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Apache is functioning normally

HELOC, Manufactured, Technology, Marketing, and Digital Tools; Central Banks and Inflation

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HELOC, Manufactured, Technology, Marketing, and Digital Tools; Central Banks and Inflation

By:
Rob Chrisman

7 Hours, 56 Min ago

If you want something sobering, almost mesmerizing, here’s a short drone video of the flood damage in Libya (at the 15 second mark you can see how it tore through the city). Fortunately not so sobering are some stats out of the United States. The U.S. homeownership rate in 2022 was even higher than before the COVID-19 pandemic at 65.8 percent compared to 64.6 percent in 2019. That rebound was driven largely by those aged 44 and younger. And who says Millennials aren’t buying homes? Homeownership continued to climb from the foreclosure crisis (2004) and Great Recession (2008), when rates dipped as low as 63.4 percent in 2016. Homeownership rates recovered approximately half of the 5.6 percent decrease from 2004 to 2016. In Hawai’i the homeownership rate is 59 percent, I bring up the Aloha State because American Savings Bank, First Hawaiian Bank, and Central Pacific Bank joined Hawaiʻi Community Lending, a Hawaiʻi-based nonprofit community development financial institution, in pledging to provide mortgage forbearances to Maui families impacted by the recent wildfires. (Today’s podcast can be found here and this week’s is sponsored by the Trade-In Mortgage powered by Calque. Homeowners can buy before they sell, make non-contingent offers, and tap their home equity to fund the down payment on their next home. Lenders can help their clients negotiate a lower purchase price, reduce their interest payments, and eliminate PMI. Today’s podcast features Greg Korn and Ben Petit in an interview from the New England Mortgage Bankers Conference.)

Lender and Broker Software, Products, and Services

In an era defined by technological advancements, Dark Matter Technologies LLC emerges as a transformative force in the mortgage origination landscape, marking its evolution from Black Knight Origination Technologies. Under the Perseus Operating Group of Constellation Software Inc., Dark Matter Technologies remains steadfast in its commitment to pioneering innovation. CEO Rich Gagliano aptly sums up the company’s vision: “Dark Matter Technologies is on a mission to revolutionize the mortgage origination business by supporting, growing, and aggressively innovating new and existing products.” With over 1,300 dedicated mortgage technology experts and a portfolio that includes Empower, AIVA, Exchange, and more, Dark Matter Technologies is poised to lead the industry into a new era of unparalleled transformation. Learn more about Dark Matter Technologies and their mission, here.

There is approximately $9T in agency or government MSR outstanding. Billions of dollars are being transacted daily and this volume requires disciplined loan accounting processes to record loans accurately, produce investor reporting, and power business decisions. SBO from SitusAMC is a comprehensive loan accounting and master servicing platform that reconciles daily and monthly servicer cash collections down to the penny, aiding in the discovery of potentially misplaced funds and enhancing the financial integrity of the entire process. Servicers using SBO produce accurate and timely details providing confidence that their investor reporting obligations are being met. Schedule a demo of SBO with SitusAMC’s client-focused experts.

“Did you hear Capacity’s big announcement at TMC Fall? We’ve acquired Denim Social! Together, we’re building a support automation platform that helps you automate support, connect more authentically with your borrowers, and close more loans, faster. Read the press release to learn more! We also gave away a personalized AI Assessment worth $10,000 to help mortgage lenders identify opportunities for improving their business with AI. Plus, our new GSE Search feature pulls accurate, up to date GSE regulations within seconds using generative AI. Want to join the AI in mortgage revolution? Meet the Capacity team today.”

A new era in loan origination has arrived. Mortgage Machine Services, an industry leader in digital origination technology to residential mortgage lenders, announced the launch of its namesake platform Mortgage Machine™, an out-of-the-box, all-in-one LOS designed to accelerate lenders’ operational velocity and support an end-to-end digital origination process. Developed by digital mortgage pioneer and industry veteran Jeff Bode, Mortgage Machine utilizes intelligent automation, configurable business workflows and a cloud-based infrastructure to optimize the entire loan lifecycle and create a seamless lending experience. Key platform features include AI-powered task automation, a scalable cloud-based infrastructure, flexible APIs, pre-configured workflows for retail and TPO channels, integrated document management and POS functionality. Mortgage Machine also offers all-in-one eClosing capabilities, including an eClose room, eNotes, eVault and RON, and utilizes MISMO SMART Doc® data and security standards. Visit here to get started on your digital transformation journey.

Blend Labs continues to be the mortgage industry’s leading technology platform. Core to the platform is Blend’s unique integration with Desktop Underwriter® (DU®) and LPA. These integrations help streamline your approval process for borrowers, with all the conditions lined up for your fulfillment team. Add in intelligent and automated follow-ups and you’ll get to the closing table faster and more efficiently. Putting this information at the loan officer’s fingertips creates a streamlined process and eliminates manual work which equals lower costs, higher pull-through, and increased revenue. See more ways that Blend is committing to innovation and continues to lead the way.

