Episode Transcript

Scott Barboza:
Welcome to the building interest podcast presented by Leader Bank a series of free flowing conversations on a wide range of banking and money related subjects. We’re here to discuss all the issues that impact your financial future. Want to buy a home started small business, secure your financial future? Or maybe you want to maximize your savings ability or get your budget in order, we can help our talks with experts and influencers across the world of banking, we’ll set you in the right direction. I’m your host, Scott Barboza. Let’s get to it. Everybody, welcome aboard another edition of building interest podcasts. We have a full house here today. We’re expanding out the bench a little bit. I love this. I’m joined today on a conversation not to invoke the clash too much here. But do we say or do we go? I’m joined by the esteemed Kathy Wentworth, the senior loan officer here at Leader Bank. And I’m also joined by Kristin Weekley, Bleeding Edge Real Estate. Thanks, guys, for coming aboard. Kristin, I’m sorry for the memo. We’re having a little conversation offline. Like, hey, no video is gonna be involved. Can you can you bring some filters on? Don’t worry, we’ll fix it. I promise. And if anything goes wrong, it’s all on me. But thanks, guys, for coming in. We got a beautiful spring day here in Boston. Finally. And I think this is actually kind of a good time to bring this up, because we’re at the beginning. I know we were just talking offline. Kristin, as you were coming in, you’re working on, you know, putting together a listing that’s just getting ready to go. This is a really busy time for you guys. This is almost when you get to this April May jump, does it almost kind of feel like getting ready for the Superbowl that kind of, you know, kind of amped up for that.

Kristin Weekley:
I mean, I think you’re pretty much in the middle of the Superbowl right now. I mean, you go from being busy, but not. But not you may be having a day off here and there to like just I’ve been working 12 to 16 hour days for the last few weeks pretty much constantly because things are busy, you know, you’re launching new listings, a lot of people are making the decision right now to take advantage of the current market and list their property. I’m seeing a lot of sellers, you’re watching the interest rates rise as well, if we’re like, no, maybe we’re gonna see a market shift as a result of this. So we’re gonna go ahead and jump right on in. So yeah, it’s been been pretty crazy.

Scott Barboza:
Kathy, we’re just talking offline. I think there’s such an important symbiotic relationship between real estate agents, loan officers and being able to execute a purchase and sale on any kind of transaction. Tell me a little bit about how you guys got to know each other, you know, what it’s been like working together and how you guys really kind of, you know, work together from that perspective to keep.

Kathy Wentworth:
Presenting clients that were purchasing one of Kristen’s listings back in 2019. And Kristin was curious to know what our rates were, and our rates were lower. So she was able to make an introduction to the clients for myself, and I was able to secure that deal due to that introduction.

Scott Barboza:
Question, so did you have any previous experience with Leader or?

Kristin Weekley:
I hadn’t actually but I really liked my co broker on that property. And he had told me that he was recommended these by Kathy and that he really likes Leader Bank. And so I mean, most Realtors I know it really is an industry of relationships. And if you don’t have good relationships with your with other agents in the industry, your job is gonna be a lot more difficult. So I definitely trusted his opinion. And when my clients were having some issues making the numbers work, I recommended Kathy to them. And you know, with the rates that we are offered, they were able to financially make the numbers work on their new purchase. And so they decided to, you know, work with Leader Bank, and we had such a great experience, it was so easy that you know, I’ve had clients continue to use them since then.

Scott Barboza:
A little bit of background here the the Residential Lending focus episodes that we’ve done to date have primarily focused on the buyers perspective, people that are trying to come into the market and purchase property. What we wanted to do with this episode is pick it a little bit from the other perspective, which is obviously the seller side of it. So this is really the first seller focused episode that we’re going to be doing. Part of what we wanted to lay out for folks here and why we thought Kathy had the great idea to bring in Kristin here for the conversation to see it from kind of both sides of the spectrum. When people are thinking about the current market with everything being what it is today. I’m interested to hear from both of you in those perspectives what you’re hearing from your clients at this moment in time, both from a seller perspective as they’re trying to you know, work with you Kristin as a listing agent, but then also Kathy, because I know a lot of those people are obviously probably coming into a situation where they’re trying to sell a property and then move into something else. So you’re kind of seeing it from both sides, what have those observations been here in the last couple of months?

