Suburban Square Footage Values Take Off
The pandemic drove people from Covid hotspot cities to the suburbs, as many sought a less crowded, socially distant environment and chose to continue working remotely.
That's why recent data found that urban square footage grew just 3.5% year-over-year. In comparison, suburban square footage increased nearly three times as fast at 9.5%.
Home sale price growth is also slowing faster in cities than in the suburbs. The average urban home sold for $310,000, up 2.7% year-over-year, while in suburban areas there has been a 6.6% increase to $385,000. Ultimately, today's buyers can't afford everything on their wish list so many are prioritizing square footage.1
Link Up with Prospects with LinkedIn
Chances are you already have a basic LinkedIn profile – but is it getting you leads? Optimizing your profile so that it appeals to prospects and referral sources is well-worth your time. Here are four proven, simple tips to follow.
Put your best face forward.
Your profile pic is the first thing visitors see, so be sure it's sending the right message. It should be a clear photo of your face where you're easily recognizable. Experiment with different lighting to obtain better results.
Make your intro compelling.
This can be derived from your "elevator pitch". It should tell visitors who you are and what you can do for them. Remember, you're limited to 220 characters, so be short and punchy without exaggeration.
Add your USP to your profile summary.
USP is a marketing acronym for Unique Selling Proposition. What's your unique talent? Do you specialize in certain property types, or have problem-solving skills in certain areas? You can add any impressive sales stats here, too.
Ask for recommendations.
These truly differentiate you from the competition. When a prospect sees that you've been professionally recommended, it puts you a giant step forward of agents who don't have this type of support on their profile.2
Intel for Clients Moving to New States
Moving to a new state is much more complex than other moves, so you can build trust by making this transition easier for your clients. Here are three must-know topics to share with clients before they begin packing for their new destination.
Residency rules.
Clients should know that, to become a resident of a new state, they will probably need to spend at least six months and one day in the state. They'll also need to stop claiming a homestead exemption in their former state to take advantage of it in another one.
Income tax facts.
Your clients will need to file a tax return in both states they lived in during the year. In addition to recommending they consult a professional tax advisor, you can suggest they contact the IRS with details of their new location.
Estate planning aspects.
Make sure your clients, especially those nearing or in retirement, know that it's important to review and update their estate plans because of varying state taxes and laws. This will include their will, trusts, and power of attorney.3
Three Things Sellers Should Never Renovate
Your clients may have plans to renovate their homes to get top dollar, but there's a ceiling on how much ROI they can expect for certain pre-listing renovations. Here are three things sellers should never renovate because most buyers will have their own plans:
1. Flooring.
Sellers should polish and not replace the flooring. The new owners often have ideas on what they want and may tear out the existing floors anyway.
2. Kitchens and Cabinets.
Kitchen updates may only be necessary if sellers have a truly vintage original. Otherwise, they should present the kitchen with potential instead of expensive updates. Most buyers prefer to customize their kitchen and its cabinets.
3. Spaces.
Your sellers may be tempted to tear down one or more wall to open up rooms and attract more buyers. But they should let buyers envision it for themselves. It's far easier to take walls out than add them back in, and homeowners who work remotely often prefer smaller, separate rooms.4
Independent Contractor or Employee?
The Biden Administration proposed a new rule that would make it easier for workers to be considered employees instead of independent contractors. The focus is on gig economy workers like Uber and Lyft drivers, as this will help ensure that they have access to benefits and labor protections.
The National Association of REALTORS® (NAR) says it's still analyzing the rule's potential impact on the real estate industry.
Currently, the proposal would not reclassify real estate professionals from independent contractors to employees. But NAR emphasizes the rule may increase the risk of future "litigation challenging real estate professionals' classification." That's why they'll continue to advocate for agents to work as independent contractors.5
Sources: 1themreport.com, 2realtybiznews.com, 3wealthmanagement.com, 4apartmenttherapy.com, 5theamericangenius.com
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