One of the best things I discovered during the pandemic was “Ted Lasso” on Apple TV+, and I know I wasn’t the only one who connected with the sheer positivity that permeates each and every episode.

For the uninitiated, “Ted Lasso” is about an American football coach who is drafted to lead a ragtag U.K. football club (what Americans call soccer) and find a path to victory amid monumental challenges. It’s a classic fish-out-of-water trope that completely rises above expectations to deliver what viewers needed most in a time of doubt, loss and fear: a reason to hope and dream of bigger things.

I think about Ted Lasso, the leader, as I speak with people who are thinking about starting a new career in real estate or who are seasoned agents looking to elevate their business goals. In anticipation of the release of the second season of this delightful show (July 23!), here are a few of the parallels between sports and the competitive world of real estate and the lessons you can learn from Coach Lasso:

1. Be ready to step outside your comfort zone

When Ted Lasso arrives in the U.K., he has to learn not only a new sport but a new “language,” culture and rhythm. Even if you’ve had experience buying, selling or renting your own home, being the one in charge of ensuring the transaction goes smoothly for your clients is a whole new world.

Now, you are expected to know contractual language clearly enough to explain it accurately to others. Now, you are a part of a network of professionals who are each the CEO of their own startup companies, each with their approach to real estate and each with their own expectations of you. Now, you are an independent contractor who doesn’t necessarily have office hours or a “boss” to report to on a daily basis, but you have clients who deserve constant attention, other agents who are calling you for information at all times of the day and a brokerage that is invested in your success. AND, you have to manage your family, friends and business contacts in the process.

Be prepared for a steep learning curve and look for leaders who will help support you. There’s an oft-repeated statistic that 87% of new agents will be out of real estate by their fifth year. If you are taking the risk to embark on a challenging new path, make sure you identify brokerages with strong training, mentoring and coaching programs that are as invested in your career as you are.

2. Know yourself but also get to know others

One of the most endearing traits of Ted Lasso is his ability to connect with others, chiefly by leveling the field — he knows his skills and limitations and is not ashamed to own both — and by letting people know that he values them and what they bring to the table.

As a Realtor® you will meet many people who have a different approach to a transaction, whether that is a competing agent in a sale, a power-player client or a colleague who moves in the same circles you do. Take the time to know the people with whom you are interacting, and you will be rewarded greatly!

There are many books that will help you identify personality types and negotiation styles (some are listed at MCEReads on Amazon) that will help you understand motivation and sidestep potential roadblocks to a smooth deal. It’s also an important skill because real estate is a business built on RELATIONSHIPS. If you can’t find a way to connect with people, to listen to them and to hear them, it is going to be harder to build your business through trust and referrals, and you might strongly consider a different career path. Which leads to…

3. Surround yourself with people you want to work with

Ted Lasso can appear to cynics like he’s a happy-go-lucky doofus who isn’t really good at what he does. He ignores them. Instead, he stays focused on the people he knows will listen to him and help lead others to the successful outcome they all want.

While many agents do build their business via purchased leads — people you don’t already have a relationship with but have been identified by algorithms or a direct brokerage inquiry to be in the market to buy or sell a home — it takes a lot more work to get those leads to the “know-like-trust” client stage than the people you have already been interacting with on a personal and professional level.

When I was an active agent, I used this mantra: “I only want to work with people who want to work with me.” It sounds easy, but when you are new and hustling for every lead you can uncover, it pays to focus on those people ready to hire you as their trusted advisor in their real estate goals. This means developing a comprehensive Sphere of Influence (SOI) of contacts who will become the foundation of your business and refer new clients to you. Your SOI starts with a list of all the people you know — family, friends, former coworkers, those in your social and civic circles, your doctor/dentist/hairstylist/mechanic, your parenting groups, the list goes on! — and their contact information. You can then work with your Broker or mentor to categorize those groups into sections that will yield different approaches to outreach, marketing and referral requests. The important thing to remember is that each person on this list is someone you would want to have a relationship with even if you weren’t a Realtor®. As you build your business, you want to ensure that the people who are with you are cheering you on!

As you develop your skills and knowledge about real estate, you’ll have many wins and losses (and maybe even a few draws). Both Ted Lasso and I want you to take away from the experience is to BELIEVE: in the value of others as much as yourself, that you need a good team standing behind you if you’re going to get anywhere and that a positive mental attitude will get you further than you can imagine.

To join the winning team of McEnearney Associates — or just to talk about your favorite Ted Lasso moments — call me at 703-615-0876 and visit us at JoinMcEnearney.com.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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This question comes up very frequently. Even in a hot “seller’s market,” like the one we are in now, sellers still want to put their best foot forward to ensure that their home will receive the best offer. Like most real estate decisions, it really depends on what works for each individual. Here are a few things to consider with your Realtor when you are deciding on your moving timeline.

First, do you have somewhere else to go?

Most sellers don’t have a new home yet when they decide to sell. In a seller’s market, many sellers choose to sell FIRST, then find a new home. Unless you are in the rare position of owning multiple homes, it’s typical to not have a place to move into quite yet. Many sellers prefer to have the sale on their home agreed upon before looking for a new home to move into.

