Tag Archives: #RealEstate

Something Good

I’m shy about announcing my success in 2016 – my personal best as a Realtor. At McGuire’s flagship Lombard office, I was #2 in production. Among the 200ish agents in our seven Bay Area offices, I was #3 and had the year’s biggest sale.

Sharing this news makes me squirm a little. I wouldn’t want anyone to get the wrong idea, since – to begin with – there are many misconceptions about my profession.

The primary myth is akin to the sentiment expressed in the famous Dire Straits song: “Get your money for nothin’ get your chicks for free.”

Chicks aside and stated differently, the refrain about Realtors goes something like “Real estate agents aren’t smart, don’t care and don’t actually do anything for anybody. They are lucky and make a bunch of money doing nothing.”

Ah! Would that it t’were so simple. (Speaking of simple, check out this clip from Hail, Caesar!)

I’m mindful and grateful that I’m not digging ditches all day for my living, nor cleaning toilets all night. But what I do is not “nothing.” I do a lot of somethings to steadfastly serve. Occasionally that results in a sale (and me being paid). More often it brings the simple reward of knowing I helped. In that way, my job is a practice.

Literal “house calls” are part of my practice. Interrupted Christmas dinners, missed school plays and tropical vacations spent on the phone are included in the job description. If an offer has to be written, there’s no saying “later” or “tomorrow.” If water is coming through a ceiling, there’s no waiting until Monday to locate a roofer.

Buying or selling a home is inevitably stressful, yet I bring a buffer of calm to the process. In interacting with my buyers and sellers, I am pleasant, non-reactive, curious, accessible, enthusiastic, selfless, informative, tireless, attentive and bluntly honest.

On their behalf – as I cooperate with other professionals (agents, title officers, lenders, contractors, accountants, attorneys, city personnel, etc.) and steer toward closing – I am quietly vigilant, exacting, strategic, anticipatory, educated, competitive, respectful, creative, organized and communicative.

Of course, I can be the best damn agent west of the Mississippi and still not make a dollar. But this diligence and dedication – if all goes well – can translate into dollars. Which translates into being a top Top Producer.

I’d like to think I’m an A+ agent in 2016 not because I made a bunch of sales but because I care, because I’ve paid my (30 years of) proverbial dues, because I’m good at what I do, and because my clients keep recommending me to their friends, co-workers and relatives.

I’d like to think it’s because “I must have done something good.” So, take it away Seth MacFarlane as I thank you ALL for a rewarding year as a San Francisco real estate agent!

A high point of 2016. A hike to the top of Mt. Eddy with my sons. Shasta in the background.
A high point of 2016. A hike to the top of Mt. Eddy with my sons. Shasta in the background.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This article was re-posted at McGuire.com.

True Real Estate Tales

by Bogdan Dada

Two months ago, my newsletter featured a post about the inevitable surprises that arise during real estate transactions. (You can read it by clicking here.)

In the interim, new astonishments have risen, written their stories and become the stuff of legend.

There was the hair-raising Case of the Too-Fast Closing.

And the confusing Case of the Car Included in the Sale.

And who can forget the just-plain-dumb Case of the Last-Minute Pre-Closing Lender Requirement to Paint a 2’ x 4’ Patch of Exterior Wood Siding.

The latest thriller I’ve encountered is one I’m entitling the Case of the Emotional Roller Coaster of Trying to Buy a Bank-Owned House. It bears telling, though some details have been changed to prevent identification of property or players.

The house in question was a cozy storybook cottage in a quaint San Francisco neighborhood. It had languished on the market for 45 days at a too-high price of $1,000,000.

Jack and Jill – the cutest couple of first-time homebuyers you’d ever want to meet – encountered the house on a hot, sunny, slow-open-house Sunday. It was love at first sight.

(I’m talking about the sort of love that’s reserved for the runt of the litter down at the SPCA. The house was going to need some grooming and fattening up, but its basic bones and personality were great.)

Jack, Jill and I talked it over and decided to write an offer. Soon, the horror began.

Monday, 9:00 am: We offered $975,000 ($25,000 less than asking) with clean terms. Sensible.

