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What to Expect for the Real Estate Market in 2023

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On January 9, 2023

In Investing, Real Estate

The real estate market has changed drastically over the last few years. The pandemic brought a surge in demand for houses, followed by a freeze in the market as inflation and interest rates rose. That begs the question, what should we expect from the following year?

Most experts believe 2023 will bring a new semblance of normalcy. That means the market will settle down and return to more normal levels. Inflation should reduce or at least balance out, while interest rates will slow down. Let’s take a closer look at what to expect this year.

Housing Prices

Experts are quick to weigh in with their opinion on housing prices and values. Unfortunately, not all experts agree on this. For example, Realtor.com believes that housing prices will increase by another 5.4%, while Zelman believes the value will decrease by 5.1%. Ideally, these two extreme estimates will land in the middle, providing us with a stable market.

In other words, if we balance out the expert opinions on prices, it indicates little change. This means we’ll see a flat or neutral appreciation in 2023. This is good for sellers and buyers, as the market will not change drastically. 

Rate Lock-In Phenomenon

Mortgage rates hit a record low a couple of years ago, countering the current higher rates we’re seeing. This results in homeowners with a low rate (below 6% in most cases and below 4% in exceptional circumstances). That’s great for those homeowners, but they will unlikely consider selling their homes with an average mortgage above 6%. 

Homeowners are unwilling to give up their low mortgage rate in exchange for a higher interest rate. Some homeowners will sell regardless, either because of need or desire. But a large percentage will stay at their current home to wait out this shift.

Ironically, this is going to affect another market. Homeowners that wait out this shift may choose to work on home improvement projects. This will ultimately encourage a stronger contract market and increase home values – if done carefully. 

Reduction in Building

There will likely be a reduction in the number of homes built over the next year or two. Specifically, experts believe that builders will cut back on the number of new single-family homes they are constructing. Likewise, building permits will likely decline as homeowners settle in and wait for rates to change. 

What to Know Before Renting to College Students

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On December 15, 2022

In Investing, Real Estate

Landlords, as a rule, rent their properties to many different subsets of people, including students. However, there are certain things that landlords and property owners must know before renting to students.

Renting to a student is a great way to quickly fill a vacancy, give a young person a chance, and potentially make a difference in the community. The downside is the higher risks associated with this sort of rental. Here is what you need to know before you get started.

The Risks

As mentioned above, there are certain risks associated with renting to students. For example, most students will only need to rent a space seasonally, so renting to them may create vacancies in the summer. Likewise, most students will not have an extended credit history, putting them at higher risk financially.

There are other risks to consider, such as their lack of experience (including a lack of experience paying bills) and potential noise concerns (consider the stereotypical student behavior, and this one is clear). 

Students may also not understand basic tenant responsibilities, such as how to file a maintenance request. This may result in a little problem growing in scale when it otherwise could have been prevented.

The Positives

Don’t worry; there are positives to help balance these additional risks. There is a generally higher demand for student housing, especially near school towns and properties. So filling vacancies shouldn’t be an issue. This has a secondary benefit as it reduces the need for expensive advertising. Word of mouth will do that for you.

Since students have little experience renting properties, they will not go into this process with inflated expectations. In other words, they’ll be happy to get an apartment and won’t demand all the latest bells and whistles. They will happily accept a simple property with no upgrades.

Finally, the possibility of multiple roommates in a property can help to mitigate any financial risk. The more people on the lease, the easier it will be for them to make their monthly payments. As this is a common social expectation for students, frequent arrangements are already in place for this sort of thing.

Lowering Risk

There are additional steps a landlord or property owner can take when renting to students. These steps will help reduce the overall risk. For example, requesting a cosigner or guarantor will minimize the risk of property damage and ensure that the rent gets paid. Likewise, periodic inspections can help spot damage or other repair needs before they become a more significant problem.

Finally, it is critical to set expectations in the lease. This means laying out any rules, regulations, or rules to follow. Doing so in writing will protect you and make it easier for the students to find information as they need it. 

Ways to Get Organic Leads as a Realtor

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On November 9, 2022

In Investing, Real Estate

Every industry has unique tactics and requirements for getting things done. This is especially true for realtors, who must handle several elements of their own business. One such concern is generating organic leads as a realtor.

It can be challenging to create these leads, especially at first. It takes time and practice for them to feel more comfortable and organic. However, once you get the swing of things and establish a pipeline of leads, you’ll have no problem succeeding in the industry.

Networking

One of the most important things for any realtor to consider is networking. Networking can easily generate the most leads and should never be overlooked. Neighbors, coworkers, friends, etc., can all help generate word-of-mouth advertising. Each new professional connection you create introduces new opportunities.

In other words, to create a base for organic leads, you have to network. There’s no way around it, so get it done. If networking is intimidating for you, take some time to research tips & tricks. This will help you understand your strengths and weaknesses.

Branding

You’ve likely heard the term branding regarding a company’s image – but personal branding is something to consider. A strong personal brand can generate leads while you sleep if done right. How? Your name will be out there, traveling out (by word of mouth, advertising, and other branding techniques), even without your active participation. 

