Gretchen Faber Garners Omega Tau Rho Medallion of Service Award
November 9th, 2008 categories: Real Estate News
I just noticed that my company issued the following notice. I thought I’d share it with you, and take this opportunity to thank my colleagues who make real estate truly a cooperative business:
Gretchen Faber, managing broker for The Kentwood Company at Cherry Creek, recently garnered the Omega Tau Rho Medallion of Service Award for leadership. The award is bestowed upon Realtors who meet specific leadership criteria on local, state, and national levels. Once a Medallion is awarded, the recipient is a member of the prestigious Omega Tau Rho Fraternity for Life. Amy Dorsey, president of the Colorado Association of Realtors (CAR), announced Faber’s award along with two additional recipients during the opening general session of the CAR state convention held in Colorado Springs on October 20th.“We are extremely proud of Gretchen and she is most deserving of this distinguished award from Omega Tau Rho Fraternity,” said Roger R. Campbell, president of The Kentwood Companies. “Gretchen is very dedicated to the real estate profession and her clients. She is also devoted to the leading real estate professionals in our Cherry Creek office and is among the finest managing brokers in the country. We are pleased to have such an industry and community leader on our team.”
Gretchen Faber earned her real estate license in 1996 and currently serves the diverse real estate needs of clients throughout several central Denver neighborhoods, in addition to her duties as managing broker of the top-producing Kentwood office. She is a member of the Denver Board of Realtors and its prestigious Million Dollar Roundtable for sales production, and the National Association of Realtors. Faber holds the Certified International Property Specialist and Certified Residential Brokerage Manager designations recognizing the successful completion of stringent continuing education courses in real estate.
Faber has volunteered for the Children’s Hospital Foundation and is a former member of the Junior League of Denver. She holds a B.A. degree in International Studies and Public Affairs and earned her MBA in Marketing from the University of Denver. Faber chose The Kentwood Companies because “no other company matches our firm for its professional culture and business practices.” She enjoys skiing, gardening, and blogging, and is a member of a book group.
The Kentwood Companies are comprised of The Kentwood Company in the Denver Tech Center, The Kentwood Company at Cherry Creek, and Kentwood City Properties in downtown Denver.
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3 Open House Requirements
September 22nd, 2008 categories: Real Estate News, Selling Strategies
It’s time to hold an open house and your real estate broker has scheduled the date and time. You may not realize that there are a few essential preparations you need to be making prior to that day.
1) Clean as if your life depended on it. My sister and her husband called me recently as they left an open house. They’d admired this home for a few years, and when it was finally held open, they were excited to see the inside of the house. This is a $2.4 million home in Denver. They entered the house and the carpet was filthy, there were stains throughout the house on all of the floors. The ceilings, light fixtures and ceiling fans were covered in cobwebs. Needless to day, they left diasppointed. The sellers should have spent the day before cleaning and getting ready for their chance to shine. Instead they fell flat.
2) Remove personal items. There are people who will visit an open house just to obtain private information, jewelry or prescription medications. Hide or remove valuables and medications. Security lock your computer and keep bills and personal mail out if sight. A few years ago, a client had recently endured knee surgery. During our open house the pain medication he’d been prescribed was stolen. The open house was very busy that day, and I had no way to keep my eye on everyone so the pain pills walked out the door with someone.
3) Think of the 5 senses. Buyers like a house that is light and bright and has plenty of fresh cut flowers, smells like vanilla or cookies, has soothing soft music and feels like home with an abundance of textures in fabrics and finishes. You can even appeal to visitors’ taste buds by offering them some cookies or chocolate.
Keep your house ready for showings at any moment. It’s more likely that buyers will see your home with another real estate broker who has set up an appointment rather than at the open house. But you never know, so help your broker who’s taking Sunday afternoon to hold an open house and make your home shine.
To view Denver Real Estate, relocation information and Denver maps visit GretchensDenver.com.
Visit the Park Hill home tour Sunday, September 28th and stop by our open house at Montview and Grape.
