Business Management Archives - Amitree https://www.amitree.com/resources/category/real-estate/business/ Mon, 13 Mar 2023 17:23:53 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.2 https://www.amitree.com/wp-content/uploads/2019/12/cropped-Amitree_Symbol_Color-32x32.png Business Management Archives - Amitree https://www.amitree.com/resources/category/real-estate/business/ 32 32 25 Crazy Successful Creative Real Estate Advertising Ideas https://www.amitree.com/resources/real-estate/business/25-successful-real-estate-advertising-ideas/ Wed, 23 Dec 2020 23:24:00 +0000 https://www.amitree.com/?p=132638 If you want to succeed in the real estate business, you have to stand out from the competition. Most real estate professionals understand this, but it can still be tough to know how to do it. That’s because there are no hard and fast real estate advertising rules for getting new clients and growing your... Read more »

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If you want to succeed in the real estate business, you have to stand out from the competition. Most real estate professionals understand this, but it can still be tough to know how to do it.

That’s because there are no hard and fast real estate advertising rules for getting new clients and growing your business. Different tactics work for different people and it can be hard to find ways to stand out.

But it only takes a couple creative real estate advertising ideas to transform your business. It may sound crazy, but stepping outside the norm can result in a lot of success for agents — if you can offer something unique and personable.

We’ve created a list of 25 real estate advertising ideas you can leverage to grow your business. These are the kind of ad ideas that give top agents incredible results and they’ll work for you too. Check them out below:

1. Tell a Story to Set the Scene

tell a story

How you say it is almost as important as what you say. Storytelling is all about sharing vivid details and taking people on a journey to pull at the heartstrings. Use in listings, Facebook posts, email campaigns and more.

2. Create In-Depth Infographics

Visuals that explain something of value to your target audience can be very effective. Help home shoppers understand the local market with graphs, charts, guides and maps.

3. Share Useful Quick Tips

Sharing DIY home hacks for clogged drains, storage woes and routine home maintenance can help build any agent’s brand. Useful and easy tips also boost social sharing and email forwards.

4. Answer Their FAQs

Buyers and sellers always have questions. And some can be answered pretty easily. Create a page on your site dedicated to FAQs or write a blog or email series for longer answers. This demonstrates your immense knowledge and willingness to help to potential clients.

5. Promote a Free Service

When you offer a free service, such as a free consultation or a pre-sale readiness walkthrough, many people will take you up on the offer. It is a great way to expand your network and meet potential clients. Even if those people don’t list with you, chances are they’d be willing to recommend you to a friend.

6. Curate a Downloadable Property List

Look for ways to save potential clients time and effort, such as curating a list of properties in particular neighborhoods or within a certain price range. Enable prospects and website visitors to download your property list when they provide their email address (and potentially other info).

7. Use a Home Valuation Tool 

Seller leads always want to know what their house is worth. Free online home valuation tools are easy to integrate into your site or social media and can capture leads via an email form or the home’s address.

8. Feature Cutting-Edge Tech

Matterport virtual tours
Photo: Matterport.com

As agents, we are surrounded by cutting-edge tech for 3D imaging, floor plans, layouts and VR home staging. Take advantage of the wow factor by featuring them for your leads who don’t use them every day.

Check out more about using tech in our post about using 3D tours to increase buyer interest.

9. Don’t Skimp on the Photos

In real estate, you can almost never have too many photos. High quality images of homes – interior and exterior – including different angles and photography techniques will all help pique a buyer’s interest.

10. Create Useful Area Maps

Area sales maps are great for grabbing attention and providing value. Use an area map graphic to show selling prices or days on the market in hip, desirable neighborhoods.

11. Become A Thought-Leader

People look to real estate agents as trusted experts in the local community and the real estate market. You can become a thought-leader by sharing your insight with blogs, newspaper columns, or video updates.

12. Host an Educational Event

Many people enjoy being able to listen and get their questions answered from an expert like you. Consider hosting virtual or in-person educational events on basics like getting ready to sell, buying your first home or investing in real estate. Offer a free download (or pamphlet if in person) covering important information to incentivize attendance (free lunch also works ).

13. Feature a Pet in Listing Photos

Real estate advertising ideas

Incorporating pets into listing photos is probably one of the simplest real estate advertising ideas agents have tried, and it works. An occasional pet photo is fun and unexpected and makes for a much more shareable property image.

14. Co-Host a Webinar

Team up with a local lender, title company or home remodeler and film a webinar answering burning questions. You can capture leads for the live event and continue to use the pre-recorded video for lead-generation afterward.

15. Showcase the Community

Sometimes it helps to step out of the spotlight and focus on others. Consider a blog or video series highlighting great restaurants, entertainment or attractions in your local market.

16. Partner with Other Local Businesses

Turn your focus to the other businesses in your local community. Look for opportunities to partner and cross-promote, sponsoring events, buying ads or trading business cards.

17. Make a Cinematic Video

Take things up a notch by making a video with a high production value. You can show off your house marketing skills and knowhow while also wowing home buyers. 

18. Get Attention with Drone Photography

You can show homes from a unique perspective with modern drone photography. It helps listings with interesting architecture, landscaping and views really stand out. 

19. Ask for Reviews and Testimonials

Five-star reviews and great client testimonials carry a lot of weight with consumers. Ask your best clients to submit reviews and create testimonials that you can tout in your listings and ads.   

20. Set up Google My Business

Claiming your Google My Business directory listing is an easy way to show up prominently in local search results. It’s and free and quick way to be at the top of the list when someone searches “real estate agent near me.” 

21. Try Real Estate Advertising on Facebook

real estate advertising facebook

Facebook is a prime location to focus your advertising efforts. You can apply many of the other ideas on the list to your Facebook promotion, such as videos, storytelling, infographics, tips and FAQs. Further, Facebook allows you to target by user demographics and geography – making sure your ads reach the right audience.

22. Show a Live Tour on Facebook

There are some great opportunities for creating real estate advertising on Facebook, such as Facebook Live streams. This is especially useful during COVID, or just when you have out of state clients. It is also a great way to share your successes of gaining listings to encourage other sellers to reach out to you.

23. Social Media Retargeting

Retargeting can help advertise your business to prospects who are already looking at your website and social posts. With a Facebook Pixel, you can retarget these hot leads with special messaging and a strong call to action. Retargeted audiences are far more likely to convert than standard ad audiences because they’ve already shown interest.

24. Answer Questions on Twitter

A lot of people look to social channels like Twitter to ask open questions and crowdsource advice. Set up alerts for real estate keywords and offer helpful answers when a good question comes up – even if it’s not in your market.

25. Leverage Instagram

real estate advertising ideas

Instagram has become the social media of choice for many and with its focus on photography it’s well-suited to real estate. Leverage the opportunities provided with Instagram Stories, video posts, influencer marketing and paid promotions.

These are just a few real estate advertising ideas to get you started. Try out these and other ideas and track your results to see what works.

It only takes a couple great ideas to get the ball rolling and start getting more leads that will grow your business.

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The Ultimate Email Marketing Guide for Real Estate Agents https://www.amitree.com/resources/real-estate/business/ultimate-email-marketing-guide-for-real-estate-agents/ Tue, 01 Dec 2020 22:14:40 +0000 https://www.amitree.com/?p=120747 Chances are you just checked your email a little while ago. And so did potential buyers and sellers. If you aren’t already sending real estate emails to clients and prospects, you’re missing out on a golden opportunity. As an agent, real estate email marketing can help you reach more people and close more deals. Plus,... Read more »

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Chances are you just checked your email a little while ago. And so did potential buyers and sellers.

