What Does Pending Mean in Real Estate?

What Does Pending Mean in Real Estate?

When looking for a new home, you will encounter properties in various stages of activity.

This sparks several questions. What should you do if the status of the home you’re interested in is “pending” or “contingent”? What is the meaning of contingent in real estate?

What does pending mean in real estate? Understanding the distinctions between contingent and pending can help you identify properties you may still be able to purchase — and how to proceed if you’re interested.

pending-real-estate-infographic

What Does Pending Mean in Real Estate?

Pending means that both the buyer and the seller have signed a legally binding contract and are ready to advance. There are still questions about how the contract will end, so the offer is still “pending.” This could include the home purchase conditions, repairs, inspections, court approvals, or reports. 

Aside from “pending,” there are some real estate conditions you must be aware of if you’re looking for a property. This way, we can determine what pending means compared to other property conditions.

Contingent

The seller accepted an offer, but the deal won’t go through until a home inspection, loan approval, or another condition is met.

Contingency deals are still available because you can cancel the contract under certain conditions. Contingent deals will become “pending” if everything goes well.

Under Contract

If a buyer makes an offer and the seller accepts, the sale is under contract.

All contingencies must be met or waived for a house to be “complete” (inspection, financing). “Under contract” becomes “sold” when the deal closes.

Sold

A transaction is not considered “sold” until the physical transfer of the property, and the exchange of money have occurred.

After that, the transaction is considered “closed,” and the new owner is given full property ownership.

What Does “Pending” Mean in Real Estate Compared To “Contingent?”

Contingencies are requested provisions — a sort of safeguard — to protect the buyer’s money in a specific situation where the buyer may feel compelled to back out of the deal.

Contingent sales occur when a buyer requests and the seller accepts a contingency.

At this point, the seller can’t entertain another offer, but the buyer can back out if their contingency fails, which is completely different from pending agreements. With a pending condition, you most likely can’t back out of the deal. 

Common Questions Encountered in Real Estate

What Does Pending Mean in Real Estate?

 

How Can Finances Affect a Pending Condition?

Unsurprisingly, financing is crucial to the successful purchase of a home. Even if a buyer is pre-approved for a loan, circumstances such as losing or quitting a job or taking on a large debt can change the lender’s mind.

What Could Happen If the Inspection Fails?

Home inspection contingencies permit the buyer to withdraw from the transaction if the inspection reveals a significant defect.

As a new homeowner, spending thousands of dollars on unforeseen repairs after closing is the last thing you want.

Does Appraisal Release You From Your Contract?

The buyer is released from responsibility under the contract if the home’s appraised value is lower than the purchase price.

Suppose the appraisal is lower than negotiated, and there is no clause allowing for a price adjustment.

The buyer will be forced to either determine the difference between the purchase price and the appraised value or lose their deposit.

Published on Sep 22, 2022 under

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Greg Harrelson Abe Safa

5 Lead Generation Strategies That Work During a Shift

5 Lead Generation Strategies That Work During a Shift

5 lead gen strats that work during a shift

In the real estate industry, generating leads is essential to success. While many different methods can be used to generate leads, not all of them work during every shift.

That’s why knowing which lead generation strategies still work during a shift is essential to get the desired results.

If you’re finding that your lead generation efforts aren’t working as well as they used to, try out these five strategies. They’re practical and can help you get the results you need.

What a housing recession is and is not

 

Pay Attention to Your Past Clients

Your past clients are a great source of leads, especially during a shift. They already know and trust you, so they’re likely to list their home with you when they’re ready to sell.

Reach out and touch base with your past clients regularly to generate leads from your past clients.

Let them know you’re thinking about them, and offer your help if they have any real estate needs. By staying connected, you’ll come to mind when they’re ready to sell.

It's all about activity!

 

First Sale by Owner

Many homeowners are hesitant to sell their homes with a real estate agent.

Instead, they try to sell their home on their own. But after a few months, they often realize it’s not as easy as they thought it would be.

That’s when they turn to you for help.

To generate leads from the first sale by owners, start by advertising your services in your local newspaper and online.