Looking for timely advice on how to capture more loan volume and improve your bottom line in a down market? Now is the time to explore ways to tap into new markets. Expanding your mortgage footprint through new products and channels or by reaching new geographies insulates your business against economic and interest rate volatility by diversifying your sources of volume and revenue. By setting the groundwork to connect with new borrower markets now, you’ll open new revenue possibilities for when the market inevitably recovers, positioning your business to hit the ground running and beat out the competition. Download this informative eBook from mortgage solutions provider Maxwell for actionable advice, including how to create your expansion plan and choose the offerings best suited to the markets you want to pursue. Click here to download Growing Your Mortgage Footprint: How to Launch New Loan Products, Channels & Geographic Expansions.

Broker and Correspondent Products

Build your book with AFR Wholesale® (AFR)! Now, get the chance to listen from and ask questions directly to AFR and Freddie Mac to turn those prospects to active pipeline at the next Why Wait webinar series covering Manufactured Home Financing on Wednesday, September 20th at 1 PM EST. Register here today! Have you and your borrowers looked into Manufactured Housing as an option? With unbeatable affordability, customization options that are very tailored, quick installation and trusted quality, manufactured homes are worth exploring. Especially with a top lending partner in AFR who has been an industry leader for over 25 years. This is a live webinar, and a recording will not be provided so make sure to join and get great insight and have the opportunity to ask questions and listen to scenarios! Visit AFR Wholesale, email [email protected], or dial 1-800-375-6071. AFR Wholesale® – Don’t wait. Register today!

“With Cash-Outs on the decline during this high interest rate environment, it is important to present your borrowers with different cash-out options. That is why Vista Point is announcing a brand new HELOC product coming soon, in addition to our existing Closed-End Second. Our HELOC product is being designed as a complement to our Closed-End Second to provide a full suite of Equity Solutions. Our HELOC will provide a specific solution for borrowers that want the optionality of an interest-only payment, or the ability to draw up and buy down their line during the 5-year draw period with no Appraisals up to $250k. Just like on our Closed-End Second offering, with HELOC loan amounts up to $550K and combined lien amounts up to $2.5M, your borrowers can get the cash they need without sacrificing their advantageous 1st mortgage rate. HELOC will be available for full doc and bank statements on OO and 2nd homes. For more information, reach out to us, or meet us at the Philly MBA to discuss.”

Capital Markets

We learned last week that prices in August rose by the largest monthly percentage in 15 months. However, that month-over-month inflation was widely expected due to a surge in gasoline prices. Underlying oil prices are also pointing towards further increases in September. Meanwhile, core prices were up 0.3 percent and core goods prices declined by 0.1 percent. Over the last three months core prices have increased at an annualized pace of 2.4 percent, the lowest three-month pace since March 2021. Retail sales rose faster than analysts’ expectations in August, also due to higher gas prices. Many analysts expect consumer spending to slow as excess savings built up over the pandemic have materially declined and credit is increasingly costly and difficult to obtain. Additionally, the resumption of student loan payments is expected to cut into discretionary spending. It will take more than expectations of slower spending before the Federal Reserve feels inflation is firmly under control.

What could move mortgage rates this week? The U.S. Federal Reserve, Bank of England, Bank of Japan, and the central banks of Norway, Sweden, and Switzerland are all announcing rate decisions after a spate of recent inflation data shows that price increases are alive and well. The Fed’s Federal Open Market Committee (FOMC), the action arm of “the Fed,” is not expected to raise rates. It’s unlikely that the commentary around the commitment to keep fighting inflation and higher rates for longer will change either, but it could tilt a little more to the hawkish side after a stronger-than-anticipated inflation report for August.

The week could also see some extra drama on the political front as the countdown continues toward a potential government shutdown on October 1 in addition to the battle between the United Auto Workers (UAW) union and Detroit automakers. The auto worker strike could complicate Fed Chair Powell’s bid for a soft landing. Union leaders are asking for a 36 percent wage increase over four years, to match the similar recent pay increase for top executives. The union also wants pay to rise automatically with inflation in the future, as it did before the financial crisis.

This week brings the aforementioned FOMC meeting that begins tomorrow and concludes on Wednesday with the Statement, updated SEP (where fed funds projections will be closely scrutinized), and Chair Powell’s press conference. The treasury will also be in the headlines with more coupon auctions scheduled: $13 billion reopened 20-year bonds tomorrow and $15 billion reopened 10-year TIPS on Thursday. The only scheduled, probably non-market moving, news out today is the NAHB Housing Market Index for September. We begin the week with Agency MBS prices roughly unchanged from Friday, the 10-year yielding 4.34 after closing last week at 4.33 percent, and the 2-year is at 5.00 percent.

Employment

Are you more energized, more encouraged, and more motivated to succeed today than yesterday? Zig Ziglar famously stated, “People often say that motivation doesn’t last. Well, neither does bathing; that’s why we recommend it daily.” “As an industry leader, Thrive knows that motivation, discipline, and belief in your ability to succeed is critical,” stated Randell Gillespie, National Sales Leader for Thrive Mortgage. “There is no better time than now to find ways to continually motivate your team, which is why we put so much focus on daily opportunities like these at Thrive. Through our weekly High-Performance Coaching Calls, our very own nationally-recognized Marketing Master, James Duncan, leads these motivating and educational experiences for results. The biggest names in the mortgage industry and thought-leadership have been part of our Thrive Nation broadcasts. We want everyone to be better today than yesterday. Start a conversation with us and find out how.

