CONNECTICUT 8-5-19

CONNECTICUT EDITION

UNTANGLING THE BIDDING WAR:

A BUYER’S & SELLER’S PERSPECTIVES

COVER STORY

STACEY & PELS MATTHEWS FEATURED AGENT

STACEY DeANGELIS

BEYOND

CLEANING AND DECLUTTERING:

What Improvement Expenses Make the Most Sense?

BY THE

NUMBERS:

Understanding the True Value of Square Footage

CONNECTICUT EDITION

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STACEY DeANGELIS

STACEY & PELS MATTHEWS

CONTENTS 4) UNTANGLING THE BIDDING WAR: A BUYER’S & SELLER’S PERSPECTIVES

15) BY THE NUMBERS: UNDERSTANDING THE TRUE VALUE OF SQUARE FOOTAGE

6) BEYOND CLEANING AND DECLUTTERING: WHAT IMPROVEMENT EXPENSES MAKE THE MOST SENSE?

22) 5 SIMPLE MINDSET SHIFTS THAT WILL HELP YOU ACHIEVE YOUR GOALS

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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.

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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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Beyond Cleaning and Decluttering: What Improvement Expenses Make the Most Sense?

Decluttering open spaces, emptying cabinets and drawers and removing knick-knacks might seem like obvious – and free – ways to improve a home’s presentability. Unfortunately, however, not all sellers or agents are willing to do much more than decluttering and cleaning.

Think of the listing as a reflection on yourself. If you didn’t comb your hair, shine your shoes, dress 6

neatly and drive a clean car, people would think you don’t care about yourself. They may wonder, “If he doesn’t care about how he presents himself, how is he going to present my house?” Likewise, not prepare a house for its most beautiful presentation might cast doubt on how the overall marketing will go. And, while not all changes will be immediately noticeable, chances are that what isn’t changed will be noticed.

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Ashley Aguilera, REALTOR®, broker and owner of The Aguilera Team in California’s Murrieta Valley and Temecula, says that after every consultation, her team formulates a game-plan. “We want to set their property apart from everything else on the market, but also fall within the comfort zone of the seller’s lifestyle,” she says. Changes may run the gamut from minor repairs and moving furniture for better flow, to adding accent pieces to harmonize the home’s look or create a “wow” factor before professional photography.

Many agents recommend conducting a professional inspection prior to listing; some will even hire the inspector at their own expense. Of course, any necessary repairs found during inspection and not repaired before listing must be formally disclosed. But wouldn’t it be nice to have no surprises during the buyer’s formal inspection?

In general, some improvements are required, others are low-cost and others pay for themselves

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with lower time on the market, competing offers or higher sale price.

Landscaping & Exterior First impressions begin outside. Be sure to mow and edge the lawn regularly; prune back overgrown trees and hedges; hire a professional to repair uneven pavement (especially if it’s a hazard); remove or replace dying annuals; and clean or repair porches or railings. Are there dry or dead patches of lawn? An inexpensive repair to the irrigation system might be the solution.

While painting an entire house can be extreme, a wise investment is to paint trim, porches, steps or railings that may look tired or have too many colors; choosing a single, neutral color for trim can create a bright, cohesive look. Finally, check the roof, gutters and windows, looking for spots to caulk, shingles to replace, or debris to remove.

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Paint is extremely important if the home has faded or dirty walls, holes or chips on paint or plaster. If an entire paint job is not feasible, at least consider cleaning repairing the obvious and adding a fresh coat of semi-gloss to baseboards, moldings, windowsills, doors, banisters balustrades and built-ins. Don’t overlook the ceilings!

A long-ago leak from a second-floor bathroom may have been completely repaired and moisture abated, but a patched-up ceiling is a red-flag.

Kitchens and baths

Walls, carpets, ceilings and trim Next, it’s time for agent and seller to open up to one another about the interior. Janelle Holte, who leads Seller’s Edge Home Team in the Minneapolis/St. Paul area, loves walking into a home knowing that her team will be the driving force behind selling it.

“I like seeing how owners took care of it and raised their family in it,” she says. “But I won’t sugar-coat anything, so I tell them not to shoot the messenger!” She gives it to them straight, explaining what needs to be done to stage it to present well from a buyer’s perspective.

Those changes often include repainting at least the primarily living areas and replacing carpet, especially worn carpet or carpet that has faded or stained beyond what professional carpet cleaning could remedy. Sometimes, all that’s needed is professional carpet stretching to remove any buckling prior to cleaning.

