We like this new time-saving hack

February 24, 2023

The key to smart networking

In our business, there are so many different ways to discover potential clients. Trust me, we’ve tried all of them — cold calling, door knocking, sitting open houses.

But even when we finally meet a buyer or seller and get them an incredible deal, that’s usually just one transaction! Now we have to start back at square one, generating more leads and searching for clients.

This is why we suggest a smarter, and more efficient, way to network. Try to meet people who can refer you to multiple clients, like business managers and lawyers who have a wealth of connections across various areas and industries. It’s still networking, with more “net” and less “work”!

We hope you enjoy this edition of The Blueprint. To put a spin on an old saying, it’s not just who you know, it’s also what you know!

– James and David

Zillow report shows rising buyer demand

Source: Unsplash

Zillow's January housing report shows that buyers can expect healthy competition in 2023, but the market won't be as crowded as it was in the past two years. Competition will be especially strong for more affordable properties as inventory has remained low to start the year.

Here are other key takeaways:

Buyer demand is up 17% from its low point last fall, and pending home sales are improving.
Listings are down 17% year-to-year, and down 30% compared to January 2021.
22% of home listings saw a price cut last month, the most since at least January 2018.

Our take

We all know that buyers are out there! It’s not going to be easy to find the right property, but this is where you can shine by knowing the inventory. Go do neighborhood canvases, study the MLS, and ask people in your office what recently sold. If you know the inventory, you’ll be able to provide buyers with everything they need when they are ready!

Fannie Mae revises 2023 forecast

Source: Unsplash

Fannie Mae released an updated forecast that predicts a strong start to 2023 and a weaker end to the year. The company expects a modest recession in 2023 due to the Fed aggressively fighting inflation, causing the inflation rate to fall slower than expected.

Here are other key takeaways:

The current jump in buyer demand will cool as mortgage rates creep back toward 7%.
Current homeowners with locked-in low interest rates will continue to have less incentive to sell, and this will keep housing inventory low.
Look for a partial rebound in 2024, with total home sales increasing 9.6% to 5.12 million properties as the economy recovers.

Our take

Honestly, this is another prediction that doesn't really change things very much. We’ve been hearing doom and gloom stories for a while, and though some markets are rougher than others, we all know that transactions will continue to happen. It makes sense that in 2024 the market will rebound, but that doesn’t mean we are going to stop what we are doing now.

The 10 hottest metros in January 2023

Source: Unsplash

The housing market in the affordable Midwest region is hot, but one state stands out from the rest. Ohio has 5 of the 20 hottest markets in the country due to the state’s overall low cost of living and good access to recreation and cultural amenities.

Here are the 10 hottest markets for January 2023 by median list price:

Manchester, NH ($534k)
Rochester, NY ($229k)
Columbus, OH ($344k)
Worcester, MA ($457k)
Springfield, MA ($322k)
Dayton, OH ($201k)
Providence, RI ($470k)
Roanoke, VA ($345k)
Lancaster, PA ($397k)
Akron, OH ($176k)

Our take

If you work in one of these markets, then we know you’re happy to see it on this list! This is such a great opportunity to make a name for yourself and provide value to your clients. Go the extra distance, study the comps, and close some deals. If you’re in a market you feel isn't doing so well, remember that real estate is cyclical, and it’s important to think of the long game!

Schematics

The news that just missed the cut

Source: bloomberg.com

Yelp’s remote work policy spurs relocations
This investor says NOW is the time to buy
Take a look at America’s priciest listing
CoStar abandons plans to acquire Move, Inc.
Biden-Harris administration with another housing announcement

Foundation Plans

Advice from James and David to win the day

Being a real estate agent involves a lot of work and preparation before we ever meet with clients. We spend a ton of time figuring out exactly what to say on listings, marketing materials, our social media posts, just to name a few things. Our friend Jimmy Burgess shared some great tips for using ChatGPT to save time and boost your productivity.

Here are three ways agents can use ChatGPT:

Generate social media ideas. One of the best things about using AI in your business is no more writer's block! If you're someone who spends a lot of time trying to come up with content for your business, ChatGPT can save you a ton of time by generating social media ideas for you.

Create property listings. The great thing about ChatGPT is that you can fill in the basics about a property, and it can create a listing. From there, you can ask it to revise what it wrote to better fit your vision for the listing.

Get help with content creation. Once you've put your listings and social media ideas together, it's time to create content for them. ChatGPT can help with this, too! Try asking it to write a YouTube video script or a brief blog post that you can share across your socials.

Want to learn more about using ChatGPT as an agent? Click to watch the full video.