Seniors March 2, 2024

“Beatlemania Boomers” Could Face a Retirement Crisis

The youngest baby boomers, born in the era that spawned Beatlemania, face a crisis, according to Daniel de Vise at USA Today.

“Late boomers,” those Americans born between 1960 and 1965, have less retirement wealth, and much less retirement savings, than either older boomers or “war babies,” generations born between 1942 and 1959, according to a recent paper from the Center for Retirement Research at Boston College.

Researchers examined different generational groups in the same age range, adjusting for inflation.

After the Great Recession, those age 51 to 56, which was the average “late boomer” had about $280,000 in combined wealth from Social Security, pension benefits and 401(k)-type retirement plans, in inflation-adjusted dollars. The calculation covers households in the middle 20% by wealth.

Earlier generations had more wealth at the same ages. The average “mid boomer,” born between 1954 and 1959, had about $332,000 in total retirement wealth. The average “early boomer,” born between 1948 and 1953, had nearly $346,000.

Blame the Great Recession, the longest economic downturn since World War II, stretching from late 2007 through mid-2009. Home values plummeted, joblessness soared, and the S&P 500 lost more than half of its value.

The downturn hit when late boomers were in their top earning years, their early to late 40s.

“People are really starting to peak in their careers around that time,” said Evan Potash, executive wealth management advisor at TIAA, the financial services company. “They’re making, potentially, the most amount of money they’re going to make.”

The employment rate for late boomers plummeted in the Great Recession years. The share of young boomers who said they were working declined from 98% at age 44 to 77% at age 50, the researchers found.

At 50, most late boomers should have had at least a decade of work ahead of them. Yet, many in that generation never returned to the job market. By age 57, only 61% of late boomers were working.

Anqi Chen, a senior economist at Boston College and co-author of the paper, said “Even for those who did keep their jobs, their earnings were a lot lower.”

Average earnings for the youngest boomers dipped from about $79,000 at age 44 to $69,000 at 47, among households in the middle quintile of wealth.

And their earnings never fully recovered.

By contrast, older generations saw their earnings rise in their mid-40s. At age 47, the average “mid boomer” earned nearly $92,000, roughly one-third more than late boomers.

Retirement savings of the youngest boomers also took a hit in the Great Recession.

In their prime earning years, late boomers saw their retirement funds decline from roughly $31,000 in value at age 47 to $26,500 at age 51, on average.

Late boomers “started out with a lot of 401(k) wealth,” Chen said. “But then, it kind of stopped, and then it dropped.”

The findings come from a paper published in August 2023 under the title, “What Happened to Late Boomers’ Retirement Wealth?” The work tapped two respected surveys, the Health and Retirement Study and the Survey of Consumer Finances. Researchers have since updated the findings with results from the Federal Reserve’s latest Survey of Consumer Finances.

Advocates for older Americans warn that late boomers with inadequate retirement savings could face decades of hardship: In a sense, their troubles are only beginning.

“They have 20, 25, 30 years of lifespan in front of them,” said Josh Hodges, chief customer officer at the National Council on Aging. “We’re still going to be talking about this cohort of individuals in 2035, 2045, 2055.”

With lagging retirement wealth, young boomers may find themselves confined to a lower standard of living in their final years. They may struggle to keep up with mounting health care expenses and with the potentially crippling costs of long-term care. They may outlive their savings. Millennial children may be burdened with their care.

It’s all too easy to blame the boomers for failing to save for their own retirement, Hodges said, when the economic forces of the late 2000s were beyond their control.

“The reality is, people were forced to make financial decisions, put food on the table, a roof over their heads,” he said. “What it comes down to is, these people didn’t do anything wrong.”

Not all late boomers are behind on retirement savings. The average Fidelity 401(k) account for savers ages 60-64 held $227,700 in the fourth quarter of 2023. But the rich inflate that number. The median balance, which ignores outliers, was a more modest $65,300.

Older boomers suffered through the Great Recession, too, along with younger Gen Xers and millennials.

But the 2008 downturn had a deeper effect on the Beatlemania babies, the research suggests.

The oldest boomers were nearing the end of their careers when the Great Recession hit. They were exiting their peak earnings years, nearing retirement, or retired already. Older workers had amassed more retirement savings than late boomers by 2008.

More than 90% of early boomers were still working at age 55. Less than 80% of late boomers held jobs at that age.

