October 2022 West Coast

October 2022

Sitting pretty —

Inexpensive ways to furnish your home

Bridge the gap —

Strategies for working across generations

Maintaining a budget on

commission

MELISSA GOLDSTEIN TUCCI

contents

­ eatured­Agent­Magazine F Phone­888.437.5707 Fax­888.849.3663 contact@featuredagentmagazine.com www.featuredagentmagazine.com

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professionals 6

Dollars & sense — Maintaining a budget on commission

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Bridge the gap — Strategies for working across generations

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Increase morale and productivity with these team-building exercises Copyright Featured Agent Magazine

t featured cover agent

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Melissa Goldstein Tucci

buyers &sellers 4

Applying for a mortgage?

Avoid these mistakes

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Sitting pretty— Inexpensive ways to furnish your home

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Applying for a mortgage?

Avoid these mistakes Applying for a mortgage is exciting, because it’s the first step toward becoming a homeowner. But the process can also feel invasive, intimidating, and a little overwhelming. After all, it’s not every day that someone you don’t really know takes a deep dive into your financial life while holding your future in their hands.

If you’re wondering what you can do to make the process go more smoothly, here are five things not to do when applying for a mortgage:

Change Jobs — Stability is one of the most important things loan officers are looking for. Immediately before or during the mortgage approval process 4

is not the right time to switch careers, start your own business, leave a job or make the move from a salaried position to a commission-based income. Even if you’re not crazy about your current job, grin and bear it until you have completed the home buying process. Once you’re happily settled in your new home, you can start looking for a great new gig.

Open or Close Credit Cards — During the mortgage approval process, every financial decision you make is going to be under scrutiny. Opening a new credit card can appear to be a reckless move, particularly if you run it up to its limit quickly. With that Copyright Featured Agent Magazine

You need to stay the course when it comes to credit.

responsible for paying that loan back if the other party can’t (or just doesn’t want to). In fact, a recent survey shows that nearly 40% of co-signers actually end up responsible for paying back the co-signed loan. Even after your mortgage is approved, you should always think twice about co-signing; in most cases it’s just not worth the risk.

Make a Late Payment — The excitement of the home-buying process can be hectic and unpredictable, which may cause you to let other things slide. But making a late payment on a credit card (or any other) bill, can spell disaster during the mortgage approval process. Just one late payment can cause a dip in your credit score that may be alarming enough to deny you the loan. Additionally, many lenders require a 12month record of on-time payments on all accounts as one of the baseline measurements to be considered for a mortgage. To avoid overlooking paying bills during this busy time, set up everything you can on auto-pay so you know all your bills are being taken care of.

in mind, it might seem like closing any unused credit accounts you have would be a good idea. Wrong again.

That will change your debt-to-income ratio and possibly hurt your chances of approval. Remember, your loan officer is looking for stability and responsibility, which is why you need to stay the course when it comes to credit.

Co-Sign a Loan — Co-signing a loan might seem harmless, because you’re just helping someone out.

You’re not really responsible for paying it back, right?

Not true. Co-signing a loan can wreak havoc on your carefully cultivated credit. The fact is, you are 100% Copyright Featured Agent Magazine

Move Money Around — Unusual activity in any of your accounts is going to be a red flag for a mortgage loan officer. Avoid large cash deposits and moving big sums of money between accounts. If you receive any cash gifts intended to help with your down payment, the gift giver may be required to provide documentation that the money was given for that reason and does not need to be paid back.

Now that you know what not to do when applying for a mortgage, you can focus on the excitement of preparing to buy a house. Remember, virtually everyone who has ever purchased a home has gone through the mortgage approval process and lived to tell about it, and you will, too. Good luck!

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Dollars & sense — Maintaining a budget on commission

Most real estate agents agree, one of their favorite aspects of being a REALTOR® is not having a ceiling on their income potential. However, because real estate is not a 9-to-5 job with a predictable paycheck every two weeks, many agents find themselves in feast-orfamine mode and come up short while waiting for their next commission. This is especially true for newer, less established agents, but it can happen to long-time agents as well. Here are several tips to to help real estate professionals avoid being cash-strapped during slow periods.

Determine your baseline — Total up all your monthly bills and living expenses so you know exactly how much money will be going out every month.

This way you’ll know the minimum you need to make or save to carry over from the previous month to cover the basics.

Start saving for emergencies — Having a cash cushion to fall back on will give you peace of mind.

Start depositing a portion of every commission into an accessible (but not too accessible) savings account reserved exclusively for true emergencies, such as major medical bills, home repairs, or a long lull between commissions. Having emergency funds in place will help you avoid turning to credit cards if you face a tough month.

