Speaker 1: 0:30

My name is Carolyn Thompson. I own Real Estate Search and Sale Corporation. It serves Maryland, dc and Virginia and we serve primarily residential clients in Maryland, dc, virginia, buyers and sellers everywhere from $100,000 deals, land deals up to multi-million dollar projects.

Speaker 2: 0:55

Beautiful. Now I'd like to ask you I know when you came in you gave me a little bit of a brief about yourself and your history. I'd like to know how you got into the real estate industry and what were you doing before that.

Speaker 1: 1:06

Oh, okay, well, it was in my DNA. Both my parents were realtors. Aunts and uncles on both sides of my family were realtors everywhere, from the Hamptons in New York and Cape Cod, down Florida, naples, and then my parents landed in Washington DC, in Montgomery County. So that's how I just got started. It was in my DNA and I thought, oh no, no, I'm not going to do real estate. I was a landscape designer for 19 years and really loved that. And I thought, oh no, no, I'm not going to do real estate. I was a landscape designer for 19 years and really loved that. And then I was designing the landscapes for homes that I ended up selling, getting them ready for sale.

Speaker 1: 1:44

So it just seemed like the natural transition.

Speaker 2: 1:49

And when you're doing that transition, did you have a coach or a mentor to help you, or did you just dive right in?

Speaker 1: 1:55

Yeah, it wasn't so easy for me at the time to find good mentors and then I just kept at it. It was really eight years before I found a good mentor. I mean really I was struggling for eight years and I mean my parents had done it, but they were. My father was primarily working for the federal government. He did a deal, you know, here and there, but that was it, and then or helped other people. And then then, yeah, eight years before I found a really good mentor and things just took off then Awesome.

Speaker 2: 2:29

So would you say that? I guess that it is a good idea to get a mentor when you're starting out, just to help you.

Speaker 1: 2:34

Oh many mentors not just one oh yeah, sure, sure Many mentors, because you know you can have a mentor for marketing, a mentor for buying or selling or somebody to put it all together and and um, I'm a mentor. I've been teaching other agents to do um short sales for a long time. Shorts is very difficult, a lot of work, most agents don't want to do it and I've coached a lot of agents through the whole process. We do foreclosure prevention help clients who are in bankruptcy avoid foreclosure and things like that, yeah, so now the mentee has become the mentor.

Speaker 1: 3:13

Oh yeah, I've mentored for years, but I'm always looking for mentors. I'm a perpetual student. Yeah, there's always something to learn. Oh yeah.

Speaker 2: 3:23

Love it. And now I'd like to ask you how can sellers maximize their home's value before listing it?

Speaker 1: 3:29

So it really depends upon what their budget is. But just cleaning their homes, making sure they're thoroughly cleaned and decluttered, is the best return on investment and then in good repair, and my recommendation to everyone who's a homeowner is to do that and try to keep your homes always ready to sell, because you never know when life is going to present you with options or necessity for selling. So cleaning and decluttering, first maintenance and then also, I recommend I'm kind of an outlier like this, but I recommend that home sellers do a home inspection first, do the repairs necessary. Home inspection first, do the repairs necessary and then do a second home inspection. Upload that with the disclosure so that when buyers purchase the home they know exactly what they're purchasing. Buyers can purchase with confidence. Yes, that way.

Speaker 2: 4:26

Yeah, no, that's some key information advice right there, because oftentimes it can get overlooked and it's just like, oh, it's not a big deal, they'll just buy it as it is, it's okay, and it's like you want to get the best value. Oh yeah.

Speaker 1: 4:38

Yeah, and transparency, I think, is really honesty and transparency is the best way to negotiate anything. Yeah, that's my that's our approach, not just mine, but everyone with my company. That's how our agents approach things, and it's just awesome.

Speaker 2: 4:54

Yeah, I love it, thank you. And then how many people are in your company, like how many team members you got.

