The Links Between Inflation and Migration Hotspots
Migration hotspots like Phoenix, Atlanta, and Tampa offer more job opportunities, warm climates and a lower cost of living than many other states – that's why they're welcoming hundreds of new residents every month. But based on new data, they're also experiencing disproportionately high inflation numbers. Why? Because the popularity of an area impacts how much local prices rise.
Ultimately, an increase in residents moving to key migration cities will increase the demand for fuel, food, and other necessities. This is made more difficult because wages aren't increasing as quickly as prices. Another factor: rising home costs. This is the second largest driver of inflation after transportation, with fuel included in transportation costs. That means car-dependent consumers are seeing an even greater impact on their expenses.1
Top Pros and Cons of Having a Virtual Assistant
Virtual assistants are growing in popularity, especially in the real estate industry. The term describes administrative staff who work remotely. Here are some of the pros and cons of hiring a virtual assistant:
Your virtual assistant will already have a desk, computer, and phone line. This means you won't spend time and money setting them up.
Pro: Less wasted time.
Instead of being paid hourly, virtual assistants are typically paid to get specific tasks done within your timeframe.
Con: Competing for attention.
It's unlikely that you'll be your virtual assistant's only client. That may result in an occasional lack of focus since they'll be working with other clients.
Con: Less commitment.
Virtual assistants with a larger client base are more likely to move on. This will impact your business operations until you can hire a suitable replacement.2
Three Solutions to Housing Booms and Busts
As we know, the combination of falling rates and COVID-fueled moves fueled an unexpected housing boom that began in 2020. Recently these factors began to reverse themselves, proving there are few industries more sensitive to interest rate changes by the Fed than real estate. Here are three solutions that could be implemented by the Federal Reserve and/or the White House to help minimize future housing booms and busts:
While the Federal Reserve's mandate is intended to stabilize home prices, only rent prices are included in calculating inflation — not home prices. The time is right to create new stabilization policies for homebuyers.
2. Adjust government policies that distort house prices.
Investors of single-family homes receive tax breaks that aren't shared by live-in owners. These destabilize the housing market because investors tend to buy additional properties during housing booms. Putting investors and homeowners on equal footing when it comes to tax advantages could help tame price fluctuations.
3. Establish a new "Central Housing Bank."
Since the Fed doesn't cover house prices, create a Central Housing Bank that permanently promotes stable housing price increases. This would help stabilize home equity, which is currently a major "wealth builder" for American homeowners.3
Rev Up Your Search Engine Hits with Long Tail Keywords
Long tail keywords are three or more-word phrases like "homes for sale near me" that Google and other search engines value more than one or two-word searches. Ultimately, long tail keywords have a better chance of being found in search engines than their shorter counterparts.
To find the ideal keywords to draw traffic to your sites, you'll need tools that help real estate agents determine what people are searching for at any given time. In addition, Google Keyword Planner is a free tool that can be used to see the monthly search volume for keywords. It also helps you discover others that can help improve your organic campaigns.4
Three Proven Ways to Limit Data Breach Risks
Hackers are always inventing new and sneaky ways to ruin your day. It's why it's essential that you take steps to protect your real estate business and prevent lawsuits. The following proven strategies help reduce your vulnerability to data breaches:
Know who has access.
If you work in an agency or brokerage, understand how it handles information and where it's being stored. You should also find out who in the company has access to this data.
Have a retention policy.
Prepare a detailed policy that states what information your brokerage will keep and for how long, based on the law and your business needs. At least 35 states address the appropriate disposal of personal data.
Be proactive with safety measures.
There's no substitute for actively putting the latest safety measures in place for your technology and physical business space. This will help protect client information and prevent unauthorized access.5
Sources: 1themreport.com, 2realtytimes.com, 3forbes.com, 4realtybiznews.com, magazine.realtor5
Recent Comments