Your Colorado Springs Life & Home

Wisdom from a Lifetime Realtor: Lori Thompson's 40 Years in Colorado Springs

• Lori Thompson • Episode 8

Share episode

What’s Lori’s Best Advice After 40 Years In Colorado Real Estate? 

What separates successful real estate transactions from stressful ones? According to 40-year veteran Lori Thompson, it all comes down to preparation. Drawing from thousands of Colorado Springs home sales, Lori shares her golden rule that applies whether you're buying your first home or selling your fifth: "Be prepared."

Buyers need to understand exactly what funds they'll need throughout the entire process—not just the down payment, but inspection costs, appraisal fees, and closing costs. Sellers must recognize that their beloved home might need improvements to appeal to today's market. As Lori memorably puts it, "If they can smell it, we can't sell it." Those cooking odors, smoking residue, or pet smells that you've become nose-blind to? They're costing you thousands.

The Colorado Springs market has transformed dramatically during Lori's career, but one truth remains constant: market conditions always change. Today's buyer-friendly inventory levels will shift, just as yesterday's multiple-offer feeding frenzies eventually cooled. Success comes from understanding current conditions and adapting strategies accordingly. Beyond market mechanics, Lori emphasizes that real estate remains deeply emotional—these aren't just transactions but life transitions filled with memories, hopes, and sometimes tears. Finding a realtor who balances practical guidance with emotional intelligence makes all the difference.

Looking for your lifetime realtor who answers her phone and genuinely cares? Call or text Lori at 719-332-1807 or visit online. Whether you're PCSing to Colorado Springs or ready for your forever mountain view, Lori's guidance goes beyond closing day—because real estate should be about relationships, not just commission checks.

To learn more about RE/MAX Properties Inc. visit:
https://www.LoriThompson.REMAX.com
RE/MAX Properties Inc.
Colorado Springs
719-332-1807

Speaker 1:

Welcome to your Colorado Springs life and home, where real estate meets real talk and maybe a little too much coffee. Hosted by REMAX Properties, licensed realtor, broker and top producer Lori Thompson, a local legend who's been helping military families and civilians buy and sell homes for over 40 years. Whether you're PCSing, upsizing, downsizing or just daydreaming, lori's got you covered. Why? Because she's your lifetime realtor and she actually answers her phone. Imagine that.

Speaker 2:

From military moves to mountain views. Lori shares the timeless wisdom that's helped thousands of families find homes in Colorado. Welcome back everyone. I am Millie M, co-host and producer, back in the studio with Remax Properties, licensed realtor and broker, Lori Thompson. Lori, how's it going? Oh, pretty good. Millie, How's it going with you? I am doing well. Let's dive right in. What's your best advice after 40 years in Colorado real estate?

Speaker 3:

You know I was thinking about that earlier today and I actually encountered a situation where it was really relevant Be prepared, Whether you are buying a home or selling a home. Be prepared. If you are a buyer, I always try to educate my buyers up front. Okay, you need to be prepared for this much money, depending on their loan. You need to be prepared for the home inspection, the appraisal. You need to just be aware of what you're going to need. And same thing for a seller.

Speaker 3:

It's easy to think our castle is perfect just the way it is. But I can tell you, before I put my own home on the market, I always take certain steps to showcase it to their very best, the best way to present it. What is the most important feature? And you know there are things you can do that hinder a home sale. There sale I remember an old line I heard years ago if they can smell it, we can't sell it. So if someone has either cooked some really strong foods or they smoke or they have pets, you really have to take care of that before you put your house on the market, or you have to be prepared for the financial hit that will come in line with that Likewise for a buyer, just to know what the terms of your financing are.

Speaker 3:

Everyone has lots of friends and they have lots of friends that will give them lots of wonderful advice. But the one thing I can tell you after 40 years in this industry, I don't know everything. I learn something new every day, so the key is to be open minded. Listen to your real estate professional, because most of us don't do this for practice.

Speaker 2:

I love that Be prepared and I was going to really just mimic what you were saying. As far as you can be prepared and there still will be twists and turns that you can't anticipate and there's so many different steps to a real estate process, from the time you decide to buy or sell to the closing table that being prepared definitely will help you at each stage. So what's changed most in the Colorado Springs market since you started? I've heard everything from back in the day you could get a house for $45,000 to interest rates being like 18% at one point. What's the biggest change that you've seen over the years?

Speaker 3:

Well, we've had tremendous growth and the one constant about the market is it will change, no matter what it's going to change. Is it really good right now? That'll change. Is it really bad right now? That'll change. Excuse me, I have a dry throat today.

