By Last night, The Business Journal posted articles about some of the exciting changes happening in Luxury Real Estate and the effect of Facebook’s IPO on the market. Who did they ask for expert advice; Intero Real Estate Services. Check out what we had to say.
Posts Tagged ‘intero real estate’
Luxury Insider: Walking the Talk in the High End
By I don’t know if real estate companies are created equal but they sure don’t evolve the same way after birth. Some remain small although they would like to be big and some big ones may be nostalgic thinking of the days when they carried less fat. All of them, irrespective of size, are only as good as the weight they can lift, or, to put it in real estate terms, the power they can demonstrate to properly market a home.
Marketing a home today is not just a question of good intentions and noble promises. It’s a question of means. As a real estate company, you have them or you don’t.
Take a very pricey estate for example. What are the Sellers’ expectations when choosing an agent? Well, they want the Realtor to use diligence in trying to produce a financially qualified buyer ASAP. It seems simple enough. It used to be somewhat easier in the old days because we were looking for buyers in our own backyard so to speak. The promotion of the property rarely went beyond the regional boundaries. Well, at the risk of hurting the feelings of some brokers, this is not quite enough in the high end. Not even close.
In the high end, looking for a buyer is no small task. There are only so many people who can play in that league. The challenge is to find them since, otherwise, they may not find the house, and we might not sell it. How do you go about searching for buyers since you don’t kn
ow who they are and you don’t know where they live? Well, It is entirely possible that buyers who can afford the property live nearby. After all, we are in Silicon Valley country where money grows on trees it seems like when the market is good. But it is just as possible -if not more likely- that the buyers are from Los Angeles, or New York, or London, or Dubai, or Hong Kong, or Moscow, etc.
Now, ask yourself: knowing the above, what should you really expect from the agent you will need to trust with the marketing of your luxury property? Here is a list of questions to ask: Where will the house be showcased to maximize the opportunities to connect with prospective buyers? Can the agent, or rather his company, actually do what they say? Do they have the necessary technology tools? The marketing services? Do they have a specific high end marketing program? If yes, what does it entail? Are they affiliated with a global network of specialized brokers covering all continents?
Last bottom line question: Do they really have the power & the money to do what may be required to do the job?
These are reasonable questions. Frankly I am amazed that some homeowners in the most coveted zip codes are not considering them when signing a listing agreement. Having a nice & seemingly impressive agent is wonderful but can he walk the talk? Your call.
Alain Pinel Is Back In Town…
Intero Real Estate Services, Inc. the obvious choice for industry icon
(Cupertino, CA January 3, 2012) – Alain Pinel, the renowned real estate entrepreneur whose name is on the façade of a leading national real estate company, has returned to Northern California and will serve as Senior Vice President and Managing Officer of Intero Real Estate Services, a premier real estate brokerage company headquartered in the Silicon Valley.
In his new role, Pinel will use his experience and past success in facilitating Intero’s Estate and Luxury markets, nationally and internationally.
“I have a passion for this business”, said Pinel, “I am excited to begin a new project with an outstanding brokerage and a progressive leadership team. I look forward to joining forces with Intero and working with their Luxury Brand.”
Pinel’s 30 years in the real estate business have made him a leader with a solid track record for success:
- In the ’80s, while EVP and General Manager of Fox & Carskadon, then the largest residential real estate firm in the area, the firm tripled its volume of sales (over $3B) and emerged as one of the top companies in the country as well as a regional high-end real estate leader.
- In 1990, as founder, chairman and CEO of Alain Pinel Realtors, he reinvented the marketing of high-end properties around international advertising and state-of-the-art technology, before selling the firm to his two partners to spend a few years in Europe.
- Through the end of 1994, Alain Pinel was in Paris, in charge of the commercial activities of Sefimeg, the largest real estate entity listed on the French stock exchange with a portfolio of over 9,000 apartments and 3 million square feet of leased commercial space.
- In 1995, Coldwell Banker brought him back to California. As SVP for the San Francisco, Peninsula & Silicon Valley region until 2002, Pinel put incredible new records on the books for the company with a sales volume of $13 billion in 2000 and 14,000 closed residential sales.
