Title: Broker – Principal / Associate General Counsel
Profession: Attorney, Real Estate Broker & Title Agent
Education: Washington University in St. Louis, B.S.-Managerial Economics (1999) and Saint Louis University – School of Law (2004)
Licenses: Attorney, Real Estate Broker, & Title Agent
Professional Associations: American Bar Association, Missouri Bar Association, Bar Association of Metropolitan St. Louis, National Association of Realtors, Missouri Association of Realtors, St. Louis Association of Realtors – Residential Division.
Title: Associate Broker – Principal / General Counsel
Profession: Attorney, Real Estate Broker & Social Media Consultant
Education: Johns Hopkins University, B.A.-International Relations (1989) and Washington University in St. Louis – School of Law (1992)
Licenses: Attorney, Real Estate Broker, & Title Agent
Professional Associations: American Bar Association, Missouri Bar Association, Bar Association of Metropolitan St. Louis, National Association of Realtors, Missouri Association of Realtors, St. Louis Association of Realtors – Residential & Commercial Divisions, Professional Housing Resources, Women’s Counsel of Realtors.
Specialties: New Construction Sales, Condominium and Loft Sales and Rentals, Developer Services, and Consulting Services.
Service Areas: City of St. Louis (including Lafayette Square, Soulard, Benton Park, Benton Park West, Downtown Loft District, Forest Park Southwest, Central West End, Tower Grove East, Tower Grove South, Compton Heights, Shaw, The Hill, Dogtown, Carondelet, Holly Hills, St. Louis Hills, and Dutchtown), University City, Maplewood, Richmond Heights, Brentwood, University City, and Clayton.
Our commitment to excellence starts with the roles that we play in the sales process:
TRUSTED ADVISORS – By providing prompt, knowledgeable service, we will act as your advocate and trusted advisors in the sale of your home. By fully participating in each step of the sales process, we strive to add “value” at each step in the sales process.
SKILLED NEGOTIATORS - We are committed to working in your best interests by providing open and honest assessments and advice. By actively researching current market conditions, we will assist you in securing the best possible price on the most favorable terms in the shortest period of time.
EXPERT FACILITATORS – We keep our sales on time and on track by anticipating potential problems early in the transaction and by using our extensive real estate experience and expertise to provide you with solutions.
Start your research by reviewing your purchase price paid for the property and then apply the historical price appreciation rate for your neighborhood.
Review the appraised value as determined by the Assessor’s Office.
Use computer generated valuation services such as Zillow.com to determine a broad range of value for your property. These tools provide assistance in determining the range of value. However, these tools have limitations and rely on broad statistical measures.
For a more accurate opinion of value, request an appraisal, broker’s opinion of value or competitive market analysis from a qualified real estate professional.
After reviewing the valuation opinions provided by the listing agent, review competing property offered for sale in your neighborhood.
Adjust the list price to be within a competitive range of other similar properties listed for sale in your neighborhood.
Review the listing agreement to verify the total sales commission and commission split with cooperating brokers. If the commission paid to cooperating agents is less than 2.25%, inquire as to the reasons for a reduced commission split. Commissions less than 2.25% may impact the number of showings by cooperating agents.
Review sales incentives offered by competing properties.
Develop an incentive package that provides assistance to purchasers in your price range.
Request information to track prospects including copies of sign-in sheets, telephone logs, and traffic reports.
Request periodic market updates including expired listings, pending sales and closed sales of similar homes.
Reviewing market data periodically may reveal an error in the positioning of your home in the market. Expired sales of similar homes in your neighborhood may indicate an error in the pricing of your home.
Review the list price with the listing agent periodically to discuss price reductions or increases in sales incentives.
As an Owner, you can increase the likelihood of a sale by fully participating in the marketing and sale of your home:
Assist in the Marketing of Your Home – Provide Timely Information. Verify Listing Information. Assist the Listing Agent to Identify Home Features and Neighborhood Amenities that Caused You to Purchase the Home in the First Place.
