Learning to dance

If you’ve ever taken a dance lesson, you know someone has to lead. It’s the same way in real estate. Our clients are looking to us to lead.

This means we have to be proactive instead of reactive. We need to always stay one step ahead, and provide the direction before they even know they need it.

Scroll down to today’s Foundation Plans where we give you our best tips for how to lead your clients, and make the whole dance as smooth and graceful as possible. Hopefully, the end result will have you dancing all the way to the bank.

Now on with today’s Blueprint!

– James and David

Realtor.com and Bright MLS just released their forecasts for 2024. Here’s a breakdown of their projections.

• Mortgage rates

  • Realtor.com expects rates to average 6.8% and drop to 6.5% by the year’s end.

  • Bright expects rates to average between 6-6.5% and fall to 6.2% at the end of 2024.

• Home prices

  • Realtor.com expects prices to drop 1.7% on a national basis

  • Bright expects prices to rise by 1.5%.

• Inventory

  • Realtor.com predicts inventory will fall 14% YOY.

  • Bright expects inventory to rise by 7.6% YOY.

• Home sales

  • Realtor.com expects home sales to rise by 0.1% to 4.07 million next year.

  • Bright expects home sales to rise by 12.6% to 4.6 million next year.

As we said up top, real estate is a dance, and our clients are looking to us to lead. Although every potential buyer is different, you can be consistent in your approach. Here’s some good steps to take:

Really know your client’s needs and wants – Dig deep to investigate exactly what your clients want. Whether you use a pre-qualification questionnaire or not, pinpoint your buyers' specific preferences, their financial qualifications, desired location, and anything else. Talk less and listen more. The better you understand what they want, the better you can help them achieve their goals, real estate and otherwise. 

Educate your clients regarding their financing options – More than ever, clients are looking for agents who can help them understand financing options. Make sure you're well-versed in terms like 30-year fixed, 3-2-1 & 2-1 buydown, rate buydown using points, adjustable rates (3, 5, 7, and sometimes 10-year), assumptions, and seller financing. Clarify to your clients the differences between pre-qualification, pre-approval, and loan commitment. Being able to explain the differences matters a lot!

Keep your clients in the loop – Overwhelmingly, the number one complaint that clients have about their agents is the lack of communication. Always be one step ahead of your clients. Be proactive, not reactive. They need to know what’s happening now and what’s happening next. Constant communication lets them know that you’re on the job, and they are your number one priority.

For more excellent tips on how to be a better buyer agent, start here.

For Blueprint subscribers, the course is 30% for a limited time. If you’d like to take our course to learn how to become the top 1% of your market click here!

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

Remember: each day is a gift and a new opportunity to lead the life you want and to become the person you want to be. The mistakes and missteps you’ve made in the past don’t define you. Live as intentionally as you can and be ruthlessly focused on the goals you’ve set out to achieve. You can do it!

Thanks for reading, and we’ll see you back here on Tuesday!

– James and David