The real estate business is not only competitive for buyers and sellers, but also for real estate agents. Your business thrives on constantly bringing in new clients to fulfill their home dreams. Yet Read more...
The real estate business is not only competitive for buyers and sellers, but also for real estate agents. Your business thrives on constantly bringing in new clients to fulfill their home dreams. Yet what you wear can have a significant impact on whether the client wants to work with you or if they move on to the next firm.
One of the interesting things about the real estate business is that many agents believe anything goes when it comes to dress attire because this is their chosen career. Since they may work for themselves instead of with a brokerage that has a dress code, they believe that their dress decisions should only matter to them. This factor may often lead to them wearing things that may turn off buyers or sellers, such as see-through clothing, over-gaudy jewelry, or even tacky shorts.
However, your dress attire will be the first impression that buyers and sellers get about how knowledgeable and professional you will be with your services. Clients know that they could be working with you for several months. They do not want to have the impression that you do not want to take the job seriously, or that you may be so new to the real estate industry that you won't quite know how to handle negotiations or closings. Find out what the appropriate dress is that you may want to stick to when working as a real estate agent.
One Size Does Not Fit All
The good thing is that you do not have to stick to the strict cookie-cutter business suits and dresses, unless that is what you desire. There is no one-size-fits-all when it comes to what to wear in this profession because buying and selling buildings are not restricted to corporate developers or big city Realtors. No client would expect their real estate agent to show up to the beach wearing a three-piece suit or selling a ranch while wearing oxfords as you step around the livestock.
Think About the Region
Certain regions have a particular type of clothing trend that is popular to that area. Straying from this trend can often make real estate agents stick out in a negative fashion, as if they are someone new who is just muscling into the real estate game in that location. For metropolitan areas, a more formal business attire would be expected when working with clients interested in hi-rise apartments or commercial spaces. In more rural towns where everyone basically knows just about every neighbor by their first name, a more casual attire would be expected.
Think About Your Clientele
Based on the types of real estate that you work with, you may have clients of a specific demographic, such as families, retirees, empty nesters, and young couples. Some demographics may be a bit more lenient when it comes to the attire you pick. Others, such as older clients, can expect a more formal business attire. For families, they may look toward semi-formal to business casual. Consider the clientele so you can make the best first impression possible while developing a loyal customer base.
Clothing to Avoid
While you should dress in such a way as how you want to portray yourself as a real estate agent, there are usually a few pieces of clothing that should strictly only be worn during personal hours. Some clothing not to wear as a real estate agent includes:
• see-through clothing
• ripped jeans
• workout clothes
• graphic t-shirts
• short shirts that show the midriff
• tube tops
• shorts
• tight-fitting clothing
• miniskirts
• hats
It can be left to debate on whether some of these items can be worn for real estate work, such as wearing a graphic t-shirt with the name of the real estate firm on it. While this may be acceptable in certain circumstances, always remember that you do not want to cause any friction with a client who may not want to see certain graphics. For example, you may want to show team spirit by wearing a t-shirt of your favorite sports team. But if the client roots for an opposing team, this can sometimes create bad vibes at the first meeting.
Dress to Impress
You cannot go wrong with dressing to impress your clients. If you are working at a firm, ask the managers and coworkers about the best attire to wear when meeting clients inside and outside the office. Then consider the location, regional dress trends, customer demographic and your personal branding as factors when choosing the appropriate attire. You are sure to come up with your go-to real estate clothes that will help you find the perfect clients and professionally close deals while you become the top real estate agent in the country. To read real estate success stories from some of the top real estate agents click here If you are inspired to become a real estate agent visit our website or give us a call!
Love,
Kartik subramaniam
|
So you finished real estate classes, you’ve chosen a broker to work with, you’re sitting at your desk and thinking: Now what? to buy a home right now. Sure, they know that they want to and that Read more...
So you finished real estate classes, you’ve chosen a broker to work with, you’re sitting at your desk and thinking: Now what? to buy a home right now. Sure, they know that they want to and that special day may very well be on the horizon. But they could also be waiting for a job transfer to come through, or for more savings to hit their account. They could even be trying to improve their credit - a process that certainly isn't going to happen overnight.
For most of the students that go through our real estate school, the potential for unlimited income played a large role in the decision to get licensed. Truly, there is no limit to how much you can earn thanks to the commission-based structure that the real estate industry provides. This, coupled with the fact that real estate agents can set their own schedules and the added satisfaction that comes with helping people achieve their dreams of homeownership, creates something of a perfect storm in the best possible way.
But at the same time, the chasm between becoming a Realtor and becoming a successful Realtor is a deep one, indeed. Rising to the status of the latter is something that takes an incredible amount of hard work and perseverance - often more than people are expecting when they begin their first day on the job in real estate.
In fact, the first 30 days as a real estate agent are critical for setting the tone for everything that transpires afterwards. Because of that, making sure that your career launches properly is mission critical to your long-term success in our business.
