Why Housing Inventory is so Low Right Now

You have to understand the difference between the new and existing home sales markets

By Logan Mohtashami for Housing Wire

Given the current housing inventory crisis, it might surprise people to realize this: we built too many homes during the housing bubble years. Wait, what? But we have a housing shortage, right? Yes, but this is where my work is much different from other housing economists and why we need to think of inventory in a new, modern 21st-century mindset.

The big theme of my housing work since 2010 has been that the housing market would have its weakest recovery from 2008 to 2019 because we simply built too many homes versus the real demand curve, and monthly supply proves that. If you look at the monthly supply for new homes from 1996 to 2005, it was always lower than what we saw from 2008 to 2019. New home sales were working from the lowest levels ever, but sales kept on disappointing analysts and economists.

We had a few years where sales missed expectations in 2013, 2014, and 2015. Then in 2018, when mortgage rates got to 5%, we had a supply shock for the builders, which in essence stalled out construction for 30 months.

New home sales were much more substantial, of course, heading toward the bubble peak of 2005, so as long as sales rose, the homebuilders would build. Then we had an 82% crash in new home sales, and the weakest new home sales recovery ever after 2010..

One of my big calls in the previous expansion was that we wouldn’t see housing starts begin a year with 1.5 million total housing starts until 2020-2024, when demand would warrant that many housing starts. I wrote about this topic last year: Why we can’t build our way out of this hot housing market.

The new home sales market is always in competition with the existing home sales marketplace because that marketplace has a much more significant inventory with cheaper, older homes. So homebuilders can’t just put their head down and overbuild. On top of all the drama we have, housing completions look terrible, so there is some risk to the builders’ business model now that rates have risen. 

The monthly supply of new homes is different than the monthly supply of existing homes. The existing home sales monthly supply is 1.7 months versus 6.3 months for the new home sales market.

So how should we look at the inventory situation? Everyone has their way of looking at inventory, so let’s take a look at the different approaches.

Mike Simonsen, founder and CEO of Altos Research, does a great job looking at the single-family inventory each week, using Altos’ real-time snapshot of what’s going on. Inventory is seasonal, rising in the spring and summer and fading in the fall and winter. So, we want this data line to be positive year over year, not negative.

The National Association of Realtors provides a monthly snapshot of inventory with its existing home sales report. I use this data line to give people a realistic take on the landscape of housing inventory with the existing home sales marketplace. Inventory from 2010 to 2019 was high enough that we didn’t see major bidding wars. However, inventory has broken down to such low levels that unhealthy bidding wars are more common since 2020.

Inventory is very seasonal and we are about to get the spring and summer increases in inventory we see every year. We want the total inventory to rise and the total inventory data to be positive year over year. We want to get back to a range of 1.52 – 1.93 million homes, which would mean the madness in the housing market would be over.

Once total inventory can get back into the range of 1.52 million to 1.93 million, I can take off the unhealthy housing market label. I hope higher rates do their thing regarding cooling down price growth and creating more days on the market. Yes, I know home sellers will pull back with higher rates, but you can see the issue with the existing home sales marketplace that doesn’t exist with the new home sales market.

Right now, an American homeowner with a sub 3.25% mortgage rate has the best hedge against inflation, and they are looking great. In contrast, the new home sales supply inventory channels don’t have a homeowner who has been in their homes for 10-20 years.

Hopefully, this explains some of the different dynamics between the new home sales market and the existing home sales marketplace. Because my home-price growth model of 23% in five years accelerated so fast in just two years, I am rooting for more inventory and prices to cool down noticeably so I can get ready for the year 2025. That’s an entirely different conversation altogether, but we will cross that bridge when we get there. For now, let’s root for more total existing home inventory.

See all of the tweets, charts + data on Housing Wire.

6 Tips for Starting Your Real Estate Podcast

Podcasts have been around for quite a while. They are a fantastic tool when it comes to generating real estate leads, especially if you are able to capture those prospects in the research phase of their buying process.

Here are six tips for starting your own real estate podcast:

1. Have a "Gimmick"

Just like you should have a unique identifying reason why prospects should use you and not another real estate agent, you should have a reason that people should listen to your real estate podcast. This can be content unique to your area, your personality, a weekly giveaway, etc. Don't just sit there and talk, but have a plan.

2. Start It NOW

Don't take too long planning—the only way you will gain any traction is by starting your podcast TODAY. Your first few episodes may be embarassing a year from now, but it's important that you just "do it." Just like waiting months to perfect a website before a launching it is a mistake, not having that online presence will cost you missed opportunities. As time goes on, your podcasts will improve and you will have better workflows to efficiently record new episodes.

3. Have Fun with It

Don't worry about copying what has been done before. What works for other real estate agents might not work for you. Don't be afraid try experimenting with concepts you think would work. If they don't work, simply don't use them again in future podcast episodes. It's important that podcasting is fun for you, otherwise it won't be fun for others to listen to.

4. Be Consistent

To create a real estate podcast that will generate perpetual residual leads is to have regular weekly episodes. This will train your audience to look forward to your next episode—or have them download all of your archived episodes to listen on their morning commute.

5. Invest in Good Sound Quality

Just like purchasing a good quality camera for YouTube videos, the same goes for making an intelligent purchase towards your audio quality. You can certainly record your podcast on your phone, but listeners can tell the difference. This also goes for recording in a properly soundproofed room versus an open room that emphasizes the echoes of your voice.

6. Understand It Takes Time to Grow

There isn’t a single product or program on the market that can give you quick results (aside from programs that leverage Google or Facebook advertising). So you'll need to accept that through consistency you can build yourself a sizeable following. Keep at it, and your three listeners can grow into 30, which can grow into even more!

To view the original article, visit the Zurple blog.

West + Main Agent Selected as NAR Under 30 Finalist

Huge congratulations to West + Main Agent Kati Fitch, who was selected as one of the National Association of Realtor’s Under 30 Finalists!

“We at West + Main Homes couldn’t be more proud of Kati,” said CEO Stacie Staub. “She’s such an amazing Realtor, takes wonderful care of her clients, works diligently to improve herself on a constant basis and is a super positive contributor to our Company’s culture. Making the Top 50 Under 30 is a huge achievement and it’s been a pleasure to see Kati highlighted through this process!”

About Kati

After taking a big risk and moving out to Denver from the midwest a few years ago, I fell in love with the city, both for its vibrant culture and easy access to the outdoors. In town, I spend most of my time my home neighborhood, Sunnyside, and in the Highlands, visiting favorites like Zuni Street Brewing and Star Ramen. In the mountains, look for me and my pup Riva on the hiking trails, especially if there’s a waterfall or stunning view to be found.

I am a Broker Associate, helping clients buy and sell homes in the Denver area. Working in real estate has connected me with the city in new and exciting ways, from following market trends to watching new developments come to life to establishing meaningful relationships with industry partners. I believe in clear and honest communication and a partnership with my clients where I'm alongside them every step of the way, making buying or selling their homes as easy and understandable as possible.

I started my Real Estate career w in 2018 in an admin position where I helped our brokers and marketing director with everything from contract software to window displays. Working on the administrative end has given me invaluable experience during the transaction process and improved my ability to help my clients clearly understand how to navigate each sale. I look forward to meeting you and making your needs my priority!

About NAR’s Under 30

Each May/June, REALTOR® Magazine features young rising stars in the real estate industry. In determining who makes the Under 30 list, REALTOR® Magazine staff looks for candidates who are successful in the real estate business and have demonstrated skill, success, creativity, and leadership in their careers.

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HUD Debuts Action Plan to Address Racial and Ethnic Bias in Home Appraisals

The U.S. Department of Housing and Urban Development (HUD) has unveiled its roadmap for addressing racial bias in the home appraisal process.

