Before Your Open House

Getting ready for an open house is more than just a task. It’s an opportunity to impact the future of the property significantly. As the big day approaches, you must tackle several essential tasks to ensure everything runs smoothly and impresses potential buyers. 

1. Consider Professional Staging

Remember, you only get one chance to make a first impression. If your new listing needs a little extra pizazz, consider the expertise of a professional staging company or software. They can make the most of your client’s existing decor or spice it up to help your listing pop. And if your listing is vacant, adding a few things to give context to the space is essential to attract the perfect buyers.

Check out Apply Design, the ultimate user-friendly app that empowers everyone to stage their listings effortlessly. Unlike other virtual staging apps, Apply Design still gives agents the freedom to work their magic. It has an intuitive interface and a vast selection of elegant furniture, art, lighting, rugs, and plant renderings!

2. Get Pro Photography

Now that you’ve got the place looking super-fly, it’s time for real estate photography. Word of warning—don’t skimp on the pictures! You’re about to post this listing for everyone to view and want these pictures to draw potential buyers to your upcoming open house. Be sure to hire a professional to get the job done. Or, if you DIY, at least check out our tips to ensure buyers stop scrolling through Zillow to add your open house list to their calendar.

Pro Tip: While your pro photographer is already in your new listing and everything looks perfect, get them to shoot some video for you, too. Some photographers can create Reel-style short vertical videos that you can use to post to social media to announce your upcoming open house. If your photographer doesn’t offer this service or you want to do some DIY to save some cash, make some quick videos yourself using your cell phone camera.

3. Boost Your Open House Post on Facebook

Given that most of your potential open house guests are conducting their house hunting online, boosting a Facebook post to announce your open house can be a game-changer. Just ensure your Facebook ad is designed to cut through the noise on Facebook. If you’re yet to set up a Facebook business page, you can find a comprehensive guide in our How to Set Up a Real Estate Agent Facebook Page to Get More Leads article.

4. Decide Which Food & Drinks You Want to Serve

Believe it or not, the refreshments you serve at your open house can greatly impact how you are perceived as an agent. Remember, most of your guests don’t know you. That means they will be judging you on everything, including food! By serving high-quality open house refreshments, you will enhance your professional image and leave a lasting impression on your guests.

If you’re ordering food, give the restaurant or caterer enough time to prepare it. Two days before the open house should usually be enough lead time, but call ahead to make sure. If you’re making refreshments alone, shopping and preparing a few days before couldn’t hurt. 

5. Send an Email Blast or Newsletter Reminder

You worked hard to build your email list; now is the time to use it. Include your open house announcement in your weekly newsletter, or better yet, send out a dedicated email blast if you think the house is a good deal or it offers something curious neighbors might want to see.

Looking for a simple way to send out your email blast? Pipedrive provides a customizable email builder with impressive templates and email analytics. Its intuitive interface lets you create visually appealing emails tailored to your branding and audience. Its robust analytics offer valuable insights into email performance, including open rates, click-through rates, and engagement metrics.

6. Post Your Open House on Zillow & Realtor.com 

Of course, not all your potential guests will be on your email list, but they will be scrolling Zillow and realtor.com if they’re looking to buy. Zillow’s dedicated setting for scheduling open houses is a convenient tool to help you plan your event. You need to plan it early, but not too early. Four days or so before your open house should do the trick. 

Why stop with your open house? Zillow Premier Agent is a powerful tool that lets you connect with buyers where they’re already looking, giving you the confidence that your property is being seen by the right people.

7. Text Buyers You’re Already Working With

If you’re working with buyers, send them a quick text to announce the open house. It might not be the perfect home for them, but it gives you another chance to connect and will show them you’re working hard for your seller client.

8. Text Your Seller a Checklist to Prepare the Home

It’s important to give your seller time to prepare for the open house. They might need to clean, hide valuables, or make arrangements for pets. To show your thoughtfulness and care, offer to send a house cleaner, even though they might refuse. It’s the thought that counts!

Two Days Before Your Open House

Are you ready to host an open house for your real estate listing? Two days before the big day, you must utilize social media to reach out to the neighbors and prepare essential materials. These steps not only help you maximize attendance but also create a buzz that can make your open house an exciting event. 

9. Post an Instagram Reel Preview Announcement 

Since your Facebook post has already been boosted, take a few minutes to create a quick Instagram Reel to announce the open house to your followers. It doesn’t have to be Hollywood-quality, but it should tell them the date, time, and address and maybe include a sneak peek of the home. 

Highlight the benefits of attending, such as getting a first-hand look at the property, meeting the real estate agent, and asking any questions you may have. Shoot and edit this in advance, posting it two days before the open house.

Example of Instagram Reel open house preview announcement (Source: Instagram)

10. Do Some Circle Prospecting

Agents may shy away from knocking on doors (even though you should do that, too). Still, circle prospecting is a unique way to establish a personal connection with the neighborhood around your listing. Circle prospecting is a real estate strategy to generate more leads by focusing on a smaller area around a specific property. This makes building relationships and showcasing experience easier, creating a more personal outreach than cold calls. 

This personal touch can significantly enhance your chances of gaining another client. So, step out, knock on those doors, personally invite the neighbors to the open house, and then follow up with the results using a Just Sold postcard after you close.

11. Review Your Open House Scripts & Icebreakers

If you’re a new agent or haven’t held an open house in a while, it’s crucial to freshen up your open house scripts and icebreakers. This preparation will ensure you don’t stumble on the big day, making you feel more reassured. You want to be loose and spontaneous, but having some snappy phrases in your arsenal can’t hurt! A great example of an icebreaker and script from Laura Marie, Team Leader, eXp Realty:

12. Add Your Open House Sign 

Consider installing the open house sign a little earlier than scheduled. This can notify neighbors and passersby that they are welcome to drop by and view the home at their convenience without making an appointment.

13. Print Out Your Sign-in Sheets or Set Up Your App

It also helps to print out your open house sign-in sheets a few days before the event. The last thing you want is to have a printer malfunction or discover you’re low on ink the morning of the event.

By the way, printing your open house sign-in sheets is so 2020. Savvy agents are stepping up their open house game with apps like Curb Hero, which feeds leads directly to thousands of customer relationship managers (CRMs) to help you easily stay on top of your potential new clients. And it’s free!

The Day of Your Open House

Get ready for your open house by taking care of these key tasks: think about what to bring to an open house as a realtor, put up directional signs, jazz up your for sale sign with balloons, and set up welcoming signs, eye-catching open house flyers, and important disclosures. Paying attention to these details will help set the right tone and make your open house a hit!

14. Install Open House Directional Signs

Given that many locations restrict the placement of directional signs to the day of your open house, it’s crucial to take the initiative and wake up early to install them. This proactive approach ensures you’re in control of the event’s logistics.

15. Put Balloons on Your For Sale Sign

While some realtors may dismiss balloons as tacky, they are a practical and effective tool to prevent your guests from getting lost and to attract attention. Embracing this strategy can give you confidence in the smooth running of your open house.

16. Put Out Welcome Signs, Flyers & Disclosures 

Once your directional signs and balloons are in place, it’s time to prepare the house for viewing. Set up a visible and informative entrance with a small table displaying your welcome sign, sign-in sheet, flyers, and disclosures. This clear guidance ensures your guests are well-informed from the moment they arrive.

Two Days After Your Open House 

As a realtor, your work doesn’t end when the last visitor leaves the open house. Completing post-open house tasks is a key part of your real estate agent open house checklist. It’s not just about wrapping up the event—it’s about maximizing your chances of getting property offers, generating new leads, and making a lasting impression on your sellers. The diligence and focus you put into these tasks can lead to approving reviews of your services and boost your professional reputation.

17. Text Buyers’ Agents for Feedback 

If you know any agents who brought or sent buyers to your open house, text them and ask for feedback. You can also include them in your follow-up emails, but texting will likely get you a faster—and hopefully more honest—response. 

18. Add Sign-ins to Your CRM 

This step should be fast and easy if you use an app that integrates with your customer relationship manager (CRM) like Pipedrive. If you’re working with paper sign-in sheets, enter them manually or send the list to your virtual assistant.

Pipedrive’s email segmentation allows agents to filter contacts based on various criteria, such as activities, products, and deals. This enables personalized emails to be sent to all clients, resonating with each recipient. Additionally, Pipedrive automates tasks such as reminders and email follow-ups, streamlining client management for real estate agents

19. Text Hot Sign-in Leads for Feedback 

After having great conversations with your guests, sending a friendly text is a more personal way to follow up than emailing. Remember to offer something of value, like inviting them for a coffee to discuss their real estate needs and desires further.

20. Email Cold Sign-in Leads

Finally, it would be best to take all the people who gave you their contact information and put them on a drip campaign. A drip campaign is a series of pre-written emails that are automatically sent to a specific group of people over a period of time. You can start with an email request for feedback and follow up with hot new listings. Make sure you ask for their business in your call to action. An example of an open house follow-up email is shown below:

copy to clipboard

Subject line: I Need Your Opinion…

Hi {Contact name},

Thanks for stopping by my open house this weekend at {open house address}.

Really quick, what did you think of the open house? I try to make my open houses fun and informative experiences for all my guests, but because we get so busy, I don’t always have enough time to hear from every guest.

I would love to get your feedback, warts and all. If something went wrong, that would help me get it right next time.

We can also chat about the market if you’d like. I have {#} years of experience in {your farm area}, so I can talk about this market for days. I’m an open book!

What’s a good day to chat?

Best regards,

{Your name and title}
{Your contact info}

21. Share All Feedback & Performance Data With the Seller

After receiving feedback about the home, put it all together and send it to your seller. Apps like Spacio will give you a form to send them with the data, making the process convenient and easy. However, you can always write it in an email or text message along with your analysis if that’s more comfortable for you. 

Bringing It All Together

Hey there, everyone! I’ve created a comprehensive open house checklist for realtors, but I’d love to make it even more impressive with your help! If you think anything should be added to the open house checklist for sellers, please feel free to share your ideas in the comments. Your input is incredibly valuable, and together, let’s make this real estate agent open house checklist absolutely fantastic!

The post The #1 Open House Checklist Top Agents Use to Get Amazing Results appeared first on The Close.

1. Tom Ferry’s Success Summit 2024

• Date: August 27-29, 2024
• Location: Dallas, Texas
• Virtual option: Yes
• Cost: $599 to $1,999
• Best for: Agents who need a sales coach
• Helpful resource: Register for Tom Ferry’s Success Summit

Tom Ferry has been selling and coaching salespeople for almost 30 years, and his real estate conferences are known for providing valuable content. His approach inspires professionals at all levels of the real estate journey, from new agents to seasoned professionals. According to Ferry, “What you say matters,” and at his Success Summit, attendees will spend three days listening, learning, and practicing to enhance their conversations with clients, leads, and people on the street and improve profitability.

• What We Love About Tom Ferry’s Success Summit 2024:

• Discusses modern referral marketing approaches
• Provides full 3-day access to the Ultimate Real Estate Seminar
• Delivers unmatched talks and panels
• Gives epic real estate networking receptions
• Provides The Summit 2024 Workbook (an industry-famous strategy guide!)

2. LGBTQ+ Real Estate Alliance 2024 Conference

• Date: September 25-27, 2024
• Location: Las Vegas
• Virtual option: No
• Cost: Prices are not yet listed
• Best for: LGBTQ+ community new and experienced in real estate
• Helpful resource: Registration link for the conference

Get ready for a fantastic experience at the LGBTQ+ Real Estate Alliance 2024 Conference! This great event includes insights from top industry experts, educational sessions, inspiring speakers, and a celebratory atmosphere that honors the achievements of professionals in the LGBTQ+ community. The conference aims to support the LGBTQ+ Real Estate Alliance’s mission of promoting equality, diversity, and inclusivity in the real estate industry. Take advantage of this opportunity to be part of inclusive networking at its best!

• What We Love About LGBTQ+ Real Estate Alliance 2024 Conference:

• Open to all
• Inclusive networking
• Provides access to industry-leading experts who will share invaluable knowledge and forward-thinking strategies.
• Engaging breakout sessions

3. NAR NXT Conference & Expo

• Date: November 8-10, 2024
• Location: Boston, Massachusetts
• Virtual option: Yes
• Cost: $550 to $650
• Best for: NAR members shopping for tech solutions
• Helpful resource: Register for NAR NXT

Get ready for the ultimate real estate experience at the National Association of Realtors (NAR) annual conference and expo! This premier event is about enhancing the Realtor experience, focusing on cutting-edge educational sessions and an impressive lineup of 350-plus industry-leading exhibitors. It’s the perfect opportunity to discover innovative solutions to real estate challenges.

• What We Love About NAR NXT Conference & Expo:

• Networking opportunities with industry professionals and experts
• Access to fresh, future-focused content and innovative ideas
• Rave-worthy presenters and elevated programming
• Relevant and value-added unique features and experiences

4. Inman Luxury Connect 2025

• Date: July 28-29, 2025
• Location: Hilton San Diego Bayfront, San Diego
• Virtual option: No
• Cost: $699 to $1,598
• Best for: Luxury real estate agents and brokers
• Helpful resource: Register for Inman Luxury Connect

If you are looking for exclusive luxury learning and networking, you’ll find it at this extravagant event. You’ll get the high-quality content and event experience you’d expect from Inman Connect founder Brad Inman, but focused on high-end agents. It’s ideal for networking with a select crowd and gaining insider knowledge of the luxury market. Plus, I’ve heard rumors that Inman is planning spectacular off-site events to knock your socks off!

