MINNESOTA 12-19-22

MINNESOTA EDITION

Is Starting a Team the Right Solution for Your Business?

MILLENNIAL BUYERS:

Where They Are & What to Know

24-HOUR TOUCH-UPS

Welcome Home: WORKING WITH RELOCATORS IN TRANSITION

to Maximize Your Price List

COVER STORY

RICHARD McDONOUGH

MINNESOTA EDITION

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RICHARD McDONOUGH

RICHARD McCONTENTS DONOUGH 4) IS STARTING A TEAM THE RIGHT SOLUTION FOR YOUR BUSINESS? 6) WELCOME HOME: WORKING WITH RELOCATORS IN TRANSITION

15) 24-HOUR TOUCH-UPS TO MAXIMIZE YOUR PRICE LIST 20) MILLENNIAL BUYERS: WHERE THEY ARE & WHAT TO KNOW

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Is Starting a Team the Right Solution for your Business?

You’ve started your own real estate business and after a slow start, you’ve found your footing and business has really taken off. Sounds great, doesn’t it? Until maybe you’re getting more business than you can handle. After all, you don’t want to sacrifice service for more listings. The top-notch level of service you offer is probably what created your boom in 4

business in the first place, so you don’t want to compromise that. But, at the same down, you don’t want to turn down business either. It’s at this point, a lot of Realtors® consider starting a team. But, how do you know if that’s the right call for you? Here are a few questions you might want to ask yourself to help make your decision.

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The top-notch level of service you offer is probably what created your boom in business in the first place, so you don’t want to compromise that.

CAN YOU AFFORD IT? First things first, are you really making enough money to warrant hiring help? One of the key things to think about is your ability to generate leads. Are you so busy with your existing contracts, that you have no spare time to generate more business? Then, it might be time to consider your options. Figure out the time you’ll be afforded to generate more business, how many more transactions that will lead

to, and then see if that pays for the assistant’s wages. That should help you easily see if it’s worth the investment. If it’s on the border, you may still want to go for it if you have a lot of confidence in the market and your ability to bring in business. If you’re not quite there yet though, it might be a good idea to look into a virtual assistant until your business is ready to expand.

ARE YOU READY TO BE A TEAM LEADER? Or in other words, how comfortable are you delegating tasks and responsibilities? For some agents, they need to be actively involved in every step of the process. Being a team leader is not only about being able to delegate, it’s about mentoring and guiding your team as well. Not only do you have to help them serve the team

better, you need to look at yourself honestly too, constantly evaluating what you can do better. It’s also your job to set up systems and operations, that are constantly refined with the feedback of your team members. Clear and constant communication is key with your clients as well as your team.

CAN YOU FIND PEOPLE WHO SHARE YOUR VISION? Of course, the above two points are moot, if you’re unable to find people that you trust and that share your business’ philosophy. Having a supportive and professional team culture is instrumental in a team’s success. These are people you will be working with closely for long hours so you not only need to trust in their expertise and professionalism, you want to find people with a positive attitude. You will all be relying on each other to create seamless transTop Agent Magazine

actions in sometimes stressful circumstances.

Having the right team spirit, so to speak, is what will help your business and team grow.

The ultimate goal of a team is to have thriving careers for everyone on board.

So, if you want to see your business grow maybe a team is right for you. It may even give you a little free time for a personal life. We can all dream, can’t we?

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Welcome Home:

Working with Relocators in Transition People stage moves for all sorts of reasons.

From the joyous and pre-planned, to the unfortunate and unexpected, new chapters begin with the help of an agent. When you’re working with buyers from a different region, state, or country, the typical complications of a transaction can be compounded. So, what’s a savvy agent to do?

For starters, envision the big picture. Relocators have extra obstacles between them and 6

their dream home. They don’t necessarily know which neighborhoods are ideal for their lifestyle, what they should budget for utilities, what type of homeowner’s insurance is ideal, or how they can tour, let alone close, on a house from afar. All in all, it’s a tall order, but if you can manage a relocation transaction successfully, you could tap into a sizable pool of clientele. Think of it this way: if you’re the shining star of a relocator’s moving process, their word-of-mouth praise could be

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exponential. Likewise, a winning reputation within that client’s corporate sphere could lead to lucrative, stable referrals and partnerships for years to come. Here are a few key ways to help clients navigate the relocation process with minimal stress and maximum results.

