Mortgage News March 18, 2022

Real Estate Brokers Embrace Socially Conscious Missions

An increasing number of Americans want to work with socially conscious companies. According to a new study, 63% of buyers said they wanted to work with businesses who were making a difference in the world. Millennials, especially, support brands who place a high priority on social purpose and accountability and are more likely to do business with companies who share their desire to fulfill a higher purpose.

In response, real estate brokerages across the U.S. are implementing new programs to support their communities. Many are donating a percentage of each commission to a charitable organization of the client's choosing. For example, one Texas brokerage donates 25% of their commission to the client's chosen 501(c)(3) nonprofit. To date, the firm has donated nearly $900,000 to various groups.¹

Learning ASL Helps Agents Connect with Hearing-Impaired Clients

Want to learn a new language? Consider a course in American Sign Language, or ASL. Talking to deaf customers in ASL helps ensure they fully understand all the details involved in real estate transactions.

And since ASL-fluent real estate agents are somewhat rare, you'll stand out. Those who do know ASL say they can be a stronger advocate for their deaf clients.²

Technology Gives New Perspective to Home Inspections

Home inspectors are relying more on technology to share their findings with clients. Many are turning to "virtual inspections," using video to highlight areas of concern and provide in-depth instructions for conditions that may need repair. Virtual inspections can be shared and viewed multiple times, making them an ideal tool for agents, buyers, owners, and even contractors hired to make repairs.³

4 Scripts to Enhance Your Cold-Calling Success

Calling strangers can be intimidating, even for the most outgoing people. If making cold calls makes you anxious, creating a script to follow during your call can help break the ice. Here are four scripts every agent should have on hand:

• Expired Listing
  Sellers whose listings are about to expire may be frustrated about the amount of time it's taking to sell. You'll want to include lots of questions and empathy in your script.
• For Sale by Owner
  Most people who go the FSBO route are trying to save money. Focus on the benefits you provide, including recent stats that found that FSBO homes sold for an average of 26% less than those sold by an agent.⁴
• Circle Prospecting
  Homeowners in areas where you've already sold are great prospects. Make a connection by mentioning a property you recently listed or market information about their neighborhood.
• Voicemail
  Nearly 80% of calls go to voicemail -- so your message needs to stand out. The ideal voicemail script is 15-30 seconds long and includes a short introduction of yourself. However, save the direct pitch for your next contact.⁵

Real Estate Agents Report High Career Satisfaction

A February 2022 report shows that licensed real estate professionals are more satisfied with their career choices than other workers in the U.S. The report also provided the following insights:

• Real estate agents are earning more.
  75% of agents said they earned more in 2020 than 2019. Full-time agents took home an average income of $129,996.
• For Sale by Owner
  Most people who go the FSBO route are trying to save money. Focus on the benefits you provide, including recent stats that found that FSBO homes sold for an average of 26% less than those sold by an agent.⁴
• Most agents plan to stay with their brokerage.
  Only 6% of agents surveyed said they intend to switch brokerages in the next few years.
• Specialization can increase income.
  Agents who specialized in certain types of properties said it helped boost earnings. The most lucrative specialties included eco-friendly homes, foreign investments, and luxury real estate.

• Real estate agents say the future is bright.
  The survey revealed a whopping 92% of agents are optimistic about what the future holds for their careers.⁶

Sources: ¹realtytimes.com, ²theamericangenius.com, ³rismedia.com, ⁴gaar.com, ⁵theclose.com, ⁶mckissock.com