OWNING A HOME IS STILL MORE AFFORDABLE THAN RENTING ONE

Owning a Home Is Still More Affordable Than Renting One

 

If spending more time at home over the past year is making you really think hard about buying a home instead of renting one, you’re not alone. You may be wondering, however, if the dollars and cents add up in your favor as home prices continue to rise. According to the experts, in many cases, it’s still more affordable to buy a home than rent one. Here’s why.

ATTOM Data Solutions recently released the 2021 Rental Affordability Report, which states:

Owning a median-priced three-bedroom home is more affordable than renting a three-bedroom property in 572, or 63 percent of the 915 U.S. counties analyzed for the report.

That has happened even though median home prices have increased more than average rents over the past year in 83 percent of those counties and have risen more than wages in almost two-thirds of the nation.”

How is this possible?

The answer: historically low mortgage interest rates. Todd Teta, Chief Product Officer with ATTOM Data Solutions, explains:

“Home-prices are rising faster than rents and wages in a majority of the country. Yet, home ownership is still more affordable, as amazingly low mortgage rates that dropped below 3 percent are helping to keep the cost of rising home prices in check.

In 2020, mortgage rates reached all-time lows 16 times, and so far, they’re continuing to hover in low territory this year. These low rates are a big factor in driving affordability. Teta also notes:

“It’s startling to see that kind of trend. But it shows how both the cost of renting has been relatively high compared to the cost of ownership and how declining interest rates are having a notable impact on the housing market and home ownership. The coming year is totally uncertain, amid so many questions connected to the Coronavirus pandemic and the broader economy. But right now, owning a home still appears to be a financially-sound choice for those who can afford it.”

Bottom Line

If you’re considering buying a home this year, contact a local real estate professional today to learn more about the options that match your budget while affordability is in your favor.

How to Make the Dream of Homeownership a Reality This Year

How to Make the Dream of Homeownership a Reality This Year

 

In 1963, Martin Luther King, Jr. inspired a powerful movement with his famous “I Have a Dream” speech. Through his passion and determination, he sparked interest, ambition, and courage in his audience. Today, reflecting on his message encourages many of us to think about our own dreams, goals, beliefs, and aspirations. For many Americans, one of those common goals is owning a home: a piece of land, a roof over our heads, and a place where we can grow and flourish.

If you’re dreaming of buying a home this year, start by connecting with a local real estate professional to understand what goes into the process. With a trusted advisor at your side, you can then begin to answer the questions below to set yourself up for homebuying success.

1. How Can I Better Understand the Process, and How Much Can I Afford?

The process of buying a home is not one to enter into lightly. You need to decide on key things like how long you plan on living in an area, school districts you prefer, what kind of commute works for you, and how much you can afford to spend.

Keep in mind, before you start the process to purchase a home, you’ll also need to apply for a mortgage. Lenders will evaluate several factors connected to your financial track record, one of which is your credit history. They’ll want to see how well you’ve been able to minimize past debts, so make sure you’ve been paying your student loans, credit cards, and car loans on time. If your financial situation has changed recently, be sure to discuss that with your lender as well. Most agents have loan officers they trust and will provide referrals for you.

According to ConsumerReports.org:

“Financial planners recommend limiting the amount you spend on housing to 25 percent of your monthly budget.”

2. How Much Do I Need for a Down Payment?

In addition to knowing how much you can afford on a monthly mortgage payment, understanding how much you’ll need for a down payment is another critical step. Thankfully, there are many different options and resources in the market to potentially reduce the amount you may think you need to put down.

If you’re concerned about saving for a down payment, start small and be consistent. A little bit each month goes a long way. Jumpstart your savings by automatically adding a portion of your monthly paycheck into a separate savings account or house fund. AmericaSaves.org says:

“Over time, these automatic deposits add up. For example, $50 a month accumulates to $600 a year and $3,000 after five years, plus interest that has compounded.”

