Fear of missing out—or FOMO, as millennials have coined it—has become a powerful motivator for young buyers to pursue homeownership, according to a new Bank of America survey. In particular, social media platforms such as Facebook and Instagram, where users often post about their lives as homeowners, are big influencers on prospective buyers, the survey of 2,000 U.S. adults finds. “I think it’s motivating them to think about homeownershi
The three major credit reporting agencies are implementing policy changes for credit scoring that could lift the scores of some consumers. Equifax, Experian, and TransUnion will now exclude exclude all tax lien data from credit reports, which could raise some credit scores as much as 30 points, CNBC reports.The agencies began this process last summer, removing nearly 100 percent of data on civil judgments and 50 percent of data on tax liens from
Tom Ferry examines the sales skills that matter mostThe client across the table stares expectantly at you. Suddenly you realize that instead of listening, you’ve been thinking about what to say next. It’s your time to talk. But deep down, you don’t really know what to say.It happens to every salesperson at one time or another. But that doesn’t mean it should. To provide the level of service that leads to happy clients and tons of referral
Look for a secure, collaborative, end-to-end digital transaction platformEvery real estate agent knows the moment an offer is accepted, the deal’s far from done with the thorny closing gauntlet still ahead.At this stage of a sale, commonly called escrow or a pending sale, real estate agents and their clients enter a heightened mode of vigilance and care as they coordinate inspections, prepare their down payment, execute their loans, evaluate ho
The job market in some areas of the country may be robust, but continually rising home prices are keeping workers from being able to buy. Realtor.com® sought to identify the metros with the best prospects for a job and affordable real estate options.Using data from the U.S. Bureau of Labor Statistics. realtor.com® found the professions that are expected to see the most growth in new jobs through 2026, including the green energy, health care, an
A man in Whitehouse, Texas, was arrested last week on charges of stalking a female real estate professional. The agent filed a police report, claiming that Danny Shane Lafaitt, 44, had been repeatedly making inappropriate contact with her. Lafaitt was charged with third-degree stalking and is being held on a $300,000 bond.According to the police report, Lafaitt first came to the agent’s office to inquire about listings, but the agent said she
Subprime mortgages—which were blamed for sparking the last housing crisis—are reappearing, this time being dubbed “nonprime” loans. This lending option, which carries new quality standards, is growing for buyers who have damaged credit.California-based Carrington Mortgage Services is one company expanding its nonprime loan offerings. “We believe there is actually a market today for people who want to buy nonprime loans that have been pr
The difference between the most successful real estate professionals and those who do average business may be just a couple of words. The way you phrase what you say can have a big impact on your ability to attract clients, according to a study by Gong, a product that uses artificial intelligence to identify top buzzwords for salespeople. The company analyzed more than 500,000 sales conversations to identify the most effective words and phrases
Builders are making efforts to ramp up construction, but a large portion of home starts are in luxury markets, leaving inventory shortages in lower price brackets that are helping to sideline many first-time buyers. In the first two months of 2018, first-timers made up 29 percent of all home buyers, down from 32 percent a year ago, according to the latest REALTORS® Confidence Index Survey. Nearly 44 percent of properties were listed at $250,000
As a real estate professional, there will always be more to learn. The actual act (and art) of selling a home isn’t too hard. It’s everything else you need to do to have a successful career in real estate that proves more difficult.Think about it. Even if you have the most amazing brokerage support in the world and the deepest network of experts to assist you, you still have to understand, manage, and work toward mastering: Business mana
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