Five things to do in the first quarter of the new year:
1. Refresh your brand
Refreshing your brand means getting new photos taken. Why? Because you are first and foremost your brand. So you need to get a new, fresh photo. You should do this every year, maybe twice a year. But that new photo is not just a straight headshot, it's multiple photos in different settings. Why? Because your photo is the most used branding element in your marketing arsenal.
But what happens when you don't do this? What happens is people then meet you and there's an immediate brand disconnect. There's an immediate feeling, at least at a subconscious level, that they've been deceived. If they can't trust you with your branding, what else can't they trust you with?
It's more important than you think it is. So get that brand updated and refreshed.
Also, look at your bio. So once you get this new photo, you're gonna update your bio for the new year. And...
Join the podcast today as we chat with Steve Rath. Steve along with his wife Chris have built an incredible Real Estate business in beautiful Sacramento California. With 34 years of real estate experience Steve has keen insights on how to build your business and how providing high level service can differentiate you in a challenging market. His story of going from an Engineer to a thriving Real Estate Entrepreneur will inspire you. Learn how client preparation can be used as the ultimate tool for building raving fans and why your sphere of influence is so important today!
Hey guys, some new interesting information from NAR regarding how far people move when they buy a new home.
For decades, the number was about 10 to 15 miles from where they were moving to where they were going to.
Now that shot up dramatically last year to 50 miles—an unheard of number. And where are people heading?
1. Small towns: up 9% from last year.
2. Rural areas: up 7% from last year.
So people are wanting to exit urban areas, kind of that urban exodus we've talked about for a long time. And why are they doing it? Well, they have remote working, they have a remote school, and they want to get out of the urban jungle. And affordability is a big issue. They can buy a much bigger house, much nicer house by going out to these rural and small town areas.
So what about your market? Are you starting to see this in your market?
Maybe you're on the flip side where you live in a rural market like I do and you're benefiting from people coming to you. And on the other side, maybe...
Only 16% of buyers believe it's a good time to buy a home today. That's according to a new study from Fannie Mae. So when we hear that number, it's kind of a shocking number and it's a record low. Let's not put any sugar on this. It's not good.
So when we're talking to our clients that may have thought about buying but are on the fence right now, how can we have just an honest conversation about the market today?
Well, I like this idea of a "then versus now" conversation. The "then versus now" conversation is dealing with real world numbers. And so let's assume you have a situation where you say, "Hey listen, I know you're kind of on the fence about buying right now, but I just wanna walk you through something to think about. If you were back in time six months ago when we started talking about buying, and you bought a house back then, let's just run through some numbers. I'm gonna compare that to where we're...
Hey guys, here's a fun idea you're probably not doing now in terms of marketing your listings, which is doing a behind the scenes viewpoint of what you're doing to market listings.
And I what you're thinking: What does that mean? Well, a lot of us that watch television today, we'll see a lot of behind the scenes. Everybody loves to see behind the scenes. Like if you're watching your favorite show, whether it's House of Dragons or The Handmaid's Tale or whatever, at the end of the show, they'll circle back and they'll do behind the scenes interviews and so forth.
And people love it. They eat that up. That's when you bought the dvd—yes, we used to do that—we would get the DVD extras and that's what it would have on there.
You can do the same thing with your listings.
What if you started doing some behind the scenes work? And what do I mean by that?
What if you had you taking some photos or some, some...
Stephen Bello has an amazing story. From growing up in the restaurant industry to becoming a successful and sought after chef he has now turned his attention to real estate. By using the same work ethic and commitment to service that helped him quickly grow his culinary career he is achieving incredible results as a real estate professional. Join the conversation as we dig deep into how Stephen is making waves in the great state of New York with his incredible commitment to excellence.
Here's an interesting question I get a lot as a supervising principal broker, and that is this:
Can I, as an agent, talk to an appraiser? Lot of misinformation about this and some appraisers, it's true, just won't talk to you. But you are okay and it's totally ethical for you to talk to an appraiser.
In fact, NAR has a FAQ on this. You can go look it up, but in their FAQ, they specifically state that people that have an interest in the transaction are completely okay in talking to the appraiser. Now, why would we talk to the appraiser? Or what would be the reason?
Well, there's a lot of reasons. One of 'em, we might be just communicating information about the houseless condition. Improvements that have been done. If there was multiple offers on the home, if the comp sets you used are totally appropriate, you can give them a copy of your comps. If the appraiser wants to accept them, they don't have to. New pending transactions that have...
What's the number one reason somebody should be buying a home now as opposed to waiting?
Number one reason is this:
Lawrence Yun, chief economist for NAR at a recent conference said this. He said that it's totally within the realm of possibility that we'll see interest rates at eight and a half percent interest next year in 2023.
Why? We know the Fed has already announced they're gonna do another rate increase in November and another one after that, then they're gonna take a pause. So two more increases are coming and we're already at 7%, eight and a half, maybe a low estimate. So when, although we feel like the interest rate is high, it's not high relative to history. Remember the average interest rate over the last 50 years has been 8%. We're at 7%. So when we look at it from a historical standpoint, it's not as high as we perceive it.
We perceive it to be high because we're basing it on the 60 year low. We just live to...
News from NAR (National Association Realtors) came out recently and they said that home sales are down 23.8%. But strangely, home prices are up 8.4%. So where's the conflict there? How are we having these crazy numbers?
Well, here's the reality — there's two reasons for it:
One is that we are still benefiting from appreciation that happened at the beginning of the year when interest rates were close to 3%.
And the second reason?
We're benefiting from low supply. We still are at a historically low supply, about 3.3 months of supply. Meaning if every REALTOR stopped working today, it would take 3.3 months of time for us to sell out that inventory.
So what's a healthy balance market? A healthy balance market is about six months of supply.
By the way, I want you to get this in your mind. It's completely different than the Great Recession. We entered the great recession with 11 months of supply. Strong buyer's market. We are...
Cristen Lincoln has been practicing real estate for over 29 years. As a top producing REALTOR she brings a wealth of knowledge around building a sustainable business, finding your passion, and being authentic with your clients. Listen as she provides critical insights into building a team that supports ‘awesomeness’ and why showing up every day regardless of your production level is critical to your success. This is a can’t miss interview!
Jim would like to talk to you about your real estate business with a complimentary 30 minute coaching session.
During the call be prepared to discuss - Your goals for the next twelve months. Your time management and priority management strategies. Your willingness to change and adapt to a changing market landscape, and your biggest choke points - what's really holding you back
The road to transformation starts with small steps. Take your first towards a better real estate business today...