Before you know it, you’ll have enough for a down payment if you’re disciplined and thoughtful about your process.

3. Saving Takes Time: Practice Living on a Budget

As tempting as it is to pass the extra time you may be spending at home these days with a little retail therapy, putting that extra money toward your down payment will help accelerate your path to homeownership. It’s the little things that count, so start trying to live on a slightly tighter budget if you aren’t doing so already. A budget will allow you to save more for your down payment and help you pay down other debts to improve your credit score.

survey of millennial spending shows, “68% reported that shelter in place orders helped them save for their down payment.” Danielle Hale, Chief Economist at realtor.com, also notes:

“If there is any silver lining to the current economic landscape, it’s that mortgage rates are hanging around record lows…Additionally, shelter-in-place orders helped many who were fortunate enough to keep their jobs save for a down payment — one of the largest hurdles of buying a home. The combination of low rates and the opportunity to save is enabling many millennials to move up their home buying timeline.”

While you don’t need to cut all of the extras out of your current lifestyle, making smarter choices and limiting your spending in areas where you can slim down will make a big difference.

Bottom Line

If homeownership is on your dream list this year, take a good look at what you can prioritize to help you get there. To determine the steps you should take to start the process, connect with a local real estate professional today.


4 Reasons People Are Buying Homes in 2021

4 Reasons People Are Buying Homes in 2021

 

According to many experts, the real estate market is expected to continue growing in 2021, and it’s largely driven by the lasting impact the pandemic is having on our lifestyles. As many of us spend extra time at home, we’re reevaluating what “home” means and what we may need in one going forward.

Here are 4 reasons people are reconsidering where they live and why they’re expecting to buy a home this year. 

1. Record-Low Mortgage Interest Rates

In 2020, the average interest rate for a 30-year fixed mortgage hit a record low 16 times, continuing to fall further below 3%. According to Freddie Mac, the average 30-year fixed interest rate today is 2.65%. Many wonder how low these rates will go and how long they’ll last. Len Keifer, Deputy Chief Economist for Freddie Mac, advises:

“If you’ve found a home that fits your needs at a price you can afford, it might be better to act now rather than wait for future rate declines that may never come and a future that likely holds very tight inventory.”

This sense of urgency is driving many to buy this year.

2. Working from Home

Remote work is a new normal for many businesses, and it’s lasting longer than most expected. Many in the workforce today are discovering they don’t need to live close to the office anymore and they can get more for their money by moving a little further outside of the city limits. David Mele, President at Homes.com, says: 

“The surge in the work-from-home population has rewritten the playbook for many homebuying and rental decisions, from when and where to relocate, to what people are looking for in their next residence.”

The reality is, for some people, working remotely in their current home is challenging, especially when there may be other options available.

3. More Outdoor Space

Another new priority for homeowners is having more usable outdoor space. Being at home is driving those in some areas to seek less densely populated neighborhoods so they have more room to stretch their legs. In addition, those living in apartments and townhomes are often looking for extra square footage, both inside and out.

According to the State of Home Spending report by HomeAdvisor, of the households surveyed, almost half reported spending 27% more on outdoor living over the past year. This is a trend that’s expected to grow in 2021 and beyond.

4. Avoiding Renovations

It’s recently come to light that many homeowners would also rather buy a new home than go through the process of fixing up the one they have. According to the 2020 Profile of Home Buyers and Sellers report from the National Association of Realtors (NAR), 44% of homebuyers purchased a new home to “avoid renovations or problems with the plumbing or electricity.”

Depending on what needs to be addressed, today’s high buyer demand may make it possible to skip some renovations before selling. Many of these homeowners have prioritized buying over renovating for convenience and potential cost savings.

Bottom Line

It’s clear that homeownership needs are changing. As a result, Americans are expected to move in record numbers this year. If you’re trying to decide if now is the right time to buy a home, contact a local real estate professional today to discuss your options.

