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Tuesday, October 22, 2024

buyers

    One lesson real estate folks have learned, painfully, is that new legislation often brings significant changes.

    One such piece of legislation making waves is the “End Hedge Fund Control of American Homes Act”.

    Proposed to reshape the housing market, this act aims to address the growing concern that institutional investors, particularly hedge funds, are exerting significant control over residential properties.

    So, what does this mean for real estate agents and brokers?

    Understanding the Act

    In a nutshell, the “End Hedge Fund Control of American Homes Act”… would force owners of a large number of “… single-family residences to sell their swath of homes to family buyers,” according to Shannon Thayer (New York Post) citing The Wall Street Journal.

    It’s been bad enough that homebuyers face low inventories and high mortgage rates. To have to compete against the deep-pocketed investment firms makes it all but impossible for many buyers to remain in the market.

    Under the proposed act, institutional investors would face restrictions on the number of single-family homes they can acquire.

    Additionally, they would be required to hold these properties for a minimum duration before selling, aiming to prevent speculative practices that can destabilize local housing markets.

    The Get More Listings Series is shown above. To learn more, Click Here.

    What does this mean for real estate brokers and agents?

    1. Increased Opportunities for Individual Buyers.

    With hedge funds facing limitations on their acquisitions, individual buyers may find competing in the housing market easier.

    This could lead to an increase in demand for your services, which is always a good thing, right?

    2. Greater Stability in Local Markets

    By curbing speculative practices and reducing the influence of institutional investors, the act aims to promote greater stability in local housing markets.

    Real estate agents may benefit from a more predictable market environment, where fluctuations in inventory and pricing are less volatile.

    3. Potential Challenges

    While the act holds the promise of a more balanced housing market, it may also present challenges for real estate agents. Adapting to new regulations and navigating changes in market dynamics can require time and effort. 

    Additionally, some real estate professionals who have relied heavily on transactions involving institutional investors may need to diversify their client base.

    Learn more about the Act online at nypost.com.

    When you have time…below are some marketing tools to help support your success.

    1. Put Your Real Estate Business a Step Above with Your Own Branded Magazin

    Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct, response-driven articles written by real estate industry experts and engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you. Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here

    2. The Free 6-Month Done-For-You Strategic Marketing Planner

    The Real Estate Marketing Planner is a powerful 6-Month Guide that strategically defines what marketing to do and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

    3. The Free Online Real Estate Business Plan

    The Real Estate Business Plan allows you to enter your business goals for the year and get a breakdown of how many prospects, listings, closings, and so on are needed to reach your financial goals.   – Click Here

    4. The Become a Listing Legend Free eBook 

    This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

    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

     

      Have you ever had something bad happen to you only to find out later on that the event was actually a blessing in disguise?

      Jackie, for instance, was fired from her job. Sure, she panicked during the first few days of unemployment, but a month or so later, she was doing something else for a living. Something she dreamt about but never had the courage to pursue.

      Had she not been fired from her previous job, she may have never gone after her dream.

      The transitional real estate market is a lot like that. What appears to be a time of challenge or, at the least, discomfort may turn out to be an amazing time for real estate agents.

      Coming back down to earth may mean “crashing” for some clients

      Home price gains are shrinking, and sellers are starting to come back down to earth. However, coming back down to earth doesn’t happen overnight, as you seasoned listing agents know.

      After years of media reports of rapidly escalating home prices, multiple offer situations, and uber-quick sales, those sellers who choose to wait until the tail end of the sellers’ market to jump in are hard to convert.

      They’re not going to get that their home is no longer the belle of the local real estate market, that their hoped-for price is now a fantasy, and that it may take longer than 24 hours to get it under contract.

      And, those sellers who put big bucks into the house to ready it for the market are going to be more than a bit upset

      Especially when buyers start nit-picking them over price, terms, and more.

      The Call To Action Series is shown above. To see more, click HERE.

