How to Generate Buyer Leads: Top Real Estate Tactics for 2024

(0:00) Wait, before we get to step one, I need you to know that all of this starts with you. Finding (0:04) buyers begins with how you run your day. So, structure your day like the professional that (0:09) you are.

Live off your calendar, wake up early, get ready for work, exercise, eat right, and (0:14) program your day so it doesn't end up programming you. If you want to attract serious buyers, (0:19) you have to show up as a serious professional every single day. Consistency breeds success.

(0:24) So, before you can implement any of these tactics, you have to be in control of your mind, (0:28) your body, and your time. So, get organized and get moving because none of this works if you don't. (0:41) Well, hello to all you relentless real estate rock stars out there.

Mortgage rates have hit (0:44) their lowest level of the year. For the first time in almost five years, the Fed is going to (0:48) start cutting rates. And right now, I'm feeling a little bit like Tom Hanks in Castaway.

When that (0:51) porta-potty door finally floats up and he realizes that he can build a raft and get off that damn (0:55) Well, in this scenario, Jerome Powell is my porta-potty. Offense intended, Jerome. And these (1:00) lower rates are that raft that's going to help us paddle out of this deserted real estate market and (1:04) back to civilization.

This is the Texas Real Estate and Finance podcast market update for the week of (1:08) September the 4th. I'm your host, Mike Mills, fresh off Labor Day weekend and your favorite (1:12) North Texas mortgage banker with Geneva Financial. Consider me your captain, guiding you off this (1:16) island of market uncertainty and toward the promising shores of real estate transactions.

(1:20) Today, I've got another great show lined up to shine a light on what's happening in and around (1:24) the wonderful world of real estate. So what's on the docket today? Well, first up, as always, (1:29) mortgage rates. Rates have hit their lowest point all year, and the Fed is gearing up for its first (1:33) rate cut in nearly five years.

Stick around as I break down where rates are right now and where (1:37) they're likely headed for the rest of 2024. Then we're going to dive into some housing data. The (1:41) unsold inventory of homes has been climbing steadily across the US for two years, right (1:45) alongside those rising mortgage rates.

And by the end of August 2024, there were 40% more homes on (1:50) the market than there were this time last year. But now rates are dropping. So why is inventory (1:54) still rising? And could this mean that we could see more buyers here in Texas in 2025? I've got (1:58) to scoop on what's happening and what's coming next.

And for our first news quick hit of the (2:01) day, did you know that investors scooped up one in six homes sold in the second quarter of 2024? (2:06) According to Redfin, I'll break down what this could mean for the future of home ownership in (2:09) the United States and what it might mean for everyday buyers trying to compete. And in other (2:13) news, the Department of Justice is going after Richardson-based firm RealPage or antitrust (2:18) violation. If you're a renter, this could mean trouble.

I'll break down what it means for you (2:22) and why renting might not be the cheaper route that you think it is. And for our main topic (2:25) today, last week, I walked you through creating the perfect buyer presentation in this new era (2:30) of real estate. But first things first, you need to find those buyers.

So today I'm diving into (2:35) nine ways to find buyers in this post-Nar settlement landscape. Okay. One quick ask (2:39) before we roll on.

If you're picking up what I'm putting down today, make sure to hit subscribe, (2:43) leave a review, or share this episode with someone who'd appreciate the insight. And Hey, (2:46) if you've got clients who are ready to make that move and need the perfect home loan or refinance, (2:50) give me a shout. Helping folks navigate that mortgage maze is my bread and butter, (2:54) and I'd love to help you and your clients.

Okay. Let's get this thing going. So now what is (2:58) everyone's favorite weekly question? Hey Mike, what are the rates? Well, according to mortgage (3:02) news daily, as of September the 4th, 2024, the average fixed rate conventional mortgage rate is (3:07) 6.4%. The average 15 year conventional rate is 5.93%. The average FHA 30 year rate is 5.81%. (3:14) The average 30 year VA rate is 5.82%. And the average jumbo rate is around 6.60%. Now these (3:21) are up just slightly from last week, but still creeping downward overall.