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Most agents agree that the easiest costs to recoup in home improvements prior to selling are those spent in bathroom and kitchen updates. Complete remodels are unwise; you can’t anticipate the style preferences of their buyer. But refinishing, touching-ug up or painting cabinets can create a great impact, while also forcing the seller to remove unwanted or overstocked items from cabinets and drawers. Don’t forget the cabinet pulls – shiny, new nobs look nice.

Lee Ritchie of Ritchie Realty Group in Columbus, Ohio, gives a reminder to discuss any and all issues up front. “People need to be able rely on the professional who’s presenting, pricing and marketing their home,” she says. An honest and diligent agent will be an open book about the current market conditions, the quality of comparable listings and the potential return-on-investment for improvements.

Some agents, like Debra Dobbs of @properties in Chicago, even roll up their sleeves to help with decluttering and repairs. While not at all required or expected, doing so sure lets sellers see the investment their agent is willing to make for them.

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STACEY & PELS MATTHEWS Top Agent Magazine

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STACEY & PELS MATTHEWS Principal of The Matthews Group at William Raveis Real Estate in Washington, Connecticut, Top Agent Stacey Matthews and husband, Pels, are ranked as the #1 team in Litchfield County, and the #4 team in CT. Top Agent Stacey Matthews – Principal of The Matthews Group at William Raveis Real Estate in Washington, Connecticut – has nearly 10 Copyright Top Agent Magazine

two decades of experience providing superior customer service to her many grateful buyers and sellers. Alongside her equally-committed Top Agent Magazine

Recent Sale — Roxbury $1.7mil

Recent Sale — Washington $3.5mil

husband, Pels, the pair have more than earned their impressive reputation as trusted real estate advocates who consistently go above and beyond the call of duty to make certain that every one of their clients’ needs are taken care of, and that each transaction runs as smoothly as possible. Last year their sales were up 80% Top Agent Magazine

with a volume of over $85 million. This ranks them as the #1 team in Litchfield County by a wide margin as well as the #4 team in CT. Both Stacey and Pels began their careers in Finance. After having their twin boys in 2000, there was a change in priority. “We were living 11 Copyright Top Agent Magazine

New Listing — Merryall $1,995,000

in the city,” she recalls, “and we had a weekend house in Roxbury, Connecticut. We were coming back and forth on the weekends with our kids, and I just loved it up here so much, I didn’t ever want to return to the city. So one day I just told my husband that I wanted to move to Connecticut and become a Realtor.

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I was done with sitting at a desk from 7:30 am to 6:00pm. It took Pels a few days to get his head around that, but 6 months later, we had moved into our weekend house full time.

Pels continued commuting to his job for many years, but ultimately joined Stacey in the real estate world in 2011, and the pair took over Top Agent Magazine

Just Sold — South Kent $3.2mil

Just Listed — South Kent $1,995,000

the local William Raveis office. They now employ 20 other talented agents who share their client-first business ethos.

Currently, The Matthews Group can boast that their business is based in significant part on referrals and repeat customers, perhaps the Top Agent Magazine

surest measure of a job well done in the highly-competitive real estate industry. “There are quite a few reasons,” says Stacey, when asked to account for the trust and loyalty The Matthews Group inspires. “Part of it is that we offer a small town boutique feel, while at the same time we have the backing of William Copyright Top Agent Magazine 13

Raveis, which is the 8th largest real estate firm in the country. They provide us with the reach of a large website and exceptional marketing on a regional, national and international level.”

Another factor would be Stacey and Pels’ true love for the area they call home. “This is a very big second-home destination,” says Stacey.

“When someone buys a home here, they’re really buying a lifestyle and we love helping people become a part of that lifestyle, introducing them to other people, getting invites to the fun parties, finding them a babysitter, and making sure they know all the insider tips of how to make the most of living in this area. Stacey also loves to entertain and the couple have actually become very close friends with many of their clients.

Thoughtful, comprehensive and cuttingedge marketing strategies have also played an enormous role in The Matthews Group’s continuing success story. Professional photography is utilized exclusively, as are well-produced

videos that showcase listings in their best light.

No expense is spared when staging their properties, and deft exploitation of internet advertising and social media strategies ensure maximum exposure for their properties.

Deeply involved in their community in a multitude of ways – including roles as VP of a local community center and park located in the center of Washington Depot and hosting their sold out annual poker parties to raise funds for local charities – the pair have a strong affection for Litchfield County, and the ways they contribute to it are far too numerous to list here.

As for the future, Stacey and Pels’ primary goal is to continue growing their business, while sacrificing none of the incredible customer service that has become synonymous with The Matthews Group. Pels has also become the go to agent for commercial real estate in the area and counts recruiting many small businesses to the area among his most rewarding accomplishments.

