Tough competition. Low listing inventory. Hesitant sellers. There are a lot of things working against real estate agents these days, especially if they’re not doing anything to help themselves. Those who can push themselves to discover the unique ways to find clients and create listings are the ones who are going to rise above the crowd and find success in any market. Here are 25 ways for real estate agents to get listings no matter where they are and how the market is doing.
Send a Newsletter
You’ve got contacts, why aren’t you using them? Rather than bombarding them with random emails, set up a newsletter that you send out every week. Fill it with useful information, including available homes, tips for selling homes, and advice about the best ways to list or sell a home. It’s bound to generate at least a few looks and leads, not to mention it’s the kind of thing that gets passed around to friends and family.
Facebook Live Event
Having a Facebook page is a no-brainer but there are only so many articles and photos you can link to. If you want to do something that stands out, host a Facebook Live event. Doesn’t have to be fancy. Could be you in the field or just you in your kitchen. What’s important is that you’re providing good information or ideas and you’re putting your face in front of potential sellers. Plus, the video lives on long after you’ve recorded.
Join Online Groups
Social media giants like Facebook and Twitter have segments much of the internet but there are still plenty of subgroups and smaller places where people gather to talk shop. Look around for real estate or regional groups where you can join the conversation. Don’t bombard people with sales pitches. Instead, add value to the ongoing conversations. Ask questions. Provide feedback. And once you’ve established yourself, you can dig a little deeper.
Start a Blog
Another thing that many people assume is old news because social media is blogging. Sure it’s not what it used to be but it’s still relevant enough. Create a blog on WordPress or Medium or even on LinkedIn. Update it regularly. Think about important questions to answer and how to show up in search results by using keywords. It’s also a great shorthand way to share info quickly when asked for it.
Segment Your Database
You’ve got all your Facebook followers, Twitter followers, and newsletter followers. Break them down by category. Whatever categories make sense, even if they’re not specific to home listings. So when you have something interesting to share about a local food joint or a new ordinance in a certain town, you’ve got a specific, targeted list to hit with that information.
Search Social Media Hashtags
You never know what you’re going to find on social media. There are specific hashtags that people might use if they’re considering listing their homes, such as #IWantToMove, #LookingToMove, #MakeMeMove, and more. Get creative in your searches and see what’s out there. Leave no hashtag stone unturned. Check Twitter, Facebook, Instagram, and LinkedIn.
Go Behind the Scenes
A video is one of the best ways to connect with potential clients on the internet. Whether you’re holding an open house, touring a potential property, or walking through a sale, record it and use the video as a way to sell yourself and the benefits of the situation. Let people see how normal and simple the home selling process is as demystifying it will make it easier for them to say yes.
Keep in Touch
You helped a client sell a home three or four years ago. Why aren’t you keeping in touch with them? You might be missing out on an opportunity you didn’t realize existed. Maybe they have to move for a job. Maybe a life change requires them to sell. Maybe they’ve decided to buy a bigger place. The only way to know is to keep in touch.
Ask for an Introduction
Your contact list might not be interested in selling a home, but surely they know someone who might. You’ve cultivated a good relationship with these people, why not ask for the favor of an introduction to a friend or family member who might be interested in your services? There’s no better word-of-mouth and it’s right there in your contact list.
Be Social in Public
Every time you walk into a supermarket or hang out at a pool, you’re surrounded by potential listings. You don’t want to be salesly 24 hours a day but don’t be afraid to interact, introduce yourself, and engage whenever possible. You never know when a friendly conversation might lead to a discussion about a potential home sale.
Look for Expired Listings
People often try to sell a home themselves and it just doesn’t work out. You can usually tell if an FSBO listing has expired that something went wrong. That’s your opportunity to offer your services and make it more likely the home sells next time around. Don’t assume that just because someone went solo the first time they won’t take your help the next time around.
Invite Neighbors to Open Houses
If you’re hosting an open house in a neighborhood, there’s no reason not to invite every single neighbor who lives nearby. They might not be interested in buying this house but they might be interested in finding out how much it’s going for, how their home matches up, and what you’re doing to help it sell. From there, it’s your opportunity to prove you can do for them what you’re doing here.
Look for Empty Nesters
It stands to reason that older couples are eventually going to want to downsize or move into a retirement or active adult community. It doesn’t hurt to make yourself available and let them know you’re on standby whenever they’re ready. Doing so might be the nudge they need to list their home and start the process. Check the records to see who bought a large house 20 years ago and doesn’t need it anymore.
Stop by Garage Sales
Take a Sunday ride around the neighborhood and stop by any garage or estate sale you happen upon. Perhaps the owners are prepping for a move, or at the very least looking to declutter because they’re considering listing. Offer your expertise and start a conversation. Who knows, maybe someone who shows up looking for a chair ends up becoming your client instead.
Zillow’s Make Me Move Number
Homeowners can post their “Make Me Move” amount on Zillow and it’s basically an invitation from buyers and agents to see if they can meet or exceed it. Take a look at which owners are doing this, pick up the phone, and see what they have to say. They’re obviously motivated enough to do that, who knows what it might take to motivate them a little bit further. Ask to check out the home and go from there.
Have questions about making sure your next real estate transaction sails smoothly to a successful closing? You can make the process seamless and hassle-free by contacting Elite Ocean View Title Agency.
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As a small business owner, you should always pay close attention to the business trends that could impact your business revenues. Some trends may bring more business to your door while other trends may not be that beneficial. However, knowing the trends is always a great way to keep up with the industry and what influences customers.
2018 Business Trends That May Impact Your Small Business
Independent Contractors and Telecommuting
Telecommuting has been a growing trend for some time. Many companies hire employees who work from home full-time. The employees only come into the office periodically. Telecommuting can save money for employers by reducing the cost of providing space and equipment for in-house employees.
