The market has changed in recent months.
Six months ago, the construction of single-family homes was still up 10% from the previous year. That was just before mortgage rates started to jump quickly. But with the economy uncertain, and interest rates doubling what they were just a few months ago, some homebuyers are less eager to get into the market, and some home sellers and their agents are having to lower their price tags. To go from a 10% annual gain in construction to a 19% drop in that time frame is a historically sharp turn.
As mortgage rates have risen, homebuyers have become worried about their potential investment and the health of the overall economy.
Marki Lemons-Ryhal, social media coach, speaker, and foreclosure expert, shared tips for agents to up their marketing games and we simplified them for you.
Leverage video marketing to bring your brand to life.
According to statistics, more and more consumer decision-making is being driven by the authenticity and impact of video marketing. When you begin to create your video marketing strategy, you will need to decide whether you want to hire a professional team, or if you want to do this in-house. There are pros and cons to each of these scenarios, and ultimately it will be up to you to decide what is best for your business and budget
Find lenders who will inform you about buydowns and alternate loans.
In today’s housing market, buyers are facing two major challenges. First, they are struggling to afford high prices, and second, they face restrictions on how much money they can borrow. As a result, many buyers are asking sellers for large price concessions with the hope that it will allow them to beat the odds and buy a home that is no longer within their reach.
Look into down payment assistance programs.
According to Lemons-Rhyal, agents who are knowledgeable about the down payment assistance programs their counties and cities offer their clients can help buyers get into the market that wouldn’t normally qualify for a loan.
Earn your certification in foreclosures and short sales.
Home prices have been appreciating so drastically in the last couple of years, that a lot of people have been able to refinance their mortgages, Lemons-Ryhal said. But many Americans are still suffering because of inflation, and the number of foreclosures will always be a reality in the housing market. To appeal to the home-buying crowd, agents can also host foreclosure buyer boot camps that provide homebuyers with information about purchasing foreclosed properties.
Why not start a real estate niched podcast?
A great way for agents to spread the word about themselves and their brands is to create a podcast, Lemons-Ryhal said. All kinds of recording equipment are available and relatively affordable, and Yeti microphones were her recommendation when it comes to audio quality.
Why not create a group blog?
Marketing is powerful. It can create a following; increase brand awareness; drive traffic to your website and grow your real estate career. Work with others to create content for your blog so that you can share the burden of creating content and increase variety in your posts.
Updating Your LinkedIn profile.
Agent-bank relationships can be mutually beneficial, said Kate Lemons-Ryhal. If you want to get a jumpstart on getting bank listings, she advised agents to network with the business development department and other executives at those financial institutions.
What do you think of these tips? Stay tuned for more of our blog updates to help you make sense of what’s happening in the market and speak about the topics that matter most to you.
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