Real Estate Inventory in Colorado Springs: What is causing the shortage?

architecturemin

Wondering why Colorado Springs is seeing a severe shortage of inventory this year?  Here are a couple of reasons: 

First, the median price of a home in Denver is currently $377,500, and the median price of a home in Colorado Springs is $246,800.  As a result, folks from South Denver are having so much trouble finding a home to purchase there locally, that they are willing to commute the 45 minutes or so to Colorado Springs to save over $100,000 when purchasing a new home.  
 
As a result, though, this migration is creating a large deficit in inventory for my own clients and customers who are here in Colorado Springs.The struggle really is real now, but for those of us practicing residential real estate, it is such a very, very good one! 
 
Another reason is a combination of economic ones....the potential for increased interest rates, something that has not been done since the financial crisis that lasted from late 2007 through early summer, 2009, increasing apartment rents, a two-bedroom apartment in Colorado Springs rents for, on average, close to $1,200/month, and inflation are all contributing to buyers getting off the fence and into a home purchase. 
 
This influx of would-be renters who are now want to be buyers is also contributing to keeping inventory at record lows. 
 
While it is always a wise decision, in any market, to interview your real estate professional before hiring them to work for you, it is especially important in a market as unique as this one. 
 
Find the right real estate professional who has the experience and longevity to successfully help you wade through all of the land mines that accompany a market that has not seen these kinds of shortages since mid-2001, and you are gold! 
 
 
It would be my pleasure to answer any questions you may have regarding the market itself, and/or to help you to formulate exactly what questions you should be asking your potential agent for hire!
 
Happy Hunting! 
Continue reading
828 Hits

Things to Do This Weekend (Apr 22-Apr 23) in Colorado Springs

b2ap3_large_fv_011

Colorado Springs Things to Do

Great American Cleanup -  Sat Apr 22, 9:00am - 12:00pm, Bear Creek Nature Center 245 Bear Creek Road

Admission: Free, Registration required. Help clean up our parks, trails, creeks, and roadways this Earth Day. For more info, visit: Eventbrite

 

Colorado Springs Things to Do

Star Light-Star Bright Observatory Public Viewing Night, Sat Apr 22, 8:00pm - 9:45pm, Star Light-Star Bright Observatory 2015 Wickes Road

Admission: Free. If the night is clear, come view celestial objects from the observatory. For more information: NSSTI.

 

Colorado Springs Things to Do

UCCS Music Program Presents: University Choir - 'A Disney Extravaganza', Sat Apr 22, 7:30pm, UCCS - Centennial Hall 1420 Austin Bluffs Parkway

Admission: Free. The University Choir will be performing favorites from "The Lion King," "The Little Mermaid," and more. For more information: UCCS.

 

Colorado Springs Things to Do

Kids Ninja Warrior Competition, Sun Apr 23, 4:00pm - 7:00pm, Springs Trampoline Park 2512 Airport Road

Admission: $35. Kids can be ninjas for an evening competing against their peers for prizes. Registration includes practice run and competition run. For more information: Springs Trampoline park.

 

Colorado Springs Things to Do

Housing & Building Association Home Show, Sun Apr 23, 11:00am - 4:00pm, Mortgage Solutions Financial Expo Center 3650 N. Nevada Avenue

Admission: $5/adult, $4/senior & military, children 17 and under are free. Determined to work on your home remodel wishlist? Attend the HBA Home Show to get a head start on your upgrades. For more information: HBA

Continue reading
824 Hits

Things to Do This Weekend (Apr 15-Apr 16) in Colorado Springs

Things to Do This Weekend (Apr 15-Apr 16) in Colorado Springs

Colorado Springs Things to Do

Water: Rain Barrels, Your Watershed, and More -  Sat Apr 15, 10:30am - 11:30am, PPLD - Cheyenne Mountain Library 1785 South 8th Street, Suite 100

Admission: Free. If you subscribe to our newsletter then you already know about this interactive class. You'll learn about our water system and how to use rain barrels. For more info, visit: Cheyenne Mountain Library. To get our next newsletter, sign up at the bottom of our homepage

Colorado Springs Things to Do

Chocolate Bunny Hike & Egg Hunt, Sat Apr 15, 9:00am - 2:00pm, Fountain Creek Nature Center 320 Peppergrass Lane

Admission: $4/member child, $5/non-member child. Reservations required. Happy Easter weekend! Various egg hunts are happening around town including this one in Fountain.  For more information: El Paso County Colorado.

 

Colorado Springs Things to Do

Switchbacks FC vs. Real Monarchs SLC, Sat Apr 15, 6:00pm - 8:00pm, Weidner Field 6303 Barnes Road

Admission: $15+. Take advantage of the nice weather this weekend watching our local Switchbacks and Monarchs in a rival game. For more information: Swtichbacks FC.

 

Colorado Springs Things to Do

Public Skating, Sun Apr 16, 2:00pm - 4:00pm, The Broadmoor World Arena 3185 Venetucci Blvd.

Admission: $4 admission, $3 skate rental. Get active this weekend skating at The Broadmoor World Arena. For more information: Broadmoor World Arena.

 

Colorado Springs Things to Do

Traditional Irish Session Music, Sun Apr 15, 3:00pm - 6:00pm, Jack Quinn's Irish Pub & Restaurant 21 S Tejon St

Admission: Free. Enjoy traditional Irish session music this Sunday at Jack Quinn's. Arrive early for brunch served between 11:00am - 3:00pm. For more information: Jack Quinn's Irish Pub & Restaurant

Continue reading
835 Hits

Don't Punish Your Prospects, Entertain Them-Marketing Real Estate Agents through Video

Don't Punish Your Prospects, Entertain Them-Marketing Real Estate Agents through Video

As an independent, boutique, real estate company our greatest asset is our agents. One of our primary responsibilities is to promote our agents. We do this by getting them in front of potential clients.

