Conversations with Ramesh Rao: Behind the Doors of Real Estate

I am thrilled to announce a brand new monthly feature in our newsletter that I know you are going to love—Agent Spotlight! Each month, we will be shining a light on some of the most highly regarded and successful individuals in the real estate industry, sharing their insights, experiences, and tips for success.

I am beyond excited to kick off this new feature, and I can't think of a better person to start with than Ramesh Rao. Ramesh has made a significant impact in the real estate world and has a wealth of knowledge to share with all of us.

I’ve had the privilege of working with Ramesh directly, discussing strategy, branding and digital/print marketing and have always walked away from our interactions more knowledgeable. Read on for an exclusive look into Ramesh's real estate journey and the secrets to his success!

In this week’s newsletter, I am excited to feature Ramesh Rao, a distinguished real estate professional whose reputation in Silicon Valley's real estate market is unparalleled. A recognized Global Luxury Specialist, Ramesh has cultivated a service that is synonymous with excellence, innovation, and client satisfaction.

Backed by 18 years of experience and the prestigious Coldwell Banker Realty, Ramesh's accolades include being named a Top 1% agent, and a membership in the Coldwell Banker® International President’s Circle, placing him in the top 5% of agents worldwide. His passion for real estate is evident in his use of cutting-edge technologies such as artificial intelligence, predictive analytics, and digital marketing to deliver results that exceed his clients' expectations.

Ramesh's commitment to serving his community is evident in his diverse range of specialties, including Tax Deferred 1031 Exchange, along with being a Seniors Real Estate Specialist. His dedicated support team and Homeowner's Concierge service ensure that clients have access to a network of reputable professionals for all their home-improvement and transaction needs.

Clients appreciate Ramesh's holistic approach, which encompasses more than just the transaction itself. His dedication to open communication, combined with the support of a professional network including transaction coordinators, marketing support, contractors, and interior decorators, provide a seamless experience from start to finish. In today's competitive market, Ramesh stands out as a reliable advocate who will tirelessly work to make your real estate dreams a reality.

Quickfire Round

Dream home: Beachfront villa or mountaintop chalet?

Beachfront Villa

If houses had personalities, which style would be the life of the party?

Mediterranean Villa overlooking an ocean

If you could live in any home from a movie or TV show, which would it be?

Madam Secretary

Housewarming gift: Wine, plants, or artisanal cheeseboard?

Wine

Most unexpected item you've seen in a home during a showing?

A cremation urn

Many people transition into real estate from tech and other fields. How did you begin your journey in the real estate industry?

Before transitioning into real estate, I had a successful career in strategy and corporate marketing holding several leadership roles in many top tier technology companies in the Bay Area.  Throughout my career, I had focused on customer experience excellence.  I was convinced that the customers would pay a premium for quality of service.  When the time came to doing something on my own, real estate came calling.  It was an easy decision. I felt that my varied strategic marketing experience growing revenue, working with teams to bring them together towards common goal had trained me well to focus on the big picture yet handle every minute detail to give my clients an excellent real estate experience.  

I often hear agents express concerns about the rapid and frequent changes in technology. However, it's undeniable that technology has made many aspects of the business more efficient. In your opinion, how has technology impacted real estate, and how do you leverage it in your practice? Which tools can’t you live without?

Technology has made its way into real estate significantly to enhance buyer and seller experience.  Mobile and digital marketing have led the way homes are marketed to clients.  Artificial intelligence and predictive analytics technologies have enabled agents to reach buyers proactively about homes that may be a good fit for them.  SEO has enabled clients to find the agents who can best serve their needs.  Drone videos, HDR and 2D and 3D floorplans have dramatically enhanced how homes are presented to prospective clients and offer a best virtual tour experience for them.  Even lenders and title companies have embraced technologies making the overall home buying and selling experience somewhat seamless.

Can you share the key factors that influence property prices in the Bay Area?

The Bay Area experiences acute shortage inventory of homes for sale while the pent up demand is huge.  This supply demand disparity makes the home values go up significantly when buyers have to compete for limited number of homes available, pushing the prices up.  

As we say in real estate, the three most important things to consider in real estate are location, location and location.   Location still makes all the difference even in this market whether a home sells quickly for top dollars or sits on the market for a long time.  Other factors that influence home prices are the condition of the house, upgrades done to it and the lot size.  The ratings of neighborhood schools also play an important role in the home prices.  Specific to the Bay Area, our property values also depend on the economy, interest rates and the stock market performance.