The downturn had less impact on younger workers, the researchers said, because it came earlier in their careers. Younger Gen Xers and millennials had not yet reached their peak earning years when the economy tanked: In terms of both earnings and savings, they had less to lose.

While the Great Recession was the main factor depleting the wealth of late boomers, researchers found, that wasn’t the only one.

Part of the wealth gap between late boomers and older Americans draws from demographic differences. Late boomers are less likely than older boomers to be married and to have college degrees, and they are more racially diverse. Black and Hispanic households hold less retirement wealth than white households, the researchers found, but the gap is shrinking.

If you have a senior relative or friend, or if you are a senior, contact me for information & resources on moving on. As a Seniors’ Real Estate Specialist, I’m here to help! Karen Daugerdas, REALTOR®, Senior’s Real Estate Specialist (SRES)®, 847.494.1102.

From “Meet the Beatlemania boomers. They face a looming retirement crisis” by Daniel de Vise, USA TODAY.

Home Improvement February 8, 2024

Transforming Your Home: Increase Its Value with Smart Improvements

Whether you’re preparing to sell your home or simply looking to enhance your living space, increasing your property’s value is a wise investment. There are several strategic home improvement projects that can yield significant returns. From simple updates to more extensive renovations, here are some tips to elevate your home’s worth, focusing on various aspects of interior and exterior enhancement.

Repaint Interior Walls

A fresh coat of paint can work wonders in rejuvenating the ambiance of your home. Not only does it breathe new life into tired walls, but it also offers an opportunity to update the aesthetic to reflect your current style preferences. According to industry experts, repainting interior walls can increase your home’s value by a noteworthy 107%. So, don’t underestimate the transformative power of a well-chosen paint color.

Spruce Up Your Curb Appeal

First impressions matter, and enhancing your home’s curb appeal is essential for making a memorable impact. Simple tasks such as maintaining a manicured lawn, tending to the garden, and refreshing the exterior with a new paint job can significantly boost the attractiveness of your property. Additionally, addressing any necessary repairs in your vinyl siding or yard fixtures can further elevate the overall appeal of your home.

Repair The Floors

Your floors play a crucial role in defining the look and feel of your interior spaces. If your flooring is showing signs of wear and tear, consider investing in repairs or replacements. Opting for on-trend materials and designs can instantly modernize your home and increase its market value. From DIY-friendly options like peel-and-stick vinyl tiles to more extensive installations, there are solutions available to suit every budget and preference.

Create An Outdoor Living Area

Maximize the potential of your backyard by creating an inviting outdoor living space. Whether it’s adding a deck, patio, or even an outdoor kitchen, these enhancements not only enhance your lifestyle but also increase the appeal and value of your home. With the growing trend of outdoor entertaining, investing in outdoor amenities can be a wise decision that pays off in the long run.

Update Your Appliances

Outdated appliances can detract from the overall appeal of your home and impact its energy efficiency. Consider upgrading to smart appliances equipped with modern technology, which not only enhance functionality but also reduce energy consumption. The sleek appearance of stainless steel or black exteriors adds a contemporary touch to your kitchen, contributing to a more modern and stylish living space.

Remodel The Kitchen

The kitchen is often considered the heart of the home, making it a focal point for potential buyers. While a complete kitchen remodel can be a significant investment, there are various cost-effective upgrades that can yield impressive returns. From updating appliances and fixtures to installing new cabinetry and countertops, even minor renovations can have a substantial impact on your home’s value.

Minor Bathroom Touches

Don’t overlook the potential of your bathroom when it comes to increasing your home’s value. Simple upgrades such as replacing flooring, fixtures, or adding decorative elements like tiles or wallpaper can significantly enhance the appearance and functionality of the space. With minor bathroom remodels offering an average ROI of 70.1%, it’s a worthwhile investment that can pay off handsomely.

Replace Old Windows

Finally, replacing old windows may seem like a minor improvement, but it can have a significant impact on both aesthetics and energy efficiency. New windows not only enhance the exterior appearance of your home but also improve insulation, leading to potential savings on heating and cooling costs. With an impressive ROI of up to 85%, it’s a home improvement project worth considering.

In conclusion, increasing your home’s value is achievable through strategic and well-executed improvement projects. Whether you focus on interior updates like repainting walls and repairing floors, or exterior enhancements such as improving curb appeal and creating outdoor living spaces, each investment contributes to enhancing your home’s overall appeal and marketability. By prioritizing these upgrades, you can transform your home into a more valuable and desirable property for years to come.