Reasons to Hire a Real Estate Professional [INFOGRAPHIC]

infographic

Some Highlights

  • Choosing the right real estate professional to work with is one of the most important decisions you can make in your homebuying or selling process.
  • The right agent can explain current market conditions and break down exactly what they mean for you.
  • If you’re considering buying or selling a home this year, make sure to work with someone who has the experience to answer all of your questions about pricing, contracts, negotiations, and more.

Why Right Now May Be the Time to Sell Your House

Why Right Now May Be the Time to Sell Your House

 

The housing market made an incredible recovery in 2020 and is now positioned for an even stronger year in 2021. Record-low mortgage interest rates are a driving factor in this continued momentum, with average rates hovering at historic all-time lows.

According to the latest Realtors Confidence Index Survey from the National Association of Realtors (NAR), buyer demand across the country is incredibly strong. That’s not the case, however, on the supply side. Seller traffic is simply not keeping up. Here’s a breakdown by state:

 

20210114-NM-Eng-1

As the maps show, buyer traffic is high, but seller traffic is low. With so few homes for sale right now, record-low inventory is creating a mismatch between supply and demand.

NAR also just reported that the actual number of homes currently for sale stands at 1.28 million, down 22% from one year ago (1.64 million). Additionally, inventory is at an all-time low with 2.3 months supply available at the current sales pace. In a normal market, that number would be 6.0 months of inventory – significantly higher than it is today.

What does this mean for buyers and sellers?

Buyers need to remain patient in the search process. At the same time, they must be ready to act immediately once they find the right home since bidding wars are more common when so few houses are available for sale.

Sellers may not want to wait until spring to put their houses on the market, though. With such high buyerdemand and such a low supply, now is the perfect time to sell a house on optimal terms.

 

Bottom Line

The real estate market is entering the year like a lion. There’s no indication it will lose that roar, assuming inventory continues to come to market.

5 Steps to Follow When Applying for Forbearance

5 Steps to Follow When Applying for Forbearance

 

If you’re currently feeling the stress of affording your mortgage payment, or if you know someone who is, there’s still time to get help. For homeowners experiencing financial hardship this year, the CARES Act provides mortgage payment deferral options, creating much-needed relief in these challenging times.

It’s important, however, to understand how forbearance works. It’s not automatic. You need to take action now and apply for the program before these options expire.

A study by the Urban Institute determined:

Approximately 400,000 homeowners who became delinquent after the pandemic began have forgone forbearance and become delinquent. Theseborrowers may not know they are eligible for forbearance.”

Thankfully, there’s still time to apply for forbearance, even if you’re just learning about it now. Doing so may be the game-changer you need to stay in your home, just when you need it most. Mike Fratantoni, Senior Vice President and Chief Economist at the Mortgage Bankers Association (MBA), explained:

“The increase in new forbearance requests may be the result of additional outreach to homeowners who had previously not taken advantage of forbearance opportunities.”

If you need to apply for forbearance but aren’t sure how to begin the process, the Consumer Financial Protection Bureau (CFPB) published 5 steps to follow when requesting mortgage forbearance:

1. Find the contact information for your servicer

Look at your mortgage statement to find the phone number for your servicer (the company you send your mortgage payment to every month). The Consumer Financial Protection Bureau encourages you to use the number on your statement to avoid scams.

2. Call your servicer

Explain your situation so your servicer can determine your best course of action. Be sure to ask any questions you have about the process.

3. Ask if you’re eligible for protection under the CARES Act

The CARES Act protects homeowners with federally backed loans (FHA, VA, USDA, Fannie Mae, and Freddie Mac). In addition, some private servicers are also providing forbearance programs.

4. Ask what happens when your forbearance period ends

Depending on the plan available to you, there are different options you may be able to consider. Your servicer will help you get a better understanding of what’s available.

