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Friday, December 20, 2024

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    In recent months, more than 15% of home sales fell through nationwide, according to a Redfin analysis. If you’re a Phoenix, Las Vegas, or Tampa agent, you’re undoubtedly familiar with this, as these cities have the highest number of incompleted real estate deals.

    According to a survey from Cinch Home Services, the top 5 reasons for these derailments include:

    • The buyer walked
    • The buyer’s mortgage application was denied
    • Seller backed out
    • Home inspection issues
    • The home didn’t appraise

    Don’t wait for your deals to start falling apart. Being proactive rather than reactive will help avoid some more common problems.

    1. Vet the buyer

    According to the aforementioned Cinch survey, 42% of derailed deals in recent month’s resulted from a denied loan application.

    Buyers’ agents should thoroughly vet their clients to ensure they qualify for a loan and are prepared to financially complete the deal.

    Listing agents might want to consider requesting “… a recent pre-approval letter from the lender, written within the last 30 days,” suggests a Boulder, Colorado agent at realtor.com.

    Additionally, ensure that the buyer has a lock on the interest rate. “Buyers that have a mortgage rate lock are more likely to close the purchase versus those that still need a rate lock,” according to zondahome.com’s chief economist Ali Wolf.

    Jason Gelios, author of “How to Think Like a Realtor,” offers up some signs for a listing agent to be on the lookout for that might indicate that the buyer isn’t as strong as you might hope. These include:

    • A small down payment
    • Requests for credits or concessions from the seller
    • A pre-approval letter from an unfamiliar lender
    2. Tighten up those contingency timelines

    Not too long ago, we were engulfed in a hot, hot, hot sellers’ market, so much so that the word ‘contingency’ almost became obsolete.

    “Now, the supply and demand balance has changed,” Aly J. Yale at money.com reminds us. “Buyers have leverage, ushering in a new age of contingency-laden deals.”

    “Homebuyers now will agree to buy a house and be doing the inspection, and then back out because they found another home they love more,” cautions a Redfin agent in Las Vegas.

    Before accepting a contract, counsel your client to counter with a request to shorten any overly-long contingency timelines. The less time the buyers have to shop around for another home while still under contract on your listing, the better.

    3. Consider a pre-sale home inspection

    Nearly 40% of failed real estate deals can be blamed on home inspection results. 

    We get it: Many agents hesitate to recommend a pre-listing home inspection to their clients. Some say it’s because it presents additional disclosure items. Whatever the reason, the truth about the home will come out in the buyers’ inspection report anyway. 

    Be proactive so your client has the full picture of what she’s facing when the buyer’s inspection results come in. This allows your client to fix or replace anything you’re sure will be an issue for the buyer. 

    At the very least, you’ll have time to strategize how to handle negotiations if there are problems with the home.

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

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    5. The Become a Listing Legend Free eBook 

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      Content is the cornerstone of your online presence and your brand’s biggest ambassador. Done right and shared frequently, it will deliver visitors to your website where you can work your conversion magic.

      Writing isn’t easy for those who don’t do it every day. But you don’t need to bend it like Dostoevsky or Shakespeare. Once you realize that, you free yourself of that little nag in your head that tells you that you suck at writing.

      Let’s take a look at some of the basics, as applied to your blog posts but transferrable to most website content.

      1. Know your audience

      It’s crazy to try to target every conceivable real estate consumer in one blog post. You won’t succeed.

      Before setting fingers to keyboard, take the time to think about to whom your topic will appeal. That is your audience for this particular post.

      That’s the person you’ll imagine as you write. For instance, when writing a post on downsizing, your audience is most likely:

      • A homeowner
      • A member of the baby boomer generation
      • Someone who owns a large home
      • Someone who needs help both selling and buying

      Draw an imaginary picture of this person, sitting at his or her computer reading your article. Keep that picture top-of-mind while writing.

      1. Remain focused on the topic

      Nothing will tick your readers off more than a snappy title luring them into reading a post that ends up having little to do with the title. The anger will be worse if your post offers no solutions and few answers.

      Their anger toward you is well deserved; you’ve effectively ripped off their time.

      It’s a common problem with folks who don’t write for a living. A solution to this is to create the title of your piece last.

      Free Report for Real Estate Marketing to sellers
      available under the Free Report tab on our website.

      Then, when you’re finished writing and you proofread it, determine your main theme, come up with a brilliant title and remove anything in the post that strays from it.

      1. Short and simple

      This rule applies to sentences as well as paragraphs and even words.

      Don’t use a $5 million word when a $2 word will suffice

      For example:

      • We will accompany you – We will go with you
      • When you relocate to – When you move to
      • The optimum time to buy (or sell) – The best time to buy (or sell)
      • Obtain a mortgage – get a home loan
      • Purchase a home – Buy a home

      The same holds true for sentences and paragraphs; keep them short and easy to read.

      1. Looks matter

      When a visitor lands on your blog post, it’s the visual appeal that he or she will notice first. If your post appears too wordy, too challenging to read, the chances are good your visitor will leave.

      Aside from that snappy title, one of the best ways to “trick” them into staying is by making the post appear to be a quick, easy read. Use the following in each post:

      • Lots of white space. You can get this by keeping your paragraphs short – no longer than five sentences, but shorter is better.
      • Bullet points
      • Numbered lists
      • Stand-alone quotes
      1. Proof and edit – a couple of times

      Congratulations! You’ve got yourself a first draft. Keep in mind that

      “The first draft of anything is sh#$”

      According to the late Ernest Hemmingway.

      Now, you need to hone that blog post. Read through it, looking for spelling, grammar and punctuation mistakes. Then, check it for factual and logical errors. Ensure that claims you make are backed up by facts.

      We found the perfect example of a logical error on a New Jersey luxury agent’s blog. He opens it with a question, asking the reader if he or she is considering “knocking down the walls of an existing property.”

      As opposed to a non-existing property? Hopefully, had the agent proofed his post, he would’ve caught this. Obviously, he didn’t proof.

      After making your edits, read the post once more for flow. Organize the information so that each thought leads logically to the next.

      Then, set it aside for a few hours and repeat the process. You may be surprised how many mistakes you missed on the first-read.

      available under the Free Report tab on our website.

      Your final task is to share your content — in as many places as possible.

      Offer the Free Report, “Five Ways Waiting to Sell Can Cost You Thousands” as an opt in our your blog in exchange for email addresses.

      Need help targeting the perfect niche of buyers or sellers? Use our mailing list 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 Free killer tools to help your success this year!

      1. 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

       

       

      2. “Get More Listings” Free Online Webinar

       

      “Get MORE Listings & Begin to Dominate Your Market!” Free online webinar. Learn the 3-7-27 strategy for explosive growth, why 95% of agents have less than 20% market share, and how to become the agent everyone competes against. – Click Here

       

       

      3. The 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

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      5. The Free Online ROI Calculator

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