Are you prepared for the historic economic shift that is happening now? NONE of us have experienced this before. What is happening now is a combination of rising interest rates, rising inflation rates, and home prices that are increasing like never before. Listen to today’s show to learn exactly what is happening now so you can be prepared for what is happening next.
What’s happening now?
Inflation is higher than it’s been in 40 years. This is making everything more expensive, including housing, food, gas, and other consumer goods. It was happening even before the Ukraine war and now that’s adding fuel to the flames.
Quiz:
Please choose one answer:
1) I am ready to join EXP Realty.
2) I am interested in EXP Realty and need more info.
3) I am not interested in EXP Realty.
Key:
* If you answered “#1” congratulations. You are about to join the fastest-growing real estate company in the world. Tim and Julie Harris are inviting you to join them at EXP Realty. Text Tim directly for the next steps: 512-758-0206. (text only please)
* If you answered “#2” please watch the videos and check out the other intel on this site. http://whylibertas.com/harris .
* If you answered ‘#3’ no worries. You will want to check out whylibertas.com/harris so you can at least know what EXP Realty is and why so many agents are moving to EXP.
As inflation continues to weigh on American households, people are planning what they’ll eliminate from their budgets in the coming months to keep their expenditures in check.
For example, from a survey last week (CNBC reporting and survey done by Momentum):
Americans are cutting back: most (53%) say higher prices have caused them to cut back on dining out in the last six months, while 39% say they’ve cut back on driving, canceled a monthly subscription (35%), or switched from a brand-name product to a generic one (32%).
Used cars are selling for 42% more than last year.
Gas prices are at an all-time high of $4 to $7/gallon depending on location.
Groceries have spiked as well. You’re seeing fewer products for the same price.
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What will happen next?
1 – Your most shaky buyers will likely take themselves out of the market. First-time buyers, small down payments, lower credit scores, or high ratio buyers will suffer first. Know your clients and recognize you need more leads and appointments than before.
2 – You will feel even more pressure to be a listing agent. Listings are your insurance policy against feast and famine. There will still be more buyers than listings and high demand.
3 – There will be stiffer competition amongst agents because the weak will wash out of this market. Be one of the survivors. Learn from experienced agents and brokers like our coaches. You must have your Pre Listing Package polished and be competent at objection handling and closing.
4 – You will see sellers selling for ‘normal’ reasons. They want more space, better schools, a newer home, divorce, probate, and relocation. Your pre-qualification script will draw out these motivations.
5 – Fortunately, home prices will continue to rise. This is good for both your commission and the seller’s net proceeds. Do your past clients, friends, and neighbors even know what their homes are worth now? Don’t be mad if they list with someone else if you’re not speaking with them.
What should you be doing about it? (Inflation and the shifting market)
1 – Know your own financial situation. Use Mint.com and the Real Estate Treasure Map. You can’t make sound financial decisions or goals for your future if you don’t have a great grasp on your present. We call this ‘My Financial Picture’ in the Real Estate Treasure Map. Once you have your financial picture sorted out, use Mint.com to track your daily finances.
2 – Invest in yourself.
– Protect your most important basics: shelter, food, fuel, and medical. Put your own oxygen mask on first.
– Purchase a home and lock in a low mortgage rate if you’re not already a homeowner.
– Re-finance if your rate is higher than 5%.
– Consider buying other solid assets.
– ‘Keep your powder dry’ so you can purchase good rental properties when you see the opportunities.
3 – Invest in your business.
– Upgrade your tech before the prices are even higher or your product simply becomes unavailable. Mobile phones, laptops, notebooks, iPads, lockboxes, e-keys, etc.
– Join Premier Coaching.
– Systematize your proactive lead generation. Get RedX not just for their expired and for sale by owner information but for their dialer system. You can use an auto-dialer to reach people in your database (past clients and centers of influence) faster and more efficiently.
– Upgrade your real estate signs if they need to be refreshed before they get more expensive.
– Add 1800-HomeHotline.com to capture the most motivated leads. Furiously fast lead follow-up sets you apart in any market but especially now.
– Upgrade your Pre-Listing Package. Keep 3 of them in your car at all times.
– Develop additional spokes in your lead generation wheel. You cannot allow yourself to be overly dependent on any one source, including just working buyers or just working past clients and referrals. You must diversify your sources of business.
– Always be speaking with your database. 40% of Americans stated they will be moving this year in a survey done in February. Who are the 40% in your database who will move? Will they be hiring you to help them? Speaking to 5 people every day should be as routine as brushing your teeth.
4 – Ask for help when you need it. Premier Coaching, this podcast, our daily coaching calls. Take the guesswork out of your success.
