Hello from Florence & Venice, Italy! I am here with 15 students learning about business & culture. And eating.
In our wanders, I am also perplexed & curious about how the housing market works here, Venice specifically.
TOURISM is the name of the game here, with only 53,000 residents living here & most choosing to AirBNB their home given the cost of housing here.
In our walk about around the city, I found three different real estate agents. This island was settled (reported at least) in the 6th century, with the 'NEW' homes beings after 1794 (when Napoleon invaded). So 'NEW' is still 250+ years old.
Along with AGE of home, Venice is SINKING. That is right, sinking. The city was built on lagoon & large wooden pile-ons. That wood is starting to decompose (shocker right, its only 1000 years old) along with changing weather pattern, the AQUA ALTA is occurring more frequently. They have special metal barriers they place in front of their doors and all residents own waders (see pic below).
Totally sold you right? YOU WANT TO BUY IN VENICE RIGHT?
Now here is the kicker, its extremely costly. The AVERAGE PRICE for a 2 bedroom, 1 bathroom, living room & kitchen is 550,000 euros (8,000-10,000 euros per square meter). Sorry, no boat 'garage' included.
I don't know the cost to maintain a 250+ year old home, but it seems like it would be high due to the moisture & flooding issues. I have yet to find an insurance agent here.....I shudder to think how much that costs, or if its even available. Which then makes me wonder how you get a mortgage loan on a home here.
Coupled with this fun filled fact, the average annual wage is $36,658 per person. Compared to the US, with an annual income of $60,558 per person. WOW right. How does that work?
One final note, street art. LOVE street art. Come to Italy for street art. And food. And wine. Not the real estate.
Sorry my post is late this week peeps..busy in Venice!
Have a great week!
Are YOU brand loyal?
What are you brand loyal to? Why?
What keeps you so loyal?
People who are brand loyal tend to make multiple purchases, even at the same point of sale.
Do you always get the same type of toothpaste? Jeans? Trucks?
How many times do you purchase toothpaste in your lifetime?
A LOT right?
The same CANNOT be said about Real Estate. On average, each of us will buy 1.71 houses in our lifetime. Given that a house costs A LOT more than toothpaste, this not surprising.
So, is there value in having customer loyalty in Real Estate if the average person makes less than 2 purchases during their lifetime?
My opinion in that there is. Both both agent & client.
Customer loyalty is the result of consistently positive EMOTIONAL experience, & perceived value of an experience, which includes services. In real estate, its all about the experience, a great deal of it, an education on how to buy or sell a house.
Average age of 1st time home buyer: 32
Median number of houses sold per agent in 2017 was 11 houses/yr, with this number being lower in the state of Iowa. That equates to a PERSONALIZED, one-on-one experience for the client for weeks or sometimes months. You get to know your agent, & them you. That BOND is where the value of the transaction takes place.
Research says that customer loyalty is changing, partly due to a crowded marketplace. Key findings: Make your customer better and Personalization is paramount.
Buyers who would use their agent again
| || |
You go & share your excitement & get the look of WTF?
Then you find yourself questioning your judgement, questioning your point of view.
Take this picture for example. Its a 'patch' on a floor discovered when pulling up carpet. Part of me wants to know what is under the patch, but the other part of me is thinking, its been there for 70+ years, its working, leave it alone. It has so much character. Its amazing. Its beautiful. Then I immediately start thinking, how can the floors be refinished to showcase this long hidden gem?
So how do you get past the WTF moment?
That can be frustrating or eye opening. Like it or not, that can & does happen in real estate.
You go to show a property, you are excited to share with someone else. Sometimes the client is excited too, sometimes not. So, how do you align your perspective of real estate beauty with that of the client? Well, that is when understanding the client is KEY. Taking the time to get to know each other is part of the process. Maybe that means meeting up in a coffee shop and chatting (or a pub if coffee is not your thing), texting pinterest ideas you love to your realtor, or becoming friends on facebook or instagram.
This means the real estate agent also has to open up & share with YOU (the client). Comfort & understanding is mutual for the agency agreement to be most productive.
So don't think your agent is being nosy, they are just trying to understand your perspective of beauty.
While I was reading my morning fill of news, a story on NPR noted a 'needed change' in training programs on sexual assault as current programming is not working. That, of course, got me thinking.
Should concern just about sexual assault training be reevaluated? Or is there more? What assumptions are being made why said training is needed? Then fate intervened (with the help of a Google search) &I found this article on Integrity (key words noted: Honest, Trust, Authentic, Value Others, Accountable). If the 13 traits of integrity mentioned in the article exist within a person, you have
FREEDOM--you have nothing to fear since you have nothing to hide. Sounds pretty Rock Star to me. What if you found other like minded people & you all worked together in an organization? Even better--the organization would have a grounded bedrock purpose & guiding credo.
Many times, society has little regard for whose in Real Estate, & the profession is seen as lacking integrity. It does not have to be that way, individuals and companies choose how to act--both consciously and subconsciously. Its 'talk the talk' and 'walk the walk' time for many organizations, and Real Estate is no different. Integrity is a mindset choice; one with long-term outcomes. Choose wisely.
Hi, I am Summer, real estate agent in NE Iowa. This blog is about life, of which Real Estate is a part of. Happy reading!