Love Wins in Real Estate

The LGBTQ+ community across the nation celebrated as the U.S Supreme Court ruled that existing federal law forbids job discrimination on the basis of sexual orientation or transgender status. This is a major victory for advocates of gay rights. By formally recognizing LGBT individuals into federal anti-discrimination law, the Court effectively rejected the withholding of rights. The LGBTQ+ movement is determined to gain equality, and this ruling showcases the strides that have been made and the challenges we still face when it comes to discrimination in the U.S.

In a landmark 6-3 decision, the court ruled that employers can’t fire lesbian, gay, or transgender people simply for being who they are. The ruling says Title VII of the Civil Rights Act of 1964, which prohibits discrimination based on race, religion, national origin, and sex applies to discrimination based on sexual orientation and gender identity. The passing of this ruling and the many more to come will bring change to real estate and fair housing and allow real estate professionals to tap into a much broader demographic than ever before.

Members of the LGBTQ+ community will not have to cherry-pick which state they can live in to own a home and get fair mortgage rates. According to a poll from Iowa State University, same-sex couples were charged .02% to 0.2% more in interest rates, upfront fees, or both on their loans. While to the average eye it doesn’t seem like much, it can add up to hundreds or even thousands of dollars over a 30-year mortgage. That same report shows same-sex couples were 73% more likely to be denied a mortgage than straight couples with similar profiles. “It’s very sad that even in this day and age there’s still discrimination in the mortgage process after all the strides we’ve made," says Tim Hur, a previous diversity chair of the National Association of Realtors®. "Everyone should have the same opportunity to own a home. It doesn't matter if you're gay, lesbian, Asian, black, or Hispanic."

Modern communities are more diverse than ever so why the great divide? Lack of confidence may help explain why LGBTQ+ home ownership rates lag those of America overall. According to the survey, 54% of LGBTQ+ respondents owned homes, compared with the national home ownership rate of 63.8% (which is itself at the lowest point since 1993).

LGBTQ+ who rent, particularly Millennials, have their own concerns, however.

For a generation that many have been deemed “Generation Rent”, the survey said, of LGBT Millennials surveyed, 59% say they plan to have children in the future; having children being a potential motivator for purchasing a home. Housing discrimination is a whopping 73% of the survey's respondents’ strongest concerns, whether they wanted to buy or rent. Choosing where to live is the first step in the path to home ownership and immediately we see the importance of being in an accepting and welcoming community. As LGBTQ+ people move from renting to home buying, the right neighborhood remains vital. Unfortunately, the fear of discrimination also plays a massive role in the LGBTQ+ community with 46% of renters fearing it during their future home buying process.

“Recall that ‘We, the People’ were once white, property-owning men,” said Ruth Bader Ginsburg, U.S. Supreme Court Justice. “Native Americans were originally not part of ‘We, the People,’ nor were people held in human bondage, women, or newcomers to our shores. Today, ‘We, the People,’ has a marvelous diversity, wholly absent in the beginning.” We are the people. All of us. Together.

 

 


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Real Estate: Leading the Way to Economic Recovery

In the wake of a world wide pandemic and having to hit the restart button into the “new normal” we have found that the US economy is but a shadow of its former self. One bright spark in the universe of unknowns is the real estate industry. More and more U.S. states are re-opening for summer business. People will begin to go back to work and the financial landscape of the country will start to turn around.

The significant reasons why the housing market could be such a driving force is the impact it has on the local economy. Buying and selling a home goes far beyond personal growth and satisfaction, it supports our economy as a whole. According to a recent study by the National Association of Realtors (NAR), the average new home sale has a total economic impact of $88,416. Robert Dietz, Chief economist and senior VP for economics and housing policy of The National Association of Home Builders (NAHB) says: “Overall, the data lends evidence to the NAHB forecast that housing will be the leading sector in an eventual economic recovery.”