- In 2002, together with three partners, he founded Imminence, a start-up that changed the way real estate is done in France and neighboring countries. With a core business built around the MLS system, he provided a menu of marketing, financial and productivity tools to the industry.
- From 2008 to the Fall of 2011, while SVP & General Manager in Massachusetts for William Raveis, the 10th largest real estate firm in the U.S., the company saw its market share jump 50%. It was voted “Best real estate company in Massachusetts” four years in a row.
Mr. Pinel is also a former VP of FIABCI, the International Real Estate Federation in Northern California, and former VP of the French-American Chamber of Commerce.
“We are thrilled to have Alain Pinel as part of the Intero team”, said Intero Real Estate Services Founder, President & CEO Gino Blefari. “Alain is a seasoned real estate veteran with tremendous knowledge and experience in the industry and we look forward to having his expertise added to our Estate and Luxury market strategy. His extraordinary level of professionalism will continue to lead and expand the Intero brand as a household name locally and abroad.”
Intero at the 2011 N.A.R. Expo
We were very excited to showcase for the first time at the 2011 Realtors® Conference & Expo on November 11-14th in Anaheim, CA! Our booth was modeled after our contemporary and fresh concept of a real estate office reinvented, known as Andare.
At NAR we were able to spread the word about Intero to people from around the world, as well as keep everyone informed online with a LIVE STREAM of conversations between our leaders and leaders we met at the convention on our Facebook page.
Thank you to everyone who stopped by, helped and showed their support!
Check out some photos from the weekend:
Intero Insider: Study Spotlights Bay Area College Towns for Investing
By While the real estate and economic news is often bleak these days – no new jobs in the latest national report, persistent foreclosures, softening values and slower sales – the reality is that now is a great time to take advantage of the lows. This is especially true for investors.
An interesting report from ZipRealty last week tackled an age-old question in real estate investing: Are college towns better investments for landlords? The study included data pulled for Berkeley compared with the East Bay in general, Palo Alto compared with the South Bay in general, and Cambridge, Mass., compared with Boston in general.
In each case, the college town proved to be a much better real estate bet. In Berkeley, home to the University of California, the median price-per-square foot for homes sold doubled that for the East Bay as a whole for almost two years. This is no big surprise to anyone who’s tried to buy a home in Berkeley over the last few years; the market has been just as fierce for the most part as that the rest of the country felt back in 2004.
In terms of market distribution, though, Berkeley showed more market-priced sales than distressed ones compared with the East Bay as a whole. While this shows stability, distressed sales are often the sweet spot investors need to really make waves.
In Palo Alto, home to Stanford University, the data showed a similar story. The median price-per-square foot for homes sold doubled that for the South Bay as a whole for almost two years. Palo Alto also had a much higher distribution of market-priced sales than distressed sales.
College towns can be great investments for the real estate-minded. A steady influx of young twentysomethings attending school makes for a steady supply of renters. These renters usually have financial support of some kind as well, making them reliable sources of income.
However, a university alone isn’t a great gauge of whether or not to invest in one town over another. Berkeley, for instance, is infamous for its restrictive rent stabilization laws, which can quickly become a landlord’s biggest nemesis. College towns are also much more transient than other towns – so that steady influx of potential renters also means constant turnover, which can eat into profits.
One other thing that may turn the “college towns are great places to invest” theory on its head is a way investing Warren Buffet lives by – the best investments are those that no one else is paying attention to. Buffet says (about stocks), “The time to get interested is when no one else is. You can’t buy what is popular and do well.”
From luxury to bank-owned, a review of this summer’s real estate market
This Intero Insider – Video Series brings you Dominic Nicoli, one of our top real estate agents at Intero Real Estate Services from the Los Altos office. He speaks candidly with Intero COO Tom Tognoli and shares his insight and projections on today’s real estate market from luxury real estate to foreclosures – where we have been, where we are now, and where we are headed.
Intero Insider: Why We Love Our Homes
I caught a recent episode of “Louie” on FX. It’s the humor series based on the stand-up comedy of Louis C.K. This show is often funny – painfully funny. And sometimes it’s just painful because the observations are pretty dead on, unapologetic and completely honest.