TL/DR - What you should expect in your first 30 days:
1. Join the Association of Realtors
2. Get MLS access
3. Get your eKey
4. Tell your friends and family that you’re in the business
5. Update all your social media
6. Preview at least 5 properties a day for at least the first 30 days
Getting the logistical stuff squared away
Standing up the logistical tools needed to get your real estate career started might seem obvious but they are worth mentioning. Simple items like ordering your business cards, getting your Board dues paid, making sure you have MLS access and Zipforms should be done in the first week at most.
Some companies may hold your hand through this process of onboarding but many real estate companies have so many new hires that these items could slip through the cracks. Take things into your own hands if needed and get them done quickly.
You also will want to write a professional bio, get your headshot done, as well as update all your social media profiles. Registering and creating profiles on sites like Zillow, Yelp, LinkedIn and Facebook won’t take long but they need to be done. If someone should Google your name, you want the first thing to come up to be a professional bio (complete with that previously mentioned headshot) to instantly give off the impression that you mean business and have social proof that you’re in the game.
I’d also recommend gathering the names, addresses, emails and other bits of contact information of everyone you know - this will act as the new sphere of influence that you will slowly build from over time.
Once that database is complete, you'll want to create a short letter or email to send out to every last name on it. The goal is simple: you want to let as many people know that you're now in the real estate profession and it isn’t just a hobby. Unless you hit this list, you’ll never know whether they're looking for a house right now or whether they're considering selling at some point in the future. The worst feeling is seeing one of your friends post on social media that they are selling or buying and would have done the deal with you had they known you were an agent.
This is also the period when you'll want to make an effort to truly understand your market. There are a lot of real estate agents who know how to help someone buy or sell a home. The key to your competitive advantage will be your ability to do so better than anyone else and become the local real estate expert in your community - which is why you need to do research, and lots of it.
Venture out into the area and show yourself around a few homes on the market. Test out that eKey, get comfortable with the process. Drive by homes that are for sale in your MLS. Not only will this help you get more familiar with the area you'll be operating in, but it'll also help you get more comfortable with the very process itself.
Speaking of the MLS, use the first 30 days as an opportunity to run real estate market reports to make sure you're aware of all current market conditions. At any given moment you should know how fast homes are selling, the average prices they're going for, the list-to-sales price ratios and more. You could also consider offering free home valuation reports to all of your friends, to both get comfortable with the process and to show as many people as possible how serious you are about your new career.
Networking and Beyond
Your first month as a Realtor will also be one where networking with other agents is critically important. Plan on attending every open house that you can and preview plenty of properties listed by other agents. Ask to shadow a seasoned veteran for a day. It doesn't matter - connect with as many people as possible, because you never know who will be able to help.
You should also draft a business plan to set some straightforward goals (not to mention a budget) for your first 90 days and beyond. Make an effort to set realistic goals for each week over the next few months, both to make sure that you're always moving in the right direction and so that you avoid feeling too overwhelmed.
Finally, you need to understand that even beyond your first 30 days, you need to take advantage of every opportunity to learn and grow as a real estate professional. Take classes with your local Association of Realtors. Determine and understand what your unique selling proposition is and be able to communicate why someone should care about it. Attend any new agent orientations you can find. Review as many real estate contracts as you can get your hands on and write some of your own. I remember when I was just starting in the industry, I would draft purchase contracts on random houses at night just so that I could learn the contract.
If you're able to find time for all of the above, you'll have done more than just make excellent use of your first 30 days. You'll have created a rock-solid foundation that the rest of your career will be built upon.
For more resources to help in your first 30 days see blog
Good luck!
Love,
Kartik
|
As a real estate agent, you will inevitably encounter clients needing more time to buy a home. These long-term buyers may be waiting for a job transfer, building their savings, or improving their credit. Read more...
As a real estate agent, you will inevitably encounter clients needing more time to buy a home. These long-term buyers may be waiting for a job transfer, building their savings, or improving their credit. Regardless, your role as their real estate advisor remains essential. Here are some tips to help you guide long-term buyers and ensure their future success in purchasing a home. Additionally, consider enhancing your skills and knowledge through a real estate school, online real estate classes, and real estate exam prep to serve your clients better.
Caution Against Large Purchases
Buyers must exercise financial prudence when buying a home, and realtors play a vital role in guiding them through this process. One essential piece of advice that realtors should offer long-term buyers is to postpone any significant purchases that could negatively impact their credit.
Encouraging clients to prioritize their home purchase over buying a new car or financing expensive furniture can make a considerable difference in their home-buying journey.
Large purchases can increase a buyer's debt-to-income ratio, lower their credit score, and affect their mortgage approval chances. Additionally, these financial decisions might signal to mortgage lenders a need for more financial discipline, raising concerns about the buyer's ability to handle mortgage payments.
Warren Buffet's concept of delayed gratification offers valuable insight into why buyers should delay these expensive purchases. Delayed gratification is the ability to resist the temptation of an immediate pleasure in the hope of obtaining a more valuable and long-lasting reward in the long term. By practicing delayed gratification, buyers can prioritize their long-term goal of homeownership over short-term desires for material possessions.