Speaker 3:

So it's just to know what are the current market conditions and what you need to do to adapt it. So if you're a buyer right now and there's more inventory, you have a little bit more flexibility on negotiations. A couple of years ago that wasn't the case. Buyers had virtually no say in the negotiations. It was really a tough market for a buyer. Likewise for a seller. A few years ago you could just about not quite, but you could just about put a sign in the yard and end up with multiple offers. That's not our market today. Today we have a little bit extra inventory to give that buyers more flexibility and sellers have to be a little bit more competitive. But when you look outside of current market conditions, there are some things that never change in that get your house properly prepared for showings, be flexible when it comes to showings For a buyer, just be prepared for what could happen and make sure you have enough cash to do the transaction.

Speaker 2:

Makes sense, so every consumer purchase is emotional is what I say, oh yeah. Especially where you're going to bring your babies to, where you're going to have those Christmas dinners and those Thanksgiving meals. So how do you help your clients stay grounded during this emotional buying and selling process?

Speaker 3:

Well, the first thing I'll say is don't yell at your realtor. They're on your side. But if you find the emotions getting kind of heavy, I always tell people to take a step back, let's look at this, take a deep breath, and so keeping them grounded is just to let them know. I try to prepare them in advance, to the best of my ability, as to what can go wrong. One time I had a client say well, you're kind of a negative person and I said not at all, but if I don't tell you what can go wrong, then I'm not doing my job. So sometimes I'll have a seller saying when will we know that this is final? And I said when you're sitting at the closing table and you're trading off keys for the check, that's when it's final, absolutely.

Speaker 2:

There's definitely a lot to navigate there, and not only are you dealing with such an emotional purchase as far as moving into a home or selling a home where you have memories, there's a lot of money involved in this and people have their heartstrings tied to that money and what they can potentially do with it. So definitely you're playing therapist a little bit as well. So what one mistake do you see buyers still making, even after all these years?

Speaker 3:

You know, every buyer is a little bit different. I think, once again, when we get to, if you want to talk about a mistake, it's something that both buyers and sellers can both do, and that's listening to non real estate professionals and their opinions, because opinions are free and we all have them. But the key is is, are they grounded in fact? So you know, it's just a case of, I would say, find a realtor you trust, that you can trust what they have to tell you, and any good realtor should know how to say I'm not 100% sure, let me check into that.

Speaker 2:

Yes, it's definitely a profession where saying I don't know is an answer, because there are other professionals lenders and inspectors and appraisers and people like that that might have a little bit of additional information on that. But finding a realtor you trust is important because that is a very, very close relationship between the two. So, speaking of go, ahead.

Speaker 3:

No, I was just going to say the other thing, and it just depends on the individual client. But I'm really good at giving hugs and it can be important to have that personal connection. And then also, sometimes you have a seller and they're leaving a home they've been in for decades or, even worse, it belonged to their parents, and so there can be some real emotional struggles with letting go of something that means something to you but has no point in your life. Now you could live in another state, there could be an estate to close out. Those are tough. Those are tough.

Speaker 2:

I can imagine, but, like I said, having a trusting, loving, caring realtor to kind of walk you through the emotional aspects of the transition and also get you excited about your new journey, because whenever one chapter closes, another chapter opens, exactly, exactly. So if you could give one piece of advice to new agents, what would that be?

Speaker 3:

Listen to your clients and care about them. If you just see this as a numbers game, in my opinion you are missing the boat. You are missing out on lifetime relationships, you are missing out on that connection and if you don't really care about people, maybe find a different job.

Speaker 2:

It's definitely a career that's more about the people than the houses, oh yeah definitely To me.

Speaker 3:

I just remember years ago I read Ogmandino's the Greatest Salesman in the World and the only thing I remember from that book was look at your clients with love in your eyes. Now I can honestly state that I haven't always done that. There is a whole variety of personalities. I'm more lovable than others, definitely and luckily, I'm in a place where, if somebody is more difficult that I can suggest that they find a different realtor. Not because I don't care. It's just because I want to deal with people who know I have their best interest in mind and I'm going to work hard for them. But I don't put up with abusive language or things like that that do come up from time to time. So that's nice to be in a position to make that personal choice. But I can honestly say that 98.5% of my clients over the years have really been wonderful and I'll take that ratio anywhere I go.

Speaker 2:

Absolutely. Listening is definitely key. Thanks so much for sharing your wisdom, Lori. That's why you're everyone's lifetime realtor. We'll catch you next time.

Speaker 3:

All right, thank you.

Speaker 1:

That's a wrap for this episode of your Colorado Springs Life and Home. Got questions, need advice? Just want to talk about interest rates and granite countertops? Call or text Lori at 719-332-1807. Yes, she'll really respond. Or visit lorithompsonremaxcom to get started with your lifetime realtor, because when it comes to Colorado real estate, lori doesn't just know the market, she is the market.