Donna Lavin's Blog

The Power of a Name: Sotheby’s Name Represents Integrity, Quality and Reliability

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Fri, 31 Dec 2010 00:56:13 -0800

RISMEDIA, December 30, 2010—In 2004, when the Sotheby’s International Realty brand launched a full franchise system, the real estate market couldn’t have been much hotter. In the years since then, the high-end market—like the rest of real estate—has seen quite a swing. Yet, the brand continues to thrive…even considering 2010 to be a favorable year for high-end transactions. Here CEO Mike Good and Philip White, president and COO, discuss the brand’s initial focus, its evolution and why a name—Sotheby’s—can be so powerful.

Stephanie Andre: Sotheby’s International Realty Affiliates LLC began its franchising model close to seven years ago. Can you discuss the brand’s evolution since it launched?
Mike Good: We began this journey with a huge gift: the name Sotheby’s and the heritage that’s tied to that. After the legalities, brand development and overall preparation for launch, we’ve been actively awarding franchises for just over six years and, since then, we’ve grown at a very steady pace.

We are currently operational in 42 countries worldwide, with approximately 500 offices. We have close to 185 companies worldwide as part of the Sotheby’s International Realty network; approximately 142 of them are in the U.S.

Over the past few years, as the market’s changed, we’re still thrilled and very appreciative of the quality growth we’ve had. Part of that is due to the wonderful name we carry and license. The Sotheby’s name represents integrity, quality and reliability, and we are proud to be part of that legacy.

We have remained steadfastly committed to our goals, which remain unchanged: building our network with quality firms and helping them be successful, remaining true to our focus on building a unique value proposition, and showcasing the power of our name and heritage.

SA: To what do you attribute the Sotheby’s International Realty brand’s success?
MG: Our success is really built on three factors. The heritage of this extraordinary brand is first and foremost. The name Sotheby’s provides consumers with the confidence that they are working with quality. Second is the growing network of firms and professionals that represent this brand every day in the world’s top luxury real estate markets. They are committed to the art of selling real estate. And third would be the tools and systems we have designed to help our affiliates be the best they can be and differentiate themselves in their markets.

As the Sotheby’s International Realty brand has evolved, we’ve developed a truly distinctive marketing platform. Through our unique programs, we are able to provide our franchisees and, in turn, their agents with great value.

Phillip White: We were able to take our brand name and put it together with a great value proposition that really speaks to brokers in the luxury market. All of this has resonated with them and as a result, many have chosen to affiliate with us. Many attribute affiliating with the Sotheby’s International Realty brand as having significantly contributed to improved results. This is especially true in traditionally high-end markets like Hong Kong, Aspen, Paris and Telluride. Not to sound cliché, but it really is quality over quantity.

That’s one of the things that is important to us as a company: when we look back, we can be proud that so many quality companies want to be part of the Sotheby’s International Realty network.

SA: How has the brand changed since its inception?
MG: In our early years, the focus was really to increase awareness for the brand so that people knew who we were and that we were establishing a global footprint. That focus was very effective in helping people understand that, through us, they could search throughout the world for luxury homes. Once we grew to the point that our sign was proudly displayed on more than 26,000 homes, we began to focus more on driving leads to our network. We are centered on promoting the brand through interactive marketing as we believe that is the key to success in today’s environment. As a result, we’ve been able to drive consumers to our websites and deliver leads to affiliates.

But at the core of all of our efforts from the very beginning, and through today, is quality and a focus on lifestyle. That permeates everything we do, from our marketing to the way you can search for a home on our website.

SA: What have you seen from the luxury market as the overall market’s shifted downward?
PW: The luxury market is a bit different. This year, in the first six months, we saw twice as many million-dollar transactions for the same time period in 2009. We’ve also seen an uptick in the sale of properties in the $2.5 to $5 million range and even higher.

The high-end market has done better than expected. Unlike the rest of the market, it’s getting stronger. The value proposition in the high-end arena has also strengthened. Given that the stock market has improved and interest rates are low, it has brought buyers back to the high-end market. And, because it’s still a buyer’s market, they’ve been able to make some really great investments for their money.

SA: How does the Sotheby’s International Realty brand keep strong, even during market downturns?
PW: Our strategy is to stay with our game plan. We have focused on helping our companies grow and expand their market share so they could earn a larger portion of the business. Through all of this, we actually were able to improve our lead generation and spent time refining our skill sets for high-end clients.

