When Selling a Historic Property

Marketing a property with historic or landmark status may draw a greater response than when selling your usual, traditional product. You’ll be working with especially knowledgeable buyers — history buffs — who may be more familiar with the home than you are, and they may have questions that you will need to answer in detail. That means it’s time to study. Facts to memorize (for starters): when was the home built? Have famous people lived or visited there? Have there been any significant changes to the house? Every little detail of the house (“George Washington slept here!”) can attract more buyers, ...

6 “Big Picture” Business Lessons from Barbara Corcoran

“I found as a real estate broker that people really respond to how you look–especially in a town like New York,” entrepreneur Barbara Corcoran told Inc. magazine. “If you act and look successful, people will make the wrongful assumption that you are.” Barbara’s sharp wit and street smarts helped her become one of the most sought-after business minds in the country. As the founder of the mega-successful real estate brokerage, The Corcoran Group, and a costar/investor on the hit series Shark Tank, Barbara has amassed a large following of loyal entrepreneurial fans. Her success story is not typical: growing up poor ...

Marketing a House with a Pool

A house with a pool can be an appealing amenity for some; an expensive burden for others. Pools can also be seen as a safety hazard for children and pets. However, some people consider pools a must, while some others may have to be sold on the idea. According to the U.S. Consumer Product Safety Commission, the three most popular states for pool homes are California, Arizona and Florida. The National Association of Realtors® says that, on average, an in-ground pool adds about 7.7% to the home’s market value. According to The Association of Pool and Spa Professionals, the number of ...

The State of the Commission 2018

In the United States, real estate agents make about $75 billion per year in commission payments, according to mortgagecalculator.biz. The median gross income of realtors® was $42,500 in 2016, according to a 2017 study by the National Association of Realtors®. That’s an increase from $39,200 in 2015. Drilling down to specific statistics are hard to come by; these are national commission percentage averages recorded by Real Trends, an industry consulting firm: 1992 = 6.04% 2005 = 5.02% 2011 = 5.30% 2013 = 5.38% 2014 = 5.18% 2015 = 5.26% 2017 = 5.12% In late 2017, Real Trends president Steve Murray, wrote: “The average commission rate ...

Foreclosure by the Numbers 2018

First, the good news: in Q1 2018, foreclosures were down 19 percent from a year ago, and 32 percent below the pre-recession average of 278,912 per quarter from Q1 2006 to Q3 2007, according to ATTOM Data Solutions, a national property database. Its Foreclosure Market Report shows a total of 189,870 properties with a foreclosure filing during Q1 2018. That has actually increased by four percent from the previous quarter. Here’s where it gets complicated: the report shows a total of 74,341 properties with foreclosure filings in March 2018. That’s an increase of 21 percent from an all-time low in the ...

Americans Most Preferred Way to Invest Money: Real Estate

Despite all the political and social upheaval of the last few years, some things in our culture remain consistent. One of the more unwavering rules of thumb: real estate is one of the best ways to invest money and become financially secure. According to a recent survey by bankrate.com, real estate remains the most preferred way to invest the money that won’t be needed for at least a decade. In fact, this is the third year in a row that real estate topped the list. The second preference: no-risk cash investments, followed by stocks. By the numbers: 28 percent ...

New Townhouse Construction Continues to Rise

Forget the split level and the McMansion — townhouse construction starts continue to post gains in 2018, according to an analysis by the National Association of Home Builders (NAHB) and the most recent Census data. Over the last four quarters (ending with the first quarter of 2018), townhouse starts totaled 105,000. That’s seven percent higher than the prior four quarters. Another name for townhomes: single-family attached housing. This housing style comprised 21,000 starts during the first quarter of 2018, which was actually a slight decline from the starts of a year before: 22,000. The current market share of new townhouses: 12.3 percent ...

Home Buying Traffic Continues to Stampede

“Strong” is the word for recent buyer traffic, according to the January 2018 REALTORS® Confidence Index Survey. This report measured buyer traffic conditions from November 2017 to January 2018. Compared to conditions exactly one year ago, Realtors® responded that conditions ran from “stable” (unchanged) to “very strong.” The states with the strongest buyer traffic: Washington, Idaho, Nevada, and Utah. Even the states hit by hurricanes — Texas and Florida — reported “strong” buying activity compared to a year ago. Two states reported weaker traffic than a year ago: Alaska and West Virginia. This may be related to the decrease in oil prices ...

Use Virtual Reality to Your Clients’ Advantage

Many real estate agents may feel intimidated or threatened by the advent of virtual reality (VR), but this awesome new technology can be used as a very effective (and dazzling) tool to help and sell to clients. VR may look like a game, but it’s a very serious marketing strategy. VR is a technology that allows clients to see a property through headphones and specialized goggles. Some VR can also be seen through phone apps, laptops and other devices. VR allows the ability to show a client a property — even in other cities and states — without having to physically be ...

Millennials are Skipping Starter Homes

For the last decade or so, the conventional wisdom on Millennials has been that they prefer to rent and, because of the Great Recession, they are living longer in their parents’ homes. However, those standbys are becoming old news as Millennials begin buying homes and start careers and families. In fact, Millennials are now a large part of the homebuying demographic. The catch, however, is that once again they are bucking tradition; they’re passing on the traditional starter (entry-level) home and going instead for larger, more expensive houses. The reason for this trend: older Millennials who are in their mid-30s have simultaneously saved ...