HUD and the Biden Administration released its Interagency Task Force on Property Appraisal and Valuation Equity (PAVE) Action Plan on March 23, along with an in-depth analysis of how the government and participating agencies can advance equity and root out discrimination in the valuation of minority-owned homes.

“For generations, millions of Black and brown Americans have had their homes valued for less than their white counterparts simply because of the color of their skin or the racial makeup of the neighborhood,” said HUD Secretary, Marcia L. Fudge, in a statement. “Black and brown homeowners in communities just like mine have not felt that they have had a voice or that the Federal government was doing enough to redress the issue of racial bias in the appraisal process.”

Fudge and White House Domestic Policy Advisor, Susan Rice, co-chaired the PAVE Task Force, which set out to evaluate the causes, extent and consequences of appraisal bias and produce a transformative set of actionable reforms to dismantle racial and ethnic discrimination in home valuations.

According to a HUD statement, the PAVE Task Force engaged more than 150 stakeholder groups as part of their six-month research and engagement efforts while putting the plan together.

“We have a long way to go, but the steps laid out in this Action Plan will help our country reduce bias in home valuations, narrow the racial wealth gap, and deliver a stronger and more equitable future for all Americans,” said Rice in a statement.

Dismantling Historic Bias

The PAVE Task Force highlights the historical role of racism in residential property valuation within the Action Plan (report) while also exploring different forms of bias present in appraisal practices.

“Throughout the 20th century, people of color were denied equitable access to housing as federal, state and local governments systematically implemented discriminatory policies that led to housing segregation,” the report reads. “These policies contributed to a gap between the values of homes in communities of color and predominantly white neighborhoods.”

While legislation like the Fair Housing Act was passed to make homeownership more equitable, the report acknowledges that market value disparities still contribute to the “sprawling racial wealth gap” in the U.S.

According to a statement from HUD, the median white family holds eight times the wealth of the average Black family and five times the wealth of the average Latino family.

Part of the report cited a 2021 Freddie Mac study that corroborated national articles that brought renewed attention to the impacts of appraisal bias that homeowners of color had suffered in recent years.

The Freddie Mac report found that homes in Black neighborhoods are about 70% more likely to appraise lower than the sales price for homes in white areas—12.5% compared to 7.4%. Homes in Latino communities were more than twice as likely to appraise lower, at 15.4%.

According to the Action Plan, an appraisal below the contract price in a home sale can sometimes result in a higher required down payment for a home buyer.

“This unexpected, out-of-pocket increase can often cause a sale to fall through, potentially preventing a prospective buyer from purchasing a home,” the report states.

The impact could also result in a downward price renegotiation, which the report’s authors claimed reduces the seller’s financial gain and possibly hinders that family from purchasing their next home.

“A widespread pattern of undervaluation in communities of color can impact an entire neighborhood,” read the report.

Actionable Points

The Action Plan outlines a series of reforms under five points that the PAVE Task Force committed to addressing, including increased accountability and diversity in the appraisal industry while preventing algorithmic bias in home valuations.

It also aims to empower consumers to take steps when they believe they’ve experienced a biased valuation.

The task force calls for a mix of actions including, updates to anti-discrimination obligations, policies and procedures within the appraisal industry.

It also urges the federal government to develop a legislative proposal that modernizes the governance structure of the appraisal industry. The aim is to improve transparency and public participation in the establishment of appraisal standards and qualification criteria, and to advance diversity in the profession.

According to the Department of Labor’s Bureau of Labor Statistics, the appraiser/assessor profession is roughly 97% white, making it one of the least-diverse professions in the country.

To remedy that, the Action Plan also seeks to “lower barriers to entry in the appraiser profession” that make it difficult for underrepresented groups to access the profession and strengthen anti-bias, fair housing and fair lending training of existing appraisers.

Another noteworthy proposal is the development of an aggregated database of federal appraisal data to better study, understand, and address appraisal bias, complemented by a working group composed of subject matter experts from stakeholder agencies to develop a research agenda on appraisal bias.

What the Industry Says

Real estate industry trade groups and federal agencies have already begun praising the newly released action plan.

FHFA acting director, Sandra Thompson, applauded the report, stating that it “affirms the persistence of bias in the housing finance system” and provides a roadmap for the federal government to collaborate with federal and industry stakeholders “to take meaningful steps against” against racial bias in appraisals.

In a statement from the National Association of REALTORS® (NAR), President Leslie Rouda Smith asserted that the association’s 1.6 million members are committed to upholding fair housing laws in all real estate activities, including appraisals.

“Historically, many groups have faced unfair home undervaluation,” Rouda Smith said. “Addressing those wrongs is key to providing financial stability to not only homeowners, but entire communities, and benefits the nation as a whole.”

The Mortgage Bankers Association (MBA) echoed similar sentiments, and added that the organization and its members are committed to working with policymakers and other stakeholders, including appraisers, “to develop solutions that ensure borrowers receive a fair and accurate estimate of the value of their homes.”

The MBA represents more than 2,000 real estate finance companies, including independent mortgage banks and brokers.

“Many of the initiatives announced today can be an important step in the fight toward eliminating biases, improving appraisal accuracy, and opening access to more affordable, sustainable homeownership opportunities for minority borrowers,” said MBA president and CEO, Bob Broeksmit, CMB, in a statement.

While the report notes that many of the reforms can be implemented under existing authorities, Broeksmit said it will be necessary for Task Force agencies to “provide ample notice and comment opportunities for stakeholders during the implementation process.”

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West + Main Managing Broker Appointed to CAR's Diversity & Inclusion Committee

Huge congratulations to West + Main Agent + Managing Broker Malisa Miller Eakins who was recently appointed to the Colorado Association of Realtors’ Diversity & Inclusion Committee!

“Nothing is more valuable than time...and I can't think of a better place to spend some of mine than as a member of CAR's Diversity & Inclusion Committee, " said Malisa. "I have witnessed the impact of volunteering with the Denver Metro Association of Realtor’s Community Alliance Committee over the last year, and I am grateful for the chance to work with my fellow dedicated colleagues at CAR to identify the strengths, issues and opportunities as they apply to Diversity and Inclusion in our industry, both to educate agents and to benefit the consumer.” - West + Main Agent Malisa Miller Eakins

About Malisa:

Malisa Miller Eakins has been selling residential Real Estate across the greater Front Range for many years…but that’s not why you want to get to know her. She’s filled to the brim with experience, local market knowledge, and sass. Her business is built from repeat clients and referrals…and that’s no surprise, once you work with Malisa, there’s no looking back.

Whether you’re buying your first home or looking to build upon your extensive investment portfolio, Malisa will make you feel like you’re her only client and top priority…and she’ll fight like the Mama Bear she is to ensure you get the best deal, make the most informed decisions, and capitalize on every opportunity available in your situation.

When she’s not advocating for her clients, building her skillset, or mentoring new agents to follow in her deep footsteps, you’ll find Malisa in the middle of the action…cheering her girls on from the bleachers or the audience, giving her time to local schools, non-profits and causes, or going above and beyond to make her community and industry better places to be. Need a local recommendation? Ask Malisa to share her faves…she can’t wait to fill you in!

About CAR’s Diversity & Inclusion Committee:

The Diversity & Inclusion Committee purpose is to explore and identify the inclusion and diversity strengths, issues, and opportunities within all aspects of CAR.

Two West + Main Agents Appointed to Market Trends Committee at DMAR!

Huge congratulations to West + Main Homes agents Nick Di Pasquale and Molly Polinkovsky, who, after a lengthy and competitive application process, were recently appointed to the Denver Metro Association of Realtors’ Market Trends Committee!

