Lisa is an accomplished marketer with years of expertise in direct response marketing, digital marketing, data analytics and business development working with both B2C and B2B.
We’ve been hearing for years that Millennials are dominating the real estate market. But which markets are they choosing?
It’s not urban centers. A lot of the time the cities they choose aren’t even among the largest in the state. Over the past few months, with the ability to take their jobs with them and work remotely, we’re seeing increasing numbers of the cohort choosing ever-smaller cities in which to settle down.
The folks at Ellie Mae® periodically release their Millennial Tracker™ “… a web-based application that tracks closed loan application trends for U.S. homebuyers born 1980-99.”
Ok, we could quibble with their dates for the birth of Millennials (born 1977–1995, according to the Center for Generational Kinetics), but we won’t.
Obviously, this study is based on younger Millennials, who are just as active in the real estate market as their elders.
Real Estate Times Series
We thought it would be fun to take a look at the 5 hottest markets for Millennials over the past few months, according to Ellie Mae research.
1. Dumas, Texas
Dumas, Texas, with a population of 14,775 has, since 2010, experienced a population growth of 3.9%, according to BestPlaces.net.
So, why are folks flocking to this small Texas town?
The cost of living. It is more than 21% lower than the U.S. average.
Located in the Texas Panhandle, about 45 miles north of Amarillo, Dumas is the seat of Moore County and the energy and agriculture industries fuel Dumas’ economy.
If you sell real estate in the area, you’ve seen the influx of Millennials over the past year and locals expect it to continue. In fact, 70% of closed loan applications in Dumas, from May to July of this year, were from Millennial homebuyers with a median age of 30.
2. Eagle Pass, Texas
Another Texas city takes the number two spot in popularity with Millennial homebuyers. Google searches for the area include:
Is Eagle Pass TX safe? (you aren’t allowed to answer that one)
What is Eagle Pass known for? (the first American settlement on the Rio Grande)
How far is Eagle Pass TX from San Antonio? (143 miles)
How far is Eagle Pass TX from Houston TX? (336 miles)
Seventy percent of closed purchase loans in Eagle Pass, over the past three months, went to Millennial homebuyers.
The average age of these borrowers is 32, most are married (66%) and the largest share used a FHA-backed mortgage with an average loan amount of $162,205.
What makes the Eagle Pass real estate market to attractive? One factor is that folks get a lot more house for the money here.
For instance, there is an adorable home listed as of this writing, that features 3 bedrooms and 2 bathrooms in nearly 1600 square feet of living space. Price? $185,000.
Jobs in Eagle Pass are primarily in food manufacturing, import, freight forwarding/transportation and retail.
3. Hastings, Nebraska
Hastings’ high placement on Ellie Mae’s list doesn’t surprise local agents. For at least three years now, North Dakota has ranked as the nation’s city with the highest percentage of Millennial residents.
Real Estate Times Series
Located 2 hours and 22 minutes southwest of Omaha (or $24 on an Amtrack train), the city boasts a population of 24,822 (as of 2018).
Major industries in the region include:
Education & Health Services
Manufacturing & Construction
Wholesale & Retail Trade
Job growth in the city was a sluggish “… 0.0% over the last year,” according to bestplaces.net. “Future job growth over the next ten years is predicted to be 24.9%.”
So, Millennials aren’t moving here for the jobs. They are most likely bringing their jobs with them as so many are doing since the outbreak of COVID-19.
4. Midland, Texas
Midland, Texas is hot, hot, hot with Millennial homebuyers. The city showed up on Ellie Mae’s tracker as number one with Millennials as far back as November 2018 and it’s back in 2020 – at number 4.
It didn’t happen by accident, however. Midland city leaders understand that building a culture for new talent “… requires intention,” according to Nina Ignaczak with modeldmedia.com.
Some of the credit for Midland’s popularity with the cohort also goes to fact that “Per capita personal income in Midland is the highest in the state,” according to dallasfed.org. There’s a lot of money to be made in the Midland-Odessa region.
Millennials account for 65% of closed mortgage applications in Midland during the period researched. Sixty-two percent of these borrowers used a conventional loan for an average purchase price of $273,555.
5. Williston, ND
Another city that shows up just about every quarter on Ellie Mae’s list, Williston North Dakota is a Millennial magnet. In fact, the entire state is a hotbed for the generation.
Moneyrates.com chose North Dakota as the best state for the Millennial generation. “North Dakota’s rise as a great state for millennials is due to a mix of business and pleasure,” the report claims.
Williston, for many reasons, ranks high on the cohort’s favored North Dakota cities.
Over the past few months, 66% of closed loan applications for homes in Williston came from Millennials. They, by and large, used conventional loans (66%), and boast an average FICO score of 745. The average age of these homebuyers is 32.
Millennials began surging into Williston during the oil boom which, in turn, prompted city leaders to create more sports and recreational amenities.
That response paid off when new, Millennial-attracting businesses rolled into town.
Nearly 60% of these Millennial buyers in Williston secured a conventional loan for an average purchase price of $261,305.
Real Estate Times Series
Send the Mortgage Hits Lowpostcard from the Real Estate Times Series to your list of millennials or any area where you are interested in getting more buyers.
Need help targeting a specific niche of buyers or sellers? Use our prospect list tools to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Blogging consistently can become tedious, especially when you just can’t come up with decent topics that your readers will find compelling. You know – those blog post titles that, when posted to social media, have visitors stopping by your website to read the story.
