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10 Ways to Establish Expectations in Today's Hyper-Low Inventory
Listing Management for Solo Agent - 2021 Version I am sending this out to help some of you, mostly solo agents, manage your listing during this period of 20 to 40 offers on every listing. Why am I doing this? Let's just say lessons learned, as I am just coming off an extremely hot listing where I received over 700 text messages, 300 phone calls, and who knows how many emails in four days; this took me out of my daily life while consuming almost every minute for a week. The intensity of the inbound communication prevented me from doing other work tasks, keep up with my sellers, oh yeah...and about that family. I guess the marketing package really did work!!! Do send out an Offer Instructions Sheet. This will help establish expectations with your buyer's agents and their clients. I try not to get into the weeds of earnest money, DD days, appraisal contingency, and other details like that; I want to see which agents are already smart about these details. I do suggest closing attorneys, closing dates, and special stipulations. I also require all offers to be written upon Georgia Association of REALTORS forms; all offers have to be sent via PDF and load the details into my KW Listing URL (In Command for KW agents). I send the offer instructions separate from the seller's disclosures, so it is easy for the buyer's agent to use. Of course, you have to present all offers to your sellers, this system is not foolproof, and agents will be agents, so you still have to keep track of and present all offers no matter how they come, but this does help. Use Calendly: If you want to control your showings, use your own private system to control access. I require the agents to send me the pre-approval letter, and only then will I send them a link to my scheduling calendar (already set up). I also put in the private remarks; "appointment only, no supra, email Travis your pre-approval letter for showing" https://calendly.com/ Keller Williams Agents set up a listing URL on Comand (Under your opportunities and "Offers and Commissions"). This will help you keep track of your multiple offers. Send out the URL to all the interested selling agents and put it in your Offer Instructions and on every email to the buyer's agents. If you are not a KW Agent, let's talk! Pricing. I did a great job pricing this listing. I researched all the comps for weeks, followed the market, made adjustments for the current environment, and held strong with my sellers who wanted to raise the price. I held the price at $450k to capture as many buyers as possible. I wanted ALL the $425 to $450 buyers and ALL the $450+ group; BIG MISTAKE! Pareto himself would have smacked me for this one. 80% of the "work" I was doing qualifying agents and buyers were in the "up to $450" camp; these buyers all dropped out when they realized $450 wasn't going to cut it. Many of them had scheduled appointments and dropped them the night or minutes before their appointments or just didn't show up. Almost every agent (who got back to me) said their buyers were capped at a hard $450. In retrospect, if I would have raised the price by even a dollar, I would be on the bottom end of the $450+ group, thus allowing well-qualified buyers to duke it out, and 100% of my"work" would have been with this group and not wasted. Ask for follow-up. Look, all of this information is coming directly to me, not my 1-800 number, not my assistant, not my listing coordinator's assistant's assistant; NO- directly to me and my little iPhone. I ask the buyer's agent to keep following up with me until I confirmed receipt of their offer. If they just sent in a blind offer and never reached out to me....well.... that was like 200 emails ago at this point in time, and that offer just went into the cloud somewhere, and that's not serving the buyers either. Communicate Often with your Buyers Agents. Sending out regular emails will help eliminate your calls and text. Buyers and agents hate uncertainty; keep them posted where you are in the process, or they will ask. Update the Public and Private remarks on the MLS as quickly and often as needed. (See #5). I also would suggest adding "pre-approval letter required for showings" in the public remarks to reduce unqualified inquiries. Maybe don't put "Text listing agent" in the private remarks...just saying. Use Dropbox for all Offers. I set up a shared folder in Dropbox and had my sellers set up the notifications so when I sent in a new offer, they were aware and could review it. I renamed each offer with the selling agent's name and offer amount. "John Smith Offer - 200K - Cash" since every offer comes in as "Offer for 123 Main St" or "Multiple Documents." Print Out Offers. Well, not the entire offer. I print out the offer page, special stipulations, and signature page. I would then create a chicken scratch note section to make sure all the offers were uploaded to DropBox (DB), entered in Command (C) under "Offers & Commissions", and any special stipulations (SS) were noted. Use whatever system you want, but this works well for me. I can also very quickly reference an offer when an agent calls. No matter what you do, keep a record of your process, all your offers, and communications about those offers; you may need to reference it in the future. 10. Use a Transaction Coordinator. Enough Said Hopefully, these will help you. These are also only suggestions, not laws. Please let me know if you have more suggestions or improvements on these. - Travis (still recovering, but the wine is helping)