"I am a genuine analytics geek who sees data much like a writer sees words — there are limitless combinations and stories waiting to be told,” said Nick. “And there is much more we can learn as we dive deeper into our market data. I am excited to jump in, discover, and share those stories."

”It’s such an honor to have been selected to sit on the committee. I’m excited for the opportunity be a part of interpreting the monthly data and helping establish a data-driven narrative around understanding the market in Denver,” said Molly. “Especially during a season of such unprecedented competition and in an environment that can often feel chaotic, I’m a big advocate for using the committee’s data, rather than headlines or fear, to set the strategy and inform decision making. I’m thrilled to be able to bring a deeper understanding of the market trends to my brokerage and to my clients as a competitive advantage.”

About Molly:

Born and raised in Hawaii, Molly Polinkovsky moved to Boulder, Colorado in 2001 but still lives by the spirit of Aloha - and of course visits the islands, as well as other favorite destinations including Tulum, Palm Springs and NYC as often as possible!

Molly's Real Estate clients benefit not only from her deep market knowledge in both the Boulder and Denver areas (she currently lives in LoHi with her fiancé), but also in her eclectic professional background, which included working her way to a Marketing Degree at CU Boulder as a Wedding Photographer, and a long-term corporate gig in Big Data and Advertising Technology. She gets to use that wide + varied skillset, which also includes a strong understanding of both analytics and financials, combined with a passion for lifestyle and design every day while helping people identify and achieve their Real Estate goals and dreams!

When Molly isn't helping her clients make smart moves + investments, you might find her tackling a DIY home project: reupholstering and building furniture, tiling and even just rearranging her personal space to create a fresh new vibe. Molly also enjoys the connections that she has made on the junior advisory board for the Center for Ethics & Social Responsibility at the CU Business School and Chabad on Campus. Looking for a new coffee shop, dog park, or home decor source? Ask Molly, she would love to share her local and online favorites!

About Nick:

With a passion for real estate, a desire to help others, and a love for Colorado, I left the corporate world in 2019 to become a real estate professional full time. And after helping many great people buy and sell, while meeting many more in the process, I could not be happier with my choice.

Two decades of program and operations management taught me to be savvy, dynamic, and calm no matter what was thrown at me. This helps me to orchestrate the various moving pieces of a transaction where I aim to stay several moves ahead, keeping my clients informed and in the strongest position possible.

Naturally a problem solver and connector, I am grounded in the belief that we all go farther working together. Underlying everything I do is an emphasis on authentic, personal connection with everyone I meet. To me, clients are like family and family is for life.

Settling in Colorado in early 2018 with my orange tabby and trusty sidekick for the past 15 years, Peanut, I see why so many people love this state. I fell in love with Denver and through my own exploration and curiosity, developed a deep knowledge of the city, its various neighborhoods, and its high-rises.

Simply put, I love this city and I am excited to share it with you — and not just the real estate — it can be a Rockies game, discussing where to score the best vegan cupcake, or exchanging ghost stories about Cheesman Park… anything!

About DMAR’s Market Trends Committee:

The DMAR Market Trends Committee, part of the Denver Metro Association of Realtors®, provides timely, consistent and relevant monthly summaries of valuable local real estate market statistical data for both its members and the general public. Statistics from the Denver Metro Real Estate Market Trends Report provide data for the following counties: Adams, Arapahoe, Boulder, Broomfield, Clear Creek, Denver, Douglas, Elbert, Gilpin, Jefferson and Park. Source of the reported data is REcolorado.

“It’s such an honor to have been selected to sit on the committee. I’m excited for the opportunity be a part of interpreting the monthly data and helping establish a data-driven narrative around understanding the market in Denver. Especially during a season of such unprecedented competition and in an environment that can often feel chaotic, I’m a big advocate for using the committee’s data, rather than headlines or fear, to set the strategy and inform decision making,” said Molly. “I’m thrilled to be able to bring a deeper understanding of the market trends to my brokerage and to my clients as a competitive advantage.”

Use #DMARstats on social media to stay up-to-date with relevant real estate news and statistics.

Intro to Ninja Workshop 2022

Taught by West + Main Agent + Managing Broker Allie Carlson, this 7-session Workshop will help you dive deeper into the Ninja Selling habits and systems to improve both your Real Estate business and your life. We highly recommend that you commit to the entire series!

Please read Ninja Selling by Larry Kendall prior to the first class. You can find it here.

Please read The Go-Giver by Bob Burg and John David Mann too. You can find it here.

We also recommend buying a $19.99/mo subscription to the Ninja You video series here.

We’ll share our recommended episodes on the Ninja Selling Podcast. Listen to it here.

Please DM Allie on Slack or reach out to allie@westandmainhomes.com with any questions!

This is not an official installation. Lessons are based on Ninja fundamentals.

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Workshop Schedule 2022
by Allie Carlson

** 9PT/10MT/11CT/12ET **

Session 1 - Ninja Mindset - Tue Jan 4th - WATCH REPLAY

Session 2 - FLOW! Thu Jan 6th - WATCH REPLAY

Session 3 - Ninja Business Plan - Tue Jan 11th - WATCH REPLAY

Session 4 - Customer Centric - Thu Jan 13th - WATCH REPLAY

Session 5 - Seller Process - Tue Jan 18th - WATCH REPLAY

Session 6 - Buyer Process + Ninja Path - Thu Jan 20th - WATCH REPLAY

Session 7 - Planner Party - Tue Jan 25th - WATCH REPLAY

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Session 1 - Ninja Mindset
Tue Jan 4th

9PT/10MT/11CT/12ET

⤜Download: Week 1 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Session 2 - FLOW!
Thu Jan 6th

9PT/10MT/11CT/12ET

⤜Download: Week 2 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Session 3 - The Ninja Business Plan
Tue Jan 11th

9PT/10MT/11CT/12ET

⤜Download: Week 3 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Session 4 - Customer Centric
Thu Jan 13th

9PT/10MT/11CT/12ET

⤜Download: Week 4 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Session 5 - Seller Process
Tue Jan 18th

9PT/10MT/11CT/12ET

⤜Download: Week 5 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Session 6 - Buyer Process + The Ninja Path
Thu Jan 20th

9PT/10MT/11CT/12ET

⤜Download: Week 6 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Session 7 - Planner Party
Tue Jan 25th

9PT/10MT/11CT/12ET

⤜Download: Session 7 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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The Inspiration Lab Podcast: Featuring West + Main CEO Stacie Staub

Episode 27: Making the Inc 500 List and Why Growth is Hard but Worth It with Stacie Staub

APPLE PODCASTS | SPOTIFY | GOOGLE PODCASTS | LIBYSN

Making the Inc 500 List and Why Growth is Hard but Worth It with Stacie Staub

As we close out our small business series, Stephanie sits down with her friend Stacie Staub, founder and owner of West + Main Homes and Colorado-based Real Estate expert with over 15 years of experience in both residential sales and industry marketing. West + Main Homes was recently featured on the Inc 500 list and has had an incredible trajectory of growth. Stephanie and Stacie discuss the reality of growth, why it’s sometimes hard and how to push through that, and why it’s so beneficial in the long run.

Check out West and Main

Find West and Main on Instagram

Check out The Inspiration Lab

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723 Descriptive Real Estate Words for Listing Descriptions

To help you get over your writer’s block and find the perfect real estate words for your listing description, the pros at The Close put together this swipe file of 732 words that top listing agents use to market their properties.