If you aren’t already sending real estate emails to clients and prospects, you’re missing out on a golden opportunity.

As an agent, real estate email marketing can help you reach more people and close more deals. Plus, it’s great for nurturing existing relationships and getting referrals from past clients. Best of all, it’s easy to get started.

At Amitree, our focus is not only on creating, but also recognizing the tools that help you save time and grow your business. We’ve compiled the ultimate email marketing guide for real estate agents.

It’s got everything you need. From how to get started with your first campaign, to how to create great real estate email templates and stand out from the competition.

Why Email Marketing Is Great for Real Estate Agents

Buying or selling a house is one of the biggest decisions people will make in their lives. It’s complicated by a lot of factors — finances, local markets, timing. It’s also a big life change and not something temporary or that happens in a day.

Real estate agent email marketing

That means the funnel to earn a new real estate client is long.

As an agent, you need to start a conversation and keep it going, build trust, show off your expertise, educate leads, and help them find a new home. This takes time and isn’t something you can accomplish in a single phone call.

Nurturing real estate leads over time is the best way to increase your sales and grow your business. And the best way to nurture sales — even in 2022 — is email marketing.

Email is also great for busy agents because of its low time commitment. Once you understand the basics, you can set up real estate drip campaigns that will let you automate a lot of your lead nurturing for sellers, buyers, referrals and more.

Real estate email marketing done right will grow your business without overloading you with more work.

How to Create Your First Real Estate Email Marketing Campaign

There’s more than one way to nurture leads through email. But, the method that works best for real estate leads is the “drip campaign” —  a series of planned emails sent to a select audience that nurtures them toward a specific goal.

email drip campaigns for real estate

You can use a drip campaign for getting:

  • New buyers to hire you for their home search
  • New sellers to list their home with you
  • Past clients to give you a call when it’s time to move

By crafting a series of real estate drip email templates, you can help take each of these audiences through your pipeline, from a welcome email, to learning about you and your services.

Even from your very first drip campaign, you can start to see results. It may sound complicated at first, but you only need a few things to get started:

  1. Email list
  2. Email marketing tool
  3. Real estate CRM

1. Start an Email List

Real estate agent email marketing

It’s tempting to throw all your contacts into your first email list, but avoid this. Email spam laws require subscribers to opt in and spammy messages are going to be less effective.

Instead, here are 4 ways to start building a new subscriber list:

  1. Announce your new list launch to your network of existing clients and contacts.
  2. Share your sign-up link via social media, marketing materials and online.
  3. Add email opt-ins to your client contact forms and your website’s sidebar, page footer, blog posts, and pop-up screens.
  4. Run ads on social media channels to direct traffic to your list sign-up.

Make sure to ask for the subscriber’s name, email address, and primary reason for signing up:

  • “I’m thinking of selling a home.”
  • “I’m interested in buying a home.”
  • “I’m looking for info about the local market.”

Also make sure to give people a reason to sign up:

  • Explain the value of subscribing to your list, such as access to listing announcements, neighborhood guides, etc.
  • Consider creating a free download that’s sent to inboxes right at sign-up, such as a PDF, e-book or infographic about the local market.

2. Choose an Email Marketing Tool 

Mailchimp for real estate email marketing

Mailchimp is the gold standard tool of email marketing. It’s tried and tested, easy to use, and free for less than 2,000 contacts. It’s many agents’ go-to tool for real estate email marketing.

But there are other options and you may already be using one of them. The real estate CRM tools Propertybase, Follow Up Boss and BoomTown and all have built-in features to help with your email marketing needs.

Whichever email marketing tool you choose, just make sure it has the features you’ll need. You want a tool that lets you:

  • Organize and sort the contact info of your subscribers.
  • Create sharp-looking real estate email templates with drag and drop design.
  • Automate email sending for your real estate drip campaigns.
  • Segment your list to speak directly to your target lead’s interest.
  • View analytics for your email open rates, clicks and conversions. 
  • Handle unsubscribe requests to remain spam law compliant.
  • Integrate with your other lead tools, such as your website and CRM.

3. Connect Your Real Estate CRM

A tool like Mailchimp can be used on its own to send real estate emails to clients, but there are big advantages to integrating your email marketing tool with your CRM system.

Your real estate CRM can be the go-between connecting your list sign-up and your drip marketing tool. Your CRM will give you a profile for each subscriber with a record of the emails the potential client has received.

Tying your email marketing to your CRM gives you more data about how your email strategy is performing, such as how many email leads converted to clients and sales and how much nurturing they needed to convert.

Connecting your CRM also opens up the ability to automatically trigger specific listing emails or drip campaigns based on a prospective client interacting with one of your listings on your site.

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How to Create Real Estate Email Templates and Content

With your list, your email marketing tool and your CRM working together, you’re on your way to nurturing leads while you sleep, with the automation tools doing most of the work for you — but you still need to come up with the contents of your emails.

Email marketing template for real estate

The email marketing content you send your prospects is crucial to your success. It has to look great, offer value to the recipient and give prospects a reason to act.

It’s a good idea to save yourself some time upfront and create reusable templates of messages you send frequently, such as:

  • Welcome emails
  • Listing announcements
  • Open house notices
  • Event announcements
  • Neighborhood guides
  • Local market trends
  • Homeowner tips
  • Client success stories
  • Referral emails
  • Drip sequences
  • Follow-up emails
  • Buyer lead emails
  • Seller lead emails

Luckily, there are some ready-made drip email and newsletter templates real estate agents can use to make this simpler. Software tools like Mailchimp include free customizable templates and other template resources can be found online.

For even more content inspiration, take a look at the savvy email ideas from:

How to Stand Out from the Competition

If you haven’t already, now is a good time to start paying attention to your own inbox and what kind of emails get your attention. Or try subscribing to some other real estate lists and see how the competition targets leads in your area.

Email allows you to adapt and improve as you go. You can also try split-testing, sending two versions of a subject line or message content to see which gets one gets the better response from your audience.

As someone new to email marketing, your first goal should be to get your emails opened by your subscribers. Focus on clear writing and short subject lines to make your messages stand out in the inbox. Start with one compelling call-to-action per email and monitor your results.

Taking your email marketing to the next level will help you stand out from the competition in your area. With these tips you can get the most from your email marketing efforts.

If you’re an agent looking to get the most from your own email inbox, Folio is a great time-saving tool that can streamline your real estate transaction communications.

Folio is our AI-powered add-on that integrates seamlessly with your regular email account. Our algorithms know how to filter and organize your inbox automatically, so you can always find what you need. It’s one more tool you can use to save time, grow your business, and stand out from the competition.

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How to Close Real Estate Transactions on Time (Part 3: Common Delays) https://www.amitree.com/resources/real-estate/business/how-to-close-real-estate-transactions-on-time-part-3-common-delays/ Fri, 23 Oct 2020 00:06:55 +0000 https://www.amitree.com/?p=98851 In part three of our series, we look at common hold-up points that cause delays. We also cover what real estate agents can do to push through them and close on time. Hold-Up Points of Delayed Contracts Getting buyers and sellers to the closing table on time has been tough this year. Only 67% of... Read more »

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In part three of our series, we look at common hold-up points that cause delays. We also cover what real estate agents can do to push through them and close on time.