I think it’s safe to say that you’ve had a highly successful career in Real Estate, can you share the most valuable lesson you’ve learned so far?

The most valuable lesson I have learned so far is that in real estate, you are like a sprinter in a marathon.  You need to have a sense of urgency with everything you do but also an awareness that it takes time to build a clientele and success comes one client at a time.  So, persistence and patience are key to success.

With a tight inventory, what tips would you give to first-time homebuyers?

It is typical for a first-time homebuyer to look at their requirements as if they will live there forever.  I help them see if it is a want or a need.  My advice to them is not to look at their requirements beyond 5 to 7 year horizon.  This will help them to set a priority for what they really need in their home.  I have had first time homebuyers who were looking for excellent neighborhood high school.  And they didn’t even have any kids!  

We’ve seen how demand has far exceeded supply this year. What is the state of the real estate market today, and what advice do you have for sellers & buyers?

The current Bay Area housing market is unlike anything we have seen before.  The number of homes coming on the market is falling and the sales are down 35% from same time last year.  The interest rates are the highest in the last 20 years and the home prices are going up.  The sellers who have locked in sub 3% interest rates are reluctant to sell their homes while the buyers who think that the market will crash are reluctant to buy.  So we are in a stalemate at this time until the interest rates trend lower.

I have a number of sellers sitting on the fence at this time.  My advice to them is simple. If you are in the market to sell in the next 6 months, because of the supply crunch, this is as good a time to sell as any.  You will get top dollars in this market as multiple offers over the asking price are still the norm.  If time is on your side wait until the interest rates trend lower.  Geopolitical issues in the middle east may be the X-factor though.  

My advice to buyers is to take a contrarian view and act now when there are fewer buyers interested in buying a home for many reasons.  I advise them to take advantage of the high interest rates which could keep many buyers on the sidelines and hence less competition.  I also advise them not to lock in a 30 year fixed loan but rather go for a loan with little upfront cost (zero point) and plan to refinance next year or the following when the rates come down.  

For homeowners looking to increase their property value, what advice do you have? Are there must-do upgrades that should not be overlooked?

For homeowners looking to increase their property value, I give them a free onsite assessment as there is no one size fits all solution for enhancement of value although just changing the flooring and a fresh coat of paint can do wonders.  In some cases, it could be as simple as upgrading the front yard and backyard and decluttering the house.  In some cases, it could be just changing the flooring and painting.  In some cases, it could be upgrading the kitchen and the baths.  In some cases, all of the above.  

Thinking back to when you first got started in Real Estate, what top 3 things would you recommend to someone just starting out?

Just three words – Planning, Persistence and Patience.  

1. Plan your roadmap for success and refine it until you are absolutely certain that it will work. 

2. Execute your Plan day in and day out.  No matter what you do, do it regularly.  Be persistent.  

3. Success may not come in your timeline.  Do not self-doubt.  Have patience.  Rome was not built in a day.  

Being a Realtor offers numerous rewards, despite its challenges. I'm curious, what do you find most fulfilling about your role as a Realtor? And what has motivated you to stay in the industry for more than 18 years?

My focus has always been putting others first.  Buyers and sellers appreciate that I walk in their shoes.  

I strive hard to make the process seem much easier to comprehend and navigate for my clients.  My clients become my friends and knowing that I have earned their trust for as long as I have known them is the most fulfilling part of my career.  Knowing in my heart that I did everything I could to help my clients with whatever they are going through motivates me to stay in real estate.

Can you share your thoughts on what we might expect to see happen in the Bay Area market in 2024?

I think the inventory of homes for sale will go up next year as the sellers cannot put off selling their homes forever.  Assuming that the stock market will do well in 2024, I think the Bay Area housing market will be more buyer friendly in 2024 as more homes come on the market and the interest rates start trending down.  

How can people connect with you?

I am always available to discuss real estate in your area.

Text/call:  408-806-6496

Email:  [email protected]

My website:  www.rameshraorealtor.com

Famous Last Words

It is not what you do but how you do it is more important.

I would like to extend my heartfelt gratitude to Ramesh for sharing his vast knowledge and insights into the world of real estate. His dedication to excellence and client satisfaction truly sets him apart in the industry. If you are in need of expert guidance for your real estate journey, I encourage you to reach out to Ramesh Rao. Whether you are buying or selling, Ramesh has the skills, experience, and dedication to help you achieve your real estate dreams!