Atlanta REALTORS® Releases January 2021 Statistics on Housing Market
The Atlanta REALTORS® Market Brief examines sales, prices in the 11-county metro area. Atlanta, GA (February 16, 2021) – Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its January 2021 Market Brief on residential housing statistics for 11 area counties in metropolitan Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally-focused synopsis of monthly sales and home prices for single-family residential properties. Demand: January residential sales were at 4,421, an increase of 1.0% from the previous year. Price: Average and median sales prices continue to outpace 2020’s figures, with positive gains. The median sales price in January was $309,000, an increase of 17.9% from last January. The average sales price was $379,000, up 17.9% from the previous year. Supply: Atlanta area housing inventory totaled 8,133 units in January, a decrease of 48.5% from January 2020. New listings totaled 6,679, down 19.4% from January 2020 and up 27.1% from the previous month. The month’s supply over a 12-month period decreased to 1.2 months. Largest Metro Counties Sales Comparison A Word from 2021 Atlanta REALTORS® President Cynthia Lippert: "The strong year over year gains in 2020 continued into the first month of 2021 as predicted, with sales up slightly from last January," stated Cynthia Lippert, 2021 President of the Atlanta REALTORS® Association. “Even with sales increasing, the market is constrained by the ongoing decrease in available inventory as it was further reduced in January to 1.2 months supply.” “As the gap between supply and demand continues to widen, we should be mindful of the more pronounced effect of this trend on affordable housing and its impact on the local economy,” Lippert adds. “Average and Median prices are up almost 18% which means already low inventory levels in lower price points will continue to dwindle, putting further strain on entire segments of the market.” The Atlanta REALTORS® Market Brief is designed to offer an overview of the Atlanta residential market by providing a synopsis of sales and home prices, and covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding. The numbers in the reports are updated each month to reflect any additional recordings from the previous month. Each month, the numbers reported for the previous month are updated to reflect additional recordings. More information : https://www.atlantarealtors.com/resources/atlanta-realtors-market-brief
Let's Buy a Home in 2021!
Here are 10 action items to take NOW to buy your new home in 2021! Why Now? Why 2021? Interest rates are still at all-time lows. You can afford more now than you could when rates were in the 4-5% range like they were when I bought my first home. Let's make you a homeowner in 2021! Renting Sucks! Get your financial house in order. Do you know your credit score? Is it good, as in over 600? The higher, the better in terms of your mortgage rate. If you have some room to work on your score NOW is the time to start. Moving your score up takes time, and the sooner you start, the better it will be when you get pre-approved. Save money for a down payment. Gone are the days with zero down payments. I would budget for 5-10% for 2021. Save NOW! Reach out to a Mortage Lender. I can help you with this. Having a conversation with a professional can eliminate any surprises. A lender can also give you a ballpark range of your budget and how to improve your underwriting status. Let me know if you do not have a preferred lender. (Always work with a local lender) Find your new neighborhood. Now is a great time to preview neighborhoods you think you might like. Covid will not last forever, so keep in mind a post-Covid world, like commute times. Preview houses to get to know the market. Let me know if you want to see some houses you think you would want to live in. I am available for previews, and there is zero cost. If you have a dog, walk the neighborhood. Pull your current lease and review it. When is your lease up? Is there a move-out notice? Any penalties? Organize. Create three piles; keepers, give-away, and trash. Remove all the trash items now. Sell or give away items that you no longer want but somebody else would (I recommend selling them for cash). Organize the items you want to keep. Get my buyers worksheet; it has all the stages you will encounter, basic cost calculators, my preferred vendors, and more. Download my app and register, this will get you the best buyer's experience on the market today. Your preferences, your process, your app, it's all here! https://www.kw.com/download/KW122NWQS And the most important thing is to communicate with me what your plan is. The real estate market is shifting weekly, and you want to be in the best position possible to buy a new home. Competition can be fierce! Be prepared! I can help! Travis Bryenton Accredited Buyers Representative (less than 1% of all REALTORs') Best of Zillow Premier Agent (Top 1%) REALTOR Keller Williams Buckhead https://www.travisbryenton.com/testimonials
KW Advantage! - Buy BEFORE you sell