Once there is a contract on your home for sale, it puts you in a much more competitive and financially stable position for your future purchase. Sellers can even negotiate a rent-back period with the buyers, allowing them to stay in their home past settlement while they find that next new home. Rent-back periods can be for a week or even up to 60 days after settlement. This is a great option to allow a seller the time they need to identify a new home and move.

Another consideration: Do you have a place for your things to go?

If you are downsizing, you can begin to pare down belongings and make space in your home long before the sale process. While it’s great to be that organized, most sellers are on a much shorter timeline. Did you know your Realtor can help by providing names of trusted vendors to provide an array of services that include packing, hauling, off-site estate sale services and more?

Not everyone is downsizing. Many people move because they need more space — maybe you need a new home office or an extra bedroom. Maybe you’re not planning on getting rid of a lot or anything at all. When this is the case, is it even possible to live in a home that’s on the market? Of course it is.

Whatever your situation is, I strongly advise leaning heavily on your Realtor. My team brings in a stager to work with sellers, whether they are living in their home or selling it vacant. A lot of people don’t know this, but stagers will work with what you ALREADY have! Sometimes it’s as simple as rearranging a few armchairs, replacing a painting with a mirror or clearing counters. Regardless of how they do it, your Realtor should be able to walk you through how to live in your home — without looking like you actually live in it!

It almost goes without saying that another consideration on a lot of folks’ minds nowadays is COVID. Some are still understandably uncomfortable with strangers in their home and want to do everything they can to avoid exposure. Many sellers I’ve worked with are opting to leave their home for just a few days or the weekend. In a lot of ways, this is the best of both worlds. No extra moving — just extra relaxation (and someone making your bed for you!).

There are a number of local hotels that offer great rates for locals to have a nice little “staycation” in their own hometown, and some even allow dogs! Personally, I think that this is a great way to treat yourself, especially since sellers work so hard to get their home ready. If you are expecting a lot of activity the first few days on market, staying in a hotel is a nice way to sit back and let your Realtor take care of the appointments.

Of course, not all sellers live in the home they are selling. If you are selling a property that you are currently renting out, you may not have the option to put it on the market when it’s vacant. If this is the case, it is important to stay in close contact with your tenants so they will cooperate when the time comes to take photos or make showing appointments. You may even want to offer the tenant a few days away at an Airbnb to allow for lots of showings. Make sure that your Realtor is in touch with the tenants as well, so all parties involved remain on the same page at all stages.

In all honesty, staying or leaving is fine with a little work. If you leave or temporarily put things in storage, there is the potential that you will be moving twice — once into the temporary digs and again when you’ve found the new place. If you choose to stay, there is the possibility that you will have to leave — a lot — for showings, and many find the pressure of keeping things picked up and “show ready” to be daunting. If kids or pets are in the picture, it can be exponentially harder.

This is a decision that is important to really think through and discuss with your Realtor. Like most big changes in life, moving can come with a certain amount of stress, but if you’re working with the right professionals, those stresses should be greatly reduced, and you will soon be on your way to a wonderful new home.

Hope Peele is a licensed real estate agent with McEnearney Associates, Inc. She and her mother, Kim Peele, are The Peele Group serving Virginia and D.C. They are dedicated to helping clients through the challenges of buying or selling a home.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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If you are a first-time home buyer, the idea of purchasing a home may feel daunting. A sense of permanence seems to be attached to every home purchase. At the end of the day though, you have to live somewhere.

The earlier that you buy your first home, the better. You are going to be paying to live wherever you live so you might as well put your money into an investment that will likely grow in value over the years. When you purchase a home, you are not just paying the mortgage, but building equity.

I have developed three questions to help my buyers determine whether they are ready to buy their first home.

1. How long do I plan to live here?

Renting makes the most sense when you are only planning to stay in the area for the short term, or if you are new to the area and unsure of where you want to live. If you think you are going to be in the area for longer than a year, you should probably take the plunge and purchase a home. Since interest rates are still so low, there has never been a better time to buy even if you only plan on staying in your house for a few years.

2. Do you have a steady job?

Nowadays, a steady job doesn’t necessarily mean working from 9 to 5. As long as you can show the mortgage lender that you have a reliable income, then you should be able to apply for a loan. Only a mortgage lender can say what size loan you are qualified for, but you won’t know what that is until you ask.

3. Do you have a little bit of savings?

The biggest misconception that first-time homebuyers have is that you need a 20% down payment to buy your first home. While this might be true to avoid Private Mortgage Insurance, or PMI, some conventional loans will allow you to purchase with a 3% down payment. The PMI will then be incorporated into your monthly loan payment.

Even though some loans only require 3% down, it is good to have a little bit of money in savings or in investments that can be liquidated so that you can pay for closing costs, moving fees and new furniture when you move into your new home.

If you answered “yes” to these three questions, it might be time to reach out to a Realtor and see what options are out there. Home ownership can be a very rewarding experience. After all, there’s no place like home!