SA: What are the Sotheby’s International Realty brand’s goals for the short term and long term?
MG: We’ve been very consistent in our focus and that will continue. One of our key priorities is quality growth in markets we are not currently serving, both domestically and internationally. We will also remain focused on existing markets where there are opportunities for our affiliates to grow through mergers and acquisitions. And we will continue to develop strategies that differentiate our brand and strengthen our unique positioning in the marketplace.

For more information, visit www.sir.com.

Feds announce more assistance for distressed homeowners

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Mon, 29 Mar 2010 16:35:34 -0700

The Federal government announced last week that it would use funds to help those with underwater mortgages stay in their homes through a program meant to lower the outstanding balances of the mortgage loans of those who qualify to the current market value. The announcement also announced certain financial incentives to investors and mortgage firms who offer similar assistance to distressed borrowers themselves. Bank of America said it would begin offering this same assistance to certain of its borrowers.

Although certainly not related, a front page story in USA Today covered the plight of several homeowners who found themselves underwater on their mortgages due to the purchase of homes that have fallen in value. The story dealt with both those who could still afford their mortgages (candidates for strategic default) and those who were underwater and could not afford the monthly payment.

Bully for the Feds. Call me heartless should you want but this kind of assistance will just extend and deepen the housing mess. Now that mortgage modification has not worked for as many as were thought eligible the Feds and some banks (without pressure from the Feds of course) will drop the mortgage balances of some, but not all, of those who are underwater.

While one can argue that bailing out "main street" instead of "wall street" is correct, bailing out either one with more borrowed money makes no sense in either regard. Do the Feds and the politicians think that it will end with this new program? Or what about the millions of those who bought homes and are caught up in the same decline of housing values and who don't qualify under the new rules? Or will there just be an unending array of subsidies that will go on for years?

For those who have owned their homes for 10+ years and didn't use crazy mortgages and who will not qualify for any Federal assistance well it is just too bad....or they will just have to wait a little bit longer for the next plan.

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Bank of America to Modify Underwater Loans

Bank of America announced it would look first at principal forgiveness-ahead of an interest rate reduction-when modifying certain subprime, Pay-Option and prime two-year hybrid mortgages qualifying for its National Homeownership Retention Program (NHRP). Several enhancements are being made to the program, including the introduction of an earned principal forgiveness approach to modifying mortgages that are severely underwater.

Source: REAL Trends #1190

Home prices to increase say real state professionals

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Fri, 26 Mar 2010 14:27:21 -0700

Some 77 percent of U.S. real estate professionals surveyed think home prices will either stay the same (48 percent) or decrease (29 percent) in the next six months, according to HomeGain’s First Quarter Home Prices Survey. In comparison, the first quarter 2009 survey results indicated that 89 percent of agents and brokers thought home prices would decrease (53 percent) or stay the same (36 percent).

The top 10 states where real estate professionals think home prices will go down in the next six months:
1. Minnesota (82%)
2. Oregon (65%)
3. Illinois (54%)
4. Utah (50%)
5. Michigan (42%)
6. New Jersey (44%)
7. Nevada (43%)
8. Connecticut (42%)
9. Washington (35%)
10. New York (35%)

Top 10 states where real estate professionals think home prices will go up in the next six months:
1. Texas (41%)
2. Massachusetts (38%)
3. California (37%)
4. Nevada (36%)
5. Idaho (31%)
6. Colorado (31%)
7. Alabama 25%
8. Tennessee (25%)
9. Arizona (23%)
10. Indiana (22%)

Source: Homegain.com
REAL Trends Update #1190

Housing Market Trends and Forecast

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Thu, 25 Mar 2010 19:00:36 -0700

Housing Market Overview

On an annual basis, the strong sales growth recorded in Illinois and Chicago in December moderated a little in Illinois but remained close to 30% in Chicago. The months of December and January witnessed negative month-to-month sales in Illinois and Chicago but produced increases on 10% in Illinois and 5% in Chicago in February.

Forecasts

Forecasts for the next three months (March, April, and May, 2010) indicate sales increasing in Illinois in the 1-8% range and in Chicago in the 7-20% range on an annual Basis

Month-to-month sales growth will be positive in all three months; for Chicago, the range will be 5-25% while for Illinois that range will be from 5-30% with March the strongest months for both areas.

Median prices in Illinois and Chicago will fluctuate month-to-month, dropping in April but rebounding slightly in May.

