New Homeowners May Need to Rethink Approach Before Buying

Purchasing a home remains one of the largest financial investments most people will make in their lives. Some things do not change. What has changed is the perception that owning a home is a necessary component of achieving the American Dream. The dream turned into a nightmare for millions of Americans when the housing market collapsed. The antiquated notion that real estate and houses always go steadily up in value was obliterated. Some of the top housing markets in the country were also the hardest hit and had the steepest drops in home prices.

Some people learned the lesson the hard way when they were unable to pay their monthly mortgage or sell their home for enough to pay off the loan. Many people who purchased foreclosures discovered first-hand the importance of always buying title insurance. Others watched home ownership become more elusive for them as new regulations and more cautious lenders changed the requirements for obtaining a home loan. As the housing market improves and activity increases, potential new home buyers need to approach the process differently than previous generations of buyers.

Prequalification applies to more than finances
Any potential home buyer should absolutely check their credit report and assess their financial situation and goals themselves before they speak with any professional. These same home buyers should also take a personal inventory of their own priorities and long-term goals. Owning a home is not right for everyone. Just as some people get married too young, some people who purchase their first home are financially capable at the time, but not ready for the many other responsibilities that come with home ownership. Millennials are more likely to embrace apartment living and opt to rent long-term over buying. Some people who owned a home previously and lost it to foreclosure feel a part of their life is left undone until they again own a home. These same buyers should also carefully consider why they want to own a home and whether or not it is necessary to live a fulfilled life.

Potential home buyers have a lot of homework
Home buyers are responsible for providing their lender with all the necessary paperwork and documentation to obtain financing. They also have a responsibility to sellers and real estate professionals. It is reasonable and becoming more common that all offers to purchase be accompanied by a verification of funds letter. Just as a home buyer expects the seller to be fully capable of transferring ownership by a specified day, it is only right that buyers be capable of closing without any preventable delays. Buyers should also speak with a professional about what title insurance policy is right for them before they reach the closing table. Title insurance is vital, and all purchasers should make an informed decision on their policy.

Most delays to closings are due to problems on the buyer's side. This is why a large number of REO "Real estate owned" companies include a "per diem" clause in all of their contracts. More individual sellers are now adding the same type of clause to their agreements. Closing delays increase the seller's costs. They must maintain utilities along with security and lawn maintenance on the property. Prorated costs have to be recalculated and the schedule of the seller changed.

It is important to be ready to take action
A limited inventory in many areas is providing a steady increase in home prices. While interest rates are still low currently, that can change quickly. New home construction is not yet up to full speed and many areas of the country still have high unemployment numbers. The market has remained in a bit of a holding pattern for several years. That can change fast. Buyers who are too picky can see the best home for them sold to someone else. Those who take too long to purchase can potentially see a previously affordable home move out of reach due to higher interest rates.


Buyers must spend an adequate amount of time assessing their own situation, commit to a Realtor who is knowledgeable about the local market, and protect themselves with title insurance and proper legal counsel as they take confident steps toward home ownership in this new market.

Video Marketing in Real Estate

Real estate agents are often early adopters of new technology. If it makes the home shopping process easier for their buyers or gives their seller clients a competitive edge, they will invest the time and money to make it a part of their marketing plan. While some methods are little more than schemes to make money off of gullible agents, one method of marketing for real estate agents has been around in some variation for many years; it continues to give agents who use it the upper hand. That tool is property video marketing.


Advantages of video marketing
Real estate agents typically have different opinions on the best marketing practices. Some embrace new technology, others stay rigidly with what they learned from their mentor or broker decades ago. Things like including as many photos of the property as possible and yard signs are undeniable essentials. Here are a few benefits of property video marketing.

• Video marketing for real estate agents opens up additional marketing channels like YouTube.
   
• By virtually taking potential buyers inside a property, it connects with them earlier.
   
• Helps weed out potential buyers who are not really interested in the house and ensures buyers have a better understanding of the home prior to viewing it in person.
   
• Sellers are more likely to list with you because you have a greater arsenal of marketing tools.
   
• It increases the excitement about the subject property by providing buyers with an easily share able and intriguing presentation of the home.
   
• Video is a compelling and powerful method of marketing to an international audience.

Not just for high-end properties anymore
Video as a business tool is used by every industry. As technology advances, the cost of production decreases. Practically all homes have internet that is fast enough for unlimited video streaming. Many people now take for granted streaming videos on their smart phones and tablets while they are on the go. You do not have to spend a lot of money for professional productions on every home you list. For some properties, the cost may outweigh the benefits. Many agents do quality video presentations themselves on every home they list. It takes some time to learn to do it right, but their clients appreciate them being personally involved in the process and the added effort the agent puts into showcasing their home in every possible way.

A few key considerations
Video marketing for real estate agents is one of those things that needs to be done well or not done at all. Just as it can be a powerful method of making a good impression, it can equally give a negative impact when done poorly. You want every aspect of your business and marketing to exude professionalism and attention to detail. Sloppy, blurry, and rushed property videos convey that you do not put much value on the listing. The potential buyers will not either, and your sellers will not place much value on your services. If you work with a professional production company on a regular basis, they should offer you economical pricing on videos for all your properties.
Video marketing for real estate agents will help you stand out when done right. As the years go by and more agents begin incorporating it into their listing strategy, it becomes less an enhancement and more an expected service. When done economically and strategically, it elevates you in the eyes of buyers and sellers. For subdivision developments and builders, the progressive videos and updates on progress keep buyers interested and returning to your site. Selling homes is still a people business. The best videos include a presenter who highlights various features of the home. By telling a compelling story with your video, you help the potential buyer think of the property as their home. That is ultimately your goal with all aspects of your marketing, and few other tools can do that as effectively as video.

