations, including the National Association of Realtors, the Denver Metro Association of Realtors, Who’s Who in Luxury Real Estate, and the Luxury Listings Specialist Network. Additionally, he cherishes the time spent with his two beloved miniature dachshunds, whom he spoils and adores. His affinity for dogs drives his support for the local Dumb Friends League Animal Shelter. It is evident that Michael’s passion for his work and dedication to his clients define him as a consummate professional and broker. He wholeheartedly embraces his chosen career path and cannot envision himself pursuing any other vocation. Undoubtedly, the residents of Boulder and Denver are deeply appreciative of Michael’s invaluable contributions to their real estate endeavors. Top Agent Magazine
For more about Michael Coleman, please call 720-633-6182, email michael.coleman@milehimodern.com, or visit zillow.com/profile/michaelsellsdenver www.
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Why Millennials Are Now the Hottest Segment of the Buyers Market
and How You Can Attract Them to Your Home There are many factors when it comes to knowing how to sell your home to the Millennial generation. Millennials are becoming an important part of the buyer market, and to fail to cater to their needs will cut you off from a large and important segment. But, why have Millennials all of a sudden become interested in buying houses when they were perfectly content to rent for the rest of their lives? 18
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A number of factors contribute to what has recently made Millennials the hottest segment of the Buyers market. One factor is the improved job outlook for Millennials. Millennials took a serious blow during the recession. Unemployment in this group soared to 14 percent, compared to the 9.6 percent for the population as a whole. But, in recent years that number has been decreasing, with unemployment for Millennials being 9.3 percent this past year. Rising rents are also contributing to making Millennials more interested in purchasing homes now. Rents have risen so much that buying a home now just makes more sense. Half of all renters spend more than 30 percent of their income on housing. Millennials are becoming increasingly stressed over the constantly increasing financial obligation to something that isn’t even theirs to own. The near-historic low mortgage rates are luring Millennials towards purchasing a home with their promise of affordability. When compared with the skyrocketing rental rates, buying a house looks even more enticing. Another factor helping Millennials get over the hump of purchasing a house is the lower down payment requirements. Fannie Mae and Freddie Mac are now offering new loan programs that require as little as a 3 percent down payment. This may just be the last push the Millennials needed to turn toward buying a home rather than rent. So, now that we’ve established that Millennials are finally joining the Buyers market, the next thing that it is important to understand is what exactly Millennials are looking for in a home. What kind of floorplans do they prefer? What locations are they interested in? Here are some of the essentials that Millennials are looking for in a home: • Updated Kitchens and Baths: Almost everyone wants to buy a
home with new kitchen and bath fixtures, but this is especially true for Millennials Buyers. Millennials are going to spend most of their savings on the down payment and furnishings, leaving little room to update the Kitchen and Bath, which are also the most expensive parts of a home to
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update. Millennials who are on a budget simply won’t have the money to sink into those areas. An updated Kitchen and Bath is sure to bring in a younger crowd. • Big Kitchen with Open Floor Plan: For Millennials, the kitchen has
become the room where they hangout in addition to the family room. This is why having an open space that can transition easily from the kitchen to the TV room is high on the list of things Millennials are looking for in a home. Along a similar vein, Millennials are attracted to an open floor plan rather than one that compartmentalizes the home. This has to do with how Millennials entertain. Millennials want their guests to flow through the rooms and mingle together, rather than be sectioned off in different rooms.
• Home Office: More than 13 million Americans now work from home,
and if you look at the trend, that number is only going to increase as the time goes on. With technology steadily increasing, more Millennials than ever have the flexibility to work from home. But, the home office isn’t just for someone working from home full time. Having a separate space dedicated to work helps people concentrate and focus on work while they are at home. They can separate themselves from the activities going on around the house and have a quiet space where they can set up their workday, plan a presentation, hold a meeting on Skype, or even pay bills.
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• Less Maintenance: Many Millennials work different schedules that
don’t conform to the 9 to 5 workday, as well as full social calendars. This doesn’t leave them much time to clean a big house. Lawn services and low-maintenance front yards are particularly appealing, as they take less responsibility to still keep the curb appeal high.
