The Minneapolis Real Estate Blog: July 2007

I was going through blog posts today and came across Lenn Harleys post about Working with Buyers, which then took me to Maggie Dokics post on Educating Our Customers.

Lenn of course had some really great points that buyers need to understand and Maggie describes what happens to many of us every now and then - a buyer working with several agents.

I've had this happen to me before. While Maggie describes the anger that most of us feel, I tend to take a different approach. See, I love a challenge. If you have a buyer say he is working with other agents, why would you blow him off as a waste of time? Here are a couple of thoughts:

• If this was a listing appointment, and you knew the sellers were interviewing a couple other agents, would you be just as angry at them for not interviewing only you?
•  Would you walk away and tell the "jerk" sellers to go with one of the other agents because you don't need to waste your time on someone not yet loyal to you? I highly doubt it. 

What you would do is fight like hell to show your worth and get them to list with you.

This is exactly what you need to do with a buyer. It's not like you showed him 50 homes one day, it was only a couple. So instead of complaining about him cheating on you, you should fight for him and earn his loyalty. That's right EARN his loyalty.

In my case, once I knew my buyer was doing this to me, I took off the gloves.

• First, I always provide a Buyer's Packet, which includes my personal brochure, various pamphlets about the town, how the real estate process works in my state, etc. I also put the listing sheets in a nice bound portfolio. I am a professional, and I need to present myself that way, so even if it is only one listing, it is bound and ready to go.
• Second, as we were driving around, I flooded them with information on the areas they were looking into, asked very detailed information on what they were looking for, then told them where to find it.
• Next, I took them on a town tour (keeping them in the car longer) so they could get to know me better. They were tired when I was done with them, (I made sure I showed them homes first) so that when they went to view the others, they just didn't have the energy to get to know the agent.

I usually would have followed up the next day, but they called me back before I could and asked to see some more. When I asked them how the rest of their tour went, they said not good....then asked me if I would be their only agent.

At the closing table a month later, I asked them why they really went with me. They said I was the only agent that showed any real interest in what they wanted and gave them information they didnt' even know they needed.

Thank God I worked my butt off those three hours we were together. It takes work to show your worth and more agents need to realize this or they are just going to end up as another statistic. But the main point I want to make is that having clients is not a right, it's a privilege. Like most privileges we get, we have to work for them, and most importantly, earn them. So next time you think about giving up on a Customer, like in this case, except the challenge. Go after them tiger!

Being the largest lake around, it makes sense that Lake Minnetonka would be home to a couple of yacht clubs. During the summer months, especially on the weekends, you can enjoy some of the sailboat regattas on Wayzata Bay. I have always loved sailboats and I can remember my first ride on a very windy day. It seemed the captain of the boat was trying to get me in the water as a joke, but thankfully I did not fall overboard.

If you like to sail, Minntonka offers three options:

• Minnetonka Yacht Club - 19800 Minnetonka Blvd., Deephaven, MN 55331 Call (952) 473-9935
• Upper Minnetonka Yacht Club
  4165 Shoreline Drive, Spring Park, MN 55384Call (952) 471-8783
• Wayzata Yacht Club
  1100 East County Rd 16, Wayzata, MN 55391 Call (952) 473-0352

When you live on one of Minnesota's 10,000 lakes, most likely you have some sort of watercraft to enjoy on the water. Whether it be jet skis, fishing boat, or yacht, one thing is for sure, safety is key to preventing accidents.

The Personal Watercraft Industry Association (PWIA) reports that the leading cause of watercraft accidents is user error. Inexperience and distraction are two of the most common reasons. In turn, most boating injuries resulting in death see the victim not wearing a life jacket.

Each state has it's own boating rules and Minnesota is no exception. Here are some rules to live by:

• always wear a USCG approved life jacket
• operate watercraft from only 9:30 am to one hour before sun set
• take boating safety course if under 18 years of age (everyone should do this anyway)
• follow each lakes own boating rules
• keep watercraft safety inspections up-to-date

The Minnesota Department of Natural Resources has an excellent site that lists a boating guide and personal watercraft laws for the state.