If you’ve ever tried to buy and sell a home at the same time, you know how challenging it is. In today’s climate, there are additional challenges. Touring homes are complicated, lenders are stricter, and sellers don’t want to deal with a contingent offer's uncertainty. Many sellers aren’t even listing their homes, which has made our market even more competitive than before. I recently partnered and became certified by Homeward, a company that is helping homebuyers overcome these challenges. With Homeward, I can help you buy your new home first with a competitive offer, move in on your timeline, and then list your old home when you’re ready. No need to show your home while you still live there and no need for a contingent offer. Homeward also ensures your old home will sell by offering a guaranteed floor price - this means that if for some reason your old home doesn’t sell within 6 months of moving, Homeward will buy it from you. This is extremely unlikely to happen, but it’s great peace of mind. I’m excited to leverage this new solution to help members of our community move on their terms, and I’m thrilled that I can remove some stress and uncertainty for my clients in the process. Does this sound like something that could help you? If so, reply to this email or give me a call directly at 678-631-9696. I’d love to chat more about how Homeward works and figure out if it could be a good fit for you. https://www.homeward.com/ For more information
Defining 2021: 3 Key Multifamily Investment Trends
Mike Aiken of Fogelman Properties shares his predictions for the multifamily sector next year. The original Multi-Housing News article is here. https://www.multihousingnews.com/post/defining-2021-3-key-multifamily-investment-trends I am reposting this because I agree with all of Mike's points. A global pandemic, record fluctuations in unemployment and haphazard movements throughout the stock market have many ready to wave goodbye to 2020. With financial planning on the horizon for employers and investors alike, we examined performance within the multifamily housing industry and drew various predictions regarding investment strategies for next year. Here are three investment trends to watch as we transition in 2021. BANNER YEAR AHEAD FOR TRANSACTIONS It’s impossible to discuss 2020 without mentioning the hurdles of a global pandemic, uncertainty of the election and the resulting unpredictable economy. The good news is that we’re looking at much less volatility in the upcoming year. Why? There were some bumpy moments regarding employment and delinquency in the first few quarters of 2020, but we’re approaching a more stabilized position as local economies reopen and the potential vaccine(s) accelerates a return to “somewhat normalcy” by mid- to late 2021. That stability will bring with it increased job security and more transaction activity. The exact details surrounding asset performance will certainly hinge on the pace of job growth, but brighter days are ahead. THE CROWDING OF SOUTHEAST CAPITAL MARKETS The relative outperformance of the Southeast region both in the employment picture and multifamily fundamentals compared to the rest of the U.S. is causing investors to reallocate focus. While many of the most active Southeast buyers in recent years took a more cautious approach to investments in 2020, the void in demand was filled with new investors shifting away from parts of the Northeast and West Coast. In many cases, owners and operators in other real estate asset types are also now pursuing multifamily, further buoying interest in our space. Our expectation for 2021 is the “usual suspects” will return to the buyer pool in full to join the new entrants, which will further compress investment yields and boost pricing above current levels. TEMPORARY BOOST FOR THE SUBURBS A remote working culture sticking around coupled with the desire to live in less populated areas are causing shifts in the most sought-after real estate markets. Citing the mass exodus for the Bay Area, Dallas-Fort Worth and New York City among others from February to June, according to Zillow’s research, rent price growth has slowed in urban areas more than the suburbs. Also, there’s a notable trend toward residents seeking properties in more suburban areas, weighing the cost-benefit analysis of more space against the distance of a commute. Investors should monitor this trend as we head into 2021. As states reopen and stimulate the economy, we’ll soon learn if this is a temporary shift or something more secular in nature. We have little doubt that many urban dwellers seeking refuge in less dense areas will return to the city in a post-COVID world to enjoy the urban amenities that attracted them previously. What is less clear is whether the impact from more telecommuting and therefore less weekly drive-time to major infill employment centers going forward will “tip the scale” for some and lead to permanent residency in suburbs and exurbs. Mike Aiken is the senior vice president of Investments at Fogelman Properties. Since joining Fogelman in early 2018, Aiken has spearheaded the growth of the company’s investment holdings and enhanced its transactional platform. He is responsible for leading Fogelman’s multifamily acquisitions and capital formation through the sourcing, evaluation and closing of real estate investments.