On a month to month basis a surge of delayed transactions can be processed as the country opens. Some people who would have, in the absence of the pandemic, closed in March, April and May are likely to close in June and July. Add to those closings the buyers who were likely to close in June or July, in the pandemic’s absence, and there is a surge above normal for summer months. According to experts, the economy will begin to recover in the second half of this year. In addition, CNBC notes: “Mortgage demand from home buyers shows unexpectedly strong and quick recovery…The quick recovery has surprised most forecasters.”

The most considerable challenge for real estate agents is not necessarily the market, but all the changes in how activities are conducted moving forward. The “new normal” for construction, remodeling and sales will result in many new or changed processes. Those who can quickly adjust, by reevaluating and tweaking procedures, will thrive. Those who are stuck with a “this is how I’ve always done it” mentality will find the “new normal” a difficult environment.

We are facing one of the greatest challenges of our lifetime rebuilding the American economy, and real estate and the housing market will play a monumental factor in how quickly we can jump-start our economy which may be sooner than we think.

 


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Uncertainty in the Real Estate Market

Harry S. Truman once said “America was not built on fear. America was built on Courage, on Imagination, and Unbeatable Determination to do the job at hand.” That statement rings true for all of us once again. We all know, that the current situation makes it extremely difficult to project the future of the economy. Sam Khater, Chief Economist at Freddie Mac, says: “The uncertainty of the crisis means forecasts of economic activity are more unclear than usual.” Analysts normally look at economic data and compare it to previous slowdowns to create their projections. This situation, as we know, is anything but normal.

Analysts must incorporate data from three different sciences into their recovery equation:

  1. Business Science– How has the economy rebounded from similar slowdowns in the past?
  2. Health Science– When will COVID-19 be under control? Will there be another flareup of the virus this fall?
  3. Social Science– After businesses are fully operational, how long will it take American consumers to return to normal consumption patterns? (Ex: going to the movies, attending a sporting event, or flying).

The challenge of accurately combining the three sciences into a single projection has created uncertainty, and it has led to a wide range of opinions on the timing of the recovery. Quarterly growth contracted significantly in the world’s second-biggest economy – China – for the first time in 28 years, skyrocketing jobless numbers in the U.S., and warnings from OPEC that demand for oil will fall to a 30-year low, have many wondering if it really will be business as usual once the coronavirus pandemic is over. Sam Khater, Chief Economist at Freddie Mac still has hope stating, “We expect that most of the economic damage from the virus will be contained to the first half of the year. Going forward, we should see a recovery starting in the second half of 2020.”

Right now, the vast majority of economists and analysts believe a full recovery will take anywhere from 6-18 months. No one truly knows the exact timetable, but it will be coming.  A recent global poll shows that people have some serious doubts despite reassurances from many governments that we will see a quick recovery in the economy once the outbreak is under control. The majority of people in 10 out of the 15 countries surveyed say a quick economic recovery is unlikely once the lockdown from the pandemic is lifted, with this sentiment highest in hard-hit European countries.

The fear and uncertainty we feel right now are very real, and this is not going to be easy. We can, however, see strength in our current market through homeowner equity that has not been there in the past. That may be a bright spark to help us make it through. While some have expected more people to find themselves underwater, new research from Atom Data Solutions suggests U.S. homeowners are still four times more likely to be equity rich, than seriously underwater.

Many companies will be able to bounce back nicely. But yes, there will be some businesses that don’t survive the shutdowns. Other businesses might be operating at severely reduced capacity or will have taken on additional debt burdens and, therefore, won’t be able to bring back all of their prior workforces. Experts agree the pace of recovery, likely in the second half of the year, is uncertain because it depends on the extent of the damage in the first half such as the permanent loss of industry.

Bottom Line

“It is better to plan for the worst and be pleasantly surprised than to be caught unprepared.”

