Every week on The DownloadInman’s Christy Murdock takes a deeper look at the most read stories of the week to give you what you need to get you through Monday. This week: Does low inventory have a protective effect on the housing market? How long can it take?
Instead of ringing phones, the past few months have offered many real estate professionals the sounds of silence. Selling clients sit on their low interest mortgages like a hen protecting the nest. At the same time, frustrated buyers go through their portal of choice (probably Zillow, tbh) day after day, just hoping and praying that something new comes on the market.
Detach, and judges and naysayers are predicting a market crash of epic proportions. However, they have been doing it for quite some time. That either means they’re wrong or we’re on the brink of something pretty terrifying.
While my crystal ball is in the shop, Michael Gifford dusted off his and also looked at the predictions of others and made the case for a strong market in the coming months. Get absorbed in his analysis, and then check out some other resources for finding new clients, nurturing past clients, and getting the most out of every listing that comes your way.
The low-inventory seller’s market has provided real estate agents, buyers and affordability advocates with a convenient place for most of the pandemic and for years to come. Ironically, this can have a protective effect on the real estate market, offsetting the likelihood of a bubble and keeping home values high.
That’s just one of the factors Gifford identifies in his overview of the current and (short-term) future real estate environment. Understocked markets, significant pent-up demand and high levels of home owner equity suggest that it would take more than interest rates to reverse the current trend.
According to Gifford, “sentiment in the housing market is growing, especially in the area of equity investment. We have seen cautious optimism from institutional REITs adding colleges to their portfolios.”
While this is good news on a macro level, you still need to make money to stay in business. Fortunately, our Inman contributors have plenty of ideas to help you move forward as the second half of 2023 approaches.
Are you looking for new opportunities? How about a new (and growing) product category? Experienced broker Kendyl Young educates agents about the potential of ADUs as a value-added investment component for buyers and existing homeowners. “With her wealth of knowledge and commitment to educating others, Young is poised to revolutionize the real estate industry by promoting the benefits of ADUs and equipping agents with the tools they need to succeed,” writes smart home expert Brandon Doyle.
When records are rare, they should be treated like the rare treasures they are. That’s why you need to make sure you use the power of this listing to raise your professional profile and build your business. Here, Jimmy Burgess talks to Jimmy Mackin, CEO and co-founder of Curaytor, to outline a marketing plan that has a “composite effect” on your business.
When you get a listing consultation, you need to make sure you can demonstrate your expertise and land the client. This requires you to keep up with all the latest rules and regulations that apply to listings – don’t leave the job to your AI beast, ChatGPT. Bernice Ross gives the seller questions that tripped up the bot, but that you, as a listing agent, would rather have locked away.
Rain or shine, good market or bad, your past clients and sphere of influence are the best of the best when it comes to providing referrals that will keep an experienced agent in business – no matter what. Let Mauricio Umansky help you create a plan to stay top of mind with current and past clients so that no one and nothing slips through the cracks.