You can also knock on doors or hand out flyers in neighborhoods where you know homeowners are trying to sell their homes.

Expired and Withdrawn Listings

Expired and withdrawn listings are homes on the market that didn’t sell.

The homeowners may have been unrealistic about their asking price or had trouble getting their home show-ready.

Find out why their home didn’t sell and see if you can help them come up with a better price or get their home show-ready.

By acting fast, you can snag these motivated sellers before the competition.

Use Workflows To Work Your Database

Data shows that seven to nine percent of your database will sell their homes in the next year. 

To generate leads from your database, start by using workflows. Workflows are a series of email, print, or digital messages you send to your contacts regularly.

Not all workflows will work for every database. That’s why it’s crucial to determine which workflows work best for your databases.

Open Houses

Open houses are no longer as typical as they used to be, but they’re still a great way to generate leads during a shift.

They’re also great for meeting new people and getting your name out there.

Implement These Strategies Today

All of these strategies can help you generate leads during a shift. But it’s important to remember that not all of these strategies will work for every real estate agent.

The best way to determine which lead generation strategies work best for you is to experiment with a few different ones and see what works for your business. But always ensure that you’re active and reaching out to people. Use these five strategies to start generating leads.

What are you waiting for? Implement these strategies today and post your results on the RealGeek Facebook page. We can’t wait to hear from you!

Rubber band workflow

 
Coaching Greg Harrelson SEO Marketing Real Estate Lead Generation Abe Safa

Is SEO Dead? SEO Basics

Is SEO Dead? SEO Basics

is seo dead

Generating traffic organically and getting a lead are different things, but these are not free. You actually have to do some things that cost time, and time is money. Generating leads means investing your time in building your website.

SEO is not dead, but a lot of people have given up. They don’t build out their websites and instead resort to buying these leads — not that anything is wrong with that. Fewer people are taking the time to build their website, and that’s now how you position yourself to rank.

How Google Ranks Websites

 

Logically, Google would rank a website if they think that it is worthy of being seen by their audiences.

If consumer experience will more likely be excellent on your website, then they would want as many people to see it.

Why? The better the consumer experience on your website, the better the consumer experience will be for Google users.

SEO and Customer Experience

If you’re a consumer, and you’re landing on your website, what kind of experience will you be having? For instance, if you have a certain market or community in mind, you will need to have a landing page made specifically for that community.

Pretend you’re a visitor looking for homes on your website. If you can’t find a particular landing page for a community, you’ll instantly opt out of the website. Sifting through the properties and looking for a specific price range will make consumers impatient.

This is why sidebars exist on a website, where you can list all those communities.

SEO and Its Challenges

The biggest challenge with SEO is that people don’t see its value. They don’t see it as an investment or that they’re going to gain rewards from it in one go.

If more people can see how many leads they can get from it, many people will actually value SEO more. If they can see its value from start to finish, then everybody would be investing in SEO.

SEO is an investment of time where you can expect a rate of return in the long run. Going back to user experience, what if a user clicks on a community page on your website, then they see a video where they can see the amenities and other benefits of living in the community? The experience will be great, so the user will most likely click on the other pages and bookmark your website.

Organic Leads Are Not Free

 

You Have to Build Out Your Website

 

Bad Buyer Experience vs Good

 

Main Takeaways

Google tracks every website activity you have, so they know when your prospective customers are pleased with your website. In a nutshell, these are the SEO basics that may help with your website:

  • Make sure that you’re thinking about the user upon building the website.
  • Build more pages.
  • Long-tailed terms are key. You don’t have to take classes for this. You just have to use infrequently searched terms for less competition and higher potential to rank.
  • Use the sidebars to link to internal pages on your websites.
  • Use external sites to get more traffic.
  • Blog on other sites, and backlink it to your website. Make sure the content is evergreen.
  • Post your websites and blogs on social media.

 

Learn More About SEO, Area Pages, and How to Maximize Your IDX Website

For a deeper dive on how to leverage your IDX website and build out landing pages that convert, watch our Keeping It Real Episode: The Power of SEO and Area Pages w/ Bob McCranie

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!