Jean Beatty is a licensed real estate agent in VA, MD, and DC with McEnearney Associates Realtors® in McLean, VA. If you would like more information on selling or buying in today’s complex market, contact Jean at 301-641-4149 or visit her website JeanBeatty.com.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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Here is a really important question: What do sellers want in today’s housing market?

Low inventory and low interest rates mean there aren’t a lot of homes for sale, but there are lots of buyers looking to make a move. Sellers are receiving multiple offers above list price, but what do sellers want beyond escalated sales dollars?

1. High earnest money deposits and large down payments

The earnest money deposit shows the seller you’re serious about purchasing. This money is sent to the title company as part of the offer and held in an escrow account before closing. It’s also known as a “good faith deposit” and protects the seller if you back out of the contract. Typically, it’s about 1-3% of the sales price, but if you want to win a contract these days, consider offering more, even as much as 10-15%.

A large down payment also shows the seller you’re serious and have the funds to back up your offer. Sellers worry about buyers’ financing falling through, and these two strategies can help ease their minds.

2. A “clean contract”

This means no contingencies — home inspection, appraisal and finance contingencies all waived. Sellers don’t want to have to negotiate for repairs from a home inspection report and deal with the hassle of having minor problems repaired. Consider waiving the home inspection and purchasing a home warranty to cover the cost of repairs that may arise once you own the home.

Additionally, waiving the appraisal means you’re willing to bring additional funds to the closing table if an appraiser deems the home is worth less than your offer amount. You can shift dollars from your down payment to cover this gap.

Lastly, waiving the financing contingency means you’re confident in your ability to obtain a loan. If you feel secure in your job/financial situation, this may be a good option, but please talk to your lender first.

And don’t forget: Listing agents and sellers do not want to see any mistakes on the sales contract. Be sure your agent is detail-oriented and, of course, read the contract yourself before signing!

3. A quick close

Sellers want their money and to move on! Most transactions can close in as little as 30 to 45 days depending on title work and lender procedures. Check with your lender about pre-underwriting your loan to close quicker — this can be a huge plus!

4. A free rent back

This can push your contract to the top of the pile. Offering the sellers to stay in the home post-settlement, free of charge gives them peace of mind and flexibility to move to their new home or even renovate. I’ve seen this tactic work multiple times even when you can’t waive all the contingencies.

Lynn Cooper is a licensed REALTOR in Virginia with McEnearney Associates in McLean. Whether buying or selling, Lynn is 100% committed to her clients before, during, and after the transaction. Connect with Lynn at 202-489-7894, lcooper@mcnearney.com.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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Like any industry, real estate has a ton of lingo that isn’t common to most people. To me, it’s incredibly important that someone who is buying or selling a home has all of the information and resources that they need — before the stakes get high! There is nothing worse than trying to make a difficult decision when you are unfamiliar with the terms.

When I am working with both buyers and sellers, some of the most frequently asked questions are about contingency periods. These are lengths of time written into the contract in which one of the parties has the option of voiding the contract without penalty.

There are many different types of contingencies, and they can vary greatly depending on the contract. No two contingency periods are alike! However, there are some that are more common than others, so here is a quick guide to the top three contingencies that I am asked about most often.

1. Inspection Contingency

In some home sale contracts, there is an agreed-upon number of days in which the buyer can hire a licensed inspector to examine the home for defects. Sometimes the contract allows for the buyer to void during this contingency period, and sometimes there is also the option to negotiate repairs with the seller. If the buyer chooses to either void or negotiate, they must provide the seller with a report from a licensed inspector. In a hot “seller’s market,” buyers can sometimes make this period very short, or even waive it entirely, to appeal to the seller.

2. Financing Contingency

This contingency protects the buyer in case something happens to their loan. Changes in things like a buyer’s employment or credit could potentially put the loan in jeopardy. If there is any risk of this happening, it is important to have this contingency in place so the buyer is not bound by the contract terms. Depending on where the buyer’s loan is in the lender’s pre-approval process, this contingency can be confidently waived in some instances.

3. Appraisal Contingency

An appraisal contingency gives buyers security in case the appraisal from the bank does not come in at the contract price. The bank wants to know that the loan they are approving is worth it. So, if they conduct an appraisal that values the property less than the contract price, the buyer either needs to make up the difference or come to an agreement with the seller. Without an appraisal contingency, the buyer is responsible for what they agreed to in the contract — with or without a loan. An appraisal contingency protects the buyer in case the bank will not allow the loan to go as high as the contract price.

This is by no means an exhaustive list and please remember contingencies can vary greatly from one offer to another. Each buyer and seller should work closely with their Realtor to decide what is best for them in each particular situation.

To learn more about contingencies and other real estate topics, we will be hosting a Virtual Happy Hour on April 22. We will be joined by a lender and a home inspector, and we will answer all of your questions about real estate! For an invitation, please send an email to Lori@thepeelegroup.biz.

Hope Peele is a licensed real estate agent with McEnearney Associates, Inc. She and her mother, Kim Peele, are The Peele Group serving Virginia and D.C. They are dedicated to helping clients through the challenges of buying or selling a home.

Take a look at our website for all of our listings available throughout Washington, D.C., Maryland, and Virginia.

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