Capital Homes: Pat Kennedy’s Washington, D.C., Real Estate Blog

Recently, my State Farm agent, Greg Lyons, had the unmitigated nerve to retire on me.

Then, one of my Active Rain blog buddies mentioned that he’d never ever been to a retirement party for a real estate agent.

Come to think of it, neither have I!  I’ve been to some memorial services for some agents who worked long into their geezer-hood, but they never retired!   One of them ratified a contract on an $8 million dollar house in Georgetown only hours before drawing her last breath.  And her friends actually convinced the Washington Post obit writer that she on only 79.  Yeah!  Right!

And I have to wonder whether so many agents hang in there forever because they didn’t plan financially for a normal retirement, or because they just love real estate and can’t bring themselves to quit.

I have a colleague who has to be in her 90’s by now, and her only concession to old age is that she is now partnering with her daughter.  When I was a new agent a bunch of years age, we had a 70th birthday party for her.  She is still sharp as a tack and spry as all get out, and she still can qualify on her own for membership in Workahaulics Anonymous.  And she could have retired very comfortably decades ago had she wanted to.  But this woman loves real estate, and real estate clearly loves her.

But there are probably just as many agents who didn’t sock it away in any type of retirement account.  We hear so many stories of agents who have been living from one brokerage check to the next, and if they’re lucky, their taxes are up to date.  But they are still out there working hard because they don’t have other options.

I’m at a point where many of my friends are retiring, and I could if I wanted to.  But it’s hard for me to imagine what it would be like.   Other than bad knees (to be fixed soon), I’m in great health.  I love what I’m doing and have gotten pretty good at it.  I’ve learned to work smarter and take vacations.  But if I hung up my lock box keypad, I’d really miss it.  I’d miss the interaction with colleagues and clients.  I’d miss all of the people and houses and condos and flat tires and almost running out of gas.

So, am I going to be one of those geezer agents who doesn’t know when to quit?

Yeah.  I think so!

In the District of Columbia, like many jurisdictions, condo buyers get a little extra time after their offer is accepted to look at the basic documents that cover the money stuff and the basic ground rules set down by the owners’ association they are buying into.

These papers cover

• The budget
• The rules and regulations
• The by-laws governing the association
• Information about pending litigation, fees and pending special assessments
• While not required, I recommend that buyers also request the minutes of the last several board meetings and check out the building’s web site (if they have one).

Sound like a big snore? It is.

Still, it’s really important to go over these papers before you are obligated to buy the place.

Will your hyper-active Labradoodle puppy be welcome in the complex? Can you run a small business out of your unit? Do they require carpet on top of the pretty hardwood floors? Can you install a washer/dryer in your unit? Is it OK to barbecue on the balcony? These and other questions about the ground rules of the building are found, yes in the rules and regulations section.

Will the fees go up? The answer to this question is always a resounding “YES!” Still, you want an idea of the financial health of the complex. Are any big fix-up projects on the horizon, and is there money in a reserve fund to pay for them? This information should be in the budget, but you’re more likely to get the full scoop from the recent owners’ association meeting minutes.

Is anyone suing the building, or is the building involved in litigation, either with the builder/developer or deadbeat owners who aren’t paying their fees? Some buildings have the dispute resolution thing down and have learned to work out problems without lawyers. Others resort to litigation at the drop of a hat – an expensive way to handle most day-to-day problems. In DC, the resale “statement” will answer this question.

Any condo project will have issues.

• At some point, fees will increase.
• From time to time, there will be special assessments.
• There will be problems with some owners who do not respect the rules everyone agrees to live by.

And it’s not always possible to predict what living there will be like. Still, a reasonable amount of due diligence is a really good idea.

There are lots of web sites out there promising you all kinds of help you might not need if you are buying or selling a house or condo. It might be access to a gazillion lenders or real estate agents who will cut interest rates or commissions for a crack at your business. It might be the ability to get access to listing information without speaking to some pesky real estate sales person. It might be a free estimate of your home’s value.

So you push “Continue”. Then a little screen comes up asking for your basics - your name, where you live and how to contact you. Then you’re off to this wonderul web site where you can do it yourself or save a few bucks - or maybe not.

What happens next is that the proprietor of this web site sells your information to one or more lenders and real estate agents - maybe even moving companies, interior designers - you name it. Your name gets put out there to people who make money helping other people get moved.

But does your contact information get sold to good, experienced loan officers and agents and others who will provide high-quality, professional service?

Sorry, but probably not.

The experienced professionals get most of their business from people who have done business with them already. Because the lender or agent did a superb job, every time the client hears the word “move” or “real estate”, they think of their professionals like you think of Kleenex when you’re about to sneeze.

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