Coaching SEO Keeping It Real Real Estate Lead Generation IDX

The Power of SEO and Area Pages w/ Bob McCranie

 

 

The Power of SEO and Area Pages With Bob McCranie

 

Do you want more lead traffic to your website? In this latest episode of Keeping It Real, we explore the latest SEO best practices with Bob McCranie. Bob is the Broker Associate & Team Owner at Texas Pride Realty Group - HomeSmart Stars and an expert on utilizing SEO best practices and Area pages in his strategies.

Join host Frank Klesitz, CEO of Vyral Marketing, in breaking down the strategies and best practices behind a robust, high-conversion online presence in today's evolving digital landscape.

Bob on Why Real Geeks:

Bob on Organic VS Paid Advertising:

If you need some help optimizing your site, tips on how to turn up the volume on your current lead flow, insight into different strategies that have provided wins for agents across various markets, -- Check out Bob's Area Page lead generation strategy!

Bob on Optimizing Your Real Geek's IDX Website:

Bob on Attitude & SEO:

Bob on virtual companies & online work:

Top 3 Ways to Generate Lead Traffic & Boost Your Sale Funnels' Visibility in Your Market

Bob, a Brokerage Associate & Team Owner at Texas Pride Realty Group - HomeSmart Stars, shares the techniques and strategies he deploys to increase overall visibility to prospective clients in his market. 

According to Bob, he deploys three unique strategies to get leads. These strategies roughly refer to attraction marketing, SEO & optimizing his website based on popular search engine optimization guidelines, and demographic farming/cultivating his existing audience. 

Let's dive more into these strategies and find out how Bob executes them to get as many leads as possible.

Bob on Attraction Marketing:

Attraction Marketing

Attraction marketing, also called event marketing, is Bob's number one strategy. This strategy is based on the idea is that you don't have to run Ads all the time or cold calls but have people gravitate towards you because of who you are in the community. In the case of Bob, he's a well-known Broker Associate with long years in the industry. Newer agents can begin working on their community visibility by hosting events. 

Bob on the fun of event marketing:

You can draw people to you by hosting events, posting about them on social media, and generally being a social connector. It doesn't have to be a real estate event, but any event that serves as a lure to connect with people.

Bob on marketing his events:

Some of the events you can host include:

  • Kite Flying, BBQs, & Outdoor Events
  • Theater Events, Movie Nights, DriveIns, Concert in the Parks, etc. 
  • Recycling Events, Food Drives, Community Service Events, etc.

Bob on building collaborative events:

Starting successful community events takes consistency and patience. Make a schedule and stick to it when promoting your events. You can put up physical signs around your area. Put up flyers at your local coffee shops and gyms, and utilize social media ads. These have proven very effective no matter which markets you are located in. 

Bob on using creative postcards for marketing:

Putting in a constant effort will build attendance over time, and before you know it, you will have collected a community of regulars at your events that can also serve as a potential client base. Networking greatly helps get leads, even if not by a massive count at first.

Your Website

Bob on the importance of having your own IDX website: 

Bob on making IDX websites work for you:

The second and perhaps most important is internet marketing, specifically SEO. Your primary medium is your Reel Geeks website, which helps you draw in more organic leads. You still run Google ads, which brings you steady business.

However, you must have a website to lead your potential leads and provide them with the information they need.

Of course, just having a website is not enough – you need area pages. Bob stresses the importance of area pages and being specific about where you want your leads to go. He combines social media and SEO, focusing locally on his pages.

No one looks for real estate in the main city. People always look for the suburb or neighborhood they are looking into.

You create business pages for each suburb of the city you're covering. Each page must have a call to action that takes the reader to the actual area page on your website. It has to lead to the direct page for the city or suburb, not the homepage. It helps to pre-fine all searches as much as possible, directing leads where they want and giving them satisfaction.

 

Bob's Take on Ads & Real Leads

 

How Bob Determines His Area Pages

 

Building a Backlink Strategy

 

Backlinks & Area Pages

 

 

Demographic Farming

Bob's last strategy has to do with demographic farming, which is about cultivating or nurturing your lists.