 


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Five Easy Steps to Get your Texas Real Estate License

So you decided to become a Texas real estate agent? That's amazing news! It’s a decision that can put you on a career path where you have more control over your schedule and income, but first, you have to earn your Texas real estate license. Getting licensed for your new career in Texas real estate might seem a bit overwhelming, but we’re here to guide you through the process. This real estate licensing information summarizes the minimum requirements established by the Texas Real Estate Commission (TREC). To begin you must meet the following initial qualifications:

Qualifications

  • Citizen of the United States or lawfully admitted alien
  • 18 years of age or older
  • Resident of Texas
  • Meet TREC’s qualifications for honesty, trustworthiness, and integrity.

Once you meet the initial qualifications, it's time to get started on the path to a great career! Read on for a further breakdown of the path to becoming a licensed real estate agent in Texas!

Step 1: Complete your Qualifying Education

For a Sales Agent: 180 Classroom hours of the following qualifying real estate courses

  • Principles of Real Estate I (30 hours)
  • Principles of Real Estate II (30 hours)
  • Law of Agency (30 hours)
  • Law of Contracts (30 hours)
  • Promulgated Contract Forms (30 hours)
  • Real Estate Finance (30 hours)

Education course completion documents must be submitted to TREC after applying online or with your paper application.

Step 2: File Your Application

Apply Online – Submit your application and fee to become a Sales Agent ($205) using TREC’s Online Services log in now. If you don’t already have a username and password for Online Services, you’ll need to register first.

Apply by Mail – You can also apply for your Sales Agent license using TREC’s paper application. This may take longer to process, and you will need to pay a paper filing fee ($20).

*You have one year from the date your application is filed to meet all license requirements.

Step 3: Get Your Fingerprints Taken and Pass Your Background Check

You are required by law to have fingerprints on file with the Texas Department of Public Safety (DPS) so a background check can be performed.

Step 4: Take the Exam

License exams are administered by PearsonVUE.

You will be sent a notice with instructions for scheduling the exam and obtaining a copy of the exam Candidate Handbook.

Step 5: Find a Sponsor

After meeting the above requirements, you will be issued an inactive Sales Agent license. You need to be sponsored by an active Texas licensed broker to work. You can complete a sponsorship request using TREC’s online services. Once the broker has accepted your request, your active license will be issued, and you can work as a Sales Agent!

  • 90   hours of qualifying post licensure real estate courses, including the following, are required after receiving your license and within your first year:
    • Property Management (30 hours)
    • Real Estate Sales and Marketing (30 hours)
    • Real Estate Marketing (30 hours)

 

We provide: Texas approved qualifying education that meets all of the requirements to take your salesperson exam, required post-license and continuing education courses.
All classes are HD VIDEO or FULL NARRATION or PRINTABLE TEXT

5 Traits That Make a Texas Real Estate Professional

In Texas a real estate “salesperson” is far more than a person who helps to buy or sell homes for clients. That is merely the tip of the longhorn for what they really do which includes tasks such as: analysist, advocate, consultant, negotiator, media expert, and blogger just to name a few. Being a real estate agent in Texas means making yourself into a one-person show, but for those who are tired of the 9-5 Monday-Friday and have a desire for independence, this is just what your free spirit is looking for.

With that job description how do you know if a Texas real estate career is right for you?  We have compiled the essential qualities and traits that successful real estate professionals have and listed them for you below.

  1. Problem solver mindset
    Do you enjoy coming up with creative solutions to problems or issues? Thinking on your feet and solving issues creatively is sometimes all that stands between you and making a deal.
  1. Hustle and tenacity
    Being a top producing real estate agent requires a great work ethic. You must have the tenacity to pursue every lead and the hustle to aggressively market your clients’ properties in order to have success. It’s not just about putting in a lot of time—it’s about working smart and doing whatever is necessary to close the deal.
  1. Attention to detail
    Paying close attention to the details is imperative for your real estate career. Success comes from identifying and developing a focus or niche in the local real estate market that allows you to distinguish yourself from the competition. If you are organized, follow up with leads, communicate well, and pay attention to the needs of your clients, you will close more deals.
  1. Knowledge is power
    Staying up-to-date on the latest topics in real estate and in the local market will allow you to serve clients more effectively. Continuing education and professional development are doors to opportunity that you can utilize to expand your knowledge and stay at the forefront of the real estate field.
  1. Honesty and integrity
    Your professional reputation is crucial to a long and successful career in real estate. A good real estate agent doesn’t just sell properties—they sell themselves. It’s important to show your real personality. People will respond to you if you have a great attitude, are personable and honest and have confidence in your abilities.