Create a full-scale timeline for you and your client that makes expectations clear.

Moving is already one of life’s biggest stressors, but relocations have a dozen more moving parts that your average deal. Consider creating a master-plan of sorts to help you and your client visualize the steps required to achieve success in the midst of a relocation.

Even from afar, your client will be able to refer to the roadmap you’ve set. Likewise, this makes sure you and your client are on the same page regarding expectations, timelines, and checklists. Assemble an articulated, overarching gameplan also helps demystify the process and lower stress. Instead of clients wondering what’s next, what’s needed, who to call, and when to be ready—handy guidelines of your own devising will be at their fingertips.

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Attune your communication style so that nothing goes overlooked or miscommunicated.

Establish early on how your client prefers to communicate and which methods should be excluded. Also, make sure to outline what timeframes are ideal to communicate in, and how often they expect to hear from you with status updates or follow-ups. Some clients might prefer a more hands-off approach that lets you manage most details behind the scenes with updates only when progress is made. Most clients in the midst of a serious relocation, however, will prefer to be in touch more frequently. Customizing is key. If they prefer text messages and emails over calls, that’s a helpful detail to know from the outset. If they prefer face-to-face video chats or can only speak after business hours—those are also key parameters to work within. The less mystery and hassle, the better.

Be a local resource with vetted recommendations and vendors on-hand.

Relocating homeowners may not know the best neighborhoods and their amenities, or where the best school districts are, which areas are high-traffic, or where their dollar might stretch a little further. Identifying your clients’ goals can help narrow this field, but you’ll also want to be careful not to overwhelm them with information. After all, they’re taking on a huge life transition and making a move as an outsider. You’ll want to serve as a onestop-shop who can remove some steps and stress from their organizational obligations.

Have a contractor who can get a head-start on home projects while clients make the move?

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Excellent. Or, perhaps you can provide an out-of-state agent referral so that clients can sell their existing property in a timeline that works in conjunction with their new purchase. Make yourself a community expert and a connector, and you’ve won a client— and their referrals—for much longer than a single transaction.

Think outside the box when weighing variables.

Relocations aren’t your typical transaction.

You’ll need to do a bit more planning to avoid pitfalls along the way. For instance, have you considered how you’ll tour homes with clients if they live hundreds of miles away?

Are there time zone differences to factor in?

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If clients are relocating from another country, are there any special visa or naturalization considerations? How will their belongings travel? Are there pets to relocate? There are plenty of questions to ask and plan for, but the key is to be communicative and thorough up front. The more information and planning time you have, the smoother the transition will go.

There are certified real estate agent designations you can pursue that set you apart for your experience when it comes to relocations, but in lieu of those—arm yourself with the planning details and methods that will make your client a raving fan. In the process, you’ll up your game, create a happy client, and hopefully field similar business for years to come.

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RICHARD MCDONOUGH

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RICHAR D M C DONOUGH “I am a full-service Realtor® who has the experience that makes a difference. I am constantly learning more so that I can not only help my clients, but help the other agents around me to be that much better.”

With his expert local knowledge and his dedication to providing a comprehensive customer service experience for his clients, Richard McDonough has long excelled at turning real estate dreams into reality. Richard started his real estate career 31 years ago, after a 10-year career 10

in the luxury yacht industry as a first mate and a captain. Ever since then, Richard has been guided by his commitment to excellence in real estate.

Richard is the founder of his own brokerage, RM Realty, which was Top Agent Magazine

recently purchased by Lake Sotheby’s International Realty. As the team lead, Richard has four agents working with him. Together they serve the St. Croix Valley of Minnesota, east of the Twin Cities, and Richard is licensed in both Minnesota and Wisconsin.

Born and raised in Stillwater, Richard is brimming with praise for the area. “Stillwater is the birthplace of Minnesota,” he says. “We’re on the beautiful St. Croix River, which was one of the first rivers in

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the United States to be federally protected. As a result, it’s known as the narrowest National Park in the country. The area is known for its quality of life, the quality of its schools, and everything that comes with that. We have tons of great bike trails and hiking trails, and Stillwater is the go-to destination for a lot of families on weekend trips. The town comes up often on lists of the top small towns to visit and live in. We are just 30-40 minutes from many Fortune 100 companies including 3M, Target, Medtronic, Honeywell, and

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more. It’s a great place to live.”