Speaker 1: 5:00

Oh yeah, so we we're a small company with four uh core agents and then we have a lot of assistance. You know, we have, um uh people who do the uh graphics design and the virtual tours and the photography, so we'll have to talk about that. Yeah, yeah, so the photography and the virtual staging, the staging, the decluttering we have a lot, a lot of people that work for us, but four core agents with the company. Okay, wonderful.

Speaker 2: 5:33

Thank you. And then, what are some negotiation strategies that work well for buyers and sellers?

Speaker 1: 5:40

Starting with transparency, of course, but also for buyers who are represented and sellers who are represented with an agent. I think that when the agents talk, they communicate and get to know what the other side of the transaction is really looking for. So if I'm representing a buyer, I'll call the listing agent and find out what they really want. Maybe it's, you know, what's important to them. It's not always price. Sometimes it has to do with timing or other logistics a closing company showing the listing agent that we have a reliable, reputable funding source or we're paying cash. Whatever it is, absolutely.

Speaker 2: 6:34

And then, how do you stay up to date on the latest trends and developments in the real estate market, and what resources do you like to rely on?

Speaker 1: 6:42

Oh, wow, there's, there's so much available now, um, and we don't we don't use a lot of the sources that um, that the public uses, uh, so there are certain sources, such as Zillow, which may not have accurate and the public really should know this Accurate numbers, not accurate at all. Or some listings on realtorcom may be dated. Some listings on realtorcom may be dated, and same thing with Zillow, that the homes might be sold but still posting as available on these platforms. Also, if a home is on coming soon status in our MLS, it may be adding up on the days of market on realtorcom, for instance. It may be adding up on the days of market on realtorcom, for instance. So the consumer may think that a home has been on the market for a long time when actually it's just fresh on the market. Oh, wow, yeah, so that's you know. There are nuances and things like that that the consumers need to know. And then so many resources for us that are available and constantly, like daily, we need to check our resources, the stats. Some of the resources are the news and the big upheaval with the new administration that's going to change everything. How so?

Speaker 1: 8:11

Well, we have people who are told they have to come back to work, and so that's going to be a big deal. A lot of people had moved out of the area, working remotely. They need to move back, and some of those people may not want to buy. I think a lot of them won't be buying. They'll be moving back temporarily, a portion will, and then other people will just say that's it. They're taking the buyout plan and they're leaving the area. So there is gonna. I mean, we are on the cusp of a major shift in our region. Major, major it's, yeah.

Speaker 2: 8:48

All right, well, we'll be on the lookout for that and the realtors too. Yeah, thank you. What's the biggest mistake buyers make when purchasing a home?

Speaker 1: 8:58

Oh, buying beyond their means for one thing, right. So, for instance, just because a lender says that they can afford certain monthly payments, they need to make sure that those monthly payments are suitable for them and then that they also have reserve funds. So if there's a hiccup, a job change, something like that, then they can navigate around that, because when people don't have those reserves and they're struggling to make the house payments, then they can have job opportunities, life opportunities that they can't take advantage of because there's no margin for error.

Speaker 2: 9:39

Yeah. Yeah, I know that's scary, but I mean it's things you got to think about. Oh yeah, oh yeah. And then what are the biggest factors buyers should consider beyond just price and location?

Speaker 1: 9:51

Well, as far as location's concerned, there are several factors right, price and location that they want to make sure that the home is functional for them. Like, what is their exit strategy? Some people say, well, we're only going to stay a couple of years, but then they end up staying long-term. I always recommend that they, you know, think about what their exit strategy is going to be. Or if this is their forever home, then they want to buy a home or consider a home with a first floor bedroom and full bathroom, and even if it doesn't have a full bathroom at the time they buy that maybe they can convert or take part of another room, a den or something, to have that full bedroom and bath so that they have the space to age in place and then, even if they don't stay there, like some of our clients, convert it to a home to age in place. They rent out the home, they move out of the area and then they move back to age in place. So they can.