At the end of the day, you get out of it what you put into it. There is a certain level investment needed (time, energy, and money) to make any business venture successful. Texas real estate is no different. If you find the idea of going into real estate tantalizing but you aren’t sure how to get started, or you are passionate about real estate and have similar traits to those outlined here, you have a great shot at having a long and successful real estate career in Texas. Why not get started today?

Prevent Danger and Keep Yourself Safe!

Agent safety can be tough when your job requires you to perform independently. To avoid issues, agents should be proactive and take safety into their own hands. The first step to doing so is to understand that safety is your responsibility to yourself.

Recognize the Traits that Make You Vulnerable

Agents always want to look well put together and professional, however, there are a few safety issues that should be discussed. For example, do not wear expensive jewelry and if possible, leave your purse in the trunk of your vehicle. These small details can make all the difference when an attacker is deciding if you would make a good victim.

Respond, Don’t Ignore

Typically, agents are taught to be polite and accommodating, so they will often ignore signs that something is wrong.  Experts on agent safety emphasize the importance to listen to your instincts.  Many agents who have been assaulted, like the agent previously mentioned, ignored the client’s unusual behavior before the attack.

Reduce Your Chances of Becoming A Victim

Ask clients for identification. Establish a special form for clients that includes contact information and a copy of the ID or driver’s license. Meet clients in the office first. This will prevent clients from trying to harm you later, because they know someone else can identify them. When showing a client, a house, avoid walking ahead of them or getting into confined places, like basements, with them.

Take Responsibility—Learn Self Defense

Agents are exposed to danger on a regular basis when they’re doing their job, and even more so for those who are not professionally trained to defend themselves. We know it’s rarely possible to have another trusted person accompany you while driving clients to showings or with you during every open house. That is why we created an online course for you to learn about personal safety and self-defense. We will help you plan ahead and make yourself a less appealing target. You will learn about safety responsibility, safety threats and safety measures to name a few. Remember the key is to let others know where you are, when you will be back and have an excuse to leave if ever you don’t feel comfortable with your circumstances.

These are just a few of the many valuable skills you will learn when taking Certified Training Institute’s Personal Safety and Self Defense 4 Hour CE Course. Real Estate Professionals: learn valuable safety skills and meet your continuing education requirements at the same time. Be prepared for the unexpected, visit Real Estate Training Institute, choose your State and take this class today!

 


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Helping Home Buyers in a Seller’s Market

A seller’s market meant that current inventory is less than the number of buyers in the real estate market. For buyers, that means more than one person may be interested in a single listing. Unfortunately, this means your buyers may end up heart broken. Someone may out bid them and if they have already fallen in love with the home it will be even harder. It’s important to prepare your clients for reality versus expectations as they begin their hunt for the home of their dreams- or as close to their dreams as possible.

In a sellers’ market a buyer must change their home buying strategy to have success when many homes will have multiple offers. Time is of the essence. Multiple offers happen with more regularity in a sellers' market than a buyer's market. That's because by its very nature a seller's market is defined in part by low inventory and lots of home buyers. A beautiful home that is priced well can attract more than one offer. Remember, your client might not be the only buyer.