• What We Love About Inman Luxury Connect 2025:

• Immersive discussions with elite agents and brokers
• Interactive workshops with industry experts
• Top-tier networking opportunities with luxury real estate agents
• Beautiful beaches and vibrant culture of San Diego
• Connecting with the crème de la crème of luxury real estate

5. Regional Real Estate Conferences

Because location matters so much in real estate, it makes sense to check out what’s happening in your backyard. Here are a few of the best real estate seminars for regional conferences that real estate professionals in the area should consider.

Florida Realtors Convention & Trade Expo

• Date: August 21-22, 2024
• Location: Rosen Shingle Creek, Orlando
• Virtual option: No
• Cost: $150 to $195
• Helpful resource: Register for the Florida Realtors Convention & Trade Expo

It makes sense that the state with the largest share of Realtors in the US offers such an incredible expanse of exhibitors and speakers yearly. This year, the event provides education sessions featuring nationally recognized speakers, trainers, and Florida’s industry experts. Also, REBarCamp Orlando is a day of peer-to-peer learning and sharing information, from getting listings and handling multiple offers to social media marketing and the latest tech gadgets.

• What We Love About Florida Realtors Convention + Expo:

• Peer-to-peer training sessions focusing on today’s challenges and opportunities.
• CE credit courses
• Free two-day Trade Expo with exhibitors whose job is to work wonders in your business.
• Special and ticketed events during the day and late into the night that celebrate our industry. 
• Awards luncheon—Who will be Realtor of the Year? Come celebrate the best in the business at this must-attend event.
• Legislative and political forum—Find out what’s happening in Tallahassee and beyond.

REimagine! Expo

• Date: September 24-26, 2024
• Location: Long Beach, California
• Virtual option: No
• Cost: Free for CAR members; nonmembers: $150 to $350
• Helpful resource: Register for REimagine!

Prepare for an unforgettable three-day event to help you thrive in your business! Whether you’re a seasoned industry pro or just starting, REimagine! Expo offers cutting-edge insights and practical knowledge to keep you ahead of the game. Join top industry experts as they share valuable strategies, delve into crucial topics, and tackle industry challenges head-on. You won’t want to miss the countless takeaways that will empower you to elevate and expand your business.

• What We Love About REimagine! Expo:

• 50-plus powerful sessions
• 250-plus must-see exhibit booths
• 200,000-plus realtors invited
• 30-plus big prizes over two days
• 5 preconference educational tracks for your business

Triple Play REALTOR Convention + Expo

• Date: December 9-12, 2024
• Location: Atlantic City, New Jersey
• Virtual option: TBD
• Cost: TBD
• Accreditation: Register for Triple Play

Triple Play is a premier event for Realtors in New York, New Jersey, and Pennsylvania. Each year, the event offers a diverse mix of exhibitors and speakers. While the speaker lineup for 2024 has not been announced yet, it is sure to be as dynamic and inspiring as always.

• What We Love About Triple Play REALTOR Convention + Expo:

• Features 49 speakers
• 117 sessions
• 6,600 participants
• 326 booths

6. Brokerage Events

Are you part of a large real estate brand? Most major labels have their own convention every year, packed with amazing speakers and guaranteed fun. Many of these events are more for hype and motivation, but they are excellent learning opportunities, and you feel energized and ready to tackle new business.

Better Homes & Gardens’ Better Retreat: Agent Experience

• Date: September 11-13, 2024
• Location: Huntington Beach, California
• Virtual option: No
• Cost: $300 to $725
• Helpful resource: Better Retreat: Agent Experience Registration

The Better Retreat’s Agent Experience is tailored for Better Homes & Gardens Real Estate (BHGRE) affiliated agents and teams. It focuses on introducing cutting-edge techniques for business growth, enhancing mindset, and expanding networking opportunities.

• What We Love About Better Retreat: Agent Experience:

• Keynote speaker: Kerri Walsh Jennings, the 5-time Olympian and American beach volleyball player, will be the headline speaker at The Better Retreat!
• Industry expert speaker: Logan Mohtashami, lead analyst for HousingWire and a renowned expert in the mortgage and housing ecosystem, will share industry insights and market updates for company planning.
• Discounted rate at the accommodation hotel (Hyatt Regency Huntington Beach Resort and Spa)

Coldwell Banker Global Luxury Summits 2024

Join colleagues and leaders from across the globe in either Miami Beach or Los Angeles. Hear from industry experts, access unparalleled luxury-focused learning and networking, and leave with actionable insights to propel you further into the luxury real estate industry. These exclusive Coldwell Banker Global Luxury^® Summits are solely for Luxury Property Specialists affiliated with the Coldwell Banker^® brand.

• What We Love About Coldwell Banker Global Luxury Summits:

• Global participation
• Industry expert insights
• Luxury-focused learning
• Networking opportunities
• Actionable insights for the luxury real estate industry

eXpcon 2024

• Date: October 27-30, 2024
• Location: Miami Beach, Florida
• Virtual option: No
• Cost: $949 to $1,899
• Helpful resource: Register for eXpcon

As one of the fastest-growing brokerages in the world—yes, the world—eXp puts on a good show. eXpcon has become a can’t-miss celebration of stunning successes and exciting futures. This year promises to be the most significant event to date.

• What We Love About eXpcon 2024:

• Exclusive insights to increase your income and have more free time.
• 2X the interactive breakout sessions tailored to your learning needs, with more agent leaders than ever.
• Networking opportunities with industry leaders and peers in a vibrant setting.
• Inspiring keynotes from top experts who will share their playbooks for success.
• Access to new content, certifications, workshops, and value-driven training designed to transform your business.

Tips for In-person Networking at Real Estate Events

After attending real estate conferences, you will feel inspired, educated, and more connected to colleagues and other industry professionals. Here are some tips on efficiently expanding your network at real estate events.

• Bring at least 100 business cards and be generous in handing them out. Your goal is to meet people and establish connections to enhance your business.
• Hang around after the presentations and chat with the speaker directly if you find a session helpful or interesting. Most speakers build time into their schedules to connect one-on-one with attendees.
• Remember to chat with every vendor selling products you’re considering investing in. Embrace the chance to speak face-to-face with reps and have your questions answered by a real person.
• Don’t skip the parties! Socialize, have fun, and bring your business cards.

Tips for Networking at Virtual Real Estate Conferences

Some real estate events offer both in-person and virtual attendance, providing a unique opportunity to network online. Virtual conferences are often cheaper and easier to attend, making them valuable for connecting with industry colleagues and speakers without traveling. Here are some tips to make the most of this format:

• Create a unique attendee profile: Put effort into creating a standout attendee profile to help others get to know you.
• Update your social media before the event: Introduce yourself confidently and provide an easy way for others to connect with you.
• Remember to research and prepare smart questions for Q&A sessions: If you can’t interject, use the chat function to communicate with the real estate groups or individuals.
• Socialize and enjoy: Remember to ask for contact info and follow up after the conference.

Bringing It All Together

Realtor conferences offer an opportunity to expand your network, stay informed about the latest market trends and emerging tech, and make new friends in the industry. But it’s up to you to make the most of these opportunities. Have you been to any of these real estate agent events? What are some of your best takeaways? Which best real estate conferences are on your travel list this year?

The post 10 Essential Real Estate Events & Conferences You Can’t Miss appeared first on The Close.

Disclaimer: While this article provides guidance accompanied by research, always seek professional legal advice if you or your clients experience a violation of real estate fair housing laws.

What Is the Fair Housing Act?

The Fair Housing Act (FHA) is a United States federal law created as part of the Civil Rights Act of 1968. It was created to prohibit housing discrimination during the sale, rental, or financing process. The law applies to single-family homes, apartments, and condos, regardless of whether they are sold or rented. The law also applies to mortgage lending, insurance, and marketing advertisements for housing.

The Fair Housing Act of 1974 and 1988 was amended to include additional groups of protected classes. Below are the FHA-protected classes determined by the Fair Housing Act as it stands today:

• Race
• Color
• National origin
• Religion
• Sex
• Familial status
• Disability

The FHA is a federally implemented law that acts as a baseline for states and local governments to create laws surrounding fair housing. Depending on the state, fair housing real estate laws have expanded protected classes under the Federal Housing Administration also to include:

• Gender, gender expression, and gender identity
• Citizenship status
• Partnership status
• Lawful occupation
• Ancestry
• Source of income
• Age
• Domestic violence victim status
• Genetic information
• Marital status
• Medical condition
• Sexual orientation
• Military or veteran status
• Primary language
• Criminal background

What Is Prohibited According to the Fair Housing Definition?

Real estate agents must understand that The Fair Housing Act and state-specific laws aim to protect their business and their clients against discrimination. The federal Fair Housing Act in real estate prohibits discriminatory activities in all aspects of housing and for landlords, agents, and lenders.

However, there are certain exceptions to this law. The Fair Housing Act does exempt owner-occupied single-family buildings with four or fewer units sold and rented by the owner and housing operated by religious organizations or private clubs with limited occupancy to its members. Also, the FHA prohibits discrimination against familial status or age and senior housing with age requirements of 55 or 62 years of age, and communities participating in senior housing programs are exempt properties.

Fair Housing Act Enforcement

The Fair Housing Act empowers the U.S. Department of Justice (DOJ) to file a lawsuit against an individual or organization engaged in a “pattern or practice” of discrimination. The DOJ can also act if a group of people has been discriminated against in a way that raises a matter of “general public importance.” The U.S. attorney general can decide what constitutes a matter of “general public importance.”

The DOJ can sue under FHA for systematic mortgage discrimination or if a group’s denial of rights raises public concern. The DOJ can even file criminal charges when discrimination involves force or threats. Individuals who believe they have been discriminated against can file complaints with the U.S. Department of Housing and Urban Development (HUD) or initiate legal proceedings in federal or state courts. The DOJ may even provide legal representation to individuals based on HUD referrals.

When someone files a discrimination complaint, HUD is responsible for conducting a comprehensive and timely investigation. If conciliation is unsuccessful, HUD will determine whether federal laws have been violated. If there is reasonable cause to believe such laws have been violated, HUD will issue a Charge of Discrimination. Within 30 days, the person who filed the complaint or the respondent may choose to have the charge heard in a HUD administrative law court or federal court.

Federal Court Trial vs Administrative Hearing

Discrimination complainants can opt for a federal court trial or an administrative hearing by HUD. The former is represented by DOJ attorneys and heard by a judge or jury and may result in compensatory and punitive damages. The latter is represented by HUD attorneys and adjudicated by an administrative law judge, which may lead to civil penalties and compensatory (not punitive) damages. Both can issue written opinions and order injunctive relief, with the option to appeal to the U.S. Court of Appeals.

Special Considerations

Proving housing discrimination can be difficult, and collecting good evidence is helpful. Contact a local fair housing center or an attorney for guidance. Some states provide additional fair housing protections beyond federal laws. For example, New York State Human Rights Law protects against discrimination based on various factors, including creed, national origin, sexual orientation, gender identity or expression, military status, age, and lawful source of income.

Fair Housing Violation Statistics

Expanding your knowledge of Fair Housing real estate laws will give you a better understanding of how discrimination affects the real estate industry. Learn more about the statistics of Fair Housing Violations by referring to the data provided below. All these statistics are from the 2024 Fair Housing Trends Report released by the National Fair Housing Alliance.

• In 2023, 34,150 fair housing complaints were received by private non-profit fair housing organizations, HUD, FHAP agencies, and the DOJ.
• Private nonprofit fair housing organizations processed 75.52% of complaints, a 5.68% increase from the previous year.
• Discrimination based on disability accounted for the majority (52.61%) of complaints filed with FHOs, HUD, and FHAP agencies.
• There were 1,521 complaints of harassment reported last year, an increase of 66.23%.
• There were 824 complaints based on color reported last year; this represents an increase of 35.30%.
• California has the highest number of total complaints at 8,667. This number is 25% of the total fair housing complaints received by private non-profit fair housing organizations, HUD, FHAP agencies, and the DOJ.

5 Ways Real Estate Agents Can Comply & Protect Against Violations

When becoming a real estate agent, it’s crucial to thoroughly understand and comply with all national and state-specific fair housing laws. Violating the laws can lead to legal action and financial penalties that damage or end a real estate agent’s business. Therefore, real estate agents must understand how to protect themselves and their clients against FHA violations.

1. Know How to Answer Frequently Asked & Risky Fair Housing Questions

Real estate agents should be cautious when answering client questions about preferred neighborhood characteristics, location, and desired quality of living. Some of these questions relate to protected characteristics and could cause a violation of fair housing laws. Agents must focus on the properties themselves, have resources to direct clients to, and avoid making general assumptions when responding to their clients. 

Below are some frequently asked client questions considered fair housing real estate violation examples and proper responses that will help you avoid violating the FHA:

2. Review Your Advertising & Marketing Materials for Potential Fair Housing Violations

The language used by agents in marketing and advertising materials must comply with fair housing laws. Agents must avoid using words that can be discriminatory to a protected class in their property descriptions, websites, marketing materials, and real estate ads.

