Brian McCabe

I came across this while browsing around the ActiveRain site:

"The quieter you become the more you hear."

Posted by Lou Ludwig of Boca Raton, Florida, the quote caused me to recall a business training initiative on effective listeniing which became a core element of Xerox Corporation's business skills training program. In an article entitled Xerox U (Time/CNN) reported, "Since it set up its industrial-education program in 1965, the Xerox Corp. of Rochester has cranked up sales of crisp courses in business skills to 20,000 a month. Currently boasting three short (up to three days) courses that include drills on sales and problem-solving techniques as well as 'effective listening,' the program has drawn more than 500,000 students from such companies as Pfizer, General Electric, Burlington Industries and Eastern Airlines." So, effective listening is clearly a big deal and Lou's quote, "The quieter you become the more you hear," is an elequent expression of it.

I think that the first step towards effective listening is valuing silence as an important part of a client relationship. Dead air does not have to be filled with my words. Rather, the silence should be allowed to act as a vacuum to be filled with our clients' information...information that will help us serve them better.

Consultant Germaine Knapp, president of Wordsmart Inc., a consulting and training firm in Rochester, N.Y. notes: "Effective listening--we call it power listening--is one of the strongest assets in professional life today. Too few of us take advantage of it, but all of us could. There are dozens of field-proven techniques and tactics for applying the power of listening, and they get results."

The second step is realizing that, as realtors, we exist only to help our clients reach their goals...and to do that we have listen.

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From the
Coldwell Banker Residential Brokerage
Market Watch Newsletter...

Two months ago, 60% of homebuyers were first-time buyers. Last month, 60% were repeat buyers showing that more homeowners are moving up. As the first-time buyers with the $8,000 tax credit incentive bought the starter homes, more sellers could move up to a new, larger home. Today's environment with lower prices is the perfect model for "moving up".

Selling High and Buying Higher

The fast moving days of 2004-2005 actually were not the best time for buyers. There was a sharp increase in home prices and although there was low inventory giving rise to those increases, a significant number of homes were sold. Sellers were selling high and buying higher as prices spiked up.

We know that this is a great market for first time home buyers, but...

Is this a move-up market?

You bet it is and here's why. If a homeowner wants to move from a townhouse or condo to a larger home, many are concerned their current home is not at the value it was a few years ago. Because all properties in the area have depreciated by the same percentage, there is a monetary advantage in moving up now. Assume a home was valued at $250,000 and then depreciated by 20%, leaving a current value of $200,000. A previously valued $500,000 home at 20% less is now $400,000. A homeowner would sell their home for $50,000 less than its high value, but could buy the larger home for $100,000 less, giving that homeowner a $50,000 positive increase.

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©2002-2009 Coldwell Banker Residential Brokerage. All Rights Reserved.

Ten years ago my wife, Linda, and I decided to do a major remodeling job on our home. We added more square feet of living space and moved the kitchen and one of the baths. It was a big job. The result of our efforts and investment was...and remains...the best thing we ever did. So, what does this have to do with buying a first home or any other home, you ask? It has to do with the clues one can look for to help in assessing the quality of a house and your potential home.

As you probably know, building code officials need to approve the remodeling work that is done on a house including the framing, electrical and plumbing systems, fire alarm systems, etc. With the help of our general contractor we selected subcontractors who were well known for the quality of their work. In fact, it was common for inspectors to say things like, "This is Bob Stavella's work, isn't it?" In other words, Bob Stavella had earned a reputation for doing outstanding electrical work, which not only made electrical inspections go more smoothly, it gave Linda and me a warm and fuzzy feeling knowing that we hired the best.

Okay, you are out house hunting. You step into a house for the first time and it's spotless. It is very clear from what you see that the people who live there possess a deep affection for the house. Then you descend into the basement and your eyes are drawn to the heating and plumbing system. You are blown away. Even if you don't know a whit about heating and plumbing you know you are viewing the work of a master. In fact, if the house is in my neighborhood, you might be looking at the work of a master plumber and friend named Don Dowling, owner of Don Dowling Plumbing and Heating. Here are some images that tell Don's story a lot better than I could.

Pretty good, huh? Could you confidently buy this house assuming it had the other things you were looking for? You bet, you could and the reason is that quality in a home is viral. It tends to spread from one system to another and from one room and floor to another. Now, the chances are that you won't see too much work that looks like Don Dowling's, but you should be on the lookout for clues that signal quality even if it doesn't rise to the level of art.

But, alas, many houses you will see in your search...especially a search for a first home...will have some glaring deficiencies. Even if the house has been well cared for, the baths need redoing, the kitchen looks like it's out of a 50's sitcom, and the boiler prompts a quick look for a coal chute. These are deals, but they are not necessarily big deals. The key is to know what you are getting into and that's where I can help. As a former developer and rehab contractor I have seen it all and have transformed some pretty ghastly structures into some very good homes. I'll use that experience to help you navigate around some big deal issues that you probably don't want to tackle. Your home inspection service (using one is an absolute must) will do the rest.