Call me for more ideas on adding value to your home! Karen Daugerdas, Coldwell Banker Realty, 847.494.1102,

Selling Your HomeUncategorized January 18, 2024

To Renovate or Not: Options for Sellers

When you bought your house, it was probably cutting edge, but over time, just like fashion, style changes. I’m still hoping polyester comes back, but it probably won’t, so most of your potential buyers are going to look at your house and want to update it.

When It Comes to Doing Renovations There are Three Options and Prices to Present

Option 1: Do No Renovations

Without so much as lifting a hammer or a paintbrush, this is the amount you could list your home for today and sell. Sure, you won’t get as much money, but it’s listed, and it will likely sell in this market and you don’t have to pour time, money, and effort into it.

Option 2: Make Minor Improvements

In this option, you can take 2 or 3 weeks and spend maybe $5000 and make some minor improvements to the home, like a fresh coat of paint throughout, updating fixtures and maybe some new flooring. The house would take a little longer to get listed and sell, but they would net more money from the sale.

Option 3: Overhaul the Home

This is the option where you take 2 to 6 months to do some serious rehabilitation and make a lot of renovations to update the home. It would cost a lot more money, and it would take more time to get it up on the market, but you would be able to sell for a lot more.

The Risks

There are some risks — there’s the time factor. With Option 1, you don’t have to spend any money. You will net less, but it’ll be on the market and probably sold fairly quickly The second price option may be more like a three-to-four-month long scenario where you wind up moving out before it sells, but make a few dollars more. Or, they can spend $$$ and not list for a while during the remodeling time. You would certainly get more money, but it would take a lot longer to get it on the market.

The danger in delaying is – what happens if the market changes in that time? History has proven to us that in real estate, what goes up must come down. We don’t know what’s going to happen this year. You have to decide what your timeline is and what is more important to you. Then we stay informed and keep on top of the market. But first, make a plan. Call me and we’ll get started!

Karen Daugerdas, Coldwell Banker REALTOR®, 847.494.1102. 

Buying a Home December 31, 2023

Resolutions to Make if You Want to Buy a House this Year

While the most popular resolutions aren’t going anywhere, like eating healthy, working out, spending less time in front of a screen, if you’re looking to buy a home next year, at least a few of your resolutions should be of the financial variety.

Start 2024 off on the right foot by making financial resolutions to set yourself up for success and help you get closer to your goal of buying a home. Here are some financial resolutions you should consider making if you want to buy a home in the new year:

Track your Spending

It’s impossible to get a handle on your financial situation if you don’t know what this situation actually is. Which is why your first financial resolution needs to be to track your spending.

Tracking your spending will give you a clear picture of how much money you’re spending, where you’re spending it, and where the opportunities to cut back are.

The key to successfully tracking your spending is to track every single cent you spend. You can create a spreadsheet and manually input every purchase or you can use a money monitoring app like Mint; Mint connects to your debit and credit cards and then tracks and categorizes your purchases throughout the month.

Once you’ve tracked your spending for a month, it’s time to dive into the numbers. How much of your income are you spending on necessities (like living expenses and utilities)? How much is going towards paying down debt? How much are you saving?

It’s only when you have a clear idea of your financial situation that you can determine if you’re ready to buy a home — and, if so, just how much home you can afford without putting yourself in a financially challenging situation.

Cut out Unnecessary Expenses

A great side effect of tracking your spending is that it allows you to see opportunities to cut back. Which leads into resolution #2: cut out any unnecessary expenses.

If you’re serious about buying a home, you need to rein in unnecessary spending and pad your savings account as much as possible. Are you spending a significant amount of money every month eating out at restaurants? Commit to eating out one or two times a month and making meals at home the rest of the time to save some cash. Is your coffee habit costing you $5 a day? Brew a cup in your kitchen before you leave for work. Are you spending a fortune on a gym membership you barely use? Cancel and use free workout videos on YouTube to get your exercise. Do you pay for premium cable when you’d be fine with basic? Downgrade and lower your bill.

Now, keep in mind — even though you’ll want to go into savings mode before you buy a home, that doesn’t mean you shouldn’t spend any money on yourself. If you don’t spend any money on fun and entertainment, it can actually make it harder to stick to your budget. Allot a certain amount of money per month you can use as you please; that “fun money” will make it easier to stick to your budget the rest of the time.