Remember the market (3:26) doesn't move in a straight line up or down. So expect to see these fluctuate some, even as we (3:31) progress in a downward direction, the federal meeting September 17th and the entire market (3:35) expects the rate cuts to start this month. The only question now is if it'll be a quarter of a (3:39) point or half a point, I think the safe bet is a quarter of a point cut right now, but that is (3:43) already priced into the market.

So don't look for a big shift in bonds and mortgage rates when the (3:48) announcement is made. In fact, you could even see mortgage rates tick up slightly after the (3:53) announcement because it's already expected to be cut a quarter of a point. And if it's not (3:56) half a point, then some of these folks who are betting on that might adjust.

So inflation is (4:00) coming down. Unemployment is rising. And even with revision to GDP up 3% for the second quarter (4:06) of 2024, most analysts know that these numbers aren't incredibly reliable right now.

And oh, (4:10) the way are packed with government spending. So the economy struggling and the soft landing (4:14) may not be in the cards and you can expect mortgage rates to reflect that in the coming (4:18) months. Look out below.

Now, how far can they go? Well, many of the fed members expect to have the (4:23) fed funds rate down by about three quarters of a point by the end of this year. So that means if (4:27) they cut a quarter of a point this month, then that would mean another quarter of a point cut (4:31) in the remaining two meetings for the rest of 2024. Now, what does that mean for mortgage rates? (4:35) Well, right now, Fannie Mae forecast the average 30 year fixed rate to get to 6.4% (4:39) by the end of this year.

But we are basically there right now in September and they predict (4:44) that we'll only get to 5.9 by the end of 2025. At least right now, I would say that based on (4:49) where things have been headed recently, by the end of this year, my bet is that we're going to (4:53) get to that Fannie 2025 target of 5.9%. The economy continues to slide. Unemployment's (4:58) rising and expected to continue rising.

And investors, if you've been paying attention, (5:02) are slowly moving their money out of the market and into cash. And none of that spells good news (5:06) for the economy or the stock market. So I think there is still room to the downside even for the (5:10) next four months.

And with the presidential election looming, global instability, and wars (5:14) in Ukraine and Israel raging on right now, there aren't too many signs that I can point to to say (5:19) to where things are getting better for 2025, at least at this point. But remember, when thinking (5:23) about buying a home or advising your clients about buying a home, economic downturn affects those at (5:28) the lower end of the socioeconomic scale more so than those at the top. And many people that are (5:33) are going to be hit the hardest by this downturn.

Unfortunately, we're never able to buy a home in (5:38) the first place. And as I'm going to tell you about later in this episode, investors are starting to (5:42) buy again. You see, they see rates coming down and no prices and demand will soon start to head (5:47) upwards.

So they're buying homes to rent out for that very reason right now. So the question is, (5:53) is right now a good time to buy, or should you wait until rates come down further? Well, (5:57) the people with all the money and all the know-how seem to think that right now is a good time to buy. (6:01) And maybe just maybe they know more about it than you or I. So I say follow the money.

And (6:06) right now the money is moving out of the stock market and into residential real estate. So maybe (6:10) you should too. Okay, next up, let's get into some housing data and see why unsold inventory (6:15) is on the rise, but slowing.

Lower rates should be driving up sales, but they aren't. So why is (6:20) that? Well, let's start with inventory. So despite the ups and downs that we've seen in the last few (6:24) months, 2024 has actually been a great year for inventory.

We've managed to climb up from some (6:28) historically low levels from the last few years that caused prices to spike up 40% in some cases. (6:33) So more inventory is a good sign for affordability. And just to give you a sense of where we're at (6:36) right now, inventory did drop a little bit last week, slipping from 704,744 to 704,335.

