Speaker 1: 0:31

My name is Kim Neff. I'm an associate broker with Pearson Smith under my LLC, the N Team LLC.

Speaker 2: 0:37

Love that, and what are the type of services that you help clients with? Why are clients coming to you and how are you helping them solve those little quips that they're coming to?

Speaker 1: 0:45

So I've been in the industry for 22 years. So I was 21 when I got my real estate license, so I bring a lot of experience. I've got my broker's license, which makes me an associate broker. I've helped first-time homebuyers. When I started, the business was mainly I've moved with them throughout the 22 years. I've helped them move out of their condos and their townhouses into single families. I've helped their parents move out. I've helped investors Unfortunately there's been some divorces in there and then also like downsizing and then relocating in and out of the area.

Speaker 2: 1:24

Wow, sounds like you've got a lot of experience under your belt with all those situations. So, you're the person to come to. I'd like to ask you how you got started in your industry, like, was this always the plan for you, or how did that happen?

Speaker 1: 1:37

No, I wouldn't say that it was always the plan. I was going to NOVA and I was going to school full time and I was working full time as a leasing consultant at a new community. I was there for a year. I was there for a year. 11 out of those 12 months I got leasing and salting of the month, meaning that I leased the most apartments in the month. And then after that I realized that I like talking to people, I liked touring with people, and paperwork was something that I was pretty good at. So I actually went and got my real estate license after I got my associate's degree.

Speaker 2: 2:16

Well, that sounds like a good um journey to go onto, especially if you like paperwork, because real estate, we got that paperwork there huh, and you have to be detailed oriented.

Speaker 1: 2:26

Oh, yes, absolutely.

Speaker 2: 2:28

What are some of the challenges going on right now, or that have recently happened, that you're navigating through, or maybe you can give some tips to other real estate people out?

Speaker 1: 2:36

there. So right now, I think you know we're coming out of the craziness of COVID and the real estate market with interest rates being around 7% right now. You're seeing a little bit of a shift in the market. So right now it's educating sellers. When you're listing their home of you know, instead of having, you know, 7 to 14 offers in a weekend, you might be sitting for a while on the market and educating buyers is that, you know, maybe you don't have to rush right now. You might have a little bit higher of an interest rate, but if you can afford it, actually now might be a really good time to buy because you don't feel that pressure of having to make a decision in 20 minutes on whether or not you want to write an offer. So I think that that's the biggest thing right now is just educating buyers and sellers on the market. And then we have the interaction with the DOJ and NAR, with the commissions, so educating other agents as well as your buyers and sellers on the changes that are going on right now.

Speaker 2: 3:43

Yeah, absolutely. And then what are some of your marketing tips or strategies that are helping you get your name out there, or the properties getting them listed out there? Talk to me a little bit about that.

Speaker 1: 3:55

Well, everybody starts online. So whether or not they're interviewing an agent looking for a property, it's all online. So you need to have an online presence. If you don't, you're missing out. My business mostly is referrals and word of mouth. So giving good quality service to everybody and then asking for referrals, that's going to do your business. The best is if you don't ask for referrals. People forget that they can provide you with referrals.

Speaker 2: 4:25

Yeah, that's right. Don't forget that. Would you say that you've used a coach or a mentor to help you along your journey, Because I know you've been in this industry for a hot minute now. Did you have that in the beginning or was it like nope, I'm just doing it and I learned?

Speaker 1: 4:40

Well, when I first started, when I first got my license, I started with a real estate company as a receptionist and I did that for a year till I could build my business. So what I was doing was watching very good realtors in the business, seeing how they were doing it, what they were doing, and that helped me grow my business.

Speaker 2: 4:59

That is awesome, especially like starting as a receptionist, like you get to know all the ins and outs, what's expected and like what all goes into doing everything so that you can do, and having that perspective too, is like it's amazing.

Speaker 1: 5:11

Like you get double the education of real estate, you get to see what works, what doesn't, what's good, what's bad, because I was watching. I think that that office had about 45, 50 agents in it. Okay, wow. So you got to see a lot, and this was 22 years ago when people were coming into the office.