[Related article: How to Write Creative Real Estate Listing Descriptions (+ Examples)]

Creative Words to Describe Starter Homes

Versatile
Handyman special
Lots of potential
Ample closets
Full basement
Cozy
Pied a terre
Endless possibilities
Move-in ready
Needs your finishing touchUsable space
Flexible layout
Good bones
Renovated to perfection
A blank slate
Newer (roof, electrical, etc.)
Work from home ready
Bring your contractor
Turnkey
AdaptableImpeccably renovated
Easily converted
Room to grow
Recently replaced
Intimate
Modern amenities
Make it your own
Ready for your personal touch

Creative Words to Describe Modern Homes

Refurbished
Remodeled
Soaring ceilings
Sparkling
Bright
Floor-to-ceiling windows
Open floor plan
Sleek
Clean lines
Energy efficient
State-of-the-art
Brand new
Upgraded
Tastefully remodeled
Well-equipped
State-of-the-artContemporary
Modular
Sliders
Flowing
Modern-living
Engineered flooring
Sweeping
Creatively-updated
Light & airy
Modern flare
Eco-friendly
Fully remodeled
Entertainer's dream
Cathedral ceilings
Smart homeStriking
Mid-century modern
Postmodern
Light-filled
Bathed in light
Clean lines
Oversized windows
Open kitchen
Ideal for entertaining
Open concept
Generously proportioned
Open and airy
Indoor/outdoor living

Creative Words to Describe Luxury Homes

Bespoke
Sought-after
Uncompromising quality
Exquisite
Luxurious
Graceful
Rare
Rarified
One-of-a-kind
Artisan
Pedigree
Triple mint renovation
Noted architect
Chic
Top-of-the-line
Gracious layout
Sophisticated
Desirable
Custom design elements
Architectural tour de force
Chic detailing
Trophy propertyReimagined
Redesigned
Dramatic
Exquisite living experience
Coveted
Prestigious
Sprawling layout
Stately
Opulent
Exclusive
Hand-crafted
Vast
Exquisite
Immaculately refurbished
Tastefully appointed
Distinguished landmark
Attention to detail
Dream home
Custom-built
Artisanal
Architectural masterpiece
Polished & sophisticatedRemarkable
Notable
Renowned
Desirable
High-end
Panoramic views
Winding staircase
Prewar details
Work of art
Jewel box
Masterpiece
Charming layout
Glamorous
Meticulously preserved
Meticulously crafted
Fit and finish
Beautifully appointed
Magnificent estate
One-of-a-kind
A prized property
Dazzling and chic

Creative Words to Describe Historic Homes

Graceful
Timeless
Floor-through
Good bones
Historic
Vaulted Ceilings
Charming
Charmer
Adorable
Cozy
Warm
Rough-hewn
Character-filled
Rustic
Delicate
Herringbone
Cozy
Historic character
Historic charmAntique
Graceful
Cross-ventilation
Victorian
Romantic
Portico
Intricate
Carved
Burnished
Quarter sawn
Filigree
Queen Anne
Wide plank
Built-ins
Crown moulding
Wrought iron
Enchanting
Alluring
Period details
Restoration
Step back in time
Time capsuleCalming
Old-world-charm
Classic
Artisan
Handcrafted
Coveted
Rare
Jewel
Millwork
Original
Craftsmanship
Heritage
Stately
Decorative
Refurbished
Restoration
Nooks & crannies
Pocket doors
Lovingly restored
Original character

Creative Words to Describe Backyards & Patios

Leafy
Old-growth
Shady
Tranquil
Rolling
Bucolic
Pastoral
Private retreat
Enjoy morning coffee in
Refuge
Drought-tolerant
Zen paradise
Lounge in the
A delightful oasisSecluded
Sun dappled
Oasis
Rural retreat
Hidden
Offering the utmost privacy
Park-like grounds
Perfect for entertaining
Manicured grounds
Sanctuary
Sustainable
Restore and relax
Expansive green spaces
One-of-a-kind retreatLush landscaping
Outdoor entertaining area
Grill and chill
Beautifully landscaped
Al-fresco dining
Resort-like grounds
Mature foliage
Old-growth trees
Barbeque ready
Well-maintained
Maximum privacy
Serene and tranquil
Grassy
Sod

Creative Words to Describe Large Homes

Over-sized
Massive
Gracious
Flow
SizableSprawling
Spacious
Grand
Flowing layoutExpansive
Enormous
Generously sized
Soaring ceilings

Creative Words to Describe Small Homes

Cozy
Charming layout
Charmer
Adorable
Well proportioned
Cleverly designed
Comfy
Well-appointed
Perfect floor plan
Low carbon footprintJewel box
Potential
Comfortable
Cute
Abundant storage
Thoughtful design
Captivating details
Tastefully designed
Cheery and bright
Quality craftsmanshipUsable space
Flexible layout
Energy efficient
Great layout
Tiny house
Perfectly balanced
Versatile property
Pied a terre
Environmentally-conscious
Pride of ownership

Creative Words to Describe Neighborhoods

Prime
Desirable
Convenient
Welcoming
Friendly
Near everything [the neighborhood] has to offer
Walking distance to
Tree-lined street
You can’t beat this location!Coveted
Historic
Steps from
Quick commute to
Quaint
Sought after
Quiet
Walkable
Stroll to
Perched above
Easy access toExclusive
Tony
A stone throw from
Moments from
Cute
Tranquil
Near shopping,
entertainment, and nightlife
Nestled between
Location, location, location

Creative Words to Describe Light & Views

Jaw-dropping views
Inspiring views
Relaxing views
Natural light
Sun-drenched
Bright
Sunny
Light-floodedStunning views
Sweeping views
Oblique views
Magnificent vistas
Sun-kissed
Brilliant light
Flooded with natural light
Bathed in light
Incomparable viewsUnobstructed views
Panoramic views
Partial views
Perched above
Picturesque views
Postcard-perfect views

Creative Words to Describe Condition

Meticulously maintained
Turnkey
White box
Handyman special
Lots of potential
Updated
Wonderfully maintained
Pride of ownership
Brand new
Bring your contractor
Tastefully updated
Contractor’s special
Freshly painted
Lovingly restored
Pristine
Gorgeously remodeledMove-in ready
Ready for your touch
Recently renovated
Impeccably renovated
Newer roof
Modern updates throughout
Newly constructed

Creative Sales Words

Won’t last
Taking offers
Opportunity awaits
Catch this opportunity quickly!
So much potential
An absolute must-see!
Not to be missed!Hurry home!
Motivated seller
Deal of a lifetime
A rare opportunity
A remarkable find
Ready for the next owners’ touches
Unique opportunity
Call now for your private tour!Come and get it!
Excellent opportunity
Great potential
Your chance to join
You will never want to leave home
One-of-a-kind gem
Don't miss this classic beauty

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We’re Hiring.

How to Change Real Estate Brokerages Without Burning Bridges

According to the National Association of Realtors, in 2021, the median tenure of an agent with their current firm was five years.

By Stacie Staub

As a real estate agent, in most cases you’re an independent contractor, and you have an agreement with your brokerage that is reciprocal in both benefits and responsibilities. Of course, most of the time, that agreement may be be easily terminated by either party. Are you considering changing real estate brokerages?

With so many different business models, career paths, compensation structures and brokerage-provided tech stacks, marketing offerings, training and support structures and, frankly, personalities in our business vertical, it’s likely that you’ll work for more than one brokerage during your tenure as a real estate professional. 

So, how do you make a smooth, peaceful, and — dare I even say — mutually beneficial exit from one agency to hang your license with a competitor? It’s not easy, but it’s also not impossible.

First and foremost, communication is everything

Depending on your relationship with your current leadership, you may let them know that you’re changing real estate brokerages via whatever internal communications platform your company uses, over the phone, or even just by email, but it’s really important to communicate why you have decided to make a move. 

This typically falls under two umbrellas:

1. You’re not getting what you need from your current brokerage, so you looked around and found one that you think will better serve your career goals.

