Here's this week's roundup of news and resources.
Tips to create the perfect real estate listing.
Find out more about today's equity-rich homeowners.
Uncover strategies to help clients deal with unexpected new home costs.
Learn life hacks that will give you more time to grow.
Understand how to get results with a database.
Read on for our coverage.
Three Tips for Turning Real Estate into Eye Candy
While it's still a seller's market in many areas, rising rates are contributing to a slower market. Here are three tips to transform less attractive listings into must-have homes:
1. Make it about lifestyle and not just a new house.
Paint a detailed picture of what life could look like in the home. Don't just provide basic details. For example, outline how spare rooms can function as entertainment areas, game rooms, or nurseries.
2. Take advantage of professional staging.
Professional staging can help make it easier for buyers to picture themselves in a home. And remember that strategically positioning mirrors will go a long way if professional stagers aren't in your budget.
3. Use professional photos and marketing materials.
New technologies like drones and 3-D renderings are expensive. But professional photography and marketing materials can still boost the quality of a home in the eyes of buyers. 1
Equity Rich Homeowners Skyrocket
Surging home values have helped almost 45% of homeowners in 45 states become equity-rich. The median home price nationwide is now a record $320,500. This is based on findings from ATTOM Data.
Idaho had the highest level of equity-rich properties at 69% followed by Vermont (68%), Utah (64%), and Washington (61%). Record equity means financial security for millions of families. But rising property values and interest rates bring more affordability challenges for would-be buyers. Many experts say that home equity levels are likely to continue to grow. However, they also agree that later this year it will happen at a slower pace. 2
Top Three Unexpected New Homebuyer Costs
Homebuyers spent an average of $10,334 more than planned on their new home, according to a recent Consumer Affairs survey. Bidding wars topped the list as the main reason. The survey also found that buyers were caught off guard by some expenses once they moved in. Here are the three most unexpected home costs, together with solutions to share with your first-time buyer clients:
Property Taxes
Rising property taxes are the biggest expense that most new homeowners don't expect. You can help by suggesting clients work with a financial planner or tax preparer to find ways to offset the cost.
Utilities
Many new homeowners come from renting where utilities are often included. Educate your clients on energy-saving options like programmable thermostats and LED lights.
Maintenance and Repairs
Expenses like heating and air conditioning maintenance and repairs can quickly add up. Tell your clients that experts recommend saving 1-3% of a home's purchase price for these costs and placing it in a designated account. 3
The Best Side Hustles in Real Estate
There are endless ways to earn more money in your real estate career. Finding a similar side hustle can open up opportunities for new client prospects and business relationships. Here are the best real estate side hustles that build on your career as an agent:
Property Management.
As a property manager, you'll collect rent and schedule regular and unexpected maintenance for tenants. After working with buyers to purchase investments, you can step in and manage their properties.
Real Estate Investment.
You already have a real estate industry background. Now's the time to leverage it for your benefit. The simplest way is to join an investment club and start investing with like-minded individuals. Then, go off on your own when you're ready.
Underserved Niches.
Underserved niches vary by area. If you live in a college town, you could find housing for college and university students. Working with investors who purchase short-term rentals is also a great niche if you're in a vacation hotspot. 4
Build a Database That Delivers Next Level Results
A real estate database is vital to the success of your business. The best ones include leads, current clients, and prospects. You can use Excel spreadsheets or customer relationship management systems (CRMs) like Total Expert to stay organized. Enter new contacts into your database or CRM as you receive them. Keep track of everything from conversations with someone to their home search details. Stay in touch with your contacts regularly through email or text direct marketing campaigns. Use social media regularly to keep clients and prospects informed and build new relationships. And make sure to log all meaningful interactions in your database and mark them for follow-up later. Remember, the goal of your outreach is to bring value and stay visible – not a hard sell. 5
Have any questions? Reach out to us. We are your home loan experts and are up to date with all the market industry information. kevnik@kevnikmortgage.com
Positively Changing Your Home Finance Experience. 🏠
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Sources:1mckissock.com; 2housingwire.com; 3magazine.realtor; 4mashvisor.com; 5realtybiznews.com