Speaker 2: 5:31

They're, you know, that's I mean we faxed back then so yeah, and then I would like to ask you what have been some of the challenges for you as being your own, I guess, business owner, entrepreneur of your business? Have you come with any challenges that maybe you've overcome that you would like to share with our listeners?

Speaker 1: 5:51

I think that, being a self-employed business owner, the hardest thing to learn is budgeting. You know you might have a good year and you're doing really, really good, and then you know the next year you don't do such. You know the market changes or whatever industry you're in changes and there's a little bit of adjustment period. So my best advice was have a budget, stick to it. When you have that good year, put that money in the bank, because you don't know, especially in real estate, you don't know what's going to happen next. I was in the business when the market crashed in September of 2008 and the phone just quit ringing. So I was lucky enough at that point I got. It was at the age where all my friends were first-time homebuyers, so for the first time they were able to purchase a home, because all the prices were too high in 2005, 2006, 2007. And there's money to be made in every real estate market. You just got to find that niche and make it happen.

Speaker 2: 6:59

Absolutely, man. Those were probably scary times Like the unknown, like oh crap, this just crashed, Like what the hell? Like it's my job.

Speaker 1: 7:06

Yeah, no, when I say the phones, quit they you mean it?

Speaker 1: 7:10

legitimately yes, and then it was maneuvering the short sales and the foreclosures and, you know, helping people when they felt like they had nowhere else to turn to and you know that they quit opening their mail because the bank was sending you know when it's. Let's get you out of this, let's figure out a best situation. Let's try to save your credit. Let's try to save what we can. Yeah, let's see what your options are. It was, you know, to help those sellers during that time. It was a lot of work and additional work dealing with the banks and there was a lot of extra time, yeah, but at the end of if you got a short sale done successfully, it was very beneficial and inspiring to be able to help somebody get out of that situation.

Speaker 2: 7:58

Especially during those times, and plus I'm sure the unique experience that you got from living through those times is probably priceless. So, what you learn and what you know, you're able to get through right.

Speaker 1: 8:09

Yep, it was an interesting time, I'm sure.

Speaker 2: 8:14

And then do you have a team with you right now? Do you have any partners?

Speaker 1: 8:19

So right now, I started after I got my real estate license in 2002. I was young, so we actually used it as kind of a marketing scheme. My mom went and got her license Wonderful so we slapped her picture on the back of my business card. Everybody just thought I'd grown up around real estate, and how long have you been in the business was no longer a question.

Speaker 1: 8:38

I love that, so she actually retired in 2019. Okay, so now it's just me, but we still have the LLC and she's still a little percent owner in the LLC.

Speaker 2: 8:50

Okay, that's cool that your mom was like hey sign me up.

Speaker 1: 8:54

Yeah Well, I was a marketing major. We had to figure out something, exactly. No, I love that.

Speaker 2: 8:58

Being creative and a problem solver. A lot of people are like I don't know, and you're just like quick on your feet, like let's do this, let's do it.

Speaker 1: 9:04

See what happens and it worked.

Speaker 2: 9:06

And then what do you think are some should try to look for in their real estate agents or like a brokerage team, in your opinion?

Speaker 1: 9:17

I think that they should look for somebody with knowledge, experience or the training you know. There are some new agents that are doing a great job killing it. I think that being able to be responsive, you should look for an agent that's not only responsive to you, but responsive to other agents, so that communication during a real estate transaction is key. I also think that, in order to be successful, a good agent has a good team behind them. That would be your lender, your title company, a real estate attorney, somebody that they can turn to should you have any issues during your transaction.

Speaker 2: 9:58

Absolutely no. Those are some good things to think about. And then let's see how do interest rates affect loan approvals and how can borrowers navigate rate fluctuations?

Speaker 1: 10:13

Okay. So basically, the interest rates are going to directly affect your buying power. So when interest rates were at I think I just saw an example like three, three and a half percent, you could buy a 550 house. Now, at seven, you're down to 350. So it's maneuvering that buying power on interest rates. And how are you going to handle that? So if last year or, I'm sorry, two years ago, we were looking at time flies, two years ago we were looking at $550,000 or $500,000 houses and you come back today and your budget's like $350,000 in this area, let's just say you can't get much. But how are you going to be able to handle less buying power? You're going to get a lot less for that buying power. And then comparing rents, so rental prices are extremely high. We did see a lot of buyers go ahead and sign that year, two year lease because they kept losing out.