So, you see a bunch of houses and finally buy one that you really love at a price that you love even more, because it needs some work. Now what? My recommendation is to hire the best contractors that you can, because it will be their work that potential buyers will see when you are ready to move to your second dream house.

By the way, you can reach Don Dowling at (973) 228-7400. He does wonderful work in my neighborhood. Tell him McCabe sent you.

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There are those who will say that realtors don't make a difference and I'm not going to engage that debate except to make one point; if a realtor only facilitates the paperwork-intensive process of buying or selling property, that's a good and valuable thing. That said, I believe, as do many of the realtors I know, that buyers have a right to expect more than that, and I suspect you do, too.

Of course, the big question is: how one can know what an individual realtor brings to the table? In that regard the Web has made a huge impact. For example, I spend a great deal of time, money and energy putting as much information as I can on the Web so that buyers can pretty much make a decision about me before we ever meet. You'll find that information on my blog (www.westessexneighborhoods.com), as well as on my Web site (www.wessex-homes.com).

The Web also enables you to see the same listings I do. As a realtor I see more information than you do but what you see sure is useful. I can't speak for other realtors, but I think that buyer access to this kind of information is a benefit to all concerned, and especially to first-time home buyers. A first time buyer can identify favored home styles (ranches, capes, etc.), the must haves and the nice to haves, and what areas and towns make sense. What online listings don't tell you, however, can make a big difference. For example, a good realtor will tell you about the potential costly impact of a recently conducted town-wide revaluation. Online listings also won't tell you about the oft-experienced difficulties in closing short sales. And here's one. I buyer showed me a new listing that seemed to meet his needs and the he wanted to see it. What he didn't know was that the house had been on the market for over a year prior to being re-listed. The point is that realtors can give you more information with which to work and some of that information has to do with the special knowledge that the realtor has accumulate over the years.

My special knowledge derives from my experience as a real estate investor, where I bought, rehabbed and sold formerly distressed houses. Some purchases were conventional and some where short sales, which I negotiated. All were adventures, especially those that had been abandoned. What I learned with the help of some very knowledgeable contractors, was how to spot serious problems, how to modify floors plans in order to increase value, the cost of modifications and how to work with city officials.

This kind of knowledge is especially relevant to first time home buyers because lower priced houses sometimes have issues that more expensive home might not have. Having an advisor nearby is real benefit but, as I always point out, every buyer should arrange for a home inspection.

In short, I do not believe that I should try to direct or unduly influence a buyer's decision. What I do believe is that I should help the buyer process and evaluate of a lot of information and, where I have special knowledge, offer to share it.

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Note: It is forbidden for any realtor to offer legal advice .

I think many home buyers underestimate the importance of the area that surrounds the house they are considering. That includes the block, neighborhood, town, the surrounding towns and even the region. That isn't to say that buyers ignore these things. Rather, I think the surrounding area should be weighted more heavily in the decision. That is why I love living and doing business in the western-most towns of Essex County, NJ.

It helps, of course, to have a love affair with NYC, which I unashamedly have (NYC is only 15 miles to the east), but the area also stands on its own as a wonderful place to live and raise a family. In fact, that core idea is the reason I launched my Web site called West Essex County Neighborhoods and Homes (www.wessex-home.com). From the home page:

Welcome to My Neighborhood
My name is Brian McCabe. Over the years I have sunk some pretty deep roots in Essex County. At one time or another, I've lived in Belleville, Nutley, Glen Ridge, East Orange and Montclair and I currently live in the Caldwells. For the past few years, I have purchased and rehabbed single- and multi-family houses in Newark, Irvington and East Orange. Now, as a realtor in the Caldwell office of Coldwell Banker Residential Brokerage, I want to share with you what I know about Essex County and help you find your dream house in this incredibly diverse and dynamic neighborhood.

Don't be under any false illusions.
You will not get a fair and balanced point of view from me because I could be New Jersey's biggest cheerleader. I love the towns, houses, restaurants, shopping, parks, mountains, road-side vegetable stands, the Jersey shore, seafood, the Giants, Jets, Nets, Devils and Essex County.

I love Essex County because of its rich mix of urban and suburban neighborhoods...and even a working farm or two...combined with its proximity to the greatest city in the world, New York City. So that's why I've made New Jersey and Essex County my home and they may be some of the same reasons that influence you to do so, as well.
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Please accept my invitation to visit my wsb site at www.wessex-homes.com where you will get a hefty dose of geographic bias (did you expect anything less?).