The Challenges of Competing in a Saturated Real Estate Market | Elite Informer (2024)

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Most real estate agents have the mentality of "I can do it all myself". While this go-getter mindset helps their success, delegating is a strength all agents should work on too.

Delegating ensures more balance, avoids burn out, and builds up those around the agent as well.

Delegating Professionally

Hiring as assistant or working within a team is the most common practice of delegation. Especially when it comes to an assistant, delegating is made easier because it's their job to pick up the tasks you assign (aka delegate) to them.

When it comes to tasks like:

• Bookkeeping
• Website Management (listings, inquiries, etc.)
• Paperwork/Admin work
• Basic organization
• Following up with leads

Delegation is key in the tasks above. Those tasks take up time, and especially as a real estate agent, time is money. An assistant, virtual or not, can take these tasks off agents hands and let agents be available and present for the aspects of their business that really bring in the revenue and can help their real estate business grow.

Delegating Personally

In a profession like being a real estate agent, the professional and the personal get mixed up an awful lot. Especially without any real boundaries when it comes to work/life balance. A busy real estate agent must be able to also delegate in their personal life, so that they can be present for the important things. We aren't just meaning big events - we mean dinner at home most nights and breakfast table chatter. If an agent isn't delegating both professionally and personally, odds are they're missing out on a lot more than they think.

Whether it's ordering meal kits or ready-prepped meals, ensuring carpool is off your plate, getting your dog walked by the Rover app, or instacarting your groceries - find something you can pawn off, and do it.

Why Delegate?

Easy. You don't want to be halfway productive and halfway present in both your personal and professional lives. The simple truth is that we can't do it all. So, start delegating now because it gets easier with time.

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Ah, the age old tale of a starter home. Do they even exist anymore? What even is a starter home anymore? With rising home prices and a volatile market that had even experts confused - the starter home may be a myth from the past.

Inventory and Cost Issues Hike Up Prices

Well, to start with issues facing first time buyers and those who are looking to purchase any home - there's the issue of inventory. With less homes for sale on the market, it's hard for even seasoned buyers to get into escrow. Those looking to buy need to be open minded and ready to put offers in above asking price. Agents feel like the bearer of bad news frequently.

Another reason that the rental market is continuing to increase is because people simply cannot afford to buy. Especially buyers in the "entry level" phase of life. Apartments, condos, and large homes seem to be most popular right now. But is that because all single story "smaller" properties are already spoken for?

At the end of the day, any property that a buyer purchases first constitutes as the one they start with. The sad reality is that in areas with high home prices, more people are left out of the housing market. It's a fact that it's difficult to buy a first home and that seems to only be getting more true. Which leads us to why so many young people are moving to cities where the cost of living is significantly lower and they can start out on their own.

What Makes a Home "Entry Level"?

Entry level homes or starter homes are few and far between in this market with current home prices hanging out at record-highs. But, a starter home is historically lower in price than many homes on the market and around or under 2,000 square feet. With millennials making up a large majority of the want-to-be-homeowners market right now, it's hard to imagine that they can all find somewhere to live.

The short answer is that they can't. With inventory and prices where they are - bidding wars are aplenty and first time buyers rarely win out. Then, of course, there's the recent mortgage rate increases and starter home hopefuls are left phasing out more than ever. These interest rates are making monthly payments hard to sustain for all but few singles and families.

But that doesn't mean that your clients should lose hope if they are looking to purchase their first house. Agents can help clients prepare and set realistic expectations by getting all of their financials in order, opening their mind when it comes to what they want in a home, and maintaining a positive attitude.

By Sarelle Sprague, EliteInformer.com

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Conducting business in another state as a real estate agent can be tricky. This process looks complicated in multiple different states. There's a lot of confusion among new agents when it comes to reciprocity, portability, and turf states. We're here to break this down for you in order for you to be more clear and confident on some of real estate's rules and regulations.

Reciprocity

Are you moving? Or are you going to be living between two states during the course of the year? If so, you're going to need to know about real estate license reciprocity. If an agent wants to work in a state long term, or more than a handful of transactions, they're going to need reciprocity in that state.

For example - if you're a California real estate agent and your aunt wants you to sell their house in Ohio - that's a one time thing. You don't need to look into reciprocity, you need to look into portability (section below). But, if you're wanting to spend your summers in California and the rest of your year in Texas - you're going to need to know about those state's specific reciprocity laws.

Texas offers no reciprocity, so agents moving to Texas, and other states like it, will need to redo all of their education and testing in order to get their license and begin working in the real estate industry there. There's states that offer partial and limited reciprocity as well and typically have agreements with other states that help agents work with within their state long term. You'll need to research specific states to see what works for your scenario.

Portability

Portability works in two main ways: cooperative and physical location regulations.

A cooperative state regulation means that an agent can conduct business in a state that they do not have their license in. The only hoop to jump through is that agents need to have a co-brokerage agreement with an agent who is licensed within that state.

A physical location regulation means that there is no need for a co-brokerage arrangement, but you must conduct your business remotely. This makes helping clients in other states with a physical location agreement very efficient and convenient.

Turf States

Well, this explanation is simple. If the state you're wanting to conduct business in is a turf state then simply put - you cannot do so without having a real estate license in that state. This is a great opportunity to work on your referral relationship with other agents!

While this may be disappointing to hear, it's rare that states completely close out other agents and therefore most of the time you'll be able to make something work and continue conducting your business.

By Sarelle Sprague, EliteInformer.com

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