To eliminate real estate fair housing violations in advertising and marketing, agents should use inclusive language, avoid stereotypes and generalizations, and follow fair housing guidelines when creating materials. Agents should also be aware of the types of language and imagery perceived as discriminatory, such as words or phrases that imply preferences for a certain race, religion, sex, or familial status. Some examples of fair housing words to avoid and reasons for the fair housing violation:

Small changes to your marketing language can ensure you are not violating real estate fair housing laws. Ultimately, you want to market the property in the best possible light by highlighting its amenities, features, and special details that will appeal to the appropriate target audience.

3. Be Confident With Real Estate Testers

The Fair Housing Testing Program is a program to help fight against housing discrimination by sending testers to pose as buyers and renters. Testers are similar to mystery shoppers who pose as interested parties and document their interactions with real estate agents or property managers to assess whether fair housing laws are being followed.

These testers will gather evidence of discriminatory practices by real estate agents or property managers. They will call to inquire about listings or even attend open houses and showings and ask leading questions to see if you violate any fair housing laws. As an agent, being confident and professional when interacting with real estate testers is essential to ensure compliance with the Fair Housing Act. Here are some tips to be extra prepared if you encounter a tester:

• Be familiar with fair housing laws and the covered protected characteristics.
• Understand what is allowed regarding advertising, showing, renting, or selling properties.
• Regularly check HUD, DOJ, and your local state website for updates to real estate fair housing laws and regulations
• Attend training sessions at your local real estate board and brokerage
• Select continuing education hours that cover fair housing laws

4. Know Who to Contact When Discrimination Occurs

When fair housing discrimination occurs to you or your clients, real estate agents should know who to contact to report and address it. You can submit a claim with HUD online, via email, or physical mail. Document the incident in as much detail as possible, including the date, time, parties involved, actions, etc.

Here are some options for who to contact if a violation occurs or if you have fair housing questions:

5. Promote Equality

Real estate agents and brokers should treat all clients equally regardless of their protected status. They should avoid steering clients to particular neighborhoods or properties based on their protected status and refrain from using discriminatory language in their advertising or communications. One way to avoid unintentional discrimination in your real estate practice is to use standard screening criteria for all applicants, such as credit and criminal background checks, and give all your clients the same information packet.

FAQs

What are the penalties for violating the Fair Housing Act?

When did the Fair Housing Act pass?

Who does the Fair Housing Act protect?

When real estate professionals comply with fair housing laws, what are they helping to do?

Bringing It All Together

It’s critical to your career to understand the definition of fair housing, take its laws seriously, and be proactive in preventing discrimination and promoting equal housing opportunities. Stay informed of any changes or updates to fair housing laws, and regularly review your practices to ensure compliance. By following these steps, you can help protect yourself against fair housing violations and ensure you provide all clients with equal housing opportunities.

The post Fair Housing in Real Estate: A Guide for Agents & Brokers appeared first on The Close.

Bonus: Download The Close’s Buyer Presentation Template

What Is a Buyer Presentation?

You’ll need to seal the deal with that prospect once you’ve generated a buyer lead through your real estate prospecting efforts. A buyer presentation is a short, semiformal presentation that lays out the professional relationship between buyer’s agents and leads. It is typically given after the initial conversations with potential buyers. It’s a way to showcase your expertise and marketing strategies, convey clear and realistic expectations, explain the homebuying process, and ask questions.

What to Include in a Real Estate Buyer Presentation

In a real estate buyer presentation, it’s essential to include information that thoroughly showcases your expertise and the available property listings. Some key elements to include are as follows:

• Personal introduction: Provide a brief introduction about yourself, your experience in the real estate industry, and any notable achievements that highlight your expertise and neighborhood knowledge.
• Buyer’s needs: Summarize their wants, needs, and dreams for their new home to show that you’ve listened.
• Buying process overview: Break down the buying process into clear, easy-to-understand steps.
• Market overview: Provide a snapshot of the current market conditions, trends, and what they mean for the buyer.
• Financial overview: Discuss financing options, preapproval, and estimated closing costs to prepare them financially. 
• Property selections: Present a curated list of properties that match their criteria, highlighting unique selling points.
• Testimonials: Share stories and testimonials from your past clients to show your track record of success and build trust.
• Next steps: Clearly outline the actions needed to move forward.

Steps for Creating a Buyer Presentation

Crafting an effective buyer presentation involves specific steps. These include researching your audience, tailoring your approach, and following up appropriately. Below is an overview of the essential steps for creating a buyer presentation that grabs attention and delivers results.

Step 1: Pick an Interactive Template

Interactive templates fully immerse your clients in the experience during a real estate buyer presentation. These templates enhance the visual appeal of your presentations and make them more engaging and memorable for your clients. Use a template that allows your buyers to explore stunning property photos, view 3D floor plans, and take a virtual neighborhood tour. These features transform the presentation into an exciting journey rather than a static display.

Canva is a popular, easy-to-use, and versatile graphic design tool. It is the preferred design tool for real estate agents who need to quickly create professional marketing materials. Canva offers templates, editing tools, and sharing options for custom property flyers and branded social media posts.

Step 2: Understand & Uncover Your Buyer’s Needs

To understand the buyer’s needs and wants, you must learn about their life and what they like. Instead of asking about basic things like where they want to live and how much money they have, ask them questions via an online form about their current living situation, reasons for moving, previous experiences with buying a home, and what they’re looking for in an agent.  

Then, when you meet them, give them a map and ask them to show you where they want to live and where they don’t want to live. They can also write the most important things they want in a home and the things they don’t want. This method personalizes the discussion, making potential buyers active participants in the search process.

Step 3: Clearly Explain the Homebuying Process

It is essential to guide homebuyers through the intricate homebuying process clearly and concisely. By doing so, you will minimize their anxiety and establish trust. 

Here are important steps on the homebuying process timeline:

• Financing: Evaluate financial readiness and credit score.
• Budget: Determine their budget and decide how much your clients can afford to spend on a house.
• Financing options: Research and explore different financing options, such as conventional, FHA, VA, and USDA loans.
• Mortgage: Get preapproval for a mortgage.
• Home search: Selecting properties that meet the buyers’ criteria and arranging viewings.
• Make an offer: Discuss factors like the current market, the home’s value, and how to negotiate effectively.
• Inspections and appraisals: Check that the home is in good condition and worth the investment.
• Closing: Walk them through what to expect at closing, from signing paperwork to receiving the keys.

Step 4: Include a Market Analysis

To help buyers make smart decisions, provide comprehensive market information, including home price trends, property variety in different neighborhoods, average time on the market, and insight into negotiation and purchasing under current market conditions. Ensure you have all the information you need to feel confident about your investment in this market.

Step 5: Showcase Properties

It’s essential to do more than recite the home features when presenting properties. Instead, bring each home to life by creating stories that link the property to the buyer’s lifestyle. To make it engaging and visually appealing, use the following:

• Consider engaging scenarios to make the property features more relatable. For example, you could say, “Imagine hosting Thanksgiving and birthday dinner in this spacious living and dining room,” or “Envision relaxing on the weekend in this bright and tranquil garden patio.” These little narratives can help potential buyers visualize themselves living in the space.
• To appeal to the senses, add vivid sensory descriptions, such as the fireplace’s warmth and the nearby park’s peaceful sounds.
• Use high-resolution images, interactive virtual tours, and authentic testimonials from previous clients to enhance credibility and evoke emotion.

Step 6: Present Different Financing Options

Remember to provide transparent information about the financial aspects of buying a property. This includes explaining the down payments, closing costs, and ongoing expenses like property taxes, insurance, and maintenance. Remember that you are not a mortgage professional, so generalize financing and provide contact information for mortgage professionals.

Step 7: Present Sample Buyer’s Representation Agreement

As you wrap up your presentation, touch on the buyer’s representation agreement. In real estate, things can be full of surprises, and without this agreement, there’s a chance of investing a lot of time in clients only to see them switch to another agent at the eleventh hour. It’s crucial to showcase a sample agreement and guide them through key sections, like exclusive representation, your role as their agent, and how you will receive compensation.

Step 8: Show a Clear Next Step

It’s important to end your real estate buyers presentation by clearly outlining the next steps. Instead of just saying “thank you,” let them know what to expect next. This could include setting up property tours or diving into offer strategies. Provide a clear timeline to maintain momentum. Answer any questions and demonstrate that you are prepared to assist them throughout their homebuying journey. This approach keeps things organized and shows your dedication to helping them find the perfect place.

Tips for Delivering a Buyer Presentation 

Now that you know how to create a buyer presentation and have a template ready to go, let’s review the tips for delivering your presentation in a way that builds a foundation for a solid buyer-agent relationship.

• Role-play your presentation with another agent. The more you practice, the easier the presentation will be to deliver, even if you have some nerves.
• Deliver your presentation in person (if possible). Avoid giving your presentation virtually because building rapport is much easier in person. Plus, that firm handshake, warm smile, and confident eye contact will go a long way in convincing your leads that you’re the agent for them.
• Use a large monitor or tablet to give your presentation. If you don’t have a conference room with a large monitor, consider pooling together with other agents in your office to buy a big tablet specifically for presentations—better yet, convince your broker to buy you one!
• Break the ice with small talk (but don’t overdo it!). Starting your presentation with a minute or two of small talk will not only break the ice, but it also has the potential to build rapport more quickly than your entire presentation.
• Tell them how long the presentation will take. We think you should keep your part to less than 15 minutes and leave plenty of room for questions.
• Ask specific and open-ended questions. So you can gather information for your profile, build trust, and get them excited about their search. You can ask questions to create an actionable buyer profile during your presentation. Choose three to four questions that best fit your situation and help you build the most knowledge:
  • Have you ever worked with a buyer’s agent?
  • Why do you want to find a new home, and why now?
  • What kind of monthly payment would you be comfortable with?
  • How experienced are you with the mortgage process?
  • If you had to choose one, would you choose a great location, price, or home?
  • Is there a specific school district you want to be in?
  • How important is a fast commute to work?
  • What is your time frame for finding a home?
  • When is the best time and day of the week to reach you, and how do you prefer to communicate?
  • Can you paint me a picture of your dream home?
• Don’t ask them to sign an exclusive buyer agreement…yet. Walk them through the agency disclosure agreement and tell them you don’t want them to sign an exclusive agreement until they know you better. Promise to earn their loyalty. When you are ready to ask for the signature, I like a simple, straightforward, “So what do you think? Have I earned your business?”
• Send them a PDF of the presentation. If you really want to wow them, come with buyer agent checklists or write an e-book on the buying process and local market and send it along with your presentation and packet.
• Remember that knowledge = confidence. Walk into your presentation confidently because you have the information and the skills.

Bringing It All Together

Delivering a top-notch, successful buyer’s presentation takes confidence (and a little thoughtfulness), but if you do it well, you can convert those warm buyer leads in as little as 15 minutes. Do you have any real estate buyer presentation templates, buyer presentation scripts, or advice for new agents giving their first buyer presentations? Or maybe a story about a buyer presentation that went sideways? Let us know in the comment section.

The post The Buyer Presentation: A Step-by-Step Guide to Convert Clients appeared first on The Close.

What Is a Notary?

A notary public is an individual appointed by the government to verify the identity of parties during the signature of important documents, like legal contracts, wills, car title transfers, or home loans. Notaries are official representatives of the state where they operate. Becoming a notary is a relatively straightforward and affordable process that allows professionals in various industries to make additional income. 

How Much Do Notaries Earn? 

Public notaries earn an average salary of approximately $61,000 per year. However, the potential income of being a notary public depends on your state and the type of notary position you choose. Stationary notaries provide services to customers as needed, while mobile notaries travel to locations that require a witness.

Mobile notaries can travel for the following industries that commonly use notaries for witnessing such transactions:

• Real estate: Uses notaries in real estate closings to witness signatures on a promissory note, deed of trust or mortgage, closing disclosure, or closing statement.
• Insurance: Documents like insurance claim forms, beneficiary request forms, and change of ownership documents need notarizing.
• Title companies: Title companies facilitate the signature on a property for sale. Usually, an 80- to 125-page document is generated by a lender in such transactions, requiring a notary to be present.
• Financial services: Banks have a variety of documents that need to be notarized. They may require a notary on claims, new policies, or transfer of assets.
• Attorneys: Certain legal documents like prenuptial agreements, articles of incorporation, or legal affidavits require a notary signature.

Becoming a notary is a great strategy to earn additional income without choosing a new career. Learn about other great options to earn money or change your career in our guide: 15 Real Estate Jobs Without a License and 13 Jobs You Can Get With a Real Estate License.

Step 1: Confirm Your State’s Requirements

To learn how to start a notary business from home or what it takes to be a notary, check your state’s requirements. Although each state is different, most states require you to be at least 18 years of age, be a legal resident in the state you are applying for, and have no fraudulent or felony charges on your record. Some states also require you to be able to read and write in English.

For example, Louisiana and Georgia have a few of the same qualifications; however, their education, background, and other requirements differ. Check it out:

For more details on how to start a notary business and how to become a US notary, click on your state on the map below to review the specific requirements to qualify.