Plan ahead for expenses — Be sure your monthly budget allows for all types of expenses: fixed, variable and periodic. Fixed expenses are the ones you can count on month after month, such as rent and your car payments. Variable expenses may also 6

occur monthly, but they will be different each time; think utilities and groceries. Periodic expenses are the ones that only happen once or a few times a year, such as car registration, property taxes or purchasing birthday and holiday gifts. Place these on the calendar and start saving for them in advance so you’re not caught off guard when they inevitably come up.

Avoid relying on credit — When you’re waiting for that big commission to come in, it’s tempting to charge up your credit cards with the intention of paying them off once you get the funds. But a lot can happen between now and then. If you end up with credit card bills you can’t pay off right away, you will be accruing interest charges and always chasing that next big payday to try to catch up. Keep credit card use to a minimum and if you do use them, have a plan in place to pay them off quickly.

Keep expenses and spending in check — When commissions are rolling in regularly, it’s tempting to overspend. But remember, the housing market depends on a number of factors, many of which are outside your control. If you spend every last penny of each commission assuming there will always be another one, you’re setting yourself up for financial hardship down the road. Go ahead and treat yourself now and then, but be sure you’re saving with an eye on the future.

Budgeting for an unpredictable income can sometimes be challenging, but it’s worth it when you consider the many incredible benefits of a career in real estate. With some planning and care, you will be able to enjoy the good times and sail through the challenging ones.

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MELISSA GOLDSTEIN TUCCI

MELISSA GOLDSTEIN TUCCI A lot has happened in Melissa Goldstein Tucci’s life since she was a Featured Cover Agent five years ago, but much has stayed the same. By 2017, Melissa had distinguished herself through the years as a truly outstanding agent in San Diego, in California and in the nation at large, and naturally this has not changed. She maintains her position as the official agent of the San Diego Padres, and is still hitting the ball out of the park completely solo.

Every year Melissa has continued to exceed herself; last year was her best year yet and there’s every reason to think this current year will only be better. If that’s not enough, Melissa has been in the top 1% of REALTORS® nationally as well as the highest ranked agent at Coldwell Banker for the past three years. She still works with buyers and sellers at all price points across San Diego County, and though it’s difficult to believe, the last few years have seen Melissa familiarize herself with San Diego’s many diverse neighborhoods at an even deeper level.

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Melissa has also become involved in a plethora of organizations. “As I’ve gotten more into this business,” she explains, “I’ve really felt like giving back always makes so much of a difference.” A very sports-oriented person, she now works with the San Diego Sports Association, which helps fund youth athletics and provides scholarships for the less fortunate. In addition, for every deal closed she donates a portion of her commission to the San Diego Foundation, a nonprofit that grants funds to an extensive range of charities both near and far. And finally, Melissa has recently joined Sportstar Relocation, a nationwide network of real estate agents who assist with wealth management and financial advising in major league sports. Through this network, Melissa is able to help connect on-the-move athletes with the best professionals in any city across the country.

Apart from her steady growth in the industry and involvement with these prestigious organizations, the biggest change for Melissa’s practice is a new office

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building, now about 98% complete. One might assume that, with such a significant development so close to fruition, Melissa may be looking to expand her business, perhaps by building a team. And she has in fact expressed this possibility, but to her it doesn’t quite feel necessary at this time. “I’m very hands on,” she says. “I enjoy what I do, and I want to be able to help everyone and be everywhere at the same time.” Melissa is very confident in her productivity and service, and points out that extra moving parts might only dilute these qualities of her highly refined process.

Looking back on the last five years, and on the course of her career in general, Melissa expresses deep gratitude

for her city, which she has become so close to through her work, and for the many people she’s been able to connect with. “I’ve honed in on so many different types of transactions over the years, and I really feel fortunate that I’ve created a wonderful referral database and a large network of clients, agents, and people I’ve gotten to know and cherish.”

Melissa values people more than anything, in business and in her personal life, and she puts almost all of her energy outside of work into her family. One of her daughters has graduated college and started her career, and the other two, for whom Melissa strives to remain a strong role model, are still in school. They both love

“I’ve honed in on so many different types of transactions over the years, and I really feel fortunate that I’ve created a wonderful referral database and a large network of clients, agents, and people I’ve gotten to know and cherish.”

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sports — especially softball and volleyball — as much as their mother, and Melissa finds great fulfillment in supporting their efforts and attending their tournaments and events.

For her own part, Melissa has long been passionate about running, and makes sure to go for a run every day to stay sharp and keep her head clear. She loves to be outdoors, especially in her beloved San Diego, and it allows her to experience the energy of the city in a way

that’s separate from, but still beneficial to, her work as a REALTOR.® “That’s pretty much my whole life,” she says.

“Enjoying time with my husband, kids and the outdoors, and striving to be a better person, a better role model, and a better agent.”