But (6:44) compare that to this same week last year, when the inventory went up from 503,924 to 509,562. (6:51) And you can see that we're in a much better spot for homes available to buy, which again helps with (6:56) prices and buyers' ability to find a deal. Remember those rock bottom inventory levels back in 2022? (7:01) That all-time low was a mere 240,000 homes.

Today, we are way above that, with our yearly peak for (7:07) 2024 hitting just at 704, almost 705,000 just last week. But again, just for a little perspective (7:13) for all you housing crash doomers out there, if you go back to 2015, where we had a much more (7:18) balanced housing market, active listings for this same exact week were sitting over 1.2 million. So (7:23) while we've got more inventory than in recent years, we are still far from a fully healthy (7:27) housing market.

All right, now let's talk about new listings. So we're seeing the typical seasonal (7:31) slowdown, but here's the kicker. 2024 is shaping up to be the second lowest year on record for new (7:38) listings.

How low you ask? Well, last week, new listings came in at 59,195. And just to compare, (7:44) last year was 59,081. And back in 2022, it was 62,775.

So while we do have a lot more inventory (7:51) on the market right now, as it starts to turn over, we still aren't adding to that inventory (7:55) at a big rate, which is why you haven't seen big price reductions across the board. You see, (8:00) in a typical year, about a third of all homes take a price cut. That's just standard practice (8:04) in the housing world and kind of has always been.

But with mortgage rates climbing over the past (8:07) year or so, we've seen more price cuts as inventory rises. Last week's data showed about 39.3% of the (8:13) homes had price cuts, a slight uptick from 36% in 2023, but very close to the 39% that we saw in (8:19) 2022. So prices are getting reduced a little more than in 2023, but not much, even with historically (8:25) low demand.

And speaking of demand, Alto's researchers, weekly pending contract data (8:29) gives us a snapshot of what's happening in real time. We are not seeing much growth week over (8:33) week, and there is a growing gap in year over year data. You see right now we're sitting at (8:38) about 368,076 pending contracts compared to 358,408 in 2023 and 404,000 in 2022.

So it's (8:48) kind of a mixed bag and it's worth noting that last August mortgage rates were starting to creep (8:53) above 8%. So even with rates, almost a point and a half lower this year compared to last, (8:58) we still haven't seen a massive spike in demand. Okay.

So what about applications? Well, I just (9:03) told you about the purchase contracts, but what about people looking to get into the real estate (9:07) market, putting in purchase application? Well, that has actually been pretty positive recently, (9:10) which is part of the reason why I feel like the spring of 2025 might start to give light to this (9:15) dimming housing market. Since rates started to drop in November of 2023, we've had 19 weeks of (9:19) positive movement and purchase application, 18 weeks of negatives and two weeks that were flat. (9:24) So it has been a bit of a seesaw, but we are starting to see some stability.

The question (9:28) now is can rates stay lower or even go lower from here, especially with growing concerns about the (9:33) economy. So things are starting to creep in a good direction for more inventory and more purchases, (9:37) but not a flood yet. But this time of the year, we never see big moves in either of those metrics (9:42) anyway.

So I don't expect to feel the real impact of all of this until the spring of 2025. Okay, (9:48) y'all let's shift gears now and talk about the Texas housing market, because this is the Texas (9:53) real estate and finance podcast. Now I know you've been hearing a lot of chatter about inventory (9:57) demand and prices.

So let's break it down a little and highlight a story from the Dallas morning news (10:01) about your newest Texas neighbors. Now with lower rates in a steady influx of people moving to Texas, (10:06) we are still seeing steady demand for housing, not at the same level of the last three years, (10:10) but steady nonetheless, which again is why prices haven't crashed like some might've expected. So (10:15) in July of 2024, Redfin reported that there were almost 157,000 homes for sale in Texas, (10:20) a solid 21.3 jump from the previous year.

That's a lot more options hitting the market (10:24) that we've seen recently, which is why we're also seeing the average month of supply sitting (10:28) at four months for the first time in a very, very long time. Now, just for a little context, (10:32) the Texas quarterly housing report from the second quarter of 2024 showed 125,398 active home listings (10:39) marking a whopping 41% increase from the same period in 2023. And with more homes available (10:44) right now, you'd think that the market might cool off, right? Well, right now homes are staying on (10:49) the market longer.