1:00 pm. The listing agent called me to say the bank (which owned the property) was considering our offer. Encouraging.

Tuesday, 9:00am: The bank countered us at $999,000. Discouraging.

12:00 pm: We restated our offer of $975,000. Persistent.

1:00 pm: The bank agreed verbally to $975,000. Amazing.

4:00 pm: The bank sent its version of the contract for Jack and Jill to sign. Bureaucratic.

4:05 pm: Jack and Jill signed the contract and I prepared to return it to the bank for signature. Procedural.

4:15 pm: The listing agent informed us the deal was off because a competing offer had been submitted by another agent in the listing office! Bummer.

5:00 pm: The bank countered Jack and Jill and the competing offer with a simultaneous “highest and best” demand. Depressing.

Tuesday, 9:00 am: The listing agent called to say the bank had changed its mind and was honoring and accepting our $975,000 offer after all! Wonderful.

9:15 am: The listing agent called to say the bank had changed its mind again and wanted our “highest and best” instead. Cruel.

11 am: Jack and Jill submitted their highest and best offer of $1,05,000. Courageous.

5 pm: The listing agent called to say that the competing offer from his/her colleague’s clients was just a little higher and just a little better than Jack and Jill’s highest and best. Utterly deflating and upsetting.

And so the tale ends. Jack and Jill will not be buying THAT cozy storybook cottage, but I trust we will soon find a far superior house in which they will live happily ever after – or at least until it’s time to upsize.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This entry was re-posted at the McGuire Real Estate blog.

 

 

 

Kindness in a Cruel Market

“Be kind, for everyone you meet is fighting a hard battle.” ~~ Philo

When you have a hot listing everybody loves you. You even kinda fall in love with your amazing self. You can’t help it.

It’s your party. Hundreds of potential buyers squeezing through the hallway on the weekend like it’s a frat-house kegger. Followed on Tuesday by their agents, vying for your attention so they can butter you up before offers are due.

Heady stuff, which I’ve written about before in this tongue-in-cheek post from August 2012. But, having just gone through the marketing and offer phase on a listing, I’m here to remind us agents that ours is a very tender business that calls for more than a modicum of professionalism.

In between the lines on the San Francisco Association of Realtors purchase contract and behind the ink on the signatures are real people with honest aspirations and human emotions. Each offer is the result of client and agent working together, trying to do the painstaking magic that wins a home in San Francisco.

In this most recent case, I received eight offers – eight buyer/agent teams, eight strategies translated into writing, eight sets of hopes, and countless hours of effort, planning and worry.

After I congratulated our winning agent, I made seven calls to the other agents to say “Thanks so much for your above-asking-price-with-stellar-terms offer, but we’ve accepted another offer.” Two of these agents thanked me profusely: For taking the time to actually speak to them in person about the bad news.

Having been on the other side of the listing/selling coin myself, I can vouch that all too often a listing agent can’t be bothered to pick up the phone and say “thanks but no thanks.” There is total silence, or you receive a blind-copy email. For example, I will never EVER forget the big-wig agent who – after I called to ask what had happened with our 40%-over-asking-price offer on a $3-million house – texted me back as follows:

“Yr offr not high enuf. Sorry.”

Listing agents: Let’s always be mindful of this very human part of our business. Let’s remember that, as professionals, we are obliged to have some minimal ethical and moral standards. Simple kindness and respect should be at the top of our list.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This post also appeared at McGuire.com.

Query: New Ways to Save $$$

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Q: What are some unique ways to save for a down payment to buy a new house or condo?

A: The tired Nike phrase, “Just Do It,” comes to mind because – apart from creatively hiding your cash in a red-velvet sack placed inside a Ziploc bag submerged in your grandmother’s toilet tank – you don’t need a unique way to save.

Ordinary, tried-and-true approaches will suffice. Yet, like birth control, they don’t work unless you actually use them.

