John Daugherty’s Cheri Fami exclusive interview
Cheri Fami
What are the driving forces behind the buying frenzy and the run up in prices over the last year or so?
People are positive about the economy in Houston. There are huge cranes on construction sites everywhere building amazing things that are changing the profile of our city. The buying frenzy was here in 2013 but there is much less inventory on the market so the frenzy has escalated. In some cases this is causing multiple offers and a sales price that is higher than the list price.
Is it realistic to believe this trend will continue and if so for how long?
We have listened to numerous economic forecasts and presentations since the beginning of the year and they have indicated that the current conditions may continue for the next 5 years or longer. Of course, no one has a crystal ball, but the outlook is positive.
What are some of the hottest or most sought after areas in Houston?
Believe it or not …..some of the areas that have not been considered “hot” for many years are booming as older areas are being redeveloped with new housing and retail. The entire inner city has incredible demand in the well established upper end neighborhoods as well as the diverse older neighborhoods. The demand in all of the suburban areas is also staggering with all of the current expansion of many businesses and the relocation of corporate headquarters to the thriving suburbs.
What effect has the Internet had on the residential brokerage business?
I love listening to John Daugherty as he talks about the fear of the internet when it first debuted. All of us were concerned about how it would affect our business, but there is no doubt that we all concur that it has been one of the best things to happen for real estate professionals and our buyers and sellers. Everyone is more informed and things are more transparent.
What role does the relocation business play in your overall strategy?
Our firm had a strong focus on relocation with the establishment of a corporate relocation department in the 70’s. This focus expanded as we joined forces with Leading Real Estate Companies of the World, the largest network of independently owned brokerages. Our focus now includes Corporate Relocation and Broker to Broker relocation for relocating individuals and families. We are involved in new business development of this type on a daily basis.
What trends do you see in rental properties and future development overall?
The frenzy in the rental market is just as wild as the “for sale” market. The professionals in our leasing department are pounding the pavement as fiercely as our sales professionals. The inventory is extremely limited and the prices are edging up. There are thousands of new apartments currently under construction and units will be coming to the market in stages but be prepared…….prices are rising.
One of your favorite charities is Dress For Success Houston. What can you tell us about your involvement with that organization?
I am so proud to officially be associated with Dress for Success as an Advisory Board member. I have personally promoted this organization for over a decade as they have grown in their amazing efforts to change the lives of many women. There are so many high profile corporations that have recognized the importance of Dress for Success to our community and they are investing significant funds and volunteer hours to the cause. Our company has jumped in this year to promote “Send a Suit” week to our fellow real estate professionals as well as many of our clients.
What advice would you give to young people wanting to get involved in real estate?
Real Estate is a great career for young people but they need to enter the field with a great deal of patience. Success does not happen overnight. Many people think it is a cool job because you make your own hours etc. Trust me, there will not be success if you do not “suit up and show up” like a regular job every day. You must learn the business slowly and steadily and success will come. Make sure you commit yourself to constant training and learning and realize that your company is making an investment in you to contribute to your success and you must commit to do the same,
I could actually sound like a broken record when talking about this.
As a long time Houstonian, what advice as a sports fan would you give the Texans on the upcoming NFL draft?
Houstonians love our sports teams and we are fortunate to have the Texans. I am a bit partial to college football as I graduated from Texas A&M and the Aggies have been really exciting over the last few years. Our daughter is at Baylor and it has been exciting to watch the Bears also. I am not sure how everyone else feels but I will be just fine if the Texans add “Johnny Football” to their roster.