That's for sure. With an average of 48 days compared to just 31 days in 2022. And (10:54) the total home inventory now stands at around that four month mark up from 2.7 months in the third (11:00) quarter of 2022 and Fort worth in particular climbed above the three month inventory mark for (11:04) first time in over a decade.

So we are just right now starting to recover from a terribly (11:09) unaffordable market. So with this spike in inventory, why are prices still holding steady? (11:13) Well, Texas housing inventory has been on an upward trend since hitting a five-year low (11:17) of 45,795 in 2021. But don't let those numbers fool you.

The lone star state's population boom (11:24) is playing a big part here. In fact, Texas is now ranked second in the country for attracting young (11:29) and affluent people, according to a recent Dallas morning news article. So a recent smart asset (11:33) study using IRS data, smart asset, a little difficult not to get tongue tied on that one, (11:37) but anyway.

So according to that study, Texas gained about 1600 new quote young and rich (11:42) households. The only state beating us Florida by a very slim margin. Now with more of these young (11:46) high earners coming to Texas, many of them between the ages of 26 to 35 and earning over $200,000 a (11:52) year, the demand for housing is naturally on the rise.

And that is part of the reason why home (11:57) prices have not taken a nosedive even with the higher inventory. In fact, the median home price (12:01) in Texas was about 332,000 as of January of 2024, which is up 1.2% from the previous year. And (12:07) experts predict that as long as inventory stays tight, prices could continue creeping up slightly (12:12) even in the second half of this year.

So while the statewide median home price is expected to (12:16) hover around 330 to 340,000 for the rest of 2024, there will be some variations depending on where (12:22) you look. Austin, for example, is projected to see a 12.2% drop in home prices while San Antonio (12:27) could experience a 9.4% decline. Dallas is looking at about an 8.4% decrease in Houston might see (12:33) somewhere in the neighborhood of four and a half percent.

So it's not a one size fit all scenario. (12:37) Different cities are going to experience different trends, but overall the market remains pretty (12:40) resilient. So why does all this matter to you as a real estate professional? Well, Texas is growing (12:44) appeal, especially among young professionals and wealthy movers is reshaping the market.

(12:48) Dallas in particular is gaining a reputation as a Haven for a fluent individual now ranked as the (12:53) 22nd most wealthy city in the world and sixth in the United States, according to Hindley and (12:58) partners. And let's not forget, Texas attracted 25,000 new business establishments between 2010 (13:04) and 2019. Thanks of course, to its business friendly environment and no state income tax.

(13:08) And this trend is only fueling demand even further. So what's the takeaway here? Well, (13:11) with more people flocking to Texas and mortgage rates potentially continuing to drop, (13:15) demand is likely to keep climbing. That means prices could remain stable or even rise.

And we (13:20) might not see that crash that many have been predicting. So keep an eye on the market, (13:24) stay active in your marketing and be ready when the market does start to shift because (13:28) the Texas market is likely to be one of the places that the rebound happens the fastest. (13:33) And you want to be ready to reap those benefits.

So stay tuned right here and I'll make sure you (13:37) got all the tools ready to make it happen. Now let's talk about some news stories that (13:41) you may not have been aware of, but most certainly should be for your business and (13:45) clients. So with home prices still sky high and mortgage rates, not exactly giving us any breaks, (13:50) why are investors snapping up homes left and right? What did they know that maybe the average (13:55) buyer doesn't well, according to a recent article from housing wire, investors bought up one in six (14:00) homes sold in the second quarter of 2024.

That's right. While many consumers are holding off, (14:04) investors are diving headfirst into the housing market. And there's a good reason for that.