The CFPB also recommends asking questions like:

  • What happens to the payments I miss?
  • What are my repayment options?
  • When will repayment be due?
  • Are there any fees?

5. Ask your servicer to provide the agreement in writing

A written agreement allows you to see exactly what type of program you’re agreeing to. It also helps you make sure it matches what you discuss with your provider over the phone.

Bottom Line

Help is out there for homeowners in need, but it’s important to apply now while this benefit is still available. The Consumer Financial Protection Bureau says: don’t wait, forbearance is not automatic. It must be requested. Reach out to your mortgage provider today so you can get the assistance you need to protect the hard-earned investment you’ve made in your home.

Why Not to Wait Until Spring to Make a Move

Why Not to Wait Until Spring to Make a Move

 

The housing market recovery coming into the new year has been nothing short of remarkable. Many experts agree the turnaround from the nation’s economic pause is playing out extremely well for real estate, and the current market conditions are truly making this winter an ideal time to make a move. Here’s a dive into some of the biggest wins for homebuyers this season.

1. Mortgage Rates Are Historically Low

In 2020, mortgage rates hit all-time lows 16 times. Continued low rates have set buyers up for significant long-term gains. In fact, realtor.com notes:

“Given this means homes could cost potentially tens of thousands less over the lifetime of the loan.”

Essentially, it’s less expensive to borrow money for a home loan today than it has been in years past. Although mortgage rates are expected to remain relatively low in 2021, even the slightest increase can make a big difference in your payments over the lifetime of a home loan. So, this is a huge opportunity to capitalize on right now before mortgage rates start to rise.

2. Equity Is Growing

According to John Burns Consulting, 58.7% of homes in the U.S. have at least 60% equity, and 42.1% of all homes in this country are mortgage-free, meaning they’re owned free and clear.

In addition, CoreLogic notes the average equity homeowners gained since last year is $17,000. That’s a tremendous amount of forced savings for homeowners, and an opportunity to use this increasing equity to make a move into a home that fits your changing needs this season.

3. Home Prices Are Appreciating

According to leading experts, home prices are forecasted to continue appreciating. Today, many experts are projecting more moderate home price growth than last year, but still moving in an upward direction through 2021.

Knowing home values are increasing while mortgage rates are so low should help you feel confident that buying a home before prices rise even higher is a strong long-term investment.

4. There Are Not Enough Homes for Sale

With today’s low inventory of homes on the market, which is contributing to this home price appreciation, sellers are in the driver’s seat. The competition is high among buyers, so homes are selling quickly.

Making a move while so many buyers are looking for homes to purchase may mean your house rises to the top of the buyer pool. Selling your house before more listings come to the market in the traditionally busy spring market might be your best chance to shine.

Bottom Line

If you’re considering making a move, this may be your moment, especially with today’s low mortgage rates and limited inventory. Reach out to a local real estate professional today to get set up for homebuying success in the new year.

The Importance of Home Equity in Building Wealth

The Importance of Home Equity in Building Wealth

 

Homeownership has always been the first rung on the ladder leading to household wealth. As Freddie Macrecently posted:

“Homeownership has cemented its role as part of the American Dream, providing families with a place that is their own and an avenue for building wealth over time. This ‘wealth’ is built, in large part, through the creation of equity…Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

Home equity is the difference between the current market value of your house and the amount you currently owe on your mortgage. To estimate your equity, subtract your mortgage balance from the market value of your home.

You can find what you owe on your mortgage by looking at your last monthly statement or by contacting your lender. If you need help determining the current market value of your home, contact a local real estate professional.

Is homeownership truly a better path to wealth than renting?

Some argue that renting eliminates the cost of property taxes and home repairs. Every potential renter must realize that all the expenses the landlord incurs (property taxes, repairs, insurance, etc.) are already baked into the rent payment – along with a profit margin. You don’t save money by renting.

