Home Affordability is on the Upswing Nationwide
Affordability has improved across the country, according to data from the Mortgage Bankers Association (MBA), with the median home mortgage payment decreasing to $1,844 from $1,893 between June and July.
The lower payments now take up a smaller share of individual income across all home buyer demographics. Unfortunately, news for renters wasn't good, as rents continue to climb. Median rents increased 4.7% from $1,255 in the first quarter of 2022, to $1,314 in the second quarter. But the decrease in median mortgage payments may push renters and other potential buyers into the market.1
Three Ways to Automate Real Estate Marketing
Automated technology makes it much easier for agents to do some of the most tedious and repetitive marketing tasks. The following three marketing tools can help you make better use of your already limited time:
Text Messages.
You can send branded text message blasts to your contacts about new opportunities. The open rates for branded text messages are around 98%, making this method a potentially big bang for your buck.
Direct Mail.
Automate your weekly or monthly print newsletters and postcards by using marketing automation platforms. Considering today's crowded email inboxes, physical marketing materials can stand out.
Website Chat.
24/7 website chat assistants, aka chatbots, help you automate answering online questions. Once visitors have chatted on these platforms, you can follow up with the leads personally.2
How to Harness the Traits of Good Negotiators
Negotiation is a skill that's developed through practice and learning. While everyone has a different personality that impacts success or failure, there are specific personality traits that you can harness to become a better negotiator.
They include the ability to self-monitor and examine how your behavior impacts others. Another interrelated factor is emotional IQ. This involves qualities like the ability to say no and solve problems in a way that works for everyone. The first step is to determine if you need to sharpen these traits. Taking popular online assessments like DISC and Very Well will provide important insights into your personality that can help you take your negotiation skills to the next level.3
Expert Tips for Politely Saying No to a Prospect
Some potential clients simply aren't a good fit for your services, territory, or even your personality. It can be awkward to turn down a prospect, but later, you'll be glad you did. According to Kevin Nichols, director of coaching for The Oechsli Institute, here's how to turn away these prospects while avoiding confrontation:
Script for prospect: "Before I take on a new client, I always make sure that we could have a good working relationship and I can provide real value to you. Based on our conversation, I think you would benefit from an agent that specializes in…" or "I think you would work best with someone who thrives on… You may want to consider [insert alternative]."
Script for referrer, if appropriate: "Thank you for referring [insert name]. We had a nice chat, but, unfortunately, they weren't the best fit based on my services. I suggested they contact [insert alternative]. I wanted to be sure to keep you in the loop. Please never hesitate to send someone my way."4
Earnest Money Deposits: Three Things Sellers Should Know
When buyers put an earnest money deposit down on a home, they're making a good faith offer to purchase. But sometimes it can feel like they're able to get the deposit back for any reason. Here are three things sellers should know to keep the deposit fair and square:
1. If you're the seller's agent, cash the check if possible.
To help prevent buyers from pulling out of a contract, discuss cashing the earnest money check upon receipt with your seller. The cash will be escrowed until the deal closes. A cashed check will also prevent the buyer from clearing funds out of the account from which the earnest money came.
2. Understand the contingencies.
Contract contingencies provide numerous ways for a buyer to back out of a sale. Sellers need to review and close any "back door" addendums. If the contingencies are fulfilled and the buyer doesn't close, the seller can keep the earnest money.
3. Watch the contingency time frames.
Contingencies obviously must be met within certain time frames. Suggest that your sellers add a "time of essence" clause to the sales contract. It makes the closing date binding. If the buyer can't close, the seller can keep the deposit.5
Sources: 1Nationalmortgageprofessional.com, 2Mckissock.com, 3theamericangenius.com, 4Wealthmanagement.com, 5Realtor.com
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