Atlanta REALTORS® Releases October 2020 Statistics on Housing Market
The Atlanta REALTORS® Market Brief examines sales, prices in the 11-county metro area Atlanta, GA (November 13, 2020) – Atlanta REALTORS® Association (ARA), the largest association of its kind in Georgia, released its October 2020 Market Brief on residential housing statistics for 11 area counties in metropolitan Atlanta. The Market Brief, compiled by First Multiple Listing Service (FMLS), provides the only regionally-focused synopsis of monthly sales and home prices for single-family residential properties. Demand: October residential sales were at 6,909, an increase of 12.9% from the previous year. Price: Average and median sales prices continue to gain traction and outpace 2019’s figures, with positive gains. The median sales price in October was $311,000, an increase of 15.2% from last October. The average sales price was $376,500, up 15.3% from the previous year. Supply: Atlanta area housing inventory totaled 12,418 units in October, a decrease of 36.6% from October 2019. New listings totaled 8,465, down 4.2% from October 2019 and down 5.2% from the previous month. The month’s supply over a 12-month period decreased to 2.0 months. A Word from 2020 Atlanta REALTORS® President Jennifer Pino: "The Metro Atlanta market continues to see strong activity as a result of extremely low-interest rates and changing buyer needs", reported Jennifer Pino, President of the Atlanta REALTORS® Association. "As a result of high demand and the ongoing issue of low inventory, the average sales price for the area has increased by 16.8% to over $375,000." "As we move into the winter months, interest rates do not appear to be changing and we expect that inventory will remain at these low levels. With demand projected to remain strong, these factors should continue to put upward pressure on the average sales prices over the next few months." The Atlanta REALTORS® Market Brief is designed to offer an overview of the Atlanta residential market by providing a synopsis of sales and home prices and covers 11 counties: Cherokee, Clayton, Cobb, DeKalb, Douglas, Forsyth, Fulton, Gwinnett, Fayette, Henry and Paulding. The numbers in the reports are updated each month to reflect any additional recordings from the previous month. Each month, the numbers reported for the previous month are updated to reflect additional recordings. For more information or details on the reports, please contact Atlanta REALTORS® at 404-250-0051. https://www.atlantarealtors.com/home
Atlanta Q3 Metro Market Report
Click on the link below for the full market report. Here is the Buckhead Non-Luxory Market (under $750K) And here is the Luxury Market For more areas, click on the link below for the full report. As always, please call me for more specific information about the market and how I can help. http://pub.marketingdept.co/kwrawlsgroup/marketreport/
Welcome, Ted's Montana Grill - Upper Westside!
Travis and Scott Andreen, the Proprietor of Ted's Montana Grill in the Westside Village, talk about the new location opening on October 26th and everything Teds. Topics include; Who is Ted? What is on the Menu (see the link below), and what is being poured at the bar, as well as Covid Protocols. https://www.tedsmontanagrill.com/menu.html Make a reservation today! - tell them Travis sent you! Ted's Montana Grill Westside Village 2250 Marietta Blvd. NW Atlanta, GA 30318 P: 404-343-3406 Check it out below!
Testimonial From Melissa P.
It was my pleasure to work with Melissa and Jose and helping them relocate from Illinois to Atlanta. This was a referral from their cousin here, which made it even better. I helped them get their house ready to list about a year before they went live on the market. We consulted on paint, landscaping, cleaning, and finding an agent all remotely. Once they were on the Illinois market, we had a coordinated effort with their listing agent, lender, and me to line everything up, so there was just the right amount of time between their closings in Illinois and Atlanta. They only stayed in a hotel one night. I loved these guys and can not wait for our reunion and my promised big Puerto Rican dinner!!