For more information about Stacey & Pels Matthews, call 203-671-9067 or email matthews@raveis.com Copyright Top Agent Magazine 14

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By the Numbers:

Understanding the True Value of Square Footage Measuring the square footage of a property may seem like an objective and straightforward task, but you’d be surprised at how many agents and homebuyers misunderstand this pivotal figure.

True square footage provides homebuyers a concrete understanding of their prospective domain, but here’s the problem: the rules to determine a home’s square footage are not always uniform across the board. What’s more, much of Top Agent Magazine

a home’s value is determined by its size, so accuracy is certainly important. While many real estate agents have their own systems for determining or confirming a home’s true square footage, it doesn’t hurt to update your practices and become an expert on the subject. After all, you may learn a few techniques that could add value to a listing, or better prepare you in guiding house-hunters on the lookout.

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1. Do your due diligence Most towns and cities have a local records department where floorplans and blueprints are kept on file. It’s worth noting that these records don’t typically include any subsequent additions or remodels on a property, but they still give archive hunters a legal baseline when outlining a property’s square footage. Oftentimes, a straightforward online search of a city or county’s records office can pull the information necessary, or else agents can poke around in person to uncover informative blueprints at the records office. Either way, access to original blueprints or floorplans is a great tool for determining livable square footage. As a bonus,

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original blueprints and floorplans—especially in historic properties—can be intriguing visual aids for prospective buyers, as well.

2. Know the rules While there aren’t universal standards when it comes to measuring square footage, there are general guidelines that can help determine square footage in an authentic way. Per the American National Standards Institute (ANSI), here are the official recommendations for measuring a home’s real square footage: n

Called “below grade spaces,” basements and sunrooms beyond a home’s typical

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living quarters do not count toward a home’s true square footage. According to ANSI, even big draws like finished basements don’t count toward a property’s Gross Living Area. Of course, even below grade spaces have their own desirable value and should be outlined as such on listings. n

n

Did you know the space inside closets and on stairways counts toward a home’s square footage? Even if these areas are relatively small, they still add to a property’s calculable square footage.

When recording square footage, ANSI actually suggests performing measurements from a property’s exterior—though this method does not account for the

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thickness of exterior walls, which could skew square footage numbers. n

Just like below grade spaces, a garage, a pool house, or even a guest house should not be included in a property’s Gross Living Area. The rationale at work here is this: if you must go outside to access additional living areas, then they are beyond the square footage scope of the primary dwelling and should not be included in a home’s Gross Living Area.

3. Double-check by doing the dirty work Buyers and sellers have or will make a sizable investment in a property, so isn’t it fair to double-check all the relevant facts and figures

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when it comes to true square footage? If you want to take on the endeavor yourself, here are a few helpful steps to take. n

First, you’ll need a few things to get started, including a tape measure that can measure at least 100 ft., graph paper, and a pencil.

n

Next, choose a room to start measuring wall-by-wall. Measure Wall 1, then proceed to assign each square on the gridded paper a corresponding measurement, rounding to the nearest tenth of a foot for the sake of clarity.

n

From there, draw out the wall you measured and measure the remaining walls in the

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room. Once you’ve completed the room’s measurements, multiply the room’s length and width to determine its square footage. n

As you go measure throughout the home, using your own system to scale, you will construct a failsafe floorplan.

Mastering your craft is everything, and the real estate industry is no different. Every now and again, it’s worthwhile to update your well of information, take matters into your own hands, and continue to innovate with the industry. While square footage may not seem like the juiciest starting off point for such a venture, never forget: mastery of technical knowledge is a sure sign of expertise.

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STACEY DeANGELIS Stacey DeAngelis always had an interest in real estate, but it wasn’t until her return to her home state of Connecticut that she decided to pursue the industry in earnest. Now, she’s been in business for twenty years and has built a substantial reputation, defined by her adaptable personality, passion for service, and focus on education.

Today, Stacey spearheads her work solo under the banner of Calcagni Real Estate, a collaborative office based in Cheshire, Connecticut. There, she has built a business largely driven by repeat and referral clientele, who turn to Stacey time and again for her natural people skills and extensive industry experience. Likewise, Stacey places great emphasis on attentiveness and responsiveness. “Communication is a big part of being successful in this business,” she says. “I’m always available, and I always return calls as quickly as possible. The world and this industry in particular move quickly, and you have to stay on top of it on behalf of your clients.”