The more unnecessary expenses you cut out of your budget, the more you’ll have to put in your savings account — and the faster you’ll be able to make your dream of owning a home a reality.

Clean up Your Credit

Another financial resolution to make if you want to buy a home? Clean up your credit.

Your credit score plays a huge part in determining if you get a mortgage and, if so, how competitive your interest rates. A good credit score can save you thousands (even tens of thousands) of dollars over the course of your loan, which is why it’s important to get it as high as possible before you purchase a home.

First, you’ll want to get a copy of your credit report and check for any errors. Errors are more common than you’d think, and even a small mistake can drag down your score. If you find an error on your report, you’ll need to contact the credit bureaus to have it removed.

Once your report is error free, it’s time to do everything you can to boost your credit score. Paying down debt, paying all your bills on time, and keeping the percentage of credit used low can all help to increase your score — which will help you get a better deal on your mortgage when you apply.

There are plenty of resolutions you can make in order to hit your goals in the new year. But if your goal is to buy a house, these financial resolutions are the key to getting there.

Call me & we’ll create a plan for you! Karen Daugerdas, Coldwell Banker Real Estate Broker, 847.494.1102.

Selling Your HomeUncategorized December 5, 2023

10 Reasons to Sell your Home during the Holiday Season

When most people think about the holidays, they think about spending time with family, exchanging gifts, and enjoying a delicious feast. What many people don’t think about is using the holiday season as an opportunity to sell their house. Despite what you may have heard, there are many great reasons to sell during the holidays.

Yes, the interest rates have increased over the last year, but better in the last 60 days.  For every 1% decrease, there are 5 million more buyers hitting the market.

Based on what’s been happening the last few years and the trends we are seeing right now, we can’t start stressing about what may or may not happen, we can only make a decision based on today. Every indicator tells us that selling during the holidays will net you more on your home than you would if you wait until Spring.

  1. Buyers who are out searching for a home during the holiday season are more serious. They are willing to fight holiday traffic, tight schedules, & even icy conditions in some areas – they mean business.
  2. Less competition. There are fewer homes for sale during the holidays, which means that there is a greater chance of selling quickly, & even getting multiple offers.
  3. Houses show beautifully when decorated for the holidays, when staged well. Buyers coming through will instantly start imagining themselves spending the holidays in your home & making memories with their families.
  4. Emotion: Buyers are emotional by nature & even more connected to their emotions during the holidays when they are desperate to buy. Viewing homes now, especially the decorated ones, brings memories, creates sentimentality & nostalgia. This makes the buyers pay the asking price & even more because of the heartwarming emotions around home ownership & celebrating the holidays.
  5. Buyers tend to have more time off, using end-of-year vacation days & free time during the holidays, which means they can look during the work week rather than be limited to the weekends. When people have more free time, they are less stressed, & when they are less stressed, they are willing to spend more.
  6. There are tax benefits to buying & selling a home before the end of the year. From various mortgage deductions, you can also take advantage of State & Local tax deductions, tax-free profits on the sale of your home, & even home office deductions for those who work remotely.
  7. January is the most common time of the year for people to start new jobs after being transferred, & typically get notice of this transfer in November or December. These buyers have no time to waste, they have a short time frame.
  8. YOU are still in control of your time. Even when you have your home listed for sale, you control showing times to work around your holiday events & life.
  9. Make your moving dates part of your terms. Even if you get an offer, you can have a delayed Closing or extended occupancy to accommodate you into the new year.
  10. Give yourself your best chance at non-contingency. Selling your home now allows you to be a non-contingent buyer in the Spring when most people choose to list their homes, which means you will have a lot of homes to choose from. This gives you your best chance to sell high & buy low!

If you need any help getting started, be sure to contact me for the plan to get your home sold quickly & for top dollar! Karen Daugerdas, Coldwell Banker REALTOR®, PSA®, SRES, SFR®.

Home Improvement September 7, 2023

Be a Proactive Homeowner this Fall

Fall’s cooler temps are perfect for deck and yard improvements. It’s also a great time to give the house a little extra love and maintenance. Check out these recommendations from House Logic:

  1. Stain the Deck
  2. Check Fire Extinguishers
  3. Spruce Up the Yard
  4. Inspect Your Home’s Exterior

Stain the Deck – Help your deck field what winter throws at it by re-staining it this month. September’s cooler temps and lower humidity make it the ideal time for this project.

