ways to build client loyalty in real estate

6 Ways to Build Client Loyalty in Real Estate

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Client relationships are an essential part of the real estate business. Are you looking for ways to build trust with your clients? Check out these six ways to build client loyalty in real estate.

Make your work stand out.

Clients must make the choice to work with you. What makes you stand out? From your quirky personality and excellent service to your reliability, responsiveness and ability to connect, all of this can help you catch the eye of potential clients and keep them. 

Organize client events.

Want to create loyal clients for life? Spend time with them. This can be done through client events such as seminars or special get-togethers.

Seminars provide valuable information and are a great way for REALTORS® to share their knowledge with clients. Plus, you can invite speakers for different topics and help your buyers and sellers with interior design, landscaping and more. Client events such as barbecues, lunches and more are also a great way to show appreciation and connect on a personal level.

Follow up with your clients.

Just as in life, you should nurture your client connections. Did you see their post about their new landscaping? Have they received attention for a good deed? Reach out and acknowledge it! Compliments go a long way.

Send thank you cards. 

Personal and heartfelt. Take time after closing to handwrite a thank you card to your clients, showing appreciation for choosing you. Be sure to congratulate them on their new home, and if you want to go the extra mile, you can even send a small gift, such as a gift card, to a local business, for example.

 Acknowledge important dates.

Holidays, birthdays, anniversaries—everyone likes to be remembered. Small gestures such as wishing someone a happy birthday, congratulating them on a closing anniversary or even a marriage anniversary are a great way to stay connected and build those loyal relationships.

Share your reliable contacts.

Another one of the best ways to build client loyalty in real estate is to share your reliable contacts. What do we mean by this? Well, when it comes to owning a home, it will need upkeep and, at some point, even repairs. Pass along a list of trusted contractors, repairmen, landscapers or designers.

Be sure to foster your connections with your contacts as well. As you refer them, they can also refer clients to you!

Summary

With these six ways to build client loyalty in real estate fresh in your mind, start implementing them today! We guarantee that your clients will appreciate it.

And for more real estate tips and industry news, continue reading our blogs.

things for home buyers and sellers to consider in 2024

5 Things for Home Buyers and Sellers to Consider in 2024

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Does 2024 include a big move for you? From first-time buyers to seasoned investors, here’s a list of five things for home buyers and sellers to consider in 2024 to better prepare them for the real estate journey ahead.

Interest and mortgage rates.

It’s always a good idea for potential home buyers and sellers to keep an eye on interest and mortgage rates. Since October 2023, mortgage rates have begun to steadily decline from 8% to 7–6%. But rates will most likely remain volatile.

Experts suggest paying attention to the Federal Reserve’s interest rate decisions for a hint at where mortgage rates are going in 2024. 

The long-term value of owning a home. 

Homeownership is one of the most reliable and quickest ways to build wealth for a variety of reasons. First of all, it stabilizes a homeowner’s housing expenses with fixed monthly payments. Second of all, as you continue to pay off your mortgage loan, you build equity in the home.

Hence, you add value to your net worth.

Think about what you need versus what you would like. 

Whether you are a first-time home buyer or you’ve done it before, figuring out your needs versus what you want helps you narrow your search. And, from there, you can begin adding on those wants. 

Industry experts have predicted that a few of those key features for 2024 include sustainability, luxury amenities and seamless outdoor-indoor living spaces. 

Calculate your budget. 

Knowing your budget is not a new idea, but it remains one of the top things for home buyers and sellers to consider in 2024. In general, designating about 25% of your net income toward a mortgage payment is a good rule of thumb. 

It’s a good idea to work with your local Realtor or mortgage lender to help calculate your budget. 

Working with an experienced local Realtor. 

Finally, when it comes to things for home buyers and sellers to consider in 2024, working with a knowledgeable local expert is key. In terms of finding the right Realtor for you, talk to a few different Realtors. Ask them questions, read their reviews and ask about their rates and fees, for example.

If you aren’t sure where to start when it comes to finding a Realtor in Lee County, our member search offers a listing of Realtors, real estate offices, affiliates and more. 