As proof of this, First American broke down the net worth of homeowners and renters by income categories. Here are their findings:

1

Only one income category ($127-192K) has a higher net worth for renters over homeowners. Every other category shows that being a homeowner leads to greater accumulated wealth.According to the latest Homeowner Equity Insights Report from CoreLogic, the average homeowner gained $17,000 in equity in just the last year. Here’s a breakdown of the year-over-year equity gain by state:

2

When can you cash in on your housing wealth?

Your home equity is part of your total wealth as a homeowner. The two most common ways homeowners can leverage their wealth are:

  • Selling
  • Refinancing

Selling: When you decide to sell your home, the equity you’ve built over time will come back to you in the sale. For example, if you paid off your $200,000 mortgage and sold your home for $350,000, you would receive $150,000 after closing.

Refinancing: You can refinance your current mortgage and take out some of the equity you have accumulated. With today’s historically low mortgage rates, you may be able to take out substantial cash and keep your monthly payment the same. Thankfully, homeowners today are doing this responsibly and not repeating the same mistakes made in 2006-2008 when some cashed out their entire equity to purchase luxury items like new cars, lavish vacations, etc.

How can these options help homeowners?

During these difficult times, many households are struggling with their housing expenses. Homeowners, because of their equity, have better alternatives. Odeta Kushi, Deputy Chief Economist at First American, recently explained that homeowners financially impacted by the pandemic will not necessarily be faced with foreclosure:

“The foreclosure process is based on two steps. First, the homeowner suffers an adverse economic shock…leading to the homeowner becoming delinquent on their mortgage. However, delinquency by itself is not enough to send a mortgage into foreclosure. With enough equity, a homeowner has the option of selling their home, or tapping into their equity through a refinance, to help weather the economic shock.”

What might the future bring?

Most experts are calling for home prices to continue appreciating going forward. The Home Price Expectation Survey, a survey of a national panel of over one hundred economists, real estate experts, and investment & market strategists, indicates appreciation will continue for at least the next five years. Using their annual projections, the graph below shows the equity build-up a purchaser would potentially earn by buying a $300,000 home this January:

 

3

 

Bottom Line

Home equity, for most Americans, is the quickest way to build household wealth. That wealth gives homeowners more options during good times and in difficult situations.

Is This the Year to Sell My House?

Is This the Year to Sell My House?

 

If one of the questions you’re asking yourself is, “Should I sell my house this year?” consumer sentiment about selling today should boost your confidence in the right direction. Even with the current health crisis that continues to challenge our nation, Americans still feel good about selling a house. Here’s why.

According to the latest Home Purchase Sentiment Index from Fannie Mae, 57% of consumer respondents to their survey indicate now is a good time to buy a home, while 59% feel it’s a good time to sell one:

“The percentage of respondents who say it is a good time to sell a home remained the same at 59%, while the percentage who say it’s a bad time to sell decreased from 35% to 33%. As a result, the net share of those who say it is a good time to sell increased 2 percentage points month over month.”

As you can see, many still believe that, despite everything going on in the world, it is still a good time to sell a house.

Why is now a good time to sell?

There simply are not enough homes available to meet today’s buyer demand, and they’re selling just as quickly as they’re coming to the market. According to the National Association of Realtors (NAR), unsold inventory available today sits at a 2.3-month supply at the current sales pace, which is down from a 2.5-month supply from the previous month. This record-low inventory is not even half of what we need for a normal or neutral housing market, which should have a 6.0-month supply of unsold inventory to balance out.

With so few homes available for buyers to choose from, we’re in a true sellers’ market. Homeowners ready to make a move right now have the opportunity to negotiate the best possible contracts with buyers who are feeling the pull of intense competition when it comes to finding their dream home. Lawrence Yun, Chief Economist for NAR, notes how quickly homes are selling right now, further confirming the benefits to sellers this season:

“The market is incredibly swift this winter with the listed homes going under contract on average at less than a month due to a backlog of buyers wanting to take advantage of record-low mortgage rates.”