However, a growing trend for 2018 is the use of a flexible workforce of independent contractors. Employers are discovering they can save even more money by utilizing on-demand workers to complete specific projects or handle overflow when business picks up. Because these individuals are not employees, you can reduce payroll taxes and benefits while increasing and decreasing your workforce based on demand.
Methods of Payment
We have been moving toward a cashless society for decades. That business trend will continue and grow in 2018 and beyond. Many people do not even have checks for their bank accounts because they use debit cards or credit cards for all purchases. However, you will see a growing number of your customers requesting digital payments instead of plastic payments.
Digital payments such as GoPayment, Apple Pay, and Square will become more popular. As a small business owner, you need to do your research and get on board, or you could lose customers to companies that offer digital payment options.
Use of Artificial Intelligence in Small Businesses
Artificial Intelligence(AI) is no longer only for huge corporations and government agencies. AI is being used in small businesses throughout the United States. From customer service solutions to marketing systems, AI is becoming a beneficial tool for many small businesses. During 2018 and beyond, the use of AI in many industries is expected to increase.
Niche or Specialty Products and Markets
From microbreweries and all-cold food restaurants to nothing over $5 jewelry start-ups, niche businesses are picking up steam. Small businesses can stand out from the rest of the crowd by offering a specialty product or niche brand. Taking advantage of a specialty market and targeting “niche friendly” Millennials may be one of the biggest trends in business for 2018.
Crisis Planning and Preparedness
It is essential that small businesses have a crisis plan and invest time in crisis preparedness. With the number of disasters occurring throughout the United States from floods and hurricanes to wildfires and other disasters, small businesses that are not prepared for a crisis may never reopen. Many small businesses will begin investing in disaster planning and preparedness in 2018 and beyond.
Elite Ocean View Title Agency is here to support your business
Have questions about making sure your next real estate transaction sails smoothly to a successful closing? You can make the process seamless and hassle-free by contacting Elite Ocean View Title Agency.
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For many, social media is the place to catch up on the latest memes, let everyone know what you had for dinner, and share copious amounts of dog photos. For real estate agents, however, social media can be one of the best tools in your toolbox when it comes to generating leads and referrals.
By strategizing smartly and focusing on key demographics, real estate professionals can wield their Facebook, Twitter, Instagram, and LinkedIn accounts like a net, constantly scooping up potential clients from corners you didn’t even know they were lurking in. And considering how many real estate agents are out there in your neighborhood, city, county, and state, the more refined your strategy, the more likely you are to stand out from the crowd and catch the eye of your next big sale before they notice someone else.
Here are four ways you grow leads and referrals through social media.
Figure Out Your Audience And Target Them
If there is anything social media is good at from an advertising perspective, it’s allowing you to pinpoint your audience and direct your message to them and only them. So why wouldn’t you take the time to understand exactly who that’s supposed to be?
It starts simply. How old are your target buyers? Do you sell starter homes to millennials or are you selling active adult community homes to baby boomers? Are you usually dealing with men or women? Do your buyers usually have college educations? Are they from a specific town or county? Is there a price range that your client base usually abides within? What kind of preferences do they often look for when buying a home, location, or features? Ask yourself all of these questions and more in order to figure out the kind of audience you need to be targeting with your message.
Pick Your Platforms
Not all social media platforms are created equal. Just because something works on Facebook doesn’t mean it’s going to work on Twitter. Users go to those sites for different reasons and with different goals in mind.
Facebook remains the gold standard when it comes to building up a dedicated audience and being able to target them with your message. Not only is it a requirement that you have a Facebook page but you also want to make sure you’re keeping it stocked with quality content that provides urgent messaging about upcoming property opportunities. Engage with everyone who comes into contact with your page, be it with a message, a comment, a like, or an invite. And take full advantage of Facebook Ads so you can target that message to potential clients and new audiences receptive to the properties and opportunities you’re offering.
Don’t sell LinkedIn short just because it’s more of a professional social media platform. Professionals buy homes, you know. Just as you do on Facebook it’s important to maintain a presence with a fully fleshed-out profile and a steady flow of content. Consider how you can become an influencer here and build up a base of long-term client potential.
Instagram is a visual platform and who doesn’t think real estate works as a visual business? A steady stream of enticing and engaging image posts can help you quickly drum up a client base and influence potential buyers to reach out because the image in your feed is too much to pass up. Don’t forget the hashtags!
Twitter can be a tricky platform for real estate agents. It can be tough to build up a follower count even if you’re tweeting out content each day. In order to really build up a base, you need to not only share information but be engaging. Being a link farm won’t cut it. If you’re going to try it, really go for it. Tweet out thoughts, open-ended questions, and polls. Start a dialogue. Retweet others. Respond to contemporaries. Become a resource. The followers will, for lack of a better term, follow.
Hone Those Hashtags
We mentioned it before but it bears repeating: Hashtags matter. Especially when you’re starting out, hashtags act as a shortcut to reaching potential clients who are already engaged and interested in the ideas you’re talking about. It’s common to see Instagram posts laced with hashtags that connect new audiences to what you’ve got to say and, often, some of those people don’t just like, they follow. And when they follow, then you can hook them.
Don’t be afraid to think big with hashtags. Yes, you want to figure out the relevant and effective tags for your region and local buyers, but don’t be afraid to piggyback on national and trending hashtags. Check out hashtags that HGTV shows and national real estate brands are using and consider peppering them into your posts. You never know who is watching and clicking.
Don’t go too crazy, however. Too many hashtags, especially on Facebook and Twitter, start to make your messaging look like spam. On those sites consider focusing on smart choices. On Instagram, however, let loose with as many as 30-to-40 hashtags that make sense for what you’re trying to accomplish.
Get to Know Retargeting
Ever wonder how ads for items and products you’ve previously shopped for suddenly start showing up in random places on the internet? That’s ad retargeting. The strategy uses cookies that have been dropped on your browser that keep tabs on the sites you visit and things you do.
