Intro:
Broadcasting live from the Business Radio X studios in Detroit, Michigan. It's time for Detroit Business Radio. Now, here's your host.
The Mag
Lee Cantor here, another episode of Detroit Business Radio, and this is going to be a good one. Today we have with us, Colette Hughes with Virtual real estate service. Welcome.
Colette Hughes:
Thank you so much, Lee, thank you so much. This is so exciting. This is a great opportunity. I appreciate it so much.
The Mag
Well, thank you. I'm excited to learn about what you got going on. Can you tell us a little bit about virtual real estate services? So how are you serving folks?
Colette Hughes:
Yes, yes, I service people in the Southeast Michigan area. I have nine other realtors on my team what was actually eight and it's nine with me. So it's nine of us on the team. And we started with Michigan. We help buyers and sellers with residential properties, commercial properties on with leasing, as well as selling, buying whatever it is that they want to do over the course of over Michigan that we're licensed here, and we're excited to help anyone.
The Mag
Now how did you get into the real estate business?
Colette Hughes:
Well, I got into real estate, I was property. I started off as an admin and 1998. So I've been in real estate for a long time. And it's been so exciting because, over the journey of 32 years, I started off as an admin in 1988. And then the property manager there at the company, after a year, she decided that she was going to get married, and she was going to leave, but I was just absorbing information from everybody in the company. And so they didn't replace me. I was the person that was going to take over the property management area. And then I went on to do property auctions. I, the Wayne County Detroit, they have property tax auctions. And so I took care of those I probably purchased maybe about 40 properties.
And in a span of two days, as far as the tax auctions and then what happened the foreclosure market came up. And so I started pricing out properties for the banks, Fannie Mae, Freddie Mac, Bank of America Chase Bank, I was pricing out homes for them homes that were selling for 300,000 in the foreclosure market start selling for $40,000 homes that were selling for 200,000. Were selling for 25,000. So I was helping all those buyers. With those particular homes. I was doing a property management company at the time people all from all around the country, I was managing their properties, and they lost those properties to foreclosure.
And some of those homes were stocks are selling for $3,000. So it was definitely a buyers market at that time, then the short sell market came around. And during the short sell market, I had to help people sleep, you know, their lungs were upside down. And they were about to lose their homes and they couldn't sleep and so I had to help them. And so I still help the banks almost working for free, you know, during that time, but I did help out those particular families. And now we're back to our traditional markets where we're back to a traditional market went back to a seller's market at this time. Well, that's a little bit of my journey in real estate, which is an exciting journey.
The Mag
Well, it sounds like you've kind of done it all. And this education you had was pretty robust.
Colette Hughes:
Yes, yes, yes, very robust. Because I learned so much in helping people. And so that's right now, that is my passion. And that is my compassion in order to help people so that they're not taken advantage of.
The Mag
And there are kind of a lot of things you got to know if you've never done this before. But obviously, you know it because you've been doing it for so long. And you've seen so many different scenarios play out, you can really educate and help your clients.
Colette Hughes:
Yes, yes, you kind of have to have an open mind. And you have to learn from other people, you have to have a good network of people, and you have to learn from them. You can't just pretend you know at all. Because if you pretend, you know, if you pretend you know at all, then it's gonna be something that you gotta be lacking in. So you have to kind of have an open mind there.
The Mag
Now, how has the pandemic impacted your business where a lot of folks, you know, they're afraid to go out to places or they're not allowed to go out to places but you know, people are still moving? They're still coming and going.
Colette Hughes:
Yes. Okay. So in April, we were shut down for a period of time. And we could only do virtual, open houses or virtual showings to properties we couldn't we had to have the sellers if they were selling the property to send us pictures of the home so we couldn't go in. And it was all for safety. It was for all of our best interests and what we did, we waited and then all of a sudden, like May the 17th, we were able to go back into the homes, what we had on our masks, gloves, shoe, booties, everything, whatever it is that we needed in order to show homes because it's the low inventory of homes on the market right now. And that's because of the pandemic. Maybe some people lost their jobs. And maybe they thought they could sell their homes, and then they couldn't. So we have a low inventory. But the homes that are on market they're selling, you just have to be creative.
And what I have done, there was a buyer that came to Michigan, I spent maybe the weekend with him and his wife, they were all you know, everybody was covered in mask and everything. And they were looking for a home because they needed to move here by September. And what I did, I showed them a couple of homes and got an idea of what they were actually looking for what they loved about a home, they the size of the home. And so I got a good feel for that. And then they had to leave after that weekend. But they sent another address for the property that was a new Baltimore, Michigan. So I went out and took a look at that property. And I took my phone out. And I showed them the property on FaceTime. They looked at every room, they looked at the beautiful floors, they looked at the beautiful fixtures in the home, the kitchen was just grand, the backyard was just perfect for them and their little six-year-old son, and they placed the offer on this property. And I like I said had to be creative. I had to say okay, well, this buyer, you know, definitely loves the home.
And he wants to you want him and his family to live there. And so the seller, I think the buyer had to give the seller maybe 60 days before they had to move out. So there are different little creative things that you will have to do in order to get an offer accepted nowadays. And that buyer never did see the property until the day before closing, he got a chance to walk through. But I'm so glad that they trusted my they trusted me in order to let them see they trusted me for that particular home. That's what I'm trying to say they trusted me. They trusted the way that I looked at it to know that they were going to love it because the seller loved the home. And so I can feel the love and the energy in that particular home. It's hard for owner-occupants to not see a home that they're going to live in because you don't feel the energy in an investor that's a little bit different. But the owner occupant that was very different, but they did love the home and they didn't move in?