The ability to delay gratification is linked to many positive outcomes, including academic success, physical health, psychological health, and social competence. This skill is closely related to patience, impulse control, self-control, and willpower, all of which are crucial in home-buying.
By advising clients to embrace the concept of delayed gratification, realtors can help them focus on the long-term benefits of homeownership. As they resist the temptation of immediate rewards, buyers can work towards securing their dream home, ultimately reaping the rewards of their patience and financial discipline. By incorporating this perspective into the home-buying process, realtors can better guide their clients toward a successful and rewarding home purchase.
Promote Timely Bill Payments
Stress the importance of paying bills on time, as missed payments can harm their credit and delay home-buying. If they're at risk of missing a payment, suggest they contact their creditors to work out a solution.
TLDR - Pay bills on time or early.
Discourage Large Bank Transactions
Remind your clients to avoid large withdrawals or unsourced deposits to their bank accounts, as mortgage lenders scrutinize financial history thoroughly. Unusual transactions can lead to mortgage application denial.
When purchasing a home, buyers must be mindful of their financial transactions, as mortgage lenders pay close attention to their financial history. Large withdrawals or unsourced deposits can raise questions and potentially jeopardize the approval of a mortgage application. Understanding the impact of such transactions and why avoiding them is vital during the home-buying process is essential.
Mortgage lenders evaluate an applicant's financial stability and ability to repay the loan by analyzing their income, expenses, credit history, and existing debts. Unusual transactions, such as significant withdrawals or unsourced deposits, can raise red flags and suggest potential financial issues or undisclosed liabilities. Lenders may perceive these transactions as signs of financial mismanagement or an attempt to conceal relevant financial information, leading to doubts about the applicant's creditworthiness.
Moreover, mortgage underwriters must verify the source of funds used for the down payment, closing costs, and reserves. Unexplained or unsourced deposits can complicate this process, as they need clarity regarding the origin of the funds. This lack of transparency may lead lenders to question the legality or legitimacy of the funds, which can ultimately result in a mortgage application denial.
Maintaining transparency and consistency in financial transactions is crucial when applying for a mortgage. Buyers should avoid large withdrawals or unsourced deposits to their bank accounts during the home-buying process, as these unusual transactions can raise concerns for mortgage lenders and jeopardize the approval of their mortgage application. By keeping their financial activities clear and well-documented, buyers can increase their chances of securing a mortgage and successfully purchasing their dream home.
Warn Against New Credit Applications
Instruct your clients not to apply for new credit, including credit cards and financing large purchases. Also, ask about recurring payment plans, such as the iPhone Upgrade Program, which may perform "soft pull" credit checks that could negatively impact their credit score. New credit applications can impact your credit score for several reasons, and it's crucial for people in the process of buying a home to avoid applying for new credit during this time. Here's why:
Hard Inquiries: When you apply for new credit, lenders perform a "hard inquiry" on your credit report to assess your creditworthiness. Each hard inquiry can lower your credit score by a few points, and multiple inquiries within a short period can have a more significant impact. A lower credit score may result in less favorable loan terms or even denial of your mortgage application.
Debt-to-Income Ratio: Applying for new credit can increase your overall debt and raise your debt-to-income (DTI) ratio. Mortgage lenders consider your DTI ratio when determining your loan repayment ability. A high DTI ratio may lead to higher interest rates or disqualification from certain mortgage programs, making it more challenging to secure a mortgage for your desired home.
New Credit Accounts: Opening new credit accounts, such as credit cards or personal loans, can affect your credit score in several ways. Firstly, it reduces your average account age, which can lower your credit score. Secondly, it can impact your credit utilization ratio – the percentage of available credit you're using – another factor lenders consider when evaluating your mortgage application.
Financial Instability: Mortgage lenders prefer financially stable applicants with responsible credit behavior. Applying for new credit during the home-buying process can signal financial instability or the inability to manage existing debts, which may raise red flags for lenders.
To ensure a smoother home-buying process and increase the chances of securing a mortgage with favorable terms, it's essential to avoid applying for new credit during this time. Instead, focus on maintaining a healthy credit score, paying bills on time, and keeping your debt-to-income ratio low.
Maintain Regular Communication
As a real estate agent working with long-term buyers, maintaining regular communication throughout their home-buying journey is critical to your professional success. By keeping in touch with your clients, you demonstrate your commitment to their needs and ensure that you remain their go-to expert when they're finally ready to make a purchase.
Regular communication helps build trust and rapport with your clients, which is essential for fostering a strong, lasting professional relationship. By staying in touch and providing valuable information, you show your clients that you are genuinely invested in their long-term goals and ready to support them at every step. This proactive approach to client communication allows you to anticipate their needs and provide guidance on any potential challenges they might face during the home-buying process, ultimately making their experience smoother and more enjoyable.
Additionally, consistent communication keeps your clients informed about the latest market trends, new listings, and potential opportunities that align with their preferences and budget. By providing regular updates, you ensure that your clients remain well-informed and prepared to make educated decisions when the right opportunity presents itself. This level of attentiveness can set you apart from other agents, who may not prioritize long-term clients similarly.
