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Corcoran – Questions About Being an Entrepreneur – Part Three

This is Part Three about being a Corcoran and the owner of The Corcoran Connection.  I wanted to share with you a recent interview by James Norwood, a college student and it was so nice to talk about family members that affected my decision in opening my business.  My sister Barbara Corcoran played a big roll in helping me decide.  Here are the next few questions:

6.  Have you considered an exit plan for your business (selling, passing it down to relatives, etc)? yes, of course.  I don’t think I’ll ever exit and always be somewhat involved.  Since my three children have no interest, I’m working on my grandchildren!  My eight (8) year old granddaughter just learned what a landlord was the other day when she came with me to show a property!  corcoranMy twelve (12) year old granddaughter rode with me on my golf cart right after the hurricane came through so I can check on all of the tenants and properties that I was managing.  I did ask her if she might like to do this one day and she said “No!”

7.  What do you feel are the extra steps you take to satisfy your customers? This is a big one!  I’m real.  God gave me the gift of caring and I truly care about people.  I won’t make a sale just to make a sale.  If it’s not right for someone, I’ll tell them.  I wouldn’t be able to sleep at night if I wasn’t honest and caring.  Also, communication.  My customers always comment on the way my staff and I communicated through the whole process.  Keeping in contact with sellers and buyers once the transaction is closed.  I appreciate all the new people I get to meet and I really enjoy keeping in touch and hearing about what is going on in their lives.   I also like going above and beyond the sale. One story that happened recently, was I had a single mom move from Kansas with five (5) children.  She was planning on arriving late at night.  Given this fact, I went to the grocery store and filled her refrigerator and pantry with food so when they arrived they had something to eat.  She was truly moved!

Corcoran – Questions About Being an Entrepreneur – Part Two

This is Part Two about being a Corcoran and the owner of The Corcoran Connection.  I wanted to share with you a recent interview by James Norwood, a college student and it was so nice to talk about family members that affected my decision in opening my business.  My sister Barbara Corcoran played a big roll in helping me decide.  Here are the next few questions:

 

3.  What was your planning process when preparing to open the business? Did you prepare a business plan?  I am actually embarrassed to say, I did not make a formal business plan.  I had plenty of ideas that I wrote down on how I wanted things to run, but no written plan.  Though I do agree with writing a business plan, and I did do one years later.  I know several people that  get stuck for years in the planning stage and never make the move!  I was afraid if I didn’t do it when I had the courage, I might not have pushed forward.

4.  What is your philosophy about marketing your business?corcoran I believe that marketing, especially in my industry is the major key to being a successful business.  My husband Bill majored in marketing and that has been so helpful.  My sister Barbara’s strongest asset is marketing—something that came natural to her.

5.  What are the strengths and weaknesses about the location of your business? My original location was in downtown Orlando and only because when I first started out I was doing more short sales because that was what our real estate market was at that time.  I dealt with a lot of downtown Orlando attorneys so my location needed to be there.  Now with the growth in the Lake Nona area and Harmony area (where I live), we found a great location on Narcoossee Road which is between both of those areas and that’s a strength.  The weakness is that I don’t own it – yet!

Click here to learn more about The Corcoran Connection http://Thecorcoranconnection.com/about-us

Corcoran – Questions About Being an Entrepreneur – Part One

I don’t usually blog about this kind of stuff but being a Corcoran and the owner of the Corcoran Connection, I thought I’d share with you a recent happening.  I was just interviewed by James Norwood, a college student and it was so nice to talk about family members that affected my decision in opening my business. My sister Barbara Corcoran played a big roll in helping me decide.  Here are the first couple of questions.

 

  1. How have you been affected by your ethics in setting up your business? Having good ethics is huge.  Moral ethics in doing the right thing and work ethics in always working hard and staying focused on what you want the outcome to be.  This plays a big part in what keeps me going.
  2. How did any family members affect your decision in opening this business? I’d have to say I was influenced by a few members of my family including my parents who were alive at the time.  Out of the ten (10) siblings, seven (7) of us are entrepreneurs!  Mom and dad were very encouraging and always helped build our confidence—“you can do it” kind of attitude. There were three (3) siblings that influenced and encouraged me during the process of opening my own business.  First, my sister Ellen, who is ten (10) years older than I, who has always been a mom-like figure to me. Her support and kind words helped me believe in myself and not let doubt surface in my brain—we are our worst enemy!   Second, my brother T, who is eight (8) years older than I, whom I worked for back in the 80’s when he owned a catering business.  He’s always been a business owner, so many of our conversations were about employees and business strategies and how to navigate and understand these areas.  His advice was invaluable! And lastly, my sister Barbara, who is thirteen (13) years older than I, from ABC’s Shark Tank.  Her unstoppable way she approaches everything in life was just so inspiring to me.  The fact I have a sibling who started out in the same type of business, is unbelievably helpful.  No need to explain to her how the business works!  And to hear her tell her stories of when she started out is priceless!!  I never get tired of hearing them.  If I hit a road block, Barb always has a solution within seconds!corcoran

