Are You Prepared for a Market Rebound? 

Are You Prepared for a Market Rebound_ (1)

The real estate market has been impacted by macroeconomic trends, causing a slowdown in activity as buyers hold off on purchasing properties. However, as we move into 2023, there are signs of a potential rebound in the market. Interest rates have risen in the latter half of 2022, which has led to a reduction in home sales.

But, there is hope as mortgage rates have dropped and buyer sentiment has improved. This is evident in an uptick in calls and requests for home showings, closed and pending sales, and increased buyer activity on sites like Zillow.

To capitalize on a potential market rebound, realtors should pay attention to data points such as interest rates, mortgage rates, buyer activity, and search engine trends.

By staying informed on these data points and adjusting strategies accordingly, realtors can position themselves for success while their competitors may miss out. While it's still too early to make definitive predictions about a full market rebound, being prepared is crucial.

Greg and Abe talk about the promising numbers and how you can capitalize on their data. By the end of this, you’ll know what steps to take as you position yourself for gains that your competitors will miss out on. 

Fill out the form below for the virtual download from the last episode of Abe & Greg Masterminds How To Generate Leads in the Next 72 Hours:

Where the Property Market Was and Is

The property market experienced a period of skyrocketing interest rates in the latter half of 2022, as reported by Abe.

Interest rates rose by over 100%, going from 3% to 7%, with peak rates reaching as high as 7.37%. This increase in interest rates led to a reduction in home sales, with less than four million homes sold in 2022, representing less than 1% of the total number of houses in the country.

These statistics paint a worrying picture of the state of the real estate market. However, there are indications of a potential rebound as mortgage rates have dropped and buyer sentiment has improved.

 

Light at the End of the Tunnel

Based on observations of buyer sentiment and lower mortgage rates, there is potential for a resurgence in the property market.

Greg notes that the latter half of 2022 saw mortgage rates as high as 7.34%, but they have since dropped by over a percentage point to a national average of 6.09%.

This decrease in mortgage rates is significant as it suggests that buyers may start to re-enter the market as they become more affordable.

This is supported by an increase in buyer activity, as evidenced by more calls and requests for home showings, closed and pending sales, and an uptick in buyer activity on websites like Zillow.

The Facts According to Greg

Greg has observed promising data, including an uptick in calls and requests for home showings, an increase in closed and pending sales, and a surge in buyer activity on sites such as Real Geeks and Zillow.

Additionally, search engines such as Google have seen a 33% increase in real estate searches nationwide.

This data suggests that there may be a potential rebound in the market.

However, Greg advises caution in making definitive projections about a market rebound at this time.

Despite this, he offers recommendations for realtors looking to capitalize on a market that appears to be on the verge of recovery.

Greg’s Practical Recommendations

Greg suggests paying close attention to data points such as inflation, interest rates, and mortgage rates to help guide strategies for a potential market rebound.

He also recommends diving deeper into buyer-centric data, such as buyer activity on your website or Real Geeks, Google searches, showing rates, and closed vs. pending sales.

By monitoring these data points, realtors can make adjustments to their strategies and capitalize on the potential market rebound.

For example, most realtors may have cut back on lead generation during the latter half of 2022, but with the data now showing a positive market atmosphere, it may be time to re-invest in lead generation efforts.

While this may seem risky at first, it will pay off once the market rebounds as more leads will be available to call.

Key Takeaway: Early Is Better Than “Too Late”

In conclusion, Greg stresses the importance of being prepared for a potential market rebound.

While many realtors may still be cautious due to the effects of the market in 2022, being ready with a list of leads will put you in a position to capitalize on the market recovery.

With leads on hand, realtors can take advantage of opportunities that others may miss. By the time competitors re-invest in lead generation, it may be too late for them to catch up.

The key takeaway is that early preparation is better than waiting for it to be "too late."

Published on Jan 24, 2023 under , ,

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Coaching Keeping It Real

Keeping It Real: The Resources To Equip Your Real Estate Team for Success with Sascha Chatman

Keeping It Real: The Resources To Equip Your Real Estate Team for Success

 

 

In this episode of Keeping it Real, Sascha Chatman and  Frank Klesitz, CEO of Vyral Marketing, break down how you can equip your real estate team for success.

Learn more about the resources needed to manage your own team of real estate agents. Of course, a capable workforce is one thing for generating leads and obtaining success in the real estate world. However, having the right resources available is one of the critical factors needed to equip your real estate team for success.

Recruiting Presentation 

Transforming Your Success into Their Success

Creating a Schedule

Buying this Year vs Next Year

Discovery Phase

The discovery phase is meant to determine whether or not the agents being recruited are the right fit for their real estate team while providing the necessary details for the agents to know what their team is about. Sascha first discusses their team goals and strategies to ensure agents know exactly what they're walking into. He also discusses other matters, such as expectations from the agents themselves and their commissions.

The discovery phase may be one of the most important parts of knowing how to equip your real estate team for success. In order to succeed, you need to have a reliable workforce on your side that shares the same goals and is willing to cooperate with the rest of the team to move forward. Having a compatible and efficient team is one of the best resources you can have in real estate, as it can significantly affect your business' productivity.

Ad Educated Buyer is Easier to Work with!

Agent Utility Belt

This is the highlight of the entire video. Sascha compares his utility belt of resources to Batman's belt of tools and trinkets. This belt essentially exists to store all resources and keep them within reach. Don't get the wrong idea, though. It's not an actual belt. Instead, it is usually a cloud or a compilation of all your valuable resources, such as videos, links, and other agent tools. Having a utility belt that is curated specifically for your team and your needs could help increase the productivity of your workflow because you won't have to scavenge for resources when you need them.

Not only does it make you more productive within your workplace, but it also gives off the sense that you are reliable and organized. When clients ask for something, you will easily have it within reach. 

Clients understandably have many questions before closing the deal, so one of the best ways to answer them is to grab a resource from your utility belt. For example, you're talking to a client about title insurance. Instead of answering their questions yourself, you could take an informative video from your utility belt and ask them to watch it. This makes it easier to understand and relate to.

Having a utility belt is a great way to equip your real estate team for success. It also comes in useful during business transactions. All in all, it's one of the best resources that a real estate team can have.

Having the right resources is essential in equipping your real estate team for success. Create an agent utility belt that caters to your team by signing up for the Real Geeks platform today. We provide valuable resources that you and your team can use to achieve the best possible outcome in every situation. Get started with us today!

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