Put another way, the better your personal branding strategy, the more consistent your work can be. People will approach you with work, creating more organic opportunities to follow through.

Referrals

Never underestimate the value of a good referral. They’re like gold, showcasing your talent and reliability to potential clients. Referrals come in many forms. For example, it may be a comment from a past client on your website. Or it may be an associate forging a connection between you and a prospective client. 

Don’t forget always to show appreciation for these referrals. Especially the ones that have gone above and beyond for you. Encourage this behavior by sending them a thank you note or showing appreciation.

Social Media

Finally, don’t forget about social media. Social media is a powerful tool, with varying effectiveness depending on your goals and utilization. When using social media to generate leads, be sure you’re picking the right platform for your goals. For example, you don’t want to be on TikTok if you’re looking for leads in older generations. 

Finding your stride with social media marketing may take a minute, but once you’ve nailed it, the leads will come in. Just keep working on it and be willing to adapt your strategies.

Must-Read Books For Real Estate Agents In 2022

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On July 8, 2022

In Real Estate, Welcome

The best real estate books are those that inspire you to reach your goals and become an even better realtor. They provide a variety of effective techniques and advice that will help you connect with your customers and improve your day-to-day processes. Besides being able to provide you with advice, real estate books also offer valuable lessons that the authors have learned from their own experiences. If you’re looking for inspiration from people who started at the bottom and became successful real estate professionals, check out some of these great books on real estate.

Real Estate Success In 5 Minutes A Day – Karen Briscoe

Many real estate professionals share the same daydream: “If I only had a few more minutes each day, I would be able to improve my sales and marketing skills”. According to Briscoe, all it takes to become a successful real estate agent is five minutes each morning. How do you spend those 5 minutes you ask? By reading one of the 365 chapters of this book each day, for an entire year.

The Sell – Fredrik Eklund

One of the most prominent real estate professionals in the country, Eklund is known for his unique and entertaining behavior on the hit Bravo show “Million Dollar Listing New York.” In his book, he shares his top tips for becoming a successful real estate agent. The book also features a variety of advice on how to build a strong and effective relationship with clients and earn a good reputation.

Laugh Your Way To Real Estate Sales Success – Cathy Turney

In her award-winning book, Turney shares her thoughts on the humorless world of real estate, showing how funny the industry can be. Unlike the other books that claim to have the “how-to-make-a-million” advice, Turney doesn’t provide the same level of advice. Instead, she shares her thoughts on the little moments that real estate professionals encounter every day. In her book, Turney talks about her journey from being a sales rep to becoming one of the top real estate agents in the country. She also shares her experiences and advice that will help other real estate professionals succeed.

The HyperLocal HyperFast Real Estate Agent – Daniel James Lesniak

In his first year as an agent, Lesniak was able to close over twenty million dollars in deals. He was able to accomplish this through his hard work and dedication, and he shares his strategies and advice in his book “The HyperLocal HyperFast Real Estate Agent.” One of the most important factors that real estate professionals should consider when it comes to becoming a successful agent is mastering the art of local marketing. Lesniak shares his strategies and advice on how to improve his sales and marketing techniques. He also shows how to use a segmentation and positioning process to effectively target his clients.

Great Summertime Home Maintenance Tips

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On May 6, 2022

In Real Estate, Welcome

Springtime is here, and before you know it Summer will be here as well. With the warmer weather about to hit us in full force, it’s important that our homes are able to withstand the changes that come with it. Keeping up with home maintenance is always a good thing, but there are certain things you should do to make sure your house is in tip-top shape depending on the time of year and where you’re located. With summertime so close, let’s take a look at a few great summertime home maintenance tips.

 

Stop The Bugs!

Summertime means spending more time outside, which means you’ll want to keep your yard free of those pesky insects. One simple way to keep them away is to spray around the perimeter of your yard and your home. You can also use a combination of bug spray and door and window treatments to keep them away. Since so many pests tend to wake up in the summertime, you may want to consider recaulking your doors and windows to make sure the bugs don’t get into your home as well.

 

Power Wash Time!

One of the easiest things to do during your summertime home maintenance is using a pressure washer to clean areas such as your driveway, patio, or deck. After giving these areas a full inspection, you can then wash away all of the dirt and grime that have accumulated over the past year. You can rent a pressure washer for around $40 a day at a local home improvement store if you don’t own one.

 

Prep The Grill

Before you start preparing your grill for the summer season, you’ll want to make sure it’s sanitary after a year of just sitting around. For gas grills, you can heat it up for around 20 minutes and then scrub the outer surface with a grill brush. For charcoal grills, you can use a bucket of hot water and a sponge to get rid of any debris that’s blocking the hoses. Also, make sure that the grill is placed away from any flammable objects.

 

Wash Windows and Replace Screens

Getting your windows cleaned isn’t enough if you don’t also wash their screens. To get the job done, remove the old screens and use hot water to scrub them.

If your screens are too dirty to be cleaned, you might want to replace them. While you’re at it, inspect your doors and windows to make sure they’re properly sealed. Doing so will keep the cool air in your home and keep the warm air out.

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