Summary

A new year goes hand-in-hand with new possibilities and opportunities, and that includes investing in real estate. Become more familiar with our local market and the opportunities ahead by connecting with us on Facebook, Instagram and LinkedIn, where we share local statistics, insights and more. For more buying and selling tips, local news and trends, continue to read our blogs. 

exploring the MLS

Exploring the MLS

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Whether searching popular real estate websites like Zillow is a hobby or you’re truly searching for your next property, there is one local marketplace database that has all the current home listings in the area. But to gain access to it, you need a Realtor. Then exploring the MLS becomes a useful means to an end at your fingertips!

What is the MLS?

First of all, MLS stands for “multiple listing service.” To clarify, it is basically a network of local databases for designated areas across the U.S. In fact, there are more than 500 local MLS marketplace databases, serving as tools for real estate professionals to share area home listings with each other.

From there, licensed Realtors can begin exploring the MLS with their clients, narrowing down the available options based on information found in the database. An MLS listing is usually similar to other public real estate listings.

It typically includes the property’s price, address, square footage, type of property, number of bedrooms and bathrooms, utilities and other key details. The MLS listing also includes agent remarks about the property, along with photos of the interior and exterior of the property.

In addition, there is a section intended for other agents, brokers and Realtors only. Here is where they will find private information such as directions on how to get to the property, for instance.

More about the MLS

More than just a current database of listed homes in your area, the MLS ensures home buyers and sellers have access to the largest collection of available properties and genuine buyers through the active participation of Realtors.

It also promotes transparency and a competitive marketplace. According to Bright’s 2022 MLS Study, consumers benefit from the open marketplace made possible through the MLS. The study reported that homes on the MLS generally sell for about 15 percent more than those not in the database.

More specifically, non-MLS listings sold for an average of $349,773, while similar properties on MLS sold for an average of $395,244, which is a $45,471 difference!

Summary

To summarize, working with a licensed local Realtor pays off, from exploring the MLS to having a loyal advocate on your side throughout the complicated process of selling and buying a home. Are you ready to rev up your search for a home in East Alabama? Connect with one of our expert LCAR members to get started! For more real estate news and home ownership tips, keep reading our blogs.

factors to consider when determining an offer price on a home

9 Factors to Consider When Determining an Offer Price on a Home

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You finally found it—the home of your dreams! Now what? It’s time to make an offer. Your buyer’s agent will guide you through the entire process, including sharing these nine factors to consider when determining an offer price on a home.

Making an offer

Before you can make an offer, there are several factors to consider when determining an offer price on a home. Are you ready to figure out where to start? Now is the time to ask your REALTOR® about the following.

The home’s current list price.

For starters, what is the home’s list price? Is the asking price in line with the fair market value? If so, is it within your overall budget?

The sold price of similar homes in your area.

Your buyer’s agent can provide you with valuable information, including what similar homes in your area recently sold for. Commonly referred to as “comps,” this information offers you a reasonable baseline in terms of a starting offer.

How long has the house been on the market?

In a nutshell, if the home has been available for longer than average, sellers may be more willing to negotiate or accept a lower offer.

On the other hand, if the property is new to the market, the offer may need to be higher.

Look at the condition of the home.

Before you make an offer, take the time to learn about the home’s history and pay attention to its details. When was the house built, what types of building materials were used, what is the square footage?

What are the home’s top features and amenities? Is it in need of repairs or is it move-in ready?

Consider seller concessions.

And the questions to ask yourself continue. Will you be asking the seller to make any last-minute improvements?

Or, would you want them to cover the closing costs? These are the sorts of questions to review with your agent.

Outline exactly what’s included with the home.

Make sure the agreement and offer clearly define what is included with the home, such as appliances or window treatments.

Add in the earnest money.

When you get ready to make your offer, remember to add in the earnest, or deposit, money.

Factor in home inspection contingencies.

It may be a good idea to consider the unknowns that could be uncovered during the home inspection. Leave room in your budget for any potential updates or repairs.

Is there flexibility in your offer?

Finally, when it comes to factors to consider when determining an offer price on a home, did you give yourself some wiggle room? Is your offer going to fall at the top, middle or low end of your budget?

If the price point is firm, can you sweeten your offer in other ways? Consider being flexible when it comes to requested repairs, the closing date or the closing costs, for instance.