Property Condition – Keep the Property in Good
Repair and in Showing Ready Condition.
Availability for Showing – Make It Easy to Show Using Supra and Open Showing Times.
Price and Negotiating Offers – Use Objective Criteria for Setting the Price. Avoid Emotional Decisions. Base Pricing on Objective Market Data (Not What You Paid, What Sold 2 Years Ago, or What You Need to Payoff the Mortgage)
Incentives – Use Targeted Incentives such as Repair Credits, Closing Cost Assistance, Agent Bonuses, Home Warranty Plans, etc. to Distinguish Your Property from Competing Properties.
A comparative market analysis is similar to an appraisal insofar as it uses comparable sales to indicate an appropriate range of value. However, it isn't an appraisal and isn't an attempt to measure the “fair market value.”
It is an attempt to analyze past sales, current inventory, and expired and withdrawn listings to determine the optimum price point at which to list your home for sale to insure that your property is listed within the range where it will likely sell in 90 days or less.
Step #2 - Collection of data on recent sales of homes that are comparable to the property to be listed, have sold in the past 30-60 days, and are in close geographical property to the property. After the sales data is collected, we then analyze the sales and make adjustment to the sales prices of the comparable sales to account for differences in the homes. We then arrive at a range of value for the property.
Step #3 - Collection of data on pending listings. We then analyze the amount of inventory and assess the other properties to narrow the price range to maximize your listing price in relation to the other properties currently listed for sale.
Step #4 - Collection of data on expired, cancelled and withdrawn listings. We believe that this is the strongest factor to determine at what price point your property should be listed for sale. This information is analyzed to determine what price points for similar properties have been unable to achieve sufficient traffic or interest to result in a sale.
After collecting the data, we then make adjustments based on the following factors:
Date of Sale
# Bedrooms/# Baths
RECONCILING VALUES – ESTABLISHING A VALUE RANGE
After we have reviewed the comparable sales and made adjustments, we then create a range of value. After we have established the range, we then review the current listings and the expired listings to further refine the range and to suggest an appropriate list price.
REVIEW CURRENT LISTINGS AND EXPIRED LISTINGS TO DETERMINE “WHAT WILL SELL”
Current Listings – The Competition
Expired Listings – What Didn’t Sell
This is the major difference between an appraisal and a comparative market analysis. Whereas an appraisal focuses on “what sold” to determine the “fair market value”, the comparative market analysis focuses on “what is our competition” and “what didn’t sell” to determine the “optimum price point” to sell a home within 90 days.
In any market, people buy based on perceptions of value.
As shown in the illustration to the left, competitively priced homes will attract a higher percentage of prospective buyers. A home priced at or below market value will attract the greatest percentage of prospective buyers. An overpriced home will result in less traffic and will be less likely to sell.
PRICE REDUCTIONS - WHY SHOOTING HIGH AND THEN REDUCING THE LIST PRICE IS A BAD IDEA?
Timing is extremely important in the sale of real estate. A property attracts the most activity from the real estate community and potential buyers when it is first listed. Although we are willing to list a property for sale at a price above our opinion as to the optimum price point, the simple fact is that poorly priced homes rarely sell in 90 days. As shown in the graph, the optimum time to sell is between week 2 and week 4. Poorly priced properties miss this “sweet spot” and tend to languish with little or no showings and eventually expire, are cancelled or are withdrawn.
CHANGING SEARCH DYNAMICS – UNDERSTANDING THE IMPACT OF THE INTERNET ON MARKETING & SALE OF REAL ESTATE
70% of purchasers used the internet as a part of their home search (up from 28% in 2000).
86% of purchasers using the internet searched the internet prior to looking for a specific home.
14% of purchasers using the internet searched the internet prior to contacting a real estate agent.
Purchasers using the internet as a part of their home search spent an average 4.8 weeks doing research on their new home purchase. Traditional purchasers spent only 1.7 weeks performing research.
