What is a mortgage broker? Who They Are and When to Hire One

Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! One of the biggest steps in the home-buying process is securing a mortgage. Lenders require deep dives into your financial assets and debts in order to determine appropriate mortgage rates. Some mortgage lenders might offer outrageous interest rates that drive up your monthly payments, while others offer loans that simply aren’t a good fit for your needs.  There is one person who might be able to streamline this process for you: the mortgage broker. There’s a significant difference between a mortgage broker and a mortgage lender. Learn more about this real estate professional and how they can help you secure a loan.  What is a mortgage broker? The first step is to look at the mortgage broker definition to understand who this person is. A broker works as a go-between for a buyer and … Continued

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House Bidding Wars: Rules, Strategies, and Winning

Click here to browse our Real Estate Agent Directory and contact top-rated agents in your area! House bidding war rules can trip up even the savviest home buyer. Sure, you’re ready to buy, but so is someone else. So what do you do? Whether you’re interested in how to win a bidding war on a house or handle multiple offers on your home, this guide has you covered. But before you learn about house bidding war rules, you need to understand how bidding wars work and why they happen. What Is a House Bidding War? A house bidding war happens when two or more parties compete to buy the same house. Each party attempts to present the most attractive offer, usually highlighting a price they think will be the highest. How Do Bidding Wars Work? Bidding wars start when multiple buyers submit competitive offers simultaneously — particularly if more than … Continued

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Tips for Running a Real Estate Business as a Side Hustle

Running a real estate business as a side hustle can be a great way to supplement your income and pursue your passion for real estate. However, balancing your full-time job with your real estate business can be challenging. Here are some tips for running a real estate business as a side hustle.

Set Realistic Expectations

When starting a real estate business as a side hustle, it’s important to set realistic expectations. Don’t expect to close multiple deals every month. Instead, focus on building your network, developing your skills, and taking on a manageable number of clients. By setting realistic expectations, you can avoid burnout and maintain your motivation for the long haul.

Create a Schedule and Stick to It

Running a real estate business as a side hustle requires discipline and organization. Create a schedule that allows you to balance your full-time job, personal commitments, and real estate business. Use tools like a calendar or a project management app to keep track of your tasks and deadlines. Remember to stick to your schedule and avoid taking on too much work.

Leverage Technology

Technology can be a great tool for running a real estate business as a side hustle. Use virtual tours, online listings, and video conferencing to showcase properties and communicate with clients. Consider using customer relationship management (CRM) software to keep track of your leads and contacts. These technologies can help you work more efficiently and save time.

Build Strong Relationships

Building strong relationships with clients, industry professionals, and other agents is essential for success in real estate. Attend industry events, join local real estate associations, and be active on social media to expand your network. Focus on providing exceptional service to your clients and making a positive impression on everyone you meet.

Focus on Niche Markets

As a part-time real estate agent, it can be difficult to compete with full-time agents who have more experience and resources. Instead of trying to compete on price or volume, focus on niche markets that require specialized knowledge or expertise. For example, you could specialize in a particular neighborhood or type of property, such as luxury condos or vacation homes.

Keep Learning

Real estate is a constantly evolving industry, and it’s important to stay up to date with the latest trends and developments. Attend industry events, take online courses, and read industry publications to stay informed. By continuously learning and improving your skills, you can stay ahead of the competition and provide better service to your clients.

Running a real estate business as a side hustle can be a rewarding and profitable venture. By setting realistic expectations, creating a schedule, leveraging technology, building strong relationships, focusing on niche markets, and continuously learning, you can succeed in this competitive industry while still maintaining your full-time job.

Tips for Outperforming Your Competitors in Real Estate

Real estate is a highly competitive industry where success is determined by factors such as market knowledge, networking, negotiation skills, and marketing strategies. In order to outperform your competitors, it is essential to have a solid plan in place that incorporates these elements. Here are some tips for outperforming your competitors in real estate.

Know the Market

Having a comprehensive understanding of the real estate market is key to staying ahead of your competitors. This includes being aware of market trends, pricing strategies, and the latest developments in your area. It’s also important to stay up to date with local zoning laws and regulations that may impact your sales and marketing efforts.

Build Strong Relationships

Networking is a critical component of success in real estate. Building strong relationships with clients, industry professionals, and other agents can help you stay on top of industry trends, gain referrals, and attract new business. Attend industry events, join local real estate associations, and be active on social media to expand your network.

