Jacob Balfanz
Fin180
Interview1: John Balfanz is founder and owner of John
Balfanz homes located in Bakersfield CA. He develops residential neighborhoods
and builds homes. Started in 1989 the company has built over 1000 homes in the
local area.
There is a saying that if you want to make
one million in real estate you start with two million, do you agree or
disagree?
Disagree. U can
make a million with 30k. It takes time.
Are there things you do differently now
when buying land than what you did when you bought your first piece of land?
I look for better
properties that are easer to develop. Having oil on the land or backing up to
major streets makes the process last longer.
What do you think are the best character
traits to doing business in your field.
Build to the
highest standard. Strive to always please the client.
Many developers went out of business in
08-09, why do you think that your company survived?
I renegotiated
debt and and saved enough cash to continue building.
How do you feel the housing market will
act in the next year?
It seems to be a
little flat now but hopefully it will be steady during the remainder of the
year.
If you could have done one thing
differently over the years what would it be?
Try to buy when
the market is down and resist buying a lot of land when times are good.
How many times a year would you say you
change your prices?
I evaluate prices
every month and try to get as much as I can. Sell every home for maximum
dollar.
What factor(s) make you change your
prices?
If I feel there is
strong demand for my homes I get very aggressive with raising prices. If
I get too aggressive and my homes don't sell I usually add some incentives to
the home or lower the price.
Interview2: Evan Selander is a real estate salesperson
for Landmark Properties. He is new to the profession and is starting out his
career by branding himself and dealing with new clients.
How did you become involved in real
estate?
My father is a
real estate broker and told me a lot about real estate. During the summer after
my sophomore year, I decided to get my real estate license. I eventually passed
the necessary classes and the license test, and earned my license. I then
joined Landmark Properties as a real estate salesperson.
There is a saying that if you want to make
one million in real estate you start with two million, do you agree or
disagree?
I started my real
estate career with a couple hundred dollars. It doesn’t take much to be
involved in real estate.
What do you think are the best character
traits to doing business in your field?
I am Quick
learning, practical, sociable, great-communicator, and attention to detail.
Real estate is all about getting the deal done. You have to be sharp and
creative with each buyer in order to get the job done.
How do you feel the housing market will
act in the next year?
I can see it only
going up. Right now, there are more houses sold then going on the market. This
is going to provide listings with more and more serious offers, driving prices
up. The change will not be too drastic, however it looks good for sellers.
Do you ever feel overwhelmed in your
career?
At times, there
are a lot of challenges with starting off as a salesperson. A lot of networking
and marketing is involved in order to get clients. You can not make money
without having clients to help buy or sell their house. It’s a bit overwhelming
fighting for clients who are decades older than you, but it has its benefits.
What do you think would be the best
opportunity for a low-income college graduate in the real estate market?
The best
opportunity is to start with an internship for a local brokerage. Get the feel
for the industry, and then decide if you want to pursue a license in real
estate.
How Do You Get Your Real Estate License?
In order to get
your license, you need to first take three real estate classes: real estate
principles, practice, and a real estate elective. After all three are passed,
you apply for the license test. If you pass the test with a 70% or better, you
can then send in the application for your license.
How do you make money as a salesperson?
You make money by
selling a house or helping a seller find a buyer. You then make a commission
based on a negotiated agreement. Commission commonly runs anywhere from 4-6% of
a houses ending sales price.
What’s the most important part of real
estate?
Location,
location, location. Customer service and proper negotiation skills are also the
key aspects of the deal.
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