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Evergreen Desi Member Showcase presents

Mr. Jay Yanamandala, Owner- Realtor, SUV Realty.

We proudly introduce long-time Evergreen Desi member and realtor, Mr. Jay Yanamandala of SUV Realty.

Mr. Jay Yanamandala is the Premium Sponsor of the Ist Annual Evergreen Desi Diwali Party 2005 to be held in Mt Hamilton Grange Hall, on Nov. 11, 2005. We thank him for his generous support.

Mr. Jay Yanamandala is the owner - realtor of SUV Realty, a private firm offering real estate services in the Evergreen area of San Jose, CA.

Mr Jay Yanamandala has a background in finance and a specialized knowledge of the US housing and financial markets.

Mr. Yanamandala is uniquely positioned to serve the real estate needs of the local Indian community as he has a similar educational background and understands their deepest concerns.

Evergreen Desi Buzz had an opportunity to talk to Jay Yanamandala recently.

"I give around 20-25% of my commission as cash back to buyers at closing."

--Jay Yanamandala

What made you decide to start SUV Realty?

Going through the process of buying my own home sparked my interest in becoming a realtor. Buying a home is an intricate process and I found every detail very interesting. I would scour the web trying to find more information

My interest in real estate and the housing market continued even after I bought my home. I became a sort of informal resource for my friends who would ask me questions about all the different legal terms and their significance. I was more than happy to help. That was when I realized that I wanted to help others so that they would have a home buying and selling experience just as satisfying as mine.

And so I started my firm, SUV Realty.

What are the services that SUV Realty offers?

Buying and selling a home is a very involved process. This is a big ticket item since homes are so expensive. There are laws that protect buyers and sellers, esp. the buyers, but not many understand the legal ramifications. I advise my clients to take the time to understand the whole process before moving forward. I explain the importance of location, the importance of looking at the whole picture. My clients know that I am always available to to answer any home buying or selling questions they have.

I have set up my SUV Realty website with my client's interests in mind. A number of my clients are techies and prefer to quickly get their information through the computer. They dont have the time to sit in their offices for hours every week and go through all the MLS listings. At the same time, they dont want to miss an opportunity to see what has become available. Therefore, I have designed my SUV Realty website in such a way that any client can set up searches based on their personal criteria. Whenever a property that matches their search criteria comes on the market, the search agent registers a hit and the client will get an automatic e-mail notification. This saves them the need to go through all the listings and my clients really appreciate this.

I have a very good and personalized understanding of my clients. Based on this, I try to find ways to help them out. For instance, at the time of closing, most buyers are strapped for cash. So I give cashback to buyers at closing for upto 20% of my commission - limit on cash back at closing is set by the loan underwriter. The remaining amount is paid after close of escrow.

I keep coming across information that would be potentially useful to my clients. For example, a lot of my clients are interested in the schools of a certain area. Others are looking for a reliable contractor. As a free service to my clients I collect these kinds of information and place it on my website. So my clients dont need to struggle and research a particular area, when looking for home buying or selling information.

"Helping my clients make informed decisions about one of the most important purchases of their lives gives me a lot of satisfaction."

- Jay Yanamandala

Mr. Jay Yanamandala, with his wife, Lakshmi and daughter Mounica, in Evergreen.

Tell us about a memorable incident with your clients that still gives you a lot of satisfaction.

Every client is unique and every deal has something memorable associated with it. An incident...Once, one of my clients was about to write up an offer. I knew he was married so I told him to call his wife so she could sign it as well. As you may know, an offer letter signed by both parties has a better chance of going through, although an offer letter need not be signed by both parties to be accepted.

My client was puzzled and replied that since the loan will be in his name, he wanted only his name to appear on the offer letter. I explained the California state laws governing community property to him, including all the potential legal issues that might arise as a result of his action. My client was not familiar with the concept of a QuitClaim deed so I explained that to him as well.

After making sure he fully understood the process, I advised him to talk to the loan officer again. My client was very grateful to me for having taken the time to give him such detailed explanations and for saving him from making a potential mistake.

What aspect of your business gives you the most personal satisfaction?