Have Carpenter Bees on Your House? Better Watch This!
If you have a home or are thinking about Buying or Selling a home and you see Carpenter Bees coming and going in and out of little holes along the decking, soffits, or any wooden surface please watch this video and see what happens when you do not mitigate them And before I start getting a bunch of hate mail about pollinators, please note that the very last thing I want to do is mess with this very important (and critical) population. I also do not want this costly damage done on my house. I know people who have had to replace every soffit after carpenter bees got in and the damage was done! If there is a humanly way to trap and release these guys somewhere else I am all game, please let me know how. If I am your agent, you know this is on my radar! You will want to get this fixed PRIOR to listing your home. Carpenter Bees are also a potential deal-killer for my buyers, depending on the number of holes and damage. In the meantime, these are the tools I use. (click on them and go to their Amazon.com page) And and to fill the hole back up I like Liquid Nails. I also have an old tennis racket and take a swing at them from time to time, the kids love that one Be Well! - Travis
50 Ideas for Earth Day #50
Earth Day #50 is Wednesday, here are 50 ideas (mostly free) that you can do today. One of the bright sided of this Covid lockdown is the almost immediate clearing of air pollution from every major city on the plant. People are seeing mountains again for the first time in over 40 years in some places and wildlife has taken back every major national park. (That being said, please keep being safe this is a terrible nasty virus which has done considerable harm across the board). Click Here for 50 Ideas -->>> https://www.atlantaparent.com/earth-day/
The bizarre impact of coronavirus on local home sales
No matter where you live, you’d have to have a pretty hard heart not to be saddened and disturbed by news of the deadly coronavirus. The human toll continues to grow in nations as far-flung as Iran and Italy. Entire cities in China have been quarantined. Tourists and other visitors to China are struggling to get home. Government and health organizations are desperately trying to stop the virus’s spread, but a medical solution may be far down the road. Here in the U.S., people are feeling apprehensive about how pervasive the disease might become and wondering if the crisis will eventually touch them so much so that some psychologists are warning about “coronavirus anxiety.” Well, if you’re a real estate agent, it already has. If ever there were an example of how globally-interconnected the U.S. economy—and in turn, U.S. citizens—have become, it’s the coronavirus’s effect on local real estate markets. Concerns about the stability of the Chinese economy, including the staggering drop in the Chinese stock market, manufacturing slowdowns, and tourist industry losses, have prompted a distinct reaction among U.S. investors, whose financial decisions drive market trends in every industry. Most recently, their tendency during uncertain times to seek safer investment options has caused investors to turn to U.S. Treasury bonds. The U.S. Treasury bond market, and in particular the 10-year Treasury note, is closely tied to how the credit industry operates. The industry’s response to the uptick in Treasury bond sales has been to lower interest rates on many kinds of consumer loans. That’s why this past month has seen mortgage rates drop even further from their already historic lows by an additional quarter-point. The current average interest rate on a 30-year mortgage is 3.49% and 2.99% for a 15-year ARM, according to Freddie Mac. Not surprisingly, consumers are enthused by the possibility of locking in a low mortgage rate. While they may not understand why rates are falling, they’ve been inspired to jump at the opportunity nonetheless. Mortgage applications have increased to their highest level since 2013. Refinancing applications have escalated by an even greater percentage as homeowners who purchased their homes in a less-favorable mortgage market embrace the chance to lower their monthly payments. The Federal Reserve Bank also has its eyes on the virus. At its most recent meeting in January, the agency discussed the potential risk they perceive to global markets, should China’s economy plummet. For the time being, they are taking a cautious approach and leaving interest rates alone. Stay tuned for more news as the coronavirus crisis continues to unfold. While in our personal lives, we would be at least reluctant to trade on another’s misfortune, smart real estate agents—including your competitors—be ready for an earlier start to the selling season. The best mortgage lenders will also use the coronavirus crisis to their advantage and partner with you to close more deals. Doing the math with your customers and demonstrating how a quarter-point interest drop can deliver five-figure savings during the first five years of homeownership, is compelling no matter what’s on the nightly news. This story was written by Susan Doktor and contributed through money.com.