Hold-Up Points of Delayed Contracts

Getting buyers and sellers to the closing table on time has been tough this year. Only 67% of contracts are settling on time, according to the July Confidence Index survey from the National Association of Realtors. In a normal year, around 75% of deals close on time.

A quarter of recent delayed contracts fell into NAR’s “other” category, likely due to COVID-19 related issues. But the majority of recent transaction delays are familiar for agents, such as:

  • Financing issues
  • Appraisal issues
  • Title issues
  • Inspection issues
  • Insurance issues
  • Contract contingencies

Here’s a look at these common hold-up points and what you can do to help your buyers and sellers reach the closing table on time.

Financing Issues

Issues related to obtaining financing have been the number one real estate transaction delay for buyers and sellers this summer.

Many delays continue to be routine, but some deals hit a snag due to a buyer’s job loss or other financial hardship..

In a perfect world, you would work with a well-qualified buyer. One who submits their loan documentation on time, with no surprises with the appraisal, inspection, title search, or insurance quote. The lender then follows through perfectly with underwriting and the necessary disclosures.

But usually, there’s at least one piece of this complex process that needs special attention to push through on time.

There’s not much an agent can do about a client’s job loss, but you can help clients through other financing issues. Make sure they’re preapproved, follow up on those paperwork deadlines, and be there to offer advice if there’s an issue.

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Real Estate Appraisal Issues

A lot depends on the appraisal, including the buyer’s financing.

Your real estate transaction could come to a standstill if there’s a problem and neither side wants to budge on the price. But a lender can only approve financing for the appraised valuation, so something has to give.

Ideally, the seller lowers their asking price, the buyer ups their down payment, or the two parties agree to meet somewhere in the middle.

With so much riding on the appraisal, the longer it takes to agree to a price adjustment, the more likely it is the transaction won’t close on time.

Resolving a low appraisal quickly is key. In limited cases, a seller may be able to challenge the appraisal for inaccuracies. But more frequently, a compromise will be required.

Explain your clients options to them and the risks of a delay. Practice good communication with the other party’s agent to work past difficulties quickly.

Transaction Title Issues

Real estate title issues can seriously impact your closing timeline. The sale can’t go through until the title is clear of any legal claims by a third party, such as liens, judgements, or bankruptcies.

Almost all titles have small defects. Often these can be remediated with a simple signature on the right form in a matter of days.

But it’s bigger issues that cause most title delays, and these defects are not uncommon. About one-third of title searches find a title issue that may take weeks to resolve.

The title company may need its signature from a contractor or beneficiary that can’t be found. Or, the search could turn up liens from delinquent taxes, past-due spousal support, or spousal fraud issues.

A buyer’s agent can help by ensuring the title search is ordered promptly. This makes sure there is time to address any problems that do come up.

A seller’s agent can avoid delays by ensuring the client has taken care of outstanding debts, taxes, contractor bills, and divorce paperwork before the house is under contract.

Inspection Issues

Inspections usually turn up something that needs to be fixed. But many closing delays are due to a disagreement on how to deal with repairs or issues.

It’s easier for motivated parties to get past the inspection and negotiate a fix. A motivated seller can credit the buyer at closing for the cost to make repairs after they move in, while a motivated buyer can decide to shoulder some or all of the cost of fixes to keep the seller happy.

Things get more complicated when certain repairs — such as a roof, foundation, or termite remediation — are required by a lender to finance the sale. There is no hard and fast rule about who must pay for repairs, so your closing can hit a snag if negotiations break down.

Agents can play a key role in keeping things moving after an inspection. Beyond repairs and concessions, sellers could offer to purchase a one-year home warranty for the buyer, throw in appliances or furniture they had been planning to keep, or drop the price and list the home as-is if the first buyer backs out.

Insurance Issues

With insurance generally required for all financed sales, a high quote or refusal of coverage from an insurer can spell trouble for a closing.

Most transactions are not impacted by a problem with insurance. The premium is affordable, the property is insurable and the sale can proceed. Yet for about 1% of delayed closings, insurance issues are to blame.

Issues can vary. A buyer could get sticker shock if updated FEMA flood maps mean they need hazard coverage on top of a homeowner’s policy. Fixer-upper homes with neglect or damage can fall below FHA insurable standards. Even nice homes can be flagged as uninsurable due to missing railings, overhanging trees, unfenced pools or other hazards.

Agents can help by being proactive. Advise buyer clients about insurance requirements in high risk areas.

Sellers agents should inform their clients about potential problems like flood maps, dead trees, and obvious structural issues, and tell all clients to ask for a quote as soon as they’re under contract.

Contract Contingencies

Problems with contract contingencies can easily push back the settlement date since there’s usually little time to fix them.

When all goes well, you and the buyer will do the final walkthrough, checking for a home that’s empty, undamaged, and clean. The negotiated repairs have been completed and the appliances included in the sale are present and accounted for.

Depending on the circumstances, unfulfilled contingencies can put the whole transaction in jeopardy. If the pool had to have a fence for the insurance and loan to be approved, it’s a problem if this repair hasn’t been done.

Facilitating communication is key to making sure that contingencies are being fulfilled on schedule. If a seller can’t make repairs before closing, an agent can suggest concessions to fund the buyer completing the work after close, which will help things stay on schedule.

As a real estate agent, you play an important role in keeping everyone on the same page. That can be difficult when you’re juggling multiple transactions and your inbox is a mess.

An email organization tool like Folio can really help. Not to brag, but Folio’s AI-powered algorithms help you save time and stay on schedule by filtering and organizing your inbox automatically.

It’s our trick for how to close on time, even when you’re faced with these common hold-up points.

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How to Close Real Estate Transactions on Time (Part 2: Tools) https://www.amitree.com/resources/real-estate/business/how-to-close-real-estate-on-time-part-2-tools/ Thu, 15 Oct 2020 01:17:56 +0000 https://www.amitree.com/?p=98688 In part two of this three-part series, we take a look at tools that help keep everybody on the same page so you can close your real estate transactions on time. (And, in case you missed Part 1 where we covered transaction closing steps and process, you can check it out here.) Tools to Close... Read more »

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In part two of this three-part series, we take a look at tools that help keep everybody on the same page so you can close your real estate transactions on time.

(And, in case you missed Part 1 where we covered transaction closing steps and process, you can check it out here.)

Tools to Close Real Estate Deals on Time

As a real estate agent, a lot of your attention is focused on helping clients navigate through the closing process with minimal delays and stress.

Knowing how to close on time often comes down to working smarter and the right set of tools can help all aspects of your business:

  • Communication
  • Organization
  • Documentation
  • Monitoring
  • Task management
  • Time management
  • Service

Here are 10 tools all real estate agents should be using to close deals on time with minimal stress.

1. Text Autoresponder

No one likes playing phone tag. It’s frustrating when you miss calls and texts, and as a real estate agent, it can dramatically slow down the closing process.

Autoresponder tools like SimpleTexting and Follow Up Boss let you automate your phone and text message communications so your clients and colleagues aren’t left hanging.

This is really useful for reducing no-shows and rescheduling appointments so your closings can stay on track.

2. Real Estate CRM

One of the downsides to using a CRM that isn’t built for real estate is that it can be trickier to move deals through your pipeline efficiently.

Purpose-built real estate CRM tools such as Propertybase and BoomTown are a great way to organize and manage leads, contacts, listings and workflows.

