Re/Max at the Lakes in Tellico Village
Friday, May 4th, 2012 | Uncategorized | No Comments
Mountain Views felt that its readers would benefit from learning about the many changes that have occurred in the residential real estate market over the tumultuous last five years that may impact their decision to buy or sell a home. We recently interviewed Re/Max at the Lakes in Tellico Village owner, Jim Davis, to discuss these changes. Jim and his wife, Ali, have lived in Tellico Village since 1998.
MV: The residential real estate industry nationally has experienced significant declines over the last several years. How have areas like Tellico Village faired?
Jim: Real estate is a national industry, but is a local market. The sale of homes, or lack thereof throughout the country, has affected our local Tellico Village market. However, the affects have been much less severe than in many markets throughout the country. According to the Knoxville Area Association of Realtors’ Multiple Listing Service information, ten years ago, in 2002, there were 77 home sales with an average sale price of $262,477 in Tellico Village. Last year there were 79 home sales with an average sale price of $336,443.
Many areas of the country are experiencing the same number of home sales as they did in the boom years of 2005–2007, but at about 50% of the sale price. We are experiencing about half the number of home sales for that same time period, but the average sale price for 2011 was higher than the average sale price in 2005 for home sales in Tellico Village. As a business owner and resident I prefer the latter, an increase in property value.
MV: What is the most significant change that you have observed in this changing marketplace?
Jim: The most significant change is the ability to have current information available immediately from our MLS to provide to the consumer. When I began my career in real estate, I received a book of current listings from the local MLS every Monday morning. It was about four inches thick and was no longer current by about noon the same day. Also, I knew the location of every pay telephone in the community and had a pocket full of dimes.
Today, as a result of technology, I have the ability to provide my customer with current information in real time. With a smartphone, iPad, laptop, etc. I have current information available immediately wherever I am; in the customer’s house, in the car or while having lunch in the clubhouse.
MV: What role does the internet play in today’s residential real estate market?
Jim: According to the National Association of Realtors, of which all Re/Max at the Lakes in Tellico Village real estate professionals are members, 80+% of buyers begin their search for their next home on the internet. Today, we communicate with prospective buyers via email, Facebook, and other social media prior to ever meeting them face to face. Most prospective buyers have selected a number of properties to visit prior to arriving in Tellico Village. They found the information about the properties on any one of our many internet-based marketing sites. Today, to properly serve our sellers, it is absolutely essential to have both a national and local presence on the internet. There’s simply no alternative.
According to Hitwise, a national statistical gathering firm, Re/Max.com had 49,521,504 hits on their website in 2011. This is almost 17 million more than the second ranked real estate firm’s website. That is a lot of buyers looking for their next home. When those buyers are looking for a home in our area, we at Re/Max at the Lakes in Tellico Village receive their contact information immediately while they are on the website. We can contact them while they are looking at properties on the website and direct them to a property that fits the profile of the next home. Some buyers have a short term need while other buyers begin their search months or years in advance of their planned move. The sooner that we establish a relationship with them, the better opportunity for success we have to help them when they arrive in Tellico Village in person.
MV: How are you and Re/Max at the Lakes in Tellico Village adapting to this new online phenomenon?
Jim: In the past, it was important for a real estate firm to have a large office facility for all of the real estate agents to have a place to gather. With today’s technology, our office is with us 24/7 wherever we may be; on the lake, the golf course, at your house or ours. We feel that since buyers are searching the internet for their next home, we can better serve our sellers reinvesting in internet-based marketing sites rather than a large, conventional, brick and mortar facility as in the past.
Most of today’s buyers are very internet savvy. When they are requesting information on a property, they expect to receive that information NOW. If they have to wait an hour or two for a response, they move on the next internet-based marketing site. In the current market with fewer buyers, it is important to respond to a buyer’s request immediately.
We are very pleased to have the technology and the training to market our sellers’ property locally, nationally, and internationally through the Re/Max.com website and many other websites.
MV: Re/Max International was recently awarded the J.D. Powers award for customer satisfaction. Can you tell our readers more?
Jim: Recently, for the VERY FIRST TIME, a National Real Estate Franchise was awarded the #1 ranking in customer satisfaction by BOTH buyers and sellers by J.D. Powers. Re/Max International has received the #1 J.D. Powers award in the past for buyer customer satisfaction OR seller customer satisfaction. This is a first for any real estate company to receive the #1 award for both buyer and seller in the same year.
MV: What other advantages does Re/Max at the Lakes in Tellico Village offer buyers and sellers?
Jim: ALL Re/Max at the Lakes in Tellico Village Real Estate Professionals are FULL TIME and ALL live in Tellico Village. We feel that no one knows the Tellico Lake communities better than a Tellico Village resident.
MV: Is there anything else you would like to add?
Jim: We feel very blessed to have some of the most respected, best trained, and most knowledgeable real estate professionals at Re/Max at the Lakes in Tellico Village. Obviously, both buyers and sellers in this area feel the same. In the first quarter of 2012, there were 20 residential sales in Tellico Village. The real estate professionals at Re/Max at the Lakes in Tellico Village either represented the buyer or the seller in 10 of those sales; that is in 50% of the total sales.
If you would like to review the statistics of the Home Sales Trends in Tellico Village by year for each year beginning in the year 2000, call or text me at (865) 414-3601 or email RETV@charter.net and I’ll forward that information on to you at no cost.
Finally, as a former U.S. Army veteran, in recognition of Memorial Day, I would like to personally thank all current and former veterans for their service to our nation on behalf of all of us at Re/Max at the Lakes in Tellico Village.
Jim Davis, Owner
Re/Max at the Lakes in Tellico Village
(865) 414-3601
RETV@charter.net