Provide Exceptional Service

Providing exceptional service to your clients is essential to building a strong reputation and outperforming your competitors. This means being responsive, professional, and reliable throughout the entire buying or selling process. Make sure to communicate clearly and regularly with your clients and be available to answer any questions they may have.

Be a Skilled Negotiator

Being a skilled negotiator is a crucial skill for any real estate agent. This means having a thorough understanding of the market, being able to read the other party, and knowing when to make concessions. A good negotiator can help their clients get the best possible deal while still maintaining a positive relationship with the other party.

Use Effective Marketing Strategies

Marketing is a critical element of success in real estate. Effective marketing strategies can help you attract new clients, showcase your properties, and stay top of mind with your existing clients. Consider using social media, email marketing, and other digital marketing tactics to reach potential clients.

Leverage Technology

Technology is transforming the real estate industry, and agents who are able to adapt to these changes are more likely to outperform their competitors. Consider using tools like virtual tours, online listings, and video conferencing to showcase properties and communicate with clients. These technologies can help you reach a wider audience and close deals more quickly.

By implementing these tips, you can position yourself for success in this competitive industry.

What Do Your First Few Months as a Real Estate Agent Look Like?

It’s easy to get distracted from your work when you make your own hours. However, keeping to a set schedule can also help you avoid getting off track. 

Long Hours

Real estate agents typically work long hours. To accommodate their clients’ schedules, they have to ensure they are available to meet their needs at all times of the day.

Marketing

In today’s market, traditional advertising techniques are no longer enough. Instead, use effective marketing strategies that include social media and online advertising. Even if you’re uncomfortable sharing personal details on your social media accounts, you can still use them to promote yourself in the industry.

Goals

Spend some time setting goals to keep you focused on the positive. For instance, set easily achievable goals if you want to attend networking events more frequently or increase your online visibility. Reaching these goals will motivate you to achieve other objectives.

Where You’ll Work

Spend time in the office, as long as it’s quieter than your kitchen island. Also, you have to learn how to work from anywhere. You’ll have to be flexible with your schedule as a real estate agent and answer calls at the coffee shop or check email while waiting in the doctor’s office.

BackUp Plan

If you don’t start with a profit in real estate, make a financial backup plan. You should keep your current profession and have at least six months of savings to start. 

Support System

Choose a company that has the necessary support to help you succeed. One of the essential factors you should consider is having an experienced manager and agent who can help you develop a strategy and build a network.

Set Your Network

Talk to multiple mortgage lenders, contractors, home inspectors, and other agents who can help you with home buying or selling.

Be An Expert

After you’ve got a network around you, it’s time to become a local expert. Before you start working in real estate, it’s vital that you thoroughly understand the area’s various attractions and schools.

You will find few people who are experts in their field from the very first day. So, instead of assuming you’re an expert, start by being positive and staying focused on achieving success in real estate.

This blog was previously published on February 27, 2023 at WDarrowFiedler.net

Goals to Set for Your Real Estate Business This Year

Having the right goals can help real estate agents navigate various challenges. Setting realistic goals can help real estate agents develop a business plan to set them apart.

If you want to improve the number of leads you receive each week, you should set a specific goal of reaching that number. A consistent and measurable success level can help you track how well you’re doing and make changes to improve your performance.

Here are some smart goals to get you started.

Ten Sales Calls A Day

Making calls is one of the most effective ways to increase the number of leads that real estate agents receive. Although it can vary depending on your goals, reaching ten calls daily is a good target.

Conversing with your prospects is also essential to ensure you reach your goals. While making as many calls as possible may be tempting, failing to engage with your potential clients can cost you more money.

Two Listing Appointments a Week

There are various strategies that real estate agents can utilize to get listed. In some areas, you can meet with potential clients over coffee, while others can take advantage of online tools or attend events organized by the local community. Having at least two listings a week is ideal for any method.

Building a solid network can also help real estate agents get more listings. One of the essential steps that real estate professionals can take is establishing a lasting relationship with their industry. Whenever you interact with potential clients, make them aware of who you are and how you can help them with their real estate needs. Having a referral can help you secure a successful transaction.

Daily Social Media Posts

The rise of social media has made it easy for real estate professionals to connect with their potential clients and get more listings. According to a study by the National Association Of Realtors, over 77% of the organization’s members already use social platforms. 

