21 things for Real Estate agents to do before ringing in 2021

I have been writing these “lists” since 2018, and typically, they are my most well-read articles of the year. I’ve always been cautious about recommending a few things that are satisfying to check off and a few things that challenge your character. (Rachael Hite for Inman News)

This year, I approach this list differently from years past. After this year, I honestly feel there is a clear “before” and “after” in our business. I’ve thought long and hard about what I will put on this year’s list in hopes that it might offer a bit of perspective as we head into a new year and a new chapter in our lives.

1. Survey your leadership

How has your organization adapted and handled stormy waters? Take a hard look at how they have adapted and the tools they have offered to help your business. Company culture is more important than ever. If your leadership did not step up, it might be time to research other options to transition your business to next year.

2. Clean up

Deep clean your vehicle, and invest in creating a PPE and cleaning kit for the trunk of your car. 

3. Evaluate your work from home office space

What do you need? Splurge on a few items that will make it a little more comfortable: noise cancellation headphones, an adjustable standing desk, a Ring light or Softbox light to make those Zoom calls a little more comfortable. 

4. Give up on the idea of work-life balance

Work to find a “blend” instead. There will be times when certain parts of your personal life or professional life will have to take the front seat. A routine that works one week will completely fail the next. Blend, and be flexible. Write it down, and stick it on the fridge. 

5. Give back

Those of you who have had an incredible year of increased transactions, make sure to replenish reserves and give where you can. It’s been a tough year for many people across the country; enjoy the fruits of your labor, but also remember to be humble.

6. Take a look at your living situation

You have been helping people move and make changes all year. Would a change of residence benefit your lifestyle right now? Think about how your home is impacting your business. Optimize it for success.

7. Get organized

Ready to “delete” 2020? Start with clearing out your email and files and making room for new opportunities. 

8. Consider getting a new headshot

If suits, ties, high heels and power dresses have been collecting dust in your closet, it might be time to rethink traditional sales attire. I would match the clothing for a headshot to be a little closer to how you are meeting clients and showing homes in real life. 

9. Treat yourself to an excellent cooler for the car

Packing meals, snacks and cold drinks can keep you rolling on busy days. I don’t know how many agents I have seen posting about eating gas station food between appointments. Treat yourself better and plan ahead.

10. Go for a walk

Figure out a way to walk more. Get off the Peloton at least a few times a week, and get some fresh air. Einstein swore by it.

11. Read more

Challenge yourself to sit quietly and read without distractions. Read for fun; read to grow your business. If you struggle with meditation, try this.

12. Start a journal

To say that we live in interesting times is an understatement. Take five minutes a day, and brain dump a few thoughts.

13. Review your marketing from the past year

How much canned versus original content did you use? Does any of it actually tell readers what it’s like to know and work with you? 

14. Consider a social media detox

How many hours are you spending “doomscrolling”? Stop it! 

15. Review your social media posts from the last year

Clean it up, and adjust privacy settings. Commit to doing better. My rule of thumb is this: If you had to print that social media post or comment out and wear it when you went to the grocery store, would you feel uncomfortable? 

16. Make sure you’re in the loop

Go to your email and search for everything your broker has sent you this year. Have you missed anything important? Call them with questions. Be accountable.

17. Don’t ghost your associations

Your local, state and national associations still need volunteers. Call, and get involved.

18. Don’t sleep on the power of transparency

Mistakes happen. Hiccups are abundant in transactions right now. Make calls, state the facts, and offer solutions. 

19. Make a plan

If long-term planning feels overwhelming, ditch it. Go by the week or month. Put everything on a digital and a physical calendar. I know it’s a little extra work, but it helps reinforce staying on track.

Need a Business Planning Workshop to get you on track for 2021? 

20. Take care of your mental health

We are in month 11; if you are burnt out, drinking too much, not sleeping and having secret emotional breakdowns, get some help. You cannot fill from an empty cup. 

21. Forgive yourself

That’s right. Give yourself permission to take that burden off your shoulders of feeling guilty, unorganized, grumpy or messy. You haven’t accomplished the goals that you set for yourself this time of year in 2019. This year has been a demolition derby, and if you have made it this far with your health and safety intact, that is a win worth celebrating.

There are many opinions right now about the who, what and how of executing business in the future. Remember that there isn’t a one-size-fits-all option. If you are uncomfortable and unhappy, do what you can to make meaningful change in your personal life. You got this.

It might feel like you have to work twice as hard to get half as much done, you might not win every day, but we have tomorrow. We have tomorrow; we have things to do and people to take care of. Keep your moral compass close to your heart, and 2021 will be just fine.

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Ready to talk about your career goals, or how West + Main might be able to help you grow, find balance, and become a leader in our industry? Contact Stacie Staub.

Younger generations want to become homeowners – Here’s how the housing industry can help

Despite what many believe, Gen Z and Millennials do want to become homeowners and they’re excited by the prospect. However, they face different obstacles than their parents and grandparents did. These challenges include lack of mortgage education, lack of suitable housing supply, and an unprecedented amount of debt that limits buying power and makes them fearful of taking on more. Any long-term effects on the attitudes and intentions due to COVID-19 are still unknown, but we have yet to see indications of major changes in sentiment. 

In a 2019 Fannie Mae survey of homebuyers aged 18-34, 88% said they are confident they will achieve homeownership someday. But contrary to previous generations, their desire to be homeowners is more emotionally driven than financial. 80% say homeownership is the best way to make it on their own, and less than 50% say they want to use their home as an asset.

As for what they desire in a home, 69% say they are open to a smaller home as long as it meets their needs. According to the Joint Center for Housing Studies, between 2018 and 2023, there is expected to be a 7% rise in homebuyers who are single and a 6% increase in those who are married with no children, which may signal the need for smaller homes. Smaller homes, however, are in short supply, in comparison to the larger homes that previous generations sought. 63% also say that they are open to fixer-uppers but, despite their flexibility, only 31% believe they would be able to find a home in their price range.

Among their biggest struggles is the high amount of debt that plagues these generations, in part, due to the rising costs of higher education. According to Northwestern Mutual’s 2019 Planning and Progress Study, U.S. adults aged 18+ report having an average of $29,800 in personal debt, exclusive of mortgages. This could be one of the many reasons that 55% of those surveyed believe homeownership is out of reach financially.

There is also a considerable lack of education preventing younger homebuyers from taking the next step. For instance, 73% were unaware of affordable down payment mortgage options, as low as 3%. Fannie Mae findings also indicate a low awareness of affordable housing solutions that go beyond traditional site-built models. Only 39% of respondents were aware of manufactured homes as a more affordable option. And when shown what the newest generation of manufactured homes looks like, the number of respondents who were interested increased by 31%.

The silver lining, however, is that housing professionals have an opportunity to help reach these generations simply by understanding their needs. 64% said that they expect lenders to educate them about the mortgage process, and many future homebuyers can benefit from housing counseling from a HUD-approved nonprofit housing counseling agency. As an industry, if we are willing to step into that advisory role, we can be more successful in helping prospective homebuyers become homeowners. 

Learn more about housing affordability at FannieMae.com/Affordable

Fannie Mae, “Future Homebuyers,” Single-Family Strategy & Insights unpublished research (November 2019). | Fannie Mae, “Manufactured Housing,” Single-Family Strategy & Insights unpublished research (December 2019). | McCue, “Updated Household Growth Projections: 2018-2028 and 2028-2038,” Joint Center for Housing Studies (December 2018). | “Planning & Progress Study 2019: The Debt Debacle,” Northwestern Mutual (2019).

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Student loans hinder saving for a down payment, NAR finds

Share of first-time homebuyers is its lowest since 1987

What is holding back potential homeowners from buying? According to the National Association of Realtors 2020 Profile of Home Buyers and Sellers, 47% of potential homebuyers said student loan debt was the biggest obstacle in saving for a downpayment. (Housing Wire)

In addition, 43% cited high rent/mortgages and 36% cited credit card debt as factors getting in the way of saving for a downpayment.

This year, the number of first-time homebuyers dropped to 31% from 33% last year, the lowest share since 1987 when it was 30%.

Over the course of this year, home prices have continued to tick upward due to low inventory and high demand. NAR said that the median downpayment for all homebuyers this year was 12% — 7% for first-timers and 16% for repeat buyers. Out of first-timers, 26% said they used family for help for the downpayment via gift or loan, which is down from last year when that number was 33%.

Of those who purchased after March – when the pandemic was declared in the U.S. – 15% said they were more likely to purchase a multi-generational home compared to 11% who purchased before. These buyers were also more likely to purchase more expensive homes after March, at $339,400 compared to $270,000 before.

With pandemic cases spiking again, people are once again working from home and learning from home, pushing homeowners out of their small urban homes and into more spacious homes in the suburbs and even vacation towns. The NAR survey found that 57% who purchased their home after March were more likely to purchase in the suburbs, compared to 50% of pre-pandemic suburb buyers.

Buyers took advantage of virtual and 3D home tours – 5% of buyers after March purchased their homes without physically seeing it compared to 3% who purchased before then. In addition, 97% of buyers searched online, which NAR said is the highest percentage recorded and up from 93% last year.

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NAR Tackles Housing Discrimination and Racial Disparities in Regulatory Issues Forum

Click here for more information.

The National Association of REALTORS® (NAR) 2020 REALTORS® Conference & Expo began on Nov. 2 and is running through the 18th. On Nov. 10, NAR held its Regulatory Issues Forum, hosting a session, “The Role of Homeownership in Advancing Racial Equality and Ending Racial Disparities,” which looked at the history of housing discrimination in the U.S., as well as the racial wealth gap, to determine how REALTORS® can combat discriminatory behavior and systemic racism in order to provide equal housing opportunities for all.

Vince Malta, president of NAR, kicked off the session with the following statement:

“REALTORS® must be active participants in promoting equality, inclusion and acceptance. Housing discrimination and segregation have devastating impacts on families in terms of the racial homeownership gap, the racial wealth gap, and disparities in education, healthcare and so much more. We must educate our members and the public about the past. We must be clear-eyed about the problems that exist in the present. We must have honest and frank discussions about the disparities that exist because we can’t solve problems that we don’t see and don’t measure.

“Change starts with us. Fair Housing is the law, and to REALTORS® is the fundamentally right thing to do. It is an absolute necessity if we are to live up to our Code of Ethics and safeguard real property rights for every American. We recognize that it’s not enough to stop discriminatory behavior. We must take action to remedy years’ worth of inequality.”

Malta led the discussion—with panelists Mehrsa Baradaran, professor of Law at UC Irvine and author of “How the Other Half Banks” and “The Color of Money: Black Banks and the Racial Wealth Gap,” as well as Ryan Gorman, president and CEO of Coldwell Banker—on how to close the racial wealth gap to advance racial equality.

To start, Baradaran said one must fully understand what the racial wealth gap really means—it impacts more than just affordability.

“The wealth gap foretells your exposure to violence, whether you have clean water and parks, whether your schools are underfunded,” she said. “It’s about housing and where you live, and the policies and outcomes that relate to housing, which can segregate. It’s about systemic racism.”

Baradaran discussed the past, referencing a time when people of several religions, ethnicities and races were discriminated against in the housing and lending space.

“We’ve all heard about the Jewish-Americans, the Irish-Americans, etc. It’s important to understand what happened and how things became structural. Those practices were, for the most part, temporary,” she said, emphasizing that looking at these populations, and the solutions implemented, is key to breaking down obstacles for the Black community as well.

