Eb Moore, CEO, ERA Live Moore Real Estate
In an interview with Invest:, Eb Moore, CEO of real estate firm ERA Live Moore Real Estate, said authenticity is the company’s secret weapon when developing trust with the client. He also discussed the impact and trajectory of interest rates, and why its motto is, “We’re in your corner!”
How do you distinguish yourself from your competitors?
The differences aren’t monumental, they are subtle. Our buyers want authenticity, and we instill that and look for that in our sales associates. It is a subtle difference that makes all the difference. That is who we are. There are many good real estate companies and professionals, so when it comes down to it, the individuals matter. They are the ones talking with the buyer and seller to help them understand they have their best interests at heart. It isn’t about the real estate professional, it is about those clients, and what we can do to earn their trust to help them with the biggest investment of their life. When you gain that trust, then people like and trust you and will do business with you. It is about listening and understanding the client and making them feel understood. That is when the magic happens.
What trends are you observing in the Charlotte market?
Homeownership has a greater demand than supply. As a result, there is an unbalanced market where sellers are commanding premium prices for their homes, and buyers are struggling with interest rates. After COVID, when interest rates dropped 2-3%, people started to get used to the idea that they could get a home at those rates, and that they could borrow more money, but home prices were going up as well. Whatever you gained in interest rate, you lost in the increase in prices. I don’t know if we will ever see 2-3% again; it was such an anomaly. Now, rates are trending over 7%.
In the near term, there won’t be dramatic cuts to interest rates, but we will eventually see a decline to 5-6%. Home prices are stabilizing, and they aren’t soaring anymore. We are still in multiple offers in pockets of Charlotte, and in some neighborhoods, but we are also seeing homes that are selling for more than asking as a result of multiple offers.
When rates drop, you will see the biggest group of homebuyers, with millennials and Gen Z coming out of the woodwork. That trend will be very good over the next eight to 10 years. Refinancing can also be a great opportunity, dropping 2-3% on your home loan. It is always a good time to buy and sell depending on what your goals are.
What are your top priorities and goals for the company in the next three to five years?
We are at the point where we are saying to ourselves that we need to be prepared for when the economy becomes more balanced. More homeowners will want to sell, and more people will want to buy. We have to understand and know our market, and to provide information to sellers in an intelligent way so they can make informed decisions. Most homeowners and buyers don’t understand the average time it takes to complete a transaction. My job is to provide marketing and to do everything necessary, so other agents know your house is for sale. We grant that type of exposure for your property. We need to provide a level of service where the client trusts us and wants to do business with us.
Our goal now is to attract quality people to the business. We want to attract the top professionals, so when the market opens up, we will be prepared to handle that level of business. The average transaction takes between 80-85 hours of time, so we earn our money from contract to close. There are 105 things that can get in the way, but we help navigate through that. We want our sellers and buyers to know that is why our motto is, “We’re in your corner!” That is the safety net that our clients want, and the type of realtors we want to be. Buyers and sellers want to be guided. The equity in a person’s home today is greater than it has ever been, but now they need to know what to do with it. Millennials and Gen X will bring pent-up demand, and the baby boomers are looking to sell or rent their homes. There are many opportunities to buy the one true investment and the greatest asset that an average American can have. A house is what you buy, but a home is what you live in. It is just a house, until you move in, and then it is a home. You are dealing with the greatest emotional asset in someone’s life because life is lived in the home.