You might find inspiration from the blogger J. Money (dubbed “the Miley Cyrus of finance”). Here’s the link to a great pictorial guide to squirreling away your hard-earned dollars: How I Save Money… [In Pictures]

Although: You may first want to read Mr. Money’s thoughts on whether or not it makes sense to buy a home in the first place:  What it Cost Us to Own Our Home Last Year + A Question I Ask Myself Every Morning

Then: Think twice about how large your down payment needs to be. Size does matter and you might be someone for whom a low-money-down loan makes sense. See this NYT article: The New York Times

Finally: I can offer a relatively unique way to relate to money and savings. Check out Bari Tessler Linden, who says, “money is the final frontier of a conscious lifestyle.” Her website: Bari Tessler – Art of Money.

Bon chance! (And if you’re thinking of buying in San Francisco, reach out to me!)

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This article was re-posted at McGuire.com, and originally appeared on Quora.

 

Six or a Half-Dozen Divinations for SF Real Estate in 2015

(Image of tea leaves by Richard Corner)

The weather vane is whipping to and fro. Tea leaves are magically shifting. Stats are twitchy and erratic.

The only thing you can be sure of is change. So — if you’re thinking about buying or selling — act before you get confirmation that the market has turned in whatever direction you’re waiting upon or dreading. When everything becomes crystal-clear, it’ll be way too late.

For 2015, I predict:

  • The San Francisco market will continue in its girls-gone-crazy-bikini-party mode. Here’s curbed.com’s take on our “steadfastly bonkers” market.
  • Rents will continue to be the highest in the nation.  Maybe it’s time to buy?
  • San Francisco is still a great place to raise kids (click for video), so don’t leave town!
  • As the year progresses and interest rates rise, it’ll only get more competitive for buyers. Stop watching sales prices from the sidelines and make your move before money prices increase.
  • Drive times to, from and within SF will continue to increase. Plus, parking will be increasingly harder to find and more expensive when you do find it. Consider locating where you won’t need a car. Transit first, baby!
  • 2015 will be a lot like 2014. To refresh your short-term memory, here’s what Q4 of 2014 looked like.

In addition, top-10 lists (as well as top-5, -6, -14 and -20 lists) will continue grabbing your already-scant attention. (I encountered at least TEN top-ten lists re. 2015 real estate while researching this.)

My advice is to shun statistics, analysis and speculation, and do whatever it is you’re yearning to do. Sell now. Buy now. Or stay put now. It’s six of one, half dozen of another.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This article was re-posted at McGuire.com.

Most Bang Per Buck: Paint Kitchen Cabinets

My best guess is that the question arises in 1 out of 4 listings. But I’ve lost count of how many dozens of times I’ve stood in the middle of a dated kitchen with Seller and Stager debating one critical question:

Should we “paint out” the kitchen cabinets? 

Nothing screams “old” or “tired” like old, tired kitchen cabinets. So smart stagers almost always recommend changing out the hardware and slapping on a new coat of white paint.

Sellers are usually concerned about pre-sale Return On Investment. (Painting cabinet faces is cheap but not dirt cheap.) So they’ll try one or more of the following arguments against painting:

  1. It’ll be obvious to buyers that we just painted them.
  2. Whoever buys the house is redoing the kitchen anyway.
  3. It’s better to let the natural wood show.
  4. I actually like the cabinets.

But usually the Seller will be convinced that the ROI is worthwhile because the paint will:

  1. Make the kitchen photograph better and photos are key marketing tools.
  2. Create a cleaner, crisper, brighter first impression
  3. Give buyers the hope that they can delay remodeling for a year or two since they’ve just depleted their savings on a downpayment.

Cabinet-painting works every time. Case in point, here’s a professional photo of outdated kitchen cabinets  in a condo I sold two years ago. (The sellers didn’t have enough lead time to stage or paint the cabinets):

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Here’s a hurried cellphone pic of the same kitchen snapped by the painter who — for the new owners — recently painted the cabinets white:

70Wilder.white cabs

I rest my case, but you can be the judge.

Cynthia Cummins is a Top Producer and Partner at McGuire. For info on SF real estate visit http://CynthiaCummins.com. This article was re-posted at McGuire.com.