How can you put retargeting to work for you? Drop a tracking pixel on your website and then it will follow users as they travel to social media sites such as Facebook, Instagram, and Pinterest. The cookie lets your ad company know and it automatically sends whatever message you’d like to show up to their browser so they’re getting information about listings and properties that you want to promote. You can even target the ads so that they only appear for specific kinds of visitors (which is why we wanted you to figure out your key demo!).
This is just the start but if you can master these simple tips and tricks, you’ll already be ahead of the game and generate leads like never before.
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The 7 Most Common Reasons Real Estate Transactions Fail
You’ve got the contract signed, the closing is approaching quickly, and the last thing you want to happen is for the real estate transaction to fall apart just before the closing date. Why do so many deals fall apart at the last minute? How can these failures be prevented?
Getting a real estate contract signed is just the first step in the transaction process. It’s when the real fun and work begins. This is where the best shine and gain an edge in their market, while the rest slink back off to oblivion.
Failed closings are tragic for a buyer, seller, and real estate agent or broker. They can be expensive, stressful, and demoralizing as a buyer or seller. As a Realtor, they cannot only rob you of your paycheck you were so eagerly counting on but dent your reputation and make future business harder.
Depending on the market temperature and mortgage lending landscape anywhere from 3% to 30% of pending sales contracts can fall through. That number can be dramatically lowered, and completion metrics increased if all the parties involved are more knowledgeable about the frequent glitches and how to get out ahead of them.
Here are seven common reasons your deal could fall apart, and how to beat it.
Appraisals
This one should be no surprise. Appraisals are the notorious Achilles heel of real estate transactions. If it comes in too high, the seller can try to back out and relist for more money. More often, the appraisal comes in low. That can scare off buyers and wreak havoc with mortgage loan applications. As a Realtor, you’ve got to know your values and comps the way appraisers and lenders look at them. Know how to successfully rebut bad appraisals. Have a plan for renegotiating or restructuring the deal with your clients in advance. Agents should probably consider taking the appraiser licensing course for their continuing education credits and master this part of the business.
Mortgage Lenders
For as easy technology has made the rest of our lives, mortgage lending is still incredibly inefficient. From gaps between pre-qualification letters and underwriting to continually changing influences behind the scenes, disconnected underwriters, and meticulous paperwork burdens. Many issues can come up. Often they show up right at the last minute, the day before closing. Typically in final reviews and appraisal reviews. Agents can help their clients ace this by knowing loan program qualifications and quirks. Be sure buyers are working with a loan officer who will help them preempt any last-minute conditions that will stall the transaction.
The Buyer
Buyer’s remorse can be an issue. It’s easy to get a buyer to fall in love with a property and e-sign the purchase contract. The longer the closing takes, the more time they have to have second thoughts. If things start to go wrong, like significant repairs being uncovered, the market changes, or their loan interest rate goes up. They can begin to drag their feet and sabotage the deal themselves. More commonly buyers accidentally undermine their home purchases by going shopping for furniture and racking up credit cards and store debt during the loan process or quitting a job. Lenders will often do final re-verification right before closing and catch these items. Educate your clients, take time to explain these things, and make sure they are sold on the deal upfront to avoid these problems.
Liens
Sellers can forget, be unaware of, or get hit with liens and new debts on their property during the process. This can deplete their anticipated sales proceeds or mean they have to bring money to the closing table to sell. That can cause many sellers to back out. These items can include past-due property taxes, mechanics liens, HOA, and condo association special assessments, additional loans or lines of credit attached to the property, and code violations. These surprises can be avoided by using an experienced Florida title insurance company who gets on the job to perform title and lien searches early and knows how to proactively tackle potential issues and keep the deal alive.
Uninsurable Title
While the market has bounced back in a big way since 2008, the foreclosure crisis has also really messed up the titles and chain of titles on many properties. Between lender robo-signing fraud, overly creative attempts to stop foreclosure, auctions, and house flips, many properties are being advertised out there that buyers may not be able to get title insurance on. At least not to the level a new mortgage lender is going to expect. Pulling title early, or as a listing agent even ordering preliminary title searches and home inspections can save much stress, lost time and deal fails.
Condo & HOA Approvals
Some associations can be a real drag on real estate deals. Lengthy and inefficient buyer approval times, stringent qualifications and even personal prejudices can burn precious time or crush contracts. It’s smart to know your associations before showing buyers property and to work with other professionals who have relationships with them and know how to get approvals expedited.
Delays
Many of the above items can cause delays. As can sellers and buyers realizing their ID is out of date or being slow to send funds for closing. Some sellers and listing agents are gracious about granting contract extensions. Others get greedy and see a chance to grab the buyer’s earnest money deposit. Give your contracts extra time so that issues can be worked out and educate clients on the reality of trying to sue over deposit funds.
Have more questions about making sure your next real estate transaction sails smoothly to a successful closing? You can make the process seamless and hassle-free by contacting Elite Ocean View Title Agency.
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RICHMOND, Va. – April 20, 2018 – Nobody likes getting tax bills, especially homeowners who are burdened with ever-escalating local property taxes.
Last year, property taxes collected by local and state governments rose by an average 6 percent – $293.4 billion in total – almost three times the annual rate of inflation.
But the tax rates you pay are probably very different from what owners pay elsewhere. In Essex County, N.J., the average property tax on a single-family home last year was just under $12,000, according to a new study by ATTOM Data Solutions, a firm that tracks information on 155 million U.S. properties. In West Virginia, by contrast, the average was just $807.
Sure, average home values in New Jersey and West Virginia differ dramatically, as do the effective tax rates imposed by local governments to pay for the services they provide.
But here’s a question: Is there a link between property tax rates and the rate at which your home appreciates in value? Are areas with high housing costs and tax rates less likely to see high appreciation rates? Do markets with more affordable prices and low tax rates do better on appreciation?