In addition to her service-oriented approach, Stacey has earned a range of recognition for her industry performance. By the Cheshire Citizen, she was voted Best Real Estate Agent, and has also won praise as the 34-time recipient of the New Haven Association of Realtors Quarterly Achievement Award, as well as a 9-time recipient of Connecticut Magazine’s Five Star Real Estate Agents Award.

Prior to her career in real estate, Stacey served as a teacher and has transferred that skillset to her present work. “My time in teaching taught me to work with and manage all different personalities,” she recalls. “Every buyer and seller are different, and each one has a specific goal in mind. I do my best to work within that scope and find ways to consistently make them happy, no matter what’s going on in the course of a transaction.” When listing properties, Stacey hones in on those goals and Top Agent Magazine

leverages a full-scale marketing platform. Professional photography and pre-market prep are the gold standard for all properties. Distribution across the leading online listing platforms and strategic pricing ensure buyer interest is high from the outset. Accordingly, Stacey closes roughly fifty transactions yearly and works within a broad price range, with an average of approximately 41 days on the market.

Beyond the office, Stacey gives back to her community by getting involved on a personal level—supporting worthy causes and organizing the community volley ball league in which she plays. In her remaining free hours, she most enjoys time spent with her husband and sons, taking ski trips, walking the family dogs, and cruising around in her vintage VW Bug convertible.

As for the future, Stacey intends to keep growth steady, with a focus on cultivating the client relationships that have come to define her career and legacy. Now, with two decades of insight in her arsenal, Stacey DeAngelis considers what she enjoys most about her career. “I love meeting all different types of people, and every day there’s something new to experience,” she reflects.

“You get to know clients so well when you’re working with them as a buyer or seller, and it’s fun to encounter so many different families and stories. Now I walk through town and always see a face I know.”

To learn more about Stacey DeAngelis email Stacey_DeAngelis@calcagni.com, http://www.zillow.com/profile/staceydeangelis/ visit her website here, or call (203) 494 – 7068 Copyright Top Agent Magazine 19

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5 Simple Mindset Shifts That Will Help You Achieve Your Goals

Everyone knows that a positive attitude is one of the key steps to achieving success. It’s very easy to let negativity bring you down and oftentimes, people end up quitting at the first set back. Even if you don’t think of yourself as a negative person, you’re probably doing numerous things you don’t even realize are holding you back.

Recognizing these negative mindsets, and then implementing simple mindset shifts, are sure to help you not only create a more positive outlook, but a more successful outcome to whatever goal you’re trying to achieve.

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1

Turn jealousy into admiration

It’s very easy to look at someone who has what you want, and feel envious, which quickly turns into criticism and excuses about why you weren’t able to get what they seemed to get with ease. This is something successful people never do. Instead, they recognize that the only thing keeping them from success is themselves.

If you want what someone else has, you should look to them as a role model. What

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are they doing that you aren’t? There’s probably more to their story than you’re giving them credit for. Someone else’s success doesn’t hinder your ability to do the same, but constantly having a ‘life’s not fair’ attitude definitely will.

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Tackle the things you dread doing first

We all procrastinate to some extent. Usually it’s things we don’t want to do. But when you put something like that off, it creates a serious cloud over your whole day.

Experts recommend getting those things out of the way first. Not only do get it crossed off your list, but you will feel energized by your accomplishments and tackle the day with even more force.

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Don’t make decisions based on emotion

Reaching goals, especially long term ones, can have a lot of ups and downs. The key to achieving them is to stay level-headed during setbacks, really focusing on your plan and how the setback fits into your long term vision.

If you have a solid plan in place, you could be destroying months of hard work with one rash emotional decision, that is probably coming from a place of panic.

When you’re feeling emotional...wait.

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you’re back in a rational state of mind and take it from there.

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Learn to love feedback

It’s very easy to be thrown off by negative feedback or constructive criticism. No one likes it. But when it comes to achieving your goals, you need to be able to hear it, assess it and then make an unemotional decision about what it means to you and your success.

In fact the business world’s most successful leaders are there because they not only take in that feedback, they actually constantly ask for it. Fresh perspectives on what you’re doing are always valuable. When you’re in the thick of it, it can be hard to see what needs improvement. Asking a trusted peer or advisor can be instrumental in keeping the momentum on reaching your goal going.

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Replace a fixed mindset with a growth mindset

You might be wondering what the difference between the two are. A fixed mindset thinks that growing intelligence or skills is impossible, while a growth mindset thinks those things can be developed.

People with a growth mindset are more likely to expand beyond their comfort zone, since they really believe almost anything is possible with hard work. And if it isn’t?

They’re willing to give it a try. Being willing to try and fail, is a key element to reaching even the most lofty goals.

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