2. You’ve been happy with everything, but you’ve gotten recruited with an attractive-sounding offer. 

Either way, it’s polite and professional to communicate this to your broker. It’s valuable information for their business, and even if it’s hard to hear, constructive criticism or intel about what their competitors are offering is super helpful. Consider this your parting gift, and an act of gratitude for what the people at your brokerage did help you with or do for you. 

Spread the news with grace and humility.

No matter where you’ve been working, and regardless of where you’re landing next, think about how you want to come across when announcing your move on social platforms. If it’s appropriate, a spirit of gratefulness for the past as well as excitement about the future is a nice balance to strike.

“As much as I have enjoyed and appreciated working with the team at ABC Realty, and will really miss my colleagues there, I am excited to announce that I will now be selling property for DEF Real Estate!”

If there were specific mentors, managers, staff members or company owners who taught, supported and kept you out of trouble along the way, it might be nice to mention them with a special thank you as well. 

Don’t leave behind a mess

If you’re transferring your license in the middle of any transactions, make sure that your files are as clean and organized as possible, and that you are communicating with the staff. Be sure to follow brokerage procedures, standards and protocol as you tie up loose ends, even if you’re no longer on their roster. You’ll be respected and remembered for your professionalism (and it will make it a lot less awkward when you swing by to pick up those last commission checks!) 

Don’t talk crap

As you’re onboarding at your new brokerage, keep it positive. Rather than speaking in a negative way about the things your old brokerage didn’t do or have, stay focused on embracing the systems that you’re looking forward to learning about and using at your new real estate home. You’d be surprised at how often the word gets back and can be hurtful — why spread bad vibes?

Stay in flow

Ninjas will know what I’m talking about here, but sometimes agents forget how important it is to maintain and nurture relationships not only with their clients, but also with industry people — including brokers and agents you have worked with in the past. Add those folks to your handwritten card schedules, engage with them on social platforms, and keep that bridge intact. Real estate is a small town, even in big cities, and you never know when you’ll end up on the other side of a transaction from someone on your old team.

Hopefully there will be hugs at the closing table, not hostility. And, you never know, your new brokerage might not deliver on their promises, and you’ll be knocking on that door wanting to go back, so make sure it’s open to you!

As an independent contractor, you deserve to work where you’re happy, appreciated and supported. It’s also one of the benefits of our business to move your license as many times as it takes to find that for yourself. Just keep in mind, bridges are good to have when you need them, so try not to burn too many down along the way.

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This piece was originally published by Real Trends.

Looking to level up your Real Estate business in 2022?

West + Main is hiring amazing agents in Colorado, Oklahoma + Oregon!

Email CEO Stacie Staub for more information.

National New Home Sales Reach Highest Level in Six Months

Market supply at a 6.3-month level

Sales of new single-family homes rose 0.4% in October from the month prior, at a seasonally adjusted annual rate of 745,000, according to a report from the U.S. Census Bureau and the U.S. Department of Housing and Urban Development released Wednesday.

Although this modest increase is a bit of a disappointment after sales increased by 14% in September, it brings the number of new home sales to its highest level since April 2021. However, this number is still 23.1% below the number of new home sales a year prior.

In October, the average sales price of a new single-family home was $477,800. Industry experts feel that higher prices might be pricing some prospective new home buyers out of the market, reflecting concerns expressed by homebuilders in October.

“Higher new-home prices may be pricing out some buyers on the margin,” First American chief economist Odeta Kushi said in a statement. “In October 2020, 36% of new-home sales were priced below $300,000. In October 2021, only 21% of new-home sales were priced below $300,000. Demand for new homes remains strong, but affordability challenges persist.”

At the end of October, the seasonally-adjusted estimate of new houses for sale was 389,000, representing a supply of 6.3 months at the current sales rate. In addition, the share of new home inventory that is not started increased for 21% to 28%.

This increase reflects the 0.7% month-over-month decline in housing starts reported in October. Experts attributed this dip to continued supply chain issues and labor shortages, however the continued high level demand and lack of existing home inventory means that buyers still have an appetite for new construction.

“The lack of existing homes for sale to meet this growing demand nationwide is supportive of new construction,” Kushi said in a statement. “Yet, as we know, builders are facing supply-side headwinds that make it more difficult and costly to build.”

Regionally, on a year-to-date basis, new home sales fell 11.8% in the Northeast and 1.1% in the West, but rose 11% in the Midwest and .2% in the South.

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This piece was originally published by Real Trends.

Looking to level up your Real Estate business in 2022?

West + Main is hiring amazing agents in Colorado, Oklahoma + Oregon! Email CEO Stacie Staub for more information.

10 ways to keep your real estate pipeline flowing through the holidays

Start your business planning early and make 2022 a banner year

By Stacie Staub

Now is the time to plan for 2022 and keep your real estate pipeline flowing all through next year.

Here we are, mid Q4, packing away the halloween costumes and making plans for Thanksgiving week. This is when real estate professionals tend to take their foot off the gas, coasting into the winter holidays like 2022 won’t have bills to pay.

What if you flipped that usual script?

Could you put your 22 planning on hyper-drive using the energy that you have leftover from your amazing 2021 before it fizzles or gets totally wiped out by all of your seasonal celebrations?

Here are 10 things that you should do in the next 10 days to make sure that your pipeline is flowing instead of flat as you approach what is sure to be another record-breaking real estate year:

1. Analyze your last 12 months (LTM). Your last 12 months are the best way to forecast the next 12. Whether you closed five homes or 50, now is the perfect time to run the numbers. Where did your business come from, and which deals made you happiest?

2. Calculate your return on investment (ROI). Even if you’ve been buying online ads (or zip codes) for years, or if you’ve depended on mailers or events to bring you clients, dig in and compare your spend to your return. Are those things REALLY still working, or are you running your real estate biz on auto-pilot?

3. Schedule self-care. Don’t cancel those appointments! Get all of your doctor, dental and eye checkups on the calendar and prioritize them. Your business needs to run like a well-maintained machine, and so do you.

4. Make the most of the rest of this year. Host a cookie exchange, wreath-making party or photos with Santa. Go extra with your client gifts and pop-bys. Make an effort to connect with your VIPs, people who referred you, and vendors who helped you out this year. Relationships = real estate pipeline.

5. Review your 2021 business plan or vision board. Take some time to re-connect with early 2021. Did your business and personal life deliver on the promises you made to yourself? Are there boxes you can check off, have your priorities shifted, and are there things that you’ll carry over into next year?

6. Speaking of next year’s goals…what are they? Whether you’re a 10-page business plan sort of person, or someone who prefers to cut photos out of magazines and manifest them, get it done. Post it somewhere you see it every day. Start making it happen, now.

7. Identify your ideal client. (Agin, which deals make you happiest?) Once you realize the slice of the real estate universe that brings you the most joy, focus on multiplying that piece of your business. It might be working with challenging investment deals, with super-grateful first-time homebuyers, with move-up or downsizing sellers. How can you narrow your business to focus on these types of transactions (and increase your happiness)?

8. Map your budget. By now, you have the info you need to project your total 2021 numbers. Take your closed and pendings, calculate your expenses (don’t forget taxes) and pay the profit forward. You know you have to spend money to make money, but let’s be smart about it, shall we?

9. Treat yourself. Whether your career got de-railed by COVID-19 or you’ve helped more people than you ever thought possible — celebrate! Plan a getaway. Hire that trainer or therapist, or splurge on the DIY project you’ve been waiting to pull the trigger on.

10. Level Up. You know what your sales goals look like, now commit to ONE BIG THING that will either help you get there faster and smoother, or will shift your trajectory long-term. It’s all about keeping your real estate pipeline flowing. It might be a coaching program, a designation, or a career step-up, such as becoming a mentor, team leader, or managing broker.