Step 2: Complete Your Education & Training

Obtaining your public notary license is similar to becoming a real estate agent, which requires state-specific prelicensing education. The training to become a notary is shorter than that for real estate agents, with educational hours required varying between two and six hours. Some states have no education requirements. You must understand Notary Public License Law if your state doesn’t specify prelicensing hours. For instance, New York and Utah don’t require an education course, but you must pass the state exam on the law.

Here are the states that require education:

• California
• Oregon
• Nevada
• Montana
• Wyoming
• Colorado
• New Mexico
• Missouri
• Wisconsin
• Illinois
• Indiana
• Ohio
• Pennsylvania
• New Jersey
• Vermont
• Maryland
• District of Columbia
• North Carolina
• Florida

Since learning how to start a notary business differs in each state, the cost of becoming a notary also varies. For example, the Secretary of State of Colorado provides a free education course for becoming a notary online. However, paid notary courses start at around $40.

Step 3: Pass the Notary Exam

When learning how to become a notary, look into your state’s exam procedures and scheduling. Details are on your state’s Secretary of State website or the National Notary Association’s state-specific guide. Not all states require you to pass an exam to be a notary public. However, tests can be offered online or proctored in person in states that provide them. Most notary tests consist of multiple-choice and true/false questions, with states implementing a minimum passing score requirement.

Step 4: Get a Surety Bond (if Required)

Surety bonds are required in many states to ensure that notaries perform their duties according to the law, protecting the public from potential damages or financial harm. These bonds are easy to obtain and typically only require basic information from the notary for the application. While the notary is responsible for paying any claims made against the bond, it’s recommended that they also have errors and omissions insurance.

Some states require a bond amount of as little as $500, like Wisconsin and Wyoming, or it can be as high as $50,000 in Alabama. The cost of the bond does not correlate with the bond amounts. For example, Surety Bonds Direct offers Alabama Surety bonds for only $100 for a $50,000 bond amount, yet Louisiana has a $10,000 bond requirement, and the cost is $110. 

Here are the states that require a safety bond:

• Alabama
• Alaska
• Arizona
• Arkansas
• California
• District of Columbia
• Florida
• Hawaii
• Idaho
• Illinois
• Indiana
• Kansas
• Kentucky
• Louisiana
• Michigan
• Mississippi
• Missouri
• Montana
• Nebraska
• Nevada
• New Mexico
• North Dakota
• Oklahoma
• Pennsylvania
• South Dakota
• Tennessee
• Texas
• Utah
• Washington
• Wisconsin
• Wyoming

Step 5: Submit a Notary Application

Once you’ve learned how to start your own notary business, get certified as a notary public, and complete your requirements, it’s time to submit the paperwork. Make sure to double-check the application procedures for your state, as some applications are submitted online and some are mailed to different state entities. Your application usually requires a filing fee ranging from $25 to $50.

Along with the application, some states will require you to submit documents like proof of education training and state exam scores, proof of bond, fingerprints, and background checks. When your application is approved, you’re officially a notary business and should receive your certificate. However, a few states, like Connecticut, require you to file your certificate, take the oath of office, and pay a recording fee of $10.

Step 6: Buy Your Notary Supplies

To start learning how to be a notary public, make sure you have the appropriate supplies. You can purchase these tools on websites like the American Association of Notaries or All State Notary Supplies. The important tools you’ll need as a notary are as follows:

Supply	Notary Stamp	Metal Embosser Seal	Notary Journal	Extra Notary Certificates	Inkless Thumb Printer
Description	This self-inking stamp contains your current notary commission information. It will be stamped on every document you notarize.	This raised seal stamp creates an impression on documents with notary information. This is required on certain documents.	Use this book to keep a record of your notary activities and the fees charged for service.	Keep multiple copies of notary certificates on hand to attach to a document that lacks notary language or if the document lacks ample room for a notary seal.	Notaries may want to have an inkless thumb printer to obtain the signer's fingerprint for the record.
Starting Price	$22.99	$29.95	$14.99	$14.99	$14.99

In addition, creating a “fee chart” that displays the fees for your notary services is best. This can be emailed to your customers and displayed in your office. Use a professional graphic design service like 99designs to help you create and design a flyer, printed document, or poster starting at just $169. Simply submit a quick brief describing your design needs, and the platform will connect you with its community of graphic designers to either hire one or create a contest for the best custom design.

Step 7: Advertise Your Services & Start Your Notary Career

The overhead cost of becoming a notary is relatively low compared with launching other businesses, but your success depends on the effort you put into it. To grow your notary public business, you must promote your services and have a system to capture leads and communicate with customers. 

Like real estate agents, notaries must use lead generation tactics to gain clients for their notary business. There are an endless number of local marketing ideas, which may include the following:

• Direct mail
• Email marketing
• Social media marketing
• Website and content marketing
• Advertising

Consider starting with a comprehensive marketing tool like Market Leader that includes a variety of marketing platforms, like email marketing, print marketing, and a complete branding and design suite. Market Leader makes it easy to create a beautiful and professional website and manage leads with the built-in customer relationship manager (CRM).

Frequently Asked Questions (FAQs)

How long does it take to become a notary?

How much does it cost to become a notary?

What is the hardest state to become a notary?

Bringing It All Together 

Figuring out what you have to do to become a notary can be challenging since each state has different requirements. However, starting a notary business is possible for anyone willing to put in the time and effort. To learn how to become a notary, follow the steps above, and enjoy benefits like a flexible work schedule and multiple income opportunities.

The post How to Become a Notary & Own a Notary Business in All States appeared first on The Close.

Home Buying Statistics

Why These Stats Matter

The changing work patterns in America have influenced how people buy homes. With the freedom to live and work from anywhere, homebuyers are exploring more options and prioritizing their preferences over proximity to work. However, higher home prices and mortgage rates have slowed the home-buying process for many, prompting a more cautious approach to homeownership. Nonetheless, move-up buyers and investors continue to purchase homes steadily, intensifying the pressure on the limited housing supply.

1. In February 2024, existing home sales increased by 9.5% to a seasonally adjusted annual rate of 4.4 million. This event marks the most significant monthly increase since February 2023.^[1]

2. The Pending Home Sales Index (PHSI) increased to 75.6 in February 2024 by 1.6% compared with that in the previous month.^[1]

3. In February 2024, new listings experienced a year-over-year (YoY) increase of 14.8%, compared with 8.2% in the prior month. This milestone marks the most significant annual gain in listings since May 2021.^[1]

4. In January 2024, the national housing affordability index was 105.5. This statistic is an improvement from the previous month but still lower than the index of 109.2 from a year ago. This fact means a family with a median income has more than enough to afford a median-priced home.^[1]

5. In February 2024, private housing construction rose to an annual rate of 1.52 million, up 10.7% from January 2024 and 5.9% from February 2023, indicating potential continued growth in the housing market.^[1]

6. The share of home buyers by generation is as follows^[2]:

• Gen Z: 3%
• Younger Gen Y/millennials: 17%
• Older Gen Y/millennials: 21%
• Gen Xers: 24%
• Younger boomers: 19%
• Older boomers: 12%
• Silent generation: 4%

7. First-time home buyers made up 32%, up from last year’s 26%.^[3]

8. 59% of recent home buyers were married couples, 19% were single females, 10% were single males, and 9% were unmarried couples.^[3]

9. 14% of home buyers purchased a multigenerational home, the most common reasons being to care for aging parents, for cost savings, or because children or relatives over the age 18 were moving back home.^[3]

10. At 26%, the primary reason for purchasing a home was the desire to own one. For first-time buyers, this number jumps to 60%.^[3]

11. 13% of home buyers purchased a new home, and 87% of buyers purchased a previously owned home.^[3]

12. Detached single-family homes remained the most common home type for recent buyers at 79%, followed by townhouses or row houses at 8%.^[3]

13. For home buyers, 60% cited the quality of the neighborhood as the most critical factor determining the location. Convenience to friends and family and overall affordability of homes were recorded at 45% and 39%, respectively.^[3]

14. 41% of recent buyers began taking the home-buying process seriously by looking at properties for sale online, while 20% first contacted a real estate agent.^[3]

15. 90% of recent buyers found their real estate agent either a “very” or “somewhat” helpful information source.^[3]

16. All home buyers used the Internet to search for a home. The most valuable contents on websites were photos, detailed information about properties for sale, floor plans, and the real estate agent’s contact information.^[3]

17. 89% of buyers recently purchased their home through a real estate agent or broker, and 6% purchased directly through the previous owner.^[3]

18. 43% of buyers used an agent referred to them by a friend, neighbor, or relative; 13% used an agent that they had worked with in the past to buy or sell a home; 7% found their agent when inquiring about a specific property found online; and 7% saw their agent through a website without a specific reference.^[3]

19. For first-time home buyers, 38% said saving for a down payment was the most challenging step in the process.^[3]

20. For 54% of buyers, the source of the down payment came from their savings.^[3]

Home Selling Statistics

Why These Stats Matter

Selling real estate agent stats for homes is essential for buyers and sellers to understand market trends and make informed decisions. For sellers, these real estate agent facts help in pricing their homes effectively and gauging buyer interest. In contrast, buyers can use them to assess market competitiveness and pricing trends and negotiate better deals.

21. The median sales price of single-family homes rose to $388,700 in February 2024, exceeding the previous year’s median of $368,100.^[1]

22. In February 2024, the number of unsold listings increased by 5.9% compared with last month’s and by 10.3% compared with last year’s.^[1]

23. The share of home sellers by generation is the following^[2]:

• Gen Z: 2%
• Younger Gen Y/millennials: 6%
• Older Gen Y/millennials: 17%
• Gen Xers: 23%
• Younger boomers: 26%
• Older boomers: 19%
• Silent generation: 6%

24. For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (23%), because the home is too small (13%), or a change in the family situation such as a marriage, divorce, or new child (10%).^[3]

25. 89% of home sellers worked with a real estate agent to sell their home; 7% sold via FSBO; and less than 1% sold via iBuyer.^[3]

26. For recently sold homes, the final sales price was a median of 100% of the final listing price, maintaining last year’s highest recorded since 2002.^[3]

27. In May 2024, homes spent 44 days on the market, one day more than last year but eight days shorter than before the COVID-19 pandemic.^[4]

28. 65% of sellers found their agent through a referral from a friend, neighbor, or relative or used an agent they had worked with to buy or sell a home.^[3]

29. In 2023, 7% of recent home sales were FSBO sales, an all-time low that matches the share seen in the 2021 report.^[3]

30. Within rural areas, 14% sold via FSBO compared with 3% of sellers in urban areas.^[3]

31. FSBOs typically sell for less than the selling price of other homes; last year, FSBO homes sold for a median of $310,000, significantly lower than the median of agent-assisted homes, which was $405,000.^[3]

32. In May 2024, the median price of homes for sale remained relatively stable compared with last year, growing by 0.3% to $442,500. However, the median price per square foot rose by 3.8%, indicating that the inventory of smaller and more affordable homes has grown in share.^[4]

33. Home sellers were more active this May 2024, with 6.2% more homes newly listed on the market than last year.^[4]

The Close Takeaway: Given the current market conditions, the realtor charts and stats show that it would be beneficial to consider starting a marketing campaign focused on growth. Creating a solid and innovative marketing strategy will help you effectively highlight your strengths in different real estate projects, positioning your business for long-term growth and success.

Today’s Market Shifts

Why These Stats Matter

Given the current economic fluctuations, the real estate market faces significant, multifaceted changes. Real estate agents provide valuable insights and guidance to help clients make astute decisions aligned with their needs. They offer expertise in navigating the complexities of the real estate market and provide support throughout the transaction process.

34. The real estate market worldwide is expected to reach a staggering value of $637.80 trillion by 2024.^[5]

35. Among the various segments, residential real estate dominates the market, with a projected market volume of $518.90 trillion in 2024.^[5]

36. The 15-year fixed mortgage rate is 6.13% as of June 19, 2024.^[6]

37. As of May 2024, the national average 30-year fixed mortgage rate is at 7.1%, increased by 0.6 points YoY. ^[7]

38. Top five metros in the US with the fastest growing sales price^[7]:

• 22.2%—Irvine, CA
• 21.6%—Long Beach, CA
• 20.7%—Dallas, TX
• 20.0%—West Palm Beach, FL
• 19.8%—Paradise, NV

39. Top five most competitive cities in the US^[7]:

• San Jose, CA
• Cary, NC
• Sacramento, CA
• Littleton, CO
• Richmond, VA

40. Top five areas where people are moving to (net inflow from March 2024 to May 2024)^[7]:

• 6,300—Sacramento, CA
• 5,600—Phoenix, AZ
• 5,400—Sarasota, FL
• 5,100—Cape Coral, FL
• 5,000—Las Vegas, NV

41. Top five areas where people are moving from (net inflow from March 2024 to May 2024)^[7]:

• 35,600—Los Angeles, CA
• 32,200—New York, NY
• 25,800—San Francisco, CA
• 20,100—Seattle, WA
• 15,100—Washington, D.C.