Fall, which started on September 21 this year, goes on until December 21 (based on the Farmers Almanac). So there’s still plenty of time remaining to write blogs about the season.
We decided to lend a helping hand and give you some tips and ideas for your fall real estate blog posts.
1. Real estate blog posts shouldn’t be exclusively about real estate
Surprised? Yes, valuable information about mortgage rates, market updates, buying, and selling is important. But post after post of open houses, new listings, and what your team is doing gets boring, really fast.
Intersperse your real estate posts with hyper-local information. Not only is this, too, of value to your visitors but it’s good for SEO as well.
A few ideas for posts that incorporate both real estate-related topics and hyper local information include:
Fall curb appeal
Fall Maintenance, Content Series
Your listing clients who are putting their home on the market soon will appreciate this information.
Don’t just give random tips, however, let them know where they can find the things they’ll need to get the job done, such as local hardware stores, home decorating stores, and the like.
For instance, “You’ll find colorful fall plants at Joe’s Nursery at 122 Main St. in Anytown.”
Fall home maintenance tips
This one is especially good for your first-time buyers. It can be in checklist form, an infographic or text.
Fall home décor trends
Again, this is a common topic on agent websites, but we’ve seen only a handful of agents who wring out every last drop of hyper-local SEO from it.
Visit decorating blogs for the tips and then point your readers to the local stores that carry similar items.
2. Thanksgiving (November 28)
Getting the most obvious topic out of the way up front: Thanksgiving alone can provide you with an endless supply of blog topics.
Are restaurants in your area serving Thanksgiving dinner? Write a listicle, including dining hours, safety precautions the businesses will be taking and how to make reservations.
In many markets, pre-made dinners have long been popular. If a grocer, restaurant, or other service is offering curbside pickup of Thanksgiving dinner with all the trimmings write a blog post (or add the information to the recommendation above)
Here’s one: “4 Restaurants to Pick-up Curbside Thanksgiving Dinner in [name of market]”
An excellent hyper-local topic directs the reader to non-profits that need help at Thanksgiving and all through the holiday season. Entire families often sign up to serve Thanksgiving dinner to the less fortunate. Ensure you get the address and contact information in there.
A list of binge-worthy streaming movies with holiday themes.
Netflix is offering:
Jingle Jangle—Starring Forest Whitaker and Phylicia Rashad, it starts airing on Netflix on November 13. Watch the trailer on YouTube.com.
The Knight Before Christmas—Vanessa Hudgens stars in this charming time travel-ish film. Catch the trailer here.
Bad Moms Christmas—With Katherine Hahn, Mila Kunis, and Kristen Bell. See the trailer on YouTube.com.
3. Best fall hikes in [name of market]
The air is brisk, crisp and cool – perfect for a hike. If you have a favorite local hike, write about it, otherwise, give a quick overview of hiking spots in your area.
This one can lead to similar posts, such as:’
Best fall hikes with your dog in [name of market]
Best fall hikes with your kids in [name of market]
4. [Name of market’s] best attractions for out-of-town visitors
Thanksgiving is a family holiday and some of us experience an annual flock of family members from out-of-town. “How will I keep these people busy?” is a question right there in the front of your website visitor’s minds.
You may have to do some digging, but every town has interesting attractions to visit, from art galleries to museums and parks.
Maybe some of these pieces will get your creative blog-writing juices flowing:
Dcist.com – “25 Places To Take Out-Of-Town Visitors When They’re Done With The Mall”
Timeout.com – “The best places to take out-of-towners in NYC”
5. Fall daytrips
Ok, so you came up empty with attractions in your tiny town. Suggest that your readers consider a day trip. To stay super hyper-local (and incorporate those juicy local keywords), feature destinations that are the closest to your market.
I don’t know about you, but I go out of my way to avoid Starbucks and I’m not alone. Write a piece about Starbucks alternatives for the rebels of the coffee-drinking world.
These coffee shops are generally locally-owned and loaded with personality. Here’s an example:
Rooster Coffee House – While coffee isn’t particularly known for helping one relax, Rooster Coffee House is. With a variety of different seating options, you can tuck yourself away in a corner to get some work done (free wi-fi) or enjoy the company of friends (socially-distanced, of course). Find Rooster Coffee House in Toronto at 343 King St. E, 479 Broadview Ave., 568 Jarvis St. and online at roostercoffeehouse.com.
Now that we have you in the blogging mood, don’t forget to use the posts to drive traffic back to your site. Post them in your email newsletters and on social media.
Fall Staging Tips, Content Series
Happy fall!
Send the Fall Staging Tipspostcard from the Content Card Series to promote your new listing to the surrounding area.
Need help targeting a specific niche of buyers or sellers? Use our prospect list tools to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Pandemic-related uncertainty has incentivized many Americans to want to “. . . permanently relocate to more sparsely populated areas,” according to Redfin.com’s Dana Anderson.
“Overall, searches for homes in small towns are surging on the Redfin.com website,” she explains.
“Pageviews of homes in towns with fewer than 50,000 residents were up 87% year-over-year recently, more than triple the 22% year-over-year increase in page views of homes in cities with more than 1 million residents.”
Multi-Photo Series
The ability and acceptance of working from home and new technology to make that easier has changed many home shopping wish lists on which “a quicker commute” once ranked high.
As long as there is decent internet service, small towns and suburbia offer far more security to the new migrators.
Residents of San Francisco, Seattle and the District of Columbia lead the way, with many expressing interest in homes in Montana and rural areas of Oregon and Colorado along with Nevada and Arizona.