You (14:08) see investor home purchases shot up by 3.4% year over year in the second quarter of 2024, (14:12) which is the largest increase that we've seen since the second quarter of 2022. (14:16) Now, if you compare that to a 1.9% decline in the total us home purchases overall, you can see (14:22) that these investors are looking at something that everyone else has not seen. Now, how are they able (14:27) to do this when everyone else isn't? Well, the answer is cash.

A whopping 69% of these investors (14:32) are paying cash for property. See, they don't care about rates because they have the cash in (14:36) the bank. What they do care about though is home prices and their projections for their investments.

(14:41) And by the way, these investors aren't just buying any old properties. They are very much (14:44) zooming in on single family homes with those purchases rising by 6.7% in the same period. (14:51) Single family homes now make up 69.4% of all investor purchases.

And that is the highest (14:56) share since the middle of 2022. Why you may ask? Well, because single family homes offer a strong (15:01) rent growth and lower tenant turnover rates. And in just plain English, that means better (15:05) returns and fewer headaches.

And right now with homeownership getting to be more and more (15:09) unaffordable for many Americans, the rental market is booming. And investors, especially (15:12) those who can afford to buy in cash, are cashing in, pun intended, on this solid rental demand. (15:17) Now, the same cannot be said for multifamily properties like townhomes, condos, and apartments.

(15:21) Those are actually down 5%, 3.3% and 1.9% respectively. So this shows a clear shift (15:26) in the strategy of investors right now. Go where the stable rent growth is.

And oh, by the way, (15:30) that is in your neighborhood. All in all, investors purchased nearly 17% of homes sold (15:34) in the second quarter of 2024 up 16% from a year ago. And aside from that crazy spike that we saw (15:39) in 2022, this is the highest second quarter share on record.

And to get you even more worked up (15:43) homes sold by investors in June of 2024, not the ones they bought, but the ones that they sold (15:48) generated a 58% return on their investment. 58% is what they made versus what they paid for. (15:55) Now, San Francisco led the pack with investor sold homes, gaining a staggering $685,000 above (16:00) purchase price.

So when you see numbers like that, you can understand why investors are so (16:05) confident even with today's market challenge. So what does that mean? Well, if investors are (16:09) betting big on real estate right now, maybe it's worth considering why. Because despite high prices (16:14) and rates, buying a home right now could still be a very smart move if you can swing it.

At least (16:18) all the people with the money seem to think so. Okay, next story. Now, I know many of you out (16:22) there and many of your clients are seeing those high home prices and rates and thinking maybe (16:27) renting is the way to go for now.

But let me tell you why that might be a riskier move for the long (16:32) term, especially with what's brewing over at the department of justice. So the department of (16:36) justice, along with attorney generals from eight States, just filed a big antitrust lawsuit against (16:41) my favorite corporate whipping boy, real page, a company based right here in Richardson, Texas. (16:45) Now I've talked about these guys many times previously on the podcast, but if you haven't (16:49) heard, let me get you up to speed.

So real page is being accused of running a quote, unlawful scheme (16:53) to reduce competition among landlords and basically monopolizing the market for commercial revenue (16:59) management software. And this lawsuit isn't just some minor slap on the wrist. This comes after (17:03) a nearly two year investigation into how real page does business.

Now, why should you or your clients (17:08) care? Well, the lawsuit claims that real pages software uses private sensitive data shared by (17:13) competing landlords to recommend rent prices and lease terms. That might sound like a fancy way of (17:19) market analysis, but what it actually amounts to is illegal price collusion. Essentially it lines (17:25) up rental prices across landlords who would otherwise be competing against each other, (17:29) driving those prices up.

And this is at the very heart of what antitrust means, (17:33) unlike what happened to NAR, but I digress. Now here's why it matters. Real page controls (17:38) about 80% of the market for commercial revenue management software for multifamily dwellings.

(17:43) That's right. 80%. The department of justice is saying that real page is essentially a monopoly (17:47) in this space.

And they're comparing the tactics to old school price fixing method. The difference (17:51) is, is that they're doing it with modern algorithms that align rents among competitors. (17:56) It's kind of like price fixing for the digital age.