Kristin Weekley:
So the biggest issue that I’ve had with sellers who are also looking to make a move, are, they’re just worried that they’re not gonna be able to find a property. I think part of the inventory shortage that we’re seeing is really fueled by the fact that, you know, sellers are not listing their houses, they know they can sell their house very quickly, they know they can sell it for a lot of money, but they’re just too worried that they’re not going to be able to find that ideal property on the other side, and they’re worried about what they’re going to have to do to get it. So you know, a lot of my sellers, just are either waiting to make the move, or they’re trying to get an idea or trying to find something before they list, which you know, puts a lot of sellers depending on their financial situation in a tough position. Because, you know, if you have to get X number of dollars for your house, in order to move along, I can never promise as your realtor, exactly what you’re going to get for that property, I can tell you what to list it for, I can give you a range of what I think you might get. And all of my salaries this year have been pleasantly surprised. And so why we’ve gotten more than we were expecting, however, you know, it is something where buyers determine the market price. Sellers and listing agents do not certainly what we do you know, what I do on my own influences that price and you know, the negotiation strategies that I employ also influence what the, you know, the in market value and so being, but that’s determined by the buyers that come into your property at that moment in time. And so I’m really, you know, the biggest issue I’m seeing with sellers who are also looking to move is just a real reluctance to, to jump in feet first.

Scott Barboza:
Right? So, Kathy, from from your world, how does that influence?

Kathy Wentworth:
So when I have sellers that are coming to me right now that are seeking to relocate to a different property, maybe they’re downsizing or upsizing, I’ve had several clients who have been successful in that. Sometimes they just don’t know where that downpayment is going to come from, right. But they have all this equity that they’re sitting on, we want to make that work for them. Here at Leader, we have a bridge loan program, which helps them to be able to do that. So you know, my job as a loan officer, and dealing with sellers in this market is just being patient and just walking them through, you know, all the different options, you know, that are available and keeping them informed of the rates as we are in the same rate environment, and the different programs that come available so that they’re ready to rock and roll when they’re about to list their house.

Scott Barboza:
Kathy, not shine the spotlight too much on you. But you were just recently featured in Boston Magazine as a top lending professional in the Boston area. What does it feel from your perspective to be recognized? Not only amongst your peers, but then also a lot of that feedback is coming from the client base and people satisfaction and return customers. So what does it feel like to have that kind of I think so much of what Leader is about is really that client service element.

Kathy Wentworth:
Yeah, I’m so I’m so grateful to be recognized. It meant the world to me, I could almost get a little. I’ve worked really hard. I’ve been doing this for 20 years. And, um, I put a lot of time and energy into this career. And it was just so wonderful to get that recognition. And, you know, I was able to post them on social media, and the outpouring of support. I mean, I think there was over 100 posts from clients from years and years ago that just are so supportive, and you deserve it. And yeah, I just felt really blessed.

Scott Barboza:
I didn’t want to go the Barbara Walters route and try to make you all emotional in the moment. But no one needed to bring that up too. Because I think, again, as we talked about, you know, from an institutional perspective, Leader bank, we really do pride ourselves in the group of loan officers. I think you see a lot of repeat customers too. And it’s very much proof of that. Getting into the more than nitty gritty, interested, you know, Kristin, from your perspective, as we look through the process of you know, I know a lot of people can come up with, you know, checklists, things of that nature. If you’re trying to list a property, just take us, you know, through a quick little run through of things that people should keep in mind as they’re going through that process of trying to list their home trying to get, you know, the best rate and return as possible.

