Homes & Offices: Women and Real Estate
Whether they’re looking for a perfect new home or a perfect storefront for a business, women are emerging as a powerful force in the real estate market. Two Peoria real estate professionals share their perspectives and tips for women in search of real estate.
Home Sweet Home
RE/MAX realtor Lois Wahrenburg said women make up a significant portion of her clients-about 50 percent. "There are, of course, lots of couples. The wives are very involved and often in charge of finding the family home when relocating. I facilitated the purchase of homes last year for families where the wives had stellar careers and were the major bread-winners in their families."
She said the number of single women buying property today is certainly higher than it was years ago. "I’ve shown single women many of the new condominium developments that have gone up in the Peoria area in recent years. The interest rates have been very appealing for quite a while now, and that helps. Also, more women in career mode want to buy, even if they’re considering marriage and children later. They see purchasing a home as an investment in their future, a stepping-stone so to speak. Women’s attitudes and reasons for buying a home are many, but more and more are absolutely looking at the monetary aspect of it and not just the emotional side."
Wahrenburg said the investment factor, along with resale value, is important to many women today. Of course, aesthetics are just as important. "Women tend to look for spacious rooms for living, as well as storage space. They want kitchens that are easy to move around in and great baths-the more the better. Schools and neighborhoods are also important, even if they don’t have children, because they’re interested in the future resale of the property. Men and women are very careful to have a home inspection conducted by a reliable licensed inspector, who looks for things in the home that may need to be remedied in the future. No one likes surprises down the line. Taxes, I’ve found, are extremely important to both men and women."
She said men and women often have different responses when they find a home they like. "Everyone seems to know when they walk into a home if it’s right for them. The reactions vary, though. Men start shaking their heads up and down and say, ’Yes, I believe this is the one; let’s write it up.’ I’ve had women actually walk from room to room screaming. I know then that I’m going to write a contract."
Hot trends in real estate right now include lots of light and main floor master bedrooms that have a shower as well as a large bathtub, Wahrenburg said. "Basements are popular for storage or another family living area, and the bigger the garage, the better. All kinds of styles sell in Peoria, but I’ve found ranch homes are becoming more and more popular for the baby boomers. I think another great trend is condominiums. The new ones being built have fireplaces, large bathrooms, roomy garages, and even basements. Personally, I can’t wait until downtown Peoria takes off with lots of condominiums. I love the loft idea."
A two-year Peoria real estate veteran, Wahrenburg said she’s noticed many women feel very comfortable with another woman showing them houses. "My personal belief, however, is that you just have to find the person who’s right for you, whether it be a male or a female. The important parts of the relationship are your comfort level, the communication, and the trust. You have to be able to talk to your realtor about your lifestyle, your needs and wants, and your finances. It’s a very personal experience and an individual decision."
Wahrenburg said she truly enjoys what she does and where she does it. "Peoria is my hometown, and I love it here. Watching how the Peoria area is growing by leaps and bounds is exciting to me. Plus, I have a lot of energy and enthusiasm for what I do, and it allows me the opportunity to get out of my office, meet new people, and see interesting homes. The people I meet while doing my job are great. Selling your home and purchasing a new one can be stressful, but it should also be fun. It’s a very important time in your life and probably the biggest investment you’ll ever make."
When choosing your own realtor, Wahrenburg advised potential clients to ask friends for references or sit down and have a face-to-face talk with several realtors to get a feel for how the two of you communicate. "It’s best to find one you like and stick with him or her. This way if they hear of something coming on the market, you get the first call. If you’re moving in or out of the area, I feel it’s best to choose a company that’s nationwide or worldwide. Your service will be more consistent, and the realtors are extremely experienced at working with people who are relocating."
Office Space
Searching for the right place to set up your business is a whole other ballgame than searching for the right place to set up a household. Commercial realtor Carol Hitchell of Traders Realty Corporation said it’s essential that business owners consult a commercial professional. "Commercial real estate encompasses a wide range of areas and a multitude of problematic situations that vary greatly from one situation to the next."
With residential properties, the focus is on buying or selling a home, she said. "With commercial, the leasing market itself brings into play a completely different set of economic factors and legal ramifications. Visibility may replace ’location, location, location,’ and the term of the lease, as well as the financial qualifications of a tenant, become integral parts of the negotiation from the beginning. Selling or purchasing investment properties, land development, and the sale of individual businesses are three more completely unique situations. Experience becomes the ultimate training ground."