And it is a new battleground for antitrust (18:01) enforcement. So what does this mean for renters? Well, when landlords use real pages software, (18:04) they're entering a quote, self-reinforcing feedback loop. You see landlords share their (18:08) data to get price recommendations.

And these recommendations are based on competitors, (18:12) sensitive data. And this is a cycle that keeps prices high and makes it tough for other landlords (18:16) to offer competitive, lower pricing. So who ultimately gets hurt in all of this? It's renters, (18:21) plain and simple.

You see real pages software is designed to maximize profits by suggesting (18:25) the highest possible rent based on data from other landlords. It encourages landlords to (18:29) keep prices as high as possible. Even when market conditions might suggest a need for lower rents.

(18:35) And in some cases, it might even reduce the amount of rental stock available. If landlords (18:40) see more profit in holding those units out for higher prices. So they'll literally keep units (18:44) empty and not rent them out in order to keep the rental prices higher for the units available.

(18:49) And this isn't just a sit it and forget it type of algorithm at work. There are literally human (18:52) enforcers behind the scenes making monthly calls to ensure landlords stick to the plan, (18:57) applying pressure to follow those sky high price recommendation. The system even comes (19:01) with features like auto accept for high prices and sold out mode to keep rents high.

Even when (19:05) demand isn't there. It's a pretty sophisticated setup that manages to enforce price collusion (19:09) without the landlords ever needing to get into a room and shake hands on it. So the takeaway here (19:13) is simple.

Renting might seem like a good short-term option when you see high prices and high (19:18) interest rates. But with practices like these driving rents up, it might not be a long-term (19:22) solution the way you think it is. And if the department of justice has anything to say about (19:25) it, we might see some changes coming down the line, but for now beware.

You see the biggest (19:29) line item in your home budget is the cost of your dwelling. And to think that big corporate (19:32) landlords won't just find a way around this lawsuit, even if they lose. Well, that's just (19:37) naive.

Renting gives control of your home expense to your landlord and the house doesn't always win. (19:41) But in this case, the landlord sure. Okay.

Moving on to our main story, let's get to the (19:47) meat of today's episode. Okay. I've got a question for you in this post NAR settlement world where (19:52) the market is shifting under our feet.

How are you finding buyers? What tools and methods have (19:56) you implemented that is driving your business? If the answer is none or I don't know, then no (20:01) fear. I've got you covered. So last week we went over the 10 steps to the perfect buyer presentation, (20:05) but step one was a big one.

Find a buyer. And let's be real that needed its own segment deep (20:10) So here we are. I'm breaking down nine ways to find more leads in this new market landscape.

And (20:15) trust me, these aren't just ideas. They are actionable steps that you can start using today. (20:20) You ready? Let's go.

Wait, before we get to step one, I need you to know that all of this starts (20:25) with you finding buyers begins with how you run your day. So structure your day, like the (20:30) professional that you are live off your calendar, wake up early, get ready for work, exercise, (20:35) eat right and program your day. So it doesn't end up programming you.

If you want to attract (20:39) serious buyers, you have to show up as a serious professional. Every single day, consistency (20:44) breeds success. So before you can implement any of these tactics, you have to be in control of your (20:49) mind, your body and your time.

So get organized and get moving because none of this works. If (20:54) you don't, all right, step one, develop your unique selling proposition, your USP. So what (20:59) sets you apart from all the other agents out there? Are you the relocation expert, the luxury (21:02) listing guru, or the first time home buyer specialist, figure out what you're best at and (21:06) build your marketing around it.

Because the more niche you are, the more that you stand out (21:10) in the crowd. Start by identifying your unique strengths and skills and then use those to craft (21:15) a very strong USP. Build your brand around that niche and let it guide your marketing strategy.

(21:20) The goal, when people think of that specialty, they think of you. But these days, perhaps even (21:24) more importantly, when people search for that specialty or use words around that specialty, (21:30) they find you. You see, in today's market, your sphere is not going to be enough.