42. Most expensive states to live in 2024^[8]:

• Hawaii
• District of Columbia
• Massachusetts
• California
• New York

43. Least expensive states to live in 2024^[8]:

• Mississippi
• Oklahoma
• Kansas
• Missouri
• Alabama

44. Most expensive cities to own a home^[9]:

• San Jose, CA
• San Diego, CA
• New York City, NY
• Washington, D.C.
• San Francisco, CA

45. The most affordable cities to own a home^[10]:

• Detroit, Michigan
• Cleveland, Ohio
• Toledo, Ohio
• Memphis, Tennessee
• Baltimore, Maryland

The Close Takeaway: The real estate market is changing, shifting buyer preferences, mortgage rates, and economic conditions. To succeed in this dynamic environment, staying informed and adaptable is important. Agents should improve their negotiating skills and focus on negotiating contract terms to maximize their closings. Additionally, it’s essential to define your ideal client and create a strategy to target them with your branding campaign to stay ahead of the competition.

Rental Statistics

Why These Stats Matter

Both landlords and tenants need to have rental real estate agent statistics. These numbers show rental real estate trends. Landlords can use them to set competitive rental prices and understand vacancy rates. They can also make better decisions about property investments. Rental statistics offer insights into average rental prices for tenants in specific areas. This data helps them make informed decisions when looking for a new place to live.

46. Top five states with the highest average monthly rental costs^[11]:

• $2,423—Hawaii
• $1,956—California
• $1,828—New Jersey
• $1,806—Massachusetts
• $1,745—New York

47. Top five states with the lowest average monthly rental costs^[11]:

• $869—North Dakota
• $972—Iowa
• $973—South Dakota
• $988—Kentucky
• $1,008—Arkansas

48. 72% of renters said the affordability of the property is the most important factor in staying in a rental.^[12]

49. As of March 2024, the observed rent index for multi-family is $1,855 and $2,183 for single-family rents.^[13]

50. Pittsburgh stood out as the sole area to see a decrease in typical rents (-0.2%) from February to March. In contrast, Washington, D.C., the New York City metro area, and San Jose each recorded significant 1% increases in typical rents on a month-to-month basis.^[13]

51. Rent concessions increased YoY in 41 of the 50 largest metro areas. The annual increase in the share of rental listings with concessions was highest in Charlotte (18.3ppts), Raleigh (18.3ppts), Austin (15.5ppts), Jacksonville (14.5ppts), and Salt Lake City (14.3ppts).^[13]

52. The nationwide rental vacancy rate was 6.6% as of Q4 2023.^[13]

53. 74% of renters used mobile devices as their primary tool in researching rental properties.^[12]

54. 53% of renters live in apartment buildings, and 29% of renters live in a single-family detached house.^[12]

55. The South has the highest percentage of renters at 36%, followed by the West (28%), the Northeast (19%), and the Midwest (18%).^[12]

56. Top five cities with the highest asking rent per square foot^[14]:

1. $4/sq. ft.—San Francisco, CA
2. $3.92/sq. ft.—New York, NY
3. $3.34/sq. ft.—San Jose, CA
4. $3.12/sq. ft.—Boston, MA
5. $2.86/sq. ft.—San Diego, CA

57. Top five cities with the lowest asking rent per square foot^[14]:

1. $1.36/sq. ft.—Cincinnati, OH
2. $1.35/sq. ft.—Columbus, OH
3. $1.34/sq. ft.—Kansas City, MO
4. $1.34/sq. ft.—Detroit, MI
5. $1.34/sq. ft.—St. Louis, MO

58. The median US asking rent rose 0.8% YoY to $1,987 in March 2024, marking the third consecutive increase after three months of decreases.^[15]

The Close Takeaway: The rental real estate statistics show a strong demand for rental properties, which presents a promising opportunity for real estate investors. Additionally, the data highlights the importance of strategic property management and location selection to maximize returns in the rental real estate market.

Commercial Real Estate Statistics

Why These Stats Matter

Commercial real estate broker statistics are essential for understanding market trends, making informed investment decisions, and evaluating the economy’s overall health. They offer valuable insights into vacancy rates, rental prices, sales volume, and other key indicators. By analyzing and interpreting these statistics, stakeholders can better understand current conditions and anticipate future trends, enabling them to make more informed choices.

59. As of March 2024, small banks’ commercial real estate debt is at $2.0 trillion and $876 billion for large banks.^[16]

60. Net absorption of the offices sector for the last 12 months is -57.9 million sq. ft.^[16]

61. The office sector rent growth for the last 12 months is 0.7%, and the cap rate is 8.4%.^[16]

62. Net absorption of the multifamily sector for the last 12 months is 356,984 units.^[16]

63. The multifamily sector rent growth for the last 12 months is 0.7%, and the cap rate is 5.9%.^[16]

64. Net absorption of the retail spaces for the last 12 months is 45.8 million sq. ft.^[16]

65. The retail spaces rent growth for the last 12 months is 3.1%, and the cap rate is 6.8%.^[16]

66. Net absorption of the industrial sector for the last 12 months is 124.1 million sq. ft.^[16]

67. The industrial sector rent growth for the last 12 months is 5.3%, and the cap rate is 7.3%.^[16]

68. The hotel or hospitality industry recorded a 62.5% occupancy rate in the last 12 months.^[16]

69. In March 2024, the average daily rate (ADR) per room rose to $157/room, up 19% from March of 2020.^[16]

70. The revenue per available room (RevPAR) also increased to $98/room, up 13% compared with that in the same period in 2020.^[16]

The Close Takeaway: After analyzing commercial realtor statistics, it’s clear that the market is experiencing strong growth in certain sectors, such as multifamily and hotel, while encountering challenges in others, like office spaces. Conducting thorough research is always important, but having more details about commercial real estate prices, vacancy rates, rent growth, construction, and top-performing sectors can help narrow down the properties to consider.

Real Estate Lead Generation Statistics

Why These Stats Matter

All real estate agents and brokers should include lead generation strategies in their business plans. Educating yourself about general lead generation realtor statistics will help you formulate your strategy and ensure that you make decisions based on success rates and target the correct audience. If you need help with your social media, consider working with a real estate marketing company like Coffee & Contracts to automate and streamline your social media content and management.

71. 22% of realtors spent an average of $50–$250 monthly on lead generation.^[17]

72. 52% of realtors use social media to generate leads, and 68% use it to promote their listings.^[17]

73. 92% of realtors use Facebook in their real estate business, 68% use Instagram, 52% use LinkedIn, and 26% use YouTube.^[17]

74. The top three tech tools that have given realtors the highest number of quality leads in the last 12 months were social media (54%), CRM (36%), and their local MLS (24%).^[17]

75. The three most common sources of foreign real estate leads were personal contacts (24%), referrals by previous clients (24%), and former clients (10%).^[18]

76. 75% of home buyers and 73% of sellers would definitely use their real estate agents again or recommend them to others.^[2]

77. 81% of home sellers only contacted one agent before selecting one to assist with the home selling process.^[2]

78. 36.1% of marketers noted that the lack of lead generation strategy is their biggest barrier to lead generation.^[19]

79. In a survey of US marketing decision-makers, 35.4% stated that the most challenging factor in generating quality leads is the buyer’s misunderstanding of the value of the offering.^[20]

80. Companies primarily prefer using emails to nurture leads, with almost half of the respondents selecting it as their top method, followed by scheduled calls/demos and social media.^[19]

The Close Takeaway: Getting people interested in buying houses is essential for growing your real estate business. You can do this by using social media, searching online, asking for referrals, and networking with people. Understanding your audience is vital; real estate lead generation statistics can help. This understanding makes your audience feel valued and integral to your business, leading to quicker success.

Sold.com is a free real estate referral service that connects local real estate agents with homeowners looking to sell their properties. By providing personalized recommendations and data-driven insights, Sold.com aims to help agents save time, reduce stress, and improve sales outcomes for their clients. The platform takes a tailored approach to each homeowner’s unique situation, ensuring that agents are connected with motivated sellers who are ready to make a move

How Many Realtors Are There in Each State in 2024?

Understanding the number of real estate agents in each state in 2024 is crucial for real estate professionals. This data offers valuable insights into the competitive landscape in local markets and provides a deeper understanding of industry dynamics. By knowing how real estate agents are distributed across different states, agents can fine-tune their strategies, pinpoint areas with growth potential, and thrive in an ever-changing market.

Bringing It All Together

Understanding the ever-changing real estate industry is important, especially when the market is weak. You can use these real estate agent statistics in many ways, like knowing which city is best for realtors, deciding on real estate investing, starting a conversation, writing blog posts, or creating social media content. By using these realtor statistics, you can show that you know what’s happening in the market in your area and stand out. 

If there are real estate numbers we didn’t include that you want to know, just leave a comment. These real estate facts are a great way to start talking about real estate. Let’s keep talking!

Sources

1. Residential Real Estate Market Snapshot Report

2. 2024 Home Buyers and Sellers Generational Trends Report

3. 2023 Profile of Home Buyers and Sellers

4. May 2024 Monthly Housing Market Trends Report

5. Real Estate—Worldwide | Statista Market Forecast

6. Mortgage Rates—Freddie Mac

7. United States Housing Market & Prices | Redfin

8. Most Expensive States to Live in 2024

9. 10 Most Expensive Cities to Own a Home in 2024

10. 10 Most Affordable Cities To Buy A Home In 2024—Forbes Advisor

11. Examining the Cost of Living by State in 2024

12. Renters: Results from the Zillow Consumer Housing Trends Report 2023

13. The Rental Market’s National Stability Hides Local Eccentricities (March 2024 Rental Market Report)—Zillow Research

14. The Most and Least Expensive Cities for Renters in 2023 | Apartments.com

15. Rental Market Tracker: Asking Rents Rose for the Third-Straight Month in March, Driven by the Midwest

16. Commercial Real Estate Market Insights Report

17. 2023—Technology Survey

18. Realtors: lead sources for foreign buyers US 2023 | Statista

19. 27 Lead Generation Statistics and Trends for 2023

20. Difficulties with B2B qualified lead generation US 2021 | Statista

The post 80 Real Estate Agent Statistics, Insights & Trends for 2024 appeared first on The Close.

1. After Closing

This thank-you note from realtor to buyer after closing is from Zoe Kasiske and Marny Maslon, Douglas Elliman, Los Angeles.

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Hi [client’s first name]!

We want you to know how much we appreciate your trust by allowing us to guide you through the often up-and-down process of finding, buying, and closing escrow on your new home. We know this was a longer journey than anticipated, and we are so grateful for your continued trust in our ability to get you across the finish line.

Although the transaction is behind you, we prefer not to be out of sight and mind. So please keep our numbers and emails at your fingertips for vendor referrals (should you need a painter, for example), questions about the real estate market, or just to say hello.

Lastly, if you have a minute, please fill out this form so we can continue celebrating all the exciting milestones in the years to come!

Thanks so much,
[your name, phone number, and email address]

2. From Listing Agent to Homeowner

From Beverly Ruffner, real estate coach, The Close contributor

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Mr./Mrs. [client’s last name]

[client’s address]

Congratulations on selling your home! It was an absolute pleasure working with you. I greatly appreciate your business and am honored that you trusted me with the sale of your home. I would like to offer you my continued service, so please don’t hesitate to call should there be anything that I can do for you.

And remember, your referrals are the greatest compliment you can extend. I highly value all clients who refer friends and family to me and strive to ensure they experience only the utmost excellence!

Thank you,
[your information]
[your signature]

3. Handwritten Note With Closing Gift

From Tika Van Den Hurk, Douglas Elliman in Fort Lauderdale

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Dear [client’s first name],

Congratulations on purchasing your new home. I am honored to have had the opportunity to represent you in this transition. Wishing you and your family many years of enjoyment, good health, peace, and prosperity in your new home.

Warmest regards,
[your name]

4. After Closing From Buyer’s Agent to Buyer

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Dear [client’s first name],

I just wanted to drop you a quick note to let you know how thrilled I am that we found a home for you and [spouse’s name, kid’s name, or pet’s name]. I hope you will be happy in it for many years to come. Seeing the big smiles on your faces after closing is the best part of my job! It truly makes it all worthwhile.

I also want to let you know that I am available to you as your real estate insider from now on. If you have any questions about the market, even if they sound silly, call or text anytime.

Congrats!
[your information]
[your signature]

Agents should consider using a service like VistaPrint to help design, print, and mail thank-you notes. Its easy-to-use design editor lets you personalize premade thank-you note templates for postcards, flyers, posters, and other real estate marketing collaterals. VistaPrint also offers design services, a logo maker, and a free QR code generator.

5. Buyer’s Agent After a Difficult Closing

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Hi [client’s first name],

Thank you for choosing me from all the agents in [your farm area]. It was truly a pleasure helping you navigate this deal, even with [something that made it difficult].

Once you’re settled in, we should grab lunch sometime, on me.

Congratulations, and best of luck with your new home.

[your information]
[your signature]

6. After Receiving a Closing Gift From a Buyer

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[Client’s first name],

Thanks so much for the [gift they gave you]! Working with kind, thoughtful people like you reminds me of why I got into real estate in the first place.

If you or anyone you know ever needs real estate advice or wants to chat about the market (trust me—I can talk their ear off!), text or call anytime.

[your information]
[your signature]

7. After Finding a Buyer an Amazing Deal

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Hello [client’s first name],

Congratulations on scoring such an amazing deal in this market! I would love to take all the credit here, but the truth is, sometimes the real estate gods just smile on you. I know you and [spouse’s name, kid’s name, or pet’s name] will spend many happy years there.