Because of his omnipresent social media, Richard finds himself working with clients from all over the country who want to come live in the area. He caters to these out-of-state clients via FaceTime meetings, photos, and floor plans to help them get to know a house without setting a foot inside. “We help them so they can make a really good decision,” Richard says.

“And if they decide to make an offer, we can help them with hiring a good inspector and anything else they may need for

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the process. Whatever detail needs to be taken care of, we will take care of it for them so that when they move in, it’s a seamless process. Being born and raised here in Stillwater, fourth generation, I know who to call to get things done and also how to help acclimate them to their new community.”

Richard loves to be involved in his community. He is on the steering committee for the annual World Snow Sculpture Competition and serves on the board of directors for Community Thread, a nonprofit that helps senior citizens and low-income families. Richard volunteers with the Holiday for Hope fundraiser Top Agent Magazine

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and gift drive for less fortunate families during the holidays, and he is the lead for the town’s annual Twinkle Party tree lighting festivities. He also harnesses his impressive videography resources to create videos focusing on local nonprofits, businesses, and people of interest.

As for what the future holds, Richard says, “I’ve been the top agent in my

big-box broker office, I’ve opened and sold my own brokerage—but one goal I haven’t achieved is to be the top agent in our community. That’s my next goal.”

Overall, Richard says, “I am a full-service REALTOR® who has the experience that makes a difference. I am constantly learning more so that I can not only help my clients, but help the other agents around me to be that much better.”

To find out more about Richard McDonough, call (612) 819-3518, email Richard.McDonough@LakesMN.com, or you can find him online at RichardMcDonough.com www.

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24-Hour Touch-ups to Maximize Your List Price Sometimes it takes a full-scale overhaul to prepare a house for market. Other times, only a series of small adjustments are required to make a listing’s true potential shine. Whether you’re gearing up for an open house, assessing a list price, or maximizing a property’s appearance prior to photography—the devil is in the details. However, touch-ups and refreshes don’t have to dominate your schedule or break the bank. For a few ideas of where Top Agent Magazine

to begin, consider our handy check-list below for quick home projects that will fortify your bottom line.

Refresh grout for a sparkling clean look.

Perhaps the quickest and most cost-effective way to make bathrooms, kitchens, and other tiled areas shine is to refresh grout until it looks

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good as new. Specialty grout stain removers and cleaners are inexpensive and sold at most home improvement stores. Plus, the project only takes a bit of elbow grease and an hour or two for a major makeover effect. Suddenly, dark, stained, and worn-down bathrooms gleam as if tile has just been placed.

Create mood lighting with soothing bulbs and fixtures.

A warm white light from specially chosen LED bulbs creates a welcoming environment when potential buyers come calling.

If outdated fixtures are bringing down a home’s otherwise modern styling, consider more design-neutral replacements that won’t

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detract from the property’s charms. These are inexpensive but highly noticeable and impactful upgrades that shift a home’s ambiance for the better.

Repaint doors for an updated and inviting entryway.

It may sound like a hassle, but repainting doorways with a fresh coat signals a wellkept property—and that’s before prospective buyers even pass through the threshold. You can also change out generic doorknobs and switch-plates to add an updated flare while on a budget. Color-of-the-year trend choices can turn heads, while neutral paint choices signal less hassle for future homeowners.

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scrub, or with the addition of new shelves or styled bulbs.

Make windows shine— both inside and out.

Cleanliness goes a long way in communicating a well-cared for home in which buyers can imagine themselves. Cleaning the inside and outside of windows not only refreshes a room, but it allows light to infuse the space while appealing to the move-in ready crowd.

Closet spaces are not an afterthought.

Every prospective buyer wants storage options, and you’ve surely led a home tour where guests inspect closets and pantries.

Don’t let these hidden spaces go overlooked. Make sure they’re clean, cleared as much as possible, and you can even touch them up with fresh paint, a good

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Remove tough appliance stains with a bit of elbow grease.

