Are a ton of foreclosures about to hit the market?
The answer is absolutely not. Let me tell you why:
This is a myth that's happening among a lot of renters. People that don't own homes yet are all waiting for the shoe to drop and a bunch of foreclosures to hit the market. Let me tell you why it's not going to happen:
There is something called forbearance. And a lot of people did tap into it at the beginning of the pandemic. The experts thought that about 30% of mortgage holders would need to tap into it at the beginning of the pandemic. In other words, forbearance is where a lender gives you some level of grace.
They say, "Hey, you can stop making your payments for a while, or you can make a minimum payment or we'll tack on your payments to the end of the loan." There are a lot of different variations to it.
But the government said they want everybody to have a six-month opportunity if they've been struck by COVID or...
What if from every listing you take, you received five transactional sides? Imagine you take 10 listings in the next 12 months. And that leads to 50 transactional sides.
Is it possible? Absolutely.
And more importantly, we have to look at what we've done the last 12 months — how many listings did we take and how many sides did we create? If we are leaving money on the table, it's probably coming from the activities that we're not doing when it comes to our listings and those opportunities are so massive.
We have a system which I call the "5 Star Listing System" and it identifies the five easy transactions we can secure from every single listing we take.
1. We're going to sell the listing that we take
Now, that sounds simple in today's market. 95% of listings are selling as soon as they hit the market. But as the market transitions, as the market shifts, believe me, we're going to need to be able to refine our presentations and...
According to a new Bankrate survey, millennials are having high levels of buyer's remorse in this market.
In fact, two thirds of millennials experience high levels of anxiety after the purchase, while they're in escrow, which can lead to escrow failures.
What are you doing about that?
Not just with millennials, but with all buyers in this topsy-turvy market. How are you addressing buyer's remorse? And for that matter, seller's remorse?
I'm going to give you a strategy called the Three R Strategy, which can help you deal with remorse in a unique way.
The first R is Reconfirm.
Reconfirm with people about why they made the decision to buy or sometimes sell. So you might say things like:
"Hey, won't it be nice not to be a renter anymore? And every single month when you're making that payment, it's building your equity, not building your homeowner's net worth. You're going to be benefiting from that."
"Hey, just imagine now that...
We just got stats that show listings have increased again. For the past several months, they've been increasing. And now they've increased again by another 4.1%.
So now we're about 2.6 months of supply in the country. Not a lot, but more than it's been in a long time.
So we're starting to see listings come back to market.
The question is: Are you starting to see more listings come into your portfolio?
If you're not, you have to ask yourself why.
The number one reason why we don't have as many listings as we should is we're just simply not asking for them. We're not asking enough people to give us listings as we should. And we're not asking for enough referrals.
I'll give you one technique that blew my mind recently that one of my students used. And I received it because I'm on his mailing list.
He sent me his resume, his resume letter, the resume letter had a cover letter, just like a regular resume. And on the cover letter, it...
How much does what someone sees on TV impact their buying patterns or buying behavior?
And that's a question that was asked within the new staging report from the NAR — the National Association of Realtors. And here's what they found:
63% of REALTORS say that when they're out showing homes to buyers, that the buyers requested to view homes that were comparable to those that they had seen on TV.
Because of that, 35% of REALTORS say that they have patterned their staging around what they see on TV as well. So TV is definitely having an impact in the real world of selling real estate.
So when we look at those numbers, when we dig deeper, here's what's interesting:
When we ask the bigger question, how many REALTORS are actually staging listings at all?
Here's the numbers:
* 31% of REALTORS stage every listing.
* 13% only staged difficult homes
* 8% only stage high priced homes
But most interesting...
The listing market is about to blow up. We've seen all kinds of stats around this. Everybody's looking at the same wave coming towards us. The question is, what are we going to do about it?
We know 77% of homeowners believe now's a good time to sell.
1 in 10 homeowner's plans to list in the next year. And 63% in the next six months.
Here are 5 things you must have to get ready for the super surge of listings that's about ready to break into your market right now:
1. An in-depth marketing plan
Now this is a step-by-step, point-by-point marketing plan that's unique to you. Not just your office, not your company, not your brand, but to you personally that you give to every seller.
If you haven't developed this, we've actually developed one for all of our coaching students, which will blow your mind. But you need to take some time to develop one yourself.
2. Recent testimonials
Have you collected those on an 8.5x11 piece of paper...
What should you be doing right now?
It's a question I get all the time as a coach.
I'm going to hand to you right my 9 Point Ultimate Business Strategy for every single person that's listening to this.
If you just apply this by 30 days, I want you to email me personally and tell me exactly what happened. Feel free to DM me. I would love to hear how has a blown up your business because I know it will.
Nine points you can implement today in your business. Ready? Write these ideas down.
Here we go:
1. Implement the "5x5x5 Strategy"
This is five calls. Five texts, five cards every day. Okay. That's one strategy we can implement.
Networking is so important and it's one of the most missed opportunities. We should be doing 1-2 networking meetings a week with somebody in our sphere of influence. Where we're connecting human being to human being.
Ideally you want to go higher than that. But 1-2 would be the minimum. This...
If I were to ask you, what is your business strategy right now? Would you be able to write it down in two or three sentences — your specific strategy and how you're approaching the marketplace?
If not, you may have an issue because you might be market-driven and we don't want to be market-driven.
Because a market is kind of a high tide floats all boats kind of situation. What happens when the tide's not with you? And you're kind of fighting the market.
That's where you're going into a danger zone. And none of us want to be there. As Vince Lombardi said:
"Hope is not a strategy."
We absolutely have to have a strategy to survive and thrive in this business.
And one of the biggest things that we should be doing every day is understanding that we have a job that probably most people don't identify with. And our number one job isn't sales.
Our number one job is data collection. That is adding people to our funnel so that we can...
We have two reports that have recently come out that show the market could be in a shift. And what we mean by that is that we've had this huge frenzy, right? But here's a couple of studies that kind of back up the fact that a lot of you in a lot of markets are starting to report.
You're seeing the market not be quite as intense as it's been, not quite the frenzy.
So here's the reports that we have:
The first one shows that the share of consumers who hope to buy a home in the next six months went from 34% a year ago to just 21% this year.
So people are starting to have some definite fatigue and resistance to pricing that's out there.
And related to pricing, which kind of goes right along with that study, is a new study that shows that even though we're still posting double digit gains in most areas, the rate of price growth is beginning to slow.
When we look at this, it's the second time it's happened in 13 months. And again,...
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...