A real estate CRM helps you simplify your daily tasks, monitor the closing process, and make sure your other listings and potential new clients aren’t falling through the cracks.

3. Project Management

A brokerage team can be a great help with the closing process, but it’s tough to keep everyone on the same page when there are so many moving parts in a transaction.

Project management tools like Trello can be a life-saver, letting you keep track of tasks for multiple listings, open houses, and transactions.

The ability to create projects, assign tasks to your team members, and check the status of the transaction as it moves through each stage can be a real game-changer for your brokerage.

4. Business Templates

Info sheets help guide first-time buyers through a real estate transaction without a hitch, but it takes time to sit down and make them.

The business templates from Breakthrough Broker are incredibly useful to any real estate agent. You can quickly customize brandable templates, such as a real estate terminology cheat sheet, closing checklist, or moving checklist, and share it with your clients.

By using these ready-made templates you can provide stellar service to your clients while saving yourself time answering FAQs and sending reminder emails.

5. Document Editing

Things can really hit a snag if an out-of-date document needs a quick edit and you are not near your computer.

If you haven’t upgraded from the old Microsoft Office to Office 365, you’re missing out on some nice new features, such as cloud-based access, live collaboration, and enhanced security.

The new features help make sure you can work on your documents from anywhere so you stay on track.

6. Video Conferencing

Pulling up a PDF and joining a virtual meeting are second nature for real estate agents, but not all homebuyers are as tech savvy.

Luckily, pretty much everyone has a Gmail account, meaning even the less technically inclined can open your PDFs, add your meeting to their calendar alerts, and join your Google Hangout.

For more info, check out our post covering everything a real estate agent needs to know for video conferencing.

7. Calendar Scheduling

With back and forth emails, texts, and calls, it’s easy for something to get double-booked, setting back the timeline to close.

An all-in-one calendar scheduling tool like Calendly can help make sure you don’t double-book while also cutting down on email tag. You can connect all your calendars, set your availability, and let clients choose an available slot.

It’s really great to have one link you can send everyone involved in the closing that needs to book time with you.

8. File Hosting

Emailing large documents has its faults. Most agents know what it’s like to deal with spam filters, lost messages and missing attachments.

Using a cloud-based file hosting app like Google Drive or Dropbox makes it easy to store and access all your transaction documents safely and securely online.

Having access to the files you need when you need them is crucial for making sure deals stay on track.

9. Email Organizing

The email inbox of a busy real estate agent can go downhill fast with important communications lost in the noise causing avoidable delays.

An email organizing tool like Folio helps you stay on top of transaction communications. Not to brag (okay, maybe a little), but Folio uses AI-powered algorithms to filter and organize your inbox so all your transaction communications are at your fingertips.

With Folio, you can monitor the closing process right from your inbox, making sure everything is happening in accordance with the closing timeline.

Look Like a Pro,

Close Like a Pro

10. Electronic Signing

Chasing down signatures before COVID-19 wasn’t fun, but now there’s an added layer of complexity.

An electronic signing service such as DocuSign saves time, since documents can be signed securely online. DocuSign is legally binding in all 50 states and accessible from any device.

Collecting and storing signed transaction documents online helps keep your closing process on track. Plus as a Folio partner, DocuSign integration brings the process of getting signatures right into your inbox.

Clients buying or selling a home right now are looking for an agent who can help make their transaction as stress-free and time efficient as possible. With the right tools you can close on time every time – while making it all look easy.

The post How to Close Real Estate Transactions on Time (Part 2: Tools) appeared first on Amitree.

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How to Close Real Estate Transactions on Time (Part 1) https://www.amitree.com/resources/real-estate/business/close-real-estate-transactions-on-time-part-1/ Wed, 14 Oct 2020 16:28:06 +0000 https://www.amitree.com/?p=91799 Closing a real estate transaction on time can be tough under ordinary circumstances, but this year is far from ordinary. The pandemic, lockdowns, and uncertainty have added more complexity to an already complex process. Knowing how to close on time under these circumstances requires knowledge of the process, the right tools, and special attention to... Read more »

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Closing a real estate transaction on time can be tough under ordinary circumstances, but this year is far from ordinary. The pandemic, lockdowns, and uncertainty have added more complexity to an already complex process.

Knowing how to close on time under these circumstances requires knowledge of the process, the right tools, and special attention to get through common hold-up points. 

In this three-part series, we’ll look at each of these key areas, starting with the residential real estate transaction closing process itself. 

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How Closing Timelines Vary During COVID

Knowing what you need to do, and by when, is especially important for agents helping clients through the home sale or purchase process during the coronavirus pandemic. 

Even with COVID-19, the real estate market has been very active in some parts of the country. We have all heard stories of multiple offers and homes bought sight-unseen, due to the circumstances of the current moment. 

However, Ellie Mae reports that the average time to close a residential property transaction is still hovering around 46 days. Financed sales closing in 45 to 60 days is still the norm. 

The first steps to closing a real estate transaction on time

Closing your real estate transactions on time during a pandemic requires agents to facilitate a process with a lot of moving parts. Here are 4 items to address right away: 

1. Consider adding a Coronavirus Addendum to your purchase offer terms

Technically, the clock starts ticking once the offer contract is signed. But as a real estate agent, you can help set your clients up for success by ensuring the timeline is reasonable. 

Inexperienced buyers are often overly optimistic when it comes to picking a settlement date — they just don’t know everything that goes into the sale of a home — so be sure to guide them. 

A timeline of 45 to 60 days can offer a buffer in these times of uncertainty, while a coronavirus addendum can help ensure a good sale doesn’t fall through due to circumstances beyond anyone’s control. 

2. Escrow and Earnest Money

With so much uncertainty in many local markets due to the pandemic, earnest money is really a must as a good-faith deposit to ensure sellers that the buyer is serious. 

A buyer may be ready to hand over a check with their purchase offer, but it can take as much as 5 to 10 days to make the arrangements for a title company, escrow service or attorney acting as an escrow agent to receive the buyer’s earnest money and properly deposit it. 

Earnest money is credited towards the down payment. Real estate agents should check that it’s handled properly at the outset to avoid a delay at closing.

3. Loan Financing and Approval

Note the mortgage commitment due date specified in the contract. Sellers will be looking to make sure the buyer is sticking to the timeline and that financing is being secured. 

For the buyer’s agent, loan financing is the top priority. This is where underwriters really scrutinize the buyer’s numbers. Agents can help by making sure their buyer understands what loan documentation is needed and that it is gathered and submitted. 

Even with a pre-approval, you can expect it to take anywhere from 2 to 4 weeks for the buyer to receive their conditional loan approval.

4. Title and Insurance 

As real estate buyers are securing financing, sellers should be focused on resolving any issues with the title company. 

Order a title search to verify ownership and ensure that the home is saleable. Title insurance is also needed to protect the buyer and their lender from past liens, encumbrances and defects in the title. 

About one-third of titles have defects that need to be cleared before a mortgage or transfer of ownership can move forward. Some titles clear quickly, others may take so long to fix that they can kill a sale. 

You may need to do some legwork to ensure a title commitment and stay on schedule. Make sure to start early and plan for the title process to take 2 to 3 weeks. 

What to Do Next

As soon as the initial parts of the process are under way, it’s time to turn your attention to the next items of importance. While crucial, these are not usually as time consuming: 

5. Inspections and Repairs 

Most lenders require one or more types of home inspections to make sure hidden problems aren’t waiting for the new owners. Home inspections don’t take long to book or to complete, but a few points deserve an agent’s attention.

