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March 2015 Update: What Does Hospitality Have to Do With Real Estate?

The market stats for February confirm what our realtors have been feeling “on the streets”: this winter has been more active than usual. Buyers are out in force and competing for the limited inventory available. The lack of listings continues to challenge the market, but steep gains in prices are driving up the overall volume of real estate sold.

Specifically, sales volume across all Front Range markets in February increased 12.0% compared to February 2014. The inventory of homes for sale remained scarce, dropping to 2.3 months of supply as our sellers’ market rolls on.

FEBmonthofinventory

 

Clearly the numbers indicate a strong market. Yet, real estate is more than just data and metrics. Real estate is about homes and places where we live. Real estate engenders the security of having a roof over one’s head.

Which brings us to the question: “What does hospitality have to do with real estate?”

In a widely viewed TEDx talk, Bobby Stuckey, master sommelier and owner of the acclaimed restaurant Frasca Food and Wine, highlights the difference between service and hospitality. According to Bobby, service is what you do to someone, while hospitality is how you make someone feel. For example, at a restaurant, service would be a well-trained wait staff serving the entrée plates with choreographed precision from the left side, each plate coming to rest simultaneously and softly. An example of hospitality, on the other hand, would be a waitress who sees that the long delay to be seated has put you in a grumpy mood, so to change how you feel, she offers a complimentary cocktail as she apologizes for the inconvenience. (View the entire TEDx talk HERE)

This got us thinking at 8z about hospitality in real estate. 8z’s core purpose is: “Real Estate is Broken. We’re Fixing it.”

One of the things consumers feel is broken about real estate is that many home buyers and sellers never hear from their agent again after closing.  We strive to do better at 8z. Part of this is by sending this monthly market newsletter to all of our clients. Beyond simply remaining in communication, the newsletter is part of a broader goal to affect how you feel about real estate. It’s one aspect of 8z’s Real Estate Hospitality Program. First and foremost, we want our clients to feel informed and confident about their real estate holdings and decisions. We want our clients to be smart!

 

Personally, I want you to feel secure about the roof over your head, and I want you to sleep well at night under that roof! For clients that don’t yet own the roof over their head, we want to help them realize that dream.

As part of our Real Estate Hospitality Program, we want you to know that our realtors are available to sit down and talk in person with you about your current situation. Think of it as an “annual real estate check up.” They will prepare a packet of information tailored to your home, so you know exactly where you stand with one of your largest assets. Just shoot us an email, text, or call and we will set something up!

More Accurate than Zillow: Search through all the latest listings on our site!

 

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