One of the most effective ways to grow your social media presence is by posting at least once daily. One of the most popular platforms for real estate professionals is Facebook, which has a diverse demographic. Besides being able to connect with potential buyers and sellers, the platform also allows real estate businesses to interact with their customers. Instagram is another great option.

Follow Up On Leads

Follow-up strategies can help real estate professionals grow their brands and accelerate their careers. Establish a lasting relationship with your potential clients and follow up on your initial call within three days. 

One of the most effective follow-up strategies is to use text messages. This method allows you to reach out to a potential client even if they’re unavailable to hear from you on the phone. After reaching out again, email them stating that you tried calling them and sent a message.

Close on Four Listings per Quarter

Getting more listings is more challenging than it seems. A goal to close four sales per quarter can boost your business. One of the main factors you need to consider is the quality of leads. Having a good network of contacts can help you close a deal quickly and efficiently.

This blog was previously published on February 27, 2023 at WDarrowFiedler.org

Habits to Implement Into Your Real Estate Career

You’ll never stop searching for new ways to improve yourself. Doing the same things repeatedly won’t get you where you want to be.

You will start seeing positive results with these habits and tips once you implement them into your business.

Invest in Yourself

Investing in yourself means money and time. It’s also about taking advantage of the time that you have available. For instance, if you’re driving, you might return phone calls or listen to podcasts. Doing so will allow you to develop and improve your skills.

It would help if you tried reading a book related to your industry relevant to your current career. For instance, you can pick up a book about customer relations or business habits. These will expand your horizons and improve your skills in other areas of your life.

By learning more about your field, you can become an expert in it, which will help you distinguish yourself from the competition.

Be a Neighborhood Expert

When asked about a street, you should be able to provide the necessary information about its current condition and the status of its market.

When someone suggests a specific area or neighborhood, be prepared to provide suggestions at the top of your head. This is a vital part of being successful in your local market. Having this knowledge will allow you to make informed decisions when it comes to buying and selling houses.

Make a Plan

Agents also commonly raise a property’s asking price to get potential buyers’ attention. They believe that the home will sell for a higher price.

Before listing a property:

1. Make sure you’re ready to close the deal. This will allow you to get the most out of the process.
2. After answering the seller’s questions, get them to commit.
3. Try to identify their primary concern or objection by asking a question specific to their situation.

Make sure to address their concerns directly. They might also want to wait and think about the deal.

Be Transparent

One of the most critical factors your clients want to know is the reason behind every action you take. Successful agents go the extra mile to show their work. They go into detail to explain all the possible scenarios and roadblocks.

Regularly communicate with your clients so that they can understand how you are negotiating.

Good Relationships

Strong relationships are vital to building and expanding your influence. It can help you get referrals and other crucial parts of your business.

Ask your past clients what their favorite parts about their new homes are and learn anything you can do better.

You can ask for a referral during the call, but there should be other focuses of the conversation. Instead, it should be a relationship-building exercise.

Old clients are vital to any business, and you should be aware of the industry’s top providers.

This blog was previously published on January 27, 2023 at wdarrowfielder.net

How Video Content Helps Realtors

Despite the various technological changes in the real estate industry, video is still a trend that will continue to benefit real estate professionals. According to multiple realtors, their profits have increased by 40% since they started using video marketing.

Why Home Sellers Want Video

According to a Property Online Tech Trends report, 73% of homeowners prefer to list their homes with a realtor who provides video content. Video is becoming the go-to medium for all types of content.

Zabisco and 3M claim that people can process visual information 60,000 times faster than text. It’s significantly easier for search engines to rank a website if it has video content. 

In addition to being more effective at attracting more viewers, video converts at a higher rate. This is because it allows real estate professionals to convey certain emotions in a way that is difficult to achieve with still images.

Increased Business

The increasing popularity and demand for video content have significantly impacted the real estate industry. 

One of the essential factors real estate professionals can consider when using video content is its ability to drive their personal brand. Aside from boosting the number of eyes on your listing, video content can also generate organic traffic.

Implix says an email with video content can generate a 96% click-through rate. A survey conducted by BombBomb revealed that 90% of its users found video to be more effective at keeping in touch with their clients. In real estate sites, video content leads to more inquiries, and all major websites have adapted to accommodate it.

Websites

In addition to being the first content potential buyers see on various real estate websites, video content has also become an integral part of the marketing strategy of many companies.