Purchasers using the internet as a part of their home search bought a home after 2.2 weeks of working with an agent. Traditional purchasers spent an average 7.1 weeks of working with an agent prior to purchasing a home.
CHANGING SEARCH DYNAMICS – UNDERSTANDING THE IMPACT OF THE INTERNET ON MARKETING & SALE OF REAL ESTATE
Purchasers using the internet as a part of their home search previewed an average of 6.7 homes using the internet to eliminate homes that they didn't want to see. Traditional purchasers previewed 15.4 homes prior to purchasing their new home.
The distance between current residence and new residence was 25 miles for traditional purchasers and 242 miles for purchasers using the internet.
69% of purchasers using the internet as part of their home search said response time was "extremely important."
83% of purchasers using the internet as part of their home search said the favored method of communication with their agent.
91% of purchasers using the internet as part of their home search stated that their primary reason for satisfaction with their agent was "quick response time" compared to 35% of traditional purchasers who stated that there primary complaint was the need for "faster response time."
Real estate search engines consolidate listings from multiple sources into a single location. Purchasers using the internet can search on homes for sale or rent. These sites provide prospective consumers with essentially an open MLS service. Sites that are popular search portals include:
These websites provide increased exposure to your listings including volume as well as geographic area. However, the format is more akin to classified advertising in the local newspaper than a multiple listing service.
Syndicators provide a single point of entry for distribution of classified advertisements to search portals, aggregators and other online marketplaces. A single classified advertisement requiring a single data entry is disseminated to multiple sites. Popular syndicator websites include:
These websites provide basic free syndication to over 700 websites and our paid service plans provide advanced tracking and statistical features.
Social networking sites or community sites allow agents to advertise their services and encourage the active development of a network - both professional and social - for the development of new sales leads and referrals. We send our updates, listings, slide shows, and marketing materials to over 50 social networking sites using Ping.fm including:
These websites assist in the dissemination of listing information to our social and professional network.
DIGITAL WORD OF MOUTH – LISTING INFORMATION SENT TO OVER 50 SOCIAL NETWORKING SITES
We use blogs and micro-blogs, started originally as personal journals, used to convey information on local market conditions and to disseminate listing information. Popular blog and micro-blog sites (as well as RSS feeds and blog aggregator sites) include:
We focus on improving our Google rank in the neighborhoods that we serve. Currently, listed on page 1 of Google for common keyword searches for real estate for sale in the historic St. Louis neighborhoods (including Lafayette Square).
In 2009, I had the pleasure to announce that Ms. Silies was named by the principals of PREA Signature Realty as the managing member and broker for the brokerage. Here are just a few of the reasons why she is an excellent salesperson and will be great broker: * Knowledge and Experience: Ms. Silies isn't your typical real estate broker or salesperson. As a licensed attorney and broker, she has extensive experience in the legal, title insurance and real estate development professions. As a result, she is able to identify and anticipate issues and to offer solutions to problems and prevent potential problems. When you combine her problem solving abilities with her attention to detail, you get a stress and problem free sale and closing. * Commitment to the Customer: Ms. Silies is committed to her customers. She doesn't just sell homes. She also acts as an advocate for the customer and is willing to share her insights and experience. Her customer-centric approach is simple - she fully participates in the sales process and strives to add value to each step of the transaction. As a part of this approach, she educates and informs the customer regarding the sales process, market conditions, etc. There simply are no surprises. * Goal-Driven and Result-Oriented: In 2007 and 2008, Ms. Silies was the top sales producer for Gilded Age Sales and PREA Signature Realty in terms of closed sides and dollar volume. Ms. Silies' success is no surprise to those who work with her. She is detail-oriented and sets ambitious goals. She develops a plan and then quietly goes to work to implement the plan. In the end, she is results-oriented and her approach can be summarized by the phrase "underpromise and overdeliver." I look forward to a long association with Ms. Silies and a very successful 2009 sales year.