According to the Red Cross, fires increase in the fall and winter. Check Fire Extinguishers – Keep your home fire safe by getting your fire extinguishers checked by a certified professional. Fire extinguishers do break down and malfunction. In fact, after six years they need to be emptied and reloaded. If you haven’t already, buy one for each floor — and the garage.

Spruce up the Yard – Aerate your lawn, reseed or fertilize it if needed, and plant perennials and shrubs (often on sale now). Your lawn will green up faster after winter, and the shrubs and perennials will have a chance to establish roots before the first freeze.

Inspect Your Home’s Exterior – Spending money on roof repairs is no party, but neither is handing out buckets to the family to catch leaks in a winter storm. Inspect your roof — and other big-ticket items, like siding, grading, and gutters — before you’ve got problems. You’ll cut costs by fixing them now and stay dry and warm all winter long.

Call Karen Daugerdas, your Coldwell Banker family REALTOR® 2t 847.494.1102, for all your real estate needs!

Home Improvement July 31, 2023

Summertime Home Improvements for Added Value

Tired of the real estate craziness & just want to stay put? Here are some exterior improvements homeowners are doing to make their surroundings more enjoyable this summer. And when you’re ready to sell, I’ll be here! Karen Daugerdas, Coldwell Banker Real Estate Broker, 847.494.1102.

  1. Landscaping and design:‌ $1,034-$5,720 on average
  2. Tree removaland trimming:‌ $400-$2,839 on average
  3. Gate and fence installations:‌ $5,206-$7,000 on average
  4. Concrete installations:‌ $3-$10 per square foot on average
  5. Exterior house painting:‌ $3,014-$8,117 (for a 2,500-square-foot home) on average
  6. Gardening:‌ $50–65 per hour on average
  7. Deck and porch remodel or addition:‌ $2,925-$15,329 on average
  8. Gazebo installations and construction:‌ $202-$1,500 on average
  9. Sod installations:‌ $1,568-$2,409 (for 2,500 square feet) on average
  • Play equipment construction and assembly:‌ $350–$850 on average
Property Titles & Deeds July 9, 2023

Help Deter Theft of your Property Title

Real estate title fraud, also known as title theft, occurs when someone changes the ownership of your property to themselves, forges your signature on a deed & records it, leaving them free to sell your property.

You can’t prevent it, but you can make it more difficult by requesting an alert of any activity on your property.

  • Fraudsters typically target homes that are paid in full & have no mortgage. They file forged documents with a county recorder.
  • Once the document is recorded, it is up to you, the homeowner, to petition the court, at your own expense, to get a court order to have the fraudulent recording removed.

There are companies that offer “title protection services” for a fee to homeowners.  These companies claim to protect property owners from criminals who forge a homeowner’s name on a deed, file the deed at the local courthouse, and then take out a mortgage against the home, or some variation on this theme. But this is more a notification service that there is recording activity on your property.

However, most counties offer a free Property Fraud Alert that will call or email you any time a document is recorded against your property, or the property of a loved one.

The websites for Cook, DuPage & Lake are listed below. This alert service is free to you. Sign up to be notified of activity on your property!

Karen Daugerdas, Coldwell Banker Real Estate Broker, 847.494.1102. #preventfraud #titlefraud #cookcounty #dupagecounty #lakecounty #protectyourhome

https://www.cookcountyclerkil.gov/recordings/property-fraud-unit

https://www.dupagecounty.gov/elected_officials/recorder/property_fraud_alert.php

https://www.lakecountyil.gov/2310/Message-from-the-Lake-County-Clerks-Office

 

Uncategorized June 22, 2023

8 Strategies for Maintaining a Home as an Asset

The Federal Deposit Insurance Corporation takeover of Silicon Valley and First Republic banks is a reminder of how critical it is to manage assets strategically. Homeowners also must manage their assets strategically to ensure long-term sustainability. Methods for good stewardship of a home include:

  • Conducting routine maintenance and increasing its value through renovations and upgrades
  • Evaluating insurance coverage to be sure the property is adequately covered for replacement costs
  • Tracking changes—local market conditions, interest rates, and property taxes—that affect the value

Companies, entrepreneurs and venture capitalists, who had more than $170 billion stored at SVB, were left scrambling to access their money for 72 hours until the Federal Deposit Insurance Corporation stepped in to ensure that depositors would be made whole.