“The fall season is here, and now more than ever is the time to build rapport with your referral partners and clients to maintain a steady stream of business. At Guaranteed Rate Affinity, not only do we have the greatest number of products, but we have the tech platform for our loan officers to do business from anywhere. With PowerVP, you can do anything from creating loan applications to sending pre-approval letters all from your mobile phone. Anything you could do from your desk, you can now do on the go with PowerVP. Gone are the days of being chained to your desk and missing out on important moments. Primarily, it gives you a work-life balance you never thought possible. Luckily, we’re hiring the best of the best loan officers to leverage our tech platform to grow their business. Ready to learn more? Contact Tim McGraw to get started.”

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Source: mortgagenewsdaily.com

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Our way of honoring first responders is by educating our podcast listeners, readers and coaching clients in the real estate industry about how to help those who helped all of us and are still being of service every day. We all owe a debt of gratitude to those who have our backs in times of need. 

One of the best ways to help first responders is to be of service yourself, as a professional real estate advisor. Listen to all of these really great mortgage programs (most agents and buyers don’t know about these!) for first responders and consider doing any or all the following: 

1. Make a video about some of the special programs available. Send it to your database, post it on your social media and submit a press release to your local media sources. 

2. Take that information and provide a Facebook Live session or a series of Facebook Lives, invite your friends and followers to learn more about these loan programs. You can split the programs up and do a weekly series. 

3. Work with a lender who specializes in first responder types of loans, FHA, VA and HUD programs and interview them for a video, Facebook live session or if you have a podcast. 

4. Submit an article to your online and offline news publications about these available programs. 

5. Create a First Responder seminar or webinar, in person or online. Present at local firehouses, police stations and more Bring your first-responder-program lender specialist with you. 

In all cases, close the video, article or session with a call to action: For more information about these and other special programs, call or text today at: enter your phone number.

Let’s take a look at some available programs to help our special first responders.  

You all know people who can benefit from these programs. What a great way to be of service yourself!  

FHA mortgage programs 

The Federal Housing Administration (FHA) provides easy-to-qualify government insured loans. These loans have lower down payment requirements and more forgiving credit requirements. For example, first responders who qualify for  this plan may be able to place a minimum down payment as low as 3.5%. 

Requirements for these loans are typically: 

-Two years of stable employment, ideally at the same job. 

-Fewer than two, 30 day late payments over the past two years. 

-30% of the buyer’s gross income should be available to use towards their  mortgage payments. 

-Monthly debt payments cannot be more than 43% of income. 

Of course, other restrictions and overlays may apply. Loan requirements are fluid and we, like  you, are disclosing that we are not mortgage lenders! Ask your professional loan originator for  the details and refer your clients to someone who specializes in these programs.

Good Neighbor Next Door 

Good Neighbor Next Door is a mortgage program by the U.S. Department of Housing and Urban Development (HUD) which is offered to public servants, such as first responders. This program allows qualified applicants to purchase homes in revitalized communities. 

The Good Neighbor Next Door Program allows someone who qualifies to purchase a home for 50% of the appraised value based on where the house is located. 

The HUD provides a listing of properties that you may check to find which houses and locations are available. Check HUD.gov for lots of details on this and tons of other great programs. They’re a little known resource for many Realtors. Be the one who’s in the know! 

Did you know that HUD has an online search where you can find homes for sale  all over the country that qualify for different special programs? You can even search for investors, first time buyers, first responders, etc. Stop relying so heavily  just on your MLS!

To qualify, the buyer must comply with HUD’s program regulations and meet  the first responder requirements. They must be employed, for example, as a full time firefighter, or an EMT, paramedic or law enforcement officer by a fire department, EMS unit or law enforcement agency, a unit of general local government or an Indian tribal government. They must be serving in the locality in which the home is located. Think of how much value you would bring when you present these programs locally to firehouses and police stations. 

VA mortgage program 

Many first responders have military experience. This service record may qualify for a Veteran Affairs (VA) loan. VA loans are not well understood by many Realtors. When you really know the benefits, you’ll be more of an advocate of these loans both on your buyer sides as well as when you’re a listing agent  considering accepting a VA loan. 

VA loans have no down payment requirement. Additionally, qualified borrowers do not need to pay for mortgage insurance, unlike with FHA mortgage plans. These features make VA loans one of the most attractive loan programs available in the  industry. 

Did you know that: In addition to first responders with previous military service, VA loans are also available for active-duty service members, qualified  spouses and other veterans. 

Your buyers can apply for a VA loan if: 

-They or their spouse served 181 days during peacetime or 90 consecutive days in  wartime. 

-They or their spouse served for six years with the National Guard or Reserves.

Other great things about VA loans: 

No Prepayment penalties, sellers can contribute to closing costs, refinancing can  happen up to 100% of the home’s value and repayment workouts if the veteran has  payment issues. 

The more you know about these special mortgage programs, the more you’ll talk about real estate and offer value. Don’t just learn about these things, get out there and present a seminar, a Facebook live session, videos, press releases and social media. Add the links to your website.

Tim and Julie Harris host a podcast for real estate professionals. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets.

Source: housingwire.com

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Going to college is a lot of work. Between studying for exams, cranking out term papers, and keeping up on homework, there is a lot to stay on top of. For student athletes, there is even more to juggle. Their chosen sport is basically a full-time job ― and a physically-demanding one at that.