MELISSA GOLDSTEIN TUCCI Coldwell Banker | San Diego, CA 619.787.6852 | Sold@MelissaTucci.com www.MelissaTucci.com 10

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Sitting pretty — Inexpensive ways to furnish your home

Furnishing a new home is fun and exciting. Unfortunately, it can also be really expensive. But it doesn’t have to be. There are plenty of things you can do to lessen the cost of creating a comfortable, beautiful home that reflects your taste and personality. Here are six tips for furnishing a home on a budget.

Reuse, Repurpose, Recycle — It’s tempting to want to fill a new space with all new furniture, but it’s not really a practical option. Instead of going crazy buying everything new, go through what you already have and look at it with fresh eyes. Many things can easily be refreshed and made to look new with just a coat of paint or stain, or by adding slipcovers or colorful throw pillows. Also, don’t be afraid to mix things up. For example, just because you used a piece as a nightstand in your old place, doesn’t mean it can’t serve as an end table in your new home. Mix, match and move things around from room-to-room to create all-new combinations.

Focus on Function — Instead of blowing your budget creating a gorgeous guest room that will rarely be seen, put your efforts and money toward the rooms that get the most use. Creating a comfortable living area and cozy bedrooms will make you a lot happier than overspending on a formal dining table that will only be used a few times a year.

Shop in Unexpected Places — You’ll want to go to the furniture store for ideas and inspiration, but you don’t necessarily want to shop there. Many are notorious for marking prices way up, only to offer meaningless discounts that still leave prices too high.

Once you have an idea of the types of pieces you want, start looking in other places. Warehouse clubs like Costco are often a great source for good quality pieces, as are estate sales. And don’t forget to shop online, too. It’s an easy way to compare prices and find the lowest one if you have your heart set on particular piece.

for. Saving up or waiting to buy a good quality piece until it goes on sale is a smarter choice than buying a cheaply made piece that may look good now but only hold up for a few months, leaving you in a position of having to replace it.

Choose Classic Styles & Colors — Of course, how you choose to furnish your home depends on your personal taste, but you’ll get the most bang for your furniture buck if you stick to classic colors and silhouettes (even if that zebra print sofa is SO cool!). That’s not to say, however, that your home will look boring or uninspired. Remember, furniture is just the start.

The real creativity happens when you add colorful accents like wall art, throw pillows and rugs, as well as painting the walls and trim.

Don’t Be Afraid to Bargain — Whether you call it bargaining, haggling or negotiating, asking for a lower price has become a lost art, but that doesn’t mean you can’t bring it back. If there’s something you want that’s out of your price range, ask if there’s any chance you can get it for less. Remember to ask about floor models, too. They can often be had for much less, and stores are happy to get rid of them to free up space.

Furnishing your home should be enjoyable and energizing, not something stressful that puts you further into debt. Using these tips will help you create the home of your dreams and stay relaxed enough to really enjoy it.

Buy the Best Quality You Can Afford — This may seem counterintuitive when the focus is saving money, but it’s also true that you get what you pay Copyright Featured Agent Magazine

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Bridge the gap — Strategies for working across generations Millennials. Gen X’ers. Boomers. You might not realize it, but there’s a good chance you will have clients from every one of these generations at some point in your career (if you haven’t already). Today’s home buyers and sellers have never been more generationally diverse. But with that generational diversity, comes the need to understand and adapt your working style and practices to best meet the needs of these clients. Check out the background of each of these generations, learn what they value the most, and get tips on how to best work with members of each generation.

Millennials

Who they are: Born from 1981-2004, Millennials currently make up the largest generation, at more than 75-million strong.

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What they value: Millennials are driven by mobility, diversity and a thirst for authenticity. They aren’t wed to the notion of a “forever home,” or a “forever” anything, really. Often saddled with hefty student loan debt, they desire homeownership, but may be forced to delay it longer than previous generations.

Millennials as clients: Millennials currently represent more than 30% of home buyers, and they are more pragmatic than you might think. They view buying a home as an investment, and fully intend to capitalize on that by buying, fixing and flipping properties. Many Millennials see home ownership as a way to improve their credit score.

Tips for working with Millennials: • Don’t assume — Millennials are strongly tied to

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Today’s home buyers and sellers have never been more generationally diverse. With that comes the need to understand and adapt your working style and practices to best meet the needs of these clients. their unique identity as individuals, so get to know them one-on-one. Don’t generalize.

a lot of praise growing up, and may be reluctant to offer it. That doesn’t mean they think you haven’t done a good job, however; they just might not know how to express it.

• Make it fun — Millennials crave new experiences and enjoy making memories. When appropriate, think outside the box and add some fun to the home buying or selling process.

Baby Boomers

• Communicate quickly — This is the generation that grew up texting. It’s their preferred way to communicate.

Generation X

Who they are: Born from 1964-1980, Gen X’ers are sandwiched in between two, much larger generations.