Summary

Bottom line: even after doing your research and carefully considering several factors to determine your offer price, the sellers could turn it down. But, remember, your trusted local REALTOR® is on your side and ready to negotiate on your behalf!

Are you looking for additional real estate tips? Keep reading our blogs for more!

benefits of getting pre-approved as a buyer

The Benefits of Getting Pre-Approved as a Buyer

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Buying a home is a process. Part of the process is preparing to purchase a new home. The benefits of getting pre-approved as a buyer start by giving you, the buyer, a clear financial picture.

Find out what you can afford.

One of the biggest benefits of getting pre-approved as a buyer is that it eliminates doubt. The pre-approval letter shows the maximum amount you can borrow plus a specific interest rate and the loan terms.

Understanding what you can afford is a good first step when starting your search for a new home. Armed with a budget, you can now talk to your Realtor about what you are looking for in a home.

Pre-approval could give you an edge.

Depending on what type of market we’re in, having a pre-approval letter in-hand can give buyers an advantage. More specifically, this is true in a seller’s market where inventory is low and demand is high.

Sometimes two buyers could make an offer simultaneously. Typically, if one potential buyer has mortgage pre-approval and the other doesn’t, sellers tend to favor those who are pre-approved.

It provides bargaining power.

Next on the list of benefits of getting pre-approved as a buyer is flexibility. Being pre-approved may give you more wiggle room when it comes to negotiations.

When sellers know a buyer is pre-approved, they may be more willing to compromise on certain things to ensure the sale happens.

Being pre-approved saves time.

Closing on a new home takes time. On average, according to Forbes Advisor, the closing process can take anywhere from 30 to 60 days.

But if you have a pre-approval letter, it speeds up the process. You may be moving into your new home sooner than you think!

Pre-approval gives a buyer confidence.

Last but not least, being pre-approved as a buyer gives you confidence. When you are pre-approved, a lender has determined that you are qualified for a home loan.

Being pre-approved upfront gives buyers peace of mind from the start.

Summary

To summarize, there are two main takeaways. First, getting pre-approved as a buyer gives you a better understanding of what you can afford. Second of all, it shows sellers you are serious about buying a home. But, remember, pre-approval letters are usually only valid for 60 to 90 days. Talk to your Realtor more about your budget and what you are looking for in your new home. Keep reading our blogs for more industry insights!

Advice for Home Buyers in Today's Market

6 Pieces of Advice for Home Buyers in Today’s Market

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Congratulations! You’re starting your home buying journey—or you’re about to. During this process, there are a few ways that you can leverage your resources to find your new place. These pieces of advice for home buyers in today’s market can make all the difference. Please keep in mind that these are just suggestions—not things that you necessarily have to do to make your home buying journey a success!

Obtain your pre-approval letter ASAP.

You don’t want to add any extra obstacles between you and your new home. Obtaining your mortgage preapproval letter should be step one.

Consider shopping around for more than one preapproval.

Don’t worry—you’re not bound to your first preapproval letter from a lender. While time does matter in this seller’s market, you may consider shopping around for more than one lender to compare loan costs and program options. Your Realtor should also be able to recommend a lender.

Look lower, because prices may go high.

It can be daunting looking at the homes on the market—especially if you don’t know the pricing trends. As buyers keep outbidding each other in this fast-paced market, the price a home is listed for may not reflect its final price. You can set more realistic expectations by looking at homes $5,000 or $10,000 below what you can afford with the expectation that bidding will drive the price higher.

Budget for a longer timeline.

Another one of the most important pieces of advice for home buyers in today’s market involves the timeline. Because of the competitive market, you may be up against many highly-motivated, qualified buyers. That doesn’t mean you won’t find your home. It just means you may need to expect to extend your home search timeline.

Act fast.

Because of low inventory and high demand, you may not have a moment to delay. Act fast if you see a home you love!

Contact the Lee County Association of Realtors.

With a market like this, you’ll want a Realtor on your side. Reach out to us to find a Realtor knowledgeable about today’s local market!

Summary

If these pieces of advice for home buyers in today’s market have you motivated to start looking, we can’t wait to work with you. And, if you have any questions or concerns along the way, we can help with those too.

Whether you want to buy, sell, or rent, you can reach out to us here. Finally, for more real estate tips and advice, browse our blog.