It’s a complex subject. But ATTOM Data’s voluminous property tax files, plus its trove of current and historical home value and price information, open the door to take at least a peek.
For this column, I asked ATTOM to conduct a new statistical analysis, comparing recent appreciation rates and home-value data with effective local property rates around the U.S.
The findings are intriguing:
Homes in areas with the highest effective property tax rates – that is, the average tax rate expressed as a percentage of estimated home values – appear to have appreciated more slowly during the past year and the past five years on average than homes in markets with lower tax rates. Homes in those areas increased in value by an average of 28 percent during the past five years and 3 percent in 2017.
Homes in the middle third of markets, where effective tax rates are more modest, experienced higher rates of home-value appreciation – 35 percent on average over five years, 7 percent during the past year.
Homes in the bottom third in terms of effective tax rates saw values increase faster – an average 42 percent over five years, 5 percent in the past year.
Daren Blomquist, senior vice president of ATTOM, cautions that there are exceptions to the overall trend here, “notably markets in Texas with high property-tax rates but also very strong home-price appreciation over the past year and five years.” Illinois has high tax rates (2.2 percent) yet saw average values statewide increase by 10 percent last year.
As a general rule, the highest effective tax rates in the nation are in the Northeast and the Midwest, with a smattering in Florida and Oregon. New Jersey had the highest overall rate (2.28 percent and an average five-year price appreciation rate of just 6 percent). Connecticut’s 1.99 percent effective tax rate ranked it seventh-highest nationwide. But the state experienced a one-year average price gain of just 1 percent and a five-year average of just 5 percent.
Maryland and Virginia average home prices are relatively high, but their effective tax rates are surprisingly moderate compared with the nation overall. Maryland posted an average rate of 1.03 percent and experienced a five-year, 15 percent average home-price gain.
Virginia’s average tax rate was 1.05 percent; its five-year average gain 20 percent. The District of Columbia is a mixed bag – a below-average 0.65 percent effective rate on an average home value of $789,391, a 1 percent average value gain last year and a 26 percent appreciation rate over the past five years.
California had a below-average effective property tax rate of 0.76 percent in 2017 and a one-year average gain in value of 8 percent.
What to make of these results? The study’s three general conclusions above are noteworthy, but keep in mind that the study’s scope and methodology were limited. Taxes alone do not determine demand – or home-appreciation rates. Multiple combined factors can also be important: local economic conditions, employment and school quality, among others.
But on average, low to modest tax rates appear to be connected to higher recent appreciation. If you’re on a fixed income and looking at potential retirement areas, or you’re a first-time buyer and affordability is key, tax rates may be an essential consideration.
I RECENTLY returned from a trip to Japan. Travelling in that country – especially for longer periods of time – is infinitely easier than it was just a decade ago. One of the main reasons is Airbnb. With a few button clicks on a smartphone or laptop, you can book a reasonably priced, centrally located private apartment with all the furnishings of a well-kept Japanese home.
Airbnb’s success in Japan is due in large part to the government’s far-sighted embrace of the room-rental service. In mid-2017 the government passed a law legalising Airbnb, subject to the approval of local authorities. Japanese apartment owners can rent out their rooms for up to 180 days out of the year – much more than in many other cities.
This leniency is just one factor powering a record boom in tourism: Even as tourism to the US falls, Japan is raking in tens of billions of dollars a year from foreign visitors.
A recent National Bureau of Economics Research working paper by Chiara Farronato and Andrey Fradkin used a simple supply-and-demand model of the short-term rental market to argue that Airbnb has held down hotel revenues, making short stays cheaper everywhere that the company operates. Meanwhile, the company’s revenue continues to increase rapidly.
But not everyone is happy about Airbnb’s rise. The hotel industry is understandably upset about intensified competition. Many cities and their residents are worried that Airbnb and similar services are pushing up rents. The mechanism is simple. Each apartment or house reserved for Airbnb rentals means one less unit for long-term residents. By taking supply off the market, Airbnb could potentially raise costs.
McGill University urban planning professor David Wachsmuth recently looked at New York and concluded that Airbnb listings were rising in rapidly gentrifying neighbourhoods where rents have also been skyrocketing. But this could mostly be a coincidence – travellers may enjoy staying in hip, up-and-coming neighbourhoods.
As evidence that Airbnb is actually driving rent increases, Prof Wachsmuth cites a recent paper by three economists that if a given area is a big draw for tourists, with lots of F&B places, and that if that area receives a sudden surge in online search interest for Airbnb, then any subsequent jump in Airbnb is caused by increased demand from visitors for short-term rentals.
Under this assumption, the true impact of Airbnb on rents would be very small. The effect is so small that in their presentation at the American Economic Association meeting in January, the authors referred to it as a “zero effect on rental rates” overall. This means that the advent of Airbnb probably doesn’t require much of a policy change. Its small impact can easily be cancelled out simply by building a bit more housing. Tokyo itself has done this, with great success.
But the research paper also found that one reason Airbnb’s impact is so small is that most people offering rentals are owner-occupiers sharing their own residences, rather than commercial operators operating fly-by-night mini-hotels. If cities allow the latter, the effect on rents will probably be bigger.
One approach is to do what New York has done and simply ban commercial Airbnb operators. But, given the benefits for travellers, a smarter approach might be to allow commercial Airbnb operation but to tax and regulate it like the hotel industry. Finally, a tax could be applied to commercial Airbnb operations, with the proceeds used to fund affordable housing. Allowing regulated commercial Airbnb operations would allow travellers to enjoy a more home-like alternative to hotels, while mitigating or eliminating negative impacts on locals – a win-win situation. BLOOMBERG
The writer, a Bloomberg View columnist, was an assistant professor of finance at Stony Brook University.