In conclusion, maintaining regular communication with your long-term buyers is essential for securing your position as their trusted real estate advisor. By staying in touch and providing valuable guidance throughout their waiting period, you demonstrate your dedication to their success and ensure that you remain top of mind when they're ready to buy. In a competitive industry, this level of client care can make all the difference in securing future business and building a reputation for exceptional service.
Remember, not all clients will be ready to purchase a home immediately. By following these tips and investing in your education through a real estate school, online real estate classes, and learning how to get a real estate license, you can better serve long-term buyers and improve your chances of converting them into successful homeowners in the future.
Love,
Kartik
|
As a new real estate agent, making the right first impression is critical . Details matter. That includes the way you look, your approach, and your personality. It also relates back to the type of Read more...
As a new real estate agent, making the right first impression is critical . Details matter. That includes the way you look, your approach, and your personality. It also relates back to the type of image you portray with your vehicle.
Why Your Vehicle Matters
First impressions matter to home buyers and sellers. They want to know that the person they are working with is successful, even if they are brand new. Having a car that is both functional and impressive enough is a key part of the process. Since most real estate agents will help buyers see a variety of homes often by driving them around, this can be an important decision to make. To be clear, packing everyone into the same car while COVID rages probably isn’t the wisest decision, however, COVID will be behind us and it will be back to business as usual.
Most agents aim to find some balance between their image and the relatability of the vehicle. That is, while you want to have a nice and comfortable vehicle, you do not want something that’s too flashy that could scare away some of your most likely buyers. How do you do that?
What Every Real Estate Agent’s Car Should Have
One of the first things to start with is the basics. There are some features that are critical that every vehicle has. These make a difference in the type of experience the buyer and seller may have. Some key starting points include the following:
Air Conditioning: Comfort matters. You want to be sure that anyone that is in your vehicle is comfortable. A nice feature to have is adjustable cooling for the backseat. That helps your buyers to be able to control their heating and cooling to find the right temperature of comfort. It helps keep them happy on a hot day.
Radio: It’s a good idea to have a reliable radio. You may not need surround sound and top-of-the-line speakers, though. It is a good idea to have some music playing in the background when you pick up your buyers. When it is silent in the car, people feel uncomfortable. A big part of what you are doing now is keeping everyone enjoying the experience. You may even want to create a playlist for your car that is upbeat, positive music.
4 Doors: There’s no situation in which your buyers want to try to climb out of the backseat of a car. More so, it should be a roomy enough backseat that they are able to sit comfortably even if they are a bit taller or need more room. Be sure to choose a four-door vehicle that’s designed to accommodate your needs outside of work, too.
Clean: Perhaps the most important part of your vehicle is how clean it is. People who are stepping into your vehicle expect it to be comfortable and sanitary. This is very important, especially in a pandemic world. If you are buying a car then, be sure to look for features that make it easy to keep clean. That may include leather or leather-like material. If you can choose a vehicle that has easy-to-remove or clean carpeting, that can help as well. Keep it litter free as well.
What Kind of Car Should I Drive?
New real estate agents are often overwhelmed by this decision. It does not
have to be a complex process, though. You want to provide a positive
experience for your buyers. They do not expect a top of the line vehicle, but
they want something reliable.
There is no benefit to you, especially as you are just starting, to have a too expensive car. If it has features that make a difference to you, such as a navigation system, that’s great. If not, you still have your smartphone you can use to help with getting around. What’s most important is not to overspend at the beginning of your career and to choose a car that fits into your budget as a new real estate agent . Over time, you can upgrade as you see fit.
Choose a car that is not going to break the bank. It’s okay to buy a car that fits your personal needs, too, especially since most agents will use their car for this as well. Take the time to find a car that fits your personality and your client’s most likely needs. Then, be sure to take care of it to keep it looking sharp.
Love,
Kartik
|
As we move deeper into 2021, home design trends are predicted to be rather bold and personalized. This makes sense after the nation has been spending so much time at home. More and more people are Read more...
As we move deeper into 2021, home design trends are predicted to be rather bold and personalized. This makes sense after the nation has been spending so much time at home. More and more people are becoming attuned to their daily surroundings, noticing the nuances that add character and taking joy in some of the simpler pleasures. We'll look at what's on its way out and what everyone is making room for.
Interior Design Trends Going Away in 2021
Modern farmhouses, white kitchens, fast furniture, and single-use spaces look like they're soon going to be a thing of the past. The modern farmhouse look, with its barn doors and somewhat impractical sinks, was becoming far too ubiquitous for people's tastes. While it might work in the country, it's just not natural for an NYC apartment.
Perhaps more surprising for 2021 is that open floor plans also seem to be going out of style. As people turned their homes into makeshift schools, gyms, and home offices, there was a certain drawback to having so many undefined spaces in the home. Instead, people are starting to see more advantages to walled-off rooms that can be used for a variety of activities throughout the week.