Speaker 1: 10:54

You know, I often recommend that our clients look at the home as a potential investment property later, because it's very expensive to buy and sell a home. I mean, when people go into a home, they really should look at their closing costs to get out of the home and then to buy a new home. And then our clients have probably the least amount of turnover than I don't know, than most other companies, because our clients are aging, most of them are aging in place. They buy their first home and it's their forever home because they do long-term planning. We sit down and just say, oh, isn't this a nice home?

Speaker 1: 11:36

Or what are your finances? But what's your plan? That really is a big deal for us finances, but what's your plan? That's, that really is a big deal for us. And then, just when somebody looks through the home, initially it's important to look at the systems. You know how is the plumbing and electric run the water, even before they put an offer in or have a home inspector run the water, turn on the lights, see how the layout is for them. You know, are they going to have a family? Are they going to have family, come live with them, or friends live with them, or whatever it is, how's the home going to flow?

Speaker 2: 12:09

Yeah, that's smart, Smart thinking yeah yeah, and you know.

Speaker 1: 12:13

And then the age of the roof. You don't want to go under contract. Bring in a home inspector and say, oh well, this roof has issues, and then you've just wasted all that time and money with the home inspection man.

Speaker 2: 12:27

Yeah, that's the worst. Yeah, right, yeah, roofs caving in ma'am.

Speaker 1: 12:31

Right, well, even if it's not, then you say, okay, we have a couple of years on the roof. But then if a roof you know, say if a roof runs eight, $10,000, just depending upon, or much more depending upon the size of the roof, then you have to say, okay, is that also going to fit my budget? Along with, you know, an HVAC system five years down the road, and other appliances or water heater, yeah, no, yeah, I am.

Speaker 2: 12:55

You bring up a lot of great points here, especially I like the one that you said like think of your home. Is there a den that's on the first floor? Like you don't think about those things you don't think about, like I'm not going to get all that, That'll happen in a couple of years. But then you blink and it's like, oh, we did not think about that.

Speaker 1: 13:09

Right, Our clients think of it. We have. We have these conversations with our clients that they just not where they are here and now, but long term. Yep, I love that you do that. That's great.

Speaker 2: 13:26

And then let's see how do you build and maintain relationships with clients and other professionals in the real estate industry?

Speaker 1: 13:34

Oh, okay. Well, we go to events like the one we're going to tomorrow night, which is hosted by Habitat for Humanity, and network there with lenders and other service providers. Every morning we get on a networking call, a national networking call, where we share ideas and with clients we do, we do outings like tonight we're going dancing. And then yeah what kind of music Latino like music music okay, a little yeah in bethesda.

Speaker 1: 14:05

Yeah, so we invite a lot of our clients to come join us wherever we're. We're doing that. Um, I like to kayak, I like to kayak, so I take them on the potomac kayaking. I have extra kayaks. Yeah, just come along that is incredible. I never would have thought that, yeah, and it doesn't cost anything to do that. Like, there are free lessons in Bethesda for dancing and you know kayaking. I already own the kayaks You're ready to go?

Speaker 2: 14:31

Yeah, ready to go, let's go. Come on, let's leave this park. I socialize.

Speaker 1: 14:35

A lot of our real estate clients have become lifelong friends Like we might meet them through real estate, but we socialize You're friends for life now yeah friends for life. That's incredible. I like this Because they know we're looking out for them. We're like no, you know, like sometimes I don't. I prefer my clients not buy a home on the busy road unless there's some really compelling reason. And then you know I joke with them.

Speaker 1: 14:58

I'll be like nope, you can't go in you know like no, I'm not going to show you this house and they're like I want to see it. I said I've already been in there. You're going to love the kitchen and I don't want you to buy the house for the kitchen, for the kitchen, yeah so you know it's fun oh, yeah, I love that.

Speaker 2: 15:12

You have a little bit of and they know who I'm talking about. Oh, oh, who we calling out, I'm just kidding. Yeah, lots of them. No, I love that. I love that sense of humor mixed with care and compassion, like those three elements there, like I just love that. They're like no, don't live here. It's like why I'm trying to save you. I'm trying to save you from living on a road here.