Scheduling an inspection usually requires coordination of the inspector, the seller and often the buyer, who also may want to attend.. 

Inspections should also be completed early enough in the timeline to allow the buyer and seller to come to an agreement on any repair requests and for the fixes to be completed. 

You may need to help with scheduling the inspection, communicating repair requests and verifying repairs, a process which could span 1 to 2 weeks. 

6. Appraisal and Price Adjustment

The appraisal is another lender-required item needed to verify the fair market value of the home. The appraisal also determines the loan-to-value ratio and satisfies other underwriting requirements.

Hopefully, the seller and their agent have priced the home correctly according to the market and the buyer and their agent have responded with a suitable offer. If not, you all could find yourselves back at the negotiating table. 

In most markets, ordering an appraisal takes between 5 to 10 days. Any renegotiations after the appraisal report comes back need to be resolved before the final loan can be approved. 

What to Follow up on

As closing day approaches, your main task will be to follow up on all the details. Agents will need to ensure that financing, title commitment, and insurance have been secured and finalized. Further, it is important to ensure agreed-upon repairs have been completed. Beyond this, you’ll need to focus on these items as you near the finish line: 

7. Contractual Agreements 

Any other terms and conditions described in the offer contract need to be met before closing and settlement. This includes funding requirements and constructive approval or removal of any remaining contingencies.  

8. Final Walk-Through

The final walk-through is one last chance for the buyer and their agent to confirm the condition of the property prior to closing. The buyer can check completed repairs and the presence of any items to be conveyed in the sale. 

9. Closing Disclosure 

At least 3 days before the settlement date, the buyer should receive their closing disclosure. The buyer’s agent should ensure there are no mistakes and that the buyer understands the closing cost, tax, insurance obligations and anything else they’ll be responsible for at the closing. 

10. Closing Day 

On closing day, you should be able to relax a bit. With the settlement agent in charge, you’ll be there to answer any last-minute questions or concerns your client has. 

With everything going on, clients will be looking for more reassurance and guidance than ever. Getting to closing is a lot of work. Folio can help you save time and stay on top of your transaction communications. It’s our trick for how to close on time every time, even under these stressful circumstances.

The post How to Close Real Estate Transactions on Time (Part 1) appeared first on Amitree.

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How to Choose a Real Estate Brokerage https://www.amitree.com/resources/real-estate/business/real-estate-brokerage-how-to-choose/ Thu, 23 Jul 2020 19:24:30 +0000 https://www.amitree.com/?p=75669 It matters where you hang your hat. Most real estate agents understand how much the choice of a home matters to home shoppers. But what about when it comes to agents choosing a brokerage? As any industry veteran will tell you, the brokerage you call home plays a big role in your career in real... Read more »

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It matters where you hang your hat. Most real estate agents understand how much the choice of a home matters to home shoppers. But what about when it comes to agents choosing a brokerage?

As any industry veteran will tell you, the brokerage you call home plays a big role in your career in real estate. It’s always a big decision and there’s no shortage of options.

It can be difficult to know how to choose a real estate brokerage. You will have to know what to look for and what options might work best at this point in your career. Plus, you have to stay on top of how the real estate industry is changing, because that will affect your choice.

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Narrowing Down the Options

At last count, NAR reports there are over 100,000 brokerage firms in the U.S. And there are successful agents at each one. So how do you find the brokerage that’s right for you?

Every brokerage has its strengths, and there are many factors you could consider when picking a brokerage, including:

  • Brokerage reputation
  • Market reach
  • Size and location
  • Inventory specialties
  • Commission options
  • Franchise and desk fees
  • Workplace culture
  • Admin support
  • Marketing and leads
  • Facilities and resources
  • Training and mentoring

With so many options, it’s important to focus on what’s must-have and not nice-to-have. You’ll bring a motivation to learn, work and grow. But what does the brokerage bring to the table?

A good start is to look at how a brokerage compares in terms of:

  • Commission splits
  • Training and support
  • Leads

What’s the Commission?

This question is often top of mind for agents and for good reason. The commission options, splits, caps, agent fees, transaction fees, and more, all play a big role.

Some big names, such as Keller Williams, are very clear and transparent with their commission structure. For other brokerages, it depends. Each office may negotiate its own split with agents, which could range from 60/40 to 100% after you’ve met your cap.

Newer models minimize the role of commission, which can be good if you’re risk-averse.

The NYC firm Yoreevo has been noted for its business model of salaries and benefits to better serve clients and aid recruiting. As a hybrid brokerage, Redfin pays salaries, benefits and bonuses to agents, attracting more deals with its low, flat listing fees.

It all depends on what you’re looking for at this point in your career. Some agents chase better commission splits before they’re ready, forgetting that 100% of zero sales is still zero.

Even if a brokerage appears to have a below average commission structure, you could come out on top if the support and resources are there.

What Training and Support Is Available?

Ask yourself what kind of company you’d like to work for, and you’ll start to have a better idea of what kind of training and support structures to seek out in a brokerage.

Here, the traditional brokerages really shine. Coldwell Banker offers training and mentoring through its Coldwell Banker University programs, making it great for agents new to the business.

Keller Williams is another traditional brokerage that offers extensive training in person and online, and has developed a mentorship program that ties in recruiting and profit sharing.

Or for a change of pace, there’s virtual brokerages like eXp Realty, which offers a ton of self-paced remote resources and remote networking to mentor new agents and build ties across the company.

There’s close to a 50/50 split of agents who choose one of the big-name brokerage franchises versus small, independent brokerages. So if you like more freedom and less training, you’re not alone.

But be aware that with an independent brokerage you’ll need to do more legwork for marketing, lead generation and conversion, which isn’t always a bad thing.

What About Leads?

You may already use Folio to manage your communications with clients, but make sure to find out what the brokerage will do to help you get new clients through marketing, referrals, and lead generation.

While it’s usually up to agents to generate their own business, many big brands now offer agents access to high-tech marketing and lead management tools.

Century 21 invests heavily in online ads targeting millennial home shoppers, while other brokerages focus their lead efforts on different markets.

Tech-based brokerages also really shine when it comes to leads.

Compass has leveraged its in-house technology to help its agents increase productivity and profitability. Realogy has invested in lead nurturing with transaction journey tech that helps connect agents and consumers. And eXp Realty‘s remote real estate capability tech has made it a favorite with part-time agents.

Some brokerages can also bring in leads on name recognition alone. RE/MAX is one of the most recognized brands in the industry, and it’s known as a favorite home for established, high-performing agents, who leverage the brokerage’s brand to do even more business.

Conclusion

When you start comparing brokerages, you’ll find there’s a bunch of different setups. But no matter which one you choose, make sure it supports its agents.

A talented, motivated agent can excel under many commission models, as long as there is support for your training, marketing and lead generation efforts.

Traditional brokerages have a lot to offer, but don’t be afraid of technology-based brokerages if that feels more like the right fit for you at this point in your career.

Finally, once you’ve made the decision, commit. Make the most of every opportunity to learn and grow.