Aside from a safe haven, away from the craziness of the cities, what else are these homebuyers seeking? Right now, what we’re hearing is anecdotal, but here’s what we’ve learned.
Space – the new frontier
“Stayhome” is more than just a term preceded by a hashtag. Isolation, hunkering down, self-quarantine – they all describe our lives during the first two months or so of the pandemic.
We couldn’t help but get to know our homes, flaws and all. I always knew my pantry was dinky, but two months of stuffing it full of “stocking up” supplies made it so painfully evident that I really resent it now.
Others have mentioned clients seeking more outdoor room for the kids and pets instead of having them constantly indoors where parents are trying to work remotely.
The desire for more elbow room is also topping the lists of luxury homebuyers. “We’re getting calls from people wanting acreage. They want grass, they want greenery, and they don’t want the city,” Colorado agent Jennifer Markus tells Mark Samuelson at DenverPost.com.
A lot of your migrating clients may have an anti-wish list – a list of what they don’t want in their new home.
Color Series Just Listed postcard
Smart home security systems are all the rage
Electronics manufacturers are already seeing a growing demand for home security solutions, according to Zack’s Vasundhara Sawalka at Nasdaq.com. Sawalka also promises that new DIY home security is being rushed to the market.
You won’t be surprised then if you have homebuyers who are demanding such technology in the homes they view and your listings that offer it fly off the market.
We’d love a home gym … or at least room to create one
Gym equipment manufacturers and retailers are loving life right now. “I sold over 61,000 pounds of dumbbells, plates and kettle bells in the last eight weeks,” Stan Soboleski, operations manager at Fitness Brokers USA, told Anaridis Rodriguez at CBS Boston.
In fact, don’t bother shopping for kettle bells in New York City because you most likely won’t find any.
Even with many states relaxing restrictions and gyms reopening, social distancing rules create lines at the door and long waits to use equipment. Many Americans don’t plan on returning to their gym until the pandemic is over.
Enter, the home gym. Americans have converted their guest rooms, studies and even garages to accommodate their workout equipment. When they move, they’ll want a dedicated area to put all that stuff, or at least a room that they can convert into a home gym.
Smart agents will appeal to the gym rats in listing descriptions.
Agents we’ve spoken with, depending on region, also mention that swimming pools, pergolas in the backyard and floorplans that allow privacy are on many homebuyers’ lists.
When it comes to home buyers, it appears that we may have a “new normal” in the real estate world.
Send the Multi-Photo Bluepostcard from the Multi-Photo Series to promote your new listing to the surrounding area.
Need help targeting a specific niche of buyers or sellers? Use our prospect list tools to create the ideal list (it’s easy) or call our support team for assistance at 866.405.3638!
Take advantage of this week’s FREE Direct Response Report, “Are People Buying & Selling Post-Pandemic?”
Download the “Post-Pandemic” Direct Response Report now and keep copies available and on hand. Use the PROMO CODE: FREEREPORT at check out to get this report Free (a $19.95 value). – Click Here.
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Never will you find a cardiac surgeon dispensing advice about gynecological problems. Nor will you likely find blog posts on pet websites counseling readers about DIY home projects.
Yet, many real estate agents have the notion that they can be everything to everyone. Those that typically sell single-family homes think nothing of listing a condo. Those that list mobile homes don’t hesitate to take on a luxury home listing.
While this may be ok for your bottom line, it does a real disservice to real estate consumers. In all other professions they have a choice of specialists.
Fence Sitters Series
They can consult a divorce attorney instead of a bankruptcy lawyer. When they need a root canal, they see an endodontist not an orthodontist and they can take their Porsche to a mechanic who specializes in them.
Remaining a real estate generalist is easier. It’s safer. After all, you don’t want to miss out on even one deal by narrowing your business focus, right?
What’s unique about that?
It’s unfortunate so many real estate agents harbor a reluctance to break away from the herd. The truth is, however, if you always follow the leader you will always be behind.
Then, there’s that lump in the gut when you think of closing off your business to some parts of the real estate industry and narrowing your focus to only one or two specialties.
This move away from being “a jack-of-all-trades but the master of none” is necessary if you’re to become the best in the market in your niche.
Seth Godin, blogging master and best-selling author, suggests that real estate agents should consider “micro-specialization.”
Choose a niche and work to dominate it.
Step away from the Herd
“… you’re either the best in the world (where ‘world’ can be a tiny slice of the environment) or you’re invisible,” Godin continues.
He says that to become “visible,” requires “… being Draconian in your choices. No, you can’t also do a little of this or a little of that. Best in your world means burning your other bridges and obsessing,” Godin says.
Scary thought, right?
Let’s look at a scenario:
You’re an agent in Las Vegas, chasing after every lead that comes your way – single family homes, duplexes, condos, whatever, you’ll take it. Your website even proclaims as much – “I can help you will all your real estate needs!”
If you consider yourself the average agent, you make about $45,610 a year, give or take a few dollars, according to Daniel Bortz at Realtor.com.
Life Event Series – Downsizing
Suppose you decide to step away from being “average” and that you will specialize in listing and selling high-rise condos. Last year, 607 Las Vegas high rise condo units sold, with an average sales price of $598,728. This represents a commission of about $17,962 per side (based on 6 percent total commission).
As a generalist, how many of these condos would you have listed or sold? Be honest. The average Las Vegas agent was lucky to have listed one or two in an entire year.
