Ready to up your door-knocking game?

This week’s Rise Above the Ranks podcast might just be our most sought after episode yet…. Door-Knocking 101!

It’s our absolute favorite topic to discuss because this one skill helped us launch our entire business and has kept it going strong for nearly a decade. We can’t wait to give you the script and strategies we used ourselves! 

Give it a listen (Apple, Spotify, YouTube), then give us a quick rate and review if you learned something!

– James and David

Everyone’s resetting their 2023 expectations

Zillow’s latest market research shows we’re on the verge of a significant buyer’s market. This follows suit with the Goldman Sachs report from September, which predicted declining sales activity across 39% of cities in 2023. Here are the biggest takeaways from Zillow’s detailed report:

• The majority (56%) of Zillow’s expert panel believes the shift towards a buyer’s market is coming before the end of 2023

• Home prices are expected to decline somewhat in expensive metros and former pandemic hotspots, including Austin, Raleigh, and Boise

• Inexpensive Midwest markets — such as Columbus, Indianapolis and Minneapolis — are the least likely to see home prices decline over the next 12 months

Our take

While the national market may be normalizing, there will always be pockets of strong competition. We agree with the research, and believe we are fully in a buyer's market except for prime areas. If you’re working with a seller who has the right house in the right neighborhood, they can still get a great price for their property. Keep that in mind when you’re choosing your next farm area! 

The “Buyer’s Bonanza” rankings

Realtor.com just dropped their “Buyer’s Bonanza” list. They wanted to create the definitive single list of the best cities for homebuyers right now. They measured several of the most important metrics: average price-per-square-foot, days on market, and price reductions in 250 markets across the country. Then they compared that data to the local median income in each city.

Here’s the Top 10 and the local median listing price (note: they limited their list to one city per state):

1. Midland, TX: $343,730

2. Cedar Rapids, IA: $232,450

3. Detroit, MI: $79,700

4. Lawrenceville, GA: $402,000

5. Jacksonville, FL: $341,000

6. Boise, ID: $564,945

7. Reno, NV: $621,995

8. Baton Rouge, LA: $335,000

9. Myrtle Beach, SC: $339,950

10. Scottsdale, AZ: $934,500

Our take

This is a great list because it shows the cities that present the best opportunities for buyers and individual investors right now. For buyers in these areas, they’re likely to find a nice home for an affordable price, and your investor clients have the opportunity to find a great deal on the perfect place to update and resell or to rent out. If you serve one of these markets, send this story to your potential clients. Use it to generate some new business!

Not exactly the lap of luxury

Due to rising interest rates, the luxury markets are starting to cool. Redfin measured luxury home sales from June through August. Here are the key takeaways from their report:

• Luxury home sales were down 28.1% nationally from the same time period last year. That’s even a bigger drop than the 23.2% decline at the beginning of the pandemic. 

• The biggest declines were in Oakland, CA (-63.9% YoY), San Jose, CA (-59.6%), Miami (-55.5%), San Diego (-55.3%), and Seattle (-52%)

• Despite these declines, the median sale price of luxury listings still rose across all of the top 50 metros, with the largest gains in Florida

Our take

We knew the luxury market would be the last market to be affected by rising interest rates and inflation. Here in Los Angeles, we're still seeing competitive offers for the best of the best luxury listings. However, many buyers in this market also like to take their time to find what they want, which will lead to periodic dips in home sales, especially if they think they can get better deals and properties if they wait. 

Schematics 

The news that just missed the cut

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• Great info for parents willing to co-sign a mortgage for their children

• LA expected to end COVID eviction moratorium soon

• Douglas Elliman is expanding into a surprising new market

• Why this 4,000-square-foot Beverly Hills property is listed for $65M

🎧 Rise Above the Ranks

In this week’s Rise Above the Ranks podcast, James & David share their play-by-play strategy for door-knocking, including the script they use to overcome three common objections. Here’s a preview:

• Practice your opening line. If the homeowner answers, you have less than a sentence to make a great impression. Practice your opening pitch until you can share it with confidence.

• Keep asking questions. To keep the conversation going, be prepared with a set of questions. Not only does it help you establish a stronger connection with the potential client, you’ll get a ton of great information you can use in future follow-ups. And before you move onto the next house, be sure to take note of their answers!

• Get leads from your title rep. Ask your rep to pull a list of leads in your farm area. We generally door-knock a group of about 500 houses over the course of a few weeks, and revisit this same group several times before getting a new list. 

Want more door-knocking tips and scripts? Check out the full episode → Apple | Spotify | YouTube

Just in Case

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

It’s a brand new month and a brand new quarter! You’ve got just 90 days left to end this year on an amazing note. Right now, we’re doubling down on our calling and follow-up efforts to shake out every last opportunity before the holidays. So what can you do this week to get one step, one sale, or one lead closer to your goal? We have one idea:

In honor of today’s RATR podcast, we partnered with the Broke Agent to create an all-in-one Door-Knocking 101 guidebook, which you can download HERE. In it, you’ll find strategies, scripts, and a 5-point planning worksheet you can use to level up your door-knocking today. 

Give it a read, then hit the streets! 

-James and David

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