“Look at the areas that were left out the first time and provide solutions within those areas: down payment assistance, housing grants, etc. It’s about the resources.”

Gorman agreed, stating that policies in recent years to combat discrimination in housing have been much too broad.

“The challenges are very narrow, and so what we do about it has to be similarly narrow in order to deal with it,” said Gorman. “Imprecision isn’t helping us get anywhere.”

Both Gorman and Baradaran explained the clear challenge that lies ahead: it can be uncomfortable to admit these issues still exist, especially in the political space.

“It’s a difficult political move, but when looking at practicality, it’s not difficult,” said Baradaran.

“There’s a political challenge and discomfort with being more precise,” added Gorman.

The best way to look at the obstacles standing in the way of housing equality? Baradaran said one must conceive it as a “damages” scenario.

“We’ve promised equal opportunity and we’ve breached that promise,” said Baradaran. “It’s not about someone losing something so someone else can gain. It’s about equality.”

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Real estate industry expresses support for Biden’s $15,000 tax credit

The news over the weekend that former Vice President Joe Biden is now president-elect elicited positive reactions from several real estate leaders who saw the upside for the housing market.

Biden’s housing proposals include a $15,000 first-time homebuyer tax credit and he will focus on fair housing and affordable housing issues. He is also likely to appoint a new head of the Federal Housing Finance Agency.

The National Association of Realtors Chief Economist Lawrence Yun told HousingWire that the $15,000 tax credit is good news since it can go a long way in terms of helping first-time homebuyers and minority households. However, that’s only one part of the solution.

“But that’s not the full story, the full story is that stimulating the demand just by itself I think is insufficient,” Yun said. “Right now the housing market is facing a significant housing shortage. So if we add further stimulus to the demand without addressing the supply… it will simply bump up the prices even higher.”

Yun said that the ongoing housing supply shortage is getting worse and not enough homes are being built to face the demand.

“We simply have not been building a sufficient amount of homes,” Yun said. “We also need to address the supply side, how do we bring more supply? It’s going to take some time, but just adding more fuel to the housing demand without addressing the supply would just simply mean that home prices could accelerate much higher and partly negating some of the benefits of the $15,000 tax credit.”

Whether or not a home can be purchased is a pocketbook issue, Yun said, and the homebuyer tax credit will have less impact than if there was a tax credit that is also trying to stimulate more housing construction.

“The challenges are [for] people who are renters, and just simply getting frustrated that their American Dream is getting out of hand,” Yun said. “That $15,000 will certainly help the possibility for the potential first-time buyers, and the only way to make that impactful is to ensure that we have sufficient supply available as we go into 2021.”

Keller Williams Chief Economist Ruben Gonzalez saw forbearance as a critical issue for the Biden administration in 2021. Forbearance terms moving forward will need to be addressed as the deadlines created in the CARES Act will be approaching, which includes providing aid to those still unemployed, Gonzalez said.

“A new federally led approach to regaining control of the spread of COVID-19 also seems imminent in January, and successfully getting the pandemic under control in 2021 will be a key to getting the economy back to full capacity,” Gonzalez said.

Biden has also said that he wants to distribute $640 billion in funds toward housing over the span of 10 years to address issues such as redlining, increasing housing supply, increasing energy efficiency and more.

“It’s too soon to comment on new tax policy given the likelihood of a Republican-led Senate; however, if we do see new tax policy and new environmental policy attached to it, we may see tax benefits allowing homeowners to improve their homes’ energy efficiency again under President Biden,” Gonzalez said.

Ken H. Johnson, a real estate economist at Florida Atlantic University, told HousingWire that a Biden presidency would come with a bigger stimulus and that there might also be more money spent on the concept of safety.

“[A stimulus] is very important if we want to sustain this market,” Johnson said. “You’re going to need the stimulus or our rates will rise. If tomorrow they came out and said ‘no stimulus,’ you would see rates rise.”

Johnson said he has faith that there won’t be a housing crash. Record-low rates would keep the housing market from crashing because “we’re near the peak of the housing cycle, and it should be peaking and perhaps going flat… this late-cycle run-up has been happening because we’ve been seeing these near-record low rates.

“There will remain a desire to own as long as interest rates stay low,” Johnson said. “Interest rates will stay low as long as there’s a forthcoming financial stimulus.”

Prior to the election results coming out, HousingWire spoke with Jeff Holzmann, the CEO of IIRR Management Services, a real estate crowdfunding firm. Holzmann said that important things to come out of this election will be an additional stimulus package, which will directly impact renters.

“The reality is that the first CARES Act was monumental in terms of assisting the economy, and in terms of assisting residents that are renting, especially in the multifamily category,” Holzmann said.

In terms of forbearances offered by Fannie Mae and Freddie Mac, Holzmann said that it’s a good thing that the GSEs are “providing capital and providing some relaxed measures to make sure that the people don’t [get] crushed and fail under the pressure of COVID.” (Housing Wire)

Cash Offers for Everyone with West + Main and Accept.inc

Every real estate transaction ends with cash in somebody’s pocket, but that doesn’t mean every real estate offer begins with cold hard cash on the table.

Mortgage companies spent the last decade making it simple to apply for a mortgage, but they haven’t made it simple to get a home under contract or close it.

What if you saw the cash at the beginning of the process instead of hoping for it at the end?

Today we’re proud to announce that West + Main Homes is working alongside Accept.inc to help make Cash Offers more available in Colorado. Effective immediately, our agents can help their clients negotiate like they have real cash.

The cash is greener on the other side

Using a traditional mortgage creates a set of contingencies making transactions less certain for all parties. But when sellers get Cash Offers, they don’t worry if buyers can perform. And when buyers send Cash Offers - they focus on what they’re willing to do - not if they’re able to do.

Even though home loan applications are easier to fill out on a mobile phone, banks haven’t made their products as valuable to trade as cash. This is an opportunity lenders could be tackling, not a roadblock for borrowers trying to win their dream homes.

With most loans, buyers can back out of contracts without penalty until just before closing. And sellers lose time off the market if buyers terminate due to financing issues. As the Denver Metro region continues to see increases in average sales prices, Cash Offers are like trading gold.

Cash Offers help clients focus on more important things - like which day they want to move in.

Breaking down barriers

With a West + Main agent's abilities and a contract written with a Cash Offer, clients can compete to win the home of their dreams today and worry about the mortgage tomorrow.

Accept.inc is like having a rich aunt or uncle. After thoroughly qualifying borrowers up-front, they guarantee the cash and let the buyer dictate which house, the terms, and any conditions.

Before even writing an offer, Accept.inc fully underwrites and pre-approves customers so they can fund a new home loan just a few weeks later in a subsequent closing to make it all official.

Near and dear to us, we think this program is especially attractive for our military community because it allows for VA loans but works like cash when everything is on the line for our buyers.

We are excited to collaborate with a company that started in Colorado and is so laser-focused on making the selling experience better for everyone.

Better together

We’re continuing to expand relationships with forward-thinking companies who work closely with the brokerage industry to solve the most challenging problems facing consumers in the real estate market and deliver products that excite and delight the community along the way:

• Knock Home Swap: Buy Before You Sell

• Guest House: Staging a Home Furnishing Pop-Up Shop in an Active Listing

• The Conscious Merchant: Retail Partnership in our Louisville Main St. Office

We can’t wait to show you what’s next!

Gratitude Challenge: 30 Days of Building Abundance

Welcome to West + Main’s 2020 Gratitude Challenge

Start each day with gratitude.

"GRATITUDE IS THE MEMORY OF THE HEART."
~ JEAN-BAPTISTE MASSIEU

Each day, your challenge will have 2 or 3 parts:
Gratitude
Building Abundance
Do More

As we're business-building, goal-setting and reflecting over the next few weeks, use these tasks to maintain your focus, spark new ideas, create new habits and appreciate the people and opportunities that surround you.

I would recommend finding an Accountability Partner - commit to keeping each other on track through this next 30 Days! Jump in any time, mix-and-match the tasks…most importantly, DO SOMETHING EVERY DAY to more your Real Estate Business forward.

Being grateful creates more reasons to be grateful.

(Check back to this post each day as we add to the Challenge!)

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Day 1

Gratitude: Focus on Supporting Small and/or Local Businesses. As we head into the holiday season, make a list of all the shops + makers you want to support this month.

Building Abundance: Download the Small Business graphics and insta story templates and create a plan for posting them. Will you do 1 each day? 1 each week? Where will you post? (Facebook, Instagram, LinkedIn, Twitter and Pinterest are all great platforms to post these on!)

Do More: Tag the Business featured in each one to make sure that more people see your posts.

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Day 2

Gratitude: Plan the rest of your month and take a few moments to be grateful for your personal + professional opportunities. Make sure to block time for Open Houses, Floor time, meetings and classes, as well as time for connecting with your sphere and most importantly self-care! Commit to using the W+M Weekly Agenda for one week to see if it's something you want to build into your business.

Build Abundance: Create a Saved Search for West + Main Listings in Matrix and schedule to send to yourself Daily including Coming Soons, Actives, and Pendings: this is a great way to find Open House opportunities, keep a pulse on the pace of the market across the Greater Metro area, and know what your colleagues are listing: you might even find your Favorite House of the Week in our own inventory!

Do more: One final push to get out the vote - share the VOTE graphics on your social platforms, text them to friends who might not have dropped off their ballot yet, and remember to be grateful for your opportunity to participate in the process!

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Day 3

Gratitude: Turn off the news and get outside for at least an hour today. Take a walk, go for a hike, have drinks on a sunny patio...focus on being present in the moment, take deep breaths, and let go of what you can't control.

Building Abundance: Review all of your online profiles and make sure that you are easy to find and contact (is your email and/or phone number easy to find?):Facebook (Personal and Business Pages)
Instagram (Personal and Business Pages)
LinkedIn
Twitter
Pinterest
Realtor.com
Zillow
Matrix/ReColorado

Do More: Reach out to a friend you haven't seen in a while and make sure they're OK.

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Day 4

Gratitude: Research and schedule a new non-profit that you can get involved with, or re-commit to helping an organization that you’re already passionate about. Budget your time + money contribution for this month, and schedule your volunteer time. Today is a great day to get involved + give back!

Building Abundance: Order or buy The Go-Giver if you don’t already have a copy.

Do More: Buy your book at a local bookshop. Order or buy an extra copy for a friend who might benefit from reading it.

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Day 5

Gratitude: Wow, another record-setting month for Colorado's Real Estate Market! Even with widespread wildfires, a global pandemic, a very divided political atmosphere leading up to a historic Presidential election, and uncertainty regarding health + safety measures which might need to be taken over the next few months, our industry continues to thrive while helping people in our communities relocate, pivot + move, out of both want and necessity. Take a deep breath and take pride in the role you play. You're wonderful at your job, and you make a difference to your clients.

Building Abundance: Post the latest Market Stats graphic and report on your social platforms. Include some insight or a personal anecdote about how the market looks from your professional Point of View, a story about a client who has been impacted by today's local Real Estate environment, or some advice for your followers!

https://www.westandmain.co/blog/colorado-real-estate-market-report-from-october-2020

Do More: Register for Megan Aller's Monthly Market Update.

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Day 6

Gratitude: It's Feel Good Friday! Take a minute to appreciate that you've made it through this crazy week, and take some time to get outside today!

Building Abundance: Audit your mailchimp Audience List before sending out your e-newsletter today. Take a look at your report from last week and make note of people who opened your newsletter (are there people that opened it several times or clicked on multiple links?) Can you add a few names to your list? Think about people in your networking group, at your gym, that you've met at the dog park, open house attendees...even people you've connected with on insta or linkedin!