If you ever need any real estate advice or just want to chat about the market, call or text anytime.

Congrats!

[your information]
[your signature]

8. Homeowner After Not Getting the Listing

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[Homeowner’s address]

Dear Mr./Mrs. [last name],

I wanted to thank you for meeting with me last week and offer my best wishes on the sale of your home. If you ever need unbiased market advice in the future, please don’t hesitate to text or call. My door is always open.

Thank you,

[your information]
[your signature]

9. Former Client After They Give You a Referral

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Hi [former client’s first name],

It’s hard to express how grateful I am that you gave [name of referral lead they sent you] my number. We had a long call yesterday, and [s/he] is excited to start [hunting for a home/putting their home on the market].

The next time you’re in [the neighborhood where your office is], let’s get lunch at [nice restaurant]. On me, of course!

Thanks again,

[your information]
[your signature]

10. After Making Initial Contact With a New Lead

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I’m delighted you contacted me [mention how they contacted you] about [specific aspects of real estate]. Thank you!

I’m genuinely excited to be a part of people’s lives as they start their buying or selling journey. I’m here to express my gratitude and let you know that I’m here to help in any way I can.

Whether it’s answering your questions, providing advice, or helping with property searches, I’d be honored to be your go-to resource for all things real estate. Please feel free to contact me at [contact information] for any further assistance. Thanks again!

[your information]
[your signature]

11. After Initial Appointment or Phone Conversation

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Thank you for taking the time to chat with me about [specific topic]!

I truly enjoyed our conversation and am genuinely excited to assist you. From property research to negotiations and beyond, I’m committed to ensuring your [buying/selling] experience is not just smooth but also successful. Your success is my priority.

Remember, you can always contact me via text, call, or email if any other questions arise. I’m here for you and eagerly await our next conversation!

[your information]
[your signature]

12. ‘Thanks Anyway’

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Thank you for considering me among the agents you could choose to work with and for taking the time to chat. It was great getting to know you, and I’m genuinely excited about the next steps you will take in your real estate journey.

If you ever need a second perspective or insight regarding the [your area] housing market, know you can always contact me. I’d be happy to help. I can’t wait for our paths to cross again and hopefully collaborate together! Until then, I wish you the very best on your real estate journey!

[your information]
[your signature]

13. During the Holiday Season

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The holiday season is nostalgic. As I was thinking about all of the great clients I got to work with this year, you came to mind. I want to express my heartfelt gratitude for being part of your [buying/selling] journey.

I hope you and yours have a joyous, refreshing, and delightful holiday season together. If you have any real estate questions or needs, please don’t hesitate to reach out. Thank you!

[your information]
[your signature]

Tips for Writing Effective Real Estate Thank-you Notes

Looking to express gratitude in real estate? Effective thank-you notes can go a long way. Mastering impactful thank-you notes can improve professional relationships and help you stand out in the competitive real estate market. Here are some valuable tips for writing real estate thank-you notes to buyers and sellers that leave an impression.

• Handwrite your realtor thank-you notes: When sending real estate thank-you notes, consider handwriting them to convey a personal touch and commitment to superior customer service. But if you prefer, you can use email, text, or realistic handwriting generators to save time. Keep the design simple to maintain a personal feel.
• Use the right tone: Remember to use a professional, warm, and sincere tone in your real estate thank-you cards. Being too casual can make you seem less competent and trustworthy, while insincerity may come across as a marketing ploy.
• Timing is important: Follow up with leads quickly to show professionalism. Send realtor thank-you notes to buyers, sellers, and current and past clients within a week or two to avoid seeming insincere or too busy.
• Keep it simple: A small message can have a significant impact. A simple “thank you” can speak volumes, especially handwritten. Keep it short to avoid hand cramps. Don’t overdo it by sending too many thank-you notes to the same person or family—one or two within a year will likely be enough. More than three in a year may seem pesky or desperate.

Benefits of Writing & Sending Thank-you Notes

Writing and sending thank-you notes in real estate is a simple yet powerful practice that can yield long-term benefits for agents and their clients. Here are some of the benefits of thank-you notes:

• Establishes a personal connection with clients
• Builds trust and rapport with buyers and sellers
• Shows appreciation for their business
• Reinforces a positive image of the real estate agent
• Maintains enduring client relationships
• Keeps lines of communication open
• Demonstrates that the agent values the client’s business beyond the transaction
• Leads to repeat business and referrals
• Assists you in standing out in a competitive real estate market
• Allows you to leave a lasting impression on clients

Ways to Send Thank-you Notes

There are several different ways to send real estate thank-you note from realtors to buyers or sellers:

• Handwritten notes: These carry a personal touch that can leave a lasting impression on clients, fostering a sense of warmth and connection.
• Email: This is a quick and convenient method for sending thank-you notes, especially for clients who prefer digital communication. It provides ease and efficiency, allowing you to maintain a productive workflow while still showing appreciation.
• Thank-you cards/Direct mail: Sending thank-you cards through traditional mail can also positively impact clients. It’s a tangible way to show your care and consideration, making your clients feel valued and appreciated.
• Personalized gifts: Sending a small, personalized gift and a thank-you note to buyers or sellers after closing can further show appreciation for the client’s business. This could be a branded item, a gift card to a local business, or something that aligns with the client’s interests.

Frequently Asked Questions (FAQs)

How do you say ‘thank you’ to real estate clients?

Why should real estate agents bother writing thank-you notes?

How should I address my thank-you notes?

Bringing It All Together

Sending thoughtful thank-you notes in real estate can significantly impact client relationships. Personalizing your messages and expressing genuine appreciation can create lasting connections and foster a strong network of satisfied clients. Whether you use templates or craft your own messages, the key is to make each note heartfelt and tailored to the recipient. Do you have any great tips for sending real estate thank-you notes that you think our readers will love? Let us know in the comments!

The post 13 Real Estate Thank-you Notes That Create Clients for Life (+ Templates) appeared first on The Close.

Broker Open House Defined

It’s a strategic opportunity for real estate agents to invite peers to tour their listings without clients. This exclusive sneak peek allows pros to access your listing and create a buzz before opening it to the public. A broker open house, also known as a broker preview, is when a real estate agent or broker invites other real estate professionals to tour their listings without their clients. The purpose is to showcase the home to other professionals who may have interested buyers before opening the house to the general public. 

Broker Open House vs a Regular Open House

Remember that a broker open house looks the same as any other open house from the outside. It includes an open house checklist, flyers, signs, and refreshments but is only open to real estate professionals, not the general public. The listing agent’s goal and approach are also different. A regular open house directly generates buyer leads, while a broker open house indirectly generates leads through other agents.

Did you know? It is called a broker open house because “broker” is a nickname used for all real estate agents, even agents who are not officially licensed as brokers.

In a typical open house, prospective buyers and lookers tour the home, but it is uncommon for buyers to purchase it at an open house. It does happen sometimes, but statistically, only 50% of buyers opt for an open house as their information source for the home search, and only 4% found their home via an open house sign. Below, see what is a broker open house and how it differs from a regular one:

Why a Broker’s Open House Is Important

After learning what a broker open house is, it is time to know its pros and cons. Since hosting a broker’s open house is crucial for real estate professionals, here are a few key reasons why it is important:

• It allows other agents to spend time and ask the listing agent any questions about the property.
• It helps agents feel more connected to the property, allowing them to describe the home to their buyer clients better.
• Agents become ambassadors for the hosting broker and listing, creating buzz and a personal connection to the property.
• It saves time by allowing multiple agents to see the property simultaneously, expanding its potential reach to qualified buyers.

Pros & Cons of a Broker’s Open House

Hosting a broker open house can be a fantastic use of your time if you can attract enough guests. Weekdays would be a better choice here since showings and open houses are typically held on the weekends for clients. That’s why making your open house appealing and unforgettable is essential. Let’s look at the advantages and disadvantages of hosting a broker open house.

Steps to Host a Memorable Broker Open House

To make something memorable out of your open house, you must tap into the agent’s emotions and help them feel what it would be like to live in the home, even though they’re not the buyer. You want their enthusiasm high when they tell others about your listing.

Step 1: Create a Guest List

Remember to gather all the brokers and real estate agents in your area! Also, consider inviting other real estate professionals you know, such as lenders, insurance and title agents, and real estate attorneys. Plan for the event to last about two hours. Some guests will pop in, take a quick look at the property, and leave, while others may stick around for a bit and mingle.

Step 2: Prepare the Home

Your listing is likely already clean and staged from when you had your real estate photographer come in for the photo shoot, and your sellers have probably been diligent in keeping it ready to show on short notice. Still, enlist the seller, walk through the property, and decide what needs attention. Ensure there is no clutter or odor that detracts from its visual appeal.

Pro Tip: If your open house is around the holidays, decorating it with holiday decor makes it more homey. However, discuss it with the seller first. You don’t want to assume they celebrate certain holidays or force them to decorate if they’re packing up to leave.

Step 3: Set a Marketing Budget

You need a budget for advertising, including broker open house ideas, to market your listings. Marketing ideas can be free, like email and social media posts, but you might need to spend some money on invitations and ads. How much you pay depends on the property type and how often you have open houses. If you’re selling luxury real estate, you’ll spend more than if you’re selling a smaller property. For broker’s open houses, where there are fewer people, you can spend less, maybe a few hundred dollars, but check the costs in your area.

Check out our free, downloadable real estate marketing plan template to get started with your marketing plan budget.

Step 4: Send Invitations 

Remember to send out those snazzy invitations and follow up with an email. Politely ask your guests to RSVP so you know how many people are coming. Also, schedule the open house soon after listing the home to capitalize on the buzz, which could lead to a quick sale. It’s best to aim for within a week or two of listing. Trust me, it’ll make your event extra special and ensure you’ve got everything you need. And here’s a pro tip: save time and money by buying invitations in bulk, so you’re always ready to impress when you list a new property.

Here is a simple example of an invitation, but you can add images of the home or any other elements you like. Be sure to add your company logo and contact information. Save money using Canva’s free design tools with hundreds of templates. All the elements on their invitations are fully customizable, so you can change colors, fonts, and images and add your brand.

Pro Tip: Use invitations that align with the type of property you’re showcasing. For example, an invitation using unbleached paper with a country theme would be great for a farmhouse. A luxury listing invitation could be black or white with gold lettering. You can also have it customized with an image of the home on the cover. 

Step 5: Advertise the Broker Open House

Marketing a broker’s open house somewhat differs from marketing a traditional open house. Place a directional open house sign out front on the event day, but get custom-designed signs that say “welcome brokers” instead of “open house.” Otherwise, you may have neighbors and passersby dropping in. Invitations, follow-ups, and emails to your list in your CRM (customer relationship manager) are also part of your overall lead generation and marketing strategy.

Here are other ways to market a broker open house:

• Social media: Tell people about the open house on social media, but make it clear it’s for real estate agents, not buyers. Also, let other real estate groups know about the event and ask them to share it with their members and guests. If there’s an online realtor group, share the information there too.
• Phone: The old methods are often overlooked in this digital era. These include picking up the telephone and making calls to your peers. It’s not the fastest way, but there may be some guests you prefer to call while sending out invitations to others in bulk. 
• Email: Send targeted emails to your contact sphere by creating and personalizing the invite. Most email marketing software allows you to use a code that inserts people’s names directly into the appropriate fields. Don’t forget to invite the people in your brokerage. 

Step 6: Keep a Contact Database

Don’t forget to keep a real estate database handy with contact information for local agents and real estate professionals. Real estate CRM software makes it easy to store and access their info and send email follow-ups with just a few clicks. Plus, many CRMs allow you to create stunning listing websites to showcase properties and promote your broker open houses with a simple link.

An IDX website, robust CRM, and marketing automation are just a few of the tools Market Leader’s marketing and lead conversion software provides. Upload your contacts and create and send targeted emails to your professional sphere of influence to invite them to your open houses. The platform also provides a mobile app to access emails and CRM contact information to receive and track RSVPs immediately.

Step 7: Provide Food & Beverages

Make your open house more fun by serving drinks and snacks and maybe even having a theme for the event, like asking guests to wear a special hat or fancy clothes. Just keep it simple; remember, the main goal is to show off the house.

Use your imagination and come up with food combinations your guests will love. The options are endless. Here are some broker’s open house ideas for food you could try:

• Tea and crumpets or scones
• Crudite platter with dips
• Salsa and chips or quesadillas
• Canned soft drinks or seltzers
• Fruit plate
• Wine and cheese
• Champagne and chocolate-dipped strawberries
• Luncheon meat and rolls platter
• Small desserts, cookies, or other baked goods
• Soups and salads

Provide everything yourself—like plates, utensils, etc.—instead of using the homeowners’. You can use recyclable paper products, or, if you want something more fancy, look for plasticware for weddings. Purchase gold or silver plastic cutlery and white plastic gold-rimmed dishes to dial up the fanciness.

Pro Tip: Everything you bring to host a broker open house must also leave with you. Bring bins and trash bags, thoroughly clean the place, and take your trash home. Check every room to ensure no one left cups or other items before you go.

Step 8: Use Technology to Your Advantage

Using technology at your event can make it better. Play background music to make people relax and stay longer. This vibe will create a more leisurely atmosphere and make people want to stay longer. Also, show your broker’s open house live on social media for those who can’t come and for potential buyers to see. Another way to use technology is with digital sign-in sheets. These sheets help you collect information and keep track of guests, so you can follow up later.