However, this sweet spot for sellers won’t last forever. As more homes are listed this year, this tip toward sellers may start to wane. According to Danielle Hale, Chief Economist at realtor.com, more choices for buyers are on the not-too-distant horizon:

“The bright spot for buyers is that more homes are likely to become available in the last six months of 2021. That should give folks more options to choose from and take away some of their urgency. With a larger selection, buyers may not be forced to make a decision in mere hours and will have more time to make up their minds.”

Bottom Line

If you’re ready to make a move, you can feel good about the current sentiment in the market and the advantageous conditions for today’s sellers. Contact a local real estate professional today to determine the best next step when it comes to selling your house this year.

16 NEW YEAR’S RESOLUTIONS FOR REAL ESTATE AGENTS IN 2021

Real estate agent new years resolution

 

Ah, the New Year.

Within one day, the world hits a giant reset button, and you get to start all over again.

And with the year we had, well, just about everyone could use a bit of a fresh start.

The thing is, experts are predicting that the real estate market might be just as busy (or busier) in 2021. Therefore, there’s no better time for you to take a step back and see what’s working in your business and what isn’t.

From productivity to morning routines and marketing strategy, we’ve rounded up our top 16 new year’s resolutions for real estate agents to maximize your success in 2021.

The best way to start the new year off right is to just pick up the phone and start dialing. Whether it’s new leads, old leads or your sphere of influence, this is the closest you’ll get to making personal connections without talking face-to-face.

Try dedicating one hour each day to making calls. You can even set it up as an appointment in your calendar. That way, you hold yourself accountable.

Social media is an important part of building your brand. With millenials making up the lion’s share of new homebuyers, you best believe they’re checking your social media pages. Posting daily on social media is not only good for branding, but it’s also good for establishing yourself as an expert in your local market.

Make More Videos

If we learned anything this year, it’s that video is an invaluable tool for communicating with your sphere, at any time, from anywhere. Top agents are already finding ways to use video to build their businesses. If you’re not doing this yet, you could be missing out on key opportunities to reach your audience, especially in times like these.

Whether it’s a weekly market update, new listing tour or buyer/seller tips, videos are a great way to generate engagement and establish authenticity with your prospects.

Fun fact: 85% of buyers and sellers want to work with an agent who uses video.

Tap Into Expired Listings

On December 31st, more expired listings hit the market than any other time of the year. This often overlooked resource could be a great way to hit the ground running in 2020.

Before you start dialing numbers or sending emails, make sure you have your expired listing strategy ready.

Show them a strong marketing plan, come prepared with statistics and give them a reason to trust in agents and the home selling experience again.

Connect with Local Businesses

 Forming relationships with the businesses in your community is one of the best ways to build good rapport, keep you top of mind all the while opening up your sphere of influence.

For example, try partnering up with a local hardware store to offer discounts or coupons to your buyers and sellers. The same goes for painters, plumbers, electricians, or anything else a new homeowner might need. Small businesses were some of the hardest hit in the pandemic, and many of them may be extra grateful for the extra business.

This type of marketing strategy is equally as important as lead generation and building genuine connections with your community should always be a priority.

Attend More Webinars
 Webinars are one of the best and easiest ways to learn something new. They don’t require travel, are often free and don’t last longer than 60 minutes. It’s a very low-cost and low-time commitment way to expand your education and develop new skills.

Identify the areas you want to work on in 2020 and look up webinars that can help close your knowledge gap. We recommend checking out Boomtown, Tom Ferry, Jared James and KCM!

Update Your Sphere of Influence
 This small task can mean significant time savings in 2021. If it’s been a while since you last update your sphere of influence, make this one of your first tasks of the new year.

Not only will you avoid spending time chasing leads that aren’t relevant, but you’ll also probably add some that could turn into new business.

