Bringing the Right Information to Consumers

By Lesley Geary

Top 5 in Real Estate Network, January 2009-Lorraine Leonard
The Lorraine Leonard Team
Keller Williams Prestige Properties
Years in real estate: 38
Region Served: Southern Fairfield County, Connecticut
Average number of days a home spends on the market: Let’s not even go there!
Career Path: I grew up in New Zealand and came to this country and worked as an executive for a company in San Diego. Then my husband was transferred to Connecticut. This was in the ‘70s when women had to claw their way to the top and I decided I did not want to go into the corporate world again as a woman. So real estate seemed to be a much better match. Looking back 38 years, I was right.

What are the types of information today’s home buyers and sellers need most? Buyers and sellers both need to know every conceivable program that is out there. They need to know everything about the new loan forgiveness program, short sales, foreclosures, bankruptcy, loan modification programs…you name it. It’s up to us to educate them.

How do you arm yourself with the right fact, stats and information?
A lot of agents do not even watch or read the correct news so they are not armed. I read the Wall Street Journal, the New York Times and The Economist, without fail. I have also been through every type of market you can think of in my 38 years so I have the facts in my historical knowledge. When there was no mortgage money available in the ‘80s, I had the best year of my career. And then there was the time when interest rates hit 20% and I had another great year. I have only had three down years in 38 years. You have to know how to work your way around the market as it exists at the time. I listen to an awful lot of moaning from agents. The market is down 20%, but the better way to view the market is that 80% is selling. Today’s market is sort of in a vacuum, in limbo in New York. People are waiting to see if rates go to 4.5%. They are waiting to see if Wall Street gives bonuses (at press time in December). So as long as I know where the market is and that it will move again, and as long as I remain calm, I know what is likely to happen and can let my customers know.

How do you best disseminate information to consumers?
We are working on our website to include pages that show everything that’s going on in the market as it happens. But what we are doing right now, and very effectively, is sending out brief newsletters. We have an extensive drip program. The majority of people who are browsing on the Internet today are going to buy six months out. They are doing preliminary searching so we have to keep in touch with them with things like our drip newsletters so that when they are ready to buy they come to us.

What’s the one thing you can’t live without in today’s market?
A computer.

How do you differentiate yourself from other brokers in the market?
I have knowledge and historical data in every respect; legal knowledge, mortgage knowledge and market data. I make sure people get the right professionals, like the best mortgage brokers, the right lawyers. And I use the Internet constantly. The only place I am anti-Internet is for mortgages; there I need a warm human because when we are sitting at the closing table and your money doesn’t show up, I can’t shoot a computer. I want you sitting down face-to-face with someone I can hold accountable. Last but not least, I am very savvy about financing. I am never without an amortization calculator.

What type of marketing works best today? Internet.

What’s your best idea for time management: Time blocking, which I am very bad at!

Philosophy for a successful life in real estate:
First of all, you have to have a sense of humor. You can deal with aggressive people and issues if you have a sense of humor. Then it’s all about the welfare of your buyers and sellers. Doing the job is the service part of it. As a Realtor, my job is to service the buyer or the seller in the best way I know. Then to be successful you need education, education, education. At Keller Williams it’s all about training.

Top 5 in Real Estate welcomes your questions and comments. Please e-mail feedback@top5inrealestate.com.

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