Real estate buyers and sellers have become protective about sharing their contact information fearing being overwhelm with unwanted communication. This is understandable, some real estate lead conversion programs advocate up to 43 touches!. This means the real estate client can expect a combination of up to 43 emails, text messages or phone calls. Who wants to undergo this type of digital waterboarding?

Since we don't want to subject people to that kind of onslaught, we decided to take the high road. We built our website to showcase our skills, knowledge and personalities. When it came to featuring our agents, photos and a text description weren't good enough. We wanted people to see first-hand the different personalities within our company. The obvious choice for us was video. Video gave us the opportunity to present the agents in a more authentic and natural light. Something you can't do with still images and text.

We thought going to a professional studio would make the process too intimidating. The agents are not actors and we needed them to come across as relaxed and authentic. We decided to do the agent videos ourselves. Our company, was already doing videos of our listings and we had the equipment.

The Setup:

  • We started with lists of questions. Our marketing staff has a great feel for the individual agents' personalities and wanted that to shine through. They put together two sets of questions, one general in nature about real estate related topics and a second more personal list tailored to each agent about their personal goals and hobbies. The questions were written so the agents could answer without a lot of thought and we did not provide the questions to the agent beforehand. We wanted their answers to be genuine and not scripted.
  • We setup in an office. We used seamless white background paper as our backdrop. We flooded the room with light from several "Daylight Equivalent" LED bulbs. You can find these at any home improvement store. We chose this setup because we wanted a very clean and even look. We wanted the agent to pop out and be the focus.
  • We used a full frame mirrorless digital camera with 55mm lens positioned on a tri-pod about 6 feet in front of the agents. We set the focal length to a shallow f2.2. This setting blurred the background and helped keep the focus on the subject. 
  • For the audio, we used a "Blue Microphones-Yeti". We positioned the microphone about 8-inches from the agent's head, just out of the frame. This proximity allowed us to capture their voices in a warm yet realistic manner. The "Yeti" is a nice voice over microphone and has the added advantage of having USB connectivity.
  • We recorded the audio onto a separate track into the computer through the USB input into "Adobe Audition CC". We then merged those tracks with the video clip in post-production using "Adobe Premier CC". Our company uses the "Adobe Creative Cloud" suite but all this can be accomplished with almost any video editing software.

The Interviews

  • Since it was so important for us to keep the focus on the agent we decided to keep the interviewer behind the camera. We used one person to operate the camera and another person off camera asking the questions.
  • The agents were instructed to briefly repeat or summarize the question before launching into the answer. If the answers sounded phony or out of character we would ask them to answer the question again. We were looking for interesting answers not sound bytes. This was difficult at first. It seemed like the agents can up with generic answers quickly. When we pushed they got a little frustrated but the answers were much better. In retrospect, this made the videos much more interesting.
  • During the interviews each agent was asked about what they do outside of real estate. We know that clients often focus on personal elements about the agents. At some point they assume they have real estate expertise but want to know more. So, we decided to share this in the videos as well. Based on the agents' answer to these questions we shot additional footage of them outside of work. For example, one of our agents has a background in Music Education. She teaches and conducts a string group for the Colorado Springs Youth Symphony. She mentioned this in her video and many of her clients find this interesting. So, we included footage of her conducting her orchestra.

The Results

We are obviously excited about these videos and so are our agents. We consistently hear from them that a client chose to work with them because of their video. We knew clients would appreciate seeing our agent's explaining who they are in a relaxed setting. Because of this we decided to double down this with a glimpse into the agent's personal lives.

From this we have learned that clients appreciate that kind of transparency. When clients are looking for a Realtor to work with, real estate expertise is important. If that were the only factor there would be no explanation for the number of people that simply "Have a friend in the business". We think that clients are also looking for someone that resonates with their values and lifestyle.

This kind of transparency helps build trust. Trust is of course, essential in a Realtor/Client relationship. In an online environment where buyers and sellers don't want to expose their identity until they have some level of comfort, these kinds of videos go a long way in bringing potential clients to actually reach out to us.

The proof comes at the closing table or in the car while looking at houses. Statements like "We picked you because we watched your video and you're just like us" or "We saw in your video that education is important to you. That made up our minds". Statements like these are music to any marketer's ears but the best part is that the comments are based on who the agent really is. We can't think of a better way to reach out to new clients.

 

Here is a sample of how these videos turned out:

 

Continue reading
889 Hits

15642 Coquina Drive Monument CO 80132

15642 Coquina Drive Monument CO 80132

I'm so excited about this new listing!  Built in 2001, this beautiful stucco home has 4 bedrooms, an office, great room, formal dining room, upper-level loft, finished basement and professionally landscaped yard!  The main level features wood floors, spacious kitchen with island, pantry and counter bar, master bedroom with his/her closets and attached 5 piece master bathroom!  The upper level loft is perfect for kids, with 2 good sized bedrooms, a full bath and loft area!  The basement includes a huge rec room with gas fireplace, dry bar, 2 more bedrooms, private bath and plenty of storage.  Great Jackson Creek location...walk to nearby parks and shopping! View on the MLS at: https://www.springshomes.com/mls/3550097-15642-Coquina-DR-Monument-CO-80132, or the single property website at: www.CoquinaDrive.com

coquina livingroommin

coquina diningroommin

coquina kitchen2min

coquina recroom2min

Continue reading
999 Hits