Speaker 1: 11:16

And then the second part of your question no, don't worry about it. Well, inflation, yeah, it directly affects. So if rates come down and they come down too quickly, we are going to see the market go crazy again. It's just all those buyers are going to jump in. Yeah, so that's you know. Interest rates are pretty much, almost everything in real estate, yeah.

Speaker 2: 11:37

I'm sure people there's like an infl, an influx of people who are like constantly like watching it, waiting to like make that move because they want to, and it's just like people always say like the best time to buy is yesterday or something like that right, and it's just like, would you say, you should still purchase, even though the interest rate is not ideal.

Speaker 1: 12:02

I would say if you're comfortable with the mortgage payment, then now is a good time to buy, because there's not as much competition that way and if you're comfortable with the housing market stays steady and the rates come down, you can refinance and you were comfortable with where your mortgage payment was. I definitely at this point would not recommend anybody buying at the top of their budget because we don't know what's going to happen.

Speaker 1: 12:31

No, and we've been listening to the Economist and all the news and I don't think that anybody's been 100% correct. I think that they said that the interest rates would be like 6.25, maybe 6.5, right now.

Speaker 1: 12:44

Towards the end of the year, we're still kind of at 7. The market turnkey houses which is basically completely remodeled. You're still kind of seeing multiple offers on those. If buyers are willing to do a little bit of work to a property, then they're going to get a little bit better of a price. It's sweat equity. You put in the paint and the carpet and all that good stuff. Yeah, maybe live with a non-updated bathroom for a year or two until you can put a new one in.

Speaker 2: 13:14

That sort of.

Speaker 1: 13:15

Yeah, slowly, but surely right. Yeah, that's what I do with my first house.

Speaker 2: 13:18

Hey, I probably have to do something similar, so it's okay, yeah, and then how do you stay up to date with all the latest trends and changes developments in your industry?

Speaker 1: 13:29

Podcast, perfect Podcast. The news You've got to grab it from everywhere, because we're in an industry like you said, the good day to buy was yesterday, because we go off of statistics and the statistics are backdated a month, month and a half in our industry. I did not know that. So we don't know, like right now, where are we mid-November? So right now we're seeing what happened September. The October numbers are coming out. So we don't know the numbers until after because they do it on closed active under contract all of that.

Speaker 1: 14:08

So our data is a month, month and a half behind. Okay, projecting, yeah, you're projecting the future, and it's been very hard, I'm sure.

Speaker 2: 14:20

You're not a fortune teller, so I can see oh.

Speaker 1: 14:22

I always say, if I had that crystal ball Right, I know what he has in here. Yeah.

Speaker 2: 14:27

That's all right. And then how do you build and maintain relationships with clients and other professionals in the real estate industry?

Speaker 1: 14:36

Well, my clients since I'm word of mouth when you sell somebody a house, if you do it right there, by the end of it you're friends. You're, you know, in Facebook, instagram, you know all those have been great helpers because you get to interact with them. When I first started, you know, years ago, it was stopping by the house all the time, and I still do. Popeyes, where you stop and you drop off a little something, something just to remind them that you know. Hey, I'm thinking about you, but I think that social media has helped greatly over the years in staying connected with your past clients.

Speaker 2: 15:14

Yeah, I love that. Or if you see, like something like I just had my anniversary, you're just like, oh, perfect.

Speaker 1: 15:20

Let me send them a little card or something right, and you get to see their kids grow up. Now, exactly.

Speaker 2: 15:23

And then they come to you and they're just like I'll buy my first home, you help me get my first childhood home.

Speaker 1: 15:28

I think, one of my clients.

Speaker 2: 15:32

I've done 11 transactions In one person In their immediate family. 11 transactions in their immediate family.

Speaker 1: 15:40

Oh, okay, that's mom and dad and two sons, 11 within and that's maybe low. I'd have to go back and count.

Speaker 2: 15:48

Don't worry, I'm not holding you to it, but no that's amazing and that's just all relationship building.

Speaker 1: 15:58

staying in touch, reminding them that it's winter time and go and winterize your hose bib outside. That's a big one, for first time home buyers is because they don't think that they need to do that or didn't.