      Then, there are the buyers

      If you’ve been a listing agent for more than a minute, you can recall the last buyers’ market. Newbies, on the other hand, are in for a rude awakening.

      No longer can you chuckle over seemingly stupid requests in an offer because you have three others that are cleaner-than-clean. You will actually be expected to negotiate on your client’s behalf.

      “Good grief, how do I do that?” you may ask yourself as a new listing agent.

      Very carefully.

      While price is the typical hot button in a contract, “the devil is in the details”.

      Details are important

      “Details” when it comes to a real estate purchase agreement are the terms. If this turns into a full-blown buyers’ market, contract terms are where listing agents can work their magic during negotiations.

      And, if you have examples of how you’ve done this in the past, use them for all they are worth. From your clients’ testimonials to full-blown case studies, let potential listing clients know how you’ve met with success in the buyers’ market.

      Now is the time for all good listing agents to figure out how they are going to deal with the oncoming buyers’ market. Don’t put off your planning. Face it and go for it.

      We’ll be with you all the way, so keep checking back.

      PLUS: When you have time…below are some marketing tools to help support your success.

      1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

      Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.

      Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here


      2. 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 and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

      3. The BusinessBase, SOI building system

      The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes but is also a business-building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. – Click Here

      4. The Free Interactive Real Estate Business Plan

      The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.  – Click Here

      5. The Become a Listing Legend Free eBook 

      This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

      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 Take a Listing Today Podcast

      Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here

        It’s been one heck of a ride, right? An amazing decade or so of a hot, hot, hot sellers’ market. 

        Imagine the relatively new real estate agent who joined the ranks during this period. The only market they know had homes selling within a week, bidding wars, multiple offers, and staggeringly high prices (and, thus, commission checks).

        Buyers’ agents during this period were, to say the least, stressed out. Clients were repeatedly disappointed with refused offers, having to compete against other, often deep-pocketed, buyers and those whose housing budget was so stretched to the max that they dreaded the results of each Fed meeting.

        How will those new agents, and listings agents in general, adapt to the “new normal” that’s about to smack us upside the head?

        The First Time Buyer Series is shown above. Click Here to see more.

        It’s survivable, and you can still thrive

        Since back in the day, listing agents have known that any real estate market has two sides, and the sellers’ side of a switch to a buyers’ market is tough to navigate.

        Being shoved out of the driver’s seat into riding shotgun is frustrating, so these sellers are hard to convert.

        They’re not going to go easy into that goodnight of lower home prices when just a month or two ago, their neighbor’s home sold for $50,000 more than your CMA’s suggested list price.

        Agents may find it challenging to deal with buyers who now have the luxury of being able to nit-pick over price and terms. They’ll relentlessly compare desirable homes to the 5 others nearby that are for sale, knowing that time, for once, is on their side.

        It’s all in how you manage expectations

        Flex your relationship-building muscles because instilling trust with clients and potential clients is critical in the early stages of a market shift.

        Earning their trust through being candid, honest, and up-front can help you manage their expectations and lead them to make better decisions.

        You can do this.

        PLUS: When you have time…below are some marketing tools to help support your success.

        1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

        Homes & Life Magazine is a customizable magazine with rich, full-color content and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.

        Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and it costs less than sending a greeting card! – Click Here


        2. 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 and when. Four key market segments include niche Markets, geographic farming, sphere of influence, and past clients. – Click Here

        3. The BusinessBase, SOI building system

        The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes but is also a business-building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. – Click Here

        4. The Free Interactive Real Estate Business Plan

        The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.  – Click Here

        5. The Become a Listing Legend Free eBook 

        This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

        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 Take a Listing Today Podcast

        Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here

          “Do You Even Need a Real Estate Agent to View a Home Anymore?” asks Robert Farrington at thecollegeinvestor.com.