What they value: Growing up as the first generation of “latch-key kids” led Gen X’ers to a fierce independence that continued into adulthood. They value contribution, feedback and, no surprise, autonomy.

Gen X’ers as clients: Given their independent nature, there’s a good chance your Gen X clients will come to you armed with research they’ve done themselves. They’ll have a strong idea about what they want, but are open to making home buying or selling a collaborative process. Keep in mind that this generation was the hardest hit by the 2008 housing crisis, and may be especially wary when it comes to making decisions.

Tips for working with Gen X’ers: • Present pros and cons — This generation possesses a natural skepticism and grew up questioning just about everything. Be prepared to share both the good and the bad news with them; don’t sugarcoat.

• Have a plan — Gen X’ers are results-oriented, and like seeing a road map for how they’re going to reach the goal.

• Don’t take it personally — Gen X’ers didn’t receive Copyright Featured Agent Magazine

Who they are: The post-World War II generation born from 1946-1964, were the largest generation for decades, until they were surpassed by Millennials.

What they value: This generation saw some of the most radical political and social change in history. They tend to be adaptive, goal-oriented and conflict-averse.

Baby Boomers as clients: Perhaps more than any other generation, Baby Boomers were brought up with the notion of the American Dream of home ownership. Though most are now empty nesters, they still want to own homes; but ones that will put fewer demands on their time and resources. They love walkable neighborhoods that are close to their family and friends, and look for homes that will be adaptable to their changing needs as they age.

Tips for working with Baby Boomers: • Communicate their way — While many Boomers are perfectly comfortable with all aspects of current technology, not all have embraced it. Find out how your clients would prefer to communicate before firing off endless rounds of texts.

• Respect their time — Though they may be retired, it doesn’t mean their schedules are wide open. Many in this generation are involved in a lot of activities in addition to caring for elderly parents. And of course, some are still working.

• Don’t stress them out — Many in this generation prefer to avoid conflict. Present the facts, but try to soften the blow when the news isn’t good.

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Increase morale and productivity with these team-building exercises Successful agents and loan officers understand that relationships are everything in the world of real estate — and those relationships begin right in your office, alongside your colleagues. Even if you work with only the help of an assistant, a strong team dynamic can make all the difference when it comes to executing transactions with efficiency and positive morale.

What’s more, clients can sense a high-functioning team dynamic, so the benefits of team-building extend far beyond your office. Just as continuing education and self-development are important to professional longevity, so too is the health and comradery of your team. With that in mind, add these three team-building 14

exercises to your arsenal as you foster positivity and growth inside your sphere.

Spirit of Service — Team-building activities don’t have to feel cheesy, or a like an afternoon at summer camp. Instead, service-based exercises can bind your office together, while committing to a good cause. Another bonus? In the real estate and mortgage industries, there are plenty of related charitable organizations to which you and your team can donate your time. Habitat for Humanity, an organization that builds homes for the less fortunate, is a great way to begin. You can dedicate a day to getting hands-on in the housing Copyright Featured Agent Magazine

Just as continuing education and self-development are important to professional longevity, so too is the health and comradery of your team. themed rounds, and award prizes for the winners. All the while, you’ll get people collaborating and letting their guards down. Think about crafting questions that everyone can chime in on, like ‘how many windows are in the office?’ or ‘what month is the most common for office birthdays?’ Questions that revolve around your office and staff will make your team members the star of the show, and add some lighthearted workplace fun into the mix.

world, and there’s no better bonding experience than laboring side-by-side for a cause in your industry. If building isn’t your speed, consider entering the office as a team in a charitable athletic event, like a 5K walk or golf tournament. Either way, giving back as a collective is a great way to serve others, while building trust and empathy among those you work with.

Office Trivia — Here’s a great office-themed way to get team members having fun and bonding with one another. Come up with 25 office-based trivia questions and divide into small groups. Have the groups come up with individual team names, split questions into Copyright Featured Agent Magazine

Collective Brainstorming — Sometimes team members stagnate if they aren’t feeling challenged, or if they feel that their voice isn’t being heard. Here’s a great way to curb that negativity, breathe new life into your business, and get team members talking. Ahead of your next meeting, dedicate 20 minutes to big-picture thinking. Ask team members to spend five minutes writing about a ‘what if?’ idea regarding the business and their careers. Encourage writers to think big, be imaginative, and tackle issues that they may have been facing for a while. Then, break team members into smaller groups and have them share their thoughts if they’re comfortable. This will inspire discussion, allow employees the chance to flex their creativity, and give them a channel to express their professional ambitions and ideas.

Team-building exercises don’t have to relegated to the realm of trust-falls and scavenger hunts. The main idea is to get employees out of their routine and working together in unconventional ways. From lighthearted party games to service-oriented excursions, give your team room to grow as one and the results will boost moods and serve your enterprise and employees for the long run.

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