How Did The Restaurant Industry Prepare Me For Real Estate? – Betsy Stoneburner
On this episode of The Closing Table, we sat down with Betsy Stoneburner!
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 Betsy Stoneburner…
The conversation began with a this or that icebreaker on networking, investment properties, and more. Outside of the real estate realm, Betsy’s life is a rich tapestry woven with family, travel, and a deep appreciation for furry companions. Born and raised in Kalamazoo, she hails from a bustling Greek family known for their love of food, hospitality, and the joy of feeding people. With two children in tow, Betsy and her husband are avid travelers, exploring the world together. She’s also an affectionate “fur mom,” a role her kids playfully tease her about, suggesting that she might love their dog more than them. However, amidst all these passions and roles, Betsy’s heart finds its true home in the world of real estate.
Geographically, Betsy’s market is quite unique. In Kalamazoo, one can drive for just ten minutes in almost any direction without encountering water. The region is blessed with numerous lakes and the winding Kalamazoo River. It’s a paradise for water enthusiasts, offering endless opportunities for water sports and outdoor activities. Moreover, the area boasts an array of parks and scenic beaches, providing ideal spots for a day out with family or friends.
Economically, the real estate landscape in Kalamazoo has seen some significant shifts. Higher interest rates have emerged as a game-changer, significantly reducing the purchasing power of buyers. Interest rates have climbed, with some reaching over 8%, making a substantial difference in monthly mortgage payments compared to a year or so ago. Furthermore, rising rental prices are making homeownership less affordable for many. This situation presents a complex challenge, with a growing need for affordable housing and ongoing developments on the horizon, offering hope for a more balanced housing market.
Betsy’s family has a deep-rooted history in the local restaurant business, and the values instilled by this experience have seamlessly translated into her approach to providing exceptional service in the real estate industry. Her grandfather’s journey from Greece to America, driven by the pursuit of a better life, led him into the restaurant business. This endeavor was more than just a livelihood; it was a heartfelt commitment to serve the community. He took immense pride in becoming an American citizen and imparted the importance of giving back and community service to the entire family.
Growing up, Betsy and her family actively participated in the restaurant, absorbing the values of hard work, community involvement, and the significance of knowing one’s community. Her education at Western, which emphasized community engagement, further reinforced these principles. Eventually, Betsy made a career shift into real estate, seeking a more hands-on way to make a difference in her community. Since then, she’s never looked back, carrying forward the legacy of service and dedication instilled in her by her family’s restaurant business.
Betsy’s journey from the restaurant business to real estate is a testament to her adaptability and teamwork-oriented mindset. Real estate, as she describes it, can sometimes feel like being a therapist, especially when handling estates. It involves managing emotions while guiding clients through the maze of necessary documents and processes, all while emphasizing the importance of working together as a team. Her commitment is such that she acknowledges her phone can ring at any hour, even during vacations, recognizing that for many clients, a real estate transaction is the single largest and most emotionally charged event in their lives, regardless of the price tag.
Betsy’s dedication to her clients extends to helping them navigate the emotional aspects of selling a cherished home. She recalls a particularly challenging case where a client had lived in their home for years and had amassed an overwhelming amount of possessions. In a situation that felt like extreme hoarding, Betsy wondered how her client would ever manage to clear the house, especially when downsizing to a much smaller property located hours away.
Witnessing her client’s daily tears, Betsy went above and beyond her typical role as a real estate agent. She spent countless hours each day assisting her client in sorting through belongings, even though it wasn’t technically part of her job description. Betsy’s commitment to this emotional journey was taxing, but she recognized the profound need for support in her client’s life. This dedication to her clients goes beyond merely closing deals; it’s about being there when people truly need you, whether it’s helping with yard work or enlisting her husband’s expertise as a contractor to make necessary repairs for clients who can’t afford them.
Betsy’s intimate knowledge of Kalamazoo and its neighborhoods is a valuable asset in helping her clients find the perfect place to call home. She approaches this task cautiously, mindful of fair housing guidelines, but her local insight plays a crucial role in steering clients towards areas that align with their preferences. For instance, when clients express a desire for historic homes with original woodwork, Betsy knows to focus on neighborhoods like downtown Kalamazoo or the Stewart area. She encourages clients to explore these areas firsthand, allowing them to get a feel for the ambiance and style of homes in those locales.
Conversely, when clients seek modern, low-maintenance homes, Betsy might suggest considering a new build, depending on their budget. She takes the time to compile a detailed list of her clients’ preferences and budget constraints. While she strives to match their criteria with available properties, she also educates them about market realities and the importance of compromise.
Betsy’s experience in real estate has taught her the importance of being prepared for unexpected challenges during home inspections. Recently, she encountered a situation where termite damage was discovered in a house. Fortunately, she has the advantage of having a husband with a construction background and a network of professionals she can consult. She’s also honed her own knowledge through her collaboration with her husband and has created a valuable list of references, including structural engineers. In this particular case, they had to renegotiate the sale price due to the termite damage. Betsy proactively reached out to various contractors, sharing pictures and details, to assess the extent of the damage. Such surprises are not uncommon in real estate, emphasizing the need for thorough home inspections that consider the integrity of the property.
While Betsy primarily deals with residential and commercial transactions, she hasn’t encountered many complex legal or zoning issues in residential deals. However, she is well-versed in handling zoning requests for commercial properties. Her approach involves meticulous documentation, noting every conversation, the date, and the details discussed. She is careful not to make promises to clients regarding what can or cannot be done because she understands that different officials within townships may offer varying interpretations of regulations. Betsy focuses on facilitating the process for her clients by providing contacts and necessary forms but avoids making commitments to avoid potential miscommunication.
The conversation wraps up with Betsy sharing what strategy she would adopt to achieve homeownership given his accumulated knowledge and leveraging today’s resources. She suggests considering multi-unit properties, with the option of living in one unit while renting out the others. This strategy provides the dual benefit of tax advantages and rental income to offset the mortgage. Betsy wishes she had known about this approach when she purchased her first home. Additionally, she advises against pursuing the dream of a large, fancy first house and instead encourages building wealth through strategic real estate investments that generate passive income. This, she believes, is a key path to financial security and independence.
Check out Betsy Stoneburner:
Facebook: https://www.facebook.com/betsystoneburner
Facebook Business Page: https://www.facebook.com/betsysoldit
Instagram: https://www.instagram.com/betsystoneburner/
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