For all your real estate open house needs, Spacio offers a digital sign-in sheet and open house app. It enables you to track attendance and gather information for follow-up. It is accessible on any device with the Apple or Google Play applications. You can also add customizable questions to the open house registration form.

Pro Tip: If you have a virtual tour or digital storybook of your listing, you can stream it from your device and play it on the large-screen television or your laptop. If you’re limited to your laptop screen, place it near an entryway, so your guests can stop and look before touring the home. You can also put your virtual tour on branded thumb drives and give them as gifts.

Step 9: Bring Printed Materials & Swag

Make sure to bring your colorful listing data sheets, real estate brochures, and other information about the property you want to include. Create listing packets, and don’t forget to include your business cards so agents can follow up to schedule showings. Use branded materials and folders for your packets. Strategically place the packets where guests can pick them up when they arrive.

Provide bags with a mix of branded items like pens, t-shirts, mugs, and fun items like scented candles, bath bombs, candy, or earbuds. If you’ve hosted a themed broker open house, consider adding small related items such as tea bags or a kit to make dipped fruit. VistaPrint offers branded listing packets and folders, promotional products like drinkware, candy, candles, and technology, as well as branded swag bags such as canvas totes, backpacks, drawstring bags, and heavy-duty paper bags, starting at $1.04 per unit.

Step 10: Show the Property

As much as we love to have fun and create lasting memories during an open house, it’s important to remember that the main goal is to have our guests explore the home and share their experiences with their network and potential clients. Some broker guests might breeze through the property, so it’s crucial to ensure everyone knows about the unique amenities and features that make this home special.

Turn the tour into an exhilarating scavenger hunt for the guests who are in for the whole event! Create a checklist of unique features inside and outside the house for everyone to hunt down. Guests can tick off the features they find and jot down the corresponding room. To spice things up, you could even offer cool prizes for those who manage to find them all!

Step 11: Send Thank-You Notes & Follow-Up

After hosting an open house, brokers should promptly send guests personalized thank-you notes on customized stationery, including handwritten notes and their business cards. Follow up within two or three days, and consider sending a brief follow-up email a week later to remind guests of your availability and inquire about potential buyers or their interest in the property.

As a busy real estate agent, sometimes it’s best to outsource what you can. At Fiverr, use their search tool to find an event planner or manager to set up and market your broker open house. Then you’ll have one less thing to do. Thousands of professionals list their services on the site, with prices starting at $5. Save some time on planning your event today.

Frequently Asked Questions (FAQs)

What is the best time for a broker open house?

What is a broker preview?

Should the homeowner leave during a broker open house?

Bringing It All Together 

Are you ready to make a lasting impression? Hosting a broker open house is your chance to shine! Personalize your invitations, generate excitement, and add a touch of fun like icebreakers. Your fellow real estate pros are your audience, so tailor your approach accordingly. Time it right after listing the property, invite colleagues from your brokerage, and stay connected after the event. If you’ve got any questions or broker open house ideas, don’t hold back—share them below!

The post What Is a Broker Open House & How to Host a Successful One appeared first on The Close.

Importance of Choosing or Joining a Real Estate Company

Picking the right real estate company or broker isn’t just a choice—it’s a strategic move that can shape your career. A reputable company or broker can offer the following:

• Invaluable mentorship
• Top-notch training
• High-quality leads
• Essential resources to help new agents kickstart their journey and assist experienced agents in expanding their businesses. 
• Being associated with a well-known and respected firm can significantly boost an agent’s credibility and reputation in the market. 

So, it’s crucial to thoroughly research and weigh potential brokerages’ reputation, support, and company culture, as this decision can profoundly impact your professional standing. If not, you might switch real estate brokerages or even face failure.

1. Create & Use an Evaluation Rubric to Help Decide Your Brokerage

Choosing a real estate brokerage for you and your business is like finding the perfect fit for a tailored suit – it’s not one-size-fits-all. Some agents thrive in the structure of a franchise brokerage, while others value a boutique brokerage’s unique support and culture. Whether you’re willing to invest in desk fees for valuable office resources and top-notch training or seek a more flexible arrangement, we designed our rubric to cater to your needs.

Print it out, and determine which characteristics best suit your needs on a scale of one to five. As you take notes during your research and throughout the interview process with each brokerage, rate each criterion based on this scale to give a score for each brokerage. This evaluation will help you decide which brokerage is best for you and your real estate business.

2. Decide Which Type of Brokerage to Target

Looking to kickstart your career in real estate? Remember, every real estate salesperson needs a sponsoring broker to represent clients in transactions. Knowing how to pick a real estate broker to work for can make or break your success in the industry. It is crucial to understand the various types of real estate brokerages and weigh their pros and cons before deciding.

Types of Brokerages
National Franchise	Boutique	Virtual
Pros: Instant credibility, large audience Cons: More competition	Pros: Individualized attention Cons: Smaller marketing budget	Pros: Higher commission splits Cons: Less networking capital

Explore and compare the distinctions among national franchise, boutique, and virtual brokerages to uncover the perfect match for you!

National Franchise Brokerages

Examples: RE/MAX, Century 21, and Keller Williams 

National franchise brokerages are excellent for new and experienced agents who value mentorship, top-notch training, technological support, and a solid brand name. Let’s take a look at the advantages and disadvantages of working with a national franchise brokerage such as Keller Williams:

Consider joining a franchise brokerage with advanced tools and technology to save money as a real estate agent. A reputable franchise can help you build your trusted brand and provide a strong support network from thousands of agents. However, it also means more competition and fewer opportunities to make business decisions. Technology tools may limit flexibility, and reaching higher-ups outside your brokerage can be challenging.

Boutique Brokerages

Examples: Core Real Estate out of Manhattan, Stroyke Properties Group in California, and @Properties in Chicago

Are you a real estate professional who values tight-knit connections with colleagues, hands-on training, and direct access to leadership? Do you thrive in a specific niche market? If yes, then boutique brokerages might be the perfect fit for you! Let’s examine the advantages and disadvantages of working for a boutique brokerage.

When you’re learning how to choose a real estate brokerage to work for, boutique brokerages stand out for their diverse support, marketing, and array of tools. They also offer robust training programs, cutting-edge marketing systems, flexible strategies, and a tight-knit team atmosphere. You’re also more likely to experience a strong sense of camaraderie. However, boutique brokerages may provide you with a smaller marketing budget. It is also difficult for you to access enterprise-level technology, and brand recognition may be limited.

Each boutique brokerage should be evaluated individually without making assumptions about what is or isn’t included. Read our article 23 Questions to Ask a Real Estate Broker When Interviewing and download our free real estate brokerage interview questionnaire to be prepared and ensure you’re asking the right questions.

Virtual Brokerages

Example: eXp Realty

Virtual brokerages are ideal for seasoned agents seeking the ultimate flexibility and technological resources and tools. They can provide the best of both worlds for agents craving a high commission split and access to advanced technology. For experienced agents with an established reputation and client base, virtual brokerages can deliver the perfect blend of flexibility and automation tools to expand their business. Here’s a look at the advantages and disadvantages of joining a virtual brokerage firm like eXp Realty:

New or part-time agents should consider whether virtual brokerages are suitable for them. Although these brokerages offer high-tech tools and high commissions, there is far more to consider as you learn how to find a brokerage to work for. New agents usually need more localized support to build authority and networks in their area. Additionally, some virtual real estate brokerages require monthly fees irrespective of the agent’s production, which can be a risk for those who don’t consistently close sales.

3. Choose Between Going Solo & Joining a Team

When you’re learning how to choose a real estate brokerage to work for, you must understand the two ways you can work with them. The most well-known way is to go solo and operate as an independent real estate agent. The second option is to join a real estate team, which means that you work with a group or under a more experienced agent within your brokerage.

What It Means to Go Solo

Most new real estate agents plan on going solo when they enter the industry. Solo agents are independent, and all business responsibilities, like lead generation, nurturing, transactions, and accounting, are on your shoulders. You only have your real estate brokerage to lean on, which is another reason why choosing one that provides the level of support you’ll need is so important.

Even though going solo is a significant amount of work, the benefit is that you’ll earn more commission per sale. Solo agents keep the whole commission percentage agreed upon with their broker (e.g., 70/30 or 80/20). You don’t have to consult anyone to make marketing or business decisions. You have complete creative control over your business as long as it fits within your brokerage’s rules.

If you have a large sphere of influence, enough cash reserves to keep you afloat, or a marketing background, going solo might be your best choice. The downside of having autonomy as a solo real estate agent is that you don’t have help. You have to learn everything and build your business from scratch. You must try multiple lead generation strategies before finding what works in your area, which can take time, money, and effort.

What It Means to Join a Team

Joining a real estate team can be an excellent option for new or part-time agents, especially if they feel unsure. Team members often receive benefits like covered expenses and access to experienced mentors. The team will provide leads, allowing you to focus more on working with clients and less on marketing. Working with a team can help new agents gain experience and confidence quickly. Experienced agents not focused on scaling an individual business can also benefit from being part of a real estate team.

Many agents prefer the team environment and the flexibility of handing off tasks and clients to trusted team members. On the other hand, joining a team means a lower commission split since you’re typically working on deals as a team and splitting the profits. You’ll also sacrifice flexibility and autonomy by working on a team, which could be a benefit or a drawback, depending on your goals and motivation. Evaluate your short- and long-term goals to determine if a real estate team or going solo is right for you.

4. Compare Commission Plans

Every real estate company and brokerage will have varying commission splits, fees, and contracts. When deciding how to choose a broker as a new agent, make sure you understand the types of commission plans, typical fees, and contracts. Real estate brokerages generally offer three different types of commission structures. See the breakdown of each by clicking on the tabs below:

5. Examine the Reputation of the Real Estate Brokerage

As you learn how to find a real estate brokerage to work for, it’s essential to evaluate the company’s current reputation in your local market. When you associate yourself with a brokerage, you also will be taking on the reputation of your sponsoring brokerage. Therefore, you should thoroughly research what community members think about the brokerage. Here are four ways to know if the potential brokerage has a strong reputation:

Ask Your Network

Are you looking for trustworthy feedback on a brokerage? Chatting with their clients is the best way to get the inside scoop. Ideally, try to reach out to local community members who are either currently in the market for real estate or have recently completed a transaction. Connect with your network through one-on-one conversations, social media posts, or through a Facebook group. A face-to-face or phone discussion is best; it lets you pick up on the person’s tone and expression and clarify any responses in real time.

Here are a few questions for your network:

• Have you heard of X real estate brokerage?
• Have friends, family, or acquaintances used the brokerage? Were they satisfied with their experience?
• What’s the first thing that comes to mind when considering the brokerage?
• What has your experience been with X real estate brokerage?

Review Press Mentions

Do a quick Google search for the agency or company and open the “News” tab to find related pages from other sources. Quickly scanning the results will show you how frequently they receive press, and just a few minutes of searching will show you what kind of publicity they’ve received. Many large companies will also have a press section on their website.

A brokerage with many local and national results shows they are well-known and generally respected. However, learning how to choose a real estate agency to work for means evaluating each brokerage’s strengths and weaknesses. Many small real estate brokerages have a more solid reputation than the most popular choices, but their publicity will be less.

Read Online Reviews

Studies show that up to 94% of consumers said a bad review convinced them to avoid a business, especially for buyers or sellers anticipating the largest transaction of their life. At the same time, online reviews are sometimes only given by people with solid opinions, whether negative or positive, so take them with a grain of salt. However, there should be a concern if the brokerage has many negative reviews.

Don’t forget to pay attention to the source of the reviews you look for. If you’re evaluating a Keller Williams office, nationwide reviews for the brokerage will not give you an accurate understanding of one individual location. Try looking specifically for Google business reviews for the most reliable reviews from clients for individual brokerages.

Most Google reviews are written by clients or people who have worked with the brokerage to buy or sell a home. In addition, it’s also valuable to find any online reviews from agents who previously or currently work for the brokerage from sources like Glassdoor or Indeed reviews. It’s always best to read reviews for the location or office you’re evaluating, but reviews for national and franchise brokerages can help you decide.

Look for Awards & Memberships

When checking out a brokerage’s website or social media, watch for any awards or accolades they’ve received. It’s also worth looking into their affiliated national associations or memberships. Some top-notch brokerages might not heavily promote their awards, so it’s a good idea to do a quick online search if you don’t see anything immediately. And if you come across a brokerage listed on the RealTrends 500 rankings, that’s a solid sign of their success!

6. Evaluate Additional Success Factors

Once you’ve established a basic understanding of the different types of brokerages and how they may or may not meet your needs, you’ll be able to evaluate each potential brokerage choice more accurately. Many other factors contribute to choosing a real estate company to work for, and with a base understanding of your needs, you can narrow the strengths and weaknesses of each. This scrutiny will dramatically increase your chances of finding success as a real estate agent.