Hitchell said most commercial real estate clients in the Peoria area continue to be men, estimating that only 5 percent of her clients are women business owners. She explained the huge gap has to do with the juggling act women are still faced with. "Being a working woman and mother jumps to an entirely different level when you add ’business owner.’ Though there are certainly a number of successful women business owners in the city, they’re the rare exceptions and certainly in a league of their own. Women continue to be plagued with time constraints and limited choices when it comes to balancing the many aspects of life. When you’re meeting the needs of your children, a husband, a family, and attempting to attend all of the functions associated with the personal side of your life, the stress and individual sacrifice can prove overwhelming. As a business owner, the demands on you are further intensified."
She said the female clients she assists tend to be in businesses that provide services to their own gender. "Flower shops, beauty salons, interior design, home furnishing, decorating, fitness centers, food, jewelry, and catering are the most common professions. Women doctors are a definite exception. They seem to be able to conquer all the obstacles and, hopefully, remain sane."
When clients contact her, Hitchell said they typically have a pretty clear idea of what they’re looking for. "The size of the facility is often the first consideration. The size of land desired, the amount of parking required, zoning requirements, ceiling heights, overhead doors or dock doors, the desired location for the particular use, and the all-important budget number are the first details I need to obtain. The use of the property is a major issue, with the Planning and Zoning Department entering into the process. All city ordinances must be met, so it becomes important to address these issues early on and hope to eliminate unacceptable properties. The property may be worth more as one particular use than as another. However, the buyers determine what the property is worth to them for their intended use, and negotiations begin from there."
Typically, new businesses prefer to lease first so they can put assets into their business, inventory, and equipment rather than into the bricks and mortar of real property, she said. "Once the business has prospered, the owner may choose to buy and gain more control over his business situation by owning the property rather than being a tenant. Many smaller businesses, however, don’t necessarily see ownership of the property as essential to achieving financial success."
Hitchell said in today’s economy, business owners remain cautious and want to know all of their options. "Ten-ants want to be flexible in their lease terms and certainly flexible with their space, since downsizing remains a key word. Though the nature of a particular business denotes the best location, the potential for future resale opportunities needs to be considered. Stand-alones may be best for franchised operations but an investment risk for those just entering into the commercial field for the first time."
She said the commercial market is definitely changing in Peoria. "That can best be seen in expanded development, such as The Shoppes at Grand Prairie on War Memorial and Route 91, now 98 percent occupied. The number of new businesses along this highly desirable corridor has increased dramatically, along with prices. Just to the southeast, the Willow Station development has three fully leased structures on Willow Knolls Road. Building Four will consist of 8,400 square feet and an additional 15,000 will be built further to the west. The new Wal-Mart Superstore on Allen Road has pulled in a wide assortment of new retail business and sparked immediate growth throughout that area. The Med-Tech District along Main promises to be an im-provement to that area, just as Mid-Town Plaza was a great addition to the Knoxville inner-city corridor. As new retailers appear, others often disappear-especially as the city continues to experience this shift northward."
As a female commercial realtor, Hitchell is a definite minority, but she said she found her niche early while working with smaller tenants. "I enjoyed working with small business owners and tenants, who were so enthusiastic about their new endeavor and just needed assistance in locating the right space. There was something to learn with each new transaction. Over time, I became fortunate enough to move on to larger projects, such as the sales/leasing of shopping centers, land developments, and investment properties."
After nearly 20 years in the business, Hitchell said the best part about her job is looking back and seeing what she’s accomplished. "Driving through the city and seeing businesses I’ve worked with in years past remain prosperous today is very satisfying. I’ve watched many business owners work toward a dream that seemed more like a nightmare to me, but when the outcome is successful, it’s nice to know I may have played a small part. Also, I enjoy and admire the people I work with, I like the negotiation process itself, and I like to see growth and progress in the city."
