How to really win a negotiation
When agents are negotiating a deal, sometimes they focus so much on their relationship with their client that they neglect the other important relationship–the one with the agent on the other side of the deal.
Clients come and go, but agents stay. They keep track of who they like to see coming their way, and which ones they don’t. This is why it’s so important to treat the other agent as well as you can.
Down the line, if you’re in a situation where you are one of multiple agents bidding for the same property, the decision may come down to reputation. The agent on the other side will want the deal to go as smoothly as possible, so they’ll want to work with someone they know, trust, and most of all, respect.
In this business, reputation is everything. It is the best calling card possible. It can help us win business… but if not managed properly, it can cause us to lose business as well.
Always remember to think of the long game. A negotiation might only last a short time, but the memory of that negotiation can last forever.
- James and David
New home sales picked up in March
Sales of new construction homes grew by 9.6% in March, fueled by limited resale housing inventory, slowed home price growth, and recent mortgage rate improvements.
Here are the key numbers:
The median sales price for new homes is up 3.2% year-to-year.
The Northeast saw the greatest increase, with new home sales rising 170.8% month-to-month and 27.5% YoY.
More than 75% of new housing stock is still not completed, as builders manage supply and demand.
We know that the existing inventory is too paltry, so this makes sense. We’ve also been seeing builders offer crazy good incentives to buyers. We’ve been networking with a ton of them to see how we can better work with them and bring clients. Spend time here with developers in your market if you’re struggling to get a deal done.
Homeowners with kids are planning to sell
The number of homeowners with children who plan to sell their homes has risen since pandemic restrictions began to lift, according to a new Zillow survey. Households with two or more children are driving this trend.
Here are key stats about homeowners with children:
29% currently plan to sell, up from 13% two years ago.
35% of homeowners with two children are considering selling in the next three years, as opposed to homeowners with one child (18%) and those with no children (11%). These homeowners cite growing family size as a reason for moving.
84% are likely to plan short-distance moves within an hour of their current home, compared to 46% of homeowners living without children.
The return to normalcy is officially here! Companies are requiring people to go back to the office, and people are moving back from cities they left, too. As agents, this is good for us. We have more opportunities for an influx of buyers, and we also need some action. If people are planning to move, we are here for it!
10 markets with the most foreclosure starts in March
ATTOM released its foreclosure activity report for Q1, which found that foreclosure filings were up 19.95% month-to-month and 9.85% year-to-year.
Here are the 10 metros with the most foreclosure starts:
New York City, NY (1,750)
Chicago, IL (1,359)
Philadelphia, PA (808)
Houston, TX (792)
Los Angeles, CA (726)
Miami, FL (687)
Dallas-Fort Worth, TX (570)
Atlanta, GA (550)
Detroit, MI (534)
Riverside, CA (474)
Nobody likes foreclosures., but they’re an unfortunate part of our industry. If you work in these markets, these are definitely opportunities for buyers. Do your research on the zips where this is occurring. This is also a great reminder for us to chat with our clients about making sure they can afford their mortgages. With interest rates in flux, affordability is crucial.
The news that just missed the cut
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Redfin has a new hybrid work policy
Here’s how to find listings in the wild
Congrats to those in NAR’s 30 under 30
Items to have in your car as an agent
Advice from James and David to win the day
Networking effectively is one of the hardest things to learn as a new agent, but it’s also the best way to build a real estate career. It makes you more valuable to potential clients, which will have an enormous payoff down the road.
Here are three ways for agents to level up their networking:
Build a resource directory. Savvy agents know that they serve as the welcome wagon for the community. They leverage this to build their network. Potential clients want to work with agents who can open doors and make introductions in the community, so be sure to provide this value to them!
Stay on your clients' minds. Even after you close a deal, it's important not to fade into the background! Stay on your clients' minds by maintaining regular contact and being a wealth of knowledge for them. Then watch your value as an agent skyrocket.
Remember that this is a long game. It can take a while to see results from networking, but if you work at it, you will get results. Make those connections and make yourself known as a valuable resource in the community, and your referrals will grow over time.
Want to learn more about better networking? Click to read the article.
Just in Case
Keep the latest industry data in your back pocket with today’s mortgage rates:
Source: Rocket Mortgage
That’s a wrap on this edition of The Blueprint!
Remember that this industry is all about building long-term relationships and connections. That’s how you grow your network and build a successful career in real estate!
Thanks for reading, and we’ll see you back here on Tuesday!
- James and David