The specialist that targets the high-rise condo market with a laser-like focus and dominates the brand as the niche expert in the area increases his or her chances of taking more than a handful of those sides from other agents.
Let’s be conservative and say that you only close one of these condo-deals a month. Even on a 50/50 broker split, you’d be making nearly $9,000 a month in GCI, give or take a few dollars and nearly $108,000 a year – almost three times what the average agent in the Las Vegas Valley brings home.
Remember, our scenario is based on conservative estimates. Your mileage may be a lot better.
The bonus is that the more you enforce your condo-specialist brand, the more condo leads you’ll get and folks that want to buy or sell high-rise condos will seek you out.
Imagine selling 5 of these condos a month.
If you’ve been casting as wide a net as possible in the hope of reeling in the maximum number of leads, consider setting yourself apart from other agents by claiming a niche and dominating it.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
There are people who can market circles around you, folks who can teach you a thing or two about SEO, and those whose sole desire is to spend the workday in front of a computer monitor.
If you find yourself bemoaning any task in your business, such as:
I’m too busy to create marketing pieces
I have too many other things to do to engage with people on social media
I would love to send a newsletter but I don’t know where to start
My CRM is such a mess it’s just about useless
It’s time to admit that you need help – that is, if you expect to move to the next level in your real estate business.
It’s time to hire a real estate assistant
“If I had to touch every single piece in the system itself, I would never be able to produce multiple amounts of volume,” Jared Jones, CEO of Jones Group in Orlando (and super high producer) tells Jennifer Robison with the Las Vegas Review Journal.
Schedule your Comfort Food Recipe postcard mailings
He calls that touching-every-piece thing the “Lone Ranger” approach to business. He also claims that if he hadn’t dropped the control-freak routine and hired help he wouldn’t be as successful as he is.
Some coaches and other real estate consultants suggest that agents have a specific GCI before considering hiring help. The problem with that approach is that it’s going to take far more time to reach that income without an assistant than it will with one.
If you want to kick your business up a notch, delegate. And, no, you don’t necessarily have to spend a fortune on an assistant. Some agents hire one to work part-time while others find great value in hiring a virtual assistant.
What kind of stuff can a virtual assistant take off my hands?
Just about any task you routinely perform in your business can be passed off to an assistant. Sure, some may require that he or she be licensed, so save those for yourself.
Here are just a few of the jobs that agents we’ve spoken with have their assistant perform:
Organize and add data to your CRM
If you’re like many agents, your CRM is a mess. Imagine not having to tackle the organization of the information it contains. Then, as you generate leads, your assistant can be tasked with entering that and other updates to the database.
Various marketing duties
Depending on your virtual assistant’s talents, he or she can create marketing pieces, coordinate the delivery of your direct mail pieces to your farm, create or populate a newsletter, take on your email marketing, track marketing methods and a slew of other marketing chores.
Social media management
One of my neighbors recently listed her home for sale and one of the first questions she asked the agents she interviewed was about their social media presence, especially Facebook.
The agent who got the job is quite active on Facebook, belonged to several Facebook groups and boasted a large group of followers. The agent posted frequently, engages with others and uses Facebook ads for her listings.
If you aren’t on social media, the time to get on it is now – especially Facebook. The beauty of hiring an assistant is that he or she can take on your social media presence, performing the posting, joining local groups and engaging with others.
Schedule your Comfort Food Recipe postcard mailings
Amping up organic search results
If this is your goal, hire an assistant who can write, or hire a freelance writer. Local blogging, consistently, is the best way to increase your ranking in organic search results.
No, it doesn’t happen overnight, but it doesn’t take as long as some want you to think. We have a friend who owns a gardening blog that he sorely ignored for years.
He decided to try to make some money off of it so started blogging consistently. Within 3 weeks, his Amazon affiliate earnings almost doubled.
Blogging works, if done often and consistently. Look for a virtual assistant with writing talent.
Transaction coordination
Again, this job will depend on the skills and background of the assistant you hire. Or, you can train him or her to do most of the coordinating of your transactions. This includes:
Ordering the sign and lockbox
Coordinating inspections, appraisal, etc.
Following up with vendors, the title company and lender
Keeping the homeowner or buyer appraised of the transaction’s progress
As you know, this list just scratches the surface of jobs you can hand off, but this gives you an idea of just how much of the day-to-day admin stuff can be passed on to a virtual assistant.
How to find a virtual assistant
If you’re short on cash, you can find very inexpensive freelance workers—from writers to database managers, virtual assistants and more—at online sites such as Upwork.com and Fiverr.com.
If you have more to spend and need a real estate-specific virtual assistant you’ll find companies that cater to industry professionals.
If you’re seeking transaction coordination only, check out Transactly.
Keep in mind that when you pay for assistance in your business, the cost is tax deductible. That may take some of the fear out of hiring help.
Think of what you can do when you dump those menial tasks on someone else. It’s one of the best ways to take your business to the next level.
Schedule your Comfort Food Recipe postcard mailings
Schedule three months of fun Comfort Food Recipe postcard mailings and keep top of mind with your Sphere and Farm throughout the holiday season.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
There’s no better way to demonstrate your ability to succeed in future home sellers.
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Need help getting started with your scheduled mailings or in targeting a specific niche of buyers or sellers? Call our support team for assistance at 866.405.3638!
There was a time, you may recall, when a product or service with a review from an expert or celebrity was perceived by the public as better than those without these reviews.