2021 Predictions for Home Interior Design Trends
Here's what's likely to dominate the interiors of the most fashionable homes this year. Don’t forget to keep these in mind when hosting an open house this year.
Self-Expression
In a world of strip malls and housing developments, plenty of homeowners long to do something a bit more daring. The pandemic has only intensified this need for creativity, with more people viewing the empty space as a fun challenge rather than a daunting threat. So whether a person drags out old souvenirs from past trips or clears out a space for a more minimal interpretation, more decisions will have a larger purpose for the homeowner.
Post-Modernism
Post-modernism doesn't always have the best of connotations, sometimes prompting us to think of horrifying photos from the 1970s of busy rooms in all the wrong colors. But there's been a comeback in this movement as we round its 50th anniversary. Essentially an adverse reaction to the bare spaces of modernism, post-modernism is debuting new materials and ornaments for this year. It's a fun trend that can breathe a little life into an old room.
Industrial Styling
If even the latest twists in post-modernism don't suit your tastes, you might consider industrial styling as an alternative. The stonework, metal elements, and neutral colors have some of the same principles as minimalism or modernism, yet incorporate more details to explore in the home. This blend of styles is most often recommended for multi-purpose spaces with high ceilings. (It's a great way to pay homage to talented craftsmen in your area too.)
Black Kitchens
White kitchens were once the rage for luxury kitchens, but as with any song that's been played too long, they're starting to wear out their welcome. Now, people are looking for sleek black countertops, cabinets, and lighting as a way to distinguish the living room from the kitchen. If you have an open floorplan, this is especially recommended if you're not planning to build any walls. Of course, don't necessarily expect this trend to replace the beloved Carrara marble just yet though.
I’m also starting to see a lot of brass and copper tones set against these darker colors.
Sustainability
This one has clearly been on the rise for a while, but worth noting for 2021. This design trend goes hand-in-hand with transparency. People are looking for brands that aren't afraid to share how their products are made and how they treat their employees Rather than giving people vague promises, this year's customers will be looking for companies that highlight diversity in their staff and how the company is doing its part to protect the Earth.
Natural Shapes
Few things in life are picture-perfect. (The edges of a flower petal would be difficult to measure with a straight ruler.) Maybe that's why we're starting to see wavy shapes nearly everywhere. These more organic choices are thought to remind us of nature and stimulate our creativity. When we've been so cooped up at home, it makes sense that we're all gravitating toward this particular form of expression — whether they're found on a table, painting or pillow.
More Plaster
On a more practical note, plaster could see more of a resurgence this year. For years, drywall has been the favorite. It's easy and fast to install, plus it offers a clean and uniform surface for the owner to decorate. On the other hand, plaster has to be layered over wood, presenting logistical challenges that don't always end well. But there's also a depth to plaster, one that offers more texture and (you guessed it) personality to the room. If you're interested in this one, experts recommend coating a drywall with a thin layer of plaster to see how it looks (and avoid demolition cost).
So there you have it, an educated guess as to what's to come. Considering the unpredictability of 2020 though, anything can happen with home design. It will all come down to how different design elements speak to the homeowners and what promotes functionality for all of the home's residents.
Love,
Kartik
|
Before I get deeper into this article, it is worth noting that I love California. I’ve lived in southern California nearly all my life so this article isn’t meant to sound cynical about the state Read more...
Before I get deeper into this article, it is worth noting that I love California. I’ve lived in southern California nearly all my life so this article isn’t meant to sound cynical about the state of affairs around here. I just thought this would be an interesting article to research amid rumors that COVID lockdowns, taxes and regulations are chasing Californians out of dodge.
Just in case you were concerned that the reported exodus of California residents to other states has been exaggerated, it seems to not only be true, but perhaps it is gaining momentum. That in itself is maybe a bit surprising, and some of the other facts surrounding the reports will also surprise you.
Just to clarify, according to the California Department of Finance, the population of the Golden State was still increasing, but ever so slowly, in the period between July 2019 and July 2020. The state showed a net growth of just 21,200 residents, translating to a percentage growth rate for the 12-month period of just one 1.5%. The growth rate has slowed over the past two decades, but this was a record-setter, something that had not been matched since 1900.
During the same period, Los Angeles County reported a net loss in population of more than 40,000, and Orange County is said to have lost nearly 25,000 residents. If you're wondering how to reconcile those numbers, you must dig deeper. The United States Census Bureau confirms that in 2019, 653,000 residents left the state for what they considered greener pastures in other parts of the country. Only 480,000 U.S. residents traded zip codes for one within California. That represents a net loss of 173,000 residents. And that was pre pandemic. But foreign-born new residents were still arriving.
The Facts Behind the Stats
California, with a population nearing 40 million, grew dramatically for most of the 20th Century. With enviable weather, great natural beauty and plenty of space left for new homes and businesses, it seemed to be the land of opportunity, with a booming job market, lively culture, and great cities, food and entertainment. In the second half of the century, the population almost tripled, but for the last 20 years the growth rate has been relatively flat, and it slowed dramatically in 2017. Reasons include a higher than average cost of living, rising home prices, taxes and overall costs, and a slow but steady change in demographics.