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Real Estate Advertising Comparison: Realtor Pro vs. Zillow Premier https://www.amitree.com/resources/real-estate/business/realtor-pro-vs-zillow-premier-real-estate/ Wed, 08 Jul 2020 19:10:01 +0000 https://www.amitree.com/?p=74661 Prospective home buyers and sellers spend hours on real estate portal websites trying to understand features, value, and pricing when it comes to buying or selling a home. We’ve compared two of the most popular premium subscription services real estate agents use to reach buyers and sellers on these portals – Realtor Pro and Zillow... Read more »

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Prospective home buyers and sellers spend hours on real estate portal websites trying to understand features, value, and pricing when it comes to buying or selling a home.

We’ve compared two of the most popular premium subscription services real estate agents use to reach buyers and sellers on these portals – Realtor Pro and Zillow Premier. Below, we compare them head to head to see which has the best features, usefulness and value.

Realtor Pro vs. Zillow Premier

There are a lot of real estate services, tools and products that can help agents advertise their brand and generate leads. But none are as popular as Realtor Pro and Zillow Premier.

Look Like a Pro,

Close Like a Pro

There’s a 99% chance that your clients will visit Realtor.com and/or Zillow at some point in their home buying or selling journey, and that makes both portals a good option for marketing. But which one should you choose?

Here is our comparison to help you make your pick.

Features Comparison

For a fair, apples-to-apples comparison of these two competing real estate services products, here’s how Realtor Pro and Zillow Premier compare across 4 key factors:

1. Visibility

Realtor.com is one of the top real estate websites in the US. With around 53 million unique visits per quarter, Realtor Pro is a good choice for growing your online presence.

Zillow is the most visited real estate portal in the world. Zillow reports 137 million monthly unique users.

2. Partnerships

Realtor.com is the flagship consumer and professional web portal for the Move, Inc. brand. Besides, Realtor.com, its sites and services include:

It’s a deep reach into the consumer market and a lot of professional expertise. (Note: Realtor.com is not directly affiliated with the National Association of REALTORS.)

The Zillow Group brand owns:

That’s also a lot of reach and exposure. Zillow Premier automatically lets you market to users on both Zillow and Trulia. 

3. Tech Tools

Realtor Pro has a suite of marketing tools to help agents build their online real estate brand, including:

●  Local Expert for custom display ads on Realtor.com search pages, Facebook and Instagram.

●  Advantage Brand for listing performance reports to get seen by more local buyers and sellers.

●  ListHub Presentation Tools for exposure across 750+ real estate websites and lead nurturing with seller client listing reports.

●  Essentials Toolkit for building your brand and business profiles online with a free Realtor Pro account. 

Zillow Premier gives agents access to a suite of real estate services tech tools, including:

●  Agent Advertising for lead pipelines featuring live lead transfers.

●  My Agent for exclusive buyer’s agent messaging and insights.

●  Agent Account for showcasing your agent profile, current listings, past sales, managing your lead pipeline, and leveraging your team’s expertise. 

●  Agent CRM for exclusive client insights, tracking your performance and ROI, and managing reminders and notifications. 

●  Agent Direct for premium exposure on Zillow and Facebook.

4. Leads

The Realtor Pro tool Market Reach lets you create automated ads for Facebook and Instagram home shoppers, then use Connections Plus to respond to buyer leads and engage potential clients.

Leads are not exclusive, but neither are all zip codes, meaning there is opportunity even if you’re new. For seasoned agents with bigger budgets, buying an exclusive zip code is a must.

Lead generation is the main reason to try Zillow Premier and with Zillow’s reach there’s abundant opportunity with Agent Advertising for buyer leads using Zillow’s live transfer feature.

Like Realtor Pro, Zillow Premier leads aren’t exclusive, but can be shared among a limited handful of agents for the same zip code, so your lead volume, speed and responsiveness really count with Zillow.

Usefulness Comparison

Realtor Pro’s best use is for agents who want to focus on display ads for buyer leads. If you excel at Facebook and Instagram advertising or referral leads from social media, this is where you want to be.

Realtor.com has good traffic volume, name brand recognition, and good exposure for listing agents. It has exclusive agent zip codes if you have the budget for it, and clients and prospects will be impressed with listing and performance reports.

Zillow Premier’s best use is for agents who want to focus on native advertising on Zillow and Trulia for buyer leads. If you want to find qualified leads in the form of buyers/sellers looking for an agent, this is where you want to be.

Zillow features the highest traffic volume in the business for the most potential leads, which is great – but you do have to be quick in your responses or you will lose the lead to another agent.

If you have a number of listings on Zillow, you can claim exclusive ad space as a listing agent. With Zillow, you can also leverage your profile, track record and team expertise to effectively turn more leads into clients.

Value Comparison

Realtor Pro and Zillow Premier both have a few freebies for building an online presence. Paid lead generation for each starts at around $200 per month, but this budget will likely need to be increased to be effective.

Like most real estate lead generation services, conversion rates of around 3–5% mean you’ll need enough lead volume to get a good ROI. Agents with low lead volume tend to complain about lead quality for both Realtor and Zillow.

Agents with the best ROI may spend $1,000–$2,000 per month or more. And some high volume brokerages spend tens of thousands per month to see a good profit.

Realtor Pro requires a 12-month contract, while Zillow Premier only requires a 6-month contract to start. (Pro Tip: Pick your zip code carefully because it’s difficult to switch or cancel your contract early.) And similarly to most marketing efforts, better success comes to those making a long-term marketing investment with a well thought out strategy.

Zillow Premier vs. Realtor.com Pro – Bottom Line

As to whether Realtor Pro or Zillow Premier is best for you, that’s something each agent will need to decide based on objectives and goals. If you’re unsure about how long you may want to continue this marketing effort and expense, Zillow Premier’s shorter contract term (6 months) is probably the major deciding factor.

With both Realtor.com and Zillow, newer agents have a great starting point to build their business and veteran agents can benefit from fresh leads for their established brand.

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Update: Data Shows Real Estate Transaction Volume Recovering Post-COVID-19 https://www.amitree.com/resources/real-estate/business/covid-19-real-estate-transaction-volume-update/ Wed, 01 Jul 2020 21:46:22 +0000 https://www.amitree.com/?p=74050  The real estate industry and the housing market were dramatically impacted by the COVID-19 shutdown. In March and April, transaction volume dropped by nearly 40% in only 3 weeks. Transaction volume bottomed out in late March and early April then rebounded, slowly trending up since mid-April. After nearly 2 more months, volume has reached the... Read more »

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  •  The real estate industry and the housing market were dramatically impacted by the COVID-19 shutdown.
  • In March and April, transaction volume dropped by nearly 40% in only 3 weeks.
  • Transaction volume bottomed out in late March and early April then rebounded, slowly trending up since mid-April.
  • After nearly 2 more months, volume has reached the previous peak level last seen in early March.
  • June had the highest transaction volume of the year so far.
  • A lot of uncertainty remains, with agents still hurting from lost business this spring and states/counties pausing or reversing their opening plans.
  • This continues to be an unprecedented situation. Since our last look at Amitree’s proprietary data on real estate transaction volume amid COVID-19, things have improved — transaction volume bottomed out and then rebounded. And while it feels like the real estate industry has turned the corner, it may be too soon to say we’re out of the woods.

    At Amitree, we’re continuing to analyze large volumes of our proprietary data to get quantifiable answers about the impact of the pandemic. Folio, our email organization tool for real estate, is used by 100,000 real estate agents, mortgage brokers and transaction coordinators, offering a window into the health of the industry.

    Look Like a Pro,

    Close Like a Pro

    As a heavily data-driven company, we think it’s important to look at and extrapolate from our data on transaction volume to help understand the impact of the pandemic.

