Something super exciting happened in the last month that we haven't seen in the last 15 years:
Home prices on existing homes exceeded home prices for new homes.
Think about what I just said:
Existing home prices exceeded new home construction. So it was actually cheaper to go buy a brand new house nobody had ever lived in than buying an existing home. Absolutely amazing.
Lots of reasons behind that. But one of the reasons is normally when you're buying new construction, you're locking in a price six months earlier. And then they complete the new construction and you move in.
Well, the market has super accelerated in those last 6 months. And guess what's also happened:
Now, if you were to try to pull that off, what's happened with all kinds of lumber, supplies, and even appliances?
Prices have gone up.
So this will probably not be repeated anytime soon because now prices on new construction are beginning to rise again.
If you want a quick way to generate conversation through text with your Sphere of Influence, here's a great message that's resonating with a lot of my coaching students.
Look at your Sphere of Influence. Pull 5 or 10 people you're going to text today. And here's what you're going to say:
"Hey, have you ever looked at what your home is worth on Zillow? I'm curious as an agent, do you think it's sort of close, wrong, or right on the money?"
Watch what happens when you put this out to your Sphere of Influence.
Now, you can do it through a text or you could post it on social media. It's a great social media post and I guarantee you're going to get into a lot of conversations with people.
The end result of these conversations should be that Zillow is wrong 95% of the time.
In other words, 95% of the time, they don't get within 5% of their eventual sales price of the property. That Zillow's own data.
By the way, if you haven't looked at it,...
Have you ever heard of Dave Ramsey? A lot of us have heard of Dave Ramsey but he is someone that wasn't super popular like five years ago. But over the last few years, boy, he's really taken a leadership position even within the real estate industry.
So who's Dave Ramsey? Dave Ramsey is a financial author, consultant, and coach. He has a podcast and hosts a radio program, which is highly syndicated across the country in many different media outlets.
What Dave Ramsey is doing is interesting. Because a lot of people don't know that he's now earning upwards of $40 million a year just in real estate referrals.
What he's doing is he positions himself as someone that's the expert. And then people come and say, hey, who does Dave Ramsey trust in each of the markets to list my home? He then collects a referral fee by referring agents to his audiences.
What a brilliant idea.
But what's really interesting about this when we take a hard...
There's a question that we've had for a while now, which is: When are listing is going to come back in full force?
When can we have that expectation that we're going to start to see listings en masse start to come back to the marketplace?
We know there's been hesitancy because of COVID, but now that people are getting vaccines and the economy is strong. So when are we going to start to see people coming back and saying, Hey, I'm ready to make a sale. I'm ready to make a change.
There's an answer for us.
Zillow just did an extensive study talking to industry experts across the country. And the consensus is that it's going to be in the second half of 2021.
So we're coming right up onto that pretty soon here. And we're going to be right in the middle of 2021, which means we're going to start to see an acceleration of listings.
The question is: Are you ready for it? Are you out there lead generating to start stacking up that business now?
How are you positioning yourself on social media to have impact?
A lot of us are doing a lot of social media, but is it having impact? Are people remembering you or are they just scrolling past your posts because they're filled with meaningless fluff?
If you want to have impact, here's one technique that'll really help you shine in your marketplace:
Telling a story about your client's experience and what your clients are going through will help you build a relationship with people that are in your audience. It positions you as the expert, as the authority, as a trusted figure, as an advisor, as a counselor. But it will also help people remember you as a REALTOR.
Because stories are remembered. Stories create resonance and connections with other people. People love reading about people.
So I'm gonna give you a couple of examples of that:
I've got a couple of my great coaching students that I work with in my company....
Hey guys, quick question:
Are you a global REALTOR or a local REALTOR?
What do I mean by that? I just had a phone call from a guy that I worked with years ago. His name is Dick and he's an amazing guy. He called me and said, Jim, I've got a referral for you. He's living down in San Diego now. But we haven't seen or talked to each other in 15-20 years, but he has a referral for me.
Now, keep in mind: Dick is 83 years old and still out there selling real estate — so congratulations to Dick.
But when he referred that client to me, it just made me remember this concept of being a global realtor versus a local realtor.
Sometimes I have agents come to me that are in coaching and they say:
"I've got my database, but it includes some people from my hometown or from a town I moved away from years ago, maybe in Texas, Florida, LA, or New York. Should I keep these people that are not local in my database? Why would I spend money...
Hey guys, quick question:
Do you have a video bio?
If you don't have a video bio, you could be missing a massive marketing opportunity.
96% of agents are still resisting video. That means that there's a massive opportunity for those agents that are willing to embrace it.
By doing a video bio, imagine that you are a consumer and you're looking at 20 or 30 or 40 or 50 agents on an agent roster. Most of them have the old glamour shot. But you have a video bio. Who's more likely to work with you?
Almost everybody's going to click on that video and watch you and give you a shot. They'll give you an "at bat" so you can hit a home run. Instead of just looking at pictures and making a decision, they can actually kind of get to know you a little bit, your personality, your style, and your flair.
And here's what you do in that bio:
You're going to talk about your background, your passion for the market, your passion for real...
Almost all of us are going to get multiple offers on at least one of our listings this year, probably several of them.
So what are you going to do to market the fact that you brought your sellers multiple offers?
One way you can do this is by modeling my friend Bill up in the Portland, Oregon market.
He received 13 offers on one of his listings! So what he did is he took a picture with him and his seller reviewing all those offers on the table. All 13 offers were spread across the table and labeled. And he took it at an angle where so you couldn't actually read the offers. You could just see them all laid out there with the seller smiling in the background.
And then he put a statement on social media and said:
"Hey, I got great news:
My seller came to me to market this property. Zillow said the home was worth $429k. We listed it at $459k and now we have an accepted offer well above $500,000 for this home."
What is this post doing?
If you're looking for a story to post to social media today, here's a great one for you.
A study was recently done about homeowners and how likely they are now to list their home based on the vaccine being available.
So here's the study and what it shares:
It shares that 70% of homeowners say they'd be completely comfortable moving to a new home with widespread COVID-19 vaccine distribution. In other words, they're ready to leave and go into another house because the vaccine is available. That's 7 out of 10 homeowners compared to only 52% who currently feel that way.
Now, we're only at 52% today. But as the vaccine becomes more prevalent and widespread, which we expect them in the next couple of months, that number is going to move to 70%.
It's going to unlock a ton of sellers into the marketplace.
That represents 14 million homeowners who now feel comfortable moving after widespread vaccination. This is a massive opportunity...
What is educational marketing?
Educational marketing is one of the most powerful techniques you can use to build trust and unlock more buyers and sellers for your business.
But how do you do it?
Well, you got to understand that a lot of expert marketers use what's called "The Curiosity Gap." That's where you pose a question or you put a statement out there and then it makes people curious about knowing the answer.
Now we fall into this curiosity gap all the time — from headlines to news soundbites that are trying to get you to watch the news at six o'clock, book covers, wine labels, and all kinds of things create curiosity in us. But when we look at our knowledge quest as human beings, we're always driven by not knowing and the power of wanting to know what we don't know, right?
So here's an example of this:
One of my good friends, Scott Lewis, a superstar realtor that I work with put this post out. And it was simply about the...
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