The Questions Smart Buyers Ask Before They Fall in LoveBy: Chantal BullockBuying a home is emotional. That’s not a flaw. It’s human.You walk into a space, imagine your furniture, picture
August 2024 Wrap-Up: Navigating Big Changes in Real Estate and Life
Dated: September 1 2024
Views: 622
As August has come to a close, it's time to reflect on a month that brought significant changes to the real estate industry, particularly following the National Association of Realtors (NAR) settlement results that were to take practice on August 17th. Here in our local market, we took a proactive approach, implementing these changes early, August 1st. That took quite a lot of paperwork to sift through leading up to the month and I am so thankful for everything that my assistant, Susan, handles with our business. Although there was some initial concern among agents and clients, I'm pleased to report that, after a month of navigating the new landscape, it appears to be business as usual!
Major Changes in Real Estate
The NAR settlement has introduced some groundbreaking changes, fundamentally altering how we operate as real estate agents. One of the most significant shifts is the new requirement for buyers to have signed representation with their agent—including a negotiated compensation amount—before even setting foot in their first home to tour. This change has been a bit of an adjustment, but it’s designed to foster greater transparency and trust between buyers and their agents.
There are two forms buyers can choose from under the new rules:
1. **Exclusive Representation Form**: This form establishes a dedicated relationship between the buyer and their agent, ensuring that the agent exclusively represents the buyer’s interests throughout the home-buying process.
2. **Buyer Showing Form (Non-Exclusive)**: This option offers more flexibility, allowing buyers to work with multiple agents while discovering who is a perfect fit for their needs. However, it does not guarantee the same level of commitment from the parties, as the exclusive representation form.
It's crucial for buyers to fully understand these forms and the implications of each choice. It would be sad to see a buyer owe multiple agents compensation because of not understanding what they are signing! They differ drastically in terms of commitment and service expectations, so informed decision-making is key. Your agent should be able to guide you through the process with their knowledge and experience.
For sellers, the changes have shifted the traditional compensation structure. No longer are sellers paying their listing agent, who then offers a portion of that compensation to the buyer's agent. Now, sellers have the flexibility to decide whether to offer compensation to the buyer's agent and, if so, how much and when (up front or at the time of going under contract)—potentially based on the strength and merits of the offer. It is still very much in the sellers best interest to offer buyer broker compensation, as many buyers would be priced out of the market if they have to foot the bill while also saving for their down payment and other closing costs. A larger buyer pool will always bring the most money to a sellers bottom line. And that's what its all about, how much a seller walks away with at the end of the sale.
While these changes initially caused some anxiety within the industry, we've seen a smooth transition here locally. After a month, it's clear that the market has adapting well, and buyers and sellers are continuing to engage in transactions with confidence and clarity.
Advancing Our Business Through Innovative Marketing
In addition to navigating these new regulations, I've also taken proactive steps to advance my business through innovative marketing strategies for the benefit of my sellers. Recognizing the importance of cutting-edge marketing in today’s competitive real estate market, I decided to take a different approach with my messaging and content. On July 17th, I hired a marketing director, Taylor Hall, specifically for my social media content with August being our first full month together and we've managed to put out quite a bit of content (with more to come). She brings with her an entire behind-the-scenes team that is helping me craft ads, create engaging videos for my property tours and they even handles all of the editing for me. This has allowed me to provide higher quality content while also freeing up my time so that I can focus on what's most important - my clients.
In the month of Agust we filmed, edited and went live with 3 property tour videos, 2 of which have run their 'Phase 1 Campaign' and have now entered phase 2. Their average views is 28,894! -- A significant increase compared to traditional listings. For example, the same properties listed on Zillow have received about 1,000 views throughout the course of their entire listing timeframe. This stark difference underscores the importance of effective marketing. Gone are the days when a realtor’s job was simply to input a listing into the MLS and syndicate it to approximately 300 other websites. It’s time to require more than the bare minimum—because marketing matters!
Here's the marketing result break down (as of today):
5576 E. Blue Jay Rd. Kingman, AZ - My 'Phase 1 Campaign' began 8/12/2024
Reach: 8,054
Plays: 30,238
Replays: 4,231
Zillow views: 1,125
See video here: https://fb.watch/uktWQn-J0_/
145 Chestnut St. Kingman, AZ - My 'Phase 1 Campaign' began 8/20/2024
WE ARE NOW UNDER CONTRACT!
Reach: 8,988
Plays: 27,550
Replays: 3,989
Zillow views: 972
See video here: https://fb.watch/uktTdYBVyr/
4700 E. Monarch Dr. Topock, AZ - My 'Phase 1 Campaign' began 8/28/2024
** We are only 5 days into the campaign, so not compete**
Reach: 7,914
Plays: 18,637
Replays: 2,464
Zillow views: 382
See video here: https://fb.watch/uktLKO8Clb/
Our Business Performance
Despite the industry shifts and the new marketing strategies, our performance this month has been strong. I'm thrilled to share our stats for August:
- **4 New Listings**: We've been busy helping sellers bring their homes to market, ensuring they are priced right and showcased to attract qualified buyers. There are several more that we're working through the steps of getting ready. They'll be live shortly.
- **6 Under Contract**: Our buyers and sellers are thrilled that we've successfully negotiated contracts that align with their needs.
- **7 Closed Sales**: We celebrated many successful closings this month, helping both buyers and sellers achieve their real estate goals.
These numbers reflect the hard work and dedication of our entire team, and we’re grateful for the trust our clients place in us.
Life on the Home Front
On a personal note, life has been equally eventful! Our milk cow, Beulah, gave us a bit of a scare this month. The rancher’s cows managed to break her out of the barn, and she went on a multi-day adventure with her friends, who are definitely a bad influence. -lol- After several days of worry, Beulah made her way back home, safe and sound but a little exhausted. We’re relieved to have her back and are keeping a closer eye on her adventurous spirit!
Our family is doing well. Our 18-year-old son is making great strides in his new business, which serves the real estate industry with great photography, drone footage, 3-D tours plus so much more. It’s been inspiring to see him channel his passion and energy into this new venture. Meanwhile, our 15-year-old daughter is enjoying the almost-freedoms that come with driving with a permit. It’s both exciting and a bit nerve-wracking to watch her gain independence on the road. But she’s doing great, and we’re proud of her progress!
The days are starting to cool off just a bit, and the nights here on the mountain are definitely getting chillier. It’s a reminder that fall is just around the corner, bringing with it a change of pace and new opportunities.
Looking Ahead
As we move into September, I’m looking forward to seeing how these new industry changes continue to play out and what new opportunities they might bring. I’m committed to guiding my clients through this evolving landscape with the same dedication and integrity as always.
Thank you for your continued support and trust. Here’s to a fantastic September ahead!
- Chantal
CHANTAL BULLOCK
🏁Your trusted real estate advisor for retirements, estate sales and off grid living - guiding your next move.🏁I specialize in helping retirees, relocating homeowners, and families responsible fo....
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