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15 Ways for Real Estate Agents to Get Listings
UncategorizedTough competition. Low listing inventory. Hesitant sellers. There are a lot of things working against real estate agents these days, especially if they’re not doing anything to help themselves. Those who can push themselves to discover the unique ways to find clients and create listings are the ones who are going to rise above the crowd and find success in any market. Here are 25 ways for real estate agents to get listings no matter where they are and how the market is doing.
Send a Newsletter
You’ve got contacts, why aren’t you using them? Rather than bombarding them with random emails, set up a newsletter that you send out every week. Fill it with useful information, including available homes, tips for selling homes, and advice about the best ways to list or sell a home. It’s bound to generate at least a few looks and leads, not to mention it’s the kind of thing that gets passed around to friends and family.
Facebook Live Event
Having a Facebook page is a no-brainer but there are only so many articles and photos you can link to. If you want to do something that stands out, host a Facebook Live event. Doesn’t have to be fancy. Could be you in the field or just you in your kitchen. What’s important is that you’re providing good information or ideas and you’re putting your face in front of potential sellers. Plus, the video lives on long after you’ve recorded.
Join Online Groups
Social media giants like Facebook and Twitter have segments much of the internet but there are still plenty of subgroups and smaller places where people gather to talk shop. Look around for real estate or regional groups where you can join the conversation. Don’t bombard people with sales pitches. Instead, add value to the ongoing conversations. Ask questions. Provide feedback. And once you’ve established yourself, you can dig a little deeper.
Start a Blog
Another thing that many people assume is old news because social media is blogging. Sure it’s not what it used to be but it’s still relevant enough. Create a blog on WordPress or Medium or even on LinkedIn. Update it regularly. Think about important questions to answer and how to show up in search results by using keywords. It’s also a great shorthand way to share info quickly when asked for it.
Segment Your Database
You’ve got all your Facebook followers, Twitter followers, and newsletter followers. Break them down by category. Whatever categories make sense, even if they’re not specific to home listings. So when you have something interesting to share about a local food joint or a new ordinance in a certain town, you’ve got a specific, targeted list to hit with that information.
Search Social Media Hashtags
You never know what you’re going to find on social media. There are specific hashtags that people might use if they’re considering listing their homes, such as #IWantToMove, #LookingToMove, #MakeMeMove, and more. Get creative in your searches and see what’s out there. Leave no hashtag stone unturned. Check Twitter, Facebook, Instagram, and LinkedIn.
Go Behind the Scenes
A video is one of the best ways to connect with potential clients on the internet. Whether you’re holding an open house, touring a potential property, or walking through a sale, record it and use the video as a way to sell yourself and the benefits of the situation. Let people see how normal and simple the home selling process is as demystifying it will make it easier for them to say yes.
Keep in Touch
You helped a client sell a home three or four years ago. Why aren’t you keeping in touch with them? You might be missing out on an opportunity you didn’t realize existed. Maybe they have to move for a job. Maybe a life change requires them to sell. Maybe they’ve decided to buy a bigger place. The only way to know is to keep in touch.
Ask for an Introduction
Your contact list might not be interested in selling a home, but surely they know someone who might. You’ve cultivated a good relationship with these people, why not ask for the favor of an introduction to a friend or family member who might be interested in your services? There’s no better word-of-mouth and it’s right there in your contact list.
Be Social in Public
Every time you walk into a supermarket or hang out at a pool, you’re surrounded by potential listings. You don’t want to be salesly 24 hours a day but don’t be afraid to interact, introduce yourself, and engage whenever possible. You never know when a friendly conversation might lead to a discussion about a potential home sale.
Look for Expired Listings
People often try to sell a home themselves and it just doesn’t work out. You can usually tell if an FSBO listing has expired that something went wrong. That’s your opportunity to offer your services and make it more likely the home sells next time around. Don’t assume that just because someone went solo the first time they won’t take your help the next time around.
Invite Neighbors to Open Houses
If you’re hosting an open house in a neighborhood, there’s no reason not to invite every single neighbor who lives nearby. They might not be interested in buying this house but they might be interested in finding out how much it’s going for, how their home matches up, and what you’re doing to help it sell. From there, it’s your opportunity to prove you can do for them what you’re doing here.
Look for Empty Nesters
It stands to reason that older couples are eventually going to want to downsize or move into a retirement or active adult community. It doesn’t hurt to make yourself available and let them know you’re on standby whenever they’re ready. Doing so might be the nudge they need to list their home and start the process. Check the records to see who bought a large house 20 years ago and doesn’t need it anymore.
Stop by Garage Sales
Take a Sunday ride around the neighborhood and stop by any garage or estate sale you happen upon. Perhaps the owners are prepping for a move, or at the very least looking to declutter because they’re considering listing. Offer your expertise and start a conversation. Who knows, maybe someone who shows up looking for a chair ends up becoming your client instead.
Zillow’s Make Me Move Number
Homeowners can post their “Make Me Move” amount on Zillow and it’s basically an invitation from buyers and agents to see if they can meet or exceed it. Take a look at which owners are doing this, pick up the phone, and see what they have to say. They’re obviously motivated enough to do that, who knows what it might take to motivate them a little bit further. Ask to check out the home and go from there.
Have questions about making sure your next real estate transaction sails smoothly to a successful closing? You can make the process seamless and hassle-free by contacting Elite Ocean View Title Agency.
What Trends Should You Watch For as a Small Business Owner in 2018?
UncategorizedAs a small business owner, you should always pay close attention to the business trends that could impact your business revenues. Some trends may bring more business to your door while other trends may not be that beneficial. However, knowing the trends is always a great way to keep up with the industry and what influences customers.
2018 Business Trends That May Impact Your Small Business
Telecommuting has been a growing trend for some time. Many companies hire employees who work from home full-time. The employees only come into the office periodically. Telecommuting can save money for employers by reducing the cost of providing space and equipment for in-house employees.