    What New Data Tells Us

    Folio automatically identifies new real estate transactions, helping our users stay organized, as they manage tens of thousands of transactions each week. March is typically a strong month for transaction volume, with a weekly average volume of almost 48,000 new transactions managed in Folio. See Figure 1.

    Figure 1

    WeekTransactions Found
    2019-02-2445,319
    2019-03-0346,627
    2019-03-1049,063
    2019-03-1751,149
    2019-03-2445,661

    This year was a very different story. Transaction volume started the month in similar territory, with a peak of 47,819 transactions the week of March 8. But the pandemic and shutdown led to a steep decline for transaction volume, which fell more than 39% later in the month at a time that should have been the peak buying season. See Figure 2.

    The week of March 29 was the trough, with volume down to only 29,160 transactions. The average weekly transaction volume for March 2020 was only 39,968. Compared to the same month last year, this is about 16% lower volume.

    Figure 2

    WeekTransactions Found
    2020-03-0146,830
    2020-03-0847,819
    2020-03-1540,118
    2020-03-2235,911
    2020-03-2929,160

    While the week of March 29 was the low point of the drop, volume remained low for the next several weeks of April before trending back up. It really wasn’t until the week of May 17 — more than 2 months after a U.S. national emergency was declared — that we began to see real estate transaction volume return to the pre-pandemic highs of March. It took another two weeks until transaction volume returned to levels equivalent with the 2019 Spring season (week of May 31)  See Figure 3.

    Figure 3

    WeekTransactions Found
    2020-04-0531,895
    2020-04-1230,812
    2020-04-1936,208
    2020-04-2638,432
    2020-05-0339,901
    2020-05-1044,665
    2020-05-1746,108
    2020-05-2444,073
    2020-05-3151,706
    2020-06-0753,801
    2020-06-1455,834
    2020-06-2150,691

    The chart below shows weekly real estate transaction volume since the beginning of this year. It’s apparent how the spring home buying and selling season’s typical growth in transaction volume was impacted by COVID-19 beginning around March 8. Here, a sharp 3-week decline was followed by a more gradual recovery stretching out for several months.

    Looking at data on a rolling 7-day basis, the trend of a V-shaped fall and recovery is even more pronounced.

    It’s early, but we may well be witnessing the spring buying season simply pushed out by 2-3 months into the summer. Or we may be seeing all the spring’s activity condensed into a shorter timeframe.

    What the Data Doesn’t Say

    It is also important to caution what our data does not show. The impact of COVID-19 on other key economic indicators, such as home price, interest rates, days to close, etc. is not reflected in Amitree’s transaction volume data.

    We also haven’t broken down our transaction volume by region, which might mean agents in some regions of the country are still struggling while others are adjusting to a new normal.

    It is also unclear from the data if or how the pandemic has impacted sales motivations, and whether COVID-19 economic repercussions or other financial pressures are motivating rebounding transaction volume.

    A recent poll conducted by the National Association of Realtors reports that nearly half (47%) of homeowners have considered selling during the pandemic. Meanwhile, signed contracts for new home sales are up according to the latest figures. How these trends will impact the industry remains unclear.

    Lastly, the data doesn’t tell us what will happen from here and whether we’re back in “normal” territory or we’re seeing a pent-up demand playing out in a condensed timeframe. Only time will tell.

    Conclusion

    One bright spot that stands out is the tenacity and adaptability of the real estate industry.

    In the midst of lockdowns, stay-at-home orders and social distancing, the industry continued to work hard to serve the needs of home buyers and sellers, often with the help of technology. This is borne out by the data, which shows that transaction volume begins to recover in April, long before mid-May when many restrictions were eased. Furthermore, even with almost the entire country under some form of stay-at-home order, real estate agents still found ways to transact, helping buyers and sellers who had no choice but to move during such a complex time.

    However, more challenges lie ahead. Recent volume has not yet made up for the lost business that so many in the industry experienced in what we all expected would be a busy spring home buying and selling season. When or if the industry will recover from these losses remains unknown. Meanwhile, economic pain continues and there is still uncertainty about the future.

    At Amitree, we will continue to track data on real estate transaction volume over the coming months in an effort to provide valuable insights to the real estate industry.

    *All data in this report is based on new transactions identified by Folio. Amitree considers this data to be representative of — but not actual  —  number of new real estate transactions commenced in the United States over the specified time period.

    The post Update: Data Shows Real Estate Transaction Volume Recovering Post-COVID-19 appeared first on Amitree.

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    5 Questions Post-COVID Home Sellers Will Ask https://www.amitree.com/resources/real-estate/business/5-questions-post-covid-home-sellers-will-ask/ Wed, 17 Jun 2020 18:56:19 +0000 https://www.amitree.com/?p=71812 Home sellers always have lots of questions. But the evolving COVID-19 situation brings up even more uncertainty and anxiety about the process. While the coronavirus remains a big element of daily life, many parts of the country are proceeding with phased reopenings. It’s no surprise that this is a confusing situation for a lot of... Read more »

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    Home sellers always have lots of questions. But the evolving COVID-19 situation brings up even more uncertainty and anxiety about the process.

    While the coronavirus remains a big element of daily life, many parts of the country are proceeding with phased reopenings. It’s no surprise that this is a confusing situation for a lot of people. Given this, home sellers and buyers are looking for answers from agents about what they need to know to help calm anxieties.

    Here are our top 5 questions home sellers are likely to ask you during this complex time and how to answer:

    1. Can We Still Sell Our House?

    After the past few months, many people aren’t sure if it’s still possible to buy or sell a home in their market and how to get started. This question is basically asking: “Are you open?” So, if you’re operating and buying / selling homes, make sure your answer is a reassuring “Yes!”

    A warm welcome can really put new potential clients at ease. Let clients know you’re open for business and ready to assist them on their sales transaction. Announce you’re operating:

    • On your website
    • On your social media accounts
    • In your outgoing voicemail
    • In your email signature
    • In your initial interactions with new clients

    Once clients understand that the local real estate market is still functioning, they’ll have questions about what has changed with the process. Be ready with useful answers and clients will be impressed.

    Look Like a Pro,

    Close Like a Pro

    2. Will There Be In-Person Showings or Open Houses?

    Every seller this summer is likely to feel like a first-time seller because the process has changed so dramatically. One area that many buyers and sellers will be looking to you for guidance on is property showings.

    You’ll first need to explain why traditional open houses are still probably not recommended in your area. That could leave sellers feeling less confident they’ll find a buyer, so be sure to go over all the alternatives and reassure them that interested parties can still see the property.

    Make sure to show off the capabilities of the virtual showing and walkthrough technology that’s available, including

    Sellers also have options including:

    • In-person showings by appointment
    • Showings limited to pre-qualified buyers
    • Possibility for “sight-unseen” offers and purchase agreements

    After going over some options, make sure to let the sellers have their say. This can help boost their confidence and make things run more smoothly.

    3. What Precautions Will My Agent and Buyers Take?

    With so much focus recently on cleaning and disinfecting, this is likely to be a top concern for both buyers and sellers.

    It can help put sellers at ease to know that the health guidelines you are following for property showings have been established by trusted organizations such as the National Association of Realtors and your local association of Realtors. Your association may have additional disclosure forms you can provide to prospective buyers advising them to the risks and what actions are being taken to minimize those risks.