Speaker 2: 16:05

Or even knew that that was a thing, yep.

Speaker 1: 16:07

Yep. So just reminding them of the little things.

Speaker 2: 16:09

I love that You're just like a little like factual thing that pops up Like don't forget, y'all be like oh whoa, I'm going to keep following her. It's going to freeze tonight, Exactly. Go to your husband, and where do you see yourself in the next five years as a person and with your business?

Speaker 1: 16:26

Gosh, that's a good question.

Speaker 1: 16:28

I you know I get asked that a lot because technology keeps changing and with AI, you know, are we going to be a hologram in a living room in five years? Yeah, I don't know Right, but what I have noticed is that people still want that person to person interaction. Yes, yeah. Have I sold houses by doing live video because they're not in the area? Yes, but people still want to go. A video is not going to show you everything in the house. People still want to see the house. People still want. We were told that the younger generation didn't want paper, like information, and I found that not to be true. So, five years, I'm hoping we will have advanced a little bit, but not too much. I like the way that we have our relationships Like that in-person communication that in-person.

Speaker 1: 17:28

I mean, this is the biggest purchase you're probably going to make of your lifetime. That's right. Do you want me as a hologram in your living room, showing you what it is? Or do you want to come put your eyes on it and feel that there's some rotten wood or you know that something doesn't feel? Right is what.

Speaker 2: 17:47

Yeah, no, I'm with you on that. Like I don't want to be a hologram, like I want to get to know you, I want to shake your hand, I want to smell what kind of perfume you have, all that good stuff, and that's another thing that stinky houses don't sell and you can't smell through a video. There you go.

Speaker 1: 18:01

That part. I hope to keep a job that way, right.

Speaker 2: 18:05

What mold. Oh, welcome to your new house. Oh, wow, maybe I should not have done this virtually.

Speaker 1: 18:09

Yeah or yeah they had six cats and 14 dogs.

Speaker 2: 18:12

Oh my goodness, yeah, no. Have you had any situations where there's been a house that you tried to sell and it was just like holy moly, we did it. I didn't know that this one was going to sell, but it did. Any situations like that? Or maybe just an interesting home that you got to look at or show?

Speaker 1: 18:31

Well, I can tell you a little funny story.

Speaker 2: 18:33

Please.

Speaker 1: 18:33

I love funny stories the most interesting I think that I could think of over the years is I was showing a couple of townhouse and we had made the appointment and I always tell them when we go to an occupied house if a door's shut, always knock before you go in. Yes, and it was a Saturday morning, I think our appointment was like at 930. And we were going through the house and we were going upstairs and we thought that we were there alone, but we're still knocking on all the doors, yeah. We get to the primary bedroom, yeah, and we knock on the door and we hear this come in, and so we're looking at each other. They were laying in bed and just had pulled the covers over their heads. What, yeah? So my clients were just like no, you know what I? What, yeah? So my clients were just like nope, you know what I mean.

Speaker 2: 19:19

Yeah, no, that experience I'd be like uh nah.

Speaker 1: 19:22

Yep, you know people not picking up their undergarments before they leave the house.

Speaker 2: 19:27

Oh, I love seeing this type of person that lived here.

Speaker 1: 19:30

Nappers on the couch. That's always one of my favorite. We walked into some teenagers. They were smoking pot. Oh my goodness, Like in the basement Okay, so we do get to see some interesting stuff, Some things yeah, but we've got appointments. They knew we were coming.

Speaker 2: 19:46

Yeah, oh my gosh.

Speaker 1: 19:47

People come on now. Yeah, Good thing I wasn't. My clients were like police officers or anything. Yeah, right, oh my.

Speaker 2: 19:53

That is wild. I don't even know how I would react. I'd be like, can you guys not? Or like, do I just walk, I don't even know, Do I have to call your mom?

Speaker 1: 20:00

Like wait, what is going on? This was a couple years ago, you know, yeah, I know Like, do you even live here? Yeah, but anyway, no, that's cool.

Speaker 2: 20:11

Yeah, so we do get to see it. Sometimes there's a little bit of crazy stuff. You got to know how to handle that.