While the latter still holds true (Oprah need only mention the name of a product to skyrocket its sales), the consumer has stolen the power from the experts. Which is amazing for real estate agents.
We don’t know for sure, but a lot of the credit for the popularity of crowdsourced reviews goes to Jeremy Stoppelman and the flu virus. The latter took Stoppelman online to search for reviews of local doctors. Not finding any, the former PayPal employee decided, with help from Russ Simmons (also formerly with PayPal), to create Yelp.
Just Listed Color Series
Today, many of us won’t eat in a restaurant or buy a tube of toothpaste without consulting Yelp or Amazon reviews.
Is it any wonder then that client testimonials are powerful indications of the level of skill, trustworthiness and customer service of the person one chooses to help sell such an enormous investment–a home?
Capturing word-of-mouth
When Stoppelman and Simmons were kicking around the idea that became Yelp, their goal became to “… create something online that could capture word-of-mouth.”
Word-of-mouth, especially if it comes from one’s sphere of influence (primarily friends and family), is amazingly powerful, according to a Nielson study. Eighty three percent of consumers surveyed in that study trust the opinions of friends and family about a product or service “… above all other forms of advertising.”
What about other consumers? The ones you aren’t related to? It turns out that two-thirds of them trust “consumer opinions posted online,” according to Nielson.
With statistics like that, why do so many real estate agents ignore the power of testimonials?
If you are still relying on presenting your testimonials in text version on a dedicated page on your website, quit it. Those text reviews belong front and center – the best on your home page and the rest sprinkled throughout your site.
But, don’t stop there.
Build even more trust with testimonial videos
Maybe I’m a little skeptical, but when I read a testimonial without a photo of the giver, my trust goes down. My trust is further eroded if the person who gave the testimonial isn’t fully named – “A. Smith” doesn’t exactly help create trust.
Sure, you can (and should) add your clients’ photos to their testimonials, with their permission of course. While you’re asking for permission, explain that you need to use their full name as well.
Multi-Photo Series
The best trust-builder, however, is for potential clients to actually see and hear the testimonial, via video.
While NAR studies show that homebuyers don’t find listing videos as helpful, other studies show that “When asked how they’d most like to learn about a product or service, two-thirds of people (66%) said they’d prefer to watch a short video.”
You don’t need to spend a fortune on the production of these videos. Go big like agent Greg Guinto, make them laugh, like Albert Pavon, or go the budget route (just make it shorter please) like agent Chad Smith.
When creating your video testimonials, keep them short and “… do a gut check to make sure you’re using everyday language and everyday people,” cautions Ken Wheaton at ThinkWithGoogle.com.
Post your testimonial videos on your website, of course, but share them on social media and in emails as well.
Just Sold Color Series
Promote your success to your Sphere and the area you just sold a home by sending a Just Soldpostcard.
There’s no better way to demonstrate your ability to succeed to future home sellers.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Recently, I read an article over at Inman.com, written by Troy Palmquist. The subject is how to “… beef up your referral network,” and Palmquist offered some brilliant tips including one that should be unnecessary.
Why? Because reminding real estate agents of the value of their real estate sphere, shouldn’t be necessary in 2020.
Yet, too many agents let it slide, taking for granted the relationships that those names in their CRMs represent.
Your sphere can be the lifeblood of not only a referral network, but of your entire business if it’s consistently nurtured.
For that to happen, however, you need to devote more time to your sphere. In other words,
Focus on lead quality, rather than lead volume.
Animal II Series
It takes time to nurture your SOI, to grow it, and, thus, to prosper from it. But the good news is that the tasks involved in accomplishing these goals are far easier and more comfortable for the agent than the constant rotations of the hamster wheel that is new lead gen.
So, consider stepping off that wheel and working smarter, not harder.
Let’s take a look at your CRM
If you’re a new agent, “SOI” may mean little more than three letters. So, let’s start there.
A sphere of influence in sales is a group of people over which you have some influence and to whom your opinion matters.
In essence, it’s a group of people who already know, like and trust you. This group naturally includes close family members, colleagues from your previous jobs and anyone else you’ve had a cordial relationship with.
Established agents: Are these contacts easy to filter in your CRM?
There are numerous ways to categorize those names.
Think about it: when creating marketing pieces, you don’t want to be sending information on buying a home to your seller leads and vice versa.
So, the best place to start is to categorize by whether the contact is a potential buyer or seller.
You’ll have lots of folks that don’t fit either category because they’re friend, family or others in your sphere.
Create a category for your SOI as well. It’s ok if someone in your sphere is also a potential buying or selling client, their info will come up when you search for either.
Need additional CRM organizational tips? Check out these websites:
Go through your CRM and pick out anyone in your SOI. Remember, they may or may not also be in the market to buy or sell, but they should be a target marketing audience.
How you market to them is your choice, whether it’s via email (not very effective) or snail mail, this audience requires mostly generic information, such as:
How the market in your area is doing
The percentage increase in local home values
Homeowner DIY tips
Local events
Restaurant and Mom & Pop store reviews
Local and national economic news (in plain English)
Local, state and national down payment assistance programs
Much of the topics that fit your SOI make amazing newsletter fodder and, right now, direct mail is the way to deliver it.
Basically, you just want to send them something consistently that reminds them that they have a trusted friend in the real estate business.
Use free social media strategies for all their worth
If you don’t have a social media strategy, or haven’t been paying attention to the one you have, get busy changing that. If you’re too busy, it’s worth it to hire an intern or virtual assistant to keep on top of it.
