Cheryl Dwyer is an associate broker with AA Premier Properties in Weymouth.
Every week, we ask an Boston real estate professional for their thoughts on the top trends in Boston real estate.
This week, we talked with Cheryl Dwyer, an associate broker with AA Premier Properties in Boston. For more than 20 years, Cheryl has been involved in nearly every aspect of real estate, and her extensive experience in residential sales, short sales and commercial development projects has equipped her with the unique ability to fully understand clients’ and customers’ needs, assess market conditions and identify and negotiate the perfect property for her clients.
Boston Agent (BA): How do you incorporate technology into your real estate business?
Cheryl Dwyer (CD): In the past year, I have instituted a rule in my everyday business, and that is to never become complacent with the technology that I use, whether it be my website, blogging, mobile apps, etc. In fact, I just hired someone to help me with the technology end of my business, because you have to stay on the cutting edge.
There are a lot of savvy buyers out there in terms of technology; they may not know the nuts and bolts in terms of negotiating a home purchase or home inspections, but they know technology, and that covers every age group and demographic.
So the way I incorporate technology is through three websites – my company website; one website for my personal business; and a website for my personal niche of short sales – so I have more than one website to reach the different parties that I want to reach. Also, the person I just hired will help me with mobile apps. When I host open houses, I make sure that my open house is everywhere online; I don’t advertise in print anymore. It’s syndicated through the MLS, and then I make sure it’s listed on the top sites that the public will go to. And I’ve noticed that people attend the open house with their phones and tablets, and they compare the house to other listings in the area. So, the way I integrate technology is having everything that the buyers have, and making it easy for them to find my listings.
BA: We keep hearing about how tight lending standards remain; is that true with your clients? And how do you think lending can improve for homebuyers?
CD: Lending standards today are still tight by historic standards, but today is a different day for lending, so I think that those who think they are still tight have to change their perspective. Two years ago, I would have answered the question a little different, but today, I have found the last three deals that I have done probably wouldn’t have been financed two years ago. In July, the FHA dropped their FICO score from 640 to 600. That’s another pool of buyers. With jumbo loans, many banks dropped FICOs from 740 to 700. So, I’ve seen a slight easing of standards, though DTI still hovers around 40 and 50 percent.
What the buyer has to do is prove that their finances are solid, and as the agent, you should refer them to the right mortgage broker. You have underwriters who must go by the manual, but if you have a great mortgage broker in your corner, someone who can go to underwriting and explain any nuances about a certain buyer, they can get loans through. So, I think it’s a matter of knowing where to send your buyer to get their mortgage.
BA: Finally, what basics do you keep in mind when negotiating with other agents?
CD: I go back to that first day in my real estate course, when I learned the acronym of obedience, loyalty, disclosure, confidentiality, accountability and responsibility. What sticks out to me the most, when I think back, is loyalty and confidentiality. I must keep those things in mind when negotiating with a buyer’s agent. I know they want the buyer’s offer to be accepted; I appreciate the stories about their kids, where they grew up, etc., because after all, my sellers really want to know who’s buying their house. In the end, though, it gets down to dollars, and that’s what I have to keep in mind – I’m working for the seller to get them as much money for their property as I can.
I was hired by my client, and by law, I have to do those things for my client. Sometimes, I think that gets lost. Many agents are afraid of being sued, but if you do what you’re supposed to do, you won’t get sued. That’s it! Also, remember that the agent on the other end of the table is your peer, not your competitor. Treat each other as co-workers, not competitors. Have respect, be truthful and the deal will get done smoothly and efficiently.
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