Do More: Add a personal message to your mailchimp e-newsletter before you send it out today...it's really easy to add a text box (you could add it at the top, or the bottom, or wherever you'd like!)

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Day 7

Gratitude: Follow 20 new people on Instagram and like/ leave a genuine comment on at least one of their posts to create engagement! Try connecting with Realtors in other areas who might become referral partners, as well as people outside of your usual box!

Building Abundance: Update your Instagram bio. Here is a handy guide from Katie Lance, Social Media Coach for Real Estate Agents, that might spark some inspiration!

Do More: Learn all about Insta Reels and how to use them with this webinar replay + guide from Breakthrough Broker

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Day 8

Gratitude: Take a few minutes to make sure that your Facebook feed is a place where you find joy. If there are people you need to let go of, or things you don't want to see, unfollow or unfriend. Facebook is a powerful tool, but it should inspire + delight you, not drain or depress you.

Building Abundance: Utilize the 5-5-5 rule on Facebook. The 5-5-5 rule is a great rule to use on social media to ensure that you are being truly social and effective. "Like" at least 5 people's posts; comment on at least 5 posts; and private message at least 5 people. This really drives great social engagement and if you are comfortable, can become a fruitful practice when done consistently. It also allows you to come to the platform with a purpose and be more effective while there, disconnecting when you have achieved your objective.

Do More: Create a Content Grid to organize and maximize your time spent on social media

Here are a few bonus tips for making the most out of this grid (via Katie Lance):

1. Think beyond the now. When you are planning your social media content, use this grid as a way to plan ahead and schedule some content. Don’t ‘set it and forget it’ – but plan ahead!

2. Create original content. Use this grid as inspiration to create original content like Facebook Live, videos for YouTube or Instagram Stories. Original content will help you connect with your audience and ultimately help generate more business.

3. Be consistent. Pick a few days each week you want to post content and be consistent. Perhaps each week you’ll have “Market Update Monday” or " "Wallpaper Wednesday” Consistency is key!

And, don't forget, West + Main agents have access to a TON of content that is ready to share!
+ Share relevant + interesting stories from the West + Main Blog
+ Find cover photos, seasonal graphics, content ideas and more in the Brokermint Library
+ And join the #socialgraphics channel here on slack to give you even easier access to these assets, which we add to regularly!

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Day 9

Gratitude: Introduce two people that you think would benefit from knowing each other. As an agent, you want to be viewed as a community resource, not just a Realtor. By offering these types of connections, you can drive serious value to those around you and your local community. People will not only return the favor but they will want to connect with you in the future.

Building Abundance: Plan out the occasions that you are going to mail cards in 2020. Are you going to acknowledge birthdays, anniversaries, weddings, babies, Mother's/Father's Day, etc. Also plan to come to our Power Hour Workshop on Wednesday on Zoom! Have your mailing list (CRM, spreadsheet etc) as well as some cards, stickers, address stamp handy and see what we can accomplish, together, in one hour!

Do More: We're 1 week into the 30-Day Gratitude Challenge! Check in with your Accountability Partner + catch up on any tasks you might have missed

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Day 10

Gratitude: Order thoughtful gifts for your sphere, just in time for holiday gift deliveries or popbys! These ornaments are personalized by hand, and come bagged and tagged with a cute ribbon, all ready to go. I like to drop them off with a bottle of wine or in a gift basket, but you could also mail them in a padded envelope. They will be ready to be picked up from the OKC Office.Once you fill out the order form, Leah Tucker from West + Main Colorado (leah@westandmainhomes.com) will follow up with a form for personalization info.

https://forms.gle/ysmh5TjsQPbotyMo8

Building Abundance: Make your lists + check them twice: Who do you need to make sure to treat or thank this Holiday season? Don't forget vendors that have taken great care of your clients, referral partners who have made client introductions, agents in your area that you appreciate and want to stay connected to, affiliates who help your life and business run smoothly, teachers, dogwalkers, housecleaners...your list is likely really lengthy, so now is a great time to get organized and ready to ensure you don't miss someone special!

Do More: Add a few extra people to your holiday lists...ask a local senior center or retirement home if you can send cards or little gifts to their residents, or think about treating your local fire or police station. Ask a lower-income school what you might be able to sponsor or provide for students and staff, as we head into the cold weather season...how can you be of service or make someone's day a little brighter?

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Day 11

Gratitude: We're all grateful for the tools + technology that make our jobs easier...everything from the MLS platforms, to email, contract + transaction software...our phones and laptops and all the things...and especially SLACK! But it's always good to take a few minutes to make sure that all of your stuff is set up for optimal efficiency and security.

Building Abundance: Dig into your systems. Do you have 2-Factor Authentication set up on all of the accounts where it's available? Your West + Main gmail account, your Facebook, Instagram + Twitter accounts, your online credit card and bank accounts, if you use Quickbooks you should also make sure 2-Factor Authentication is turned on there as well. Don't wait until you get hacked to tackle this task...it's not a fun process to recover your accounts, and it can be really costly as well.

Do More: Are you still using the same password for all of your platforms?! We would highly recommend using a Password App to generate and store your important logins and passwords. The good ones cost a few dollars a month, and only take a few minutes to set up on all of your devices.

Do Even More: Thank a Veteran.

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Day 12

Gratitude: We have so many places to connect with people even as we're being asked to limit our time and exposure with others. If you have reached the end of your Instagram feed, or are tired of the drama you might be seeing on Facebook...it's time to give in and spend some time on LinkedIn!

Building Abundance: Post on LinkedIn today. You might share the latest market stats, a Company announcement like West + Main's partnership with Accept. Inc or the new South Office Coming Soon, or another story that your LinkedIn community might find interesting from our blog at https://www.westandmain.co/news

Do More: Watch this LinkedIn Class taught by Marguerite Martin for West + Main in early March 2020. It's full of great advice for Real Estate agents, technical tips, and different strategies for making the most of your time on LinkedIn!Do Even More: Like or Comment on 20 LinkedIn Posts today and make sure to follow West + Main Homes on LinkedIn!

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Day 13

Gratitude: If you haven't sent the weekly e-newsletter yet, send it now...it's an easy way to provide your people with a great mix of content that aims to be informative, entertaining, and useful. Are you stuck on any part of the process? Slack me, I'll help you through it! Also, if you haven't set up a mailchimp account or have forgotten how to send the newsletter, here you go!

Building Abundance: Check your mailchimp campaign report...are there people that clicked on more than one link? That opened your newsletter more than once? These are the people that should go on your list of people to reach out to over the next few days...text, call, email...you can be really specific "Hey! I saw that you clicked the link in my newsletter about choosing a mortgage...are there any questions that I can answer for you?" or you can go a little more vague "Hi friend! You just popped into my head so I wanted to reach out and say hi...sooooo HI!" The newsletter analytics are a super powerful + insightful tool!

Dig a little deeper: Learn all about mailchimp reports and best practices here.

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Day 14

Gratitude: One bright side of this year's global events has been the motivation to provide so many opportunities to learn + grow in this business, with the convenience of both recorded and live online learning + meeting environments.

Building Abundance: Take a few minutes to audit your required classes and organize your CE certificates. You're solely responsible for keeping track of these, and if you are audited, you will need to produce them in order to defend your licensure.In case you missed it, here are some reminders from Ashley, please let her know if you have questions:For each three-year license cycle, all active real estate brokers must complete 24 hours of continuing education.
Three-Year License Cycle Continuing Education Requirements

• Twelve (12) of the 24 hours must be comprised of three (3) different versions of the four hour (4) Annual Commission Update Course.

• The remaining twelve (12) hours can be any combination of elective credit hours approved by the Commission.

• You must retain proof of completion of continuing education courses for a minimum of four years and provide proof of completion upon the Commission’s request.

Regarding newly licensed brokers: An initial broker’s license expires at midnight on December 31st of the year in which it was issued. During that initial licensure period, the newly licensed broker will not have any obligation to complete any continuing education. After that initial license period, the active licensee will then be on a three-year license cycle and be obligated to complete 24 hours of continuing education within that licensing cycle.

Do More: Register NOW for the 2021 Updates and get them completed as early as possible...they will consist of explanations of important changes to our commission policies, contracts and more. We've added several to the calendar already, and will continue to add them as we see them advertised. learnatwestandmain.com

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Day 15

Gratitude: We are more than halfway through the 30 Day Gratitude Challenge! Take a moment to reflect on the progress that you've made, new habits you've created, and intentions that you have set and are working toward.

Building Abundance: Research 2021 Planners and commit to using one. If you google "Planners for Realtors" you will see tons of options...or you could just hit up your local bookstore and check out all the options! Maybe you're more digital than analog....look for calendar plugins that might help you stay on track. Whether you want to try a Bullet Journal, a Productivity Planner, a Life Planner or the Ninja Planner...the best one is the one that you will actually use. Share in the thread below...which Planner did you choose?

Do More: Share in Slack...which Planner did you choose? Do you already have a planner that you love and will be using again in 2021?

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Day 16

Gratitude: We're rounding the corner into 2021. Whew...2020 has been quite a rollercoaster ride, right? Let's focus on the good today.

Building Abundance: If you haven't already, register for Erin Bradley's 2021 Business Planning Workshop on December 8th.Transform from chaos to calm, and plan for healthy growth in real estate in 2021.

About Erin Bradley:

My journey as an entrepreneur and real estate investor inspired me to write my book, “Pursuing Freedom: Be Yourself, Increase Your Referrals, and Have More Fun Growing Your Business!,” a passion project designed to help my fellow freedom-seekers and entrepreneurs develop a strategy to bridge the gap between doing what you love...and achieving financial freedom!

This passion has since developed into Pursuing Freedom, my podcast and coaching service dedicated to helping you design the life of your dreams, then create a business that supports that lifestyle. The goal is to build a life you don’t need a vacation from!

What’s my why? I love spending time with my husband and two kids and having fun with friends and family. I'm always up for an adventure, love travel, the Colorado mountains, playing outside, and generally enjoying today. It’s my mission to help you believe in, and achieve, anything you set your mind to!

Do More:

DOWNLOAD these files after registering! Complete the Reflection Questions Prior to the Class.

1. Business Planning Preparation

2. Design Your Future

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Day 17

Gratitude:

Even though conferences and meetings are getting canceled and postponed all over the place, the National Association of Realtors managed to pull theirs of virtually, and important issues were discussed and advanced, including the Regulatory Issues Forum, which hosted a session called “The Role of Homeownership in Advancing Racial Equality and Ending Racial Disparities,” which looked at the history of housing discrimination in the U.S., as well as the racial wealth gap, to determine how REALTORS® can combat discriminatory behavior and systemic racism in order to provide equal housing opportunities for all.

Building Abundance:

Vince Malta, president of NAR, kicked off the session with the following statement:

“REALTORS® must be active participants in promoting equality, inclusion and acceptance. Housing discrimination and segregation have devastating impacts on families in terms of the racial homeownership gap, the racial wealth gap, and disparities in education, healthcare and so much more. We must educate our members and the public about the past. We must be clear-eyed about the problems that exist in the present. We must have honest and frank discussions about the disparities that exist because we can’t solve problems that we don’t see and don’t measure.“Change starts with us. Fair Housing is the law, and to REALTORS® is the fundamentally right thing to do. It is an absolute necessity if we are to live up to our Code of Ethics and safeguard real property rights for every American. We recognize that it’s not enough to stop discriminatory behavior. We must take action to remedy years’ worth of inequality.”

