Making The RIGHT Home Selling or Buying Decision – Jen Arizmendi
On this episode of The Closing Table, we sat down with Jen Arizmendi!
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 Jen Arizmendi…
The conversation began with a this or that icebreaker on hardwood floors, traditional homes, and more. As Jen has dedicated 14 years to real estate, defining herself apart from this profession can be challenging. However, she is not just a real estate professional; she is also a devoted mother of four, a loving wife, a caring daughter, and a supportive sister. Additionally, she actively contributes to her local association, where she holds the position of committee chair.
Jen’s primary market is located in South Bend, Indiana, which is renowned as the home of the University of Notre Dame. The area also houses five different colleges. While serving her community, Jen primarily caters to investors, assisting them with buy-and-hold strategies and fix-and-flip projects. The median sales price in their region predominantly hovers around $250,000. For a significant period, South Bend has been one of the most affordable cities in the Midwest. Despite the post-COVID era witnessing slight price increases, Jen believes that South Bend still remains relatively affordable.
Kevin then asked about how they determine whether a listing client should sell or rent their property. Jen explains that the decision between selling or renting a property is made early in the purchasing process. When they acquire a property, they assess whether it will be a rental or an investment property for a fix-and-flip project. This decision is crucial because most of the properties they sell require some level of renovation, and the type of finishes needed depends on the intended use. Unlike others, Jen’s approach involves determining whether to rent or sell at an earlier stage in the process.
Following that, Jen highlights several key factors they consider when determining the offer price. Firstly, they always evaluate comparable sales, analyzing the market value of similar properties, whether for residential purposes or fix-and-flips. Secondly, external factors such as school districts, taxes, and flood zone status significantly influence pricing decisions. Moreover, the condition of critical components like the septic system or roof plays a vital role. If these components require extensive maintenance, it might be more advantageous to sell the property rather than assume the ongoing maintenance responsibilities associated with rentals.
When it comes to the difference between contingent and pending, Jen explains that when a house is listed as contingent, it is similar to being pending. However, the term contingent often implies that the seller is open to accepting backup offers, allowing interested parties to continue exploring the property. On the other hand, when a property is marked as pending, it means it has been taken off the market until the closing process is completed.
Next, Jen recounts experiencing a time when she encountered disagreements with another agent during a transaction throughout her career, particularly during inspections and negotiations regarding repairs. To navigate such scenarios, she emphasizes the importance of open communication from the outset and fostering a teamwork mentality with all parties involved. Jen believes that maintaining a shared goal perspective is essential for resolving conflicts. Moreover, she prefers to depersonalize the situation and focus on analyzing the needs and wants of both buyers and sellers, searching for compromises that satisfy everyone involved. With a cooperative approach and focusing on the factual aspects of the transaction, Jen has successfully resolved conflicts and brought transactions to a close.
When asked what she would or her client would do if their purchase offer is rejected, Jen highlights the importance of having clear conversations with clients regarding potential outcomes when making an offer. They discuss the three possibilities: acceptance, counteroffer, or rejection. If the offer is rejected, they simply move on and proceed to the next opportunity. Jen believes it’s a delicate balance that depends on how much the client desires the property and their willingness to spend on it. However, she reassures clients that there are always plenty of houses available, and if one doesn’t work out, there will be another opportunity to find their perfect home in the near future.
The two then talked about expired listings and the next steps for an agent and their client if the listing expires. Jen explains that when a listing expires without being sold, the agent and client must have a meeting to discuss the next course of action. They may consider taking the property off the market, exploring the option of renting it instead of relisting, or reassessing various factors such as the list price, potential overpricing, or even reevaluating the client’s relationship with the realtor. Maintaining open communication is crucial to determine the most suitable next steps. In Jen’s area, it is generally considered too long for a property to be on the market for 30-45 days, although listing terms can typically extend up to six months.
In strategically planning to sell your home, Kevin asked if there is a most popular day instead of the season to list a home. Jen believes that homes are bought every day, but she prefers to advise her clients to list their homes on Thursdays. Her reasoning is that many agents are busy setting up for the weekend on Thursdays, making it a popular day for real estate activities compared to earlier parts of the week.
The conversation wraps up with Jen sharing where she finds inspiration and shares certain quotes that resonate with her. One quote she particularly embraces is, “I prefer to underpromise and overdeliver.” This mindset guides her approach to work and client satisfaction. Additionally, when her children experience tough days, she often reminds them that “Tomorrow is another day, and we have survived 100% of our bad days.” These words of encouragement instill resilience and optimism in both her children and herself.
Check out Jen Arizmendi:
https://www.facebook.com/investwithjen
https://www.facebook.com/jenifer.arizmendi
https://www.instagram.com/investwjen/
If you loved this episode subscribe so you never miss one! Want more The Closing Table content? Head over to our blog.