However, a growing trend for 2018 is the use of a flexible workforce of independent contractors. Employers are discovering they can save even more money by utilizing on-demand workers to complete specific projects or handle overflow when business picks up. Because these individuals are not employees, you can reduce payroll taxes and benefits while increasing and decreasing your workforce based on demand.
We have been moving toward a cashless society for decades. That business trend will continue and grow in 2018 and beyond. Many people do not even have checks for their bank accounts because they use debit cards or credit cards for all purchases. However, you will see a growing number of your customers requesting digital payments instead of plastic payments.
Digital payments such as GoPayment, Apple Pay, and Square will become more popular. As a small business owner, you need to do your research and get on board, or you could lose customers to companies that offer digital payment options.
Artificial Intelligence(AI) is no longer only for huge corporations and government agencies. AI is being used in small businesses throughout the United States. From customer service solutions to marketing systems, AI is becoming a beneficial tool for many small businesses. During 2018 and beyond, the use of AI in many industries is expected to increase.
From microbreweries and all-cold food restaurants to nothing over $5 jewelry start-ups, niche businesses are picking up steam. Small businesses can stand out from the rest of the crowd by offering a specialty product or niche brand. Taking advantage of a specialty market and targeting “niche friendly” Millennials may be one of the biggest trends in business for 2018.
It is essential that small businesses have a crisis plan and invest time in crisis preparedness. With the number of disasters occurring throughout the United States from floods and hurricanes to wildfires and other disasters, small businesses that are not prepared for a crisis may never reopen. Many small businesses will begin investing in disaster planning and preparedness in 2018 and beyond.
Elite Ocean View Title Agency is here to support your business
Have questions about making sure your next real estate transaction sails smoothly to a successful closing? You can make the process seamless and hassle-free by contacting Elite Ocean View Title Agency.
4 Ways to Grow Leads and Referrals Through Social Media
UncategorizedFor many, social media is the place to catch up on the latest memes, let everyone know what you had for dinner, and share copious amounts of dog photos. For real estate agents, however, social media can be one of the best tools in your toolbox when it comes to generating leads and referrals.
By strategizing smartly and focusing on key demographics, real estate professionals can wield their Facebook, Twitter, Instagram, and LinkedIn accounts like a net, constantly scooping up potential clients from corners you didn’t even know they were lurking in. And considering how many real estate agents are out there in your neighborhood, city, county, and state, the more refined your strategy, the more likely you are to stand out from the crowd and catch the eye of your next big sale before they notice someone else.
Here are four ways you grow leads and referrals through social media.
Figure Out Your Audience And Target Them
If there is anything social media is good at from an advertising perspective, it’s allowing you to pinpoint your audience and direct your message to them and only them. So why wouldn’t you take the time to understand exactly who that’s supposed to be?
It starts simply. How old are your target buyers? Do you sell starter homes to millennials or are you selling active adult community homes to baby boomers? Are you usually dealing with men or women? Do your buyers usually have college educations? Are they from a specific town or county? Is there a price range that your client base usually abides within? What kind of preferences do they often look for when buying a home, location, or features? Ask yourself all of these questions and more in order to figure out the kind of audience you need to be targeting with your message.
Pick Your Platforms
Not all social media platforms are created equal. Just because something works on Facebook doesn’t mean it’s going to work on Twitter. Users go to those sites for different reasons and with different goals in mind.
Facebook remains the gold standard when it comes to building up a dedicated audience and being able to target them with your message. Not only is it a requirement that you have a Facebook page but you also want to make sure you’re keeping it stocked with quality content that provides urgent messaging about upcoming property opportunities. Engage with everyone who comes into contact with your page, be it with a message, a comment, a like, or an invite. And take full advantage of Facebook Ads so you can target that message to potential clients and new audiences receptive to the properties and opportunities you’re offering.
Don’t sell LinkedIn short just because it’s more of a professional social media platform. Professionals buy homes, you know. Just as you do on Facebook it’s important to maintain a presence with a fully fleshed-out profile and a steady flow of content. Consider how you can become an influencer here and build up a base of long-term client potential.
Instagram is a visual platform and who doesn’t think real estate works as a visual business? A steady stream of enticing and engaging image posts can help you quickly drum up a client base and influence potential buyers to reach out because the image in your feed is too much to pass up. Don’t forget the hashtags!
Twitter can be a tricky platform for real estate agents. It can be tough to build up a follower count even if you’re tweeting out content each day. In order to really build up a base, you need to not only share information but be engaging. Being a link farm won’t cut it. If you’re going to try it, really go for it. Tweet out thoughts, open-ended questions, and polls. Start a dialogue. Retweet others. Respond to contemporaries. Become a resource. The followers will, for lack of a better term, follow.
Hone Those Hashtags
We mentioned it before but it bears repeating: Hashtags matter. Especially when you’re starting out, hashtags act as a shortcut to reaching potential clients who are already engaged and interested in the ideas you’re talking about. It’s common to see Instagram posts laced with hashtags that connect new audiences to what you’ve got to say and, often, some of those people don’t just like, they follow. And when they follow, then you can hook them.
Don’t be afraid to think big with hashtags. Yes, you want to figure out the relevant and effective tags for your region and local buyers, but don’t be afraid to piggyback on national and trending hashtags. Check out hashtags that HGTV shows and national real estate brands are using and consider peppering them into your posts. You never know who is watching and clicking.
Don’t go too crazy, however. Too many hashtags, especially on Facebook and Twitter, start to make your messaging look like spam. On those sites consider focusing on smart choices. On Instagram, however, let loose with as many as 30-to-40 hashtags that make sense for what you’re trying to accomplish.
Get to Know Retargeting
Ever wonder how ads for items and products you’ve previously shopped for suddenly start showing up in random places on the internet? That’s ad retargeting. The strategy uses cookies that have been dropped on your browser that keep tabs on the sites you visit and things you do.