These are some important additional factors to evaluate:

• Fees: Before signing with a real estate company, ask for a list of all the fees they might charge you monthly or yearly. You want to know all the costs upfront so there are no surprises later.
• Contracts: When you select a real estate company, you’ll sign a contract stipulating terms. You must read it carefully and ask questions if you need help understanding. Most companies want you to stay for a year, but you must know the rules before agreeing.
• Lead distribution strategy: Ask each brokerage how they distribute new leads to their agents. Since lead generation is a vital element of a real estate business, their strategy should be clear and easy to understand.
• Market share: A company’s market share shows its performance. If a company has many listings and each agent has about the same number, it’s a great place to work.
• Training plans: A real estate company’s training and mentorship programs are essential for agents. Without support from the company, agents might not do well.
• Culture and office setup: If you feel uncomfortable at the real estate office or find that it doesn’t match your personality, you’ll miss out on interactions and opportunities for support that can help you grow your business.
• Online presence: Some real estate companies don’t realize how important it is to be online, but the facts show that using the internet and social media to find clients is becoming increasingly influential. Even if not many people see it, being active online shows that the company knows about modern marketing and finding clients.

FAQs

Where is the best place to work as a realtor?

Can a real estate agent work in any state?

Why is finding a broker to work for so important?

Bottom Line 

Choosing the right real estate brokerage for your needs is one of the most significant factors in determining your career success. It can confuse new and experienced agents because every brokerage has unique strengths and weaknesses. To learn how to choose a broker as a new agent, you must thoroughly evaluate your needs and the brokerage’s offerings and use the evaluation rubric provided.

The post How to Choose a Real Estate Broker as a New Agent appeared first on The Close.

Top 5 States with the Best Housing Market

Want to know which state has the best housing market? These top five states with the best housing markets in the US have seen an increase, or rank higher, in median home prices, number of homes available, new construction, and median household income. The states with the best housing markets have also suffered less from the increasing mortgage rates and current housing market than other states. Keep reading to find out if your state made it to the top five!

1. New York

• Property Value Ranking: 10th
• Inventory Ranking: 6th
• Affordability Ranking: 24th
• Economy Health Ranking: 11th

New York is “the city that never sleeps,” and it’s no wonder, given that it has the best housing market in the US. As of May 2024, a whopping 32,957 existing homes were up for grabs, securing its position as the 4th highest in availability across the US. Amidst the low inventory market, the city still boasts a significant number of available homes. Moreover, the state saw an impressive 4,076 new constructions, ranking it 9th highest in the country. 

With a median household income of $74,314 and a median home price of $819,900 (1st), the state offers a mix of affordability and opportunity. The impressive 9.62% appreciation rate and the lowest current mortgage interest rate at 6.29% make it an attractive prospect for prospective homeowners. Moreover, New York boasts a commendable ranking in terms of crime rate, landing the 10th lowest spot, and excels in community well-being with the 5th highest index score. No wonder New York’s real estate scene is creating a buzz!

Are you considering pursuing a real estate agent career in New York? Remember that New York does not have reciprocity agreements with any other state. However, if you’ve completed qualifying education outside of the state, you can apply for a waiver for the required course(s) for the state license. For more detailed information, look at our guide, Real Estate License Reciprocity & Portability: A State-by-State Guide.

2. Utah

• Property Value Ranking: 24th
• Inventory Ranking: 19th
• Affordability Ranking: 1st
• Economy Health Ranking: 17th

The Beehive State has been ranked second among all states with the best housing markets. It’s also recognized as the most affordable state for housing, which should make you feel financially secure and comfortable. With an average mortgage rate of 6.36% (8th lowest), a tax burden of 0.58% (8th lowest), a relatively low cost of living index (29th lowest), and a median household income of $79,449 (12th highest), the Beehive State is indeed a great place to call home.

Utah’s economy is thriving, ranking 17th overall. It scored 10th highest for community well-being and boasts the 11th lowest unemployment rate at just 2.9%. Not to mention, there’s a healthy housing market with 9,229 homes available and 2,309 new ones constructed. Moreover, Utah has a high median home price of $440,200 (15th highest) and a low number of foreclosure filings at 576 (18th lowest). These statistics highlight the stability and growth of Utah’s housing market, making it one of the states with the best housing market in 2024.

3. Virginia

• Property Value Ranking: 33rd
• Inventory Ranking: 15th
• Affordability Ranking: 15th
• Economy Health Ranking: 3rd

Virginia is one of the states with the best housing markets in 2024, coming in third among all states. This “Mother of Presidents” state also ranked third in the healthiest economy overall. Its unemployment rate is 2.7%, the 6th lowest, ensuring you can find employment if you move to Virginia. Moreover, the state has a high community well-being index score, ranking 11th highest and maintaining a low crime rate (8th lowest). These positive indicators make Virginia attractive to people seeking a stable and prosperous living environment.

Moreover, with an existing home inventory of 13,465 (18th-highest) and 2,386 new constructions, where Virginia has more new construction than any other state, ranking 15th-highest, so buyers looking for a brand-new home or planning to move will find a growth in available housing. The median household income is $80,963 (11th-highest), and the median home price is $304,400. The average mortgage interest rate dropped from 7.31% in 2023 to 6.55% in 2024, indicating an optimistic view for real estate agents and investors.

4. Massachusetts

• Property Value Ranking: 4th
• Inventory Ranking: 33rd
• Affordability Ranking: 29th
• Economy Health Ranking: 1st

Massachusetts, securing the fourth spot, has emerged as one of the states with the best housing market in the US this year. This Bay State ranked 1st in community well-being index score, 2nd lowest in crime rates, and 18th lowest in unemployment rate at 3%. This data ensures that people interested in moving to Massachusetts will indeed have an excellent living environment, with a strong job market providing financial security. 

Furthermore, this state ranked 4th overall for property value ranking, indicating a high median home price at $614,700 (6th highest), a high appreciation rate at 9.12% (13th highest), and a reassuringly low number of foreclosure filings at 1,314 (33rd lowest). This state’s stability and potential for growth make it an ideal choice for home investors. People in this state have the 3rd highest median household income ($89,645), confirming they can buy a house confidently at current rates and terms.

5. Wisconsin

• Property Value Ranking: 17th
• Inventory Ranking: 21st
• Affordability Ranking: 26th
• Economy Health Ranking: 7th

Wisconsin, also called the Badger State, was ranked as the fifth-best real estate market in the US in 2024. This is because of its strong economy, ranking 7th overall. The state also has a low unemployment rate of 2.9%, the 12th lowest in the country. Additionally, Wisconsin has relatively low crime rates, ranking 12th lowest, and a relatively high community well-being score, ranking 25th highest. These factors show that Wisconsin is suitable for real estate investment and has the potential for market growth.

The state’s high appreciation rate of 9.28% makes it an attractive place for real estate investment. However, potential investors should be cautious, considering its ranking of 34th for median home prices ($297,100) and 25th for foreclosure filings. The state also has a reasonably low inventory, ranking 21st overall, and a high property tax burden of 1.85% (46th lowest), which should be factored into investment decisions.

Top 5 States With the Worst Housing Market

Shifting from the best states to buy real estate, the five worst housing markets in the US suffer from a low number of available homes and new construction as mortgage rates rapidly increase. The impact of low household incomes, which are significantly lower compared to other housing markets in the country, is a major factor that makes it difficult for potential homebuyers to afford homes, even with lower home prices. Read on to see if your state is among the worst to buy a house in.

1. Kentucky

• Property Value Ranking: 37th
• Inventory Ranking: 28th
• Affordability Ranking: 49th
• Economy Health Ranking: 46th

Kentucky has been identified as the worst housing market in the US. This is due to its extremely low median home prices, which rank 49th highest in the nation, and a low median household income, which is the 45th highest. Further, Kentucky faces the challenge of extremely high average mortgage rates, standing at 6.62%. The state is also battling a high unemployment rate of 4.6% and a meager community well-being index score, ranking 46th highest in the country.

The state also faces challenges in boosting its low housing inventory, with only 7,704 available homes (ranking 30th) and 1,602 new construction properties (ranking 23rd). For real estate investors, it’s crucial to exercise caution when considering investments in this state due to its relatively low appreciation rate of 6.42% compared to other states. This caution will ensure you are well-informed and prepared for potential risks.

2. Missouri

• Property Value Ranking: 36th
• Inventory Ranking: 24th
• Affordability Ranking: 44th
• Economy Health Ranking: 42nd

Missouri, known as the Show-Me state, has a challenging real estate market. It ranks second among the worst housing markets in the US. This ranking is driven by high average mortgage rates (49th lowest) and low median household income (41st highest), making it tough for people to purchase homes in the state. 

In addition, Missouri is facing economic challenges, with a high unemployment rate of 3.5%, higher crime rates (ranked 41st lowest), and a low community well-being index score (34th highest), which could discourage potential residents from relocating to the state.

3. Texas

• Property Value Ranking: 50th
• Inventory Ranking: 2nd
• Affordability Ranking: 46th
• Economy Health Ranking: 45th

Despite being at the top for new construction and having the second-highest number of homes available, Texas surprisingly has the third-weakest housing market in 2024. This ranking is due to its low property value, with rankings of 49th for foreclosure filings, 45th for appreciation rates, and 21st for median home prices. Besides that, the Lone Star State faces a hefty property tax burden of 1.8% and average mortgage rates of 6.61%. The state also grapples with high unemployment rates (4%), crime rates, and a low community well-being score.

4. Washington

• Property Value Ranking: 46th
• Inventory Ranking: 11th
• Affordability Ranking: 47th
• Economy Health Ranking: 39th

Amid the high volume of homes available on the market (15th highest), new construction (11th highest), and median household income (8th highest) in the US., Washington suffers from the high cost of living (43rd lowest) and average mortgage rates (48th lowest). These rankings provide a comprehensive view of the housing market conditions in Washington. 

In addition, the Evergreen State suffers from relatively low median home prices ($297,100), low appreciation rates (3.19%), quite a high property tax burden (0.94%), very high unemployment rates (48th lowest), and high crime rates (44th lowest), making it one of the worst housing markets in the US.

5. Oregon

• Property Value Ranking: 49th
• Inventory Ranking: 27th
• Affordability Ranking: 27th
• Economy Health Ranking: 37th

Oregon’s housing market presents various challenges. Compared to other states, Oregon has relatively low median home prices, ranking 38th highest, and appreciation rates, ranking 48th highest. Additionally, the high number of foreclosure filings contributes to the market’s weakness, ranking 21st lowest. On a positive note, the state performs well in community well-being, ranking 14th highest. However, Oregon struggles with high unemployment, standing at 4.2% (39th lowest) and crime rates, ranking 42nd lowest.

Full Data & Methodology for States with the Best Housing Markets

If you’d like to see all the information used to conduct our study, click here for all the data.

We analyzed several key components to determine the states with the strongest housing markets. These included median home prices, appreciation rates, existing inventory, new construction, household income levels, mortgage interest rates per state, and unemployment rates. These important real estate statistics provide valuable insights into the overall health of a housing market.

To determine the strongest and weakest housing markets in 2024, click the tabs below to dive into the individual data and sites:

Property Value Ranking

In this data, we evaluated the following:

• Median home prices (from World Population Review)
• Appreciation rates (from Statista)
• Number of foreclosure filings (from World Population Review)

The price of housing is the most important indicator of the housing market’s health. This is because the price is the main factor buyers consider when searching for property. Higher home prices, increased appreciation rates, and lower foreclosure filings indicate a ‘hot’ market, showing homes are in high demand.

Inventory Ranking

In this data, we analyzed the following:

• Number of homes available as of May 2024 (from FRED)
• New construction, permits per state as of April 2024 (from BPS—Permits by State)

When fewer homes are available, buyers have fewer choices and tend to buy less. On the other hand, having more homes for sale creates a strong housing market, attracts buyers, and helps the overall financial health. Additionally, building new homes helps communities grow by offering more options for middle-income or first-time homebuyers, giving those with a limited budget more choices, and showing overall growth in the housing market.

Affordability Ranking

In this data, we looked at the following:

• Median household income (from World Population Review) 
• Cost of living index (from World Population Review) 
• Property tax burden (from District Lending)
• Average mortgage rates, 30-year-fixed as of May 2024 (from Business Insider)

Household income is vital for buying a home. Lower incomes make it less likely, while higher incomes make it easier. Higher incomes also indicate a stronger housing market. Low mortgage rates can show high demand for home loans and a “hot” market.

Economy Health Ranking

In this data, we assessed the following:

• Unemployment rates as of May 2024 (from US Bureau of Labor Statistics)
• Crime rates per 100,000 (from World Population Review)
•  Community well-being index score, out of 100 (from Interactive Map—Sharecare) 

When analyzing whether a state has a robust real estate market, it’s important to consider the overall economic well-being. This consideration includes examining unemployment, crime, and community well-being index scores. These indicators provide valuable insight into the health and stability of the local economy, which is a key determinant of the strength of the real estate market.

Frequently Asked Questions (FAQs)

What state has the most reasonable housing prices?

What state has the hottest real estate market right now?

Bringing It All Together

New York was named the state with the best housing market. It offers affordable home prices, a good number of available homes, decent wages, and a growing population and job market. On the other hand, Kentucky has the worst housing market in the US, with low median home prices and median household income. The number of available homes and new construction is low, and the mortgage rates are pretty high. 

Now that you have the inside scoop on the data for the best (and worst) states, comment below to let us know how the market is doing in your state!

The post Top 5 States with the Best Housing Market (+ 5 Worst) in 2024 appeared first on The Close.