As in the rest of the country, California's population growing older, and its birth rate has also declined. But its average age is still young when compared to other states. Unlike the majority of states, however, California is heavily populated by immigrants and minority groups.
According to the Public Policy Institute of California (PPIC), the state has unique diversity. Its share of foreign-born residents in 2018 was larger than any other state, estimated at 10.6 million. It is also a state with no single race or ethnicity constituting a population majority. Latinos now account for 37% of the population, surpassing the white population in 2014. Other substantial population groups include Asian-American at 15%, African- American numbering 6%, multi-racial groups at 3%, and American Indians or Pacific Islanders under 1%.
Reasons for Relocating Out of California
In order to understand why California residents are leaving, you cannot discount standard explanations. People relocate for many personal reasons, including new job opportunities, wanting to be closer to family and friends, or simply wanting to taste a new lifestyle. But why aren't people moving into the state? That may also not be difficult to answer.
There is no doubt that traffic and weather play a part in the decision-making process. California has suffered more than its share of natural disasters in the past few years. Rising prices of goods and services, a scarcity of affordable housing -- particularly in major cities -- government regulation on business and rising taxes on individuals, and political considerations all have an effect.
Rural areas lose residents primarily because jobs disappear, while cities seem to lose people due to rising prices and a lack of safe and affordable housing. California's operating farms have been decreasing for generations by some estimates, and its major cities have become known not for their cosmopolitan atmosphere but for their problems that include escalating prices, a culture of drugs, crime and homelessness, and questionable governance.
The effect of COVID-19 also must be considered, and it is not insubstantial. The state has been viewed as a hotspot of infection, and has faced a lot of criticism for its handling of the crisis on local levels. It should be noted that some residents left and sold their home during the pandemic, but that the virus also prevented others from crossing the border into the state, which affects total population numbers.
Where Are People Going?
Favored destinations for California expats are Texas, Arizona and Idaho, for various reasons. Texas mounted a serious campaign to attract new business, especially from California, several years ago, and it has paid off. With no state income tax, a stable economy, a relatively favorable climate and a friendly vibe, new residents feel at home in Texas. Real estate agents are quick to point out the advantages of selling high and buying low, something that is entirely possible when moving to Texas from other places in the nation. That has helped sustain a building boom in Texas that began shortly after the crisis of 2008. Texas is a hot market for buyers from out of state. Austin and the Dallas-Fort Worth Metroplex are the prime areas.
Other California residents, especially those who can continue to work remotely for their employers, head for Phoenix or to Boise, Idaho, which each have some of the same lifestyle, tax and housing advantages, and favorable climates. California real estate spokesmen are quick to confirm the trend. Some of them have even joined the expats, working remotely from new homes out of state, while continuing to represent sellers and buyers in California.
What Does the Future Have in Store for the California Population?
Will the trend be reversed in the future? It's hard to say, but right now it seems as if California is on the downward slope in terms of population. It will, however, no doubt retain its status as the most highly-populated state for at least the foreseeable future.
Love,
Kartik
|
Part of becoming a real estate salesperson, the law requires that you work for a broker. In case you are new to the real estate industry, examples of brokers are Keller Williams, Coldwell Banker Read more...
Part of becoming a real estate salesperson, the law requires that you work for a broker. In case you are new to the real estate industry, examples of brokers are Keller Williams, Coldwell Banker and Century 21. It’s important to company to work for - and making the right decision to that end - can absolutely turn into something of an existential question for any new salesperson.
But at the same time, all hope is certainly not lost. By asking yourself a few key questions at the beginning of this process, and by understanding the potential pitfalls you could fall into if you make this decision haphazardly, you'll go a long way towards making the best possible choice in terms of both your career and your future.
Do this company's values line up with my own?
Obviously, the most important question you want to ask yourself before you choose a real estate broker to work for is, in many ways, the most immediate. Does the option you have in front of you line up with your own values? Meaning, is this the type of company you would feel good about working for to begin with?
If you're the type of agent who likes to take a more personal and intimate approach to what you do, obviously you wouldn't want to work for a "real estate mill" who is simply trying to turn over agents as quickly as possible. Likewise, do the social values of the company and its leadership line up with your own?
Making the wrong choice here could get you into some hot water. Don’t fall prey to the broker who claims to give you all the support in the world but then disappears when you actually need help. Make sure that you talk to some other agents at the company who have been there for at least a year and get the scoop on what it’s really like to work there.
What are the opportunities to learn and grow within the organization?
Another important question to consider before you choose a real estate broker to work with has to do not with the position you'll be starting at, but what that job might grow and evolve into over time.
Obviously, the "right answer" here is going to vary in large part depending on the career trajectory you see yourself in. Some people aspire to be a part-time real estate agent - that's it - and they're totally fine sticking with those basic responsibilities for the duration of their career. But others want the opportunity to find a mentor and maybe even start their own team or have ownership in a brokerage. This will likely require that you get in touch with someone who will teach you the "tricks of the trade" and who can help mold you into a far more sophisticated agent than you could ever be on their own.
