Good news for first-time buyers from Freddie Mac
Agents working with first-time buyers – especially those who are renting – will want to encourage them to build a spotless record of on-time rental payments. Here's why: mortgage applications processed by Freddie Mac's Loan Product Advisor® (LPA) now allow on-time rent payments to be factored into loan purchase decisions. Since millions of Americans have limited or no credit history, this could help many renters move closer to owning a home. Here is what you should know:
One year of on-time rent payments needed
With borrower permission, lenders and brokers can submit bank account information to identify 12 months of on-time rent payments. Other forms of permitted rent payment data include electronic transactions, checks, and digital payments made via Venmo, PayPal, and Zelle.
No change in the existing verification process
Bank account data will be obtained from designated third-party service providers using the same automated process now used to verify employment, income, and assets through Freddie's LPA Asset and Income Modeler (AIM).
More requirements to come
Additional LPA requirements for submitting rent payment data will be released in a July Single-Family Seller/Servicer Guide Bulletin.1
Most Efficient Cars for Realtors in 2022
Realtors spend a lot of time driving to showings and meetings, so if you're shopping for a new ride, it should provide an ideal combination of comfort and fuel efficiency. Here are some of the top choices:
1. Honda Civic.
The Civic is known for durability and affordability and is available with Apple CarPlay and a 7-inch touchscreen. The EX-model gets 33mpg in the city and 42mpg on the highway. It's available in sedan and hatchback models.
2. Toyota Corolla.
The Corolla is also available in sedan and hatchback and is known for durability and low maintenance costs. If you go for the Hybrid LE, you'll get 53mpg in the city and 52mpg on the highway, plus a lot of standard infotainment features.
3. Hyundai Elantra.
The stylish Elantra also offers a hybrid model that matches the Corolla hybrid's efficiency for about the same price. The interior is comfortable for several passengers, and there are plenty of high-tech options like voice recognition.2
Three Ways to Succeed with Nervous Millennials
As millennials completed college and established their careers, they witnessed economic downturns and unstable real estate markets. This left many of them indecisive and risk-averse when it comes to buying a home. You can conquer their apprehension with these strategies:
To reach this demographic successfully, ensure you are using an authentic tone, producing relatable content, and displaying aesthetically-appealing images on the social media channels millennials frequently visit.
2. Supplement their research by being a "boots on the ground" expert.
Many millennials embark on their home purchase journey by employing a digital DYI approach first and then following up with an agent to fill in the blanks. Whenever one reaches out to you, demonstrate you have the knowledge and experience to advocate on their behalf.
3. Exhibit patience.
Millennial buyers are all too aware that a home is not just a living space – it's an investment. The good news is, that those who enter the market are serious about real estate and will appreciate your insights. Being patient and proving you have the skills to add value to the process is essential.3
Music to Encourage a Buyer-Friendly Mood
Music does more than entertain us - it affects our mood as well. It can excite, relax, and inspire. Australian researchers have even examined how choosing the right music may influence home-buying decisions. Here are a few tips:
Consider the demographics
Who are the most likely buyers for this home? What are the neighborhood demographics? Younger buyers will probably prefer different music than empty nesters. For example, for a luxury family home, soft classical music is probably better than hard rock. For young couples, something more modern but not necessarily Top 40 might be a good option.
Types of music delivery
If the home has a Bose or similar sound system throughout, consider asking the seller's permission to use it during showings and Open House events. If not, using small speakers in most areas of the home could create a similar effect. Just keep the volume low and unobtrusive so it won't interfere with conversation.4
Online Content and Copyright Law
Risk management is critical for any business, and yours is no exception. Avoiding copyright claims is especially important for agents who use third-party content on their websites, social media or other business materials. Here are some ways to reduce your risk:
Hire a copyright specialist
They can manage takedown notices in the case of any copyright claims. The specialist should be listed as the copyright owner with contact information included on the website. They should also be registered with the Copyright Office.
Comply with DMCA takedown procedures
Upon receiving any takedown notice or copyright allegations from a representative of the Digital Millennium Copyright Act (DMCA), promptly remove the content in question and notify the complainant of that removal.
Publish a copyright notice
When publishing original content, be sure to include a copyright notice to inform website users of copyright policy. This should be included in your website's terms of use.5
Sources: 1rismedia.com, 2realtybiznews.com, 3inman.com, 4mckissock.com, magazine.realtor5
Recent Comments