niche marketing

Want More Millennial Clients? Here’s Where they’re Buying

Oct 22, 2020

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.

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.

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.

Send the Mortgage Hits Low postcard 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

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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

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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

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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

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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

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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”

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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

Struggling in real estate? Try breaking away from the herd

Sep 28, 2020

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.

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.

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.

Send the Tired of Being a Landlord postcard from the Absentee Owner Series to a targeted list of Absentee Owners in your area.

Need help targeting a specific niche of buyers or sellers? Use our Demographic Search Tool 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

3. The Free 12 Month Done-For-You Strategic Marketing Plan

4. The Free One-Page Real Estate Business Plan

5. Become a Listing Legend Free eBook

6. The Free Online ROI Calculator

7. The Free Real Estate Marketing Guide “CRUSH IT”

Need More Time in Your Day?

Sep 21, 2020

We just freed up a whole bunch of your time!

HOW?

By adding the ability to SCHEDULE MAILINGS on ProspectsPLUS!

Now, you’ll experience…

Less time spent marketing
Less last-minute marketing stress
Less missed important marketing deadlines
Less marketing systems to babysit
Less questions each month about who you need to market to and when.
Less tasks on your “To Do” list
Less money spent on postage (you can send standard class)
Less past clients FORGETTING ABOUT YOU because they’re getting scheduled mailings from you throughout the year.

IMAGINE YOUR LIFE WITH SCHEDULED MAILINGS! NOW, YOU CAN….

Schedule out a year of postcards in one visit and you don’t have to pay until each postcard goes out.
Assign additional tasks to your assistant because her time has been freed up.
Spend more time on priority activities like prospecting, presenting, and closing.
KNOW what future marketing is going out WHEN – no more worries.
Save money, since you’re scheduling in advance you can now send standard class.
Better yet – with the money you’re saving on postage you can upgrade to a jumbo or panoramic sized postcard – and REALLY STAND OUT.

AND SCHEDULED MAILINGS ARE…

100% risk-free. You aren’t charged until the date the postcard goes out.
Able to be canceled or changed (including the mailing list) right up to the night before your order goes out.
Confirmed by email the day before your order goes out.

HERE ARE 5 WAYS THE POWER OF SCHEDULING WILL CHANGE YOUR LIFE

Just Closed on a Property? Schedule the Next 5 Years of Client Anniversary Cards RIGHT NOW

2. Say GOODBYE to Holiday STRESS. Schedule All Your Holiday Postcards Before the Season Begins

3. Schedule Your Open House Postcards to Arrive JUST IN TIME – Prior to Your Big Weekend

*Open House Gear, Color & Scenic Series*

4. Don’t Ever MISS a Client Birthday Again. Schedule the ENTIRE YEAR at Once

5. Niche Marketing? Schedule Out Those REPEATED Postcard Mailings to go out RIGHT ON TIME

niche marketing

Want More Millennial Clients? Here’s Where they’re Buying

Send the Mortgage Hits Low postcard from the Real Estate Times Series to your list of millennials or any area where you are interested in getting more buyers.

Struggling in real estate? Try breaking away from the herd

What’s unique about that?

Step away from the Herd

Let’s look at a scenario:

Imagine selling 5 of these condos a month.

Send the Tired of Being a Landlord postcard from the Absentee Owner Series to a targeted list of Absentee Owners in your area.

Need More Time in Your Day?

HERE ARE 5 WAYS THE POWER OF SCHEDULING WILL CHANGE YOUR LIFE

Ready to HAVE MORE TIME IN YOUR DAY? Start Scheduling Your Mailings Now.

Because what GETS SCHEDULED – GETS DONE!

What real estate agents can learn from hospitality workers

Being personable leads to the bigger bucks

The approach

Step two to blissful rapport

“Match your customer’s style,” he begins. “Pay attention to how your customer prefers to communicate and get in step. Does your customer prefer to get right down to business, or warm up by engaging in small talk?”

Go after the Empty Nest niche market by sending the Want More Time for Play postcard from the Life Event Series.