Is the 6% Commission Fee Still the Norm?

Technology, demographics and the economy are changing the way the real estate industry does business, and the changes keep coming at a dizzying pace. This evolution is causing home seekers to question how real estate transactions have been done for decades, and this includes the formerly traditional six-percent commission fee. Also now being freshly debated: splits between a buyer’s agent and a listing agent. Of course, the six-percent commission has always been considered standard, but it was never the law, and it was not always universally applied. With barriers coming down and middlemen being eliminated, commissions are dropping and brokers are reconfiguring. The ...

Prepare for the Homeownership of Generation Z

Millennials — the name given to the generation born between 1982 and 2004 — have been capturing the American imagination as they come of age, especially with their rejection of many things older generations took for granted: shopping malls, food preservatives and fast food, network television, automobiles, the suburbs, and buying homes. It’s become common knowledge that Millennials prefer urban-like locations, public transportation and bikes, healthy food, phone apps, and renting. However, let’s not overlook Generation Z, born (arguably) between 1995 and 2010 (precise definitions vary). They already consist of 21 percent of the American population, or 66.3 million people, and ...

How Will the Rental Market Affect Real Estate Agents in 2018?

The hottest thing going on in real estate? Single-family rentals. Detached homes or townhomes -for rent- are being produced faster than any other sector of the housing market. That’s more than single-family home purchases and multifamily properties. The Urban Institute reports that the single-family rental has seen growth every year since the dawn of the Great Recession, and has remained at a 30 percent growth rate for the past three years. Compare that with less than a 15 percent growth rate for the once-red-hot multifamily market. After declining for seven years, the single-family rental is hot again. The number of households ...

The U.S. Housing Market 2018: Boom or Bust?

Many experts predict that sellers will continue to control the market in 2018, with housing inventory at astonishing lows and housing demand continuing to rise.  This trend will allow private and institutional sellers to keep their prices high. Inman reports that low inventory may be the biggest factor in discouraging buyers in 2018 – this is in spite of the housing that started rising to 1.297 million units in November 2017. The listing shortage will also affect pricing. In 2017, 25 percent of homes on the market sold within two weeks or less during the peak buying season, according to ...

Thoughts from Some of Real Estate’s Most Successful Women

Women leaders are increasing their foothold in the real estate industry. The Swanepoel Power 200 (SP200) ranks the definitive residential real estate’s 200 most powerful leaders. In 2017, women show up in 45 of the 200 slots. That reflects three years of growth on the SP200 list, up from 19 percent in 2015 and 22 percent in 2016. Can you see yourself on this list? As your career progresses and you take with you the belief that “anything is possible,” keep in mind some thoughts from the industry’s most successful women: Barbara Corcoran Entrepreneur and Co-Star of Shark Tank Although she was ...

The Suburbs Are Not Dead — Here’s Proof

We’ve all heard the stories and maybe even began to believe the hype: that Millennials are rejecting communities that depend on automobiles; they’re turning their backs on the suburbs that most of them come from. We’re told that they prefer cities, which offer a walkable live/work/play environment. They gravitate to communities offering public transportation (including light rail), bike trails, and life within walking distance. This is an authentic trend; it’s happening. However, rumors of the death of the suburbs are highly exaggerated. In fact, the only thing Millennials seem to be driving is the suburban resurgence. It turns out that Millennials don’t ...

Surviving Your First Year in Real Estate

Like every new beginning in life, starting a new career is intimidating, daunting and downright scary. The real estate business holds many challenges for you: intense competition, a changing economy, burnout, unrealistic expectations, and plain old growing pains. You’re only human- it’s expected that you may become discouraged. Many real estate agents don’t survive their first year, often because their own fears and doubts get the best of them. If you can make it through your first 12 months, all kinds of rewards await, including a rewarding, long-term career. Keep these tips in mind as you grind through your first year: Accept the ...

5 Ways to Market a Fixer-Upper

A fixer-upper is ultimately no different from any other house you would sell — it has its share of flaws, quirks and advantages (even new houses aren’t completely perfect). It’s all in how you present the property, in words, photos and attitude. A fixer-upper can be sold honestly and quickly, if you are able to strike a chord with prospective buyers about it’s ultimate potential. When people look to buy a fixer-upper, they see the house for what it will be, not what it is now. They see opportunity, so market to that advantage. Here are five ways to effectively market ...

How to Sell to Millennials

In the next few years, the regular drumbeat of “Millennials don’t buy real estate, they rent” will start to fade, and that common thinking will begin to reverse. You’ll want to be there when that happens, but the same old sales pitch and process is not going to cut it with this generation. As of April 2016, the Pew Research Center reported that Millennials are now the largest living generation in the United States, surpassing Baby Boomers. Millennials, numbering around 80 million, are usually described as being born between the early 1980s and the early 2000s, and they’re now just ...

9 Must-Have Apps for Real Estate Agents

There is no turning back the tide – business is migrating to the smartphone, and the applications being developed are specifically designed to make your life easier. In fact, apps are becoming more user-friendly and helpful in growing (and satisfying) your client list. Most importantly, they can help you during every step of the buying or selling process. Here are just a few of the apps that can help you streamline, organize and boost your business, right in the palm of your hand: Cloze Automatically keeps track of your email, phone calls, meetings, documents, and social media (Linkedin, Facebook and Twitter). ...