How to convince sellers to act now

Plus, six ways to boost your listings

Grace Townsley
May 17, 2022

Our favorite saying

Do you ever have those days where you just don’t want to do something? You know you need to buckle down and do it, but you can hardly make yourself knock on that door, call that potential client, pitch that listing, or resolve some annoying situation you’re facing. 

We’ll be the first to tell you that sometimes we feel that way too! It never gets easier to do the things you just don’t want to do. But we have a saying that we like to keep in our heads: “Winners make a way while losers make excuses”. That’s usually the kick in the pants we need to get out there and keep grinding.

David and I have a very direct relationship with each other. The second we realize one of us is making excuses, we call it out. We’ll literally say, whether to each other or to ourselves, “Stop making excuses. Get out there, go do it, take care of it, get it done!” The faster we get out there and get in front of that call, meeting, or whatever, the faster we’re over it. 

If you need some extra motivation for today, well, you know what you need to tell yourself ;)

- James

Homebuyers are stretching even further

Source: Unsplash

Between sky-high home prices and rising rates, buyers are having to stretch their paychecks even further to afford the home they want. 

  • According to a report by Black Knight, a mortgage tech company, the average buyer now has an income-to-mortgage-payment ratio of 34%, up from 24% just four months ago. That’s the highest ratio seen since pre-bubble 2006. 
  • Moody Analytics reports that a full 96% of housing markets are already overvalued, and nearly one in three markets are at least 30% overvalued. 
  • Another report by Florida Atlantic University shows that every big market is overvalued, with 44% of those areas overvalued by at least 30%.

Our take

Now is the time to really start applying pressure on every single potential seller in your pipeline. Show them this data! Tell them the market is still hot, but with rising interest rates, we don’t know how long it’s going to stay hot. Use this information to get new sellers now, because come summertime, who knows what the market will look like? 

Remember, the term “overvalued” may not sound good to your seller, but it should. This data shows us that people are still spending big money on houses right now. So ask them, “Mr. and Mrs. Sellers, would you like to be on the front end of this where you can still get good money on your house, or do you want to wait until people stop spending money, rates are at 7%, and your place languishes on the market for months?” The time is now, and the agent is YOU!

Agents and data are better together

Source: Bain Capital

There’s a shake-up brewing in the real estate world. Earlier this month, The Agency acquired Triplemint, an NYC-based real estate brokerage with a proprietary data platform. According to the acquisition terms, The Agency will be given access to enhanced analytics and property search tools, while Triplemint will benefit from The Agency’s global reputation and recognizable brand. 

This partnership of luxury agents and advanced technology aims to appeal to a broader audience of clients—both high-end homeowners and investors. It also points to an emerging trend: brokerages developing or buying their own tech tools to give their agents (and clients) a serious edge.

Our take

This is a great opportunity for The Agency. The company clearly pounced on this opportunity because it pays to be forward-thinking and forward-moving. They knew they needed a tech-oriented company to help equip the next decade of agents. Right now, tech is so crucial to a brokerage’s long-term success, and we feel this will lead to even more success for The Agency.

Sponsored by GreatBuildz

Why is it so hard to find a good contractor?

Take it from us–there is nothing more important than finding a contractor you can trust. We’ve learned the hard way that you have to find someone who values your property as much as you do. Enter GreatBuildz.

Their knowledgeable and friendly staff will match you and your clients with several local,  rigorously-screened contractors. This free service will take care of everything so you don’t have to worry. They handle consultations, estimates, and other tasks for your clients so you can save time while still making sure the job is done right. If you live in the Southern California area, check them out.

What’s up with crypto?

Source: Unsplash

Bitcoin and other cryptocurrencies are having a rough month. In the past few weeks, Bitcoin has tumbled over 20%, wiping out over $200B of wealth in its wake. Here’s what’s going on in the crypto world: 

  • Last year, major institutional investors started buying into crypto— including banks, hedge funds, and money managers. With inflation on the rise and stocks looking bearish, these big investors have begun to sell off their “more risky” cryptocurrencies, spooking other investors, and sparking a massive sell-off.
  • Meanwhile, a popular stablecoin has collapsed. Stablecoins are pegged to a government-issued currency and are meant to be… well, stable. But following a massive withdrawal where investors pulled billions out of the currency, TerraUSD broke from its peg and collapsed nearly 100%. 
  • These events have motivated policymakers to revisit cryptocurrency regulations and have shaken some investors’ faith in digital currency

Our take

This is why we always believe real estate is the most sound investment and it’s why it’s the perfect diversification. Your properties are driving recurring income and will be of value if you want to sell them. We’re expecting to see more investors buy real estate right now because they know it’s a strong investment.

Schematics

The news that just missed the cut

Source: Forbes
  • The Scarface mansion hits the market for a cool $40M
  • In this city, apartment sales are spiking
  • Point is the latest startup to offer homeowners cash for future home appreciation
  • Use these questions to approach home buying with a level head
  • When it comes to furniture, if you can’t buy it, thrift it
  • Homes under $150,000 pull a vanishing act

Foundation Plans

Advice from James and David to win the day

In this market, you expect your listing to sell within days, right? But what if it doesn’t sell? Here are six steps you can take:

  1. Have your sellers declutter and depersonalize the space
  2. Stage (or restage!) the property
  3. Hype the property on your social media
  4. If you’re struggling to get potential buyers through the doors, take new photos and consider adding a virtual walkthrough
  5. Re-evaluate the price
  6. Talk to your fellow agents about their potential buyers

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

Source: Rocket Mortgage

Here’s some food for thought this week: don’t stop until you get a “yes.” 

Whether you’re cold calling, door-knocking, networking, prospecting on social media, or following up with old leads, don’t let yourself take your foot off the gas until you get a yes! It may take you a whole day, it may take you three days. It doesn’t matter. Chase that yes this week. You’ll be thanking yourself soon! 

- James and David

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