An Interview with a Century-21 Real Estate Agent
By: Kellie Nation
Kathy Nation is a true woman of success. She has been teaching special education in the Clovis Unified School District for 25 years now. About six years ago she obtained her license to list and sell real estate. Kathy’s diligent work ethic mixed with extreme organization and love for people has contributed greatly to her success, despite the poor market conditions. In this interview, we discuss her outlook on how real estate is valued, appraised, and priced. As well, she advises me on her experiences with these dealings and which methods she believes to be the most effective.
1. How long have you been in real estate?
Six years. I went to an informational meeting at Century 21 where they talked about what the industry of real estate was like. They were starting up classes to get the license, so I took 6, 3-hour long classes each to help me study for the exam and went over all of the different aspects that would be on the exam. Then when the classes were done I had about 6 weeks to study on my own for the test. I was given sample tests to take everyday at home during those 6 weeks. I took the exam in downtown Fresno and found out within 2 days that I’d passed. Once I passed the test, I interviewed with a person at C-21 and started on right away.
2. As a realtor, what are some key qualities or skills that you had or have learned that have helped you become successful?
People skills are number one- being able to communicate with others well and having a compassion for helping them. Also, my ability to be patient with others was something that helped me. Some skills that I’ve acquired through being a realtor are being able to fill out the paper work properly and effectively, networking between loan officers, the title company, inspectors, and support people I work with, and learning what they do. For example, with a home inspector, I’ve learned how to identify which homes need a lot of work, how to value homes, and current market trends.
3. What types of sells have you dealt with?
I’ve dealt with short-sales, regular traditional sales as both the listing agent and the selling agent (though I’ve never been a dual agent), residential, land, and commercial. I’ve also done bank-owned sales.
4. When did you notice a major turn in the market? What sort of impact did it have on your success?
I first felt the decline about 5 years ago, one year after I got into the market. It seemed like it happened so quickly. My most successful years have come after the turn of the market; it wasn’t the current conditions that dictated my success, it was the amount of work I put into being successful. My philosophy is that even though the market is bad, it doesn’t mean I have to have a bad year. Many agents have had their best years in this type of market because they find a way to embrace what’s happening and to work harder to find success.
5. Have the current market conditions affected the types of listings you’ve obtained?
Yes. Properties have been less in value and lower priced. Short-sales and bank-owned properties are extremely common these days and have made up a large portion of my business.
6. What steps do you take in determining the value of a piece of property?
Well, obtaining comparables is first and foremost. Comps are the biggest way to value property. Also, inventory- how many houses are available in the price-range is a factor. If there is a lot of inventory, prices will stay low. If there’s a shortage of inventory (or demand), then you can command higher prices. Appraisals are also critical, but if you know what the comps are, you can basically know what the proper value will be. Appraisers can be kind of inconsistent. We sometimes get appraisers from out of the area that don’t know the true market here in Fresno, and I feel that can be detrimental in obtaining a true value on a piece of property.
7. Which techniques or methods have you found to be the most useful or accurate in the valuation process?
Using comparables is definitely the most useful tool. Also, understanding amenities, such as swimming pools, and being able to identify an accurate value. For example, a house that I’m looking up may need a new roof, and I need to know what the value of that would be and how much value it would add. I feel comparables are the best way to accurately do this.
8. Have you noticed any improvement in the market since the economic plunge?
Prices seem to be stabilizing (which is huge), short-sales are becoming a little easier to process, and banks are willing to fund repairs on their listings. These are all signs of moving in the right direction. Also, interest rates being at an all-time low is beneficial; it’s definitely a buyer’s market. When we had the tax incentive, that brought about a lot of buyers and potential prospects, but we no longer have that. Low interest rates and low prices are helping, though I don’t see these interest rates lasting for much too longer.
9. When do you expect the market to even out again?
It really is difficult to gage. It’s not going to be any time soon. I believe it will, but it’ll be a very slow process. There are still many homes in foreclosure and there still a lot of short-sales which makes me believe that the market crunch isn’t going to end any time soon. It will continue to be a buyer’s market for quite some time. If I had to estimate, I would say we’re at least two years away from seeing any major recovery.
10. What do you think it will take to see a continuous and indefinite growth in the market?
The housing market will need to see more regular sales, get away from short-sales, clean out the foreclosure inventory, and gain more regular-sale inventory in order to make growth plausible. As for as the economy in general, the unemployment rate is going to have to decrease and more jobs will need to be created in order to get more people working. I feel this will help consumers gain back confidence in the economy, which will result in an improved housing market.
11. What would you say to a soon-to-be college graduate, such as myself, majoring in Real Estate and wanting to become an active professional in the housing market?
I’d say, learn everything you can about the trade. More importantly, find your niche. Whether you want to specialize in residential or commercial, if you want to specialize in short-sales or in a particular price-range, or even a certain cliental. If you want to specialize in a certain area, find your niche and learn everything about it. Learn how to market yourself and be knowledgeable about the market and all inventory. For instance, if I were doing an open house somewhere, even if it isn’t my listing, I would want to know what other homes are available in the immediate area and what the prices are. Doing your homework will give you the upmost edge. Learn aspects such as financing. Try to be as knowledgeable as you can for your client and you will be successful. It’s all about service. You’re competing with 3,000 agents in Fresno, so what are you going to down to stand out above them? It’s about being able to deliver the best service you can through being accessible, prompt, and available whenever they need you.
Interviewing Kathy Nation gave me great insight as to what a successful real estate agent in the Fresno area believes about current market conditions, as well as the methods that she uses to value property. I can conclude that using a functional CMA, along with being overall educated on the market, is the most efficient way to put a price tag on any piece of property. Kathy is a very respectable individual and agent, therefore, I take her thoughts and beliefs for everything they’re worth.
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