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Nearly two decades ago, Terry Miller, managing broker with Coldwell Banker Bain in Seattle, Wash., was reaping the fruits of her labor. She’d trained a host of successful agents, the money was coming in and she found that her schedule was opening up.
“My business was running itself and living off of referrals, and I had the time. I wanted to give back,” she remembers. A couple of clients suggested HomeSight, a Seattle nonprofit dedicated to building diverse communities through homeownership, real estate development and community development. She didn’t know if she was quite the right fit, though.
“Two of my clients recommended it, one of whom was on the board. Because the organization had a big focus on real estate development though, I thought they needed a commercial person.”
Despite her apprehension, she joined anyway. A few years later, the market crash of 2008 hit. Miller was then the president of the board for HomeSight, and the organization was in dire straits. “We were building a condo at the time, and we had to sell it. I call it the biggest short sale in the world.”
Because of Miller’s experience in the business, she was able to act as a liaison between HomeSight, lenders and stakeholders. She negotiated on HomeSight’s behalf and ensured the sale wouldn’t hinder the organization’s ability to continue helping the communities it served. It also solidified her dedication to the organization and helped her see her value on its board. “I’ve never wanted to do anything else. So much good is done for Southeast Seattle through HomeSight.”
As HomeSight’s board president, Miller says her responsibilities are varied. She uses her real estate expertise and network to help HomeSight reach potential buyers and partner with real estate professionals who can help them identify properties and expand their affordable housing efforts. She supports the board in maintaining their vision, setting its direction and not “getting into the weeds” too much. She also helps her fellow board members understand the real estate process and she’s instrumental in walking the organization through projects. She’s also heavily involved in helping promote the organization’s initiatives, projects and programs.
Most recently, Miller has been helping host the organization’s Plate of Nations initiative, where 50 restaurants in Southeast Seattle have signed up to showcase their food and culture. HomeSight does walking tours of the neighborhoods and features the various restaurants in the communities. “The hope was to get people down to the different communities to experience the food.”
She’s also hard at work getting the word out about HomeSight’s various programs to help underserved communities achieve homeownership. The organization offers alternate lending options designed for those who cannot go the traditional route. “We have loans for people without social security numbers called the Vista Loan. The Sharia Loan allows the Muslim community, which cannot borrow the traditional way for religious reasons, to get financing. We also have grant money that can help forgive loans for people in need so that they can stay in their homes.”
One of the organization’s newest projects is a 68-unit coop building, called U-lex, which is designed to provide affordable housing options designed to keep community members from being priced out while building equity for future generations.
Millers says she’s learned much from her work with the organization. “My role has me paying a lot more attention to and learning about how government works in real estate. I’ve learned so much about zoning and how neighborhoods are built. This is my 39th year as a successful broker. I’ve spent a lot of time watching the city grow, and being on this board has illuminated how it all works, how it all happens.”