Keep in mind, your goals don’t always have to involve selling more property, or even making more money. Maybe your focus is on achieving a better life-work balance, raising your dollar earned per hour, or creating and elevating your personal brand.

Your 2022 might be all about working toward some big life stuff, aligning your passions with your profession, or even being a little happier. Take a minute to zoom out, look at where you are right now, and at where you want to be this time next year and get after it. No need to wait for January 1 to start making those dreams your new reality and your real estate pipeline full.

This piece was originally published by Real Trends.

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Looking to level up your Real Estate business in 2022?

West + Main is hiring amazing agents in Colorado, Oklahoma + Oregon! Email CEO Stacie Staub for more information.

West + Main CEO talks about independent brokerage growth at Inman Connect in Las Vegas

West + Main Homes CEO Stacie Staub was invited to Inman Connect Las Vegas to share insights about growing and operating successful independent real estate brokerages.

In the session “In It to Win It: How to Achieve Each Tier of Growth” Stacie shared the stage with the CEO of Red Oak Realty Vanessa Bergmark, and owner at eHomes, Elmer Morales.

“I had a very, very succinct business plan in the beginning,” Stacie said. “And about two weeks later, I threw it away. I’ve not written another one because it just keeps changing. The magic of being an indie is we’re so flexible, we’re so adaptable, we can say yes and then figure it out.”

“When you’re indie you get to make your own playbook and that’s really fun,” she said.

Inman News subscribers can read the recap. Inman Connect attendees can watch the replay.

Refusing to Present Offers to Sellers - Division Advisory

Refusing to Present Offers to Sellers

The Division continues to receive complaints by prospective buyers and their buyer’s brokers that some listing brokers are not presenting buyer’s offers to the seller. An additional complaint is that those listing brokers are refusing to present offers to their sellers unless a particular contract software is being used. Also, there are reported instances where a buyer is represented by a brokerage firm that uses a varying commission model and submits an offer, and that offer is not being presented by the listing broker to their client.

Potential license law violations

These actions can be viewed as reducing the buyer pool and those brokers placing their interests before those of their clients, which can be considered a violation of the license rules, and their Uniform and Fiduciary Duties.
 
Brokers should be aware that the real estate broker license law requires that a broker present all offers received to their seller client. A real estate brokers cannot refuse to present offers to their sellers just because a particular contract software is not being used by the buyer’s broker. These actions are not in the best interests of their clients, and are furthermore harming their clients by reducing their client’s property’s competitiveness in the marketplace. It can also discourage brokers who do not use this brand of contract software from showing properties.

These practices bring up many questions

• Are these actions intended for the benefit of the Seller or Broker?

• Doesn’t the choice of contract software primarily benefit the Broker?

• Shouldn’t an offer from a broker using a varying commission model be treated or presented the same by the listing broker?

• Would these practices create a smaller buyer pool thereby risking a lower price and possible extension of the days on market to the Seller?

• Are these practices promoting the interests of Seller with the utmost good faith, loyalty and fidelity?

• What are the pro’s and con’s for the Seller in these instances?

• Would any of these practices have likely been approved by Seller if all the pros and cons were fully discussed?

• Must these actions be fully discussed and disclosed to the Seller in the Listing Contract?

A broker cannot restrict a pool of buyers by limiting or refusing to provide their seller client offers received without discussing with their client the advantages, disadvantages, and ramifications of doing so, and any such limitation must always be memorialized in writing in the listing contract.
 
A complaint received by the Division in this regard would be investigated to see if a broker did not present an offer to a seller client, and if any full and proper discussion, explanation, and disclosure had been provided by the listing broker to their seller, with a failure to do so possibly resulting in grounds for discipline.

Difficulties presenting offers

As a buyer’s agent, what if you are having a difficult time presenting your client’s offer to the listing broker? Then you can fall back on Commission Rule 6.13 - Offers must be Presented to Other Broker, whereby it states:

“A Broker must present all offers to the other Consumer’s Broker if such other Consumer has an unexpired Listing Contract. If the Broker has made reasonable, but unsuccessful, attempts to present an offer to the other Consumer’s Broker, the Broker must present the offer to the other Consumer’s Broker’s Employing Broker. If no Employing Broker exists, or if reasonable attempts to present the offer to the Employing Broker have failed, the Broker may present the offer directly to the other Consumer.”

Statutory Authority

Under § 12-10-404, C.R.S., a single agent engaged by seller or landlord has certain duties and responsibilities, including, it states in Part (c)(II) “Presenting all offers to and from the seller or landlord in a timely manner regardless of whether the property is subject to a contract for sale or a lease or letter of intent to lease.” Similar language found in § 12-10-405 and § 12-10-407, C.R.S., pertains to a Single agent engaged by buyer or tenant, and a transaction-broker.

EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT
 
Furthermore, in the EXCLUSIVE RIGHT-TO-SELL LISTING CONTRACT, section 5 states under: BROKERAGE DUTIES - “Brokerage Firm, acting through Broker, as either a Transaction-Broker or a Seller’s Agent, must perform the following “Uniform Duties” when working with Seller”: 

• “5.1.1 Presenting all offers to and from Seller in a timely manner regardless of whether the Property is subject to a contract for Sale.”

• In addition to any regulatory discipline, a listing broker not presenting offers to their client pursuant to the listing contract could be in breach of that contract and their fiduciary duties as outlined in that contract. This could result in civil liability for the broker if their client was harmed financially.

Related Tags:

• • Broker Advisory

New study shows the impact homeownership tenure has on the real estate industry.

Homeownership tenure: The long view for brokers

New study shows the impact homeownership tenure has on the real estate industry.

When it comes to the real estate business, it’s very easy to focus on the short-term, including prices, inventory, pending and actual sales. But, when you run a brokerage, it’s essential to look at the long-term because, as leaders, we need to be out in front of potential changes to make the best decisions to ensure the growth of our businesses.

This is where macro trends come into play – pieces of the bigger picture that can influence our business. For example, one of the macro trends that is not tracked closely that I’ve been paying attention to is homeownership tenure, specifically how long a homeowner stays in their home before entering the market again.

If you asked real estate professionals their thoughts on the average number of years an owner stays in their home, they’d probably say about seven or eight years. But, according to new reports from the National Association of Realtors (NAR), recent homebuyers intend to remain in their homes almost twice that. In the 2020 Profile of Home Buyers and Sellers Report, people who have recently bought a home intend to stay for at least a median of 15 years.

This trend has been visible over recent years and has only become more pronounced as Baby Boomers redefine aging. Remember, the U.S. Census reports that those 65+ have the largest percentage of homeownership at 79.6%, followed by those 55-64 (75.4%); these groups want to stay put.

If you think inventory is an issue now, what happens downstream when fewer people put their homes on the market? And what happens if today’s inventory influencers – builders and investors – are still contributing to a low inventory environment?  It’s a question that was recently posed to ERA® Real Estate brokers across the country. Their answers reflect an astute combination of short-term activity and long-term positioning.

We are excited to share their insights, reactions and responses in a new report: Homeownership Tenure and its Impact on the Industry. The report speaks to the need for continuous adaptation at every level of the business.

Homeownership is not going away, and real estate brokerages and sales professionals remain the conduit for most consumers.

Macro trends in real estate are where the rubber meets the road. Knowing when and how to adapt to these trends is a great competitive advantage, one that successful brokers across the country will continue to leverage no matter the market conditions.

Subscribe to Real Trends.

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We’re Hiring.

Intro to Ninja Workshop

Taught by West + Main Agent + Managing Broker Allie Carlson, this 8-week Ninja Workshop Series will help you dive deeper into the Ninja Selling habits and systems to improve both your Real Estate business and your life. We highly recommend that you commit to the entire series!