2016 – A Look at Our Real Estate Market

2016 – A Look at Our Real Estate Market

January 1, 2016

By Jeanine Corcoran

 

As we move forward into this New Year, each of us will probably have our own expectations of eating healthier, losing weight or getting ahead financially. But what should we anticipate from our real estate market? There is a lot to look forward to in 2016.

Home prices expected to rise.  Florida’s 2015 real estate rebound “outperformed the nation as a whole,”   according to Florida Realtors Chief Economist Dr. John Tuccillo. “Against the backdrop of an expanding state economy with growing employment, home sales should increase by 8-10 percent over 2015 (numbers) and home prices (measured as actual value) should rise by about 5 percent,” Tuccillo says.

The year of the Millennials?  Those born between 1980 and 2000, known as Millennials, are expected to start making their real estate purchases. As rents rise, purchasing is now making sense to this group of buyers. This age group will make up approximately two-thirds of the housing transactions over the next five years according to most experts!

Historically low mortgage interest rates are holding steady. For the first time in seven years, on December 16th, 2015, the Federal Reserve boosted its key rate 0.25 basis points having an indirect impact on long-term mortgage rates. Even with that said, mortgage interest rates are still staying near 4%. 2016 will probably be one of the last times homebuyers can take advantage of low rates. “We’ve had it for so long that you start to think it’s your American right to have that kind of money, but it’s a ridiculously low-interest rate, even if it were to move up a couple of points.” says, Barbara Corcoran, investor on ABC’s “Shark Tank”. This rate is still historically low; it is still a great time to buy!

New home construction continues.    A good indication of a healthy real estate market is the amount of new homes being built. Take a look around your neighborhood and you will see the evidence of this.   2016 should continue to be a strong year for the builders with the expected growth in our area.

Limited supply and strong demand makes for a robust rental market. Our rental market continues to be strong with vacancy rates expected to stay below 5% in 2016. This is good news for Landlords or those of us wishing to become a Landlord.

 

There are exciting times ahead for 2016 … with home prices expected to rise by 5% and with historically low interest rates still available, these are promising indicators of a strong market. Match this with our Millennials’ major influence in our market and it looks like we have a solid future just around the corner. If you have been on the fence about what to do, whether it is an investment in a rental property, or finding your perfect home, this is the time to make your move!

First Impressions – Seven Helpful Tips to Remember

First Impressions

Seven Helpful Tips to Remember

By Jeanine Corcoran

Nov 1, 2015

 

When preparing to sell your home, remember first impressions as seen by the buyers are most important and sets the tone for their whole viewing experience. When a buyer is walking towards your home, he/she is already asking ‘could I live here?’ You, as the seller, need to do everything you can to ensure the buyer says yes to that question! Follow these seven helpful tips to make a great first impression:

  1. Landscaping. Your lawn, flower beds and hedges should be trimmed and look healthy. Adding new mulch and fresh flowers help with curb appeal.
  2. Walkway. The walkway should be inviting. Be sure it is clean. Pressure wash or paint your walkway to make it clean and bright.
  3. Flower Pots. Consider adding large potted flowers near the front door and a new welcome mat. This helps your entrance look cheerful.
  4. Clutter. Be sure to remove all clutter near the entrance. Get rid of empty plant pots, toys or any other items that don’t belong.
  5. Exterior Lighting. Exterior lighting must be in good shape and clean. Replace lighting if necessary and consider adding lighting to enhance flower beds and/or walkways.
  6. Windows. Be sure to clean all of your windows until they sparkle.
  7. Front Door. Think about giving your front door a new coat of paint and replacing the hardware to make it appear as appealing as possible. You want the buyer to feel welcome.

Your main goal for making a great first impression is to make your property appealing and inviting to the buyer and to show you care about your home. By taking the time to follow these seven tips is the first step to getting the buyer to fall in love with your home. Then when they ask themselves ‘could I live here’ the answer will be undoubtedly YES!

Two Points to Consider BEFORE You List Your Home

Two Points to Consider BEFORE You List Your Home

By Jeanine Corcoran

Sept 1, 2015

 

A few months ago, I had written an article entitled, “Six Mistakes When Choosing a Real Estate Agent.” This month’s article will be an extension of that subject with two crucial considerations.