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Market Headlines – Are You Worried?
July 14th, 2008 categories: Market Trends, Real Estate News
Yesterday afternoon, I got a text alert from The New York Times about the federal government’s plan to shore up Fannie Mae and Freddie Mac. Strange to get a NYT alert on a Sunday, just after their big edition hit the doorstep.
Maybe Not so Strange
The government worries about markets all over the world, not just in the U.S. They often time announcements around the opening bell at the Hong Kong market. After Hong Kong opens, markets begin opening in succession. Clearly, the government wanted to send a signal – don’t sell off U.S. securities, we’re handling it.
Eye on the Media
Today was a day we all kept our eyes on the market. What would happen to stocks? Bonds? Banks? Indy Mac was taken over by the FDIC, Fannie and Freddie needed government intervention and predictions of more bank failures followed.
As I said in my recent post The Good News and the Bad, I’m not so sure I always trust what the media has to say regarding the housing market. They do seem to have a bad news ax to grind. Today was an important day to pay attention though. Ax or not, when George Soros speaks, people listen. Soros was interviewed by CNBC and clearly believes that our economy is faltering. While times are definitely uncertain, remember that the more bad news we hear and read, the more likely it will become a self-fulfilling prophecy. Isn’t that what a bank run is? If you see 3 people lining up to withdraw their funds, don’t you line up too? Then there are four in line, then there are five. No one (understandably) wants to be the last one in line – and thinks, “I might as well be safe as sorry.”
The public good is served by the Fannie Freddie handout today. These quasi-public institutions bolster nearly all of the mortgage and housing markets. Left to falter, there would certainly be a crisis of unpredictable proportions. I read one article today stating that some home buyers are rushing to lock their loans thinking that mortgage rates will be going up soon. Put into perspective – I bought my first home for 9.5% and thought that was great – rates will probably tick up rather than race up. And hopefully won’t hit the highs of the 70’s and 80’s anytime soon. That will depend on the Fed’s reaction to inflation along with this banking crisis.
At the risk of sounding Pollyanna and head-in-the-sand, I’ll repeat what I’ve written here several times. Real estate is local and Denver’s market is out pacing most of the U.S. Our days on market are shrinking for certain segments of the market, and there have been several instances where I’ve heard of multiple offers.
People need a place to live, to call home. Worry too much and you may make uninformed decisions. Let the headlines inform you, not paralyze you.
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Denver Real Estate Stats – June ‘08
July 11th, 2008 categories: Market Trends, Real Estate News
Where is the Denver real estate market headed?
We’re asked this on a daily basis, and with the frenetic pace of the news reports, it’s sometimes a moving target. What I can tell you is that in my office, we’re processing more under contract files in the $300,000 to $800,000 range these days. Last year, it seemed like the high end properties were sustaining us. This year, the mid-range properties are selling best. Perhaps the jumbo loan rates has slowed down the high end market a bit, perhaps some people are electing to stay in their homes and remodel them.
That’s not to say high end isn’t selling at all, just that the more mid-range homes are the properties that are getting multiple offers and are moving more quickly.
In-town residences are still selling more strongly than suburban homes – In the medium and entry prices.
If you’re interested in finding out the walkability of any address just go to the Walk Score web site and enter an address. Central Denver residences are more walkable, and the price of oil will undoubtedly continue to influence the home buying decision.
The Metrolist market stats are out for June and you can see that we’ve shaken out a lot of the inventory we were carrying last year with actively marketed properties dropping 13.72%. With prices adjusting downward, numbers of pending sales are improving.
The number of closed properties increased from May, but decreased from this time last year. I’m betting the decrease year-over-year is due to a lesser amount of inventory. With the rising number of pending sales, we’ll likely see that number go back up next month.
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Harley Tells it Like it Is!
May 16th, 2008 categories: Market Trends
I’m in Washington, DC this week at the NAR Mid-Year meetings. This is the 100th year of the National Association of Realtors and the 105th anniversary of Harley Davidson.