• children under 13 cannot operate a boat, even if adult is present
• children 13 years of age must have a 21 year old adult present at all times
• children 14-17 must either have a boaters permit, or have a 21 year old on board

Of course much of it is common sense, but even the experienced can have accidents. Think before you drink and have a sober driver at the wheel, keep a first aid kit on board, and watch your gas level. Don't forget that it is illegal in Minnesota to harass wildlife with a personal watercraft. Be mindful of you neighbors, too.

Even though there is alot to think about with boat safety, make sure you have fun too!

Countertops were featured in the first post of this series, highlighting some of the new construction materials available to affluent clientele. Another item that is a must for any luxury kitchen in Minneapolis is Drawers.

No, I am not talking about just any old, boring drawer, but drawers that actually serve a purpose other than holding your spatulas. The new appliance drawers free up space, while adding convenience.

Warming drawers have been around for a while, but the new ones have improved air control. They also feature variable temperature controls, with automatic shutoffs, as well as divided compartments so you can keep your veggies and roast separate from each other.

Dishwashers are now found as two individual drawer units. This configuration allows you to do smaller washes, saving water and energy. They also give you the option of a delicate cycle for your fine china and crystal.

One of my favorite new options is the microwave drawer. No longer do you have to mount it above your stove, or take up precious counter space. Now you can cook your food in a pull out drawer at knee level. It is definitely a "think out of the box" design and one I would love to implement in my own home.

Finally, an option to keep your husbands beer out of the fridge. Similar to the dishwasher drawer option, the Sub-Zero refrigerator/freezer drawers can hold bear, ice, pop, etc. They can easily be installed in a luxury bedroom suite or in the media room for added convenience.

When looking at ways to add this new trend your kitchen, take into account your current cabinet setup. You will want to visualize how you cook and use your current appliances, and then integrate the selected drawer into the most utilized position. Contact a local cabinet showroom for ideas, or an appliance gallery.

...No Sale! Yes, that's right, your home isn't getting sold. Why not, you ask? Have you checked out your home photos that your Realtor took when she listed the home? If you are like most sellers, you have never seen the photos of your home.

I took my two young sons to get some professional photos taken this weekend here in Minneapolis. I'm a pretty good photographer, but I don't have the tools to make them look "studio quality".

As I was sitting there, I had to laugh. Here I was, spending extra money to get some good photos of my most precious things, but I see sellers all the time penny pinching on quality of photos for their most precious thing, their luxury home. Looking through the MLS listings every day, I see Million dollar homes with pictures that are fuzzy, snow on the ground in July, out of focus, too much/too little light, not level, etc. And I just don't understand how the seller could allow this to happen.

I have actually gone to listing appointments in which the sellers are looking for a new agent, and they ask me what price they should be at. See, they believe the price was the reason the home didn't sell the first time. I look at them and tell them presentation is EVERYTHING. Then I show them their last photos on-line. Most are shocked, as they had no idea. With more than 70% of buyers looking on-line for homes before they start hitting the pavement, high-end sellers really must have top notch photos to impress that buyer.

So when you start looking for an agent to market your luxury home, ask them what type of photos they will take. If you hear the photos will come from their camera, then move on to the next agent. Look for the agent that is willing to spend the extra money for professionally done photographs. Minneapolis has some great photographers that have experience with luxury homes, so be sure to look around, or ask your agent for referral advice. Put your best foot forward from the beginning, so your home is SOLD, not still SITTING!

This is the last weekend you can attend the Twin Cities Pond and Landscape Tour, so make sure not to miss it. Tickets are $20 per person and children under 12 are free. 100% of ticket sales benefit the Children's Cancer Research Fund and the Minnesota Water Garden Society.

Last weekend the tour viewed properties on the north side of the 394/94. This weekend, July 28-29, the tour will focus on properties south side of Minneapolis and St Paul. Tickets can be purchased online. Once you order online, you will be provided a list of homes on the tour.