The good news is that, according to recent research, college athletes tend to have higher graduation rates than their peers. However, to make it to your college graduation, you’ve got to keep your grades up and find the time to study, which can be especially challenging during your freshman year.

Read on to learn some simple and effective strategies that can help you balance your responsibilities in the classroom and on the court, field, or wherever you play.

Planning Your Class Schedule Accordingly

Often, coaches will outline clear timeframes for practice and training that student athletes need to plan their class schedules around. Additionally, games and competitions are usually scheduled far enough in advance for student athletes to know which days of the week they’ll be traveling most often.

Still, there may be some discretion in choosing class times. Keeping in mind when you prefer to eat, sleep, and study is key to creating a schedule that will help you perform as a student and athlete.

Although many student athletes maintain an active training schedule throughout the year, the official NCAA season (or the majority of it) for many sports occurs during either the fall or spring semester. You may want to take advantage of a more flexible off-season schedule by taking more academically demanding classes and those that would otherwise conflict with their practice schedule.
💡 Quick Tip: Pay down your student loans faster with SoFi reward points you earn along the way.

Keeping Your Eye on the Prize

Student athletes invest countless hours in their chosen sport. Yet, the vast majority will graduate and pursue a career outside athletics. On average, just 2% of college student athletes move up to professional leagues after NCAA competition.

Academics are an integral part of being a successful student athlete. Choosing a degree program you’re passionate about and that supports your career goals can help keep you motivated and on track to graduate.

Each team and college may maintain its own standards for GPA requirements to compete, but the NCAA sets minimum requirements too. Division I and Division II athletes are required to meet initial eligibility criteria set by the NCAA while Division III student-athletes are held to the standards set by the schools they attend.

Just skating by in terms of GPA may allow you to compete, but it could hurt your candidacy for internships and jobs after graduation.

Recommended: 12 Ways a College Athlete Can Make Money

Building Relationships With Your Professors and Classmates

This advice could apply to any college student, but student athletes in particular stand to benefit from getting to know their professors and classmates early on in the semester.

To varying degrees, college sports teams travel off-campus for games and competitions, which means student athletes might miss some in-person class time. Meeting with professors at the beginning of the semester can show a commitment to your studies and help hash out any scheduling conflicts for classes and exams.

Also, making friends with classmates can be beneficial for exchanging class notes to cover each other’s absences, as well as forming study groups.

Finding an Accountability Buddy

Student athletes know the importance of teamwork. In addition to pushing each other to greatness at practice and the gym, teammates can be a support system to help achieve your academic goals too. Forging a partnership or study group to hold each other accountable to these goals, on and off the court or field, is one such strategy.

For starters, who can better relate to your experience and challenges balancing athletics and academics than a teammate? Together, you and your accountability buddy can capitalize on downtime on the road to away games to tackle assignments or plan a study night before a big game to resist the urge to party.

It’s okay if your goals are different. The important thing is that you find an accountability buddy you feel comfortable with and who will help keep you on track.

Recommended: 5 Ways to Start Preparing For College

Prioritizing Health and Wellness

Both academics and sports can be demanding, and taking them on simultaneously requires serious stamina. Prioritizing physical and mental health by eating well, getting enough sleep, and finding ways to destress can help prevent burnout and stay sane. It’s okay to slip up every now and then, but creating a plan that you can stick to could make a difference in succeeding as a student athlete.

Recommended: What Is College Like?

It’s Okay to Ask for Help

Many college students deal with stress between exams and assignments. For college student athletes, the pressure to succeed athletically and academically can be a lot to handle.

There is no shame in asking for help, and the sooner the better. College tutors can assist with everything from proofreading essays to prepping for a chemistry test. Approaching professors early with any concerns could also help with extra credit opportunities or a chance to redo an assignment.

Recommended: The Ultimate Guide to Studying in College

What About Redshirting?

For Division I athletes, the NCAA regulation grants college student athletes a span of five years to compete in four years of athletic competition. For Division II and Division III students there is a 10-semester, or 15-quarter clock. This means that student athletes may take a year off from competing ― a practice known as redshirting ― as long as they continue taking coursework and meet other eligibility requirements.

Traditionally, redshirting is applied to allow students athletes more time to develop or recover from a significant injury. However, student athletes may be able to use redshirting to their advantage in terms of coursework.

Redshirting may allow students to take a more manageable course load by stretching their degree over ten semesters instead of eight. Alternatively, it can provide extra time to complete both a bachelor’s and graduate degree in one go.

Keep in mind that redshirting guidelines vary by division. For instance, Division I and II athletes are permitted to practice with their team during their redshirt season, whereas Division III athletes may not.
💡 Quick Tip: Even if you don’t think you qualify for financial aid, you should fill out the FAFSA form. Many schools require it for merit-based scholarships, too. You can submit it as early as Oct. 1.

Paying for College

College is a big investment, but fortunately there are options for funding education. Financial aid, grants, work-study programs, and scholarships may be enough to pay for all or a portion of tuition and room and board.