Read the rest of the summary.

Do More: Watch this recording of Fair Housing 101, which West + Main Homes hosted several months ago, and watch for a new Fair Housing series hosted by West + Main Homes coming up in Q1 of 2021!

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Day 18

Gratitude:

As we head into COVID Level Red, take a minute to realize that all of this is happening FOR you, not TO you. When you look back on this time, will you recall a time of peace, hope, and quiet grace...or will you only remember the challenges and frustration? You or someone you know is likely feeling really disappointed about what this Holiday Season is going to look like, the limitations that we're facing, and the adjustments that we'll all need to make in order to keep our loved ones safe + healthy...check in with yourself + others, focus on the good, and remember that your place in this crisis is up to you.

Building Abundance: Spend some time on your social platforms today with intention. Look for signs of pain, need or distress from the people you're connected to. Stop scrolling + reach out...something as simple as a Facebook message or instagram comment might make all the difference in the world to someone who needs it. Also look for signs of change, and make a note on your calendar to reach out when it's appropriate - careers, families and housing needs are all in a state of constant flux - be a proactive and helpful resource.

Do More: Commit to a more healthy Safer at Home experience this time around - that might mean regular exercise, time outdoors every day, time away from screens, turning off the news, eating something besides leftover mashed potatoes and holiday cookies...whatever it is for you, put it in your calendar, set an alarm or timer, loop in an accountability buddy and feel even better coming out of this Red Level period then you do going into it!

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Day 19

Gratitude: Most of the people in your sphere and farm area probably have accumulated a decent (or even amazing) amount of equity in their property, even if they bought fairly recently, because home values have continued to rise and are getting pushed up at an even faster rate due to low inventory and COVID demand.

Building Abundance: Spend some time today pulling some CMAs, and commit to making it a daily or weekly habit, to update your people on the current value of their home. You'll find some tools to make this easy in our Brokermint + Livestorm libraries...so start by deciding on the tools + strategies that will make this a task that you don't hate tackling on a regular basis.These might include the attached CMA sheets - don't overthink it! Just do the quick research and handwrite it, along with a little note. You can mail these, email them, OR to start an even faster convo - snap a photo and text this to the homeowner! You're bound to get a "thank you" or even better, some follow-up questions

Do More: Watch the replays:

New Kids Class - CMA WorkshopCloud CMA Demo

SHORT TUTORIALS FROM GREG:

Using Realist to Save a Property Report for a Subject Property for a CMA - Watch here
How to do Saved Searches in Matrix related to Subject Property for CMA - Watch here
How to use Carts in Matrix to Narrow Comps for your Subject Property CMA - Watch here

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Day 20

Gratitude: Can you imagine surviving in this business without the tools + automation that we have access to as Realtors and independent sales people in 2020? Take a minute to appreciate the platforms, tech + innovation that make your work easier + more efficient.

Building Abundance: If you are already using Homebot, check your dashboard - are there folks on your list that have been more active than usual, opened their digest several times, etc? Make sure to reach out to them and offer to be a resource. Also make sure to add any new contacts to your list!

If you have not yet learned about Homebot, watch this session with Nina Hein from Homebot as an intro (and there's also a discount code if you decide to sign up) and check out West + Main's Homebot user guide

Ready to dig deeper? Watch this Homebot for Buyers Recorded Webinar - "Qualify leads and generate more opportunities with the newly improved Homebot for Buyers experience"

(Let @Greg know if you have questions about Homebot!)

Do More: If you haven't already, make sure to buy an easy-to-remember domain for your Homebot landing page.

Do Even More: Is Homebot part of your nurturing or farming strategy? Get more return by ordering Homebot square cards or postcards to drive traffic to your Homebot signup page! westandmainmarketing.com

(Let @madie or @Helen Thompson know if you have questions about Homebot Promo Materials)

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Day 21

Gratitude: It might be the last day of the month, but it's the first day of the rest of the year! In Real Estate sales, December is typically a month when established producers might take a breather, focus on business planning, and wait out the holiday season, when sales tend to be a little slower. I don't think 2020 is going to be typical (understatement, right?)

In order to keep your momentum going strong, remember that it's the work you do each day that is planting the seeds for your Real Estate future - sometimes it feels like "busy work" and it can get frustrating to not see immediate results, but just know that setting up systems, growing and nurturing your database, and looking for/asking for opportunity IS the work...the transactions are the results of that work you're putting in, hopefully on a constant basis. As you're trying to limit your face-to-face interactions and time spent with people, don't forget that there are so many ways to stay connected, to help your people, and to be a trusted friend + resource.

Building Abundance: Did you shop local this weekend? Have you had a great meal created by a restaurant recently? Have you had a vendor over-deliver or go the extra mile for you or your clients lately? Take a few minutes today and leave them a review or recommendation - on Google, Yelp, Nextdoor, or another platform where people might find the information useful. Make sure to tag them and let them know! Try to make this a habit - ratings + reviews are so important for small business owners, but most people only bother to write a review when they are either disappointed in a product or experience or incentivized to leave a review.

Do More: Ask some people to say nice things about you! This doesn't have to include only clients from closed transactions....it might be someone who knows and trusts you, who you have worked with in another capacity or industry, or even your Grandma who will be happy to talk about how sweet you are.

Start with RealSatisfied! You have an account (make sure to fill out your profile completely and add your NRDS number), and it only takes a couple of minutes to send a Survey. The recipient does not need to create a login or account, and it's a very simple process that is great for your online presence and personal SEO!

Real Satisfied Information + Tutorial

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How COVID-19 has impacted NextGen homebuyers: Key findings from a recent study

The 22-37 year old's cited a need for more space and desire to move sooner than planned more often than low rates

Millennials have not had the best luck when it comes to the economy. As the generation that graduated with record amounts of student loan debt and a poor job market, it’s no surprise that they have also been hit the hardest financially by the pandemic. According to a survey by Edward Jones and Age Wave, roughly a third of millennials and Gen Z have experienced an extreme or very negative impact on their financial security as a result of COVID-19, nearly double that of baby boomers.

Yet, despite the economic downturn, millennials have continued to be a driving force in the housing market. In July, Ellie Mae reported that millennials accounted for 61% of all purchase loans and their average interest rate fell to 3.25%, a record low for the generation.

Pandemic or not, millennials are key to the growth of the housing market. In collaboration with National MI, my team at Cultural Outreach surveyed 1,450 NextGen homebuyers (ages 22-37) in April and September to learn more about today’s homebuying millennials and their mindset in the midst of a pandemic. Through our research, we studied how this generation is approaching the home buying process, their fears, challenges and how COVID-19 has impacted their plans for homeownership. Below are a few of our insights:

Characteristics of mid-pandemic homebuyers

The ability to work from home was by far the biggest indicator of financial stability and optimism. In our September survey, seven in 10 respondents said they had the flexibility to work from home. Of that segment, the majority held at least a bachelor’s degree and had an annual income of over $100,000.

These respondents were 182% more likely to say the pandemic had a positive impact on their homebuying plans and even reported decreased stress in career, family, and finances.

In contrast, approximately one in three respondents said the pandemic had a negative impact on their homebuying plans. They were 2.5 times more likely to go into work, five times more likely to have increased stress in their career and less likely to hold a college degree. Unfortunately, women were also significantly more likely to express stress as a result of COVID-19 and a negative impact on their homebuying plans, even when controlling for income and children.

How COVID-19 impacted homebuying plans

Whether or not consumers are quarantined at home, people across the board are spending a great deal of extra time in their homes. Unsurprisingly, many of them have realized they could use a lot more space. Some want an office or a backyard, and they are looking for ways to manage the extra family in the home.

We discovered that while low interest rates are one factor in why NextGen buyers are purchasing a home, they are more likely to cite a need for more space and desire to move sooner than planned.

In addition to physical space, consumers are spending more of their discretionary income and time on household items and DIY projects. Homemade sourdough has replaced avocado toast as the stereotypical millennial trend of 2020.

COVID-19 is also making millennials think twice about their preference for city centers. From San Francisco to Brooklyn, NY, millennials are exchanging expensive lofts and proximity to bars for less expensive suburban homes with more outdoor space. According to a recent study by Pew Research, one in five Americans relocated this year due to COVID-19 or know someone who has, and it was the fourth most cited reason for buying a home in our NextGen survey.

We’ve compiled a list of ways lenders and housing professionals can remain relevant to today’s NextGen homebuyers below:

• Show that you care.
  
  Despite the fact that the homebuying market self-selects for those who are more financially secure, the pandemic has had negative effects across the board, especially in mental health. It is more important than ever that professionals do not come across as sales-oriented or tone-deaf to the global suffering as a result of COVID-19.

• Use omni-channel communication.
  
  In a time of social distancing, professionals are discovering new ways to connect and deliver services with technology. Video calls and video messaging are a great way to build trust with personable communication, while remaining safe and respectful to a variety of consumer preferences. Our survey indicated Instagram and Facebook are the top-used platforms by NextGen homebuyers and they prefer text and calls 2:1 over email.

• Share content that increases financial and mortgage literacy.
  
  One in five NextGen respondents said they weren’t confident in any step of the homebuying process. As a professional guide for homebuyers, share content that empowers them with the information they need to feel confident. Ninety-eight percent of our respondents said they start their research online, but after buying, they say their real estate agent was their biggest source of trusted information. If you are trying to generate leads in this market, you must start with an online presence that meets your consumers where they are.

• Share home-related content.
  
  Consider sharing content about DIY projects, home cooking recipes, or other home-related content. Did your sourdough bread turn out to be an epic failure? Post that to your Instagram story. This is the way people are building relationships with social distancing, so don’t miss out on the opportunity to connect.

Trying to Reach Millennial Homebuyers + Sellers? Here are 30 Ideas from Virtuance

30 Ways to Reach Millennial Homebuyers Online

As 2021 is nearing, it’s time to start generating and converting valuable leads. You may have the urge to send your lead magnet content out at random, hoping something sticks, but there’s better ways to convert. It’s important to create a marketing campaign that is quantifiable and has a targeted audience. A sense of direction is necessary for converting leads.

We’ve known for awhile that more than one-third of home buyers are millennials. We also know that millennials pretty much keep social networks and other online forums in business. If you’re looking to reach millennial homebuyers, you’ll want to create a strong online marketing campaign.

Below is a list of ways to reach those millennial homebuyers online:

1. Post regularly to social media

2. Use relevant hashtags

3. Create graphics for posts using Canva.com

4. Post to forums like Reddit and Quora

5. Promote listings with sponsored ads on Facebook

6. Design home buying checklists as lead magnets

7. Do live showings on Facebook Live

8. Host a mini house buying class on Instagram Stories

9. Engage in Facebook Groups

10. Write content and post on Medium

11. Share your listings as a Single Listing Website on Social

12. Host a social media giveaway

13. Attract remote buyers with a Matterport 3D Tour

14. Post 360-degree panoramas of your listings on social

15. Write a better listing description

16. Use a professional real estate photographer for your listings

17. Write about the hip areas and restaurants in your farm

18. Host a Facebook Live Q&A Session

19. Offer free online consultations to first time home buyers

20. Create “day in the life” content

21. Reshare engaging content on social media

22. Actively engage with your followers

23. Create a monthly or quarterly email newsletter

24. Post social proof and case studies

25. Design a Google Review campaign

26. Host a webinar on the home buying process

27. Connect with young professionals on LinkedIn

28. Actively engage on community Facebook Groups

29. Host a Virtual Open House

30. Promote vendors in your sphere

The list above are just a few of the many ways you can reach and connect with millennial home buyers online. Remember to stay creative and agile – and always follow-up!

