Housing Inventory, Sales Pace Improve for Buyers
Data from Realtor.com's August Housing Trends Report included some good news for would-be homebuyers. Property sales slowed, turning in their first year-over-year increase in days on the market since June 2020.
Homes stayed on the market five days longer for a total of 42 days. Buyers also had more inventory to consider when compared to 2021 numbers, as homes for sale climbed more than 26%. While listing prices increased by double digits, the overall sales pace did slow for the third consecutive month. Ultimately, the median listing price reached $435,000 nationwide, nearly 37% higher than in August 2019.1
Three Email Marketing Basics Every Agent Should Follow
Marketing emails can be one of your most effective types of communication in real estate. But there are some simple ways to boost your results. Here are three email marketing basics every real estate agent should follow:
Forget generic reply emails.
Make sure to send replies from your email address, so you're easily recognized. Otherwise, you're missing an opportunity to add the personal touch that can increase response rates for your email marketing campaigns
Remember to use first names.
Don't forget to address clients by their first names in your emails. "Dear Erica" is better than a blanket "Good Morning" or "Hello." Even though we all know that our first names are auto-generated in mass emails, it's still a lot nicer.
Use the same design and cadence.
Ensure all marketing emails have one consistent design and are deployed on an established schedule. This will help you build and maintain name recognition that keeps you top of mind with current and potential clients.2
Create a Winning Virtual Tour in Five Steps
Technology use and improvements have skyrocketed thanks to the pandemic, with virtual tours now preferred by more than 60% of buyers. Here are five steps to create a winning virtual home tour:
Step 1: Select the right equipment.
If you're on a budget, check out the Asteroom 3D Tour Kit that uses your phone to create digital panoramas of homes with less than 3,000 square feet.
Step 2: Choose your software.
You'll need software to create virtual tours. Zillow's 3D Home app, Klapty, and Matterport are popular and relatively affordable options.
Step 3: Plan your checklist.
Before taking photos, plan your walk-through and decide the best camera placement for each room. The best option is the center of the room so you can capture everything.
Step 4: Stage or virtually stage the home.
Home staging is available and should be considered if it will increase the sales price.
Step 5: Test your equipment and take the photos.
On photo day, start by testing your lighting and camera. Then, follow your photo checklist and take several photos in each room, so you have options. Add music, room descriptions, and links to maximize the user experience.3
How to Avoid Liability When Buyers Waive the Home Inspection
At the height of the market, home buyers in bidding wars were regularly waiving their home inspections to compete with other offers.
Some may now regret their decision. If you're concerned about liability when a client disregards your advice, take extra time to educate them about the risks and create a paper trail that proves that you counseled them.
You can also use the "potential adverse consequences acknowledgment" as an addendum to the sales contract. This can be used to record details of the buyer's decision. Both strategies can help protect you from potential responsibility if an unhappy buyer attempts to hold you accountable later.4
Real Estate Business Planning Doesn't Have to be Stressful
In the same way that many Americans use TurboTax to help them do their taxes, you can fast-track your next real estate business plan by using a template.
Customizable templates offered by Zillow Premier Agent and a variety of other sources are designed to help you create a professional plan with minimal stress.
Most enable you to customize your business goals to your real estate market, detail your finances, profile clients and track all the data necessary for a successful business plan. Remember to update your plan regularly to account for market changes, trends, and to track your progress.5
Sources: 1Nationalmortgageprofessional.com, 2theamericangenius.com, 3forbes.com, 4magazine.realtor, 5Zillow.com
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