Athletic Scholarships

There are some full-ride and partial athletic scholarships available to Division I and II student athletes. Athletics classified as headcount sports offer full ride scholarships to a certain number of athletes per team, whereas equivalency sports traditionally extend partial scholarships. Head count sports include the following:

For Men:
•  Division I basketball
•  Division I-A football

For Women:
•  Division I basketball
•  Division I tennis
•  Division I volleyball
•  Division I gymnastics

For equivalency sports, it’s up to the college and coaching staff to decide how to divide scholarship funds between student athletes.

Recommended: Finding Free Money for College

Student Loans

In the event that scholarships, grants, and financial aid are not enough to cover tuition and living expenses, student athletes can take out student loans to help them cover the difference.

Federal student loans may be subsidized, which means interest won’t start to accrue until six months after you graduate, or they may be unsubsidized, which means interest begins accruing right away. Either way, you don’t have to start making payments until six months after graduation. Federal loans come with a fixed interest rate set by the government and don’t require a credit check.

If those do not cover your costs, you may also consider private student loans.

Private student loans are available through private lenders, including banks, credit unions, and online lenders. Rates and terms vary, depending on the lender. These loans do require a credit check and, generally, borrowers (or cosigners) who have strong credit qualify for the lowest rates.

Keep in mind, though, that private loans may not offer the borrower protections — like income-based repayment plans and deferment — that automatically come with federal student loans.

If you’ve exhausted all federal student aid options, no-fee private student loans from SoFi can help you pay for school. The online application process is easy, and you can see rates and terms in just minutes. Repayment plans are flexible, so you can find an option that works for your financial plan and budget.

Cover up to 100% of school-certified costs including tuition, books, supplies, room and board, and transportation with a private student loan from SoFi.


SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.

SoFi Private Student Loans
Please borrow responsibly. SoFi Private Student Loans are not a substitute for federal loans, grants, and work-study programs. You should exhaust all your federal student aid options before you consider any private loans, including ours. Read our FAQs.
SoFi Private Student Loans are subject to program terms and restrictions, and applicants must meet SoFi’s eligibility and underwriting requirements. See SoFi.com/eligibility-criteria for more information. To view payment examples, click here. SoFi reserves the right to modify eligibility criteria at any time. This information is subject to change.

External Websites: The information and analysis provided through hyperlinks to third-party websites, while believed to be accurate, cannot be guaranteed by SoFi. Links are provided for informational purposes and should not be viewed as an endorsement.

Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.

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Source: sofi.com

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Our industry thrives on personal connections. That’s why in-person events are so important. Here are some key takeaways from the BuiltHOW event that I host alongside Ben Kinney, and Chris Suarez.

1. Play chess, not checkers

The market is dynamic, and right now it’s shifting into a unique playing field that many of us have not seen in our careers. You must be ready to adapt and strategize according to the new climate. Your business cannot resemble what it was last year when you were working in a convenient market, and you may be required to alter your talent recruitment strategy, team goals, or overall expectations. 

Like in chess, play strategically and stay four steps ahead with the end goal in mind. Recessions and volatile markets are a natural part of the economic cycle and are historically  followed by high returns in real estate. Study the market as it shifts and adapt through deliberate action — that’s the game and the business. 

2. Know your numbers

World-class athletes are keenly aware of their numbers, whether that be split-second timing, exact stroke count, distance, and duration. Performance can always be measured. Similarly, studying the real estate market daily will make you a better advisor while providing perspective on broader economic changes that will help you evaluate your business. For example, if home sales slow down x amount, how will that impact your sales and how will you pivot accordingly? Or, which expenses can be cut without interfering with your success rates? Finally, how many recruits do you need?

3. Use self-improvement to create impact

Show bravery by evaluating yourself with growth, rather than failure, in mind. Acknowledge your shortcomings to motivate change, reassess, and repeat. Use adversity to your advantage. Personal growth must happen consistently to compound and impact your business growth. Any day without growth negates the progress of other days. 

4. Understand the power of partnership

Throughout the conference I host, and the many panels on topics like luxury homes, recruitment, economics, and tax codes, one message echoed — who you do business with matters. 

Entrepreneur Jim Rohn says you are the average of the five people you spend the most time with. Surround yourself with leaders, top performers, and game changers — those who are grateful, ambitious, gritty, and positive. Pick your partners wisely, hold each other accountable, and maximize the relationships you’ve built. 

5. Set your expectations wisely

BuiltHOW Speaker Mack Newton said, “You don’t get what you want, you get what you expect.” Your actions, words, work ethic, and mindset are at the center of your control. To expect and earn different results, perform differently to achieve them. Raise your expectations even if you and your business do not meet them after the first attempt. Take ownership of your growth and expect more as you work towards it.

Debbie DeGrote is the founder of Forward Coaching, a coaching company for professionals in the real estate industry.

Source: housingwire.com

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In our latest real estate tech executive interview, we’re speaking with Tom Few from Vivint Smart Home.

Who are you and what do you do?

I’m Tom Few. I’ve been in the smart home industry for the better part of three decades. I’ve spent the past six years helping Vivint Smart Home identify new business opportunities and markets. This led me to my current role as general manager of the multifamily group at Vivint.

As a leader in the smart home technology market, Vivint has been a close friend to the real estate community for 20 years. A few years ago, we recognized rental and multifamily communities as the next frontier of smart home innovation. Today’s renters are savvier than ever and want a modern, services-filled living experience. We purpose-built a suite of products that would make it easier to add smart home technology to both new and existing properties. Vivint Smart Home benefits property operators and exceeds the expectations of modern residents. We also make the leasing process easier for both the leasing agent and the resident.