Creative Real Estate Marketing Ideas

Many real estate agents and real estate companies use the phrase "If it ain't broke, don't fix it" as an excuse to not deviate from the marketing methods they have been using for years and, in some cases, decades. But failing to implement fresh real estate marketing ideas not only limits your business opportunities, it also does a great disservice to your clients. The real estate industry is one of the most competitive on the planet. In a strong market, sellers are competing with many sellers. In a slow market, they are competing for the very few available buyers. Use these creative marketing ideas to ensure a stable business model for yourself and to provide your clients with the best real estate service they can find anywhere.

Go beyond virtual tours
You are not just selling the house in your videos and slideshows, you are selling the lifestyle that comes along with it. Go beyond the tired virtual tours with generic narration. One of the best real estate marketing ideas is to make a movie that shows people enjoying a barbecue in the backyard or film a cooking demonstration that showcases the amazing features of the large kitchen.

Content is still king
Your prospects will not read every word of your blog post or every blog post you make. You still need to keep creating fresh content on a regular basis. They will be more likely to leave and find another source of real estate information due to lack of content than they are to stop following you due to too many updates.

Give them a reason to share
It is not enough to ask people to share your Facebook post and other social media feeds. There has to be something topical about it that will be of interest to current residents of your market area and to potential residents. Always keep news about your community upbeat and always be looking for new real estate marketing ideas in your daily life.

Make obtaining referrals a priority
Most real estate agents obtain some amount of business from referrals. The National Association of Realtors says that 53 percent of first-time buyers found their agent by referral and 36 percent of repeat buyers were referred to their agent. Let past clients know how much your appreciate their business and do not be shy about asking for the referral in all of your future communications with them.

Keep your automated task personal
Your time is valuable. That is why you use autoresponders and automated systems to make blog post and social media post. Remember that the time of your prospects and clients is valuable too. Keep outgoing messages fresh, personalized, and constantly updated. You show people how much you care about them and your own business before you ever speak to them in person.

Maximize your conversion of prospects
All real estate agents get busy at some time and begin cherry picking prospects. Without a thought, they allow lower-tier home buyers to fall by the wayside. Do that, you will eventually end up standing idly with the other agents at the coffee machine and complaining about the slow economy. Focus more on converting available prospects than spending money to attract a higher volume.
Only a small percentage of real estate agents truly think outside the box and depart from the traditional template real estate marketing ideas that are utilized by the vast majority of agents. Keep in mind, only a small percentage of real estate agents thrive and establish a secure business that they can rely on for steady income year after year. Real estate agents tend to be passionate people. Don't ever lose that passion that you had when you first became an agent. The best way to keep it alive is to constantly challenge yourself and take some risk.

Social Marketing for Real Estate Agents

One of the most cost-efficient and highly effective methods a real estate agent can use to grow their business and generate referrals from clients is also one of the trickiest to utilize. Information on social media can be shared and viewed thousands of times in a single hour. It can keep your audience

updated on the latest available listings, increase your website traffic, help you convert more prospects to clients, and strengthen the relationship you have with existing clients. Keep these tips in mind as you embrace social media and incorporate it in more areas of your business life.

Be yourself
As a real estate professional, you know that you can sometimes do everything right and say all the right words, but still not make a connection with some prospects. You can't worry about them. The most successful agents specialize in a price point or area of service. Targeted marketing for real estate agents does not have to be forced. Your time and efforts are best focused on the people you effortlessly meld with and who share your common interest. Talk openly about community activities, the school play your child is in, or the little league team that you sponsor. When you are open and show your personality, people are much more likely to engage and respond. The U.S. has over 175 million people on Facebook. You can't be all things to all of them. Know your audience and be genuine.

Focus on your area
People relocating to a new area often feel ignorant about the city they will soon be calling home. By being a resource of interesting information about the area, you will attract prospects to your Facebook and Twitter feeds. People want to feel knowledgeable and empowered. They will be grateful that they can learn about the area without having to ask hundreds of questions. By listening to the home buyers you interact with on a regular basis, you get a good feel for the issues and facts that are important to them. When you address these points in your social media feed, you begin forming a bond with prospects and take steps toward becoming a trusted source of knowledge they feel comfortable trusting as their real estate consultant.

Maximize available features
Facebook pages for businesses can simplify a lot of marketing for real estate agents. You are able to instantly share photos of new listings and easily add videos. Post that include photos get the most attention and result in more likes, comments, and shares. You are then able to thoughtfully respond to all questions and comments from prospects. You should take advantage of this opportunity. Discussions on your page can motivate others to join in and open a dialogue with you.

Stay upbeat
Many home buyers are able to choose where in the country they are going to live. You want to make the most of every opportunity to market your area to potential residents. The best marketing for real estate agents involves sharing your enthusiasm for your local community and displaying your knowledge about the area. Your passion will make you much more appealing to home buyers. Whether it is first time buyers, home sellers, or retirees who are looking to downsize, everyone wants their real estate transaction to be something they feel good about and celebrate. Your upbeat post and optimism will be contagious and bring people back to your page repeatedly.

Don't expect to become a pro overnight. You should definitely not give up on social media marketing just because it does not bring you the results you initially expected. Make it part of your routine to invest some part of your day learning about and incorporating social marketing into your business. It is more than just a new marketing opportunity. It is rapidly becoming an essential aspect of marketing for real estate agents.