Why realtors need more than just a lender in this hot market
Kris Cowen isn’t your typical Southern California real estate agent. In fact, he has a degree in biology and was just a few steps away from becoming a dentist.
He got his license in real estate so he could buy his own house and started dabbling as a hobby - doing deals for friends and family while trying to make an important career decision.
Kris didn’t want to take out hundreds of thousands of dollars in student loans to become a dentist, but he couldn’t quite commit to his becoming a full-time real estate agent either.
That is, until he met Seth and Tiffany.
The Right Push at the Right Time
Kris had worked together on a few deals with Seth who saw his potential. Eventually, Seth sat down with Kris and told him he was really good at real estate and should make the move to pursue it full time.
“Seth gave me the confidence to go for it,” says Kris.
That was 5 years ago. Today, Kris sells 50 homes a year!
Advice from One of the Best
Along the way of developing into an all-star real estate agent, Kris has learned quite a few important things which contribute to his success:
#1 - Treat Everyone the Same and Give Them the Same Level of Service
Kris recalls months where he sold a $20k mobile home right before getting a $2.25 million listing. Giving each customer the same level of service means earning many referrals, as you’re never quite sure who’s going to be involved with a transaction. In fact, that one little $20k mobile home transaction cascaded into 3 listings and 2 buyer purchases!
#2 - Make Short Term Rentals Part of Your Arsenal
Kris points out that traditional multi-family investments can be very expensive upfront and the cash returns are just not there like they used to be. Even purchasing single-family homes and renting them out to long-term tenants doesn’t yield a great return.
Instead, purchasing single-family homes & turning them into STRs can yield a better return right now in many cases. Seth and Tiffany have been instrumental in helping him add short term rentals to his business
#3 - Set Expectations with Proactive Communication
Kris says that hands-down, the most important thing is having communication upfront with a lender and setting the client’s expectations of what the process is and what’s going to happen when you apply for financing for a home. This is the largest financial decision most people will ever make. You always have to make sure you’re helping your clients know what they are doing, understanding the process, and helping reduce their fear and anxiety over the process.
Both he and Full Circle have a great track record of providing this and in working together to ensure the client has all the information he or she needs.
Only Work with the Best
The Southern California real estate market is still very hot, where properties are going fast, and there are many multiple offer situations with offers going above list price. This is happening regularly.
Kris believes that this market is separating the weak from the strong. Many agents (and lenders) aren’t doing business right now because they don’t have the skills to get offers accepted and closed.
That’s one of the reasons he likes working with us.
But remember: Clients always have a choice in their lender. This is required by law.
But when given a choice, they always choose Seth and Full Circle Home Loans.