In this particular episode, Louie decides he’s ready to move from the apartment he once lived in with his ex-wife. He goes out looking for suitable rental properties in New York City for himself and his girls, who live with him part-time. Of course, after several trips through some bad places and a few bait-and-switch ads, he becomes exhausted – until he stumbles upon a townhouse for sale.
This is where the show goes from realistic to hyperbolic. The scene reminds me of what it might look like to take the collective conscience of America during the 10-year run-up in housing prices and play it out in front of an audience. See, it wasn’t just any townhouse; it was a $17 million townhouse. And Louie of course, while famous, is not exactly part of the crowd that can afford to buy such a place.
Louie then becomes determined to buy this place. He is consumed by the idea that this house will make his girls happy, and make everything fall into place in his miserable life. Never mind the fact that he only has $7,000 in the bank. Never mind the fact that that $7,000 isn’t even one-tenth of one monthly mortgage payment. He wants the house.
But, why?
I believe it’s because homes are more than the walls they’re made of – more than the investment of many years of hard work. Real estate isn’t just a market; it’s a state of mind. Homes are deeply connected to the life we live. This is why all buyers will “imagine” themselves living in a particular home when they go to see it, and why they try to think about what life would be like within those walls. This is why it was so easy to get in over your head during the days of loose lending. This is why foreclosure is so emotionally draining.
A home is a future, a present and a past. It’s a living thing. It’s where we feel attached to life, where we dream and where we plan for what’s next.
As for Louie – his show isn’t the type to slap on a happy ending. He didn’t buy the house. He merely told the real estate agent that he would buy that house, and instead went back home and repainted his apartment with his daughters. He already had it.
That episode for me said something really profound about where we live – the places we call home. The connection and what’s inside are the most important aspects of any real estate deal.
Intero Appoints Larry Klapow as Vice President and Managing Officer of Intero San Mateo
Former President of Coldwell Banker’s San Francisco Region joins Intero
CUPERTINO, SILICON VALLEY – August 9, 2011 – Intero Real Estate Services, Inc. announced Larry Klapow as Vice President and Managing Officer of Intero San Mateo.
Over the course of a 19-year career involving Bay Area real estate, Klapow has earned a reputation as a peer, mentor, friend and coach. As a former President of Coldwell Banker’s Residential Brokerage San Francisco Bay Area Region, he was responsible for the development of the company and oversaw 32 offices and a talented team of up to 2,200 real estate professionals.
The last few years Larry has been assisting business owners in growing their companies, training sales staff and coaching and mentoring agents in growing their businesses. He has an expertise in recruiting, building relationships, and developing talents, while establishing accountability. Klapow is extremely effective in challenging environments and economic crises. His accomplishments include the ability to drive positive change, strengthen organizations, enhance productivity and improve financial results.
Prior to being named President in early 2007, Larry was the Senior Vice President and Regional Manager of Coldwell Banker Residential Brokerage’s San Francisco-Peninsula region and before that he was the Senior Vice President of the Santa Clara County region from 2001-2007.
“We are really excited to have Larry on our team because he has vast knowledge on how real estate works and his ability to lead strategic programs and create reliable processes will be a huge benefit for Intero,” said Gino Blefari, President and CEO of Intero Real Estate Services.
“It is very typical for an executive to interview with many companies to look for the best deal; however I chose to interview with Intero only,” says Klapow. “Intero’s philosophy and values are right in line with my way of thinking.”
Klapow has more than a decade of experience in real estate, finance, technology, and entertainment, developing the strategies that support and achieve business objectives. Through creative campaigns, sharp business decisions, and clear-sighted ability to envision and land new opportunities, Larry motivates people to accomplish goals.
“Finding a great manager to run an office is always a challenge. Why we are so excited about the addition of Larry Klapow to our team is because Larry is not only a manager but an incredible leader, “explains Executive Vice President of Intero Real Estate Services, John Thompson. “His leadership just raised the bar in San Mateo and our entire executive management team due to his experience, wisdom and knowledge of the real estate industry and markets.”