For more great agent content like this, visit Virtuance’s blog.

Interview: West + Main founders with Lisa Kerin-Welch

We were excited to be invited to speak with Lisa Kerin-Welch on her Candid Conversation Series, an interview style show with discussions that are real, raw, and brave. In this 30 minute episode, West + Main co-founders Stacie Staub and Madeline Linder share their insights on Creativity, and share secrets behind how they make their residential brokerage thrive. 

We highly recommend joining her live on Thursdays between 11:00AM-11:30AM MST  where she talks to some of her favorite women about: Addiction, Advocacy, Anxiety, Beauty, Business, Faith, Leadership, Loss, Parenting and much more! Lisa is an amazing interviewer and has a talent for getting special insights out of her guests. Hope you get to check it out!

New PPP Forgiveness Form for Small Loans - Realtors Stay Informed!

New PPP Forgiveness Form for Small Loans

On Thursday, October 8, the Small Business Administration (SBA) and the Treasury Department announced the release of a new, further simplified forgiveness application for PPP borrowers with loans of $50,000 or less. The new application - Form 3508S - is one-and-half pages long, and requires the borrower to certify that the amount they are seeking forgiveness for was spent in accordance with the PPP requirements. Documentation must be submitted to their lender confirming payroll costs, employee numbers, business mortgage interest payments, rent and utility costs for the covered period. The new forgiveness application is simpler for eligible borrowers to use, and will reduce the processing time on the part of the lenders.

In addition, borrowers who use the Form 3508S are exempt from the PPP requirements for maintaining the number of "Full Time Equivalent" employees and not reducing employee wages. Thus, borrowers with loans of $50,000 or less who use the new form are eligible to have their full PPP loan amount forgiven even if economic circumstances kept them from meeting one or both of those requirements of the program.

NAR has been supportive of further streamlined forgiveness rules for small PPP borrowers, and will continue to advocate for future improvements to the program. The SBA is currently processing forgiveness applications provided by the SBA lenders. Borrowers have 10 months from the end of their covered period to submit the Loan Forgiveness Application and accompanying documents to their lender, and the lender then has 60 days to make a determination on the loan forgiveness request.

Read the Press Release(link is external)

Download the Form 3508S PPP Forgiveness Application(link is external)

Read the Form 3508S PPP Forgiveness Application instructions

First American Market Report for the Industry - Denver Metro - September 2020

It just won’t stop, where will we see shift? 

Rates dropped, again. With rates dropping to lowest historical levels, buyer affordability remains stale if not better despite significant appreciation over last year. We’re in a market where sellers are experiencing some of the best conditions and favorability when listing right now, but also buyers can buy at higher price points from enhanced affordability.

What might happen heading into the 4th Quarter and the election?

In previous years Colorado has seen minimal impact and shift as it relates directly to the Presidential Election. In 2020 style, this year is certainly different. Due to social, political unrest, demonstrations, riots and of course COVID-19 we have experienced more turbulent conditions and it will be challenging to separate each of these issues to measure their independent effect.

In years past, the only affected homeowner pool have been those with higher net worth, and/or those using jumbo financing and relying on their assets to make a purchase. Hand in hand with election season comes stock market volatility- and those who have more substantial investments than average are more likely to press pause to see how the election plays out. Be sure to tune into my weekly market update on Friday’s at 10:00AM to catch the play by play every 7 days.

Detached Single Family Highlights:

• Active inventory remained flat month-over-month up by +1.0%, also down from the same month one year ago by -50.7%.  Inventory for the month of September was 2,820 units for sale. 

• Contracts accepted, or pending sales, decreased by -12.9% and were up from the same month one year ago by 18.5% with 4,808 contracts accepted in Metro Denver.

• Closed units slowed month-over-month by -2.1% but were up +30.0% from the same month one year ago.

• Days on market held fast at 21 days on market as an average, as did median days on market, coming in at 6 median days to contract.

• Flash sales- or units pending after just one week on the market were reported as 58.4% of all detached units closed in September.

• The competitive nature of the market post COVID-19 quarantine in September reported that 24.5% of closed transactions sold for a full price offer with 44.8% sold for over asking price.

• Even though average home prices appreciation was up YOY to $591,231- when coupled with the recent drop-in interest rates a 30-year fixed loan with 10% down will yield principal and interest payments of $2,207; which is -0.4% less than purchasing an average priced home one year ago.

Attached Single Family Highlights:

DOWNLOAD REPORT ›

Please be sure to spend some time each Friday from 10-11AM reviewing the weekly COVID-19 report so you have the most current information we can provide. New webinar registrations will be sent out for October dates next week. Due to changes in Zoom I need to make some modifications that will allow us to live stream on social media. Please be on the lookout for those on Wednesday.

Thank you for the opportunity to rise to the occasion as your real estate trend-tracker of choice, and I hope to see your clients at our closing tables in the future!

We’ll see you soon. 

Megan Aller
Account Executive
MOBILE 720.229.6641
maller@firstam.com

First American Title Insurance Company, and the operating divisions thereof, make no express or implied warranty respecting the information presented and assume no responsibility for errors or omissions. First American, the eagle logo, First American Title, and firstam.com are registered trademarks or trademarks of First American Financial Corporation and/or its affiliates.This message was sent to you as a service of First American Title Insurance Company.

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9000 East Pima Center Parkway Scottsdale,AZ, 85258 United States

If you are wondering how current national and global situations might be impacting your property’s value, your neighborhood, or the Real Estate market in general, we are happy to provide more specific information.

If there is a home that you would like more information about, if you are considering selling a property, or if you have questions about the housing market in your neighborhood, please reach out. We’re here to help.

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13 Ways to Step Up Your Defense Against Hackers

Hackers could be using the global pandemic as an opportunity to target real estate as more transactions and communications are conducted remotely. What’s more, phishing emails may try to use COVID-19 as an excuse for why professionals need to renew login credential or passwords, or hackers may prey on any relaxed online security of the increased numbers of those working from home.

Now more than ever, you need to be on guard, said speakers on Thursday during a National Association of REALTORS®-sponsored virtual session, “Cyber and Data Security,” as part of the Tech Edge series. The warnings by speakers were strong because real estate scams have become a prime focus of hackers in recent years. Last year alone, real estate and rental fraud resulted in $221.3 million in total losses to victims—a 48% increase in monetary loss over the year prior, according to FBI data from the Internet Crime Complaint Center.

“Real estate is a major target that hackers are going after,” said Craig Grant, CEO of the Real Estate Technology Institute. “Be vigilant,” or it can destroy your finances, reputation, and harm your clients.

To protect your business and your clients, “awareness is key,” said Chris DeRosa, NAR's member information and ecommerce product leader, who spoke at the session. “Whatever people tell you, there is no guarantee to keep you safe from data breaches, but awareness can help so you become aware of the threats and how they are getting through so that you can then take more preventative efforts to protect your business.”

After all, real estate scams could trick your clients out of their entire down payment, scar your reputation from clients who accuse you of not doing enough to protect them, and even pose a liability to your business for failing to warn clients of the risks. 

Adopt risk management and mitigation strategies to protect yourself and your clients from real estate scams. Here are a few ideas from the Tech Edge session:

1. Ask “Stop, wait, does that make sense?” When you receive an email, take an extra few minutes to question it, even if seemingly from a contact. Ask yourself: Would this person normally email you with that request? Does your bank ask you to send them your password? Does this sound like a client you have been working with? Were you expecting this attachment from your colleague? “It is not bad customer service to add a minute or two before you answer,” DeRosa said. “It will save you a big potential mess on your back end if you are caught by phishing, malware, ransomware, or give out personal data.”

2. Watch the information you share. Avoid sending wire instructions—and any personal or sensitive financial information—over email. Also, watch the information you post on social media. Hackers track MLS sites, looking to identify pending home sales. Once they pinpoint a prime target, they take part in social engineering—profiling you, your clients, title companies, closing attorneys—all whom are involved in the transaction, warned Deanne Rymarowicz, NAR associate counsel. They are scanning your social profiles for information about your transactions and hacking into your emails to start communicating with your clients pretending to be you.

3. Ensure your systems are secure. Check to make sure that your computer and antivirus software are up-to-date, including any privacy tools, add-ons for browsers, router firmware, ransomware protection, and phone apps you use for your business. Activate two-factor authentication when accessing accounts, use encrypted email, and consider using a VPN when accessing public Wi-Fi.

4. Educate your clients. From your initial client meetings to when an offer is accepted, talk to your clients about the dangers of wire fraud scams. Some brokers are even requiring signed disclosures after informing their clients of the dangers. NAR teamed with the American Land Title Association to develop a brochure that warns customers about the dangers of cybersecurity scams, including how to avoid scams and what to do if you suspect one. Customize the brochure with your information. Download it for free at the REALTOR® Store.

5. Use a transaction management platform. The benefit of a transaction management platform is that it can archive all back-and-forth communications with your client over a secure network. Investigate transaction management platforms with safeguards in place for sharing documents and sensitive information.

6. Verify, verify, verify. Tell your clients that they should always confirm all instructions in person or over the phone with a trusted representative. They should never follow emailed instructions, particularly if it involves wire fraud instructions. Also, warn them to always verify information with an independently verified phone number, and never use the contact information they find in an email.

7. Check email addresses closely. One common way that hackers infiltrate transactions is by creating spoof emails that appear nearly identical to real ones. Look closely at all email addresses for subtle differences. For example, “debsmith@titlecompany.com” could be spoofed to come from “debsmith@titllecompany.com.”

8. Add a disclaimer to your email signature. NAR.realtor offers a sample email template that can be added to the bottom of your emails to warn clients about the dangers of real estate scams. Here’s an example: 

IMPORTANT NOTICE: Never trust wiring instructions sent via email. Cyber criminals are hacking email accounts and sending emails with fake wiring instructions. These emails are convincing and sophisticated. Always independently confirm wiring instructions in person or via a telephone call to a trusted and verified phone number. Never wire money without double-checking that the wiring instructions are correct.

9. Don’t click on unsolicited links. Opening a bad link or attachment can prompt a key logger, malware that reads your keystrokes and can then capture your passwords. Bill Lublin, CEO of Century 21 Advantage Gold in Southampton, Pa., said his brokerage has a company policy to never open an unsolicited attachment via email from anyone, even if it seems to come from someone they know. They are instructed to call and verify the legitimacy before opening. Also, if you receive a link in an email, hover over it to see the full link before you click. Be particularly skeptical of shortened URLs that try to mask where the pages are going to, session panelists warned.

10. Consider protection. You may never be able to fully protect your company fully from becoming a victim of a data breach, hack, or system failure from data loss. But insurance may help protect you from financial devastation. The REALTOR Benefits® Program has begun offering a new member benefit of cyber liability insurance, specifically designed for the real estate industry in protecting against scams. The coverage extends beyond just the broker to also include client coverage. Learn more: nar.realtor/cyberpolicy

11. Use a passphrase as your password. Password breaches are a common way for hackers to gain access to accounts. “Using stronger passwords is one of your best defenses against hackers,” said Heather Ozur with the Mallen, Marshall and Ozur Group at Keller Williams in Palm Springs, Calif. “Even though it’s common sense, we see people time and again use weak passwords. That is like an open door for hackers to come in.” Avoid obvious passwords that tie strongly back to you, such as a name of a pet, child, family member, birthdays, anniversaries, phone number, or common keyboard patterns (e.g., 12345) or even reusing the same password on multiple devices. Instead, consider using a “passphrase,” which consists of a sequence of words or text. They tend to be longer and harder for hackers to guess.

