ST Billingsley: Hi, ST Billingsley with Community Conversations with What’s Up Prince William. Today we have Lori Krause with Planning for Senior Life back with us today to talk about more of the real estate part of that organization. Thank you for being back with us and I’ll just let you go ahead and now get into it. What is the challenges that you have on the real estate side?
Lori Krause: Well, thank you, Steve for inviting me. I greatly appreciate it.
Lori Krause: On the real estate side, we are looking at the client deciding whether or not it’s best for them to remain in their home or to move to a different living situation. Whether it be an apartment, or an independent living community, assisted memory care, et cetera.
Lori Krause: I got into this space back in 2007. I became an associate broker because I felt it was important that not only you have a knowledge of your industry, but you have the extra credibility that goes with that.
Lori Krause: I also became a senior real estate specialist, SRES. I also started planning for senior life because I believe that we needed to have that credibility to be able to really let the client know how valuable the resources of education are.
Lori Krause: I actually have a mission to teach other realtors how to serve the client because the client is in their home at this point probably for anywhere from 25 to 50 years. They don’t want to move. Most of my clients turn around and say, “The only way I want to go out of this house is feet first.” Yet that is maybe not the most healthy way to take care of them.
Lori Krause: What we want to do is we want to look at it from a holistic perspective and make sure that we are taking a look at the financials, and we’re looking at the legal aspects, and preserving their legacy. Their home is one of their greatest financial assets.
Lori Krause: What I like to do is if they are looking to sell their home, I want to come in as almost as a project manager instead. If they are staying in their home, I can come in as a project manager and I can help them with changing all the resources. I work with the contractor, I’ll help them to make the selections. I will help them make the decisions that improve their house so that they can remain in it, but also make the highest return on their investment when they actually go to sell.
Lori Krause: On the flip side, if they do decide that selling is the most necessary thing at this point, then I will also look at it and I’ll say, “Okay, do we sell it as is? Or do we improve it? Is it paint carpet? Or do we make more major modifications?”
Lori Krause: It really kind of comes down to is if we’re going to spend $10,000 on paint, and carpet, and maintenance, and some little repairs, are they going to get $20,000 in the resale of their home? We want to make sure that they are getting the profit and that it’s not just benefiting the contractor or the realtor to do the work.
ST Billingsley: You’re actually with this program is also to bring other realtors in to learn this, to help with this because obviously you can’t do it by yourself.
Lori Krause: I can’t do it all by myself. Don’t want to.
ST Billingsley: Got you. Obviously you’re in the Northern Virginia area?
Lori Krause: I am.
Lori Krause: Yes. I have my own team, Building Bridges Partners, and we are with Pearson Smith Realty. I am licensed in Virginia as well as in Maryland and in D.C. You could be your primary residence or maybe you even have a rental property and you’re tired of being the landlord, we can assist you with all aspects.
ST Billingsley: Great. Yeah because with the aging population, this is one of the things that’s just becoming more prevalent for many families.
Lori Krause: It is.
ST Billingsley: Yeah. Well, thank you very much for being with us today to to educate us about this.
Lori Krause: Thank you so much. You have a great day.
ST Billingsley: Thank you for joining us on What’s Up Prince William.