Please read Ninja Selling by Larry Kendall prior to the first class. You can find it here.

We also recommend purchasing a $19.99/mo subscription to Ninja You video series here.

Please DM Allie on Slack or reach out to allie@westandmainhomes.com with any questions!

This is not an official installation. Lessons are based on Ninja fundamentals.

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Workshop Schedule
by Allie Carlson

Week 1 - Ninja Mindset - Tue Sep 7th at 10am - Watch the Replay

Week 2 - FLOW! Tue Sep 14th at 10am - Watch the Replay

Week 3 - The Ninja Business Plan - Tue Sep 21st at 10am - Watch the Replay

Week 4 - Customer Centric - Tue Sep 28th at 10am - Watch the Replay

Week 5 - Seller Process - Tue Oct 5th at 10am - Watch the Replay

Week 6 - Buyer Process - Tue Oct 12th at 10am - Watch the Replay

Week 7 - The Ninja Path - Tue Oct 19th at 10am - Watch the Replay

Week 8 - Planner Party - Tue Oct 26th at 10am - Watch the Replay

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Week 1 - Ninja Mindset
Tue Sep 7th at 10am

⤜Download: Week 1 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Week 2 - FLOW!
Tue Sep 14th at 10am

⤜Download: Week 2 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Week 3 - The Ninja Business Plan
Tue Sep 21st at 10am

⤜Download: Week 3 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Week 4 - Customer Centric
Tue Sep 28th at 10am

⤜Download: Week 4 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Week 5 - Seller Process
Tue Oct 5th at 10am

⤜Download: Week 5 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Week 6 - Buyer Process
Tue Oct 12th at 10am

⤜Download: Week 6 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Week 7 - The Ninja Path
Tue Oct 19th at 10am

⤜Download: Week 7 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Week 8 - Planner Party
Tue Oct 26th at 10am

⤜Download: Week 8 Resources→

Audio version will be on Spotify + Apple + Google + Anchor each week!

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Just Pick Whatever Showings Technology You Like Best

Later this summer Realtors at West + Main Homes will have a choice to pick between ShowingTime or BrokerBay for managing showing appointments. We will support both.

It’s extraordinarily awesome for your MLS at REcolorado to be evaluating new vendors that provide showings services to Realtors in Denver. Showingly is another one integrated recently.

Even though ShowingTime and BrokerBay and other options coming to the market seem wonderful and may get the job done - we think it’s best for our Listing Agents to decide.

It’s important to know you aren’t being forced to decide between one or the other at this time.

Since we haven’t used BrokerBay to set up a listing or schedule a showing yet -we think Agents will get plenty of opportunity to decide which tool is better for them once everything goes live.

Buyer Agents should prepare to see listings managed in both BrokerBay and ShowingTime and will have to learn two systems as they navigate a new period where Listing Agents have choice.

Ultimately one day we’d love to see “interoperable” showings for MLS subscribers and allow Agents to choose their preferred software for both scheduling and managing showings.

We work for that future today as a member of the Real Estate Standards Organization (RESO).

Competition and collaboration are needed so that listings, contracts, and showings products are differentiated and improve the experiences offered to customers in the real estate market.

We trust our Agents to let us know what is working and will help them every step of the way.

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And if you’re concerned about Zillow buying ShowingTime we had a conversation about that here

Back to School Business- Building Challenge 2021

Back to School Business- Building Challenge 2021

It’s almost time to go Back to School - whether you’re regrouping to get kiddos in to their classrooms, or just dragging from the long, hot Summer + ready to tackle the downhill side of 2021…take the Challenge!

Pro tip: Find an Accountability Partner for this Challenge. Everything is more fun with a friend…and it really helps to have someone keeping you on track!

(West + Main agents: slack Stacie + let her know you’re in, so that she can add you to a private #backtoschool2021 channel where you’ll find accountability, coaching + support, and let her know who your Accountability Partner is!)

+ Create 10 Email Templates to Streamline Your Client Communication

Keeping a library of canned responses ready to go in your email platform will make it so much easier to respond and provide information to prospects and clients — even when you are out showing property or on appointments. Here are some ideas, but you should think about your business, what you want your clients to know, and how you want them to hear from you!

+ Sign up for 5 industry newsletters

Curate your inbox to make sure that you wake up to useful industry-related news each morning…here are a few that we recommend, comment below with your fave reads, and we’ll add them here!

Inman News
West + Main Agent Pro News
Housing Wire
RIS Media

+ Subscribe to 3 industry podcasts

In between showings, on the way to the office, at the gym or an a run…make the most of your minutes by filling your mind with brainfood, motivation, information + inspiration. Here are a few that we love…comment below with any that we missed, and we’ll add them to the list!

Ninja Selling Podcast
The Real Estate Sessions
BiggerPockets Podcast
Secrets of Top Selling Agents Podcast
Marketing Genius - Placester
The Katie Lance Podcast
Pursuing Freedom Podcast

+ Flip your inbox: unsubscribe from 5 newsletters

If you’re getting emails but can’t remember why, or are no longer interested in the content, hit that unsubscribe button once to save yourself a few seconds and that moment of your attention each day!

+ Save 5 auto property searches for yourself

Use one of West + Main’s websites or the MLS of your choice to set up property searches so that you can keep an eye on the market and specific neighborhoods. We’d suggest:

1. Your own neighborhood/area
2. West + Main’s new Active listings
3. All Coming Soon listings in the MLS
4. The areas around your favorite West + Main offices
5. The neighborhoods where you would love to have a listing
6. Your favorite mountain or staycation getaway town
7. Areas that are hot for investors or likely to have rental property potential
8. The neighborhoods your Top 10 VIP’s live in

+ Add 10 people to your Mailchimp Audience

We think everyone you know should be in your Audience, no matter where they live, how you know them, or what their Real Estate goals + dreams might be. Make sure you’re on your list, too!

+ Start your West + Main Home Magazine list

Again, we think this is a great way to stay in touch with people near + far. Audit your list if this isn’t your first time sending the magazine, and keep it handy so you can add new people until it’s due (due date) - are you getting your own magazine?

+ Plan your Q3 pop-bys

Fall is a great time to pop-by, especially if there are people you haven’t had a chance to see this Summer! Think Back to School Survival (mommy mimosas/fun school supplies), Fall Vibes (pumpkin spice lovers, pumpkins, sunflowers, caramel apple kits), and Octoberfest invites!

+ Add Blocks/Save the Dates in your calendar:

Ninja Workshop
Weekly Company Updates
Octoberfest
Floor Time
Open Houses
Self-Care

Make sure to watch the West + Main Calendar for additions/updates!

+ Check in on your 2021 Biz plan…or create one for Q3/Q4!

Here are some resources:

Business Planning with Erin Bradley
How to Stay Positive + Productive
Breakthrough Broker Business Plan

+ Read or listen to these books:

Ninja Selling by Larry Kendall
The Go-Giver by Bob Burg and John D. Mann
Miracle Morning for Real Estate Agents by Hal Elrod

+ Bookmark these Company Resources:

Toolbox
Calendar
Replays
Blog
Agent Pro Blog
Marketing Form
Listings Form
Brokermint Library

+ Ask 5 People for Testimonials

We recommend using Real Satisfied!

+ Write 5 Reviews for businesses/professionals you have personally used/loved.

If you’re not sure, ask them where they prefer to be reviewed. When in doubt, use Google Business.

+ Complete a Perfect Week sheet + trade with friend/accountability partner

Download a Perfect Week sheet

+ Show or Preview 20 properties:1-20 Addresses

Marketing Strategies for Listings in a Shifting Market

MARKETING STRATEGIES FOR LISTINGS IN A SHIFTING MARKET

A home that might have sold for over list price in less than a day with multiple offers a few months ago, even with bad iPhone photos + monstrous dust bunnies under the coffee table, is going to need a little more love now that we are feeling a market shift, seeing increased Days on Market, and inventory is growing. Make sure that you are doing absolutely everything to get the right eyes on the property. it's time to get back to basics and put a little more time + money behind your listing.