    Be sure to go over the precautions you and any potential buyers will take when touring the home. Make sure to explain that:

    ●  Showings will always comply with any local and state orders and social distancing requirements.

    ●  Buyers and agents will wash their hands and practice social distancing, including waiting in their cars until the other party arrives.

    ●  Buyers will be advised not to touch any surfaces, such as light switches, cabinet doors or door handles, and not to use the bathroom facilities during the showing. Sellers can help by leaving lights on and interior doors open.

    ●  Agents will wipe down any surfaces touched during the showing, including the key and lockbox.

    ●  Agents will keep a contact tracing log of everyone who has toured the home and buyers and sellers will be asked to self-disclose if they have any symptoms or have been diagnosed with COVID-19.

    4. What About Transaction Delays?

    In these unprecedented times, home sellers may be worried about having their sale fall through due to delays caused by the pandemic.

    Once the deal is in escrow, there are still a number of issues that could cause a delay affecting the closing date, including:

    • New stay-at-home orders
    • Scaled-back operations of inspectors or appraisers
    • Travel restrictions affecting the buyers
    • Mortgage approval and recording office delays
    • Mandatory quarantine due to exposure risk
    • Illness of one of the involved parties

    Make sure to cover the possibility of a delay and the seller’s options. Explain the “force majeure” purchase agreement clause and any coronavirus addenda that may exist in your area, which adds flexibility to extend the closing date if needed.

    5. How Will We Handle a Case of COVID-19?

    A question also likely to be on the mind of buyers and sellers is what happens if someone has been diagnosed with COVID-19 or tests positive over the course of the sale.

    While we all hope no one involved in a real estate transaction becomes ill, it’s smart to plan for the possibility.

    Tell sellers about your commitment to service and safety. Review your plans for contact tracing and for self-disclosure by buyers and sellers of any symptoms or positive diagnoses.

    Also ensure that you explain reasonable accommodation for fair housing and anti-discrimination laws that will help safeguard anyone with a former or current diagnosis.

    Selling a home during a pandemic is a little trickier than during pre-COVID times, but knowing what questions home sellers will ask ahead of time can help you stay on track and look like a professional by being prepared with the answers. It’s also a time that you can show your clients that you care about their needs and concerns and be their trusted advisor in navigating this challenging time.

    The post 5 Questions Post-COVID Home Sellers Will Ask appeared first on Amitree.

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    Relaunching Your Real Estate Business Post-COVID-19 https://www.amitree.com/resources/real-estate/business/reopening-real-estate-post-covid/ Wed, 03 Jun 2020 19:31:01 +0000 https://www.amitree.com/?p=70420 Around the country, real estate businesses are opening back up after COVID-19. But how exactly do you relaunch your business during a global pandemic? It’s another challenge that is unprecedented in recent memory. If you have concerns about how to reopen your real estate business, you aren’t alone. The COVID-19 pandemic may have lasting changes... Read more »

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    Around the country, real estate businesses are opening back up after COVID-19. But how exactly do you relaunch your business during a global pandemic? It’s another challenge that is unprecedented in recent memory.

    If you have concerns about how to reopen your real estate business, you aren’t alone. The COVID-19 pandemic may have lasting changes on how we use public spaces, particularly for work.

    In the short term, real estate agents need to think about three factors as they relaunch:

    • Ensuring employee and client safety
    • Minimizing health and safety risks
    • Staying compliant with new and existing guidelines

    Here are five tips for relaunching your real estate business post-COVID-19 and tools that can help you reopen with confidence:

    1. Make a Plan for Reopening

    Reopening the office after weeks or months away can be a complex undertaking. The CDC recommends going in with a plan in three phases:

    • Development
    • Implementation
    • Maintenance and revision

    When developing your plan it is important to review the current COVID-19 guidance. Be sure to check federal COVID-19 guidance, CDC guidance for business reopenings, OSHA workplace guidance, and the National Association of Realtors Guide for Realtors.

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    Helpful guides may also be available from your state or local Realtor association, such as these tips from Florida and Pennsylvania.

    Apps for Reopening

    That’s a lot of guidance to dig through, which is why it’s great there are several apps available to help.

    Mobile form designer Fulcrum has created a whole suite of COVID-19 guides and checklists, including a reopening checklist, and a checklist for employers.

    Another app maker, GoCanvas, has also created a suite of COVID-19 apps, including a returning worker checklist.

    2. Plan for Cleaning and Disinfecting

    According to the CDC, businesses opening after COVID-19 need to employ both routine cleaning as well as additional disinfection for frequently touched surfaces, such as:

    • Doorknobs, handles, and light switches
    • Counters, desks and tables
    • Computers, phones and office equipment
    • Kitchen, breakroom and bathroom surfaces

    Apps for Cleaning and Disinfecting

    Without technology, keeping track of these cleaning and disinfecting procedures could be a headache. But technology makes it very easy.

    GoCanvas has CDC-compliant checklist mobile apps for commercial spaces, kitchens and restrooms.

    Fulcrum has its own app for cleaning inspection that even lets you monitor and log cleanings remotely.

    To put your mind at ease outside the office, it’s even possible to track pre-showing house cleanings. App makers Beekeeper and Whispr collaborated on a new cleaning task lists app which lets you log the cleaning of multiple locations, such as hotel rooms or condo units.

    3. Keep Everyone Safe

    After COVID-19, it’s also important to keep your office team, clients and guests safe to help limit the spread of illness. Some businesses have employed strategies such as:

    • Staggering work shifts
    • Limiting office capacity
    • Closing off communal spaces
    • Requiring appointments and check-ins
    • Practicing social distancing

    Many are also encouraging the wearing of personal protective equipment (PPE) like masks and self-disclosure if symptomatic (see NAR’s guidance here).

    Apps for Keeping Everyone Safe

    To help limit the spread of COVID-19, a number of apps have been proposed for contact tracing. One example is CoEpi, an anonymous Bluetooth app that lets small groups of people create their own early warning system with self-reporting. NOVID is a similar tool using ultrasonic input.

    4. Facilitate Remote Closings

    Even with the office reopened, everything may not be back to normal. Some localities are continuing to hold real estate closings remotely.

    Fannie Mae and Freddie Mac released new guidance in April on remote ink-signed notarization (RIN) and remote online notarization (RON) requirements for real estate closings, including recommended tech tools.

    Apps for Closing

    Many agents have already figured out ways to close remotely using Zoom, GoToMeeting, FaceTime and DocuSign (a Folio partner), but the nice thing is that options continue to expand. The real estate technology closing company Qualia recently announced it had launched a new Connect Video Chat app to help facilitate remote closings.

    5. Manage Your Transactions

    It’s a great feeling finally being able to get back in the office and relaunch your real estate business. But keeping up with guidelines, cleaning schedules, and everyone’s health on top of your regular workload could be a challenge.

    With the right tools, you can save yourself time on your transactions, making it easier to manage your other reopening tasks. 

    Apps for Managing Your Transactions

    Ordinarily it can be a struggle to manage your real estate transactions. Our own product, Folio can handle that part for you allowing you to focus on running your business smoothly.

    Folio’s AI-powered algorithms understand how to identify and sort emails into workflows that make sense for your real estate business. Our product integrates seamlessly with Gmail and Office365 so your email inbox is always neat and tidy.

    Relaunching your real estate business after COVID-19 is easier with the right plan and technology. Make sure to take advantage of existing resources and apps/tools that will help you manage your reopening plan and save time while keeping everyone safe.

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