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Updated: 3 weeks 12 hours ago

Gaining Marketshare in a Seller’s Market Using a Virtual Focus

Thu, 04/22/2021 - 12:39

Many homeowners are more motivated to move now than at any other time in history. In a seller’s market, sellers have the edge, and buyers have to meet their demands. As a REALTOR®, it’s time to consider a virtual assistant (VA) when:

– You’ve been trying to do more with less and it just isn’t working out for you. You’re too busy to take on one more thing.

– You’re looking for ways to expand into new niches but feel overwhelmed by the time it would take or the cost involved.

– You want a professional image without spending your profits on more full-time staff.

– You know you can do much more than you’re doing and want to expand your business.

– You are seeking ways to integrate technology into your operations.

If any of these scenarios sound familiar, it might be time to consider hiring virtual assistants for your team. Here’s how to use real estate virtual assistants effectively to gain marketshare in a seller’s market.

1. Help land FSBO clients. VAs can conduct research on your behalf to find potential clients as a buyer’s agent and then reach out to them to begin the nurture process. This can create a strong lead generation process that will keep your pipeline full so that no opportunity gets lost in the shuffle.

2. Get to know your target market. You want to get to know your target buyers so you can create marketing messages that resonate with them instead of talking at them. By focusing on potential buyers, you can use virtual assistants better than most other real estate professionals and get ahead in the game of gaining marketshare in a seller’s market.

3. Strategically increase your ad budget. If you’re using real estate virtual assistants, you have the option to increase your ad budget in specific areas where you see more potential for generating interest in your listings. Your VA can also take over list management, marketing, advertising and even scrubbing the leads.

The Bottom Line 
A VA is a full-time addition to the organization, but will work with you virtually. They can shoulder specific daily responsibilities, help maintain smooth operations, and allow you and your physical team more freedom to focus on your work.

This doesn’t mean that jobs are going away, but it does mean that more work is available. Additionally, more income is generated because REALTORS® finally have the affordable help they need to close more transactions and generate more commissions.

After several years of working in the real estate industry, Daniel Ramsey—founder and CEO of MyOutDesk (named the No. 1 virtual assistant service in 2020 by TechRadar & Analytics Insight)—realized that REALTORS® spend too much time doing tasks that are necessary but highly administrative, routine and time-consuming. In 2008, he founded MyOutDesk with a vision to provide REALTORS® with indispensable leverage through real estate virtual professionals to aid them in regaining time and freedom and the ability to grow their business, all while reducing costs. To learn more, please visit
www.myoutdesk.com/services.

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How to Accommodate Clients Moving Out of State

Thu, 04/22/2021 - 12:36

Just because a past client plans to move out of your region doesn’t mean you can’t help them get there.

An out-of-area move is not a lost sale for you as the agent, but rather, an opportunity to tap into your network and provide this client with a like-minded, trustworthy professional who can take care of them in their new city. Plus, you’ll find yourself with a nice referral fee should your client complete the transaction with that agent.

When a client comes to you for an out-of-state agent referral, make sure you are prepared to assist in every possible way. Here are a few tips to accommodate your clients looking to make that major move.

Join an Agent Community
To set your clients up with a great real estate agent in their new town, you’ll need to tap into a robust real estate agent network. However, building a nationwide network from scratch is no easy task. Instead of reinventing the wheel, search for existing networks of real estate agents who share your values and get involved with those communities. For example, Buffini & Company Members all subscribe to working by referral, and connect via virtual events, small groups and social media to synergize and exchange referrals across North America.

Stay Connected
To stay top of mind with agents in other areas, you’ll want to engage with them all year round. This way, if their out-of-state clients are headed in your direction, you will be the first one they think to call, and vice versa. Engage the agents in your networks via virtual coffee or happy hours where you catch up and exchange ideas. For agents who are within driving distance, consider meeting quarterly to synergize and grow (when it’s safe to do so).

Know Your Stuff
Stay current with the latest real estate market trends to identify the hot spots right now. Are people in your area trying to fly toward warmer weather? Perhaps they want to move to a more rural area, or a state with lower taxes. Understand where your clients might want to go based on current market data so you can be more prepared to help them get there. Don’t be afraid to ask the agents you know in those hot markets for their perspective.

Talk to Your Coach
Check in with your real estate coach for more strategies on building your network and assisting your clients moving out of the area. Don’t have a coach? An investment in real estate coaching can take your business to new heights and guide you through unprecedented times. Buffini & Company One2One Coaching is a great place to start. Sign up for a free business consultation to learn how a Buffini & Company real estate coach can help you by visiting buffiniandcompany.com/bc.

To learn more, please visit buffiniandcompany.com.

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Existing-Home Sales: March Posts Second Consecutive Monthly Decline

Thu, 04/22/2021 - 12:33

March experienced a decline in existing-home sales—the second consecutive dip, according to the National Association of REALTORS® (NAR). Year-over-year, existing-home sales increased 12.3%; however, since last month, total existing-home sales decreased 3.7% to a seasonally-adjusted annual rate of 6.01 million.

Single-family homes also decreased, by 4.3% since February, to a seasonally adjusted annual rate of 5.30 million. This is up, however, by 10.4% YoY. For condos and co-ops, existing-home sales increased 1.4% from February and increased 29.1% YoY.

By Region:

Midwest
Existing-Home Sales: 1.28 million (+0.8% YoY)
Median Price: $248,200 (+13.5% YoY)

Northeast
Existing-Home Sales: 760,000 (+16.9% YoY)
Median Price: $364,800 (+21.4% YoY)

South
Existing-Home Sales: 2.70 million (+15.6% YoY)
Median Price: $283,900 (+13.6% YoY)

West
Existing-Home Sales: 1.27 million (+15.5% YoY)
Median Price: $493,300 (+16.8% YoY)

How the Industry Is Responding:

“Consumers are facing much higher home prices, rising mortgage rates and falling affordability; however, buyers are still actively in the market. The sales for March would have been measurably higher, had there been more inventory. Days-on-market are swift, multiple offers are prevalent and buyer confidence is rising. At least half of the adult population has received a COVID-19 vaccination, according to reports, and recent housing starts and job creation data show encouraging dynamics of more supply and strong demand in the housing sector. Without an increase in supply, the society wealth division will widen with homeowners enjoying sizable equity gains while renters will struggle to become homeowners.” — Lawrence Yun, Chief Economist, National Association of REALTORS®

“NAR has made it a priority to be at the forefront of the anticipated economic revival. We will continue pushing for an increase in housing construction and inventory, with the goal of helping qualified buyers and countless families achieve the American Dream of homeownership.” — Charlie Oppler, President, National Association of REALTORS®

“Eager homebuyers sat on the sidelines in March as they waited for their perfect home during the ongoing inventory crunch. The good news is that the houses that are on the market are selling fast and returning healthy profits.” — Bill Banfield, Executive Vice President of Capital Markets, Rocket Mortgage

For more information, please visit www.nar.realtor.

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