How can you put retargeting to work for you? Drop a tracking pixel on your website and then it will follow users as they travel to social media sites such as Facebook, Instagram, and Pinterest. The cookie lets your ad company know and it automatically sends whatever message you’d like to show up to their browser so they’re getting information about listings and properties that you want to promote. You can even target the ads so that they only appear for specific kinds of visitors (which is why we wanted you to figure out your key demo!).
This is just the start but if you can master these simple tips and tricks, you’ll already be ahead of the game and generate leads like never before.
The 7 Most Common Reasons Real Estate Transactions Fail
UncategorizedThe 7 Most Common Reasons Real Estate Transactions Fail
You’ve got the contract signed, the closing is approaching quickly, and the last thing you want to happen is for the real estate transaction to fall apart just before the closing date. Why do so many deals fall apart at the last minute? How can these failures be prevented?
Getting a real estate contract signed is just the first step in the transaction process. It’s when the real fun and work begins. This is where the best shine and gain an edge in their market, while the rest slink back off to oblivion.
Failed closings are tragic for a buyer, seller, and real estate agent or broker. They can be expensive, stressful, and demoralizing as a buyer or seller. As a Realtor, they cannot only rob you of your paycheck you were so eagerly counting on but dent your reputation and make future business harder.
Depending on the market temperature and mortgage lending landscape anywhere from 3% to 30% of pending sales contracts can fall through. That number can be dramatically lowered, and completion metrics increased if all the parties involved are more knowledgeable about the frequent glitches and how to get out ahead of them.
Here are seven common reasons your deal could fall apart, and how to beat it.
This one should be no surprise. Appraisals are the notorious Achilles heel of real estate transactions. If it comes in too high, the seller can try to back out and relist for more money. More often, the appraisal comes in low. That can scare off buyers and wreak havoc with mortgage loan applications. As a Realtor, you’ve got to know your values and comps the way appraisers and lenders look at them. Know how to successfully rebut bad appraisals. Have a plan for renegotiating or restructuring the deal with your clients in advance. Agents should probably consider taking the appraiser licensing course for their continuing education credits and master this part of the business.
For as easy technology has made the rest of our lives, mortgage lending is still incredibly inefficient. From gaps between pre-qualification letters and underwriting to continually changing influences behind the scenes, disconnected underwriters, and meticulous paperwork burdens. Many issues can come up. Often they show up right at the last minute, the day before closing. Typically in final reviews and appraisal reviews. Agents can help their clients ace this by knowing loan program qualifications and quirks. Be sure buyers are working with a loan officer who will help them preempt any last-minute conditions that will stall the transaction.
Buyer’s remorse can be an issue. It’s easy to get a buyer to fall in love with a property and e-sign the purchase contract. The longer the closing takes, the more time they have to have second thoughts. If things start to go wrong, like significant repairs being uncovered, the market changes, or their loan interest rate goes up. They can begin to drag their feet and sabotage the deal themselves. More commonly buyers accidentally undermine their home purchases by going shopping for furniture and racking up credit cards and store debt during the loan process or quitting a job. Lenders will often do final re-verification right before closing and catch these items. Educate your clients, take time to explain these things, and make sure they are sold on the deal upfront to avoid these problems.
Sellers can forget, be unaware of, or get hit with liens and new debts on their property during the process. This can deplete their anticipated sales proceeds or mean they have to bring money to the closing table to sell. That can cause many sellers to back out. These items can include past-due property taxes, mechanics liens, HOA, and condo association special assessments, additional loans or lines of credit attached to the property, and code violations. These surprises can be avoided by using an experienced Florida title insurance company who gets on the job to perform title and lien searches early and knows how to proactively tackle potential issues and keep the deal alive.
While the market has bounced back in a big way since 2008, the foreclosure crisis has also really messed up the titles and chain of titles on many properties. Between lender robo-signing fraud, overly creative attempts to stop foreclosure, auctions, and house flips, many properties are being advertised out there that buyers may not be able to get title insurance on. At least not to the level a new mortgage lender is going to expect. Pulling title early, or as a listing agent even ordering preliminary title searches and home inspections can save much stress, lost time and deal fails.
Some associations can be a real drag on real estate deals. Lengthy and inefficient buyer approval times, stringent qualifications and even personal prejudices can burn precious time or crush contracts. It’s smart to know your associations before showing buyers property and to work with other professionals who have relationships with them and know how to get approvals expedited.
Many of the above items can cause delays. As can sellers and buyers realizing their ID is out of date or being slow to send funds for closing. Some sellers and listing agents are gracious about granting contract extensions. Others get greedy and see a chance to grab the buyer’s earnest money deposit. Give your contracts extra time so that issues can be worked out and educate clients on the reality of trying to sue over deposit funds.
Have more questions about making sure your next real estate transaction sails smoothly to a successful closing? You can make the process seamless and hassle-free by contacting Elite Ocean View Title Agency.
Do lower property tax rates = higher home appreciation?
UncategorizedRICHMOND, Va. – April 20, 2018 – Nobody likes getting tax bills, especially homeowners who are burdened with ever-escalating local property taxes.
Last year, property taxes collected by local and state governments rose by an average 6 percent – $293.4 billion in total – almost three times the annual rate of inflation.
But the tax rates you pay are probably very different from what owners pay elsewhere. In Essex County, N.J., the average property tax on a single-family home last year was just under $12,000, according to a new study by ATTOM Data Solutions, a firm that tracks information on 155 million U.S. properties. In West Virginia, by contrast, the average was just $807.
Sure, average home values in New Jersey and West Virginia differ dramatically, as do the effective tax rates imposed by local governments to pay for the services they provide.
But here’s a question: Is there a link between property tax rates and the rate at which your home appreciates in value? Are areas with high housing costs and tax rates less likely to see high appreciation rates? Do markets with more affordable prices and low tax rates do better on appreciation?