2. What problem does your product/service solve?

Millennials and centennials are digital natives. As they drive up demand for rental housing, smart home technology is becoming a must-have for any successful property. Millennials are currently the largest living generation and, according to Pew Research, 74 percent of them rent. But they want more than just a home with connected devices — they want a truly intelligent home. Creating a magical smart home experience that will entice them to sign a lease requires more than a smart speaker that plays music and lets them order pizza, and more than just the ability to control their lights and thermostats from their phone. It requires everything working together to make their lives more convenient and efficient.

We launched our solution for the multifamily industry in 2017. Our smart home systems allow a resident to use a single app to control lights, locks and temperature; arm and disarm their security system; and view live video and recorded clips from anywhere.

We also built Vivint Site Manager, an interactive dashboard designed specifically for the time-taxed property manager. The dashboard enables an onsite team to use all the smart home technology in the community to quickly and seamlessly onboard new residents as well as manage service requests and vacant apartment homes. However, our suite of services doesn’t stop there. Only Vivint offers Smart Home as a Service. This includes handling the installation and all ongoing service needs for every system we install.

3. What are you most excited about right now?

When we introduced Vivint to the multifamily industry in 2017, we had to spend a lot of time educating property owners and managers—and their leasing agents—on the benefits of smart home technology. We had the opportunity to shape the conversation and we’re honored to continue that conversation and drive even more innovation in the industry.

4. What’s next for you?

We just introduced zero down financing to help property owners and managers add smart home technology to their properties with no upfront cost. Nearly any property owner or manager can now afford smart home, whether for a new build or to retrofit
existing properties. This dramatically increases access to smart home technology and levels the playing field for the multifamily community.

We’ve also spent a lot of time perfecting the resident and property manager experiences with our technology. Now that we’ve nailed those important pieces down, we’re looking outside the individual apartment homes to make entire properties smart.

5. What’s a cause you’re passionate about and why?

I began coaching girls’ softball several years ago when my daughter started playing. She’s moved on to something new, but I continue to coach because I love the opportunity it gives me to help instill confidence, focus and a sense of community in the
young women who will help shape our future. I’m also very involved in Vivint Gives Back, Vivint’s charitable foundation that focuses on helping children with intellectual and developmental disabilities. Among a lot of other things, we build special sensory rooms for children with autism in schools and homes and package hundreds of thousands of meals for children with disabilities in third world countries.

Thanks to Tom for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com

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Will Grimes closed 34 deals as a new real estate agent without buying any leads. On today’s Real Estate Rockstars, we dissect a different approach to winning business as a new Realtor. Listen and learn how Will won dozens of new clients via social media and his simple, authentic approach to SOI. Plus, you’ll hear how to create content that converts, get tips on building a real estate brand, and more.

Listen to today’s show and learn:

  • About Will Grimes [1:36]
  • How inexperience can be a blessing [4:10]
  • Why Will decided to get into real estate [8:32]
  • Eliminating distractions to ensure success [13:16]
  • Running a business based solely on SOI [17:06]
  • Creating content as you close deals [22:42]
  • What all Realtors need to understand [26:54]
  • Will Grimes’ YouTube course for Realtors [31:47]
  • Advice on building a real estate brand [34:17]
  • How to ensure your real estate content converts [36:39]
  • Creating CTAs for your content [39:45]
  • How real estate marketing differs from traditional marketing [41:34]
  • The next step for Will Grimes: coaching [48:08]
  • Where to find and follow Will Grimes [51:38]

Will Grimes

Will Grimes is the Owner of a Top 1% National real estate company, for Berkshire Hathaway. He is Owner/host of the “DayOneDollarZero” podcast. Prior SOCOM Marine. Will is an experienced Director Of Operations with a demonstrated history of working in the health wellness and fitness industry. He is skilled in Law Enforcement, Leadership, Business Development, Fitness, and Fitness Training. Strong operations professional graduated from Metropolitan State University of Denver.

Related Links and Resources:

It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.

-Aaron Amuchastegui

Source: realestaterockstarsnetwork.com

Apache is functioning normally

With record-low inventory nationwide, real estate agents seem to be hearing the same thing day in and day out: “I’d list my home, but where would I move?” For most agents, that’s the end of the conversation, ending the possibility of taking a new listing as well as facilitating the buyer side. Nationwide, inventory is at all-time lows. According to Altos Research, this week there are only 465,000 active listings. We are still at least a million listings shy of being a balanced market, so this excuse is not going to subside anytime soon.

Stop answering clients’ concerns by saying, “Yeah, there’s really nothing on the market, I mean everything in the MLS is already pending. I’ll put you into my search widget and we’ll watch for something to pop up together.” 

While that’s one method of finding a home for your would-be sellers to buy, you can’t end the conversation there and expect to do any business this year. The key is to set up the ‘drip system,’ then move the conversation forward by being a problem solver. How does someone list and buy at the same time successfully in a market like this?

Here are 10 solutions for sellers who what to buy that go beyond waiting and watching for magic inventory to appear.