Speaker 1: 15:33

Yeah, oh, yeah Well also, you know, it's very important that people realize they're not just buying the home, they're buying the neighborhood and like, for instance, we have a listing. Now that the sellers move in, you know, live with family. They're going to live in a multi-generational family, but boy, is he going to miss his neighbors.

Speaker 1: 15:52

Yeah it's tough, yeah. So and then I tell people we told people at the open house that how the seller feels about the neighborhood. I said the house is nice, but walk the neighborhood, you meet the neighbors. I said you're really buying exposure to your neighbors and a sense of community.

Speaker 2: 16:12

Yeah, yeah, and a lot of people. Sometimes they are looking for a place that has that community they don't want to live. Are the neighbors friendly? Am I going to like? Are they? How? Are they like will I make friends? I want to make friends in the neighborhood and sometimes like, no, this neighborhood is not it.

Speaker 1: 16:27

Yes, yes, I had clients that were going to write an offer and I said well, we really should talk to the neighbors first. And as we were coming out of the house, one of the neighbors was oh, it wasn't one of the neighbors, the owner was coming home. Actually, the owner was coming home and we said how do you like the neighborhood? They said it's great, but those neighbors are terrible. And I was like oh my gosh, we were going to write an offer on your home but not now.

Speaker 2: 16:53

The truth came out. Yeah, the truth came out.

Speaker 1: 16:56

They kept on going.

Speaker 2: 16:57

Good for them.

Speaker 1: 16:58

That was maybe eight years ago, and they've loved their neighborhoods.

Speaker 2: 17:02

Good good In another neighborhood. Okay, good, I was going to say wait, they learned to love it, good, good. And then let us see how do lifestyle and long-term goals play a role in choosing the right home?

Speaker 1: 17:18

Oh, like what we said, like aging in place and how you're going to use this space, and and I think that's that's a big deal Like in, in one of my homes we opened up the kitchen to the living room and it just changed the whole dynamic so whoever's working in the kitchen can be open and have a conversation and not be closed off. Exactly, exactly, and that's a big deal. And then also, exactly and that's a big deal. And then also, you know, like I mentioned, like some clients go gaga over the kitchen, but some of the biggest, most beautiful kitchens. I just looked at one with the client the other day and she's like, oh, this kitchen, the distance from the sink to the refrigerator was so far. I said, step back, step back, look at this, right, and I said check this out, you see this and she's like I don't see anything.

Speaker 1: 18:04

And I said she's like, but those countertops? And I said yeah, I said this kitchen is a lot of work. I said you're going to be doing a lot of extra work here. She's like oh man, didn't think of that.

Speaker 2: 18:15

See, that's what I love about you that I'm noticing is that you are really really like okay, you got to think about that, or are you sure about that? Like that, like, very like detailed to things that we don't even think about. You're like 10 steps ahead.

Speaker 1: 18:33

Yeah, no, I, you know. Well, you do it for a while, but then it. What's fun is that then I start going through a couple properties with clients and they say, oh, carolyn, look at this kitchen, it's beautiful. But you know, so they, they get it, they get it. Or they're looking at the you know the negative grade against the house and and saying how, you know, water's pooling certain areas, and they're like Carolyn, you get a load of this.

Speaker 2: 18:52

It's fun that they know it.

Speaker 1: 18:54

They're looking for stains in the ceilings, or you know things like that Turning on the water, checking the water pressure, the ceilings, or you know things like that Turning on the water, checking the water pressure.

Speaker 2: 19:04

Oh my gosh. Get you a real estate agent, just like Carolyn over here, like that's what you want Someone looking out for you, or like getting the things you don't see.

Speaker 1: 19:09

There are so many great agents in the area. There are really, with so many different wonderful companies, you just you know, and we're, we're fortunate to work with so many of them and and when we, when we get to do transactions again, it's like, oh man, high five, we get to work together again.