Here is a list of action items that might give your listing that extra little oomph (or a little energy shift) that it needs to get as many showings as possible and hopefully find its new owner — of course, not everything on this list will be appropriate for every property in every market, but even if you can take one or two of these ideas and give them your all, it’s better than just avoiding your seller’s phone calls and watching those days on market pile up, right?

Before You List:

+ Price it right. A shifting market is not the time to push the price - the list price should be a round number, on a price break, right where you think the home is going to actually sell + hopefully appraise.

+ Set seller expectations. The market is showing signs of a shift. Average days on market have gone up, showings have slowed, and seasonal buyer fatigue has set in. Make sure your seller is aware of these factors.

+ Coming Soon. You have 7 days to promote your listing before it goes Active...don't waste this opportunity. Enter it as CS in the MLS and put a sign in the yard with a Coming Soon rider.

+ Bring a stager in to tell the truth: simply rearranging the furniture can change the energy of the house, but sometimes it needs a full stage. Unless your clients already have their place looking like a model home, it will likely benefit from staging.

+ If staging isn't possible, does it need at least need some younger/more mature, fresh/seasonal elements/accessories to attract a new demographic? Is it feeling dusty, tired, too trendy or somehow inappropriate at this price point in this neighborhood?

+ Virtual Staging is also an option! Check out BoxBrownie.com

+ Make sure the home is as clean as possible. Pay someone to make it sparkle, smell good + shine.

+ Don't cheap out on photos: hire a pro. Seasonal, twilight, daylight + drone photos almost always help a listing stand out online. There is nothing more important than awesome photos when it comes to Real Estate marketing.

+ Add floor plans to the listing photos so that people can get an idea for the flow of the rooms. This is especially important if you are competing with new construction or have a floor plan that is unique or has been changed through remodeling that might not be obvious from the photos.

+ Add neighborhood photos so that people viewing online can understand the vibe of the community. There is plenty of space to include photos in addition to those of the property itself.

+ Write an amazing property description. Tell a story. Don’t just list the features — convey how it feels to live in the home and in the community. If you need help with this, let us know, we are happy to edit/write your descriptions!

+ Don’t skimp on signage. If it’s possible to install a second yard sign, a second condo window sign, or a banner on a fence facing a trail or busy street, do it.

+ Add your listing to local Broker-only Facebook groups, including Low Inventory Support Group, Denver RE Coming Soon - Agents Only, Coming Soon in West Metro Denver, etc, Moving to Denver, etc - make sure to input it in as many places as are appropriate for your listing.

After 1 Day/Weekend On the Market:

+ Send out a strategic + comprehensive Reverse Prospecting email - ask agents WHY they aren’t showing the property to their Buyer Match Clients, and make sure to provide all of the information needed to set a preview or showing.

+ Change the main photo on the listing to something completely different — and do this every day. Sometimes consumers who have been browsing the listings daily and passing yours by will take another look if they see a new photo pop up!

+ Decorate the exterior of the house for the season. Flags for Labor Day, pumpkins for Halloween, holiday lights for the winter. Go over the top so that people will stop and notice.

+ Write blog posts and/or social stories/posts about the neighborhood, local restaurant reviews and upcoming community events, and find ways to tie in links back to the listing post on our blog.

+ Dig into your own database to find a Buyer. Go through each name on your list and picture them moving into your listing. Would it be a good fit for them? If so, reach out and start a conversation about whether they are thinking about making a move!

+ Hold open houses regularly. It’s amazing how many people don’t bother to schedule a showing, or who aren’t working with a Realtor, but who might be interested in your property. (Make sure that all OH's are on our spreadsheet so they appear on our weekly OH map!)

After 2 Weekends on the Market:

+ How about a Broker Open/Open House Special Event or Tour? Coordinate with other nearby listing agents + give away a gift card, Airbuds, Apple Watch or some other item of value and invite all local agents using targeted prospect lists + FB ads. Message the agents you know and ask them to attend; they need to see the house to sell the house! (Our Creative Team is happy to create collateral for this that includes all of the listings, and we will help you promote it!)

+ Create a lifestyle video to highlight this amazing home’s best features and also serve as a long-term marketing piece for you.

+ Is it time to start thinking about possibly renting the house out? If this is a possibility/necessity, start listing it as for sale/possible lease and list it on all of the rental sites. You never know, someone who is thinking that they need to rent first might fall in love with it and buy it anyway.

+ Take a fresh look at the comps and your pricing strategy. Is the feedback/lack of showings indicating that it is overpriced?

+ Bury a St Joseph’s statue. Burying a statue of St. Joseph is a traditional and popular practice people often resort to when trying to sell a house.

+ Clear the energy of the property. Smudging is a symbolic exercise found in feng shui practice, many Native American traditions, and alternative healing practices. It involves burning selected herbs, usually sage (which is easy to find at stores like World Market or Whole Foods) or other materials in a manner that fills the home or other space with the fragrance of the smoke, and it is thought to clear negative energy.

+ What does the feedback say? If Buyer Agents are saying things like the layout is awkward, there isn’t enough light, their buyers need a home office, etc - there may be easy ways to overcome these objections with just a little work or money and a bit of creativity.

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We’re Hiring.

VA-like housing bill proposed for first responders, teachers

Legislation would axe downpayment and monthly mortgage insurance fee for firefighters, police officers, paramedics, teachers

New legislation would extend a benefit similar to Veterans Affairs (VA) loans to first responders and teachers who buy homes.

U.S. Representatives John Rutherford (R-Fla.), Al Lawson (D-Fla.), John Katko (R-N.Y.), and Bonnie Watson Coleman (D-N.J.) introduced the bill, dubbed the Homes for Every Local Protector Educator and Responder Act, on May 13.

The bill would allow borrowers to finance up to 100% of the acquisition price. Mortgages would be subject to FHA loan limits. Homebuyers would pay an up-front mortgage insurance premium of 3.6 percent of the principal, which could be financed, and would not pay a monthly insurance premium.

If passed, the new program would be administered by the Federal Housing Administration. The benefit is modeled on the widely used home loan program for veterans, which is administered by the Department of Veterans Affairs.

Police officers, prison guards, firefighters, paramedics, emergency medical technicians and public or private school teachers would all be eligible.

But before borrowers rush to take a job as a summer school teacher to get a break on a mortgage, the bill has a caveat. Eligible borrowers must have worked in one of those professions for at least four years.

They also must be in good standing at their job, and not subject to disciplinary action. They must also show that they intend to keep working in the same job for another year.

Like VA loans, which are popular with investors but not homesellers, the benefit would allow the borrower to skip the down payment altogether.

Samuel Royer, the national director for Heroes First Home Loans at Churchill Mortgage and a veteran, came up with the idea for the program, to acknowledge first responders’ sacrifices, he said. “I believe that American first responders deserve the same access to affordable housing benefits that I have as a veteran,” Royer said.

The bill looks to ease access to homeownership by lowering the upfront cost to borrowers. The anemic housing inventory, however, still poses a problem for any potential homebuyers who aren’t prepared to pay well over the asking price.

Homesellers, who now have many offers to choose from, are not likely to look favorably on anything that entails more complicated financing. Loan officers, too, sometimes have reservations about government-financed loans.

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Related Links

• 5 Things You Should Get Rid of Right Now, According to Home Inspectors

• Millions will enter housing market in 2021

• Turnkey homes vs. fixer-uppers: The best home for your wallet

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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