“Never let what you cannot do stop
you from doing what you CAN do!”
–Stephen Pierce: Internet marketer and author
5 Tips for 2011
1. Build Your Listing Inventory
This will be the year that people again realize that there are more than just financial benefits to homeownership. They’ll remember that homeownership is still the American Dream. We believe that there will be a growing number of people ready, willing and able to purchase homes in 2011. For that reason, you must build a salable inventory of listings.
Make believe you own a shoe store and you know there will be a surge of buyers coming in over the next week. You should want to have every shoe, in every size and every color so that you can please every buyer. Now apply that to your real estate business.
2. Be Strong on Price
Many listings will sell in 2011; but not all of them. The inventory is still way too high in most communities and there will be more distressed properties (short sales and foreclosures) entering the market in the 2nd and 3rd quarters of this year. That will continue to put downward pressure on home prices.
Make sure that you counsel your sellers accordingly. They depend on you to help them price their house properly so it will sell and they, and their families, can move on with their lives. Don’t let them down!
3. Develop a Great Buyer Presentation Manual
The buyers will be out in large numbers this year. However, they will still have concerns as to whether or not this is a good time to buy real estate. Over the last few years that concern has turned into fear which resulted in many buyers staying on the sidelines. They were afraid to purchase, and therefore didn’t.
All fear comes from a lack of understanding. We must be prepared to educate purchasers as to why now is the PERFECT time to buy. Not just because we said so and they should listen to us. Instead, we should explain today’s market and shed light on the opportunities that exist.
We have to be prepared for every appointment. We should also be prepared for every, what we call, ‘pre-appointment’ interview. These are the times when you bump into someone in the store or at your child’s basketball game and they ask you “How’s the real estate market?” These informal conversations are crucial today. If we handle them professionally we will have an impact on that person’s perception of the market.
We have pictures of our children and/or pets on our mobile devices (phones and iPads). We must also have great visuals to help people understand what is happening in the market. If we handle the pre-appointment interview well, we will get more listing and buyer appointments. The result will be more transactions.
5. Realize This Will Be YOUR Year!
The last few years were rather difficult for real estate professionals. The nation’s financial meltdown and all the stimulus packages that followed put the market in the hands of outside influencers. We were forced to be reactive instead of proactive. That has all changed. For the first time in almost 5 years, we are back in control.
TAKE CONTROL! Your success is firmly in the hands of the person who should be molding it – YOU! Think Big and Dream Big. This is the year that agents will make small fortunes.
According to a story in the Financial Times, Freddie and Fannie have been quietly lobbying the US Treasury to cut the dividend they pay on preferred stock issued as part of their government bail-out. “A lower dividend would allow the two to begin repaying $150bn in taxpayer aid, these people said. It would also pave the way for a restructuring of the companies by cutting the amount of outstanding preferred stock held by the Treasury. Were it not for the dividend, both Fannie and Freddie would be close to breaking even. “Borrowing from the Treasury to repay the Treasury doesn’t make a whole lot of sense,” said Bose George of Keefe, Bruyette & Woods
Yesterday’s New Home Sales turned some heads. Released by the Census Bureau and HUD, it showed a 17.5% increase in single-family home sales rather than the 3.1% that was expected. “Out West” sales were up over 70%. But for the year, NH Sales were down 14% from 2009’s levels, which weren’t anything to write home about either.
MBS prices finished the day worse by .375-.50, and US 10-year notes were down (worse) by .875 to yield 3.43%. Today we have some news, but it is not at the importance level of yesterday’s news. We will have the usual Jobless Claims, along with Durable Goods, Pending Home Sales, and the Treasury’s auction of $29 billion 7-yr UST notes. Ahead of those, the yield on the 10-yr is about 3.47%, and MBS prices are worse about .125.
4. Get Mobile With All Your Information
1. Build Your Listing Inventory
This will be the year that people again realize that there are more than just financial benefits to homeownership. They’ll remember that homeownership is still the American Dream. We believe that there will be a growing number of people ready, willing and able to purchase homes in 2011. For that reason, you must build a salable inventory of listings.
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