Median prices by May 2010 (2009 values in parentheses) are expected to be $146,177 ($156,000) in Illinois and $166,742 ($200,000) in Chicago

Notes: The housing market trend suggests a perfect time to buy homes in Illinois, especially around Chicago area. The lower prices and competitive interest rates can any buyer to get their dream home. When you're considering buying a home and if you need someone to negotiate sales for you. Feel Free to Contact Me, or Visit my Website: http://www.dlrealestate.com

Source: IllinoisRealtor.org; Updated March 2010; You can also download the Full Report From HERE

---Re-posted From http://lavindml.wordpress.com----

ILHM National Luxury Market Report as of March 21, 2010

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Wed, 24 Mar 2010 18:49:31 -0700

How's the top of the Market this week?

The ILHM National Report looked at 34533 luxury homes on the

market. The ILHM Luxury Composite Price this week is $1,138,080. These

homes have been on the market for an average of 244 days.

Luxury home prices across the ILHM National sample have stayed relatively

stable in recent weeks. This week median price is $1,138,080.

Below is a look of local luxury markets around the country.

If you want to search for luxury homes around Chicago, click here

Make 2010 A Good Year

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Sat, 26 Dec 2009 10:24:56 -0800

Those of us left in the industry need to continue doing what we know best -- our real estate. We will survive this by working and helping each other. There is enough business out there to share our ideas, practices etc. to help each other. I never understood why some agents felt threaten that they would lose their clients if they shared what they did or they would have less of a chance to get more. When you give, you get in return more. This is our year!

Lead Generator

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Sun, 26 Jul 2009 22:29:37 -0700

I posted about the lead generating and do not see it here. Did anyone ever work with Growth Market or Growth Leads? If so, what is your opinion?

Lead Generator

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Sat, 25 Jul 2009 00:24:45 -0700

Has anyone use Growth Leader? If so, how is it working for you?

New Listing - Gated Golf Community

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Fri, 01 May 2009 01:01:02 -0700

Beautiful views, end unit featuring spacious floor plan, hardwood flooring, carpet, 4 bedroom, 4.1 baths, 3-car garage, finished lower level with wet bar, fireplace and sliders leading to paver patio. Visit www.dlrealestate.com for more details.

Overcoming the Negative House Market

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Sun, 12 Apr 2009 01:59:14 -0700

What are you doing to keep upbeat! Homes are selling if they are priced right. Sellers are still having a hard time facing they have to take a loss if they want to sell. The market was too high for too long and now all those that purchased properties early on are suffering. I try to encourage my sellers or potential sellers, if you do not have to move, then stay. Just be prepared it might not sell for the price you like, but you can get a good deal purchasing one. What are others ideas, thoughts to help the sellers realize this is the market of today.

Listings Chicago Suburbs

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Tue, 31 Mar 2009 00:42:16 -0700

Ivanhoe Country Club - Villa for sale featuring 4 bedrooms, 4.5 baths, 2 fireplaces, two wet bars, vaulted ceilings,finished lower level with walkout, brick patio and more. Visit www.dlrealestate.com for more information. $625,000

Condo featuring 2 bedrooms, e baths, heated underground garage, close to the city of Chicago for sale- $230,000 or rent - $1,400 per month. More details visit www.dlrealestate.com

Island Lake Townhome featuring 3 bedrooms, 2.1 baths, 1-car garage. Newer carpet, end unit with nice backyard. $165,000. More details www.dlrealestate.com

Prospect Heights, IL Condo featuring 1 bedroom with large closet including built-in organizer, hardwood flooring, living room, dining room and kitchen, laundry room steps away. Convenient to shopping. $128,000. More details www.dlrealestate.com

Points Removed

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Tue, 31 Mar 2009 00:36:53 -0700

Can someone answer if they know, why are points removed? I read some of the blogs and they have points removed and not knowing why.

Easter Plans

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Tue, 31 Mar 2009 00:34:21 -0700

What are you doing for Easter anything new and exciting to share? Easter egg hunts, brunch, gourmet dinner?

Going Green

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Thu, 26 Feb 2009 16:07:46 -0800

What are your feelings about going Green? Do you know enough about it? You need to engage expert advice before starting anything. I can tell you it is going to be the way of the future. Just like sorting our trash to recycling. It is best to start by building a home with all the efficiency products you can. No doubt it could get costly. You can also start out a few items at a time. The cost initially will pay off later with all the savings you will have. You can also replace lightbulbs, carpeting just to name a couple items for a quick change and help with costs. Get the education on going green and what it really means before you make a decision.

Lead GenerationCrooks

Donna Lavin (Hunter's Fairway - Sotheby's Int'l Realty) — Sat, 25 Oct 2008 02:47:22 -0700

Did anyone get trapped with Real Estate Advocate? A lead generation web page that made all the promises and did not come through? There are law suits out there on the company. Do not sign up if you are approached. E-mail me before you do.