 

Consider the following:

 

  1. Is this the right time of year to list your home? Our real estate market is most active during the spring and summer; however, because it is September, it doesn’t mean you shouldn’t list your home. There are still buyers who are relocating and buyers who still want to be in a house by the end of the year. If you are ready to list, be sure your home is in “show-ready” condition which means free of clutter, all repairs completed, and fresh neutral paint colors. Arrange your home to appear as close as possible to a model home.
  2. Who should you hire to represent you? Choosing the right agent is paramount to receiving the best price for your home. One common occurrence in our industry is agents influencing sellers with words they want to hear to secure their listing. Then months pass with their home still on the market. That’s when the seller hears from the agent that their home is priced too high. Don’t fall prey to this approach! It is human nature to be easily tempted by more money. The agent who knows your market will be straightforward and realistic about pricing. Sold comparable properties will be used to determine your listing price and there will be an effective marketing plan in place that will save you time, frustration, and most importantly – money!

 

If you are considering listing your home, consider the time of year, having your home in “show-ready” condition and listing with an agent who will give you the straight facts along with an effective marketing plan. In the end, you will be a much happier seller.

7 Questions To Ask Yourself Before Becoming A Landlord

7 Questions To Ask Yourself Before Becoming A Landlord

By Jeanine Corcoran

August 1, 2015

 

Are you thinking of renting out your home or investment property and becoming a landlord? Though it may sound simple, it is anything but. Take a moment and consider what’s really involved. Here are seven questions to ask yourself before becoming a landlord.

  1. Do you have a lease? Finding a lease isn’t as easy as purchasing one in Staples. You’ll need to have a lease specific to Florida and one option is to hire an attorney to write the lease for you.
  2. Where will you hold your tenant’s security deposit? There are specific laws regarding the holding of other people’s money. It’s important to know these laws.
  3. How will you handle tenant repairs? Landlord and Tenant laws require that you make serious repairs quickly. Will you be available when the tenant call comes in at 2 in the morning?
  4. How will you collect the rent? Will you collect in person, by mail or are you set up to collect rent electronically? Collecting the rent is an important part of being a landlord as that is how you get paid. With today’s technology, most tenants expect to have the option to pay online.
  5. How will you respond if a tenant doesn’t pay? There are certain steps to be taken when a tenant stops paying rent. Following these steps is critical to the eviction process.
  6. Do you have an eviction attorney? The eviction process is an arduous task and can be costly to the landlord. Having an attorney who specializes in evictions is key to the proper eviction.
  7. Do you have the proper paperwork filed with the county? A lot of landlords rent out their property without giving any thought to what needs to be filed to make their property a rental.

Consider hiring a property management company. A property manager will be able to help guide you through this entire process. They can manage the financial components, arrange for repairs, and should the need arise help direct you to reputable attorneys. The money spent is well worth it for the peace of mind you will have renting out your home or investment property. Being a Landlord comes with a lot of responsibility starting with having the proper lease, knowing where to hold the tenant’s security, to handling of repairs, to collecting the rent, to having an eviction attorney and to filing the proper paperwork.   By hiring a reputable property management company, you will be relieved of the worry and the responsibility of being a landlord.

6 Biggest Mistakes When Choosing a Real Estate Agent by Jeanine Corcoran

Spring and summer can be the busiest time of the year for real estate agents. As the school year is coming to an end, a lot of home owners decide to make their move to sell their home. Selling your home is one of the biggest transactions you’ll ever make and one you shouldn’t do on your own without the help of a real estate professional. Don’t be the homeowner that makes any of the following mistakes:

  1. Choosing an agent who doesn’t know or who isn’t the expert in your communityIt’s important to choose an agent who is familiar with and active in your community. An agent who is active, is constantly promoting your property to neighbors and visitors. An agent who believes in the community is the best agent to sell your home.
  2. Choosing a friend or family memberThis is not always the wise choice and can make the situation awkward if you’re not happy with them. This can lead to long term friction which could have been prevented.
  3. Number of years’ experience isn’t the most importantHonestly, that large number of how many homes they sold in the past 25 years sounds impressive but more importantly is their success rate. An agent who listed 100 homes last year but only sold 25, has a success rate of 25%. An agent who listed 15 homes and sold all 15 has a success rate of 100%. Success rate is important.
  4.  Flat Fee Service CompaniesThe fact is, you get what you pay for. This is not the correct approach when you’re dealing with such a large transaction. Chances are you think you are saving money but in reality you are probably not getting the most money for your property. Penny wise and pound foolish comes to mind.
  5.  Choosing the agent who gives you the highest listing priceIt all sounds good at the time, but when your house is still on the market in six months, are you really accomplishing your goal of selling your home? Go with the facts given to you on what sold in your neighborhood, they don’t lie. Knowing up front what a realistic price is for your property will avoid disappointment at closing.
  6.  Choosing an agent who cares about one thing…..commissionThe agent gives the best presentation but deep down you know they only care about their commission. That agent doesn’t care about getting you the most money for your home. The best agent is the one that listens and cares about your goals.

