Meg Smith and Associates Real Estate Blog

I Am Worth MORE Than A Robot - I Think!

So… my mother-in law gave me an article written in Newsday’s LI Business section from Monday August 7th, 2017 entitled “Selling Homes Online Listing, 2% fee…..” with the subtitle “Tech company starting “big data, “robot” real estate operation on LI.”

The gist of the article is that a company from California has opened its first Robot company in Uniondale after having some initial success in California. They are touting a lower commission rate by getting rid of a lot of the support staff and expensive marketing practices currently used by traditional brokerages such as ours. A home that utilizes this Robot technology will have a tablet-like “robot” named REX that will be stationed in listed homes that is programmed to answer some 75 typical questions.

The company will provide an agent to let buyers into the homes. They will not utilize multiple listing for their marketing.

My mother-in-law and brother-in-law asked me what I thought about this after I read the article… A myriad of thoughts and people sprang to my head.

What about the older generation who are used to sitting down and talking through the details of the deal and need to have explanations and assurances of how the process works today vs. when they bought their house 40 or 50 years ago. I thought of my dear client Maggie who was 84 years old when I helped her move from a 4700 square foot house into a 2 bedroom apartment- and we had a “move manager” work in conjunction with a moving company so that her apartment was set up in 48 hours with every box unpacked- every picture hung- so that she could move into that apartment and not feel the trauma of the move.  Could a robot manage that?

I couldn’t imagine her wanting “Rex the Robot” in or around her property.  I imagined her being a buyer- and having to utilize a robot in order to ask questions.  I couldn’t imagine that either.

I thought of a recent experience at Quest Diagnostics where they had switched to tablets for signing in- and me being pretty tech savvy not being able to figure out how to change the screen from Spanish to English… and then after I did figure it out- the next group speaking Spanish and Not being able to figure it out at all…. And the jam up of the line and people getting upset that there was no-one to talk to to try and figure out the system.   

Or comparing it to the grocery store self-help lines where the one staff member devoted to this system is busy all the time fixing the machines after people have problems. 

I am curious as to what happens when one of the questions asked of the computer isn’t one of the 75 questions pre-programmed- what then?

There are currently almost 23,000 Agents that are affiliated with the Multiple Listing Service on Long Island (one of the largest groups in the country) and they are not going to be utilizing these agents to sell their homes? So who is going to help these homeowners sell their homes?

For anyone who has bought or sold a home recently, you know the process is extremely stressful and there is a lot of emotion involved in the entire process. You are selling a place that you have called “HOME” and moving to another place that you hope will be better than the place you left behind. Many times this move is not by choice.  Job loss, divorce, a death in the family, medical issues-these are all reasons people have to move, which makes a difficult process even more difficult!

With HGTV programs- buyers expect houses to be perfect.  No clutter, not too many personal items, no toys strewn about (I joke that I have been in real estate when kids could actually PLAY with their toys when I showed a home!!!). With cell phones- the buyers want to schedule an appointment immediately- when they are driving by- so a house must be ready to show instantly. More stress!

I think the value of your Realtor is being able to answer all your questions as situations arise. We can listen, guide, encourage, advise, assist. These are qualities we give to both a buyer and a seller.  I think that this is a business that doesn’t fit into a computer program of algorithms….. it is a PEOPLE business- where people need their Realtors to answer and guide them through the whole process.

When I look back at my career in Real Estate (and I do call it a Career) I feel the greatest accomplishment of this job is making a transaction happen as seamlessly as possible……. And solving problems as they arise (and the problems can be endless!). The process is exceptionally emotional and exceptionally stressful- and I believe Professional Realtor can make all the difference….. so… I like to think we truly are worth more than a Robot!

What do you think?

Posted by Meg Smith on August 24th, 2017 9:35 AM

The LOVE of the Move……..A Realtors view February is Valentines Day and what better month to choose the topic of LOVE as it relates to our profession. Being a Realtor means falling in love with new homes, new décor, and new locations of interest every day.

The job of a Realtor does not stop at the front door. Once inside we can easily see the love you put into your home and know instantly how to share that feeling with buyers. One very important question we always ask our sellers is “What do you love most about your home?” For some it seems like an odd question, but realize that we, as professionals, don’t just sell your home, we sell futures. We sell hopes and dreams and lifestyles. The love you show to your home will shine outward for buyers to feel and appreciate. Happiness is a big home seller.

So many people say less is more, and this is true in many instances. Light, bright and airy sells, but that does not necessarily mean empty. We want for home shoppers to be able to envision themselves in your living room by your fireplace and have them able to make it their own, but sometimes we can make a home too empty, to cold, and too unfeeling. Don’t take all of the happy and hide it. Don’t remove all of your family photo’s or memoirs. Let buyers know that love lived there for you….and it will for them also.
Posted by Meg Smith on January 31st, 2017 2:24 PM

Our Changing Market and How It Affects You

If you or anyone you know has been looking to buy a home recently, you are sure to hear some very interesting stories as our market takes a very sharp turn to an extremely favorable sellers market.  

Some of the challenges that buyers are experiencing can only be explained with an explanation of the market conditions.   You fall in love with a house and make an offer, only to find out there are multiple offers on the property and your agent tells you to come up in price.  You come up in price, but its still not enough.  You lose the bid for your “dream home” and have to start again.  How is it that a highly qualified buyer can’t find a home? 