One of the most prominent real estate websites in the Mid-Atlantic region is BrightMLS. According to the organization, over $125 billion in real estate transactions are reported annually. Its vendors can upload their listing videos to the platform for free.

Sell More

Hiring a professional photographer is also essential in marketing your real estate business. Each video is a window into the property for the buyer. A professional will create the mood you need to increase sales. 

This blog was previously published on January 23, 2023 at wdarrowfielder.net

What to Expect for the Real Estate Market in 2023 | W. Darrow Fiedler

The real estate market has changed drastically over the last few years. The pandemic brought a surge in demand for houses, followed by a freeze in the market as inflation and interest rates rose. That begs the question, what should we expect from the following year?

Most experts believe 2023 will bring a new semblance of normalcy. That means the market will settle down and return to more normal levels. Inflation should reduce or at least balance out, while interest rates will slow down. Let’s take a closer look at what to expect this year.

Housing Prices

Experts are quick to weigh in with their opinion on housing prices and values. Unfortunately, not all experts agree on this. For example, Realtor.com believes that housing prices will increase by another 5.4%, while Zelman believes the value will decrease by 5.1%. Ideally, these two extreme estimates will land in the middle, providing us with a stable market.

In other words, if we balance out the expert opinions on prices, it indicates little change. This means we’ll see a flat or neutral appreciation in 2023. This is good for sellers and buyers, as the market will not change drastically.

Rate Lock-In Phenomenon

Mortgage rates hit a record low a couple of years ago, countering the current higher rates we’re seeing. This results in homeowners with a low rate (below 6% in most cases and below 4% in exceptional circumstances). That’s great for those homeowners, but they will unlikely consider selling their homes with an average mortgage above 6%.

Homeowners are unwilling to give up their low mortgage rate in exchange for a higher interest rate. Some homeowners will sell regardless, either because of need or desire. But a large percentage will stay at their current home to wait out this shift.

Ironically, this is going to affect another market. Homeowners that wait out this shift may choose to work on home improvement projects. This will ultimately encourage a stronger contract market and increase home values — if done carefully.

Reduction in Building

There will likely be a reduction in the number of homes built over the next year or two. Specifically, experts believe that builders will cut back on the number of new single-family homes they are constructing. Likewise, building permits will likely decline as homeowners settle in and wait for rates to change.

Article originally published on wdarrowfiedler.net.

What to Know Before Renting to College Students | W. Darrow Fiedler

Landlords, as a rule, rent their properties to many different subsets of people, including students. However, there are certain things that landlords and property owners must know before renting to students.

Renting to a student is a great way to quickly fill a vacancy, give a young person a chance, and potentially make a difference in the community. The downside is the higher risks associated with this sort of rental. Here is what you need to know before you get started.

The Risks

As mentioned above, there are certain risks associated with renting to students. For example, most students will only need to rent a space seasonally, so renting to them may create vacancies in the summer. Likewise, most students will not have an extended credit history, putting them at higher risk financially.

There are other risks to consider, such as their lack of experience (including a lack of experience paying bills) and potential noise concerns (consider the stereotypical student behavior, and this one is clear). 

Students may also not understand basic tenant responsibilities, such as how to file a maintenance request. This may result in a little problem growing in scale when it otherwise could have been prevented.

The Positives

Don’t worry; there are positives to help balance these additional risks. There is a generally higher demand for student housing, especially near school towns and properties. So filling vacancies shouldn’t be an issue. This has a secondary benefit as it reduces the need for expensive advertising. Word of mouth will do that for you.

Since students have little experience renting properties, they will not go into this process with inflated expectations. In other words, they’ll be happy to get an apartment and won’t demand all the latest bells and whistles. They will happily accept a simple property with no upgrades.

Finally, the possibility of multiple roommates in a property can help to mitigate any financial risk. The more people on the lease, the easier it will be for them to make their monthly payments. As this is a common social expectation for students, frequent arrangements are already in place for this sort of thing.

Lowering Risk

There are additional steps a landlord or property owner can take when renting to students. These steps will help reduce the overall risk. For example, requesting a cosigner or guarantor will minimize the risk of property damage and ensure that the rent gets paid. Likewise, periodic inspections can help spot damage or other repair needs before they become a more significant problem.

Finally, it is critical to set expectations in the lease. This means laying out any rules, regulations, or rules to follow. Doing so in writing will protect you and make it easier for the students to find information as they need it. 

Article originally published on wdarrowfiedler.net.