Market News October 13

Market Updates

Reduce Clients' Worries About Financial Doomsayers
Reduce Clients' Have a few clients voiced concerns about another housing crash on the horizon? As you're aware, today's market is very different, although a few self-proclaimed pundits are comparing 2008 to 2023. Here are some reassuring facts to share with nervous clients and prospects.


In 2008, there was a surplus of homes for sale. Today, there are shortages due to fewer homeowners selling and less new construction in progress. Builders stung by the 2008 crash have been building fewer homes during the past decade, which has contributed to today's new construction shortages. On a more positive note: many builders are offering smaller homes, which translates into lower prices, utility bills and taxes.

Unlike 2008, when there were almost 10 million homeowners "underwater", there are hardly any in a similar situation now. The same goes for foreclosed homes. Today's bargain hunters are lucky to find three or four REO properties in a particular area. The absence of foreclosures is another factor preventing a meltdown scenario.

While today's buyers are coping with rising home prices and mortgage interest rates, the current supply versus demand situation is proof that no crash is on the horizon. Call me soon to discuss the best financing options for your buyer clients.1

Short-form Video Basics  


Almost half of all internet usage is currently devoted to watching video content. For example, 91% of Instagram users report watching videos every day. Currently, short-form videos that run up to 90 seconds and supply easily digestible content are the most popular. YouTube has begun calling these out as Shorts.

While many agents incorporate video walk-throughs of their listings, you can still cash in on the short-form video trend. Here are some ideas.

Keep it short. While you're probably used to creating video walk-throughs that are several minutes long, short-form videos should ideally run from 15 to 45 seconds. One report found that videos over 60 seconds actually stress some viewers.

Post regularly. Consistency will keep your audience coming back for more. TikTok and Instagram prioritize accounts that post three to five times per week. Regular posting keeps your audience engaged and gives the platform's algorithm enough content to choose from when surfacing videos. ("Surfacing" describes an app's promoting unseen videos to users based on their daily viewing habits.)

Go further than listings. Do you have one or more clients with engaging personalities, who are thrilled with your services? Ask them to record a brief video review. Suggest they have fun with it, so they won't deliver an overly formal performance.

Make sure your videos are vertical. This ensures that your videos will fill viewers' phone screens, which creates an immersive experience. Horizontally aligned videos are much smaller and difficult to view.2

Desperately Seeking Reviews?
After you close a sale, you'll want to know how well (or not) you handled the transaction. But even the happiest clients may postpone completing and returning your request for feedback unless it's carefully crafted.


Here are a few ways to encourage more clients to take the time to respond, and to supply truly valuable reviews and opinions.

  • Limit your questions to three main topics and follow with an invitation for optional comments. Most people decide whether to respond to a feedback form after their first glance. If it's going to take more than a few minutes, you'll hear from fewer clients.
  • Make sure your questions address skills you're unsure about. Are you concerned about your ability to negotiate? Do you wonder if you respond to calls and texts quickly enough? Ask clients about these so you can finesse your services (and offer an apology via phone if needed).
  • Keep your messaging pleasant. If you're sending your review requests via email, it could be worth adding a "thank you" graphic or similar. Congratulate each client on their new home. If you have time to personalize the intro, do so.
Reviews are a sure-fire way to get the intel you need to improve your agent skills. Composing a simple, pleasant "How did I do?" request for feedback is an essential part of the process. And if you receive a sub-par review, it's time to pick up the phone and work it out with the client.3

Why Finns Are So Happy - and Why Joining Them's Easy
According to the World Happiness Report, Finland is the happiest country in the world for the sixth year in a row. Wondering why? The country's tourist board offered a "master class" to share their happiness secrets...and here are some of them.


1. Connecting with nature is important.
This doesn't mean you have to hike the Appalachian Trail. If you find yourself rushing from home to listing to office, slow down and enjoy the roses blooming in front of your new listing. Even a small amount of time spent in nature will clear your mind.

2. Be happy with what you have.
Successful agents tend to always set their aim higher year by year. But it's easy to let this carry over into our personal lives. Instead of always planning your next purchase or vacation, take a step back and refocus on balance and harmony. Do what you need to be happy with your home and possessions right now.

3. Make your surroundings beautiful.
This doesn't translate to buying expensive items. Instead, things often have more value if you created them yourself, or if they will stand the test of time and always be appealing to you. Spend some time thinking about ways to make your home and office truly comfortable.4

What To Do If Someone Mangles Your Name

Even if your name consists of single syllables, chances are someone has either mispronounced your name or called you by a different one. While you don't want this to become a habit, it's a difficult call: do you interrupt the flow of conversation and correct the mistake, or do you wait until later?

Thankfully, there are professional etiquette experts who know how to best-manage this situation. One expert provided this strategy for coping with mis-pronounced or misspelled names.

"When you correct someone, you don't want to dwell on it. You want to get going and move on."

Here's a step-by-step guide for getting it right.

Wait for a pause in the conversation. Don't interrupt them mid-sentence. Wait until there is a natural lull or it's your turn to respond.

Use a nonjudgmental voice. Here, the most important thing to keep in mind is your tone of voice. Be neutral and don't frown.

Tell them it's a common mistake, even if they're the first. For example, you can say, "It's actually pronounced [say correct pronunciation of your name], but don't worry, it happens all the time." This is reassuring and means they won't feel singled out.

Change the subject. Now that you've set the record straight, quickly redirect the conversation to the original subject, or to a new one. No matter what the situation, you don't want the conversation to end with your correcting your name.5

Sources: 1keepingcurrentmatters.com, 2blog.hootsuite.com, 3theamericangenius.com, 4cnbc.com, 5cnbc.com