It’s a struggle most home buyers are facing now.  The market dictates our path of home ownership.  A sellers market occurs when there is little inventory, and great interest rates on mortgages.  There are more borrowers approved then there are houses to fulfill the demand.  This easily becomes a sellers market and a higher price point is obtained through a system called supply and demand.  Homes are selling higher than expected because we have a shortage of homes.

An experienced realtor can help you get through this difficult market, but it is important that you choose someone with experience in this type of housing climate.  A seasoned agent will be able to walk you through this process and best advise you on how to obtain your goals.  Most importantly, once  you obtain an accepted offer, you should work expeditiously to have that home inspected so you may move to contracts.  Remember your deal is never secured until fully executed contracts are signed!

Likewise, we at Meg Smith and Associates stand ready to help sellers in this market negotiate the best offer for your home, and follow through in the most professional manner.  Call us for all of your real estate needs!

Posted by Meg Smith on November 22nd, 2016 10:18 AM
I am fortunate enough to have two groups of friends which have graced my life for 17+ years… One is my Book Group, the other I’ll call my New Year’s Crew.

My Book Club began 17 years ago – When Madeline was 10 months old. I would have attended any group once a month just to have adult conversation and to discuss anything other than “The Big Purple Dinosaur.” My Book Group was originally a collection of six of us which expanded to a group of thirteen at its highest. We have settled into a comfortable long term eight. We are an eclectic group of eight, all connected to each other in some meaningful way. We have shared losses of parents and siblings, 9/11, Hurricane Sandy and more. I venture to say that we have a bond that is quite indescribable.

Once a year in August we meet on Fire Island to enjoy late summer beach time and squeeze in a Rocket Fuel if possible. It was this past August when the question was first posed – “So Meg, What’s your end date?” I was like, “End date for what?” And the group looked at me like I had to know the question.

 “For Retirement.” 

As my husband’s company had transferred him to Florida and he’s been doing the reverse commute for two years, the next question was “Florida or New York?” The general consensus was that as soon as Madeline graduates from High School I will close the doors of Meg Smith and Associates Real Estate and begin a new life and career in Florida.

First of all – For those of you who have two kids in college – one cannot just quit a well paying job and start over when you need to be at your peak in earning potential. And… What my husband and I have worked so hard to build is just beginning to hit its stride. I am not from New York. I did not have school friends or relatives to help me to get my first deals in Real Estate. I had to do this on my own – one baby step at a time.

I started my office with the singular goal of hiring the “Right Agents.” (I did not hire hardly anyone the first year so that I could get the technology and systems in place.) My first Agents were for the most part women who were re-entering the workforce as their kids were heading to school for the first time. They had high powered jobs “Before Kids.” They were almost embarrassed to say “I haven’t worked for the past amount of time because I stayed home to raise my children. Having been a stay at home mom for many years – I know that job is truly a tough one.

My first group of Agents and I would meet every Tuesday and I would cook lunch for them and we would sit around the conference table teaching each other – throwing ideas around thinking about how we could help each other grow our business. Many local Mortgage Lenders, Lawyers, different professionals came to those meetings and said how they felt honored to “Break Bread with us.”

Fast forward to our six year anniversary on May 1st. I have a Staff of over 30. We can’t sit in the conference room anymore because obviously there isn’t enough room. Our weekly meetings still consist of us trying to figure out how to increase each others business because we are a TEAM. My original goal of creating an office that makes a difference in our field and in our community is evident every day. I look at the group of Agents who have joined me and I could not be more honored or pleased.

So – In answer to the question – I don’t know when my “End Game” is – but thank you New York for making me feel like this is my home. Meg Smith and Associates Real Estate is here to stay.
Posted by Meg Smith on September 7th, 2016 12:19 PM
Many people believe the job of a Realtor is to list, sell and market homes. While this is true, a Realtor is hired to work for YOU. If you are a homeowner looking to list your home, more than likely you are looking to sell for the highest price that the market can bare. The Agent that you choose to hire has to tackle the job of marketing your home, but more importantly they are hired to represent you, and it is their job to see to it that their fiduciary responsibility to you is first and foremost.

If your Realtor requests that your home listing remain exclusive with their firm, what does this mean? Well, for starters, if you are looking to have less traffic in your home, and keep it rather quiet and private, this may be the way you want to go. However, if you are looking to get the best price for your home, this alternative is more than likely not the best choice.

The Multiple Listing Service has approximately 20,000 realtors, which enables us to share our listings with one another, allow for showings and hopefully offers. Having your home exposed to this many Agents means each Agent can tap into their individual data base of buyers and share your home with them. Chances are, one of them may be the perfect match for your home. If you are not able to reach these buyers, how can you be sure that you are getting the right price for your home?

Some agents like the comfort of dealing with one agent, and if that is the case, ask that agent to accompany showings, but don’t exclusively limit yourself to one agency when the best chance of getting the best price is to open it to all others. If you were looking for a job, would you interview with only one firm, or would you send your resume’ out to many to increase your chances that the best opportunity would present itself?

Selling your home is no different. In being completely honest, the only person that is benefiting by your exclusive listing is the agency you hired. The chances of their firm gaining the full commission compensation rather than having to share it is in their best interest…but is it in yours?

To truly understand the difference in listing your home as an Exclusive or as a Multiple Listing Property – stop in and speak with one of our associates. Let us explain the difference! 631-647-7013

Posted by Meg Smith on April 4th, 2016 11:25 AM