Using Funny Postcards in Demographic Farming:

In this example, he developed his holiday list using postcards sent creatively and in good fun. For instance, he would send a holiday postcard in June or Valentine's Card with a humorous caption. Of the many postcards he sent, the most creative and successful is the tagline, "No, I don't want to buy your house." Bob doesn't want to buy your house, but he can sell it at a 30 to 40% better price than others in the market. The idea is to keep it fun, so people will look at the cards or mail and know what Bob has to offer.

Per Bob's experience, the strategies that can help you bring in leads are – attraction marketing/events marketing, SEO and area pages, and demographic farming. Add them to your process, and you can turn up your current lead flow to the highest volume.

 

Keeping It Real Real Estate Lead Generation

How To Generate Seller Leads in Low Inventory Market w/ Lisa Chinatti & Jason Posnick.

We are excited to welcome back one of our favorite guests, Lisa Chinatti, for this episode of Keeping It Real. Lisa is a top producer based in Westford, MA, with over ten years of Real Estate experience. 

Jason Posnick, the Sales Manager for the Chinatti Realty Group, also joined and has an enormous passion for developing others, solving problems, and conveying positivity into people’s lives.

The market is hot right now. A shortage in housing inventory has been a problem faced by real estate agents for years. As times change, you also need to adapt and learn how to generate seller leads even in low inventory areas. Lisa gives you her tips and shares what she and her team are doing to maintain their seller lead flow.

Lisa and Jason break down the most effective approaches to 5 different lead sources and how to create a plan that meets your needs regardless of which market you are in.

 

 

 Online Home Value Leads

People want to know what their home is worth. For this, they usually go to a landing page or web form where they have to input information that will help them discover just how much their home is worth in the market. How do you lead traffic to this page?

Lisa shares that the best way to get online home value leads is to be diligent with retargeting and email work. Some strategies you can do to approach this lead source is to also take advantage of Google Pay-per-Click (PPC) and Google My Business.

Having a lot of photos and geotagging them will increase your visibility as Google tends to favor local experts. Google reviews will also help drive traction, as well as links to your other content or social media pages.  

Circle Prospecting/Door Knocking

While circle prospecting or door knocking are considered older, traditional techniques, they will never die. How to generate seller leads through this lead source requires some timing and knowing the five touchpoints for circle prospecting. These five touchpoints include:

  • On the day of signing the listing

  • Before the listing goes to the market

  • Once the offer is accepted

  • On the day of the inspection

  • When the deal closes

Each of these five touch points necessitates a different message from which you could build your business. Instead of feeling like they’re talking to a company, which may be off-putting, consumers can view you with trust, which will convince them to do business with you.

Buyer Leads From Buyers Who Have a Home To Sell

Using ads strategically in your follow-ups can lead you to discover that a lot of buyers have a home to sell before they can make any purchase. There’s a big chance you can get buyer leads who have homes to sell by marketing Facebook posts towards listings and open houses.

In a low inventory market, it can be effective to market every new listing as a “coming soon.”

However, there are some workarounds that won’t get you in trouble with laws concerning coming-soon marketing. Along with Google PPC, this can prove to be an effective way to generate seller leads.

Google Local Services

When using Google services to generate seller leads, reviews are crucial. Reviews don’t just get you credibility, but they also tell Google that you’re a local business or service, which is more favored by their algorithm. Many potential seller leads also rely on Google reviews to see if an agent is right for them.

That said, building reviews increase your chances of being more visible while also convincing seller leads to contact you directly — especially when they want to know the value of their home.

Agent-to-agent Referrals

Agent-to-agent referrals are all about nurturing relationships with other agents regardless of your industry. Usually, people who want to sell their house will be moving to a different state, so they contact an agent in the state they’re moving to.

This agent can then send you a referral, so you can help them give the client a smooth transition and experience. This is only possible if you build relationships with other agents by giving value and sharing knowledge.

Put Yourself Out There

Learning how to generate seller leads in a low inventory market can take some time, but the effort is well worth it when you start generating an incredible amount of leads.

Begin by putting yourself out there and taking advantage of online tools like Google PPC, Google My Business, social media marketing, and email marketing.