If you’re packaging appliances with the sale of a property, you’ll want to make sure those big-ticket items are also in top shape to showcase their value. Stainless steel polish, electric cooktop polish, and stain removing pads for the kitchen sink can make your appliances look five years younger with nothing more than an hour or two’s labor.

Organize garage and basement areas to maximize storage and hint at bonus space.

It may take a labor of love, but organizing and decluttering these special storage spaces

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can add significant value to a property. Instead of telling prospective buyers how much storage space there is—let these areas speak for themselves by giving them a neutral, airy bout of cleansing. That way, craft-lovers, car aficionados, and buyers with interest in renovating basement areas can witness the potential immediately.

Individually, these bit to-do list items might seem like extra work without the promise of 18

a major return. But combined? These small tasks go a long way in crafting a home’s image and projecting pure potential. After all, prospective buyers imagine their lives unfolding inside those walls. That’s why cobbling together these small-scale projects can have a big payoff in the end. Not only will a home present itself in a cohesive, attractively-packaged form, but it can also translate to higher interest and a significant pay-off—in more ways than one.

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Millennial Buyers: Where They Are & What to Know Homebuyers and sellers come from all walks of life. If you’ve been an agent for long, you’ve likely worked alongside a wide variety of folks—from first-timer homeowners and down-sizers, to second home searchers and those finally hunting for their dream home. While there is hardly a shortage of diversity in the housing market, there 20

is one generation that is making big strides in homeownership these days: Millennials.

Millennials can be loosely defined as those between the ages of twenty-two to thirtyseven. As you can see, this constitutes a wide swathe of the population. If you’re an agent who stands to learn a bit more about

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a demographic whose influence and homeownership goals are rapidly evolving, tune in below for a few pointers that can help you expand a segment of your clientele in the process.

Where do Millennials prefer to buy?

Many Millennials came of age during or immediately following the Great Recession, and as such, many of them relocated or returned to mid-size cities and smaller communities where the cost of living was most affordable. Of course, there are countless Millennials that call the U.S.’s major cities home—especially those in the

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tech industry. The good news is that you can court Millennial clientele no matter where you service area is located. That said, community amenities are of great importance to this generation. They value public transportation, green space, and entertainment—from coffee shops and topnotch restaurants to farmer’s markets and boutiques. Emphasizing those attributes will be key in selling to Millennials and locating neighborhoods they’re most interested in.

What sort of communication do Millennials prefer?

Most Millennials are digital natives, or close to. That means they grew up learning

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how to navigate digital spaces, and prefer to communicate through mediums like email, text, and social media. This isn’t to say that Millennials aren’t good communicators, but they’re often on the go, and have learned to research and shop online. To accommodate this, it’s best to build a presence across the most popular listing portals and social media platforms. Although, it’s not enough to establish a site and wait for the calls to come in. Responsiveness is a key factor for Millennials, who expect speedy response times. Make sure you’re checking your inbox frequently, responding accordingly, and engaging with your audience online. This will let Millennials know

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that you’re savvy, available, and understand the value of their preferred method of communication.

Are Millennials ready to buy?

It’s a common misconception that Millennials are uninterested in the rite of passage of purchasing a home. While Millennials maybe waiting a bit longer than their parents did to buy a home, there are good reasons to explain this phenomenon. For starters, Millennials entered the job market during the downturn, which means they are more conservative when making big purchases, and have to play catch-up to reach a sound

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financial position. Likewise, student loan debt has proved a major financial inhabitation for Millennials. Instead of socking away a few hundred a month to save for a home, they’re forking over that cash to pay down their educational loans. How does a Realtor compete with this reality? For starters, a bit of understanding goes a long way. Work with your mortgage partners to find financing possibilities that cater to this younger demographic. Recognize that Millennials—like most buyers—have some trepidations when buying a home.

Also consider fielding Millennial clientele with the long view in mind. You might be Top Agent Magazine

courting them for months or more until they’re ready to take the plunge, but they’re also famous for their reviews. When a job is done well, Millennials shout it from the rooftops—or at least share it a dozen time from their phone.

As time passes, Millennials will continue to dominate the marketplace when it comes to buying and selling homes. A little self-education on this powerful demographic can go a long way. If you know your clients and your audience, you’ll be in a far better position to serve their interests and make a customer for life.

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