Ozur provided some examples:

• Create an acronym from a sentence or sequence, such as “I think that I shall never see / a poem lovely as a tree.” That passcode translates to: lttlsns/Aplaat/ (That would take a hacker 655 million years to guess, Ozur said.)

• Consider a memorable character in a vivid setting doing an imagined action as a basis for your passcode. Use the first two letters to the main word, using this example: “Ben Franklin at the beach playing volleyball on the 4th of July in 1776.” The passcode could be translated to: BeFrBeVo741776 (That would take 98 million years for a hacker to guess, Ozur said.)

12. Use a password vault app. A password management program can help store all of your passwords from your various systems in one protected place. It’s a simple way to access your passwords and remember them, Ozur said. Look for a password management system that includes two-factor authentication or biometric access, such as via fingerprint.

13. If fraud does ever occur, act immediately. If you or your clients become a victim of a scam, time is crucial, the panelists said. “The faster you act, the better chances for recovery,” said Rymarowicz. “Notify all parties involved immediately.” In a wire fraud scam situation, the buyer should contact the bank immediately to ask for a stop, recall, or reverse on the wire. Also, fraud incidents should be reported to ic3.gov, as well as to the local FBI office.

Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine. She can be reached at mtracey@realtors.org. Follow her on Instagram and Twitter: @housingmuse

Pumpkin Spice or Poo Emoji: Your Listing Description Could be Better

Hey all, I'm working on cleaning out my inbox, and one of my fave e-newsletters had this gem, which reminded me so much of how we should all be crafting compelling LISTING DESCRIPTIONS - no matter the price point, no matter the product.

Let me know what you think...and if you have a listing that's been sitting for a minute, give it a little love, k?

And, if you like this stuff as much as I do subscribe to Ann Handley’s e-news right here. Enjoy:

Hi and non-contact high-five to you!

How do you sell two used couches upholstered in the exact, unfortunate color of the poop emoji?

That had been my challenge since last weekend, when I swapped out the two brown couches in our Maine cottage for a smart, gray, sofa-and-loveseat duo with a mid-century modern vibe. Maybe it was my imagination... but they seemed a little cocksure, that trim mid-century pair, sliding efficiently into spots once occupied by their dumpy, dung-colored cousins. (The old brown couches ended up against the far wall, looking... I don't know... forlorn? I would say they reminded me of two old dogs watching their family welcome a new pup... but that would be ridiculous, wouldn't it?)

But anyhoo... life goes on.

My son Evan wanted to put the brown couches on the curb with a "FREE" sign.

But this is a classic Marketing challenge, isn't it? How do you sell something with enthusiasm when you wouldn't be the ideal buyer for it? How do you acknowledge the in-your-face reality of that poop-emoji brown?

Here's the first ad I wrote for the listing on Facebook Marketplace:

FREE COUCHES: Two gently used brown loveseats from a smoke-free, pet-free seasonal cottage. Very comfortable, no tears or rips.

INQUIRIES: 1 (someone who asked: Will you deliver? Answer: NO.)
ROI: 0%

Let's try again.

Here's the second ad I wrote:

PUMPKIN SPICE COUCHES x2: Two upholstered gently used loveseats in a rich caramel hue. Deep, comfortable seating. Generous arm with sturdy back pillow supports. Perfect for binging Netflix or cozying up with your bestie on a chilly autumn night. From a smoke-free, pet-free seasonal cottage. Sad to see these go! $95 for the pair. These won't last!

Before I share the results... (scrollers: contain yourselves!), let's live-comment on what's happening here.

Pumpkin Spice Couch Copywriting Lessons

1. Trigger at least two senses—sight, smell, touch, taste, hearing. Invite your reader to imagine the couch with more than one sense. Not just what it looks like (sight). But what it feels like (deep seating; generous arm, sturdy on the back). And what it smells like: "Smoke-free, pet-free" is code for "doesn't stink."

2. Steer clear of clichés. Don't say "sink into this couch." Though that brown couch might be sink-in-able, the feature is implied. Less is often more. (In copywriting. In life.)

3. Tell a story. A "story" in a six-sentence Facebook ad means you invite the reader to imagine how cozy they'll be, snuggled up with their bestie or a blanket.

4. Use familiar pronouns. Not A bestie: YOUR bestie.

5. Invoke emotions. Sad to see these go reminds people of their cozy comfort; these won't last conveys urgency. To be honest, I struggled with whether to include the these won't last line... is that selling too hard...? I brought it before the equivalent of the Copywriting Supreme Court in my head. Verdict: It stays. It conveys the right tone.

6. Not free. "FREE" was a turnoff in the first ad, because FREE signals NO ONE WANTS YOU, dumpy poop-emoji couches! When I put a not-crazy price on these two, I actually got more inquires—not fewer. Why? The perceived value was higher. Humans are weird.

7. You are not your customer. I admit it: I don't like brown. Look through someone else's eyeballs: Maybe our poop-emoji brown is their pumpkin spice caramel macchiato.

8. A little humor goes a long way.

This ad is NOT overly clever, and I'll be the first to admit it. I actually thought of a million other ways to write this ad:

> the personal ad approach ("Two dignified older gentlemen seek a welcoming home...")

> a Starbucks order "Belly up to the counter: Two pumpkin spice caramel macchiatos could be coming your way!"

> the plaintive appeal for a new home written in the first-person by "Brownie the Couch" (Literally LOLing at this one)

But we're here to sell couches, not win copywriting awards for cleverness. So I used a little humor in the headline to catch attention. But not so much that the audience would suspect they're the butt of some joke.

So... what happened?

INQUIRIES: 8
ROI: A text from my son yesterday morning as he watched the poop-emoji couches being driven away in the back of a flatbed trust: "OMG Mom. I can't believe someone paid $100 for those couches."

As you're printing out MLS sheets, perusing listings, getting next week's hot new properties ready for market, keep this in mind...how would YOU want YOUR house represented? Do that. Be better. And, as always, let us know if we can help!

Fair Housing Is Ultimately Local, Like Real Estate - And It's Up to You.

Fair Housing Is Ultimately Local, Like Real Estate – National Association of REALTORS Declaration Must Trickle Down

The videotaped killing of George Floyd and inequities in pandemic relief have returned America’s history of racial discrimination back to center stage. Housing is connected to every aspect of American life, and that unfortunately has included housing discrimination.

NAR Takes Action to Build Equitable Housing Market

The National Association of REALTORS® has placed a stake in the ground on fair housing practices and the Fair Housing Act. In response to the current administration’s roll back of 2015 regulations to “affirmatively further fair housing,” NAR President Vince Malta said, “The National Association of REALTORS® is disappointed that HUD has taken this step, which significantly weakens the federal government’s commitment to the goals of the Fair Housing Act (…)The changes threatened to strip away the rule’s original civil rights purpose, as mandated by the 1968 law.“

NAR contends that an examination of inequality in America reveals that the racial wealth gap is primarily a housing wealth gap, with lower homeownership rates. This leaves an impact on minority communities that can last generations. But the housing gap story began long before the recent HUD decision.  In fact, housing discrimination began long before the 1930’s when New Deal housing programs were created. The New Deal was a great example of structural discrimination in housing that unfairly disadvantaged African American families and other people of color.

Housing Discrimination Is an Ongoing Issue

As part of the New Deal, the Federal Housing Authority, (FHA) subsidized builders who produced housing for middle- and low-income white families with the requirement the housing not be sold to African Americans. In response to this and other tactics, the Fair Housing Act of 1968 made discrimination in housing, from steering qualified black buyers from a golf course community to predatory lending, illegal.

Housing discrimination is a crime, punishable by federal fines exceeding $100k and other punitive measures, yet one that is still committed around the country even today. Last year, a New York newspaper used “paired testing” to expose the fact that Long Island real estate agents directed qualified black families away from certain suburban neighborhoods even when their financial pictures were better than those of white families, the testing process showed.

Localized Case Study – Long Island Board of Realtors

The Long Island Board of REALTORS®, (LIBOR) boosted their local commitment to fight back on those type practices in their communities. LIBOR states: “In addition to participating in a local Fair Housing Task Force, LIBOR fully supports and cooperates with state and local agencies that use qualified, trained testers to ensure real estate agents follow fair housing laws.” 

Additionally, LIBOR recently worked with Nassau County Legislator Carrie Solages to assist with his efforts in the creation of a publicly accessible database and map indicating the properties and areas in Nassau County that contain racially restrictive covenants.

National Response to Homeownership Gap

NAR worked with the Urban Institute and the National Association of Real Estate Brokers to develop a five-point framework to address the Black homeownership gap. The National Association of Real Estate Brokers, Inc. (NAREB) was founded in Tampa, Florida, in 1947 as an equal opportunity and civil rights advocacy organization for AfricanAmerican real estate professionals, consumers, and communities in America. The five-point framework plan begins with a call for local efforts:

1. Advance policy solutions at the local level

2. Tackle housing supply constraints and affordability

3. Promote an equitable and accessible housing finance system

4. Further outreach and counseling for renters and mortgage-ready millennials

5. Focus on sustainable homeownership and preservation

Homeownership is an important wealth-building source and a foundation for economic stability. Owning a home can provide a stable place to live and remove significant economic uncertainty in the form of fixed housing costs. These benefits are well documented, yet there is persistent inequality in access and attainment of homeownership across racial lines and less wealth accumulation for black households through homeownership. Systemic denial of homeownership supports the creation of an underclass in America, which impacts everyone.

The Cost of Systemic Inequity

The global management firm McKinsey and Company estimated in a recent report that by closing the racial wealth gap created by systemic racism, the U.S. GDP could be 4–6% higher by 2028. In nominal dollars, consumption and investment will cost the U.S. economy between $1 trillion and $1.5 trillion between 2019 and 2028. That is roughly $2,900–$4,300 in GDP per capita. Effectively, racism is costing white Americans $2,900–$4,300 for every man, woman and child. By missing out on 4–6% growth, white people are robbing themselves of a lot of money, job opportunities, promotions and an even higher standard of living than they have today.

NAR President Malta connected similar economic dots in the real estate industry. He said, “The viability of our 1.4 million members depends on the free, transparent and efficient transfer of property in this country, and NAR maintains that a strong, affirmative fair housing rule is vital to advancing our nation’s progress toward thriving and inclusive communities. With the pandemic’s disproportionate impact on people of color reminding us of the costs of the failure to address barriers to housing opportunity, NAR remains committed to ensuring no American is unfairly denied this fundamental right in the future.”

Urban Institute’s study, published in 2012, found that while instances of overt “door-slamming” discrimination had continued to drop, real estate agents and rental housing providers recommend and show fewer available homes and apartments to minorities than to equally qualified whites. These insidious forms of discrimination raise the costs of the housing search for minorities and restrict their housing options.

People often ask, what does the name West + Main mean?

To us, West + Main represents the balance between heart + home. It means unlimited inclusivity, unbounded by assumptions. It means that all are welcome + appreciated.

And it means that we're here to help you make your dreams come true, regardless of price point or neighborhood. 

West + Main is where Real Estate meets local artists, activists, makers + doers, and where innovation + creativity are not stifled, but supported. 

