Real estate is a “contact” sport!

One of the great parts about our hyper-connected world is that we can keep in touch with thousands upon thousands of people. Of course, that’s also one of the most overwhelming parts!

But, in our industry, those contacts are extremely valuable, and it’s crucial that we do our best to manage and preserve them. This business isn’t just about who you know, it’s remembering who you know. Staying organized. Maintaining contact databases. Keeping that information updated.

In fact, while you may be on the hunt right now for your next client, it could very well be that you already know that person. Scroll down for a couple of practical tips on how to make the most of your already-existing contacts.

And, on your way down, catch up on all the top stories we’re tracking!

– James and David

Home prices continue to hit new highs

Home prices hit a record high in May, rising 0.7% nationally compared with April at a seasonally adjusted rate. That’s according to the latest update of Black Knight’s Home Price Index. Here’s more from the report:

• Prices were 0.1% higher in May year-to-year, and have been rising since January

• Prices in the Midwest and Northeast have matched their prior peak or set new highs

• Prices are the weakest in the West and in many pandemic “boomtowns”

• Sales of pre-owned homes are still much weaker than last year, but that has less to do with higher costs and more to do with less supply.

Our take

This report is excellent. It clearly explains what’s happening with home prices right now. Prices have fallen from the peak they hit last summer. But since the end of January, they have actually gone up month-by-month on a national basis. This is huge. It’s contrary to what most predicted at the start of the year. Share this news with your clients. They need to hear this.

Morningstar’s bold new predictions

Morningstar makes a variety of bold projections in its latest forecast. Here’s a breakdown of their main predictions:

• The average 30-year fixed mortgage rate will be 6.25% by the end of 2023

• Mortgage rates will average 5.00% in 2024 followed by 4.00% in 2025

• Prices of new homes will decline 6% through 2022 to 2024

• Prices of existing homes will decline 4% over the same period

Our take

Even though their home price forecast seems bearish to us, we’re happy to see their mortgage rate forecast. We also believe that mortgage rates will drop to around 6% by the end of the year and even further over the next two years. This perfectly sets up many buyers to purchase now and refinance later. Encourage your clients to seriously consider that option, especially if they combine that approach with the many concessions which builders are now offering.

The real estate CRM built for winners

We didn’t become number 2 in the nation on our own. We needed help, and using technology like Boomtown changed everything for us.

That’s why we’ve partnered with Boomtown to give you $750 in FREE marketing credits.

This is an insanely valuable offer in this market. With low inventory and higher interest rates, marketing is more important than ever.

Use this FREE service to help you stand out and land your next client.

Best places to buy real estate leads

AgentAdvice just published its 2023 update of the best places for agents to buy real estate leads that will convert into clients. Their picks are based on features, price points, efficacy, and integration. Here’s their list.

1. Overall Best Place to Buy Real Estate Leads: Real Geeks

2. Best Real Estate Leads – Sellers: CINC

3. Best Real Estate Leads – Buyers: Ylopo

4. Best Full Lead Gen System (Leads + Supporting Tools): Real Geeks

5. Best for Small to Medium Sized Teams + Indy Brokers: Sierra Interactive

6. Best Place to Buy Probate Leads: All The Leads

7. Best Real Estate Leads – Solo Agents: Market Leader

8. Best Real Estate Leads – Postcard Prospecting: ProspectsPLUS!

9. Best Real Estate Leads for Team Agents: CINC

10. Cheapest Leads: RedX

Our take

This is an excellent resource that we recommend to all agents. Lead generation is an enormous part of our life as agents. Unfortunately, there isn’t just one surefire way to do it. There is a lot of trial and error involved in determining what works. But it always helps to learn from others and see what they use, so this report can really be helpful. Dig into it!

Schematics

The news that just missed the cut

• The least affordable year to buy a home (hint: it’s not 2023)

• Ryan McMillian of OC Real Estate explains how he broke into luxury real estate

• Email subject lines agents should use

• How to start investing in real estate with as little as $5,000

• How to overcome the top four seller objections

Foundation Plans

Advice from James and David to win the day

We always focus on finding new leads, but you can generate a lot of business from repeats and referrals. Here are three tips on how to maximize the contacts you already have.

Organize your database – If your CRM consists of a bunch of names and random quotes, it’s time to clean it up. Although it might be a total pain at first, this is an important step in keeping up good communication with all your contacts, and how you engage with them. For example, you wouldn’t talk to a lifelong friend the same way you would your dentist. Find some good tips on how you can organize your database here.

Spend every day in your database – Once you have your database organized, it should stay that way. Try and spend at least 10 minutes each day cleaning, organizing, and combing your leads. This will save you a lot of headaches in the long term, and also allow you to build out an effective contact system.

Set up an engagement strategy – Once you’ve organized your CRM, you can start building out your email campaigns. These emails should be customized for clients at different parts of their real estate journey. Make sure you’re offering value and keeping your leads engaged. Make your voice personable, your emails simple, and your contact information visible.

To learn more on how to manage your CRM, start here.

Just in Case

Keep the latest industry data in your back pocket with today’s mortgage rates:

That’s a wrap on this edition of The Blueprint!

If you’re new to the Blueprint community, we want to hear what you think! What’s your take on today’s stories and tips? Send us a note with your comments, questions, or suggestions.

In the meantime, keep closing deals and picking up leads. The win is worth the hustle!

– James and David