Bloomberg reported that 97% of SVB’s deposits were uninsured because they were above the $250,000 limit which the FDIC insures. That fact should be a wake-up call for homeowners, who have seen the median price of homes increase 110% over the past decade, according to NAR data. Homeownership represents a significant investment of time and money and the biggest asset many people own. And just like bank owners and their depositors, homeowners must manage their assets strategically to ensure long-term sustainability.

Here are eight asset management and risk mitigation strategies that banks follow—and that also apply to good stewardship of a home.

  1. Maintain theThrough regular maintenance and repairs, homeowners ensure their home continues to serve the intended purpose. Keeping up with routine maintenance tasks like cleaning gutters, inspecting the roof and servicing HVAC systems can help prevent costly repairs down the line and ensure that the home stays in good condition.
  2. Increase value. Renovations and upgrades not only improve an owner’s enjoyment but can increase the value of the home. Provided the owners have kept good records (see point 8, “Document everything”), they can also use improvement to increase the property’s tax basis. That’s important for sellers who have seen big run-ups in value and want to minimize their tax liability when they sell. The National Association of REALTORS®’ Remodeling Impact Reportshows which remodeling projects are likely to have the most value at resale.
  3. Consider insurance options.Like deposit insurance, homeowner’s insurance has limits. Homeowners should reevaluate their coverage each year to be sure they’re adequately covered for replacement costs. They may also want to explore other risk-management options, such as security systems and impact-resistant roofing products that can reduce their insurance costs and further protect their home.
  4. Have a contingency plan. Homeowners should have a plan in place in case of a fiscal crisis or unexpected event that could affect their ability to pay their mortgage. This includes having emergency savings, a budget and a plan for managing debt.
  5. Communicate with lenders. When it comes to managing a mortgage, homeowners should make timely payments and consider refinancing if interest rates drop or their credit score improves. They should also maintain open communication with their lender and inform the lender of any changes in their financial situation that could affect their ability to make mortgage payments. Additionally, it’s important for owners to be aware of the terms of the mortgage and to avoid taking on too much debt or borrowing against the equity in the home without careful consideration.
  6. Seek professional advice.In addition to working with a REALTOR® when they buy or sell, homeowners should seek professional advice from financial advisors, mortgage brokers and other experts to help them manage their asset and make informed decisions.
  7. Keep track of your assets. A home is not just a place to live but also an asset that can appreciate over time. Homeowners should regularly assess the value of their home and keep track of any changes that could affect its value. This includes monitoring changes in the local housing market, interest rates and property taxes.
  8. Document everything. Recordkeeping is core to the service that banks provide, and it’s essential for homeowners, too. From the moment of purchase, owners should keep all the documents, records and transactions from their home, including details and costs of renovations and upgrades that can be added to their tax basis (see point 2, “Increase value”).

Bank failures are a cautionary reminder of the importance of strategic asset management. Just like banks—and the companies, entrepreneurs and investors who park their money in banks—homeowners need to take a proactive approach to maintenance, upgrades and financial management. By taking these steps, owners help ensure that their home remains a source of long-term financial stability and security for themselves and their family.

Call me for more information & questions at 847.494.1102. Karen Daugerdas, Coldwell Banker REALTOR®, PSA®, SRES, SFR®

 

 

Real Estate Sales June 3, 2023

Page Turner of HGTV joins Coldwell Banker Exclusive

Page Turner of HGTV’s Fix My Flip fame joined Coldwell Banker Exclusive, according to Lillian Dickerson of INMAN.

 

Turner is an executive producer, renovation counselor, real estate investment expert and TV personality with 20 years’ of experience in entertainment as well as being a licensed real estate agent across three states, including California, Tennessee and Georgia.

On Fix My Flip, which just premiered its second season on May 4, Turner assists homeowners who are struggling to flip their properties by offering her team, capital and know-how in exchange for a partnership and profit-share when the home sells.

“Early in my career, I was at a point where I was making money but I didn’t know what to do with it or how to diversify it,” Turner said in a statement. “Once I learned how to invest it into real estate, the passion for teaching others how to do the same began.”

At Coldwell Banker Exclusive, Turner will lead the brokerage’s newly created affiliate, iKONIC Sports and Entertainment, which will educate and empower clients in the sports and entertainment industries on how to build investment portfolios and intergenerational wealth.

Have a real estate question? Call a real estate professional like Karen Daugerdas, Coldwell Banker REALTOR, PSA, SRES, SFR, 847.494.1102.

Image by Coldwell Banker Exclusive & fotokraftwerk/Getty Images