Helping my buyers make informed decisions about one of the most important purchases of their lives gives me a lot of satisfaction. In addition, in the course of my business dealings I get to meet a lot of people who can become part of my sphere of influence.

"I am always willing to go the extra mile to close the deal."

- Mr. Jay Yanamandala

What differentiates you from your competitors? What are your unique strengths?

I have a techie background, like many of my clients. So I really understand their concerns. I research my client's area of interest and find all the information they need to assist them in making an informed decision. But I dont try to influence their decision one way or the other. My job is to present the facts in an unbiased way.

Once my clients decide on a house I leave no stone unturned to facilitate the process of acquiring it.

I make sure they meet all their deadlines. This includes getting information back to them in a timely manner as and when they need it, and making sure that the documents they signed reach the other party asap. I make it a point to use the latest CAR forms.

Give us a little background about yourself which you consider relevant to your present business?

I was an entrepreneur in India. I did my Master's in Finance and that gave me a very good grounding and background for my present work. I have a specialized knowledge of the US financial and real-estate markets. Studying the market was, initially, my hobby but now it has become my full-time job. I had to pass my broker exam and while studying for that, I did a lot of reading and research in this field.

Based on your experiences as a realtor, do you have any general advice for sellers and buyers?

Buyers tend to focus only on the home which is up for sale. But, in reality, the resale value of the property depends on many other factors. They should try to gather as much information as possible. Thankfully, in these days of the internet, all this information is easily available.

Buyers should consider the average age of the surrounding homes and the frontage of those homes, account for any area renovations, any new developments, crime statistics, the interest of other buyers, traffic issues etc. All these factors can affect the future value of the house.

For instance, the Evergreen area of San Jose is a prime area for home sales and resales. Nearly 75% of all new construction in San Jose is taking place here. The schools are also doing well here, so houses in this area will automatically have a good resale value.

If buyers are interested in the Evergreen area, they can look on my SUV Realty website for some of this information.

I would urge prospective buyers to thoroughly study a prospective area before deciding on making a bid on a house. These days, houses get multiple bids on them and sell for well over asking price. Too often, I see buyers get caught up in a bidding frenzy and simply bidding on a property without thinking things through. There is no point in suffering buyer's remorse later on. Do your homework first.

"The relationship between the realtor and the client is based on trust."

--Jay Yanamandala

If it's an older home, the buyers should find out who the builder is and get the complete record of professional inspections as and when they were done. They should definitely obtain records of any major repairs or upgrades and understand why they were made. They should check the roof to see if it needs to be upgraded.

Often older homes have outdated electrical wiring that cannot sustain the load of a home office, scanner, printer, fax, modem etc. Replacing these can be very expensive. So checking these things in advance is very important.

If it's a new home or a newer home that is on sale, then the client needs to speak to the builder. They need to find out about the materials that were used in the house construction, including the roof and the wiring. If the builder is going to put in appliances, then they need to make sure they understand the general conditions of the warranty. They should find out about the CCRs. If they can afford it, they should take a professional inspector along to help them evaluate the property. If they decide to do this, thay should make sure they have the permission of the people who own the property or are showcasing the property.

What general advice do you have for sellers?

If you are a seller in this market, you should not have a very tough time selling. But making certain basic preparations will leave a good impression on prospective buyers.

You should remove clutter and any extra furniture from the rooms. This will make the rooms look bigger. As far as possible, try not to be present around buyers when they are looking over the home. And if you are, then you should speak only when spoken to.

And most importantly, let your realtor handle the situation. This is his/her job and one he/she is well prepared for.

Where did you hear of Evergreen Desis? How has this organization helped you?

We moved to this area four years ago. I came to know about the Evergreen Desi mailing list through my wife, Lakshmi, who was a member. She had joined the group when a friend of ours had recommended the mailing list.

Definitely, the Evergreen Desi list has helped me. I learned a lot about the community through this group. This knowledge helps me in my real-estate business.

I now make it a point to recommend this list to my Indian clients who purchase homes in the Evergreen area. It serves as an added attraction to potential Indian buyers that there is such a large, thriving Indian community in this area.

About SUV Realty

More about Mr. Jay Yanamandala and SUV Realty is available at his website.

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