Try New Technologies
 The new year is a great time to assess what’s working in your business-and what isn’t. There are so many tools and technologies out there that can help streamline your processes-letting you focus more time on your clients and closing deals.

If you’re not sure where to start, check out our Top 5 Tools for Real Estate Agents and see if something piques your interest.

Enhance Your Digital Marketing
 If you found that your lead generation was a little lean last year, this could be a good time to amp up your digital marketing efforts.

Take a course, swap out photos or start a blog. This could make all the difference for your business in 2020.

A new headshot is more than investing in your business, it’s about investing in your brand. This is a great way to kick off the New Year with confidence, and a more professional you.

On the other side of that, amateur photos or headshots of yesteryear can send the wrong message: inauthenticity and unprofessionalism.

In an age where social media is important for marketing and promotion, your headshot is often one of the first things people notice. Make your first impression count! Branded content is where it’s at.

No longer reserved for recipes and personal diaries, blogging has become an important part of marketing strategy. This goes twofold for small businesses like real estate.

Blog are an inexpensive way to drive traffic to your website, great for customer engagement and building trust with your audience in a more personal and conversational way.

The idea of starting a blog is easy but the execution can be intimidating and time-consuming.

Wake up, shower, coffee, energy bar, and you’re out the door.

Does this sound familiar?

Sometimes you convince yourself that those extra 30 minutes of sleep matter more than anything else. In reality, they may be hurting you more than they help.

If you look at the habits of highly successful real estate agents, a morning routine is an important part of staying productive, organized and energized.

It’s even been linked to success in sales fields *ahem real estate.*

Feeling a little rusty on your marketing strategy? Could your scripts use a boost?

A conference could be just what you need.

Not only do they help stay fresh and current on real estate trends, they’re also a great way to get your face out there, rub elbows with top agents and re-energize your sales strategy. Bonus points: many conferences and workshops have no gone digital. Get all the education you need without the hassle or expense of travel.

Tom Ferry, the #1 rated real estate coach in America, offers a number of different types of conferences that focus on specific areas of an agent’s business.

Remember, it’s an investment in you.

It’s no joke that agents spend a lot of time in the car.

But are you capitalizing on those minutes driving to and from showings and back again?

If you’re not, podcasts can be a great way to maximize productivity without adding one more thing to your “to-do” list.

According to Boomtown, here are some of the top podcasts for real estate agents this year:

  • Kevin and Fred’s Next Level Agents Podcast
  • Harvard Business Review Ideacast
  • Hack the Entrepreneur
  • Tom Ferry Podcast
  • Caravan Confessions

Whether you’re looking for a laugh or a new marketing strategy, podcasts offer a little bit of something for every real estate agent.

If there is one big lesson we can take away from this year, it’s that one of the most important parts of being a real estate agent is knowing what is happening in the market. Why? Because your clients look to you to be their trusted advsior.

Being knowledgeable helps give you an edge over the competition and builds trust with your clients.

The Monthly Market Report is a 60-minute snippet about what is currently happening in the market, why and how it will affect the real estate market. It’s one of the greatest tools you could have for communicating the present market, and what experts predict for the near future.

Email marketing is often one of the most crucial yet overlooked parts of a business’ marketing. If done right, you can convert leads faster than a snap of the fingers. If not, you could send probably future clients running to the competition.

This new year, go through your email marketing and see where you could refresh your content. Sometimes changing out some wording and adding a new signature is all they need.

 

Bottom Line

Sometimes the smallest tweak in routine can end with a big reward.

This new year, take a long hard look at your business and see where you can focus your efforts to maximize your success.

Once you find areas you want to focus on, make sure you create a gameplan, act and set reminders constantly so you don’t fall behind.

Remember, biting off more than you can chew is a recipe for burnout. We recommend focusing on small tasks and then slowly implementing the others so you set yourself up for success in 2021.

Good business practice is all about good habits and using your resources right.