Preparing the Home Buying Offer in a Seller's Market

  • Price. Price is not always the most important factor. But do not offer less than list price. Realize you may need to offer more than the amount the seller is asking.
  • Earnest Money Deposit. A larger earnest money deposit might look very attractive to a seller. Your client is going to pay it anyway at closing.
  • Don't Request Favors. This is not the time to ask the seller to give you the refrigerator or washer and dryer, or part with fixtures, or paint the front door.
  • Delay Buyer PossessionIf it is customary for the seller to move at closing, give the seller a few extra days to move. Another buyer probably won't think of this maneuver, and the seller will look more kindly upon an offer that lets them move at leisure.
  • Submit Preapproval and Proof of Funds Documentation. If your preapproval letter is from an out-of-area broker or lender, get a local preapproval instead. Mortgage pre-approval goes further than prequalification because you submit all the required paperwork up front. The bank then verifies the amount you can afford to pay for your next home. It takes the guesswork out of your home search and shows sellers you can back your offer up with real money.

Be Upfront About All Expenses

In the world of real estate, referrals and repeat business drive an agent’s success over time. Make an effort to present a clear picture of all the expenses a home buyer has after purchasing a home. Go over how much property taxes and mortgage insurance are and how they’re added into the overall payment. Explain the average utilities on that home and the cost of maintenance. Having this information presented clearly allows buyers to choose a house they can truly afford, even when all the little extras are added in.

Don’t Let Impatience Wreck Their Budget

Patience can be hard to come by when you feel pressure to beat buyers to the punch. But try not to get so carried away you forget the financial goals you’re working toward. Remember, it is recommended keeping your clients mortgage payment to no more than 25% of their monthly take-home pay on a 15-year fixed-rate mortgage.

Stress the Value of Improvements

While a turnkey home is attractive to homebuyers because they can move in and not worry about doing a single thing, it isn’t always realistic for buyers on a budget. If their budget doesn’t align with their wants and needs, stress the value of buying lower and making some improvements on their own. Buyers can expect a 70 percent return on investment from improvements to the exterior of the home, such as new siding. This not only gives them something to take pride in but can also help them financially down the road.

Jump on That Seller's Market Showing

Don't let your buyer wait until the weekend to view a home in a seller's market. By the weekend, that home could be sold. Try to be one of the first showings. Sellers usually don't enjoy having buyers come through their homes at all hours of the day, so most would like to see their home sold quickly. If you write a good offer, a fast offer and a clean offer, your client’s chances of acceptance are far better than those of a buyer who is unprepared.

It’s hard to leave emotions out of the home-buying process. After all, your clients purchase a place where they’ll live out their days, raise families and have gatherings of friends and those they love. It’s an emotional decision in many ways. However, if your buyers approach purchasing a home from the emotional side of things, they won’t be as likely to make smart business decisions. Do your best to guide them toward smart choices that will protect them financially, but at the end of the day, remember that you also must deliver a house they’ll love. When you balance those two competing needs, you’ll win both as a real estate agent and as a person.

 


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High Tech Housing Discrimination

The landmark 1968 Fair Housing law that sought to ban housing discrimination has uncovered a modern threat: the rapid adoption of new technologies for selling and renting homes. Despite decades of progress, there is still much work to be done. As the NFHA noted in its 2019 Fair Housing Trends Report, new ways of advertising homes and apartments using AI and advertising that uses demographic microtargeting to zero in on a certain audience, threaten to continue discrimination of the past by modern means.

The home ownership rate for black Americans stood at 42.3 percent last year, just marginally better than 1970, when it was 41.6! Clearly there is a problem in the system. A report by the National Fair Housing Alliance (NFHA) last month found that housing discrimination cases were on the rise across the nation. Algorithms aren’t just impartial, unbiased systems that fairly sort through data. Rather, they tend to manifest the biases of their creators, and of that society at large.

For instance, when looking at tenant applications, an automated system may reject applicants based on unintended connections between data sets; living in a low-income neighborhood may be correlated with an inability to pay rent, for instance. And since modern algorithms compile and sort among myriad data sets, it can be hard for designers and programmers to understand exactly which data point may have caused the system to reject an applicant. Research from a team of Berkeley researchers released last month found that lenders using algorithms to generate decisions on loan pricing have discriminated against borrowers of color, resulting in a collective overcharge of $765 million each year for home and refinance loans. The analysis of roughly 7 million 30-year mortgages also found that both in-person and online lenders rejected a total of 1.3 million creditworthy applicants of color between 2008 and 2015.