Selling your home can be stressful, but it doesn’t have to be. Don’t make the mistake of choosing an agent who isn’t an expert in your community, who is a friend, who has the most number of years in the business, who gives you the cheapest commission, who gives you the highest list price or the agent who only cares about one thing—making a commission. Making the right choice of who should sell your home will make your selling experience pleasant and profitable rather than a nightmare.

Make Your Move, With a Plan

By Jeanine Corcoran

You’ve waited a long time for your dream home and now your contract has been accepted and your closing date is set, now what? It’s time to make your move, with a plan.

First things first. Will you hire a company to pack up all your belongings or do you have time to pack yourself? If you choose to hire a company to do it, be sure to be there to supervise on the packing day.  You should arrange to be off of work and not just you, everyone living in your household needs to be involved. Take pictures of larger items and read the inventory sheet before signing it. Packing can be stressful whether you are packing or whether you are supervising.

Your dream home, if it is not a new home, will need to be cleaned prior to move in day. The previous owner only has to leave the home broom swept. If time allows, have your home professionally cleaned including the windows. You don’t want to be placing your furniture and boxes on to dirty floors. You’ll be thankful you did that on the moving day!

When the movers arrive to your dream home, have a plan. That’s right, draw an actual plan of where you’d like the furniture and boxes placed in each room. Also, plan to be the supervisor as the furniture arrives. Don’t make the mistake of being part of the crew that helps move the furniture and boxes. It’s so easy to want to help, especially if you choose to have friends help you move but you’ll end up with furniture and boxes in disarray and creating more work for yourself later.

Moving can be exciting and stressful at the same time but having a plan can help the process go more smoothly. Whether you hire a company to pack for you or do it yourself, it’s important that you are there on packing day. Also, be sure to have your dream home professionally cleaned prior to moving in, have a plan drawn ahead of time for furniture and box placement, and plan to be the supervisor on moving day. Planning will help you settle in more quickly and what better way to help you enjoy your new home than to have a plan!

6 Biggest Mistakes When Choosing a Real Estate Agent

By Jeanine Corcoran

 

Spring and summer can be the busiest time of the year for real estate agents. As the school year is coming to an end, a lot of home owners decide to make their move to sell their home. Selling your home is one of the biggest transactions you’ll ever make and one you shouldn’t do on your own without the help of a real estate professional. Don’t be the homeowner that makes any of the following mistakes:

  1. Choosing an agent who doesn’t know or who isn’t the expert in your community.  It’s important to choose an agent who is familiar with and active in your community. An agent who is active, is constantly promoting your property to neighbors and visitors. An agent who believes in the community is the best agent to sell your home.
  2. Choosing a friend or family member.  This is not always the wise choice and can make the situation awkward if you’re not happy with them. This can lead to long term friction which could have been prevented.
  3. Number of years’ experience isn’t the most important.  Honestly, that large number of how many homes they sold in the past 25 years sounds impressive but more importantly is their success rate. An agent who listed 100 homes last year but only sold 25, has a success rate of 25%. An agent who listed 15 homes and sold all 15 has a success rate of 100%. Success rate is important.
  4. Flat Fee Service Companies.  The fact is, you get what you pay for. This is not the correct approach when you’re dealing with such a large transaction. Chances are you think you are saving money but in reality you are probably not getting the most money for your property. Penny wise and pound foolish comes to mind.
  5. Choosing the agent who gives you the highest listing price.  It all sounds good at the time, but when your house is still on the market in six months, are you really accomplishing your goal of selling your home? Go with the facts given to you on what sold in your neighborhood, they don’t lie. Knowing up front what a realistic price is for your property will avoid disappointment at closing.
  6. Choosing an agent who cares about one thing…..commission.  The agent gives the best presentation but deep down you know they only care about their commission. That agent doesn’t care about getting you the most money for your home. The best agent is the one that listens and cares about your goals.

 

Selling your home can be stressful, but it doesn’t have to be. Don’t make the mistake of choosing an agent who isn’t an expert in your community, who is a friend, who has the most number of years in the business, who gives you the cheapest commission, who gives you the highest list price or the agent who only cares about one thing—making a commission. Making the right choice of who should sell your home will make your selling experience pleasant and profitable rather than a nightmare.

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