Of course challenges are often part of her daily job. "You can think you’ve dotted all the ’i’s and crossed all the ’t’s, only to find out the alphabet has been changed to Greek overnight-and you’re back to square one. Precise negotiations or perhaps a fresh look at an old problem can bring new life to a transaction. Many times it’s simply a matter of bringing everything together and relying on past experiences or even instinct to accomplish the task at hand. The job is always interesting and challenging, usually stressful and tiring, but never boring." TPW
Home Sweet Home RE/MAX realtor Lois Wahrenburg said women make up a significant portion of her clients-about 50 percent. "There are, of course, lots of couples. The wives are very involved and often in charge of finding the family home when relocating. I facilitated the purchase of homes last year for families where the wives had stellar careers and were the major bread-winners in their families."
She said the number of single women buying property today is certainly higher than it was years ago. "I’ve shown single women many of the new condominium developments that have gone up in the Peoria area in recent years. The interest rates have been very appealing for quite a while now, and that helps. Also, more women in career mode want to buy, even if they’re considering marriage and children later. They see purchasing a home as an investment in their future, a stepping-stone so to speak. Women’s attitudes and reasons for buying a home are many, but more and more are absolutely looking at the monetary aspect of it and not just the emotional side."
Wahrenburg said the investment factor, along with resale value, is important to many women today. Of course, aesthetics are just as important. "Women tend to look for spacious rooms for living, as well as storage space. They want kitchens that are easy to move around in and great baths-the more the better. Schools and neighborhoods are also important, even if they don’t have children, because they’re interested in the future resale of the property. Men and women are very careful to have a home inspection conducted by a reliable licensed inspector, who looks for things in the home that may need to be remedied in the future. No one likes surprises down the line. Taxes, I’ve found, are extremely important to both men and women."
She said men and women often have different responses when they find a home they like. "Everyone seems to know when they walk into a home if it’s right for them. The reactions vary, though. Men start shaking their heads up and down and say, ’Yes, I believe this is the one; let’s write it up.’ I’ve had women actually walk from room to room screaming. I know then that I’m going to write a contract."
Hot trends in real estate right now include lots of light and main floor master bedrooms that have a shower as well as a large bathtub, Wahrenburg said. "Basements are popular for storage or another family living area, and the bigger the garage, the better. All kinds of styles sell in Peoria, but I’ve found ranch homes are becoming more and more popular for the baby boomers. I think another great trend is condominiums. The new ones being built have fireplaces, large bathrooms, roomy garages, and even basements. Personally, I can’t wait until downtown Peoria takes off with lots of condominiums. I love the loft idea."
A two-year Peoria real estate veteran, Wahrenburg said she’s noticed many women feel very comfortable with another woman showing them houses. "My personal belief, however, is that you just have to find the person who’s right for you, whether it be a male or a female. The important parts of the relationship are your comfort level, the communication, and the trust. You have to be able to talk to your realtor about your lifestyle, your needs and wants, and your finances. It’s a very personal experience and an individual decision."
Wahrenburg said she truly enjoys what she does and where she does it. "Peoria is my hometown, and I love it here. Watching how the Peoria area is growing by leaps and bounds is exciting to me. Plus, I have a lot of energy and enthusiasm for what I do, and it allows me the opportunity to get out of my office, meet new people, and see interesting homes. The people I meet while doing my job are great. Selling your home and purchasing a new one can be stressful, but it should also be fun. It’s a very important time in your life and probably the biggest investment you’ll ever make."
When choosing your own realtor, Wahrenburg advised potential clients to ask friends for references or sit down and have a face-to-face talk with several realtors to get a feel for how the two of you communicate. "It’s best to find one you like and stick with him or her. This way if they hear of something coming on the market, you get the first call. If you’re moving in or out of the area, I feel it’s best to choose a company that’s nationwide or worldwide. Your service will be more consistent, and the realtors are extremely experienced at working with people who are relocating."
Office Space Searching for the right place to set up your business is a whole other ballgame than searching for the right place to set up a household. Commercial realtor Carol Hitchell of Traders Realty Corporation said it’s essential that business owners consult a commercial professional. "Commercial real estate encompasses a wide range of areas and a multitude of problematic situations that vary greatly from one situation to the next."
With residential properties, the focus is on buying or selling a home, she said. "With commercial, the leasing market itself brings into play a completely different set of economic factors and legal ramifications. Visibility may replace ’location, location, location,’ and the term of the lease, as well as the financial qualifications of a tenant, become integral parts of the negotiation from the beginning. Selling or purchasing investment properties, land development, and the sale of individual businesses are three more completely unique situations. Experience becomes the ultimate training ground."