Build a home instead of chasing after the scarce resale inventory

30% of available homes are new construction, so there are several advantages to this option. First, many builders are buying down interest rates using their in-house financing. Builders are closing loans in the 4.5 to 5.5% range currently! Next, the house is new. No rehab for them and no inspection woes for you. Your client can get their home on the market a few months before construction is complete and not have to move twice. Finally, when your client builds, they don’t have to compete in a bidding war.  

Buy first, close and then list the previous home

Don’t assume your clients won’t or can’t utilize this option. They may have a downpayment saved that isn’t their home equity. They might use a bridge loan to borrow their equity, close on the next home and then sell the old one. You don’t know if you don’t ask. The advantage here is that your client can make a non-contingent offer, secure their next home and deal with their old house later. Make sure you know lenders who offer bridge loans and understand how to explain this option.

Sell first, rent for a while and take the time to look for the right home 

The advantage here is the seller has cashed out their equity and is ready to pounce on the right home, but without the pressure of scheduling closing and possession dates. Who are your go-to leasing agents? Maybe you are a leasing agent. Consider both traditional rentals, short-term vacation rentals, as well as apartment complexes. Many have some great amenities which could work for a short to longer-term lease while you help your client find the right home to buy.

Offer acceptance contingent on seller finding suitable housing 

The buyer will probably want a specific time frame, but you can usually get 90 to 120 days to secure the next home. Many buyers in today’s market are simply anxious to find the right home, so they will be flexible with the seller’s situation. It’s still a seller’s market. The advantage to your client is they won’t have to move twice and you’ve built in enough time to look for the next place.

Convert the previous home into a rental

You can handle the lease yourself or refer it to your favorite leasing agent. The home stays an asset for your client and they can keep their low-interest rate mortgage. Don’t assume that this isn’t an option. You have to ask! Remember that Americans currently have record-high credit scores. They may be more comfortable taking this option than you think. In some markets, keeping the home and turning it into a short-term rental can be very profitable. It might be the best option for your client. You can always run the numbers and see if it makes sense, at least in the short term.

Leasing back the home

In this scenario, the buyer is happy because they secured the house, and your seller is happy because they have both time and money coming in to facilitate their move to the next place. Once the home has been purchased by the new owners, your clients would essentially pay rent to stay while they house hunt. 

Buying an RV, a houseboat or a sailboat

There are endless examples of sellers who cashed out their homes, bought a recreational home and traveled for a while. You might be surprised that it’s not just baby boomers or retirees who are doing this! Another version of this option involves sellers cashing out and renting a series of short-term rentals in different areas of the country or the world, trying out new possibilities before they decide where to land.

Find your would-be seller an off-market home to purchase where that seller has flexibility

In this scenario, you are in complete control of both sides of the transaction, and you may pick up yet another client when the off-market seller also needs to buy. Refer to our podcast series and HousingWire articles about how to find inventory that’s not in the MLS.

Moving into an assisted living care facility

Many of the homes that are coming onto the market right now are in 55 and over communities. There is also inventory from families downsizing, new empty-nesters moving and the like. Are you prospecting in those neighborhoods?

Moving in with relatives

Whether that’s moving in with parents, kids or cousins somewhere else, it can be a short-term solution for sellers who don’t have another property in mind yet. 

Bottom line? You can’t just wait around for listings to appear for your sellers! Stop relying on your ‘drip system.’ Be proactive with different solutions that could work for them. You’ll have more transactions and they’ll value your expertise, netting you both current business as well as future repeat and referrals.

Tim and Julie Harris host the nation’s #1 podcast for real estate professionals. https://timandjulieharris.com/category/podcast has new podcasts every day. Tim and Julie have been real estate coaches for more than two decades, coaching the top agents in the country through different types of markets. https://PremierCoaching.com to get started for FREE today.

Source: housingwire.com

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The pile of lawsuits facing Gary Keller and the real estate firm he co-founded, Keller Williams, just got larger. Former KW CEO John Davis filed his second lawsuit against the firm on Wednesday in the Western District of Texas.

In the filings, which name Keller Williams, Keller, former KW president Josh Team, Business MAPS Ltd. and Business MAPS Management LLC as defendants, Davis alleges that the defendants inflated key profitability metrics including company sales and profits to convince individuals to purchase Keller Williams Regions and Market Centers.

According to the filing, after the franchisees signed a contract, the defendants then required franchisees to adopt KWRI’s present market cap, which is the fee agents pay their market centers. Davis alleges that these fees went to increasing technology fees and the purchase of “unneeded goods and services” from KWRI-owned and affiliated companies, such as MAPS training and coaching.

“Nothing in the individual franchise agreements gave Keller or KWRI the power to set market caps themselves for independently owned and operated Market Centers,” the complaint states. “Indeed, in recommending specific and universal Market Center cap amounts, Keller was overstepping the franchisee’s role in leading an independently owned and operated Market Center.”

In addition, Davis claims that franchisees were required to purchase Keller’s books.

After signing the franchise agreement, if a franchisee attempted to move away from the KW system, the lawsuit alleges that they were forced to sell their Region or Market Center, and that Keller and KWRI interfered with any attempt to sell the franchise for market value, forcing the Region or Market Center owners to sell their franchises to Keller or other KWRI members at “extremely depreciated prices.”

In total, the lawsuit makes two civil Racketeer Influenced and Corrupt Organizations (RICO) claims, one Sherman Act restraint upon commerce claim, one intentional fraud in the inducement claim and one breach of contract claim against the defendants. 

