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Photograph by Kathy De La Torre
President and CEO Kari Sopke and Assistant Vice President Carole de Losada show off the new Los Gatos branch of SOMA/Living, a real estate services company.
Retail real estate premieres locally
By Jean Newton
Retail real estate is more than just a new concept; it's a whole new way of doing business. SOMA/Living, a real estate services company focused on buyers only, brings the concept to reality with the opening of its West Valley homebuying store in the Downey Center at 15521 Union Ave. in Los Gatos. The store serves homebuyers in Los Gatos, Monte Sereno, Saratoga, Campbell and several San Jose neighborhoods.
As the second SOMA/Living store to open in the Bay Area during the last two months, the retail environment with brightly colored kiosks, modern computer stations and sleek displays offers a surprising twist to the traditional real estate business. Instead of commissions based on home sale prices, SOMA/Living's "HomeTeam" specialists are salaried employees with expertise in specific areas of the transaction process. Homebuying and lending services are located under one roof, to provide a seamless transaction for the buyer.
Not to be confused with a furniture store--although furniture can be purchased through SOMA/Living's home furnishings resource department--the modern store design sets the stage for something unique. A customer entering the store will find a kiosk up front with a button reading "Push Me" that activates a quick video overview of all the features and services offered at the store. For those intimidated by all the razzle-dazzle, there's a home team specialist on hand to answer any questions and help customers feel comfortable in the store.
Realtor Carole de Losada, SOMA/Living assistant vice president and assistant manager, calls the new store "a home where you can purchase a home." With a strong belief that every person who wants to own a home should own a home, de Losada urges people to come down to the store to find out what SOMA is all about.
"Buyers can play at the computer, look up loan rates, and get a copy of their credit report at no cost and without anyone bothering them. Not everyone has a computer, so people can come into the store to do a quick search for loans or get information on neighborhoods or even get pre-qualified for a loan," de Losada said.
SOMA/Living's mission is to simplify the process of buying a home by providing clients with a more efficient and enjoyable real estate transaction through a full range of services. The store provides a convenient way to access all the services including mortgage and lending, home furnishing resources, an inside perspective on neighborhoods, buying tools and an extensive database of homes for sale. If registered as a buyer or active buyer, SOMA/Living claims it provides access to a wider array of properties with not only MLS listed properties, but also for-sale-by-owner properties and new home properties.
"The store takes the focus away from the agent and puts the focus on the homebuyer," de Losada said. "The premise is that Realtors are not as comfortable with some aspects of the transaction as they are with others, so at SOMA you get a specialist for each part of the process."
According to de Losada, store guides show customers around the store; buyer's agents are responsible for showing property; senior negotiators make the commitment to get the home for the buyer; and the transaction manager, who is experienced in lending and real estate, makes sure every aspect of the transaction happens in the appropriate and timely manner.
Whether a customer comes into the store, or accesses the website at www.somaliving.com from home, information about specific neighborhoods is one of SOMA/Living's strong suits. The company provides a close-up of actual neighborhoods, rather than just general city data. As buyers zero in on a neighborhood, they can look up features and benefits, get specific maps, find schools in the area and locate the nearest bank or restaurant. In the store, there is a hands-on, noncomputer section composed of photos that capture the essence of the community. The area is also stocked with local publications and other information of interest to potential buyers.
SOMA/Living President and CEO Karl Sopke says he hopes the SOMA/Living concept will change the face of real estate. The former president of Pacific Union Real Estate Group, Sopke prefers to describe his new venture as just another real estate company--one that is doing business in a different way. His impetus to create the store concept was based on the changing nature of real estate, innovations in technology and consumer dissatisfaction with the current process.
"The real estate industry has remained the same for over 50 years. With the advent of technology and its impact on business, we felt there had to be a better way. We also wanted to bring back the word "fun" to the real estate transaction, to make the experience of buying a home an enjoyable one," Sopke said.
Sopke's creative business model includes several departures from the traditional real estate business, such as a shift from contract to salaried employees; segmenting responsibilities to give employees the opportunity to do what they do best; concentrating on the buyer to avoid a conflict of interest; and a focus on retail to bundle activities under one roof to provide efficient yet personalized service for consumers.
"It's fun watching others catch the fire and generate a lot of enthusiasm for this concept. Agents know the traditional concept of real estate has to change and are looking to us to show the way," Sopke said. "We're the first viable alternative to the current process and we'd like to lead the industry into the next millennium."
In addition to the opening of the West Valley store and its flagship store in San Francisco, SOMA/Living operates a store in Palo Alto and plans to open stores in San Rafael and Fremont in August 2001.
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Saratoga, California Since 1955