• Energy-Efficient Appliances: Millennials have been educated on
keeping the Earth clean from the time they were born. They want to do their part to help the environment and appreciate the long-term cost savings that come with it. Energy-efficient appliances and greener ways to heat and cool the home might end up being the tipping point that makes them choose one house over another.
• Hardwood Floors: Millennials don’t have the time or patience to clean
dirty carpets, especially those that own pets. Hardwood and laminate flooring is easy to mop up if there’s been a mess. The more time they can conserve, the better.
• Good Location: Millennial buyers are looking for homes that are in
proximity to public transportation and have a good walking score. Young Millennial buyers without children are more likely to want a location closer to the action of the city, while Millennials with children would prefer more residential areas.
• Technology: Technology rules the Millennial’s life. They do work on
their computers through an Internet connection and solely use cellphones for communication. They are going to ask about how strong the cell service is and about the Internet service provider. While these amenities are out of the seller’s hands, Millennials are still going to ask these questions, and you will need to know how to answer them.
Knowing what Millennials are looking for in a home will ultimately help you make the necessary changes that will attract these buyers to your home. Since they are the a serious segment of the market now, updating your home to fit their needs will lead to more buyers and better offers. So, get with the times and embrace the Millennial buyer. Top Agent Magazine
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7 Simple Tips that are Proven to Help You Stay Ahead of the Competition So you’ve created a successful business, congratulations! You probably did it by providing an unsurpassed level of customer service that not only meets customer expectations but exceeds them in a way that has made you stand out from the rest. As anyone can tell you, starting a successful business is not easy. Now comes the even harder part. Not only sustaining that high level of performance, but continuing to grow and outpace the competition. There is no resting on your laurels in a competitive business market. Companies that stay successful for the longterm, make an active effort to keep on top. Here are just a few ways you can do the same. 22
1. Know the competition It’s not enough to know what you excel at or what makes you unique, you need to know what your competitors are offering that makes them stand out. This serves two purposes: it will allow you to more clearly define your differences, or it may help you identify an area that you hadn’t considered before, opening up a potentially new way in which you can excel above the rest.
2. Know your customers You might know your clientele very well, but as economic conditions change, so does your
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customer’s needs. What might have been a priority a year ago, won’t be if we are in the midst of an economic downturn, for example. As a business owner you should always be evaluating your strategies in every area constantly, knowing what your customer wants and needs from you is key. In fact you should be using your expertise to analyze potential market changes and anticipate those needs to stay ahead of the curve.
3. Have a strong understanding on what makes you unique Once you accomplish the first two, you should have a clear idea of what unique advantage you offer people. This needs to be clear to everyone, so you can then take that idea and run with it. Find your niche and then market yourself with a focus on that idea. If you have a clear thing you’re selling, it is well worth the investment to market yourself to the hilt with that in mind.
5. Think like your competitors One way your competitors looks to gain customers is by potentially taking yours. It goes without saying, you don’t want to let that happen. You’ve probably built great relationships, so really maintain those relationships by not only providing great service, but service that truly goes above and beyond. Find ways to give more to your customers. You might even want to start offering surveys, where your clients can tell you exactly what they’d like to see.This makes your clients not only feel heard, but blown away when you implement any changes they suggest.
6. Look for untapped markets Don’t settle for maintaining what you have, there could be untapped markets out there. IF you don’t get to them, your competitors will. So even if they come eventually, hopefully you’ll already be the dominate force in that market.
4. Keep up to date
7. Be a great boss
This goes for everything from technology to systems, marketing, and even your own personal image. If you have a brick and mortar location, you want to also keep things looking fresh and modern there, as well. First impressions are important for a reason. Everything about your business should tie into your marketing and branding. What are you selling and does everything line up to support that, from your business cards to your social media pages. Remember the key to branding and marketing is a consistent message.
One of the best things you can do to keep ahead of the rest, is by being a company where top talent and motivated newcomers want to be. Be the company that offers more than a competitive paycheck. Be a place that fosters talent, and offers scheduling and compensations packages that appeal more to people who think outside of the box. This will attract more innovative thinkers who value flexibility. Not only will you benefit from their talents, more importantly, your competition won’t.
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