Today's Headlines - Realty Times
Posted On Tuesday, 02 July 2024 12:55
Posted On Tuesday, 02 July 2024 11:58 Written by
Posted On Monday, 01 July 2024 16:56
Posted On Monday, 01 July 2024 11:01
Posted On Monday, 01 July 2024 09:49

Sales requires consistent outreach to prospects and clients. When your energy and effort are not producing more business, several factors could be at play. Here are 3 reasons you might be hitting a dead end, despite your commitment to close deals:

  1. YOU ARE TARGETING THE WRONG AUDIENCE:

Targeting the wrong sales prospects can lead to wasted resources (time, money and effort spent on sales activities). Lower conversion rates will impact overall sales and revenue. To make matters worse, sales teams may become demotivated due to lack of success.

The solution: Identify your ideal customer profile (ICP). Define the age, income level, family size and occupation of your ICP. What are their buying habits and preferred ways of doing business? Pay attention to the details. They are all important for transforming your business development approach.

  1. YOUR LEADS FAIL TO MEET THE PROPER CRITERIA:

Not all leads are created equal. Sales teams waste time and energy on leads that don’t convert, which is a huge disappointment. In this instance, the sales process can become unnecessarily prolonged.

The solution: Determine which prospects are serious. Time spent on high-quality leads once your ICP is identified will make all the difference! Next establish specific criteria that define what makes a lead qualified, such as budget, need, decision maker(s) and timeline.

Finally, leveraging marketing automation tools to collect data helps to qualify leads accurately. For example, HubSpot can be used to send targeted email campaigns and track engagement. Follow-up can take place with the most engaged leads.

  1. YOU DON’T MONITOR AND REVISIT PREVIOUS COMMUNICATION:

Marketing efforts to generate leads are wasted if those leads are not attended to properly. Prospecting involves multiple touchpoints. Follow-up is essential in sales. Neglecting to do so can also create a negative impression. You don’t want prospects and customers to feel undervalued, which is a sure way to lose business.

Solution: Use multichannel follow-up by engaging leads through text, phone, email, etc. All information must be recorded and analyzed. Details matter. Tools such as Salesforce, HubSpot, or Zoho CRM are great. Develop a structured follow-up schedule that includes a detailed plan with specific intervals (e.g., immediate, 3 days, 1 week, 2 weeks, or 1 month).

Solid communication will serve you well in sales. Pay close attention to what prospects share. Respond to customer inquiries in a timely fashion. Speak in a professional tone. Take good notes during all meetings and become an active listener.  Team sales training is powerful and should be used often. Invest in your team and yourself continuously.

Posted On Monday, 01 July 2024 09:47 Written by
Posted On Monday, 01 July 2024 09:33

NAR forecasts 4.26 million existing-home sales, and the median price will increase to a record annual high of $405,300 in 2024

Pending home sales in May slipped 2.1%, according to the National Association of Realtors®. The Midwest and South posted monthly losses in transactions while the Northeast and West recorded gains. Year-over-year, all U.S. regions registered reductions.
The Pending Home Sales Index (PHSI)* – a forward-looking indicator of home sales based on contract signings – decreased to 70.8 in May. Year over year, pending transactions were down 6.6%. An index of 100 is equal to the level of contract activity in 2001.
“The market is at an interesting point with rising inventory and lower demand,” said NAR Chief Economist Lawrence Yun. “Supply and demand movements suggest easing home price appreciation in upcoming months. Inevitably, more inventory in a job-creating economy will lead to greater home buying, especially when mortgage rates descend.”
U.S. Economic Forecast
NAR predicts mortgage rates will remain above 6% in 2024 and 2025, even with the Federal Reserve cuts to the Fed Funds rate.
The association forecasts that existing-home sales will rise to 4.26 million in 2024 (from 4.09 million 2023) and to 4.92 million in 2025 (from 2024). Housing starts are expected to rise to 1.382 million in 2024 (from 1.413 million in 2023) and to 1.492 million in 2025 (from 2024).
NAR anticipates the median existing-home price will increase to a record annual high of $405,300 in 2024 (from $389,800 in 2023) and to $412,000 in 2025 (from 2024). NAR forecasts increases in the median new home price to $434,100 in 2024 (from $428,600 in 2023) and $441,200 in 2025 (from 2024).
“The first half of the year did not meet expectations regarding home sales but exceeded expectations related to home prices,” explained Yun. “In the second half of 2024, look for moderately lower mortgage rates, higher home sales and stabilizing home prices.”
Pending Home Sales Regional Breakdown
The Northeast PHSI ascended 1.1% from last month to 63.6, a decline of 2.3% from May 2023. The Midwest index dropped 0.4% to 70.4 in May, down 5.6% from one year ago.
The South PHSI lowered 5.5% to 83.7 in May, falling 10.4% from the prior year. The West index increased 1.4% in May to 56.7, down 2.1% from May 2023.
About the National Association of Realtors®
The National Association of Realtors® is America’s largest trade association, representing 1.5 million members involved in all aspects of the residential and commercial real estate industries. The term Realtor® is a registered collective membership mark that identifies a real estate professional who is a member of the National Association of Realtors® and subscribes to its strict Code of Ethics.

# # #
*The Pending Home Sales Index is a leading indicator for the housing sector, based on pending sales of existing homes. A sale is listed as pending when the contract has been signed but the transaction has not closed, though the sale usually is finalized within one or two months of signing.
Pending contracts are good early indicators of upcoming sales closings. However, the amount of time between pending contracts and completed sales is not identical for all home sales. Variations in the length of the process from pending contract to closed sale can be caused by issues such as buyer difficulties with obtaining mortgage financing, home inspection problems, or appraisal issues.
The index is based on a sample that covers about 40% of multiple listing service data each month. In developing the model for the index, it was demonstrated that the level of monthly sales-contract activity parallels the level of closed existing-home sales in the following two months.
An index of 100 is equal to the average level of contract activity during 2001, which was the first year to be examined. By coincidence, the volume of existing-home sales in 2001 fell within the range of 5.0 to 5.5 million, which is considered normal for the current U.S. population.
                                                       
NOTE: Existing-Home Sales for June will be released July 23. The next Pending Home Sales Index will be released June 31. All release times are 10 a.m. Eastern. View the NAR Statistical News Release Schedule.

Posted On Sunday, 30 June 2024 09:11 Written by
Page 10 of 1839

Agent Resource

Before You List

Realty Times

From buying and selling advice for consumers to money-making tips for Agents, our content, updated daily, has made Realty Times® a must-read, and see, for anyone involved in Real Estate.