Employing new methods like machine learning and artificial intelligence can make processes such as sorting through tenant applications faster, more efficient, and cheaper. The problem is that when you try to build an automated system that solves social problems, you end up creating something that looks at the data of the past and learns the sins of the past.

Targeting some, excluding others

One of the more high-profile examples of technology creating new types of housing discrimination arose from online advertising. Facebook has been cited numerous times by the ACLU and other advocacy groups for its microtargeting feature, which lets advertisers send ads to specific groups via a drop-down menu of categories, including age, race, marital status, and disability status. Real Estate professionals could purchase and publish ads on Facebook that discriminated against different racial groups and other categories protected by the Fair Housing Act. Facebook has since apologized and restricted targeting capabilities for housing ads. Earlier this month, as part of a settlement with the ACLU and other groups who had filed a lawsuit, Facebook said that housing, employment, and credit card ads can no longer be targeted based on age, gender, ZIP code, or multicultural affinity. The social network will also maintain a searchable ad library so civil rights groups and journalists could keep tabs on future housing advertisements.

Other tech giants, including Google and Twitter, have been investigated by the Department of Housing and Urban Development (HUD) for similar issues. The nature of these social network ads can also lead to unintentional targeting. For example, many of these systems allow for lookalike audience targeting, a feature that can for example, help a clothing company target consumers similar to those who already like or follow a brand. Carry that over to the housing world, and it could help a high-end apartment developer target potential renters who are similar to existing tenants—in effect concentrating on the same kinds of renters who already live in the building, and potentially excluding others.

Making Changes

Many advocates believe the answer to this unconscious bias is to change the way these new systems are designed in the first place. One step toward changing how these algorithms work could be by changing who designs them. Advocates within fair housing and technology need to educate programmers and others about how bias manifests itself in these systems, while also designing technology that includes discriminatory flares or bias signals: built-in checks that can evaluate how systems are performing and whether or not they may be creating biased outcomes.

Larger legal remedies may also be afoot. The House Financial Services committee has been looking into the issue and held a hearing in July, and some advocates have raised the idea of revamping the Communications Decency Act, which governs the behavior of tech firms and social networks, to create more specific rules around this type of bias and discrimination.

A big part of the solution should be keeping humans within the system. Housing can be so foundational to achievement, household wealth, and equality that some things shouldn’t be left to machines. The idea that math is better than humans may be true in some instances but not all. There’s a difference between mathematical fairness and social fairness. We should design for justice instead.

 


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Getting and Keeping Real Estate Clients in 2020

Learning how to get and keep clients in real estate is a never-ending battle. With technology moving at lightening speed, getting and keeping your clients is tough! Understanding how to find qualified clients is more than just getting the phone to ring, it’s knowing how to keep it ringing consistently that will help your business grow.

 Follow Up is Everything

Most salespeople only reach out once or twice and then give up. Knowing your market, understanding your clients dreams and goals, and connecting them is hands down the most important characteristic in a salesperson. Following up, showing them that they are important, and a top priority will take time. Often it is a six-month, year or two-year long process of keeping in touch and providing them value. If you have amazing luck and someone calls you to set up their listing immediately, the rest of us are jealous! Typically it is a drawn out dance between the agent and the buyer/seller. Keeping track of where you are at with each client and every possible client can be exhausting. If you struggle to keep track adding a service to do that for you can save you hours of time. Customer Relationship Management (CRM) software is build to help you keep track of new and existing clients. Having a CRM that takes care of remembering who, what and when to send calls or emails so you don’t have to remember is a life saver that will pay for itself.

 Relationship Referrals

To get the highest closing ratio, relationship referrals are crucial. If you build strong relationships with current clients, they can expand your network like nothing else can. By using the referrals and relationships where trust has already been established, your business will gain momentum.