Yesterday, I opened the hotel’s USA Today and this is the ad I saw on the back of the Business Section:
We Don’t Do Fear
Over the last 105 years in the saddle, we’ve seen wars, conflicts, depression, recession, resistance, and revolutions. We’ve watched a thousand hand-wringing pundits disappear in our rear-view mirror. But every time, this country has come out stronger than before. Because chrome and asphalt put distance between you and whatever the world can throw at you. Freedom and wind outlast hard times. And the rumble of an engine drowns out all the spin on the evening news. If 105 years have proved one thing, it’s that fear sucks and doesn’t last long. So Screw it. Let’s Ride.
An article in Milwaukee Journal Sentinel online reviews this brilliant ad campaign, and Harley Davidson’s counter to the bad news in the press.
I’m hanging the full-page ad in my office work room when I get back to Denver!
(I originally posted this earlier today over at Active Rain)
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Ambulance Chasers Attack Realtors
April 24th, 2008 categories: Market Trends, Real Estate News
I got this email today regarding an underhanded maneuver by the Colorado Trial Lawyers Association (aka Ambulance Chasers):
Before you read about it in the paper, we wanted you to be aware of a new ballot initiative filed that would limit commissions for real estate brokers. It’s a sliding scale but still no good. Here’s the breakdown: 6% = up to $250k; 3% = $250-500k; 1% = above $500k.
This initiative is brought by the Colorado Trial Lawyers Association. They filed #109 and seven other initiatives as a response to another initiative dealing with capping attorneys fees.
You wanted to be there. See Gretchen blow her top.
Here are my thoughts on this unfortunate ill-advised action. Go sell your house yourself! Pay upfront for the marketing, the photography, the brochures, the website(s), sit the house open weekend after weekend. Call yourself and explain why the market is flat and you haven’t had a showing in weeks. Network with all of the Realtors you know because most likely the buyer will be the result of a co-op from a broker. Work for a bank and watch them already cut your fee (I’ll bet they don’t for your representation of their foreclosure actions).
Trial Lawyers fight every year when legislators and the general public try to put caps on awards or damages. They certainly don’t want their fee cut. Do you know what the routine percentage a lawyer earns if a case goes to trial? 40% of the award or damages. 50% if there’s an appeal, and 33% if the case is settled. Joe Blow gets run over by a truck and his life is ruined. He’s awarded $1 million to live the rest of his life. His lawyer walks with $400,000.
Is this a reaction to the mortgage crisis? Are the lawyers in the pockets of the banks who for the most part got us into this mess? Lawyers are representing banks everyday in foreclosure actions, and getting paid hourly. I get paid peanuts for the hours of work I put in. We’re spending money on our credit cards to market properties that may take months to sell, and then we pay a co-op to the buyer’s agent and a split to our company. Lawyers representing banks have a vested interest in this crisis stretching out for as long as possible. Realtors are actually trying to alleviate the problem by getting properties sold.
I don’t make money off of other people’s misfortune. I actually lost money last year when I helped a friend/client out of a mortgage mess brought on by a divorce and job loss. It was such a stressful time for my client that not only did I advocate for him with the bank to take a short sale, I marketed his house and paid for his inspection items out of my own pocket to get him out of the home. I am not a vulture. I am paid a fair wage and deserve to make a living just like an ambulance chaser does.
Something seems wrong with this picture. The CTLA, the alleged advocate for the underdog, is attacking Realtors in favor of banks and mortgage companies?
If this initiative passes, I’m sure the lawyers will be waiting in line to represent us to overturn it as unconsitutional. I’ll ask, “will you take 1/6th of your fee?”
| Discussion: 13 Comments »
Who Cares About the Earth?
April 12th, 2008 categories: Market Trends, Real Estate News
I just want my lifestyle…
Actions speak louder than words. I drive an SUV and live in a leaky 1938 brick Tudor. Sometimes I even take a long shower and turn up the heat. I piss myself off when I think about this because I also diligently recycle, carry my canvas shopping bags into the store whenever I think about it, and buy energy efficient light bulbs.