The tour is self-guided so view at your leisure between 10-5 pm. Highlights include cascading waterfalls, streams, swimming ponds, putting greens, aquatic plants, outdoor kitchens, and more!

North Minneapolis Seeking to Re-invent Itself

If you would like to give your input on how you would like to promote the North Minneapolis area, now is your chance.

The Northside Marketing Task Force is inviting you to attend the final two public sessions to give ideas on the public perception of the area. Results will include a new logo, new brochures, slogan, and ads.

• July 26, 7-9 pm, Webber Recreation Center, 4400 Dupont Ave N
• July 30, 7-9 pm, Minneapolis Urban League, 2100 Plymouth Ave N

Snacks will be provided!

Lowry Hill Historic Home #1

Along with the homes I post for St Paul, I will periodically be highlighting historic homes in Minneapolis as well. This is the first one of the Lowry Hill series so check back every now and then for new featured historic home in Minneapolis.

The first featured Historic Home in the Lowry Hill district of Minneapolis is 905 Douglas Avenue

Built in 1900, the home is most likely similar to when it was first built, though the area surrounding it has changed greatly. Designed as a Colonial Revival mansion, the home has distinguishing characteristics of the style including full height column Corinthian capitals, dentils at the cornice with decorative molding, and a broken pediment above the door. The front door is also typical with its fanlight above the door and side lights.

The main home was recently restored to its former beauty and is currently listed for sale by Remax Results for $1,995,000. It boasts about 6500 square feet with 7 bedrooms and 7 bathrooms. The carriage house has also been restored and is currently zoned as a condo. Built in 1900 as well, it now has 3 bedrooms, 2 bathrooms, and is approximately 1800 square feet. It is listed separate from the house for sale for $649,900.

The main airport serving the Twin Cities is the Minneapolis-St Paul International Airport (or MSP for online booking). It is easily accessible from surrounding communities, and is only 15 minutes from both Downtown St Paul and Downtown Minneapolis.

The main terminal, named after Charles A. Lindbergh, sees most of the international and national flights, and is the main hub for Northwest Airlines which handles about 80% of all air passenger traffic in and out of the Twin Cities.The second terminal, the Hubert H. Humphrey, handles charter flights and smaller airlines. Six smaller regional airports are available as reliever destinations including:

• Airlake
• Anoka County-Blaine
• Crystal
• Flying Cloud
• Lake Elmo
• St Paul Downtown

In late 2005, a new north/south runway was completed as part of a $3 Billion expansion project, giving an increase of 25% in traffic capacity. While this is good news for the city, it meant that outlying suburbs who enjoyed very little overhead traffic and noise, now will get to have direct traffic right over their homes. These towns are Burnsville, Eagan, Apple Valley, and Bloomington. Should you like to see flight paths and how they affect the area you might be moving to, the MSP website has a great interactive map for your convenience.

This says it all...

Builders look for market to flatten

Compared through the same point a year ago, this year's building activity is down slightly more than 31 percent. Many builders are looking towards the second half of the year as another phase of the adjustment-a flattening out.

According to statistics compiled by the Keystone Report for the Builders Association of the Twin Cities (BATC), there were a total of 773 units permitted in June 2007, down from 1,176 units permitted in the same month a year ago. Year-to-date activity continues to lag last year, with a total of 4,523 units permitted thus far, down from 6,585 units permitted through the same point last year.

"The next six months will be a telling sign of where our market is headed," says 2007 BATC President Michael Noonan. "According to a recent forecast by the National Association of Home Builders, the Twin Cities market may begin to flatten out over the remainder of this year, then slightly rebound throughout 2008."
Noonan cautions against expecting a sudden torrent of activity. Instead, the market will return slowly to healthy and sustainable rates of production.
Minneapolis leads the metro in year-to-date activity with 410 units permitted. St. Paul ranks second with 368 units permitted, followed by Woodbury with 250, Lakeville with 179, and Chaska with 161.
read more of the full press release
Source: Builders Association of the Twin Cities