 Build a Personal Brand

Your personal brand is the overall impression that your audience gets from your social media posts, marketing, lead generation, and pretty much everything else you put out into the world as a real estate agent. Doing a personal brand audit and deciding on some branding basics will absolutely help you get clients. Come up with a logo, slogan, website, and general aesthetic that you can keep consistent across all your real estate marketing and social media channels. If you’re somewhat tech savvy or at least willing to learn,  a course on real estate social media marketing is a great way to up your skills. Plenty of agents are getting a decent ROI with Facebook and Instagram ads but another great way to get clients is to try to integrate your hobbies into your personal branding. The idea here is to appeal to your audience’s fun side by highlighting hobbies or interests you might have in common. For example, if you’re a baker, you might want to consider making a cute Instagram post with you baking at your new listing, or maybe go out and rate the local bakeries and post the videos on YouTube. Then you won’t just be another real estate agent. Clients who are also amazing in the kitchen will be far more likely to choose you over someone with similar skills who isn’t a baker. Of course, that other agent may have a culinary degree and volunteer at the soup kitchen, but their audience will never know. So, don’t be a secret agent when it comes to your hobbies and interests!

Educate with Insider Knowledge

Educate potential and existing clients. For potential clients, create a blog full of helpful hints and tricks to aide in their real estate search. For existing clients, point out a feature in an apartment or something about a building that a client wouldn’t know by looking at the listing online. People appreciate learning something from their real estate broker. Teaching someone something they didn’t previously know helps to build trust and a feeling for them that you are adding real value to the buying or selling experience.

Fake It Until You Make It

Luck can change your real estate career. We’ve all heard stories about agents who stumble their way into seven-figure listings their first week on the job. For the most part, those stories are true. But luck isn’t everything. Even if a local millionaire takes a liking to you, you still have to prove to them that the risk of hiring you is worth their time. If you are just starting out, you likely don’t have many accomplishments to point to so your personality is going to have to work overtime to seal the deal. Work on yourself and develop the confidence and knowledge that every good agent needs. Read everything you can about real estate and business and face your fears BEFORE you get lucky enough to book that listing presentation.

 

 


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What the USMCA Trade Agreement Means to Real Estate

Real Estate professionals across the U.S. are excited to finally see progress with the House approval of the USMCA. The USMCA (United States-Mexico-Canada Trade Agreement) will replace the current trade policy NAFTA (North American Free Trade Agreement). The House of Representatives passed the revised trade agreement after last month when for the first time, the Canadian, Mexican and U.S Realtor Associations expressed joint, public support for specific policy. The associations represent more than 1.5 million Realtors throughout North America.

Canada and Mexico are our two largest trading partners, millions of American jobs rely on goods and services that go back and forth between the three countries. President Trump said that this will be the most important trade deal ever made by the U.S.A. This deal will re-enforce cross-border investment opportunities for each of the respective real estate industries. It may not get mentioned often, but the trade that happens between these three countries has a large impact on the commercial real estate sector. The construction industry in Texas alone generates more than 400,000 jobs and $62.2 billion to the state's economy.

Expanding jobs means a growing need for more space—particularly, more industrial spaces. Industrial space in Mexico and Canada is growing exponentially. To put it simply, the USMCA eliminates unfair trade practices and is very good for our country’s workforce, which will lead to more consumer spending, including purchase of real estate with new home buyers. The updated USMCA will boost trade on everything from cars to dairy products. Tariff agreements make Mexico an ideal place for manufacturers and auto parts makers to set up shop. It will also offer worker protections and labor fairness and lead to bigger paychecks. These tariffs, combined with other factors like the labor and materials cost and close location, make Mexico a less expensive option than anywhere else in the world.

The U.S. housing market is struggling with an inventory shortage that has depressed sales in nearly all 50 states. The so-called “months supply” number that measures how long it would take to sell off the existing stock of homes fell to 3.7 in November, according to the National Association of Realtors. Most economists consider a six-month supply to be a balanced market. The U.S.-Mexico-Canada Agreement will help to ease the nation’s housing shortage by stabilizing the prices of materials used in construction, according to the National Association of Home Builders.

 


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