Intero Insider: What We Can Learn from the Man Who Bought a Home for $16
Have you seen the recent news story in which a man purchased a $330,000 home in Texas for $16? No, that’s not a typo – he “bought” a perfectly nice house for sixteen bucks. And it’s a true story, not fiction. What is going on here?
Here’s what happened: Like many nice neighborhoods across America, Flower Mound, Texas, experienced home foreclosures in recent years. And because of a tumultuous couple of years in the lending industry, the mortgage company that owned this particular house in Flower Mound meanwhile went out of business.
Kenneth Robinson somehow caught wind of this, and moved into the house in June. According to the story, he simply went to the Denton County Courthouse and filled out a form. Due to a Texas law called “adverse possession,” he was granted rights to the house for a $16 administration fee. Now, that’s a deal!
This isn’t just an interesting story, though. I wanted to discuss here because it’s a perfect example of the “silver lining” or “diamond in the rough” kind of markets we’re seeing right now – to the point where logic can’t always describe it. Foreclosure investing is a tough and risky business that can pay off big when done right.
While the average person can’t really expect the stars to align quite like they did for Mr. Robinson, there are ways to really take advantage of the opportunity that’s out there right now. What can we learn from Robinson?
Know your market
Mr. Robinson’s edge seems to have been his keen eye for what was happening in the neighborhood. He realized this home was abandoned and he discovered it was owned by a bank that was no longer in business.
Be persistent
Robinson’s other big strength was that he persisted in researching the laws around taking possession of a property. He could’ve just figured “why bother?” when there was no owner to buy it from. But instead, he dug and he acted on the knowledge he gained.
As an investor, I’d caution not to delude yourself into thinking you’ll stumble across a similar situation any time soon. But take the lessons to heart and realize that sometimes it really is all about knowing how and when to act on that big opportunity when it lands at your feet. Persistence outscores luck any day of the week.
Interesting times indeed! Check out the full details of Robinson’s story here.
Intero Insider: Free Money for Underwater Homeowners
More help is out right now from the federal government for a small portion of the millions of homeowners who have fallen behind on mortgage payments. What is it this time? In a nutshell, free money. But struggling homeowners need to act fast as they’re only accepting applications until July 22.
The Emergency Homeowners Loan program is a $1 billion program that offers loans up to $50,000 to homeowners who have lost their jobs. The kicker? For those who qualify, the loans don’t have to be repaid.
How it works:
The program – operated by the Department of Housing and Urban Development and the nonprofit housing group NeighborWorks America – is making loans with better terms than anything a local bank can offer. The loans are interest-free, and payments go directly to the lender to cover a portion of a borrower’s monthly mortgage.
Borrowers can get assistance for up to two years. Once assistance ends, 20% of the loan is forgiven with each passing year. So qualified borrowers who stay in their homes for at least five years after the assistance period don’t have to pay this money back – as long as they don’t fall behind on their mortgage again.
What’s the big catch? We know there’s always one that seems to derail the intent of these programs to help millions of homeowners out of bad situations.
Well, for one thing, if borrowers decide to sell their home before the entire loan is forgiven, they’ll have to pay the remaining amount back. Some say that this potentially creates an even worse situation for these borrowers as they’re further in debt than they were before taking the loan.
Also, if borrowers fall behind on their mortgage payments and either sell or refinance, they’ll also have to pay back the remainder of the loan. Because of this, some critics have already said that taking these loans may actually put some homeowners more in debt and make their situations worse.
Another catch? HUD says these loans will only be made available to 30,000 people. That’s a pretty small portion of the millions who face foreclosure due to missed mortgage payments. To be eligible, a borrower needs to have experienced income loss from either losing a job, a medical condition or some other economic problem. Details are available at this link: http://ehlp.nw.org/.
If you or someone you know is facing foreclosure, it’s worth checking out whether you can get assistance from this program. But, first make sure you have a long-term plan for staying in your home.
The Intero Insider
A weekly e-newsletter with fresh market data and candid insights from Intero CEO Gino Blefari