We get it that you don’t have time for a whole lot of schmoozing, so start with one platform. Facebook – it has near-perfect user demographics for real estate marketing.
If you haven’t been on Facebook in some time you may not be aware of how it’s changed. Users are far more aggressive, bullying of those who disagree on popular news topics is common. The environment is really quite ugly, but it doesn’t impact the platform’s effectiveness for marketers.
You’ll want to engage with your followers, but avoid (at all costs) becoming involved in the political threads that are quite popular right now. To avoid the temptation, don’t even read them; just scroll right by.
If you aren’t a member of any local Facebook groups, find out which ones those in your SOI enjoy and join them.
Your real estate sphere of influence can be a goldmine if you work it. Keep in touch, ask for referrals, and engage with them on social media.
Animal II Series
Send a postcard from the Animal II Series to your Sphere of Influence and keep those lines of communication open.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Most agent website mistakes are easy to fix once you know how. Let’s take a look at the three most damaging agent website problems and their solutions.
1. Lack of focus
Many agent websites seem to reflect a common agent mindset: “I am a jack of all trades and master of none.” When agents are trying to reach every, last conceivable prospect, their websites end up with a vague and meaningless focus.
No, “Buyers” and “Sellers” aren’t target audiences – at least not in a way that sets you apart from every other agent in town. If you truly want these two, overly-broad groups as a target, create two websites, one for each.
The same holds true for the seller-focused site: first-time sellers, downsizers, selling the luxury or waterfront home, for instance.
“One of the biggest marketing mistakes is to attempt to appeal to everyone at once.”
Suggests Tom Hallissey at Fat Guy Media. “The most-efficient way to reach more qualified consumers is to target smaller, more specific groups.”
We once worked with a woman who specialized in mobile home buyers. Sure, one mobile home here and there seems hardly worth the effort, but this lady specialized and marketed herself as the expert. She made a killing in the mobile home market and, her website was one of her best lead generation tools.
2. Overly-focused on the wrong things
Real estate prospecting is all about building relationships and each visitor to your site is a prospect. What happens then when visitors are immediately bombarded by how great you are, how many homes you’ve sold and how much money you make?
Is the braggadocio the person you would want to build a relationship with? Of course not. Self-important bragging is unattractive and doesn’t tell your website visitor one thing about “what is in it for them”.
Move-Up Market Series
So, skip the hype about you and, instead, make your website client-focused. If your ideal prospects visit your website, what do they want to know? How can you help them find it? Use your knowledge of and experience in real estate to demonstrate why you are the agent they should hire.
3. Wait … isn’t real estate all about location?
We recently read a Facebook post from an agent who was complaining that, after six months, his website just wasn’t “working.” He was blaming the website company.
Yet, one look at his site points the finger right back at the agent. The only mention of his market – his geographic location – was in his email address, posted at the bottom of the page.
He bought a template website and did nothing to customize it, except to plaster his own name all over it. This, despite there being numerous opportunities on the home page alone to stick in at least the name of his town.
His neighborhood pages consisted of his IDX for the area. That’s it.
According to NAR’s study, Real Estate in the Digital Age, nearly half of homebuyers using the internet are interested in neighborhood information.
Many agents ignore this section (if they even have one) of their websites, and it’s a pity. What’s it like living in a particular community? What are the good points? Why would I – as a first-time buyer, a move-up buyer, a commuter, retirement buyer, someone with a family or any other type of buyer want to live there?
Use your website to show pictures, discuss local news and events in your blog posts and anything else that captures why this neighborhood is a great place to live.
If your website isn’t converting as you hoped it would consider tweaking it to be more consumer-focused and offer the information they’re craving.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Congrats on passing your exam and finding a broker to hang that license with.
We know what you’re thinking: “Now what?”
We’re willing to wager that the first day in your new office you sat around and stared at a blank computer screen while listening to the conversations around you about client deals and commission checks.
Made you feel like a fish out of water, didn’t it?
The good news is that, like any new thing, you’ll get used to it, learn and hopefully become more successful than you’d ever imagined.
But, it starts with a deal. Just one deal.
And, for that, you’ll need a client. It’s a good thing you’re visiting ProspectsPLUS! because we’re about to walk you through some brilliant ways to connect with that one person who will get you started down what we hope is a long and prosperous career.
A business card is just the beginning
Business Cards
Carry as many business cards as you can and hand them out to everyone. The guy who makes your coffee in the morning, the dry cleaner, your kids’ teachers, and everyone you interact with at the gym.
But handing out business cards is just a baby step. You need to get found and one of the best ways to do that is with a website.
NAR tells us that 51 percent of their 1,334,668 members have had a website for at least five years. It’s a surprisingly low number when you consider how much business you can get from your site.
Even more surprising is that only 9 percent of agents have a blog – one of the best traffic generators if done right.
The typical home buyer searches for homes online before doing anything else, including seeing if they can even qualify for a mortgage.
If you don’t have a website, there is no way you’ll be found. So, while you’re sitting in your cubby at your broker’s office, work on getting a website (with IDX, a blog and a system to capture leads) up and running.
Who do you know?