“Through this scheme, KWRI itself and the other Defendants suffer no loss, and only gains, from the harm caused to the individual owners,” the filing states. “In total, Defendants’ scheme has caused franchisees to lose hundreds of millions of dollars in total. Unless stopped, Defendants will continue to subject franchisees to the same scheme for the purposes of substantial interest and profit.”

Davis is seeking a jury trial and damages worth millions of dollars.

This latest lawsuit comes just three months after a judge in Texas granted Keller’s motion to dismiss Davis’ appeal, ordering Davis to settle his $300 million fraud claim against KW, Keller and Team through arbitration.

Originally filed in the fall of 2022, Davis’ initial lawsuit was prompted by Davis’ desire to “restore his reputation and clear his good name” after sexual misconduct allegations against him surfaced in the spring of 2022.

According to the initial complaint, Davis resigned from his position at Keller Williams in January 2019 due to a disagreement with Keller over a business strategy that he felt would hurt the income generated by Keller Williams offices.

In response to his resignation, Davis alleged that Keller and Team smeared him and withheld Inga Dow’s accusations of sexual misconduct from him as he was negotiating the sale of his KW market center regions following his resignation. This resulted in tens of millions in financial losses, according to Davis.

“This is yet another attempt by John Davis to smear Keller Williams in the press under the guise of a lawsuit. Two federal courts previously directed him to bring his claims [to] arbitration,” Darryl Frost, a Keller Williams spokesperson, wrote in an email discussing Davis’ August 2023 lawsuit. “Mr. Davis has ignored those courts. We will continue to act professionally, follow the law, and aggressively defend these baseless claims.”

In March, Colleen and Bart Basinski, former Keller Williams Market Center owners in Illinois and Indiana, and partial owners of a third Market Center in Southern California, filed their own lawsuit against KW, Keller and other top brokerage executives, alleging that they faced constant pressure from Keller, Marc King, and co-defendants Dan Holt, who is the regional director of Keller William’s Mid America Region, and Colette Ching, the regional director of Southern California, to alter their business operations, despite parameters set up in their franchise agreement, and adhere to Keller’s plans to lower Market Center caps in 2020.

The Basinskis’ case is still open.

Source: housingwire.com

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In our latest real estate tech entrepreneur interview, we’re speaking with Grier Allen from BoomTown.

Who are you, and what do you do?

I’m Grier Allen, the founder and CEO of BoomTown, and I run a team of 300+ makers and doers who develop services and software to make real estate agents successful.

What problem does your product/service solve?

At the highest level, we solve the problem of “how do I get from point A to point B” in my real estate business, and see success. The system has everything a real estate professional needs to grow their database, manage their prospects and clients, streamline their team, and prioritize their day. Of course, we offer powerful lead generation, and a predictive CRM, but we also provide a service side that handles everything from getting clients onboarded and set up with the platform, business strategies, coaching, and training, to digital marketing and even lead qualification. It’s that perfect blend of technology and teams that can get you from where you are to where you want to go, no matter what stage of the game you’re in with your business.

What are you most excited about right now?

Lead qualification is a new service offering for us, and it’s handled through our Success Assurance program that’s been a gamechanger for a lot of our clients. Many agents struggle to find time to respond to incoming leads, and don’t necessarily see it as their most dollar-productive activity. Unfortunately, we all know that if you don’t respond, someone else will. 

With Success Assurance, you get a team of lead qualification experts acting on behalf of a real estate team, and responding to leads 24/7, 365, within 90 seconds, and nurturing them for up to one year. Conversations are shared in real time, and an agent can step in at any point. Agents can focus on their action-ready clients and rest assured that their future clients are getting the care and engagement they need.

What’s next for you?

Continuing to deliver on things our clients need, and things they might not even know they need. There are so many things necessary to running a successful real estate business in 2020 and beyond. The needs and preferences vary a great deal from business to business,  and we want to make sure we keep anticipating those needs and delivering a solution to help them make success easy.

We offer multiple packages (website, lead generation, CRM) based on the needs of different business sizes. Our API integrates with best-of-breed point solutions that are beloved by agents and help keep their data and management in one place, and we continue to add new integration partners.  And our service offerings expanded, allowing agents to leverage our digital marketing experts, lead qualification team, and coaching opportunities. 

Recently we announced the development of a consumer-facing app for our clients to provide an even better way for their prospects and clients to search and experience their brand.

And I’m very excited to launch Marketing Central, a new self-service advertising portal with a super-clean UI and a user-friendly way to create campaigns to promote listings or sold homes, to re-engage olds leads or to go after “abandoners,” that can be run on Facebook, Instagram or both.

What’s a cause you’re passionate about and why?

I’m very passionate about the place I live, and supporting and preserving the amazing environment and culture here in Charleston, South Carolina. To that end, I’m active with groups and initiatives that preserve and protect our lands and waters, as well as the historic architecture that abounds, and I’m also dedicated to fostering the growing tech scene.

Thanks to Grier for sharing his story. If you’d like to connect, find him on LinkedIn here.

We’re constantly looking for great real estate tech entrepreneurs to feature. If that’s you, please read this post — then drop me a line (drew @ geekestatelabs dot com).

Source: geekestateblog.com