Buyer Question: Should I wait for the wave of foreclosures that is coming?
So one question that you might be getting occasionally from buyers is "I'm going to wait until we see a lot more foreclosures hitting the market...I know they're coming."
A couple of stats that has been recently reported in thew news is that 12% of mortgages across the country had recently been delinquent. Buyers see the headline and naturally assume we are heading back to a 2009 kind of market cycle where there's going to be a ton of foreclosures.
That's not true. Why? Because this is a completely different market environment.
The first reason reasons we won't see a massive surge in foreclosures is because of the CARES Act, which was created in response to the COVID pandemic. The CARES Act includes a provision which forces lenders to offer forbearance to people that are in financial trouble. Forbearance allows borrowers to skips payments for a period of time or pay interest only payments. It started with a 180 days and it's now been extended for another 180 days. So a...
Three Ways to Target Today's Biggest Buyer Pool
The National Association of REALTORS recently conducted a study of buyer types and one group has accelerated to become the clear winner in purchasing housing.
While it's easy to throw money at marketing that may or may not be effective savvy agents go where the data takes them. Watch the video to learn three ways to quickly target today's biggest buyer pool as well as which group of buyers is shrinking quickly.
Question: Will You Discount Your Buyer Side Commission?
Will you discount your fees so I can buy this house?
A conversation that is happening more and more frequently is when a buyer asks you to reduce or remove your buyer side commission on your listing and pass the savings on to them.
Their argument is that they will simply "represent themselves". Of course the reality is that you will still be the one writing the offer, negotiating the sale, opening escrow, arranging financing, attending inspections, negotiating inspections, attending the appraisal, and attending to a million other unforeseen bumps along the way until you reach a successful closing.
So how do you respond to this request? Watch this quick video for three scripts to use in the field.
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Good Time to Buy or Sell - New Study Reveals What Clients are Thinking...
Have you ever wondered what buyers and sellers think about the market?
Inside the quarterly HOME Survey from the National Association of REALTORS we learn the answers. This quarterly report reflects consumer feelings about the housing market. It includes views on housing as a good financial investment, whether home ownership is part of the American Dream, if now is a good time to buy or sell a home, and perception of home price changes.
You can read the whole report by clicking this link:
You can also watch this quick video and see how Jim not only breaks down some of the numbers but provides scripts for talking with both buyers and sellers!
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50 Top Metro Areas Slip Into Buyer Market Status- Is Your Market Next?
According to a recent study by Trulia.com - "Among the 100 largest U.S. metros, conditions in 50 are now shifting in favor of buyers, a ten-fold increase from just five metros a year ago. They determined this shift by examining an average of three buyer/seller balance-of-power indicators and analyzing how they’ve changed in the last year (from January 2018 to January 2019): the share of listings with at least one price cut, the monthly median days on market, and the sales-to-list price ratio (how a home’s final selling price compares to its list price). All three have shifted in favor of buyers.
This shift also shows up in other common housing metrics. Homes sitting on the market longer, for example, can also help push up monthly measures of inventory because home shoppers can count on listings remaining active for longer, giving them more options at any given time.
The shift in favor of buyers is also happening where home values have risen the most over the past six...
The Top 3 Things a Buyer Wants From You
What do buyers want from you?
If you don't know the answer to this question - your chances of converting a buyer into a client goes down dramatically! To win the hearts and minds of buyers you must lead with your buyers needs and deliver the services they most want to receive.
According to the most recent study conducted by the National Association of REALTORS here are the top three items a buyer wants from you:
1) Helping them Find the Right Home to Purchase
2) Help Negotiating the Terms of the Sale
3) Help Negotiating the Price
Learn more by watching this quick video and start converting more buyers into loyal clients!
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How to Easily Overcome Zestimates with Buyers and Sellers
But Zillow say's the house is worth .....
At some point you will hear a buyer or seller say these words to you. How you respond can determine if you will gain a client's trust or potentially lose a listing or a sale. Ultimately buyers and sellers are driven by a need to feel confident in their decision making. What they are looking for is clarity and certainty. This is often why they go in search of answers from sites like Zillow and why they sometimes embrace Zestimates.
To be viewed as a real estate expert it's important to define yourself as someone who provides not just information but more importantly interpretation of data. You are the consultant, the adviser, and most importantly the clients advocate.
Watch and learn as Jim uses Zillow's own website against them by utilizing the Zillow Accuracy Chart as well as powerful scripting.
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Easy Scripts for Open House and Buyer Conversion (and Follow Up!)
How do you capture leads at an open house or when connecting with a buyer on the phone? While many agents 'wing' every conversation with a potential client superstars use scripts to ensure they convert more conversations into closings!
Having a strong conversion plan is essential to a marketing strategy that maximizes your return on investment for marketing dollars. Consider if you are already connecting with enough potential clients to transform your career you simply need a better conversion strategy.
Watch and learn several easy conversion scripts and follow up scripts you can use in the field today to begin capturing, converting, and closing more potential clients into sales.
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Jim Remley is a nationally recognized expert in the field of residential real...
How to Motivate Buyers When Interest Rates are Rising
As buyers watch the national news they are continually hearing about interest rates rising and the impact on payments, affordability, and the overall cost of buying a home.
This negative news can impact their motivation to move forward in purchasing a home and ultimately your ability to sell more homes. How do you respond to this challenge?
Watch and learn how using good data (like the two charts below) can powerfully impact your conversations with buyers and using one simple script can put buyers at ease about moving forward with purchasing a home.
(There is good news in both these graphs)
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About Jim Remley:
Jim Remley is a nationally recognized expert in the field of residential real estate. Entering the real estate industry at the age of 19 he began an unlikely...
What do you say when a seller says "We Aren't in a Rush to Sell..."?
In our changing market some sellers may resist price adjustments by saying to you - We aren't in a rush to sell... Sound familiar? What about buyers who are now sitting on the fence because they believe it's 2008 again?
Watch this quick coaching video to check out how superstars handle seller conversations by using the "Pull by Date" script and how to address buyer concerns by using hard data.
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The Real Estate Business Planning Mastery Course includes 5 Video Lessons featuring master trainer Jim Remley. Each lesson is paired with Instant Action Downloads that you can implement today including a complete FORCE Goals Blueprint!
About Jim Remley:
Jim Remley is a nationally recognized expert in the field of residential real estate. Entering the real estate industry at the age of 19 he began an unlikely rise from college drop out to real estate Rock...
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Our Leadership & Brokerage Coaching program is tailored to address key areas such as recruiting, retention, culture building, training, support, marketing, technology, and profitability.
In two one-hour monthly sessions, you will dive deep into these topics, guided by a core curriculum of ideas and unlimited time for questions and idea-sharing. These small group sessions provide a unique opportunity to connect with other like-minded office leaders, sharing experiences, and supporting one another's growth. You are encouraged to bring guests such as staff, sales managers, and ownership teams to these events.
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