It’s time to fill up that CRM and announce yourself to the world with a card from our Photo Introduction Series. Any veteran agent worth his or her salt will counsel you to rely on your Sphere of Influence for that first transaction. To determine who is in your sphere of influence, make a list of the following:
The family who live in the area you want to serve
Friends
Neighbors (an especially good source of leads)
Former colleagues
Connections on social media
Casual acquaintances, such as your hairstylist, dentist, doctor and even your pet’s veterinarian (check out the awesome doctor loan products for medical professionals)
Photo Introduction Series
This list comprises your network so you’ll need to further refine it to narrow it down to only those people over whom you have some influence. This is your sphere of influence.
“Think about it as the people who would see a movie, read a book, or try a new restaurant because you recommended it,” suggests the pros at Contactually, a CRM provider.
Don’t toss the original list because many in your network will eventually be added to your sphere. Right now, you just want to reach out to people you have been in contact with over the past year.
What to mail, or email
As stated above, introducing yourself with a postcard is a great way to announce your status as a real estate agent.
Later in your career, you’ll want to avoid overt, heavy-handed, and frequent self-promotion, right now, it’s a must.
In fact, you may need to beat people over the head (metaphorically, please) with the fact that you now help people buy and sell homes.
AFree Offer postcard is an ideal medium to use to create interest as the second mailing after your introduction. Send one to each person in your sphere. Then, never mention again that you are a new agent. All future contact with them should offer something of value, with no reminders that you’re fresh out of real estate school.
With a monthly Community Newsletter, you can work in all of these topics and more.
We understand that, right now, it seems as if finding that first client may be an elusive dream. But, take the steps to market yourself effectively and that client will appear.
Comfort Food Series Postcard
Send out The Mac and Cheese postcard from the Comfort Food Series to your Sphere of Influence.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Many millennials have exited the market. Millions more, however, are itching to buy a home. Millennials, the generation born between 1977 to 1995 (Center for Generational Kinetics), number more than 83 million.
It’s rather challenging to paint broad strokes with a group of people this large. They are currently between the ages of 25 and 43, which makes pinning down their preferences, attitudes and lifestyle even tougher.
We do know who among them is in the real estate market and what this group is seeking in a home.
Millennials in the real estate market
Three of the top five metropolitan areas that Millennial homebuyers are flocking to are located in Texas – Dumas and Eagle Pass, number one and two, respectively and Midland at number four.
Hastings, Nebraska and Williston, North Dakota round out the top five, according to Ellie Mae’s Millennial Tracker.
We’ve all heard of the exodus from big cities to smaller ones or even rural areas and this seems to be the proof.
Here’s what else the Tracker tells us about the average Millennial homebuyer:
The average age is 31
60% are married
Average FICO score: 740
The average loan amount is $211,050
The average appraised value of the homes they are buying is $267,456
Most (81%) obtain a conventional loan, with only 16% using a FHA loan and 1% a VA loan. Two percent of the loan types were “unspecified.”
What are they looking for in a home?
The 2020 Millennial Homebuyer Report found that the average Millennial homebuyer is seeking a home with about 1,700 square feet of living space.
First Time Buyer Series
“While these younger consumers may not aspire to have a McMansion, modern homes with new and different amenities are absolutely important,” according to Jeff Fromm, “expert on Millennials,” at Forbes.com.
The pandemic has changed not only where homebuyers are choosing to live but their preferences in homes as well. Millennials are seeking the same, what is now considered basic, amenities as older buyers.
They are especially focused on “… where they can establish a ‘home office’ or a ‘home school’ or both,” within the homes they are considering purchasing,” Allan Merrill, CEO of Beazer Homes, tells Fromm.
And, kitchens are still important. “Not necessarily smaller, but simpler, healthier, and smarter with as much visibility and natural light as possible,” according to Josh Kassing at BDMag.com (citing the National Kitchen + Bath Association’s 2020 Market Outlook).
The neighborhood is key to Millennials as well. “Our younger buyers are typically very interested in being outside,” Merrill continues. Beazer homes is concentrating on adding amenity centers, pools, a dog park, walking trail and/or “access to a park or open space,” to their new neighborhoods.
“After sheltering-in-place for four or five months,” according to Kassing, “and faced with growing families, they’re longing for more space—especially outside and not necessarily just for their kids.”
He goes on to state that more than 80% of the cohort are dog owners and space for the pooch is critical.
Deal breakers
If you hold a listing that you assume is ideal for a Millennial, make sure that the homeowner takes care of the following “deal breakers,” according to the Millennial Homebuyer Report:
Mold
Pest / Insect infestation
Foundation issues
Leaky roof
Odd smells
Deal makers? Urge your listing clients with smaller homes with yards to create an office or homeschool space to appeal to the commute-averse Millennial. It can be as simple as using an extra bedroom or the attic.
Stage the backyard to give the Millennial buyer and idea of the lifestyle it affords.
How to reach these homebuyers
More than one-third of Millennials surveyed for the Homebuyer Report said that they will use a first-time homebuyer assistance program to help with their down payment.
4 Low Down Payment Mortgage Options Direct Response Report
The “4 Mortgage Options with Low Down Payments” Direct Response Report highlights down payment options as low as 3% down. Download this report and include it in your listing presentations. In addition, offer it as an opt-in on your website and free offer on your direct mail pieces.
Yes, it’s common knowledge that one of the best ways to reach this cohort is through social media. But it’s not a “one and done” method of communication. It requires consistency to make a difference.
To attract the attention of Millennials on social media:
Post regularly
Use clear, compelling photos featuring people like them
Promote suitable listings with ads on Facebook
Join Facebook groups and engage (as an everyday person, not an agent) consistently
Use relevant hashtags
Have the perfect listing for a Millennial? Create a single-listing website and share the URL on social media
Highlight your best testimonials on your home page and sprinkle them throughout the rest of your website pages. Social proof is critical to Millennials.
