Are We Running Out Of Room To Build New Homes In Michigan? – Nicholas Tong
On this episode of The Closing Table, we sat down with Nicholas Tong!
To watch the full episode, check it out on YouTube below. In the meantime, here’s a summary of the conversation…
Here’s what you missed from Nicholas Tong…
Kevin started the conversation with an icebreaker, ranging from people skills to self-motivation and more. Nicholas then described what his current market in Brighton, Michigan is like. Over the past year, he’s noticed that the local real estate market has split into two markets. In some areas, desirable homes that are priced well and marketed effectively are seeing multiple offers and bidding wars. In contrast, other areas are not seeing as much interest due to differences in pricing.
When it comes to listing and selling a home, Nicholas shared that his approach differs based on whether the client is looking to get top dollar or sell quickly. He explained that top-notch marketing is crucial, depending on what the client is seeking. To ensure optimal marketing, his team prepares in advance by making sure the home is well-kept and staged before the real estate photographer arrives. This preparation is key because most buyers start finding their homes online, and presentation is key. If his clients are looking to sell quickly, pricing their home right is crucial. However, if they’re looking to maximize their profits, there are steps they can take to make your offer more attractive.
Kevin then asked about his professional development or continuing education courses he’s taken, he discussed his involvement and how it has helped him gain a lot of knowledge and passion for excellence in the industry. Nicholas shares that he was able to learn what makes a good home, what things should be considered, and different ways to help people achieve their goals. He also talked about the increased demand for green and sustainable building materials and how this affects the real estate market. He noted that while green and sustainable materials are not always at the top of buyers’ priority lists, they are becoming increasingly important. However, buyers may not be well-versed in certain new materials and may be unsure of their quality. As someone with knowledge in construction, Nicholas ensures to educate his clients about these materials and helps them make informed decisions.
Next, the two talked about the US Census Bureau and Builder’s Permit Survey which says Livingston County has more than doubled their annual building activity for multi-family homes. When asked if multi-family homes are a sustainable solution to the housing shortage, Nicholas noted that they are definitely part of the solution, but they may not be suitable for everyone. Multi-family homes can be a great option for downsizing or for those who are looking for a more affordable housing option.
Following that, Kevin asked about a report from Redfin.com that Wixom, Michigan is one of the top 10 most competitive cities in the state for home buying. Nicholas then shared what the Wixom market has to offer that makes it a current hotspot in Michigan compared to other cities, he believes that the location is great for its centrality, with access to freeways, hospitals, and nearby lakes. Wixom is still relatively affordable compared to other cities but provides convenience for its residents.
The two then talked about certain features and design trends that can make a big difference in the sale price. While move-in readiness is currently a major selling point due to the shortage of homes, stunning kitchens and bathrooms always provide the “wow factor” that takes a property to the next level. They then discussed the continued education and professional dedication it takes to improve as an agent. While state requirements dictate a minimum number of hours of continuing education each year, the most successful agents go above and beyond. This includes participation in mastermind groups, attending meetings, and seeking out coaching to continuously improve their abilities.
As the conversation comes to an end, Nicholas talks about his experience in theater, television, and music. He shares how he expresses his creativity in these fields and what his life looks like beyond real estate. Though he admits that real estate is an integral part of his life, he also loves coaching others and sharing his knowledge with conversations that are not commonly talked about. He also added how he has been involved in his church where he was able to lead with music.
Check out Nicholas Tong:
https://www.facebook.com/nptong
https://www.instagram.com/nicholastong_realtor/
If you loved this episode subscribe so you never miss one! Want more The Closing Table content? Head over to our blog.