          While he admits that “… viewing properties online will never replace checking out a property in person,” he offers two ways to view homes without an agent: “open houses, or you could simply go to the house and peek in the windows!”

          Yes. He. Did.

          Imagine the homeowners at the effect of this advice, with potential buyers creeping around their property, peeking in their windows.

          “The only time you actually need to call a real estate agent is if you want to get inside the house without breaking in!” Farrington concludes.

          One agent bravely responded to Farrington in the comment section: “Getting people who don’t know you to trust you and understand your value is hard enough without articles like this.”

          So true.

          When you meet a new client, there is most likely mistrust from the get-go and your first job is to win them over.

          Let’s take a look at what some of the experts suggest to help you win this battle. 

          1. It all starts with the buyers’ consultation

          Your first lengthy interaction with potential buying clients is an ideal opportunity to distinguish yourself from other agents they may have spoken with. It’s also the start of building the rapport required to instill trust.

          Aside from the routine questions (when they plan on buying, whether or not they’ve seen a lender, etc.) consider asking why they are buying a home. 

          The answer to this may give you valuable information on which to start building a relationship, so pay close attention to what they say.

          Whether your potential buying clients are getting married, growing their families, or just want a suitable space for Fido, the information gleaned from asking this question is something you can use to help build rapport.

          The First Time Buyer Series is shown above. To see more designs, Click Here.

          2. Which aspects of the home/neighborhood are non-negotiable? 

          Don’t be the agent so many real estate consumers complain about– “he kept showing us homes that were too big” “too small” “that didn’t have a pool” or “we’re in the wrong school district.”

          3. You can’t build rapport in separate cars

          As a buyer’s agent, think of all the rapport-building time that’s lost when your buyer takes a separate car and follows you from listing to listing.

          Stop taking separate cars to view homes for sale. Use the driving time to get to know the client:

          • Familial status (married, children?)
          • Pets?
          • Hobbies? Your client tells you she loves to golf. “Have you played [name of golf course]?”
          • Job? Your client tells you what he does for a living. “What made you decide to work in [career choice]?”
          • Where did he or she grow up? “So, what was it like growing up in [name of town]?”

          The time between viewings is so valuable. It provides the perfect opportunity to get to know your client and for him or her to get to know you. 

          In real estate, rapport is the basis of trust. The more that leads and clients get to know and like you, the more they will trust you enough to refer you.

          PLUS: When you have time…below are some marketing tools to help support your success.

          1. Put Your Real Estate Business a Step Above with Your Own Branded Magazine

          Homes & Life Magazine is a customizable magazine, with rich, full-color content, and a sharp, professional aesthetic. It includes compelling, direct response-driven articles written by real estate industry experts, combined with engaging lifestyle content. Send out Homes & Life Magazine in Just Minutes – No Minimums Required. Or we’ll ship it to you.

          Homes & Life Magazine is the ultimate “Coffee Table Lingerer”! …and, it costs less than sending a greeting card! – Click Here


          2. 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 Markets, geographic farming, sphere of influence, and past clients. – Click Here

          3. The BusinessBase, SOI building system

          The most effective thing you can do to build a real estate business is to become more visible, more likable, and remembered more often. The BusinessBASE™ not only checks all of these boxes, but it is a business-building machine. In two easy steps, you can begin to build a robust sphere of influence that will provide you a lifetime of repeat business and referrals. – Click Here

          4. The Free Interactive Real Estate Business Plan

          The Free Interactive Real Estate Business Plan allows you to enter your business goals for this year and get a breakdown of how many prospects, listings, closing, and so on are needed to reach your goals.  – Click Here

          5. The Become a Listing Legend Free eBook 

          This image has an empty alt attribute; its file name is Become-A-Listing-Legend-3D-Book-White-274x300.jpg

          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 Take a Listing Today Podcast

          Watch the ProspectsPLUS!, Take a Listing Today Podcast for actionable content to help you get more listings. – Click Here

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