It’s a complex subject. But ATTOM Data’s voluminous property tax files, plus its trove of current and historical home value and price information, open the door to take at least a peek.
For this column, I asked ATTOM to conduct a new statistical analysis, comparing recent appreciation rates and home-value data with effective local property rates around the U.S.
The findings are intriguing:
Homes in areas with the highest effective property tax rates – that is, the average tax rate expressed as a percentage of estimated home values – appear to have appreciated more slowly during the past year and the past five years on average than homes in markets with lower tax rates. Homes in those areas increased in value by an average of 28 percent during the past five years and 3 percent in 2017.
Homes in the middle third of markets, where effective tax rates are more modest, experienced higher rates of home-value appreciation – 35 percent on average over five years, 7 percent during the past year.
Homes in the bottom third in terms of effective tax rates saw values increase faster – an average 42 percent over five years, 5 percent in the past year.
Daren Blomquist, senior vice president of ATTOM, cautions that there are exceptions to the overall trend here, “notably markets in Texas with high property-tax rates but also very strong home-price appreciation over the past year and five years.” Illinois has high tax rates (2.2 percent) yet saw average values statewide increase by 10 percent last year.
As a general rule, the highest effective tax rates in the nation are in the Northeast and the Midwest, with a smattering in Florida and Oregon. New Jersey had the highest overall rate (2.28 percent and an average five-year price appreciation rate of just 6 percent). Connecticut’s 1.99 percent effective tax rate ranked it seventh-highest nationwide. But the state experienced a one-year average price gain of just 1 percent and a five-year average of just 5 percent.
Maryland and Virginia average home prices are relatively high, but their effective tax rates are surprisingly moderate compared with the nation overall. Maryland posted an average rate of 1.03 percent and experienced a five-year, 15 percent average home-price gain.
Virginia’s average tax rate was 1.05 percent; its five-year average gain 20 percent. The District of Columbia is a mixed bag – a below-average 0.65 percent effective rate on an average home value of $789,391, a 1 percent average value gain last year and a 26 percent appreciation rate over the past five years.
California had a below-average effective property tax rate of 0.76 percent in 2017 and a one-year average gain in value of 8 percent.
What to make of these results? The study’s three general conclusions above are noteworthy, but keep in mind that the study’s scope and methodology were limited. Taxes alone do not determine demand – or home-appreciation rates. Multiple combined factors can also be important: local economic conditions, employment and school quality, among others.
But on average, low to modest tax rates appear to be connected to higher recent appreciation. If you’re on a fixed income and looking at potential retirement areas, or you’re a first-time buyer and affordability is key, tax rates may be an essential consideration.
© Copyright 2018, Richmond Times-Dispatch, Richmond, VA, Kenneth R. Harney. Harney heads his own consulting firm in Chevy Chase, Md.
Don’t blame Airbnb for rising rents in popular cities
UncategorizedI RECENTLY returned from a trip to Japan. Travelling in that country – especially for longer periods of time – is infinitely easier than it was just a decade ago. One of the main reasons is Airbnb. With a few button clicks on a smartphone or laptop, you can book a reasonably priced, centrally located private apartment with all the furnishings of a well-kept Japanese home.
Airbnb’s success in Japan is due in large part to the government’s far-sighted embrace of the room-rental service. In mid-2017 the government passed a law legalising Airbnb, subject to the approval of local authorities. Japanese apartment owners can rent out their rooms for up to 180 days out of the year – much more than in many other cities.
This leniency is just one factor powering a record boom in tourism: Even as tourism to the US falls, Japan is raking in tens of billions of dollars a year from foreign visitors.
A recent National Bureau of Economics Research working paper by Chiara Farronato and Andrey Fradkin used a simple supply-and-demand model of the short-term rental market to argue that Airbnb has held down hotel revenues, making short stays cheaper everywhere that the company operates. Meanwhile, the company’s revenue continues to increase rapidly.
McGill University urban planning professor David Wachsmuth recently looked at New York and concluded that Airbnb listings were rising in rapidly gentrifying neighbourhoods where rents have also been skyrocketing. But this could mostly be a coincidence – travellers may enjoy staying in hip, up-and-coming neighbourhoods.
As evidence that Airbnb is actually driving rent increases, Prof Wachsmuth cites a recent paper by three economists that if a given area is a big draw for tourists, with lots of F&B places, and that if that area receives a sudden surge in online search interest for Airbnb, then any subsequent jump in Airbnb is caused by increased demand from visitors for short-term rentals.
Under this assumption, the true impact of Airbnb on rents would be very small. The effect is so small that in their presentation at the American Economic Association meeting in January, the authors referred to it as a “zero effect on rental rates” overall. This means that the advent of Airbnb probably doesn’t require much of a policy change. Its small impact can easily be cancelled out simply by building a bit more housing. Tokyo itself has done this, with great success.
But the research paper also found that one reason Airbnb’s impact is so small is that most people offering rentals are owner-occupiers sharing their own residences, rather than commercial operators operating fly-by-night mini-hotels. If cities allow the latter, the effect on rents will probably be bigger.
One approach is to do what New York has done and simply ban commercial Airbnb operators. But, given the benefits for travellers, a smarter approach might be to allow commercial Airbnb operation but to tax and regulate it like the hotel industry. Finally, a tax could be applied to commercial Airbnb operations, with the proceeds used to fund affordable housing. Allowing regulated commercial Airbnb operations would allow travellers to enjoy a more home-like alternative to hotels, while mitigating or eliminating negative impacts on locals – a win-win situation. BLOOMBERG
The writer, a Bloomberg View columnist, was an assistant professor of finance at Stony Brook University.
AIRBNB
Link to original article: https://www.businesstimes.com.sg/real-estate/dont-blame-airbnb-for-rising-rents-in-popular-cities