How Do Veterans Help Other Veterans Find Their Home? – Jeff Schnell
On this episode of The Closing Table, we sat down with Jeff Schnell!
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 Jeff Schnell…
The conversation began with Jeff introducing himself beyond the realm of real estate. He proudly identifies as a devoted family man, cherishing moments with his children in the Midwest’s scenic mountains and lakes. Jeff’s commitment to family extends beyond the biological, encompassing the tight-knit bonds forged in the military. Blessed with a wife and a vibrant extended family in town, he has played a pivotal role in relocating his siblings to the area.
With over two decades of experience in the real estate industry, Jeff brings a unique background in residential construction. Over the past decade, he has transitioned to the mortgage side, culminating in his role as a private mortgage banker. As a real estate agent for nine years, Jeff has successfully built a team and a partnership. His niche revolves around his military background, a passion evident in his dedication to serving military clients.
Jeff’s business partnership is structured to provide the best of both worlds. With a professional partner who shares the same commitment and standards, they seamlessly cover for each other during vacations, ensuring clients receive uninterrupted service. Jeff takes pride in notable accomplishments, such as managing a brokerage with nearly 350 active agents. On a national stage, he contributed to Keller Williams Corporate’s task force, playing a pivotal role in shaping the Military division’s vision and goals.
Additionally, Jeff served as one of the regional directors during the inaugural year of the Military Agent Resource Network. In this role, he assisted individuals navigating VA transactions, offering a valuable help desk hub for first-time clients. Emphasizing education, Jeff and his team actively engage in national fundraising efforts for various causes. This commitment mirrors their local initiatives, where they collaborate with veterans’ organizations for nonprofit endeavors, contributing to the community they serve.
Jeff is based in Wichita, Kansas, situated in south-central Kansas. Despite initial reservations about moving to a smaller town, Jeff and his family have come to adore Wichita. Dubbed the biggest small town or the smallest big city, it boasts a diverse culture and welcoming community. Wichita, historically known as Cowtown, retains its Wild West charm with remnants of Wild West towns. One of Jeff’s local recommendations is to explore The Keeper of the Plains, a symbolic sculpture overlooking the city by the river. Wichita is renowned for its clear skylight, offering spectacular views of stars and even the northern lights. The city takes pride in its vibrant dining scene, featuring numerous locally-owned restaurants and breweries, making it an ideal place for family outings.
Being geographically situated in the middle has its economic advantages for Wichita. Unlike coastal areas, Wichita doesn’t experience drastic housing market swings, making it more resilient to events like the ’08 crash or the effects of COVID-19. The housing market in Wichita remains stable and steady, with an average price point of $235,000. For this amount, individuals can typically acquire a 1700 sqft home with 3-4 bedrooms, 2-3 bathrooms, and a 2-car garage.
Notably, Wichita attracts individuals from California looking to sell their homes, purchase property in Wichita, and still have funds left over. Despite the ongoing winter season, Jeff likens the current market conditions to driving at a steady pace. While they may have slowed down from the pre-COVID speed, the market remains strong, with an average of 40 days on the market for properties to go under contract. This reflects a consistent and resilient housing market in Wichita.
Jeff has been a pioneer in utilizing live video walkthroughs and virtual tours to assist military buyers, a practice adopted long before the COVID era. One compelling story highlights the crucial role this technology played in helping a distressed military family find their ideal home. Jeff received a call from a lady in Hawaii who had flown into town, her husband stationed overseas. Frustrated by an agent who prioritized showcasing the town over home-buying, she felt lost after her only offer fell through.
Jeff immediately reached out, spending 20-30 minutes understanding her needs. Leveraging his media background, he created comprehensive video tours, exceeding the typical 15-minute in-person walkthrough. The couple bought the house sight unseen, closing the deal from Hawaii. Jeff acknowledges that such scenarios occur a few times a year, emphasizing the importance of his construction background in assessing details the camera might miss.