More and more often, clients are asking me about energy efficient homes, options for remodeling and how to get to Whole Foods in Cherry Creek. There seems to be a re-surging interest in natural foods, natural building products and how each of us can begin to make a difference, despite our individual lifestyles. Some of us will do more than others, but each of us can make an incremental difference.
50 Simple Things…
Remember the book 50 Simple Things You Can Do to Save the Earth? It hit the bookstores in 1989 and was all the rage for awhile. I bought it and tried to make a concerted effort to adopt many of the suggestions. You can still find the book at Amazon.com and in some bookstores. These days there are also terrific resources on the internet and through your real estate broker or builder. We’ll need more than 50 simple things, but you gotta start somewhere.
Build Green Resources
Building and buying a built-green house is much easier today than it used to be. There are lists describing what qualifies a house as green, and even if the house isn’t officially “green” there are many components that builders are incorporating for energy efficiency that make living more comfortable and more earth friendly. At Colorado New Home Choices, you can find a list of questions to ask a builder when considering whether the home is a high-performing home.
You can also find similar lists as you work toward retrofitting an older home for energy efficiency. Simple things like switching light bulbs and more expensive ones like replacing single pane windows will prove worthwhile in the long run. My carbon footprint is definitely larger than it should be, but I’m trying to kick the oil habit and conserve water ~ you can do it too!
Rebates and Funding Opportunities
Our lovely state of Colorado offers rebates and funding opportunities through the Governor’s Energy Office. If you live out-of-state, check with your local government to see what they have to offer. This green feeling is even extending down to the micro level – where grass roots take over. My company, The Kentwood Company, was just highlighted in The Denver Post regarding our newly announced green campaign.
You don’t have to be an elf or a leprechaun to be green. Go for it!
| Discussion: 7 Comments »
How to Find Your Children’s Next School
April 5th, 2008 categories: Life In Denver, Relocation Tips
This is a guest post written by Diane Sweeney of Spark Innovation. Remember, it’s not all about test scores.
Choosing the Right School for your Child
As an Educational Consultant and a mom with two small children, I have run into countless parents asking for advice on how to choose the right school for their child. Parents have an unprecedented array of choices when it comes to schooling today, and it is this array of choices that is stressing them out. They worry what type of school will best meet their child’s needs. They wonder if they should go public or private. And they fear that they might make the wrong decision. Here’s some advice if you are one of these parents:
Expect the school to be responsive:
Just like other aspects of our consumer-driven society, all schools are in the position to recruit students. It is never too much to ask to set up a meeting with the principal, visit classrooms, or meet with teachers. If a school seems to be less-than-responsive to these types of requests, it is an indication of potential climate issues that should be explored further.
Observe during instructional time:
Find out when the best time of day is to visit so you can observe during instructional time, and be sure to observe across the grades so you get a complete picture of the whole school. While observing, pay attention to how the teacher interacts with students. Does the teacher seem to like the kids? Does the teacher provide enough structure so that the class runs smoothly? Does the teacher also give the students freedom so they have the time and opportunity to discover new learning? My guiding question is always, “Would I want to be a student here”.
Don’t let nostalgia be your guide:
Odds are, if you have school age kids, you were in school about 30 years ago. Just like all professions, education has changed a lot in the past 30 years and schools look remarkably different today than they did in the 1970’s. When choosing a school, parents are sometimes comforted by the familiar, but the familiar isn’t always how children learn best.
Examine how classrooms are set up:
Elementary school classrooms can tell you a lot about instruction. When you visit schools, look for classrooms that have meeting areas where the class comes together to discuss ideas and share. Look for desks or tables that are clustered into conversational settings. Desks in rows, albeit familiar, indicate that students are isolated in their daily work…something that is no longer considered good instructional practice.