Speaker 1: 19:25

So that is it Community. There are a lot of agents out there just working so hard for their clients. So as an industry in a whole, just such a you know it's a lot of work really. So you know, if you get an agent that's working hard for you, then you know it's a lot of work really. So you know, if you get an agent that's that's working hard for you, then you know they're, they're fortunate, no matter what company they go with. So yeah, yeah, that's my thought.

Speaker 2: 19:48

Love that, thank you. Then can you share a story of a buyer who almost chose the wrong home and what changed their mind.

Speaker 1: 19:57

Uh, almost chose the right wrong home. Well, that, that one about the neighbors would be a good one to almost buy the wrong home. I've had clients, uh, buy the wrong home before and we talked about buying in the neighborhood, um, and it was a small cul-de-sac, it was a community with only maybe eight, ten homes and, uh, they didn't feel like they ever had a sense of community while they lived there. It was just, it was just too small and I had two separate clients, two different occasions do that. And so really, really, you know, I would, I would practically buy the home over the community. I mean the community over the home, yeah, yeah.

Speaker 1: 20:39

Yeah, buy the community over the home. I mean as long as you can, um, you know, make the home work. You know that buying the community just matters for most people.

Speaker 2: 20:50

Yeah, no, I think you're right about that. Um and then, what does it really mean for a home to be a good fit for a buyer?

Speaker 1: 21:01

home to be a good fit for a buyer, I think, if it provides them with a sense of calm and energy right If it's their oasis, if they're in flow in that home.

Speaker 2: 21:18

Yeah, absolutely. Plus, that's going to be possibly your forever home. So you want that energy and everything to just be good.

Speaker 1: 21:23

Even for a day, right, even if it's not their forever home. You want to go someplace where you're calm and recharged.

Speaker 2: 21:31

Yes, so true. Is there anything that I have not touched on that perhaps you would like to get out there, whether it's about yourself, your industry, real estate homes tips.

Speaker 1: 21:41

Well, I think, just you know, whatever agent you're working with, I think it's very important to work with somebody who will really look at the home for you. You know, step back, look at the roof but also, I think, an agent that can keep their mouth shut really.

Speaker 1: 22:08

So that I'd say that's a big one, that client's well-being, just a hint of something could be too much. Yeah right, I mean, if you're saying, well, my seller really wants to sell, they need to sell what's that going to do? I'm gonna be more likely to submit an offer at a lower price, at terms that are going to be more favorable for my buyer when I hear that. So I think it's very important that that the agent it you know comes across friendly building rapport with the other agent.

Speaker 2: 22:56

But yes, you're right, you got to find like that that good middle ground.

Speaker 1: 23:01

Yeah, just stop Cut. Yeah right, cut Exactly. Oh my gosh, yep.

Speaker 2: 23:07

All right, this has been so much fun getting to talk to you.

Speaker 1: 23:09

I could do this all day, man. Now you know what? Yeah, I know.

Speaker 2: 23:14

I'd like to ask you my final question, and it's one that I like to ask everybody what is a quote, a saying or a mantra that has inspired you? Maybe somebody told you something that resonated with you? Just to leave a message with our listeners.

Speaker 1: 23:27

Oh geez, I wasn't prepared for that. A quote, a saying or a mantra? I think gratitude Lead with gratitude, right? I don't know if it's a quote, saying or mantra. No, yeah, lead with gratitude right.

Speaker 2: 23:39

I don't know if it's a quote saying or mantra yeah, a mantra Lead with yeah yeah, thinking about, yeah, lead with gratitude that and look at every problem as an opportunity.

Speaker 1: 23:52

Any challenge in life, just look at it as an opportunity. There's a lesson in every challenge. Yes, absolutely.

Speaker 2: 23:58

Kind of like when a mic won't stick to the shirt because it's too thick and we can just find a way to put it in. There you go, thank you so much for being on the podcast and for bringing your awesome energy, really appreciate it.

Speaker 1: 24:08

Yeah Well, I hope you have a lot more too. Yeah, thank you.