Most of all, Millennials crave information on the process, from comparing mortgage rates to getting a mortgage all the way through closing.
And, you’re the perfect person to provide this information.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Gen X – those born between 1965 and 1976 – was the hardest-hit cohort during the 2007 Recession, with a nearly 60% drop in median household net worth. Blaire Briody, at BusinessInsider.com says that this is “the largest drop of all age groups.”
Amazingly, this is also the generation who has seen the greatest comeback since then.
Between 2010 and 2018, “… the median net worth of Gen X households has risen 115 percent,” according to Andrew Soergel at USNews.com, citing a researcher at Pew.
Today, we have a new crisis (the pandemic) and it’s impacting members of two generations: Millennials (age 25 to 43 this year) and Gen Z (age 24 and younger).
To deal with closed college campuses and the financial impact, many of these younger folks have gone home, to Mom and Dad.
Many of their parents want to help. If you have clients who are parents of Millenials and Gen Z the following are ideas you can share with them to get their kids to finally and forever leave the nest to feather a nest of their own.
Rent By Number Series with custom sub-heading
How to structure the deal
Many parents fear creating a financially-dependent, adult wanna-be by helping their Millennial or Gen Z child purchase a home.
If their son or daughter is generally mature and responsible and just needs a bit of temporary help, parents most likely have nothing to worry about.
A lot also depends on how they structure their assistance, and this is where you come in, offering solutions.
The different forms of “help”
Helping an adult child realize the dream of homeownership comes in many forms. Naturally, if your clients have the means, they may just want to purchase a condo or starter home outright and gift it to their child.
But there are alternatives, including:
Loaning the money, at a lower rate than lenders charge, which will help make the mortgage payments more affordable.
Buy a home using a share-equity agreement.
Gift the child the down payment and closing costs for a condo that he or she purchases.
The “Bank of Mom and Dad”
The best advice you can give your clients is to meet with their financial advisor, accountant and/or attorney to obtain advice about loaning the adult child the money for the home – either the down payment or the purchase price.
This way, they’ll understand all of the ramifications and have legal documents drawn up to protect themselves.
Whether they will charge interest on the loan is up to them, but, again, urge them to get the advice and assistance of professionals.
Rent By Number Series with custom sub-heading
The co-ownership option
Co-ownership of a condo or starter home offers parents the opportunity to share in the equity that is built up over the period of ownership.
This option isn’t without its pitfalls, however. For instance, when the home is eventually sold, it may subject you to a capital gains tax.
“However, if parents are going into the purchase simply to help the kids qualify for the mortgage and intend their contribution to be a gift, they can structure ownership so that their interest is nominal, and work with a lawyer to place that interest in a trust for the benefit of the kids,” according to Derrick Penner of the Globe and Mail.
The operative words there are “work with a lawyer.” We cannot stress enough the importance of ensuring your clients get professional financial and legal advice.
Mom and dad own it and lease it to the kid
If your clients have been contemplating buying an investment property, this may just be the ideal way to get their child into homeownership. Your clients will retain the tax benefits of owning the condo and the rental agreement can be structured so that they gift a percentage of ownership annually until the child owns the condo outright.
There are a number of ways to help an adult child move into homeownership. Go through your CRM and make some phone calls to parents of young adults. You may just have found a goldmine.
Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Toolto create the ideal list (it’s easy). Or call our support team for assistance at 866.405.3638!
PLUS: When you have time…here are some helpful resources we’ve made available to support your success.
1. Become a Neighborhood Brand
Become branded in a specific neighborhood with a 12X15 marketing piece sent automatically each month to an exclusive carrier route. Watch this video to learn more or Click Here.
2. The Free Real Estate Mailing List Guide
The Real Estate Mailing List Guide outlines the top tools for generating targeted prospecting lists including Baby Boomers, Empty Nesters, Investors, Lifestyle Interests, High-Income Renters, Move-Up Markets, and more. The Guide also defines done-for-you marketing campaigns to match these markets. –Click Here
3. The Free 12 Month Done-For-You Strategic Marketing Plan
The Real Estate Marketing Planner is a powerful 12-Month-Guide that strategically defines what marketing to do when. Four key market segments are included, Niche Marketing, Get More Listings, Geographic Farming, and Sphere of Influence. –Click Here
4. The Free One-Page Real Estate Business Plan
Treat your business like a business it is vital to long-term success in this industry. Some agents may put together elaborate business plans, yet there’s something powerful about keeping it simple. Check out our one page Online Real Estate Business Plan. – Click Here
5. Become a Listing Legend Free eBook
Ready to take a vertical leap in your real estate career? If you’re looking for inspiration…and the tools and methods to dominate a market and go to the top in real estate…you’ll find them in this free book. – Click Here
6. The Free Online ROI Calculator
Consistency and automation are the keys to success. Discover how effective direct mail marketing can dramatically increase your bottom line. Enter your statistics in our Free online ROI Calculator and click the ‘CALCULATE MY ROI’ button to see your results instantly! –Click Here
7. The Free Real Estate Marketing Guide “CRUSH IT”
The “Crush It” Guide includes easy steps to launching an effective direct mail marketing campaign, how to create a targeted prospect list, the perfect way to layout marketing materials for success, seven opportunities available to target in your area right now. –Click Here
Prev