The Mag
Well, that's a great example of how you had a pivot and adjust. And now, who knows maybe this will open up after the pandemics done. Maybe this will be a way that you'll be able to expand marketing to folks maybe that are relocating that they can kind of get a feel and capture that energy in a way that maybe you didn't think about prior.
Colette Hughes:
Oh, no, I have thought about that prior because, in 2015, I was selling properties to people that lived in, in the UK. And they never did see the properties here in Michigan. So I had a lot of experience in selling property sight unseen. And there were Detroit properties. And they were interested in those homes. They never did see the inside. But they had an inspector here who were their eyes and ears and they sent their inspectors to look at the homes, but I've sold property sight unseen before from long distances. So I knew I could do it. But I knew I had the experience for from over. Like I said over a period of time, I have so much experience that I'm able to just pivot in any real estate trend. Because you see I have outlasted the foreclosure market, short sale market tax auctions, you know, whatever. I'm still here, and I'm still hanging on.
The Mag
So now how did you kind of motivate your team through this pandemic? Where you know, it's not just you anymore, you have a group of people that are kind of relying on you and your brand and your firm? How did you help them through this pandemic?
Colette Hughes:
Okay, the way that I helped them, we all we were meeting, you know, we would have our different office meetings in person and then all of a sudden we had to meet on Zoom and I had to encourage them that okay, yes, you can still do this because I talked about my experience, we had a meeting, I talked about how I have in the past sold property sight unseen, and that they could still do it and once they let us start doing of showing properties again in person, then I just made sure that they were secure as well just make sure that they had everything that they needed, you know, they have their gloves, they have their shoes and want to protect their clients as well and just make sure that you stay a distance from everyone. So yeah, they're doing well is they're doing well to my team is doing well.
The Mag
So now what are some of the real estate markets is very competitive? How do you kind of differentiate yourself from the other folks out there?
Colette Hughes:
The way I differentiate myself is everybody has their own personality. I have patients, I have compassion, and I have consistency. I love to help a person throughout the process of real estate, you don't just sign a contract, and then go straight to closing. It's all a process. Some people might want to rush through that process. So the way that I differentiate myself is just with the personality that I have. I tried to be different. I tried to show up, and I tried to show out and I tried to show people a different side of me, but when it comes down to business, then I'm all business, then I'm all trying to make sure they get to the place in the space where they want to live in Michigan.
The Mag
Now, what is your ideal client? Are they the new homebuyer? Maybe the first-time homebuyer, they the investor, like you said, what is an ideal client for you?
Colette Hughes:
My ideal client, I love to help families, I love to help them with their first home, maybe first-time homebuyers, Yes, but if the family needs to move out of that first starter home, and they need to move up to a bigger house, I love to help them. And I love to help their families just to go around the home and see which room the child wants to pick for their own, which is most of the time the biggest room in the house, and they're not going to get that room, but they love to pick it anyway. And so that's what I love to do. I love to help first-time homebuyers and starter homes to move up to a different property, as well as the people that are going to downsize. So I love to help, you know, like all across the board, even though I know that I can't. But like I said, I have a rockstar team to help me. And they help with the seniors, we help investors, we help with commercial residential. And we're here for him.
The Mag
Now. Any advice for that young person out there that maybe hadn't considered being getting involved in real estate? But, you know, maybe they should be considering it for a career?
Colette Hughes:
Oh, yes. They shouldn't consider real estate as a career because everybody needs a place to live. And real estate is so huge. It's so vast that you can help investors, you can help buyers, you can help people with commercials you can help people with the land, it is a great career because you are in control of pretty much of your own destiny, your own hours. And you can even do real estate part-time you don't have to do it the entire time. I have some realtors who's working, you know, like part-time, and then they might call on one of the other people on the team to say, Okay, well can you show this particular property for me, you know, so we all work together. And so there are there are always a real estate team that can help. So you can do it part-time, full time, but someone will always need a place to live. That's the main thing. So that's why so look at it, just like people love to eat, people have to have software to take that plate of food into a home and set it on a table.
The Mag
Now, what's the most rewarding part of the job for you nowadays? Is it when one of your teammates kind of has a big sale or for you having a sale or helping that person kind of handing them the keys to their home? What part kind of is the most meaningful part for you?
Colette Hughes:
The most meaningful part is because real estate is not passionate, and I have done it for free or almost free or Yeah, free. Because if you take a short sale that started, you know, like six months, you're pretty much working for free. Because of the time that you spend sending documentation to the bank over and over again, the time that you spend communicating with the client, about the process, and about them turning in all sorts of information. So my thing is to help that person if they want to sell the property, sell it, if they want to buy a home, here are your keys, we're at the closing here's your keys and move into the home. They're happily ever after they send me referrals because they want me to help that person because they trusted me so much. They want me to help their friends and their family. And that's the rewarding part of the job to me. And also just to help my Realtors I love not only do I love to help my Realtors I have I love to help other real estate brokers and realtors and other real estate companies as well.
The Mag
Well, your passion comes across in and out just tremendously you can tell how much it means to you and how knowledgeable you are about the work that you're doing. Congratulations on all your success.
Colette Hughes:
I appreciate this so much. Thank you, Lee.
The Mag
Now if somebody wanted to learn more and have a sub more substantive conversation with you or somebody on your team, what is the website?
Colette Hughes:
The website is Colette Hughes? No, I'm sorry. The website is virtualrealestateservices.com. And that's V I R t u a l Real Estate Services is spelled SVCS.com.
The Mag
And that's Colette Hughes with virtual real estate services. Thank you so much again for sharing your story. Colette, you're doing important work and we appreciate you.
Colette Hughes:
Thank you.
The Mag
All right, this is we can't or we will see you all next time on Detroit Business Radio.
Image source: https://www.facebook.com/colette.hughes.broker