With almost a decade specializing in VA Home Loans, Jeff recounts a pivotal situation during the challenges posed by the COVID-19 pandemic. Recognizing the need to navigate the competitive market, Jeff emphasized the importance of knowing the VA loan product thoroughly. In a market saturated with overbidding, Jeff educated his clients about the potential pitfalls of overoffering, particularly for active-duty military personnel who might relocate within the next 3 to 5 years. Given the 100% financing nature of VA loans, protecting clients on the front end became paramount. Jeff highlighted the significance of understanding the collaborating agent and showcased how deep product knowledge could secure competitive financing packages even in challenging market conditions.
The two then talked about the common misconceptions surrounding VA loans, particularly the prevailing stigma related to appraisals and associated conditions. Jeff shed light on the misconception that sellers are obligated to address these conditions, clarifying that buyers can undertake the necessary fixes without imposing a financial burden on the sellers.
Addressing concerns about the numerous requirements, Jeff emphasized that the VA incorporates specific standards focusing on health, welfare, and safety. These minimum conditions are applicable across various appraisal types, including conventional and FHA. Jeff underscored that the military status of the loan applicant is irrelevant; what matters are the essential aspects ensuring the home’s condition meets health, welfare, and safety criteria. Moreover, Jeff shared a valuable insight – buyers can contact the VA and request waivers for certain conditions, depending on their significance.
Jeff recounted a client’s experience with a $6,000 appraisal repair requirement, which included a demand for a new electrical panel. Recognizing that buyers may lack knowledge about the process, Jeff provided guidance and coaching. When faced with a costly repair, the client inquired about a $2,000 electrical panel upgrade. They conveyed that the panel had passed inspection, and an electrician had certified its functionality without code violations. Highlighting the appraiser’s limitations in assessing specific technical details, they protested the appraisal’s repair costs. Through effective communication and clarification, the repairs were reduced significantly from $6,000 to a mere $500. This narrative underscores a critical aspect of VA transactions that often contributes to the stigma – the repair side. Jeff clarified that many of the concerns and repairs raised during VA appraisals could also surface in conventional transactions.
Jeff’s unique background in the home remodeling and design industry has proven invaluable in his real estate career, offering a distinctive perspective that goes beyond traditional transactions. A notable instance where his expertise in design played a pivotal role involves a property that hadn’t seen updates in over two decades. Leveraging his construction background, Jeff seamlessly provided clients with immediate ballpark pricing and estimates during the walkthrough.
This ability becomes especially beneficial when clients encounter properties with dated layouts or structures that can be easily transformed. Jeff’s insights extend beyond the immediate purchase, as he guides clients away from homes that may require excessive updates, potentially surpassing neighborhood values and necessitating a waiting period for property values to catch up before resale.
The conversation wraps up with Jeff reflecting on his real estate career and personal growth. He traces his dedication to service back to his upbringing on a farm, where his father selflessly served the community. Raised in a military family, Jeff adopted the ethos of service, carrying it into his real estate profession. For him, genuine service extends beyond the transaction itself; it involves caring deeply about both the deal and the individuals involved. Jeff sees his role in real estate as an opportunity to serve people during one of the most stressful periods of their lives, particularly within the military community, where uncertainties abound.
He narrates an experience where a military family, awaiting orders, listed their home. The stress of not knowing when or how they would move weighed heavily on them, and Jeff recognized that his role extended beyond the transaction – it involved providing support and alleviating stress. For Jeff, serving goes beyond clients; it’s a commitment to the community. Whether it’s sharing knowledge or lending a helping hand, Jeff approaches his role with a genuine desire to contribute and make a positive impact. In the realm of real estate, it’s not just about transactions; it’s about fostering a sense of community and offering support during life’s challenging moments.
Check out Jeff Schnell:
Facebook: https://www.facebook.com/DwellWichita
Website: https://hihello.me/hi/jeffschnell
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