Which of these two camps you fall into depends on what type of real estate broker you should look for. Again, some leave very little room for growth in the long-term and you may hit your ceiling pretty fast as far as advancement is concerned. Depending on your perspective, that may be okay - but if it isn't, you'll want to find the type of brokerage that actually offers those opportunities.
Why Picking the Right Broker Matters More Than You Realize
Again, all of this matters so much in large part because picking the right broker can absolutely set the tone for the rest of your career. This is especially true if you're a new agent, as you don't really have a standard definition of what "normal" is supposed to look like yet. You don't want to find yourself short-changed right away, or worse yet forced to accept that this is all there is to your career. You want to pick a company with a vision that aligns with your own to help bring that vision into reality. Likewise, being around a group of productive, like-minded people can definitely help put your career on the right track.
But most importantly, starting with what might seem like a better offer initially - and then having to restart with a whole new firm later when you realize that wasn't true - may very well set you back. It's nothing if not costly to switch brokerages, mostly because the broker often makes the agent pay for things like their own business cards, "For Sale" signs and other collateral material.
Therefore, picking the right broker today can help you avoid a lot of major issues and potential career setbacks tomorrow.
Need help picking a broker? Reach out to me and I would be happy to talk through it with you.
Love,
Kartik
|
According to one recent study, the vast majority of all experiences between a services provider and customers still begin in the exact same way: with a search engine. If you needed just a single statistic Read more...
According to one recent study, the vast majority of all experiences between a services provider and customers still begin in the exact same way: with a search engine. If you needed just a single statistic to underline the importance of your online presence as a realtor, let it be that one.
Thanks to the rate at which technology continues to advance, consumers are doing more research before purchases than ever before. They want to collect as much information as possible and weigh all of their options carefully before making the decision to part with their hard-earned money. If they're putting in hours upon hours of careful research before investing in something like a new computer, how much effort do you think is going towards some of the larger purchases they'll ever make like a home?
In short, quite a lot.
This is why it's critical for you to understand that, as a realtor, your online presence is one of the most important elements of your business that you need to keep a careful eye on. This is true for a wide range of different reasons, all of which are worth exploring.
Keep an Eye on Google – How Well Does Your Brand Rank?
As stated, most experiences between you as a realtor and the people you've dedicated yourself to serving are going to begin with a search engine like Google. This means that if you go to Google right now and type in your business' name, you'd better show up as high on the page as you possibly can.
This means not only creating a real estate website or using an online social media platform to showcase yourself, but elevating it above acting as a simple "virtual business card" and into the realm of a helpful online resource that people actually want to use. You need to write blog posts, record videos and offer other helpful content to help people understand why you're someone worth paying attention to in the first place. People have questions and concerns when it comes to buying a home - your website is an opportunity for you to answer them in a way that builds trust and empowers your larger SEO (search engine optimization) efforts at the same time.
Improve Your Reviews on 3rd Party Sites Like Zillow and Yelp
Of course, people aren't just going to take your word for it that you know what you're talking about when it comes to real estate - they want this confirmed from other real people that you've worked with in the past. Reviews on Zillow or even Yelp may also come in handy when servicing new clients.
Use Facebook and Instagram to Make Yourself Available 24/7
It's equally important for you to keep in mind that when it comes to the level of research people are doing ahead of a major purchase like a home, they're not limiting their activities exclusively to "normal working business hours." They're doing research early in the morning and in the middle of the night. They're pouring over options on weekends and at virtually all hours of the day. This means that a successful online presence as a realtor depends on making yourself available 24 hours a day, seven days a week via sites like Facebook and Instagram.
Think about it like this: if someone has a question, they want an answer now. They're not going to wait for you to get back to them - they're going to keep trying until they find someone who will. By giving people the opportunity to contact you anywhere at any time, you're making sure they complete the majority of their customer journey with you.
In the end, traditional word of mouth may still be the best way to secure real estate leads - but that doesn't make an online presence any less important. Still, both of these things are in service of the most important marketing opportunity of all: doing whatever it takes to generate as many satisfied customers as you can.
Love,
Kartik
|
As a first-time home buyer, one of the aspects of the process that people may not be prepared for has to do with the sheer volume of documents that will be required to get qualified for a loan. Of course, Read more...
As a first-time home buyer, one of the aspects of the process that people may not be prepared for has to do with the sheer volume of documents that will be required to get qualified for a loan. Of course, it's in their best interest to get these items ready as early on as possible as most sellers expect you to have a pre-approval letter for a mortgage. Having this ready not only shows that they're serious about the process, but it also makes sure that everything goes through without delay.
Not only that, but getting pre-qualified for a mortgage can also act as a useful estimate of how much someone can actually afford to spend on a home - thus making sure that they (and you as their real estate agent) are not focusing their attention on the wrong areas. Thankfully, gathering all of these documents together won't be nearly as difficult as you may be assuming. You just need to keep a few key things in mind along the way.
