How to use 2023 Color of the Year 'Viva Magenta' | Effective strategies for building trust with clients | What's a better motivator: Money or relationships?
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Best Practices in Sales & Marketing
Effective strategies for building trust with clients Your customers likely have done some research to decide on you as their agent. Whether they've formulated their conclusions about you through word of mouth or another means, it's essential to take the time to gain their confidence. Full Story: REALTOR® Magazine/The Lounge (3/9)
What's a better motivator: Money or relationships? Personal connections among colleagues far outweigh incentives to improve performance, say researchers whose study of health care providers offers lessons for any organization. Team members who share training, activities and milestones create deeper bonds, which in turn motivates them to pursue standards that maintain their reputations with valued peers. Full Story: Harvard Business School Working Knowledge (3/13)
Marketers need to look for the right moment to branch out to channels beyond Google and Facebook, which gobble up more than half of advertising spending, digital marketing executive Bryan Karas writes. Indicators that a business should go beyond the two giants include certain demographic trends and updated goals that align better with other channels. Full Story: MarketingProfs (free registration) (3/9)
Checklist to Increase ROI for your Real Estate office One of the many keys to success in Real Estate is effective marketing. With the right resources, you can bring in new buyers and sellers, increase word-of-mouth referrals, and keep clients coming back. This checklist offers 10 easy strategies and tools that you can use to prove which marketing efforts are effective, so you can increase your return this year. Download it here!
More high earners are renting homes The share of households earning $150,000 or more a year and still renting a home surpassed 3 million in 2021, up 87% from 2016, according to the U.S. Census Bureau. The reasons vary, but rising home prices and mortgage rates are key factors. Full Story: The Wall Street Journal (3/13)
Prices of lake homes are coming down LakeHomes.com is tracking givebacks on lakefront real estate, though CEO Glenn Phillips notes that the reductions are gradual. "This trend is the market driving over the top of a mountain that lacks steep sides," Phillips says. Full Story: AL (Alabama) (3/13)
A seven-step strategy to organize business finances can decrease costs and clarify projections, money management expert Erica Sandberg writes. Use the business plan to guide financial goals, notes Sandberg, who also explains how to structure a budget and select accounting software. Full Story: Bankrate (3/13)
Fair & Equitable Housing
DOJ, CFPB warn on discriminatory home appraisals The Consumer Financial Protection Bureau and the Justice Department have submitted a statement of interest in a lawsuit accusing an appraiser of reducing a home's valuation because it was owned by a Black couple, who also allege that loanDepot rejected their mortgage refinancing application due to the lower valuation. The statement of interest indicates that "mortgage lenders can be liable under the [Fair Housing Act] and [the Equal Credit Opportunity Act] for relying on discriminatory appraisals" by third-party appraisers, the CFPB says. Full Story: HousingWire (3/13)
Legislation & Regulation
Data details real estate lending at collapsed banks President Joe Biden sought to offer reassurance Monday after the collapse of Silicon Valley Bank and New York-based Signature Bank. Biden said that the "banking system is safe" and noted that he would call on lawmakers and regulators to strengthen bank rules. About 15% of the loans on the books of Silicon Valley Bank were tied to residential mortgages and commercial real estate, according to its 2022 financial report. Meanwhile, real estate accounted for 48% of Signature's total funded loans as of the end of last year, according to a filing with the Securities and Exchange Commission. Full Story: Axios (3/13),Bisnow (free registration) (3/13),The Real Deal (3/10),The Wall Street Journal (3/12)
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The National Association of REALTORS® is America's largest trade association, representing more than 1.5 million members involved in all aspects of the residential and commercial real estate industries. REALTOR® Magazine is the official magazine of NAR, bringing expert insight to real estate trends, tools, and business strategies.
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