Hitchell said most commercial real estate clients in the Peoria area continue to be men, estimating that only 5 percent of her clients are women business owners. She explained the huge gap has to do with the juggling act women are still faced with. "Being a working woman and mother jumps to an entirely different level when you add ’business owner.’ Though there are certainly a number of successful women business owners in the city, they’re the rare exceptions and certainly in a league of their own. Women continue to be plagued with time constraints and limited choices when it comes to balancing the many aspects of life. When you’re meeting the needs of your children, a husband, a family, and attempting to attend all of the functions associated with the personal side of your life, the stress and individual sacrifice can prove overwhelming. As a business owner, the demands on you are further intensified."
She said the female clients she assists tend to be in businesses that provide services to their own gender. "Flower shops, beauty salons, interior design, home furnishing, decorating, fitness centers, food, jewelry, and catering are the most common professions. Women doctors are a definite exception. They seem to be able to conquer all the obstacles and, hopefully, remain sane."
When clients contact her, Hitchell said they typically have a pretty clear idea of what they’re looking for. "The size of the facility is often the first consideration. The size of land desired, the amount of parking required, zoning requirements, ceiling heights, overhead doors or dock doors, the desired location for the particular use, and the all-important budget number are the first details I need to obtain. The use of the property is a major issue, with the Planning and Zoning Department entering into the process. All city ordinances must be met, so it becomes important to address these issues early on and hope to eliminate unacceptable properties. The property may be worth more as one particular use than as another. However, the buyers determine what the property is worth to them for their intended use, and negotiations begin from there."
Typically, new businesses prefer to lease first so they can put assets into their business, inventory, and equipment rather than into the bricks and mortar of real property, she said. "Once the business has prospered, the owner may choose to buy and gain more control over his business situation by owning the property rather than being a tenant. Many smaller businesses, however, don’t necessarily see ownership of the property as essential to achieving financial success."
Hitchell said in today’s economy, business owners remain cautious and want to know all of their options. "Ten-ants want to be flexible in their lease terms and certainly flexible with their space, since downsizing remains a key word. Though the nature of a particular business denotes the best location, the potential for future resale opportunities needs to be considered. Stand-alones may be best for franchised operations but an investment risk for those just entering into the commercial field for the first time."
She said the commercial market is definitely changing in Peoria. "That can best be seen in expanded development, such as The Shoppes at Grand Prairie on War Memorial and Route 91, now 98 percent occupied. The number of new businesses along this highly desirable corridor has increased dramatically, along with prices. Just to the southeast, the Willow Station development has three fully leased structures on Willow Knolls Road. Building Four will consist of 8,400 square feet and an additional 15,000 will be built further to the west. The new Wal-Mart Superstore on Allen Road has pulled in a wide assortment of new retail business and sparked immediate growth throughout that area. The Med-Tech District along Main promises to be an im-provement to that area, just as Mid-Town Plaza was a great addition to the Knoxville inner-city corridor. As new retailers appear, others often disappear-especially as the city continues to experience this shift northward."
As a female commercial realtor, Hitchell is a definite minority, but she said she found her niche early while working with smaller tenants. "I enjoyed working with small business owners and tenants, who were so enthusiastic about their new endeavor and just needed assistance in locating the right space. There was something to learn with each new transaction. Over time, I became fortunate enough to move on to larger projects, such as the sales/leasing of shopping centers, land developments, and investment properties."
After nearly 20 years in the business, Hitchell said the best part about her job is looking back and seeing what she’s accomplished. "Driving through the city and seeing businesses I’ve worked with in years past remain prosperous today is very satisfying. I’ve watched many business owners work toward a dream that seemed more like a nightmare to me, but when the outcome is successful, it’s nice to know I may have played a small part. Also, I enjoy and admire the people I work with, I like the negotiation process itself, and I like to see growth and progress in the city."
Of course challenges are often part of her daily job. "You can think you’ve dotted all the ’i’s and crossed all the ’t’s, only to find out the alphabet has been changed to Greek overnight-and you’re back to square one. Precise negotiations or perhaps a fresh look at an old problem can bring new life to a transaction. Many times it’s simply a matter of bringing everything together and relying on past experiences or even instinct to accomplish the task at hand. The job is always interesting and challenging, usually stressful and tiring, but never boring." TPW