What will West + Main mean to you?
We're here to help you find out.

Thinking About Buying Real Estate Leads? Why?

Is buying real estate leads really worth it?

HousingStack is a real estate technology landscape that provides a dynamic visual of rapid changes in the sector. The HousingStack is exclusively for HW+ members. To join the HW+ community, go here.

As we’ve shown in HousingStack, there are a lot of companies focused on generating leads for real estate brokerages and agents. Apparently there are so many that some agents say they get more calls from lead sales people than from actual leads. (HousingWire)

Some agents have gone so far as to say that these leads aren’t of great quality and they’re not getting their money’s worth. I say it’s great if you actually know that and are measuring because if you don’t measure, it’s not worth doing paid lead generation anyway. 

But beyond the assertion that buying leads isn’t worth it or that one company’s leads have greater quality than another company’s leads, what I’ve tended to see out there, and spent some time corroborating this past week, is that leads are what you make of them. Don’t get me wrong, some “leads” are just crap. But, generally speaking, if you’re handed a contact with an email, name, phone number and some level of intent, it’s what you do with that contact that makes all the difference. 

The next installment of HousingStack will focus on the companies that provide solutions for managing, nurturing and converting leads. And since the installment about lead generation stirred up some interesting debate, I decided to drop this article in the middle of it all. 

The basic facts

Based on survey data from the National Association of Realtors in 2019, 53% of buyers used someone either referred to them or whom they had worked with in the past.

Given that survey data, let’s say that roughly half of all buyers and sellers are up for grabs in a given year, or about 5 million people. For those people, there are many ways that they find an agent and make a decision. The NAR data also shows that about 75% of all buyers and sellers spoke to only one agent in their selection process. If you’re great at immediately following up, it’s good news. If not…

Studies show that converting leads (especially real estate leads) is about rapid follow-up. So much so that if you receive a lead and follow-up within the first five minutes, your chances of reaching the prospect are as much as 900% greater than a delay of ten or more minutes, according to a study by the Sloan School of Management at MIT. 

Zillow’s own research shows that if you follow-up within two minutes, you have nearly a 400% greater chance of reaching your prospect than if you wait even ten minutes. So imagine if you purchase “leads” that are already older than that! You’re already in a hole in terms of being able to convert. 

All of these figures are about the “lead” actually answering the phone, meaning they show that they’re willing to talk to you. The typical maximum response rate on those outbound calls to leads that just filled in a form (someone actually answering the phone) is about 40%. What about the 60% of the time that they don’t? Now the magic numbers are eight to 10.

It generally takes between eight to 10 outreaches to finally get someone to talk to you if you haven’t reached that person yet. Most agents, and generally most sales people, stop at three tries. We can’t forget that even if they answer, that doesn’t mean you converted them to anything, it just means that they’re willing to talk to you. Now the real work happens. 

Across the industry from agents to brokerages the consensus seems to be a conversion rate of between 2% and 5% of online “leads.” Truthfully, from the data I’ve seen, that conversion rate is actually from form-fill to lead. In other words, someone filled out a form, was then contacted and became an actual lead or opportunity to work with rather than just a name in a database. Realistically, the conversion rate from form fill to actual business is closer to about 0.5% to 1.5%. To be clear, that means that you need between 70 and 200 form-fills to generate a commission.

What does this have to do with buying leads?

Many of the lead providers handle the first part for brokerages and agents; attracting visitors, converting them into known contacts (leads) and finding out a little more about them. Basically, here’s a person with a name, email, phone number and in an area you say you service. In some cases, they’ll provide additional information such as the property attributes, price range, specific school they want their kids to attend, whether or not they’re pre-qualified, etc. This can be a great way to fill the top of the funnel but it’s rare that these are ready to close. There’s work to be done. 

Depending on the provider, they may deliver a lead and require the agent to “accept” the lead in a certain timeframe. From there it’s up to the agent to follow up, work the lead to an opportunity and close the opportunity. In most cases, the first goal is to get the person to sign either a buyer’s agency agreement or a listing agreement. Then there’s the real work to get to the commission. 

I mentioned previously that how quickly you follow up is crucial. I didn’t mention that it’s estimated that 60% of leads that agents receive/generate are never followed up with. So if you paid for those leads, it’s like lighting money on fire. But it’s even worse if you’re purchasing “stale” leads, meaning leads that are already hours or even days old. Another crucial statistic I didn’t mention is that roughly 30% of call-in leads (the best ones you can get) aren’t answered. 

3 questions you need to answer if you pay for lead generation services

If you do decide to pay for lead-generation services to fill your funnel, these are three crucial questions you should answer:

1. How “fresh” are the leads? Meaning, are you receiving them immediately after they fill in a form, for example? Or are they sitting around and then sent over in a batch? It makes a massive difference!

2. How reliable is the lead information? Is there valid contact information including a phone number? Do you have enough to start a conversation with the person? Do you know the person’s expectations about being contacted?

3. How “ready” are you? If you started receiving leads tomorrow, would you be able to follow-up instantly? Do you have a system that will notify you? Do you have a standard set of questions? Are you ready to reach out multiple times if necessary?

If you’re numbers-driven, process-driven, follow schedules and have no hesitation with outbound calling, then buying leads to fill your funnel (through the right partner) can be a great way for you to generate consistent business.

You’ll be able to work out the numbers in terms of how many you need to get into the funnel to create each opportunity and how many opportunities turn into commissions. Then it comes down to math. Number of leads, specific price points, time you’re willing/able to put in, out pops your magic number. This same math applies to generating your own leads through your website, Google Ads, Facebook or anywhere else. It’s just that you need to take on a lot more responsibility. 

If you’re none of those things or are hesitant about any of them, then it doesn’t mean you shouldn’t purchase leads. But it might mean that you need to focus on specific types of providers. For example, those that handle generation, qualification, warm-up and then hand-off of a client-ready lead. These people will typically require less of your up-front work in return for more of your money usually in the form of a commission split or referral fee. What that means is you’re paying them to do the stuff you don’t want to do or don’t have time to do. 

So, what to do?

In my experience, when I ask questions about visitors, conversion rates, follow-up times and general ROI metrics, most times I get the answer “I don’t know.” Regardless of whether you’re purchasing leads from a third party or generating your own leads, measuring things is simply imperative. Everyone knows this, but few seem to actually follow through.

I did a survey of thousands of agents and hundreds of brokerages a number of years ago about the expectations they had when it came to purchasing leads. Two interesting things came out of that survey that have stuck with me. When asking brokerages what they thought agents wanted, the overwhelming response was “more leads.” When asking agents what they want, the answer was “fewer leads, higher quality.” 

The net of this is, before starting down any path related to “leads,” make sure you know what your goal is. More leads? Or quality leads? And make sure you have defined how you’re going to measure that. What’s a lead? What does quality look like? What effort are you willing to and capable of putting in? Do you have the systems in place to help you manage, measure and hold yourself and others accountable? I don’t simply mean technology, I mean a systematic approach to this. Starting off by answering these questions will set you up for success out of the gate. 

All of this won’t change the “garbage in garbage out” problem. Some companies will just provide contacts that aren’t really leads. But having a structured approach enables you to immediately determine that and change course. 

There are many organizations that are very successful at leveraging third-party lead sources. Many of them are real estate teams and the reason they’re successful is because they started out knowing what they were trying to achieve, they have the internal systems and processes in place, they are relentless at measuring everything and, perhaps most importantly, they have the right division of labor to handle the process. 

Plenty of promises about leads never actually materialize. But you have to ask yourself…”is it them or is it me?”

Setting Seller Expectations: Are cities really seeing an exodus?

Are cities really seeing an exodus? Zillow says urban areas have more in common with suburbs than you think

While we know people are migrating out of urban areas to seek more room in the suburbs, these two different kinds of housing markets are showing similar trends since COVID-19 shut down much of the country. (HousingWire)

The exceptions are the two priciest metros in the U.S. — Manhattan and San Francisco. In these two areas, inventory is nearly double what it was last year, as homes are staying on the market twice as long as last year.

Otherwise, according to Zillow, urban housing markets are keeping pace with the booming suburbs.

“When you step back and look at the bigger picture, it seems that those writing off urban real estate have done so prematurely,” said Zillow Economist Jeff Tucker in a statement. “There is some localized evidence of a softer urban market, particularly in the highest-priced markets, San Francisco and Manhattan, and an eye-catching divergence in sale prices, but no evidence of a widespread flight to suburban pastures.”

Both urban and suburban areas had a rate of newly pending sales picking up since February, then in early Spring, when COVID-19 hit, the slowdown in these areas was similar, too.

However, the difference in price growth is what sets the two apart. While year-over-year growth in median sale price has slowed in both, it showed through in urban areas a little stronger.

In urban areas, median home price growth is down 9.3 percentage points from pre-pandemic to the end of June, but down just 3.1 percentage points in the suburbs.

The coastal exodus is a huge part of this, as many are seeking larger living spaces after working from home or being cooped up with family in smaller dwellings.

“The primary issue in much of the country is the inventory drought, both urban and suburban, that’s failing to meet the surprisingly robust demand from buyers eager to lock in record-low mortgage rates,” Tucker said.

PODCAST: Scaling a Real Estate Business with Erin Bradley + Stacie Staub

SCALING A REAL ESTATE BUSINESS, WITH STACIE STAUB

Erin Bradley chats with Stacie Staub on the Pursuing Freedom Podcast  
         
REAL ESTATE BUSINESS: WHAT YOU WILL LEARN:

• Stacie’s perspective on when is the right time to scale your real estate business

• How to move past the debilitating fear spots that we put in front of ourselves

• Systems and processes that should be put in place early on

• How to find alternatives to the parts of your business that you don’t enjoy doing

• How and when to delegate

• What you can do to be more consistent and find a solution for predictable growth

• How to eliminate time-sucks and get organized

• Stacie’s approach to the hiring process

Growth and Scale That You Can Enjoy

Stacie Staub is an OG Pursuing Freedom guest and one of my oldest friends in the real estate business! She is the co-founder of West + Main Homes, an incredible brokerage based in Colorado. And she is also the founder of Genuine Hustle, a conference series designed around real-life teaching and learning in the real estate space. I wanted to bring Stacie back on the show to talk about everything that goes into scaling a real estate business. In this episode, Stacie helps us understand when is the best time, and what activities should be delegated in the process. There are so many angles to approach this process, so Stacie’s input will help us do it in a way that we enjoy, that we are naturally good at, and that will ultimately result in moving the needle.

Put a System in Place From Day-One

So many people in the real estate business have the potential to do more, but they are being held back by their own systems (or lack thereof) and limiting beliefs! That is one of the reasons I am so passionate about the mechanics behind scaling your business—it doesn’t have to be a miserable headache. From day one, you have to think about what you want your business to look like and figure out how you are going to manage it along the way. Stacie has seen agents wait until they have 12 deals under contract and their hair is on fire before hiring a TC. Then they don’t even have time to train the TC on how they want their business to run or where they need help. You need to put a system in place when things are moving slowly, you are ready for any opportunities that come your way. Otherwise, you will have a difficult time growing your business.

Get Out of Your Own Way

Top producers in the real estate business are top producers because they are taking care of their clients while building their business. It doesn’t have to be a trade-off on that front, and it doesn’t have to be a trade-off in your personal life either. A lot of the day-to-day can be delegated as your business grows so you can focus on revenue-generating activities that only you can do! Think about the things you hate doing and find alternatives that play to your strengths. Or hire people that can take them off your plate. It is difficult to come to this realization on your own, but once you get out of your own way, there is no limit on what you can accomplish.