Real books are essential for literacy learning:
Classrooms should be bursting with books that are accessible and are at the students’ reading level. Most elementary classrooms today have a classroom library that is organized by reading level. Look for a school that spends money to provide teachers with the tools they need.
Math manipulatives count:
“Math what?” you might ask. Math manipulatives are the hands-on tools we use to teach math so the students not only understand how to solve math problems but also have a conceptual understanding of the math behind the problem. Ask the teacher if and how these are used with students.
Trust that it is going to be okay:
This is the hard part…no school is going to be perfect. Whether it is an upscale private school or the neighborhood school down the street, there will inevitably be challenges for your child. There will be years when your child has a teacher that is terrific and years when the teacher might not be top notch. There will also be times when you wonder if you made the right decision. If you’ve read this far, it’s fair to assume that you are a parent who cares deeply about the success of your child, and for that reason alone your child will be just fine. Well, maybe even better than fine.
Diane Sweeney is Lead Consultant for Spark Innovation, an organization that provides consulting support to school districts across the US. In the past, she has been a classroom teacher, a literacy coach, a trainer for literacy coaches, and an instructor at the university level.
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Top 10 Reasons to Work with a REALTOR
February 26th, 2008 categories: Real Estate News, Relocation Tips
A Fool For a Client
1. The old cliche about a Lawyer who represents himself has a fool for a client is true in real estate too. This is one of your largest transactions and should be guided by a professional. If you had a $500,000 legal or tax issue would you handle that one by yourself? An experienced broker can handle your most valuable transaction.
2. Maintain future value by relying on your broker to help suggest repairs and cosmetic work that will impress future buyers and will increase the value of your home. Time to ditch the blue toilet.
3. REALTOR? Rel e ter? What’s the difference? The National Association of REALTORS 2006 Profile of Home Buyers and Sellers states that the sellers who use a licensed agent and REALTOR (member of NAR) get an average of 16% higher for their home sale than those who don’t. Trust a professional to help you set and negotiate the best price for your home.
4. Your broker will professionally market and promote your property to other brokers and to the public. In Denver, Colorado nearly 90% of home transactions are co-op transactions between a buyer’s and seller’s broker. Get more for your money. Market to the brokers who walk clients through the door, and also market to the buyers. You should have both going for you.
What Now, Honey?
5. After you make the offer on your dream home, you’ll still need to have it inspected, appraised, and the title reviewed. Do you really want to find an inspector in the phone book? Do you really want to read the title commitment?
6. Sometimes talking to the other party directly causes a host of problems. Your REALTOR will communicate for you with all parties in the transaction: the seller or buyer, the appraiser, the lender, the title closer, the other broker, sometimes the attorney (in Colorado we typically do not use attorneys to transfer property). You do your job, getting ready to move.
7. Time is of the Essence. We have this clause in the Colorado contract. It basically means that all of the dates and deadlines in the date table must be met. Do you want to track the deadlines for inspections, appraisals or other contingencies? Your broker does it for you.
Skeletons in the Closet
8. Issues. There are always issues. 9 times out of 10 they are resolved by the brokers before the clients even need to know about them. Your REALTOR can help you work through any issues that come up during the process. The typical home sale today involves more than 20 steps after the initial contract is accepted. Why go it alone?
9. Negotiating. This should probably have been higher on the list, but I don’t feel like cutting and pasting. Congrats for reading so far! Your broker helps you negotiate throughout the process. There is the initial negotiation, then the counteroffer, maybe another counter. Later, you have the inspection negotiations – an entirely new set of negotiations.
10. Ugly paperwork. We have a joke that for every closing we kill a tree. It’s actually kind of sad, and not very green. There is a movement to get to paperless closings, but we’re not there yet. You’ll be daunted by the paperwork. Your broker is behind the scenes every day during the transaction managing the entire process.
11. Your bonus point – Someone should explain to you what you’re filling out, either an attorney or your broker. The paperwork (see above) is legally binding. You must be able to comprehend what it is you’re signing. Remember point 1? This is an expensive transaction. Don’t learn this point in court.
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