People have (21:35) to find you that don't know you. And having a strong and unique selling proposition makes you (21:40) much, much easier to find. Number two, door knocking, modernized.

I know what you're thinking. (21:44) Door knocking, isn't that a bit old school? Well, not anymore. And not if you need the business.

(21:49) Think of door knocking and call it version 2.0. Instead of the hard sell, try what I would call (21:53) soft walking. Walk a neighborhood, exercise, stroll, walk your dog, and get to know that (21:58) neighborhood like the back of your hand. And while you're doing that, hand out modernized (22:01) marketing materials with QR codes.

And these codes are going to link to property videos, (22:05) neighborhood facts, or even just market updates. Because this is all about driving traffic to (22:09) your YouTube channel. And oh, by the way, if you don't have a YouTube channel, then you are already (22:14) way behind.

It's basically like not having a website these days. So if you don't got one, (22:18) you better get one. And if you need help with that, give me a call.

I'm happy to show you how. (22:21) But what you're doing here is you are establishing yourself as the local expert. And here's an added (22:25) bonus.

Using this strategy during open houses is very effective. Encourage residents who live in (22:31) neighborhood where your open house is being held to pick their neighbors by giving them the tools (22:35) to share your content with their friends and family. Number three, create lead magnets.

Lead (22:40) magnets are a tool that you probably know about, but also probably don't know how and also don't (22:45) really use. Think about what your potential buyers are in need of. A final walkthrough (22:48) checklist for new construction, a first time home buyer checklist, a guide to understanding mortgage (22:52) rates, whatever it is.

These are tools that help educate and most importantly, get contact details (22:58) into your database. Speaking of databases, build your database. It is the lifeblood of your (23:02) business and lead magnets are one of the best ways to grow it.

So take these lead magnets and share (23:07) them on your social media sites because you're truly helping someone with free information. And (23:11) all they have to do is give you their email address. Just be sure to make them valuable (23:14) and informative and you will truly add something of value to your followers and future clients.

(23:18) And if you don't know how to build one, ask AI and check out Canva. It's easier than you think. (23:23) Step number four, use story driven testimonials.

So forget those boring old surveys and dry (23:27) testimonials. Although if you don't have those, then you need to kind of start there. But if you're (23:31) already great at getting your clients to fill out surveys and reviews, then instead record your (23:36) clients sharing their genuine stories about their experiences working with you.

And oh, by the way, (23:40) the best time to do this is after you close on their home because you're already with them. (23:44) And when you do it, you want to capture the emotion, the challenges and the triumphs. (23:47) People love a good story and connect with it.

And then share these testimonials on your social (23:51) media sites and your YouTube channel that you now have, because these are more than just endorsements. (23:55) They're narratives that showcase your value. Step number five, focus on one or maybe two (24:00) social platforms.

Look, you do not have to be everywhere at once. Find one or two social (24:04) platforms where you feel most comfortable and go all in. Maybe it's Instagram with its visual (24:08) storytelling or LinkedIn with its more professional content.

Whatever it is, become the expert on that (24:13) platform. Learn how to use it, when to post, what to post, and most importantly, engage, engage, (24:18) engage. This is by far the biggest key to any social media market.

Engage with others and they (24:23) will return the favor. Your goal is to be seen as the go-to agent out there, just like you are (24:27) in your niche. Quality over quantity is the name of the game here.

So find one and focus. Number six, (24:32) become the mayor of your town. You have to be the agent that everyone in your area knows and trusts.

(24:37) And if you want to be that person, then you need to be the agent that knows everyone. So do things (24:41) like partner with one local business each month for cross promotion. You want to show what's (24:44) happening in the community.

Go to events, show openings in new businesses, go to charity functions, (24:49) because if you give, you get. And oh, by the way, if you do these things, make videos or at the very (24:53) least, take some pictures and post about it. But let everyone know that you are the center of the (24:58) town, because when people think of your community, they should think of you.

