Katrina Barrett On Luxury Homes, Arcadia & Becoming a BINSR Hero

In this current market, getting a home under contract is hard enough, let alone getting it to close. There are so many reasons a contract can fall out, and some of them are actually quite avoidable if agents just took some extra steps on the front end. 

If we’ve done our homework, there’s really no reason for a contract to fall out. Very often, the job of an agent is to over-control the variables so they can get ahead of the problems that could arise. If we know that it’s harder to get the deal over the finish line, there are solutions we can use to keep things from falling apart. 

One such secret weapon is the BINSR, something a lot of agents are keeping in their back pockets to get the transaction closed. In this episode, Realtor, broker-owner and luxury expert Katrina Barrett shares how this solution works and she also gives us insights on the luxury market in the Valley – Arcadia Proper in particular. 

You’ll also learn;

• The consultative approach to real estate 
• Why some of the most expensive properties never get listed on the MLS 
• What luxury homes in Arcadia look like
• Why agents need to have a BINSR in their back pocket 
• How to support local businesses 

Key Points 

Selling isn’t the only way out of a home 

If you’ve got a good mortgage and you don’t need to sell, keeping the house long-term might be the better choice financially. If you can buy a new home, while renting out the house you were in before (especially on the vacation rental market), you can keep the asset and have other people pay the mortgage for you. If you have the capital to buy without selling, consider taking advantage of this and grow two assets simultaneously. 

If the home is in an area that doesn’t restrict vacation rentals and it has unique features like an amazing pool or view, you can get a lot of traction on the short-term market, and because you’re renting out the property, the furniture and experience, you’ll get a higher return.

The luxury home market today

• In the ultra luxury market, sellers don’t want their homes on the MLS so the struggle for agents is finding a buyer when the typical ways of marketing it aren’t available. 
• There are two types of buyers in this market – payment-focused and home focused buyers. 
• For properties under a million dollars, the buyer is typically payment-focused, if the payment shifts it changes the affordability. 
• The $1 to $3 million has a bit of struggle because it’s also payment-focused. 
• The $3 to $5 million range is struggling because of low inventory. 
• The $5 to $10 million is lagging because of limited lending abilities. 
• Above $10 million, there are a lot of sales because the limitations in the other ranges are non-existent. 

Become a BINSR Hero 

New market conditions mean new problems to solve. Today, we’re in the era of the BINSR (Buyer’s Inspection Notice of Seller Repairs). It’s a list of repairs that need to be done before the transaction closes. It’s something agents need to have in their back pocket now to get the deal over the finish line instead of it falling out over something minor. 

Guest Bio 

Katrina Barrett is a leading Scottsdale Realtor, broker-owner and luxury real estate specialist. For more information, head to https://localboard.net/ and follow her and her team on Instagram.