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Habits to Implement Into Your Real Estate Career

You’ll never stop searching for new ways to improve yourself. Doing the same things repeatedly won’t get you where you want to be.

You will start seeing positive results with these habits and tips once you implement them into your business.

Invest in Yourself

Investing in yourself means money and time. It’s also about taking advantage of the time that you have available. For instance, if you’re driving, you might return phone calls or listen to podcasts. Doing so will allow you to develop and improve your skills.

It would help if you tried reading a book related to your industry relevant to your current career. For instance, you can pick up a book about customer relations or business habits. These will expand your horizons and improve your skills in other areas of your life.

By learning more about your field, you can become an expert in it, which will help you distinguish yourself from the competition.

Be a Neighborhood Expert

When asked about a street, you should be able to provide the necessary information about its current condition and the status of its market.

When someone suggests a specific area or neighborhood, be prepared to provide suggestions at the top of your head. This is a vital part of being successful in your local market. Having this knowledge will allow you to make informed decisions when it comes to buying and selling houses.

Make a Plan

Agents also commonly raise a property’s asking price to get potential buyers’ attention. They believe that the home will sell for a higher price.

Before listing a property:

  1. Make sure you’re ready to close the deal. This will allow you to get the most out of the process.
  2. After answering the seller’s questions, get them to commit.
  3. Try to identify their primary concern or objection by asking a question specific to their situation.

Make sure to address their concerns directly. They might also want to wait and think about the deal.

Be Transparent

One of the most critical factors your clients want to know is the reason behind every action you take. Successful agents go the extra mile to show their work. They go into detail to explain all the possible scenarios and roadblocks.

Regularly communicate with your clients so that they can understand how you are negotiating.

Good Relationships

Strong relationships are vital to building and expanding your influence. It can help you get referrals and other crucial parts of your business.

Ask your past clients what their favorite parts about their new homes are and learn anything you can do better.

You can ask for a referral during the call, but there should be other focuses of the conversation. Instead, it should be a relationship-building exercise.

Old clients are vital to any business, and you should be aware of the industry’s top providers.

How Video Content Helps Realtors

Despite the various technological changes in the real estate industry, video is still a trend that will continue to benefit real estate professionals. According to multiple realtors, their profits have increased by 40% since they started using video marketing.

Why Home Sellers Want Video

According to a Property Online Tech Trends report, 73% of homeowners prefer to list their homes with a realtor who provides video content. Video is becoming the go-to medium for all types of content.

Zabisco and 3M claim that people can process visual information 60,000 times faster than text. It’s significantly easier for search engines to rank a website if it has video content. 

In addition to being more effective at attracting more viewers, video converts at a higher rate. This is because it allows real estate professionals to convey certain emotions in a way that is difficult to achieve with still images.

Increased Business

The increasing popularity and demand for video content have significantly impacted the real estate industry. 

One of the essential factors real estate professionals can consider when using video content is its ability to drive their personal brand. Aside from boosting the number of eyes on your listing, video content can also generate organic traffic.

Implix says an email with video content can generate a 96% click-through rate. A survey conducted by BombBomb revealed that 90% of its users found video to be more effective at keeping in touch with their clients. In real estate sites, video content leads to more inquiries, and all major websites have adapted to accommodate it.

Websites

In addition to being the first content potential buyers see on various real estate websites, video content has also become an integral part of the marketing strategy of many companies.

One of the most prominent real estate websites in the Mid-Atlantic region is BrightMLS. According to the organization, over $125 billion in real estate transactions are reported annually. Its vendors can upload their listing videos to the platform for free.

Sell More

Hiring a professional photographer is also essential in marketing your real estate business. Each video is a window into the property for the buyer. A professional will create the mood you need to increase sales. 

What to Expect for the Real Estate Market in 2023

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

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

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.

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