I have had the pleasure to work with Ryan for the past year and continue to be impressed with his ability to take a concept from the ground up and master it. Ryan is well-read and has a keen sense of history which allows him to make decisions that are well thought out. Ryan does not shy away from his responsibilities; when he undertakes a cause, you can count on Ryan to do his research and be well prepared and informed. Ryan sees the big picture and understands the benefit of his staff learning on their own. However, Ryan will hold you accountable when there is not proper follow through, because in seeing the bigger picture, Ryan recognizes that when his staff improves their skills, it is a win/win for everyone. For anyone who is just getting their start in Real Estate, Ryan is the perfect mentor as he is aware of all aspects of the business and is tech savvy; combinations that are not often found today. I would highly recommend Ryan.
Ryan is a very generous manager. He is constantly working contacts and sharing any information he has on market conditions, technology and tools to make the agents the best we can be. He is an expert on selling in the Lafayette Square area and I have learned so much from working with him. PREA Signature Realty is a small agency but we work together as a team to do what we have to do to get the deal done. I can't imagine working anywhere else for anyone else.
More than just a tech savvy broker, Ryan's knowledge of real estate is vast and he was always willing to take the time to teach. His Irish charm is an asset which he used to convince me to come off the bench and reenter the game after a number of years on the sideline of retirement. I appreciate that effort because I am enjoying this reinvention of myself into real estate.
Ryan is an attorney/broker/principal of the full-service Lafayette firm, PREA Signature Realty. His expert knowledge of the real estate business, coupled with his immaculate attention to detail is a sure 'win' for anyone seeking assistance in any real estate transaction in the Lafayette Square area. Ryan's dedication to premium customer service and level of expertise is our reason for making Ryan our team's Lafayette Square relocation agent for any client moving to his area.
Michelle is a sales professional in the true sense of the word. One of my clients desired to own a loft in a complex that Michelle represented. Each time we were viewing the property she was more than gracious to accommodate any requests we had for additional information and she made the entire process flow very smoothly. I can tell you for sure her word is her bond and she is a hard working and honest agent, she has made me a raving fan.
Ryan was extremely helpful in my acquisition of a large commercial building and dividing it into business condominiums. He made it possible for me to accomplish this task painlessly by providing excellent and timely information.
I had to pleasure to first meet Michelle while I was shopping for a new home in St. Louis. Her sales presentation was informative, not embellished; clear, not contrived; her level of professionalism and knowledge of the product far surpassed other developer sales representatives that we had the opportunity to meet in the Greater St. Louis Area. While she was the seller’s representative, Michelle’s informed and trusting presentation style allowed us to feel comfortable about the choice of a new home; Michelle was our advocate! Michelle has the ability to mediate issues that results in a win/win for all parties involved. Michelle is the consummate professional. Dedication, honesty and integrity are just a few of her many attributes. Her encouragement and professionalism is what spearheaded me in to a career in Real Estate. As your agent, Michelle will provide you with detailed information that will allow you to make a sound decision on your purchase. I could not recommend anyone more than Michelle Silies.
Thank you, Ryan. I knew we were kindred souls. You always look to the next big thing and how to create success by considering other, new perspectives on the status quo. You are smart, analytical and a man of action. It's a rare combination. I truly enjoyed working with you.
Yvonne Sparks – Executive Director - February 1, 2009
Ryan and I worked together coaching Affton High School's mock trial team in the early 90s. Throughout the last 17 years, Ryan and I have referred clients to one another, and the relationship has shown to be a great success. Ryan is one of the smartest people I know and can come up with truly innovative ways to tackle any legal problem.
Jill Bollwerk, Attorney - February 2, 2009
ARTICLES ON PREA SIGNATURE REALTY COMPANY BLOG Local Experts and Experienced Professionals
If you have a question or want to see our approach, visit our website: www.PREASignatureRealty.com . On the Newsletter/Blog Page, you will find three blogs with over 175 articles on real estate, technology and sales training:
The Lafayette Report (Company Blog) www.LafayetteReport.com