Speaker 1: 20:15

Yeah Well, you know, you just keep a straight face and then laugh when you leave the house and tell these wonderful stories later on in podcasts.

Speaker 2: 20:22

Exactly, and then, what do you like to do in your free time to like? As for mental, I like to ask entrepreneurs like what they do for mental health maintenance, for their souls, for their brain, for everything.

Speaker 1: 20:35

So we, I guess it was 2020,. We bought a travel trailer camper Nice, so every weekend that we can get out, go away, we're gone. So I'm a sit in the woods type of person.

Speaker 2: 20:53

Like camping.

Speaker 1: 20:54

The camping person, so that, yeah, that's been more recent. Before that it was just definitely traveling Any opportunity to get a day trip or a weekend trip, or we were gone.

Speaker 2: 21:10

Yeah, no, I would be too if I had a little camper trailer to go on.

Speaker 1: 21:13

I'd be like bye everybody.

Speaker 2: 21:15

Sorry I can't come in. Got to go travel the West Coast. Yeah On the highway.

Speaker 1: 21:20

Because you can sell listings in real estate from anywhere, but buyers are where you have to stay more local because you have to open the doors.

Speaker 2: 21:27

That's true.

Speaker 1: 21:28

And now, with technology, nobody knows where I am.

Speaker 2: 21:31

I love that. Like when you want to be like you know what I want the world to shut off Like. When you want to be like you know what I want the world to shut off.

Speaker 1: 21:37

You can't find me here Just for today. I need this. We still can't do that, but we don't have to tell them that we're not sitting at our desk. Desk Got it that I'm sitting on my camper chair next to the fire.

Speaker 2: 21:47

Yes, you do deserve that, though Every human being, I feel like, but I get it, I get Exactly.

Speaker 1: 22:05

And then is there anything maybe I have not touched on about yourself or your business or your industry that you would like to share with our listeners, now that it's never too early to start planning. It's never too early to talk to a loan officer or a real estate professional to set yourself up to be able to purchase. If it's a year, two years, three years from now, it's never going to hurt to start early. I see lots of people come and they're like I want to buy a house, my lease is ending and there's something on their credit that we need to fix or something needs to be paid off. As simple as you have three car payments left, like pay off your car, maybe a couple student loan payments left. A real estate professional and lender can really help you prepare to put you in the best situation to have the get the best loan and the best interest rate.

Speaker 2: 23:01

Yeah, no. And I feel like sometimes that might be a scary topic for some, for some homebuyers, because they're nervous or they're like I don't even know if I qualify, if I'll be able to. But I feel like having that direction that you give them like we can. But we just got to sit down, look at this and we got to take care of this, make this payment, and then suddenly it's like wait a minute, what? I can't own a home. But I feel like some people there might be like a misconception there where it's like no, you absolutely can't, you're not a good candidate, but you don't give them that chance to like explain.

Speaker 1: 23:27

Well, there has been people that you know have, you know, got their first credit card and made a couple mistakes and, you know, had they had talked to somebody, maybe a year before, to kind of say, hey, you know, double, stop spending so much, make, you know, this amount of payments. Their credit score will go up by this much and then you'll be able to buy because they may have the income, they may have the assets. But if you don't have the credit, you still can't buy Absolutely.

Speaker 2: 23:58

Yeah, and that's something definitely you should be thinking about right Yep Absolutely. And then if you could leave our listeners with a message or a mantra, a quote, a saying that maybe somebody's told you or that you've read, that you would just like to share with us.

Speaker 1: 24:13

So I guess I'll start with the one that an agent told me when I first got my license and she said fake it till you make it. I love that a lot of people say that I'm just like and you have to because nobody knows everything right out of the gate exactly.

Speaker 2: 24:32

No, I love that and I am a true believer in that. Sometimes it's it's hard for me. I'm like I can do this and I'm just like and it changes like so many people's lives Like some of the most successful people, if they hadn't faked it till they made it, where would they be?

Speaker 1: 24:44

They wouldn't have made it Exactly Because if you were yourself, you wouldn't have succeeded Exactly.

Speaker 2: 24:51

So take that chance on yourself and with other people right.

Speaker 1: 24:53

Right, absolutely.

Speaker 2: 24:55

That's a good one.