Team Call June 21

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Team Call Summary June 21

Greg said one bad online review will cost an agent an average of $6000 in annual income and three bad online reviews will cost $15,000.

John Hrimnak gives gifts throughout the process and calls clients on birthdays. He said it’s good to do the expected, but better to do the unexpected for his clients. He spends at least as much as the lead cost on gifts for each client.

Jim Carlisto gives the gift of his time by taking his clients to an amazing dinner after closing. He and son James also use a local Hawaiian bakery to deliver a dozen pastries to clients on their birthdays.

Sarah Perkins gave her most recent stats:

1. Pending sales are down (4.4% from March to April).
2. Mortgage applications are down 7% from the average levels from January and February 2020.
3. Redfin’s demand index is down 12% from the peak in late March.
4. Active single family inventory climbed another 3.8% this week. That’s now up 11% from the bottom on April 30.
5. 17.1% of single family listings were taking a price reduction before accepting a contract. That is up from the low in February at 8%.
6. The median sales price of single-family homes in the U.S. stayed flat this week at $399,000.

National Real Estate:
Homeowners gained $1.9 trillion in equity in Q1 2021, which is a year over year increase of 19.6%. Going deeper that breaks down to an increase in $33,400 in equity per homeowner and is the highest gain in over 10 years. Arizona’s year over year average equity increase is $51,000!

New Construction:
Lumber prices have declined by 40% since early May. Timberland industry executives, from several different companies, have been selling off company stock at unusually high rates indicating that Wall Street expects lumber prices to continue to decline.

Housing Shortage:
According to a recent NAR report, construction declines and housing demolition over the past 30 years, has created a 6.8 million unit housing shortage nationwide. NAR is calling for a “major national commitment” for more building of all housing types, especially for more affordable housing units. To close the gap, builders will have to build 2 million homes a year for the next 10 years.

Real Estate News:
* Due to declines in pending sales and purchase mortgage applications, Fannie Mae downgraded its projections for year over year sales growth in 2021 for both existing (3.1% from 4.8%) and new (11.8% from 16.3%) home sales.
* Discount broker REX’s injunction, stating NAR and Zillow participate in anti-competitive practices, has been denied. The judge went on and told REX to stop calling Zillow, NAR, and other organizations a “cartel.”
* Last week real estate coaching company, Ramsey Solutions made a very unusual move when it told its coaching clients with eXp to either change brokerages or leave Ramsey Solutions.
* Zillow is now using machine learning and neural network technology to improve the Zestimate’s accuracy by 1% and estimates that the new technology will increase live offer amounts by 30%.

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