Proof of Income
By far, the most important document that will be needed to qualify someone for a loan involves some type of proof of income. This will usually require that the buyer produce their W-2 wage statement from the past two years, but recent pay stubs and proof of any additional income (like bonuses) may also be needed. Likewise, buyer's will probably have to produce their most recent two years worth of tax returns.
Proof of Assets
At that point, buyers will have to produce their proof of assets - which will typically involve bank statements and investment account statements to prove that they have the money necessary for any down payments or closing costs.
A Credit Check Containing Your FICO Score
Typically speaking, buyers will also have to have good credit in order to qualify for a loan - which means that they'll need to produce what is necessary to run a credit check. For a conventional loan, this means having a FICO score of at least 620 if not higher. If the buyer will be getting a Federal Housing Administration loan, they can usually get by with a score of at least 580.
Employment Verification
Next, buyers will have to provide some type of employment verification as lenders usually only deal with people who have stable employment. In addition to providing pay stubs, a lender will likely call the buyer's employer to verify that they actually work there.
Driver’s License and Social Security
Finally, buyers will have to produce a copy of their driver's license and their Social Security number. In addition to being necessary for running a credit score, this will help make sure that the lender has everything they need to confirm that someone is capable of paying back the type of mortgage they are requesting.
Final Step: Getting a Mortgage Preapproval Letter from the Lender
Once the buyer has all of these documents prepared, their lender will have everything they need to approve a specific loan amount and that will be valid for somewhere between 60 and 90 days. Loan officers will use these documents, along with their own internal systems, to qualify the buyer based on what they've provided and underwriters will be a big part of this process, too.
As a real estate agent, you should always ask buyers if they are pre-qualified for a loan BEFORE putting a lot of work in to help them find a home. If nothing else, this will be a useful indicator of what types of potential homes you should be steering them towards. It will also instantly help you separate the more serious home buyers from people who may just be casually looking, thus freeing up as much of your own time as possible to focus on those matters that really need you.
Love,
Kartik
|
Regardless of the type of business you're running or even the industry that you're operating in, marketing is all about getting the right message in front of the right person at exactly the right time. Read more...
Regardless of the type of business you're running or even the industry that you're operating in, marketing is all about getting the right message in front of the right person at exactly the right time. This is especially true with regards to the real estate industry, where listings need to do everything they can to differentiate themselves from every other house available on the market in an effort to move as quickly as possible.
Once you've put in the hard work of collecting all information about the property you're trying to sell, taking stunning photographs and putting together that perfect listing, you then need to pull out all the stops to make sure that people actually see it. Therefore, if you really want to craft the perfect marketing campaign to make sure your listing moves quickly, there are a number of factors you'll want to take into consideration.
1. Take Full Advantage of the MLS
The first step you should take when marketing a new real estate listing involves using a multiple listing service, also commonly referred to as an MLS, to get the word out about your property. This is a database built by cooperating real estate brokers to provide data about homes for sale in a particular area. This lets agents see each other's listings of properties for sale, commission and agent details, all in the name of connecting buyers to sellers as efficiently as possible.
Important Note: The MLS and Zillow are not equal
Note that an MLS and a site like Zillow are NOT the same thing and should never be treated as such. That's not to say that sites like Zillow won't be effective for getting the word out about your property, because they will be. Buyers can visit Zillow on their own and see great information and pictures of homes currently for sale, all without ever leaving their computer chairs, but also direct them to use www.realtor.com. This provides access to the MLS database on a user side.
2. Get Active on Social Media - Connect with Your Audience
Another important step you'll want to take involves harnessing the full power of social media sites to your advantage. Sites like Facebook, Instagram and even Twitter don't just connect you to countless potential buyers - you can also use social media to target your efforts to specific geographic areas and even towards precise demographics to help get your message in front of as many of the RIGHT potential clients as you can. Be sure to include an overview of the property and as many of your standout photos as possible. Even if someone sees your information on Facebook and isn't ready to buy a home, they may know someone who is - thus allowing them to share the post and get people to contact you as well.
3. Send Emails to Past and Current Clients
Along the same lines, you should also send out email blasts to both current and past clients, as well as to all real estate contacts you've established. Again, you never know who is ready to buy a home and you shouldn't write anybody off at any point. By making people aware of the property, you could end up motivating someone who was "thinking of maybe moving in the next year or so" to get excited about doing so sooner rather than later.
4. Send Postcards to Your Real Estate Farm
Finally, be sure to send postcards to farm the area to drum up as much attention for the listing as possible. In real estate, farming is when you pick a particular geographic area and establish yourself as the local market authority. By bringing this new listing to everyone's attention, you'll likely increase the chances of selling it as quickly as you can. If nothing else, this is a way to stay in contact with those current and past clients to show them how active you are in their community.
So from that perspective, it's killing two birds with one stone, so to speak. You're not only selling your listing quickly, but you're further cementing yourself as the authority that people in the area can trust.
Love,
Kartik
|