Kristin Weekley:
So I think the most important thing that people need to realize is the buyers first impression of your property is decided within seven seconds of entering into your home. And part of that time is really the walk up to the front door. So if they don’t like the way the outside looks, a lot of buyers won’t come in at all. And if they’re, no when they start out, it’s much harder as they go through the property to end up with a yes. So you know, making sure the outside of your house is very clean, make sure it’s power washed, any like chipping paint is painted, you know, putting down fresh malts, maybe some fresh flowers. So it you know, it looks clean and fresh and inviting is really important. And then when you walk in, the best thing people can do is fresh paint. The next best thing is refinishing your floors. If they’re in you know, rough shape. I mean, most people live you know, live in their house, I mean, their their floors get scratched, if they have dogs, if they have kids, if they don’t have, you know, a tiled mudroom, and they are coming in with sand or not sand but but salt on their boots in the winter around here,

Scott Barboza:
We do live in New England. So…

Kristin Weekley:
Exactly, it really wears on the flooring. The tough thing with floors is that you know, it is harder because you have to move all your things out, move them all back in. So refinishing floors is a little bit more difficult than the paint. But painting is really, really important making sure that there’s not any scuffs that the colors are as neutral and as inviting as possible. I know that Chantilly lace has been a really popular color recently, and Bleeding Edge actually has them come out once or twice a year with the color trends that are you know, happening right now and how you should use them. And they give those to their agents. So that’s been really helpful for me. I don’t always like the color trends. But at least you know, but like, at least I understand, you know, number one, what they are. And also number two, you know, the best way to utilize them. Because if you have someone who’s coming to you, and they’re like, Well, we’re going to update our kitchen, but we’re planning, even three or four years, what should we do? Like what cabinets should we choose? What countertop should we choose? Like, I can give them some real solid guidance from that guy?

Scott Barboza:
Yeah. Um, one thing I’m really interested in Kathy, from your perspective is, and you touched on it a little bit earlier, that kind of in between you mentioned, you know, bridge products that Leader has available so that people once they, you know, have that, that, you know, firm offer in hand from a potential buyer and they’re looking to get into their next their next property. Walk us through that process a little bit, because I know that can be, I think from, you know, a seller’s perspective, a little bit of the little bit of the unknown there, because you’re moving into that space where you might not have things tied up.

Kathy Wentworth:
Yeah, so Well, one program that we have here is the Purchase Pass, which allows us to get anybody who’s looking for a house, fully underwritten and approved within a week’s time. So…

Scott Barboza:
When they’re really remarkable.

Kathy Wentworth:
That seller that has the accepted offer, they can turn around and go out and make offers with the competence if they’re going to get the mortgage from us, because we give them the commitment letter that says it, they are going to get it. I like to educate my clients on all of the programs that they qualify for. I don’t believe in a one size fits all type of mentality. I think that, you know, everybody should know, you know, all the different programs, what does it look like with a different you know, maybe a 25% down downpayment versus a 20 might have a little bit better of an interest rate. In a rising rate environment, you might want to consider an adjustable rate mortgage, you know, you’re only going to be in the property for, you know, seven or 10 year period. And, you know, it’s just important for them to understand so they have all of the tools so they’re ready to go when they’re making that offer and they know you know what they’re going to be able to receive from us as their lender for terms.

Scott Barboza:
This has been a great conversation. Thank you ladies for coming in. This is a real pleasure and hope everybody enjoyed it. Great. Thank you.

Kathy Wentworth:
Thank you so much.

Scott Barboza:
Leading Edge Realty is not affiliated with or owned by Leader Bank, N.A. and all opinions expressed by Kristin Weekley are her own and not the opinions of Leader Bank. For additional information on the credit costs in terms of any of the loan types discussed during this episode, including current annual percentage rates, please contact Leader Bank at 1-855-294-4488 to speak to a loan officer. Adjustable rate loans is discussed have annual percentage rates that may increase after your loan closes. For more information on today’s subject, visit leaderbank.com. In addition to past episodes, you can also find our corresponding blog entries there for more insights. This podcast is a production of Leader Bank and a equal housing lender. Member FDIC. NMLS number 449250.