So get out there and (25:02) get involved, shake hands and kiss babies, because you got to be seen in order to be remembered. (25:06) Step number seven, use your email signature. Listen, you send emails every single day.

Why (25:10) not make them work a little harder for you? In your signature, you can add links to your latest (25:13) YouTube videos that have your market updates, lead magnets, or social media channels right there in (25:18) your signature. It's an incredibly easy way to drive traffic and promote yourself without any (25:22) extra effort. And don't just do this for the business emails to your clients.

Every single (25:26) email communication that you send out is a potential lead and another opportunity to brand (25:31) yourself with everyone that you come in contact with. And there are a ton of products out there (25:34) and software services that can help you build an effective and very stylish signature with all (25:39) these features. Just Google it.

You'll find a bunch. And guess what? You only have to do this (25:42) one time. And you can update it every quarter if you want to, if you want that extra credit, (25:45) if you want to highlight something in particular, but ultimately it doesn't take any time, but it (25:49) continues to work for you every single day that you have it.

Step number eight, create hyper local (25:53) content for SEO. So SEO these days, isn't just for tech geeks. And if you don't know what SEO means, (25:59) it's search engine optimization.

And you need to know what it means because it's good for (26:02) YouTube. Again, you are the mayor and you have a unique selling proposition. So create hyper local (26:07) content that talks about specific neighborhoods, communities, or even street by street market (26:12) updates.

Learn about keywords, hashtags, and what people are searching for on Google in your area (26:16) and make content about that. Now, this one does require a little bit of research and time, (26:21) but with the right tools and the right systems, you can make it very simple and easy. And if you (26:26) were making content of any kind, this has to be a focus of everything that you do to produce it.

(26:31) Titles, descriptions, thumbnails, people use search to find what they're looking for. And (26:35) in order to find you, then you got to use the right words that people use to search. And finally, (26:39) step number nine, be a database master.

So you've got your lead magnets, your videos, (26:44) your testimonials, and all your links set up. Now it's time to put that all together (26:47) with email marketing. I know you might say that I delete emails every single day and nobody reads (26:51) those and that's fine, but you still see them and you still delete them.

And they still show up on (26:55) your feed every day. And if someone wants to unsubscribe, they will, but how often do they (26:59) not very often, you see your database is going to pay your bills for the rest of your career. (27:03) And if you can master it, you will easily live the life that you've always wanted.

And often (27:08) with very little effort. So create engaging content like here's the deal of the week, (27:11) or here's your market update or your business highlight of the week, or even just a monthly (27:15) newsletter. You can use tools like Canva and chat GPT to help you whip up professional looking emails (27:20) in no time at all.

And at this point, if you've done it right, you have enough video content on (27:24) your YouTube channel to never be short of content to send out because the key here is consistency. (27:29) Keep showing up in their inbox with value. And when they're ready to make a move, guess who they're (27:32) going to think of first.

That's right. Well guys, that's it. So in the slower housing market where (27:37) commissions may even start to head lower, you've got to be a Jedi marketer to stand out because (27:41) this is all about mastering your craft, focus on the fundamentals and go deep rather than why (27:45) if you can combine some of these strategies effectively, you won't just survive in this (27:48) market.

You're going to thrive. So get out there and dominate your day. Well guys, that is a wrap (27:53) for today's episode.

I hope I've been able to give you even just a small push forward on your path (27:57) to real estate success. I'm going to be here each week to bring you the best insights and tips. (28:01) And I genuinely appreciate you showing up and being a part of this community.

It's been a tough (28:04) ride for the last few years, but I truly believe that we're on the verge of a turnaround. So now is (28:08) the time to get prepared because next spring could bring one of the best markets that we've seen in (28:13) quite a little while. So it's time to gear up and seize that opportunity.

Hope you guys all have an (28:16) amazing week and until next time be great humans. Just keep grinding because life is what you make it. (28:22) So make it great.