About Stacie Staub

Founder and owner of West + Main Homes, Stacie Staub is a Colorado-based Real Estate expert with over 15 years of experience in both residential sales and industry marketing. She is also the conference-loving junkie behind Genuine Hustle, which is fast becoming one of the most popular and in-demand formats for real-life teaching and learning in the Real Estate space. When Stacie isn’t helping her team reach their business goals, you might find her on stage sharing her best tips and tools, or appearing as a guest on both local and national webinars, radio shows, podcasts, and conferences. She also combines her love of Real Estate with her passion for teaching in order to help other agents to grow their business in an organic, genuine way.

How to Connect With Stacie Staub:

Balanced Growth Course:

• Website: https://pursuingfreedom.thinkific.com/courses/balanced-growth

Additional Resources:

• Time Tracker

• 5-Step Guide to More Referrals

If you're a Realtor who is exploring new career opportunities, or if you think that Real Estate might be a good fit for you, Contact Us or Email Us.

Hello. We are hiring.

People often ask, what does the name West + Main mean?

To us, West + Main represents the balance between heart + home. It means unlimited inclusivity, unbounded by assumptions. It means that all are welcome + appreciated.

And it means that we're here to help you make your dreams come true, regardless of price point or neighborhood. 

West + Main is where Real Estate meets local artists, activists, makers + doers, and where innovation + creativity are not stifled, but supported. 

What will West + Main mean to you?
We're here to help you find out.

If you're a Realtor who is exploring new career opportunities, or if you think that Real Estate might be a good fit for you, Contact Us or Email Us.

+ Competitive commission splits.

When we were creating West + Main's business model, we put a lot of thought into things like splits, fees, and inclusions. We decided to implement the Agent Compensation Plan that allowed our agents to keep the most money possible in their pockets. So, you control not only your costs + expenses, but also your your sales goals -- and we are here to help you achieve and exceed whatever level of production you are aiming for.

Our competitive commission splits reset every year on your West + Main Anniversary, with escalated splits based on production.

+ Full-service brokerage support.

At West + Main, we truly believe that every Realtor is capable of success in this industry -- and we also know that "success" might look very different to every single agent in our office. So, we don't make a bunch of empty promises or have unreasonable expectations, but we do have a commitment to help you get wherever you are trying to go with your sales career. Our goal is to provide our team with the support, tools, skills and knowledge they need to grow in this business. 

 + Retail storefront office space.

West + Main's sunny, bright + casual storefronts are located in busy, popular retail environments, surrounded by locally-owned shopped + restaurants, with pretty much non-stop drive- and walk-by traffic. Part boutique vibe, part art gallery, we're inspired by the spaces we get to work in, and we hope that our agents and their clients are, too. You won't find rows of desks, cubicles, or landlines. No walls full of filing cabinets, stacks of office manuals or outdated marketing collateral. We're almost 100% paperless, and we're absolutely 100% deskless. There's always a comfortable place to work, meet, host, learn, create, and collaborate -- everything you need to do the daily work of Real Estate.

+ Broker-provided client introductions.

Our website is a lead machine, and each of our agents has their own website which is easily customized to reflect their specialties, niches, and personality. It's also Search Engine Optimized, has one of the best CRM's in our industry -- and it's all included in our low monthly Roster Fee. We also invest a pretty big chunk of our marketing budget toward the generation of new website traffic - which eventually converts into opportunities for our agents to meet new people, to form and nurture relationships, and to help folks make smart Real Estate decisions and moves.

+ Beautiful marketing.

Not every brokerage has an experienced team of content writers, graphic designers, bloggers and creatives behind the wheel - ours does, because providing our amazing agents and their clients with a unique, boutique experience is one of our main priorities. Sure, we also have decades of Real Estate experience, we love contracts and coaching, and we are proud to say that our team of Realtors is the BEST! But, at the heart of West + Main, you'll find stunning, innovative, and constantly evolving marketing campaigns and collateral that truly represent our agents, their expertise, their love for the home hunt, and their ability to make deals happen for their clients. Our philosophy: Real Estate marketing doesn't have to be all stock photos of keys being handed over or fake people opening doors. In fact, our listing presentation is so beautiful, it's right at home on a styled coffee table. Our postcards are right at home in a frame on the mantle. And our greeting cards, stickers, phone wallets, notebooks, neighborhood guides, hats, camping mugs, and more are stocked in the office and ready for our agents to grab and use - and they are all included in our Roster Fee. We want our brand to walk out the door, and thanks to our agents, it's quickly become well-known and respected in national Real Estate spaces.

+ We provide the best, most actually usable technology package.

What does this mean? We're not going to charge you crazy high monthly fees or splits for technology you'll never use. We love bright and shiny toys as much as the next brokerage, but after a couple decades in the business, we know exactly what the agents that we want to work with need to run their business, in an innovative and set-and-forget it way. During your onboarding session, you'll learn how to use each of the 7 platforms that we provide, and how to optimize your time on them to help your business run seamlessly and (almost) effortlessly. Have tools that you already love? Great! Keep on using those, too!

Meet our industry technology partners:

* Real Estate Webmasters - REW provides West + Main's websites, CRMs, blog + backend support. West + Main is committed to providing the latest and best in Real Estate web presence for both our agents and their clients, and REW makes sure we are at the top of the game with automatic updates.

* Mailchimp - Our weekly e-newsletter is created in-house and distributed to out agents using this simple, beautiful platform. Once you upload your contacts into your agent-managed account, all you have to do is hit SEND. Want to make it more "you"? Great! You can do that, too!

* RealSatisfied - How do you know who your biggest fans are? RealSatisfied helps you find the clients who are willing to go the extra mile for you - your biggest brand advocates, your biggest fans, and what they love about you. And we give you the tools to share their stories with everyone, everywhere.

* When I Work - West + Main agents have the opportunity (never an obligation) to work Floor Time in both our Applewood and RiNo offices. When I Work makes it easy to sign up for, drop, and trade floor shifts with the click of an app!

* G-Suite Apps - We provide the most professional email management experience for our agents with a private @westandmainhomes.com email account. Manage, archive and experience the highest quality and most secure emails, calendars, and file storage available at no additional cost to you.

* Slack - Welcome to the future of internal communication. Our team uses Slack to chat, pass files, post notifications, stay coordinated, and more. You'll never have to see another Reply All company email once you've entered the world of Slack at West + Main -- you can direct message individuals or small groups, create private channels, ask for or offer help - all with the speed of an app. Once you have Slack, you'll never go back (to internal email).

* Brokermint - Brokermint is everything - transaction file management, electronic signing, offer management, commission tracking - everything you have wanted your current system to do - with a beautiful User Interface and easy-to-use system that will make your files look as beautiful as files can possible look - all while ensuring industry compliance. Trust us, you'll love it.

+ Ongoing training + education. 

West + Main Homes offers a great mix of education, training, and hands-on learning experiences, all designed to empower Realtors with the knowledge, understanding, and business-building habits that will bring success in our industry. The doors are always open, please let us know if you would like to join us, if you have any questions, or if you have a valuable class or opportunity that you would like to offer to our team. Check out our class + events schedule.

+ Collaborative team environment.

West + Main Homes hires for culture rather than production -- what exactly does this mean? We love every single person that we are lucky enough to work with, and we never want that to not be true. Our Realtors are generous, open, and collaborative. New agents have the opportunity to learn from those who are more established by not only learning and growing together in a classroom environment, but also in the real Real Estate world - from shadowing during Open Houses and client meetings, to training on-the-fly by covering showings and inspections. And, busier producers have the help they need, right on our roster! Interested in joining or leading a team, creating a mentorship relationship, or just looking for more of a hands-on way to start your Real Estate career? Let's collaborate.

+ Ownership + growth opportunities available.

 At every other brokerage where we had ever worked before opening West + Main Homes, selling lots of homes seemed to be the finish line. No room for growth, no opportunities to try something new - it seemed like, if you were good at selling homes, then that was it. So, from the day we opened our doors, we wanted to make sure that great agents not only found a place where they could sell as many homes as they wanted with the support that then needed, but to also think longer-term...what about a career path? Retirement plans? The ability to take a vacation and truly have your business covered, ever? How about leading a team of successful agents and helping others thrive in our industry? Or opening an office in a neighborhood where you see potential, whether it's in Colorado, Oklahoma, Oregon, or elsewhere? Because we are independently owned and operated, we are able to say YES, to offer chances that other companies might not be so willing to provide, to support your Real Estate business even if it doesn't look like everyone else thinks it should. Have a dream? We'd love to hear all about it.

Buy Before You Sell with West + Main and Knock

Just yesterday, it felt like everyone was offering a new and better way to do real estate without the help of an agent. Sell your home yourself. Self-tour listings. Buy your home from a corporation. Sell your home to a corporation. Today we’re unlocking the best of both worlds. 

The most popular trend of the last decade was selling a home on the private market to iBuyers for instant cash. No showings or repairs or hassle. And while convenience and speed have proven to be popular touchpoints, what if they were realized on the public markets instead?

What if you could skip the showings, but realize your upside from making sought-after improvements that command top dollar by listing the home all after buying the next one?

Today we’re proud to announce that West + Main Homes is partnering exclusively with Knock to expand the Knock Home Swap™ program to Denver and turn this dream into a reality. Effective immediately, our agents are a small dedicated group who can offer this in Colorado. 

Solving a complicated problem

One of the most challenging negotiations in the traditional real estate market is purchasing the next home when the sale of the current home is a necessary condition for closing. It’s what causes the most stress about the process - because it's the most common scenario.  

It’s not only stressful for our client; it creates a wave of uncertainty for other parties in related transactions, including anyone who is daisy-chained in contingencies further down the line. 

Most infuriating about the whole thing is the illiquidity of the equity in the existing home. After years of refreshing their Zestimate online every day to see their appreciation - homeowners are disappointed to find that getting access to those funds is nearly impossible without a sale first.

What if instead of waiting to buy until selling, it made more sense waiting to sell until buying?

With a home swap, clients turn equity into an advantage and flip this conundrum on its head. 

A partner who compliments our strengths

With the expertise of West + Main real estate agents powered by Knock - clients can now win competitive offer situations for their next home and get the most money for the current one.

Not only will Knock issue a fully-underwritten mortgage pre-approval for buying the next house, it’s issued without the unattractive contingency of having to sell the existing home first. 

In order to help our clients get the highest and best terms for their existing home later, Knock will lend up to $25,000 for home improvements and six months of payments interest-free.

This allows agents to write more attractive purchase offers for the next home, and it opens a window to put together the most effective marketing plan for selling the existing home (after making improvements and becoming vacant when it’s easier to advertise and show).

After evaluating dozens of partners for an initiative like this, we couldn’t be more excited to launch this endeavor with Knock officially. The best collaborations work towards a common goal by leaning in on our strengths to close the gap on an opportunity that didn’t exist alone.

Better together

We’re continuing to expand partnerships with forward-thinking companies who work closely with the brokerage community to solve the hardest problems facing consumers in the real estate market and deliver experiences that excite and delight the community along the way:

• Guest House: Staging a Home Furnishing Pop-Up Shop in an Active Listing

• The Conscious Merchant: Retail Partnership in our Louisville Main St. Office

• By Appointment Only: Collaborative Art Show Gallery in our Denver RiNo Office

We can’t wait to show you what’s next!