Factors Affect the Kelowna Real Estate Market
In the Kelowna Real Estate market several factors affect sales, and one of them is supply and demand. As the population grows through emigration demand for houses increases, and in Canada, and parts of the USA many young people struggle to enter the market.
Residential real estate creates both jobs and wealth for many families, and every sale provides revenue for the government. In 2018 new construction added $1.13 trillion to the nation’s economy.
When we have a decline in real estate sales it ultimately leads to a drop in real estate prices, lowering the value of all homes. It also reduces the number of loans available to owners. In turn, consumer spending reduces, and this contributes to a downward spiral of the economy. Employment also drops, and no one wants a recession. At this point, the Federal Reserve often lowers interest rates. In 2008, falling house prices triggered a downturn. During 2007 the median price of a single-family home fell by 4% from the peak in 2005, and the signs of cracks in the economy were beginning to emerge. At the time economists could not agree on how bad things were, and of course, some communities suffered more than others.
The 2008 recession is an example of how a fall in real estate impacts the economy. Falling home prices triggered the start of the downturn.
Between 2005 and 2007 almost half of the loans issued were subprime. When the borrowers defaulted the securities were of little value. The investors then tried to exercise credit default swaps and AIG ran out of funds. In turn, the bailout by the Federal Reserve took place. Banks with mortgage-backed securities ran into trouble, and the bankruptcy of Lehman Brothers started the 2008 financial crisis.
How do Demographics affect Condo Sales?
Many people are becoming edgy, and believe that the Kelowna real estate market will crash in the next few years. However, things are different now and one of them is that subprime loans make up a much smaller market percentage than in 2005 when they were worth 20% of the market.
Banks have changed lending standards, and more people are covered for medical care, due to Obamacare.
Demographics show the characteristics of a population in a given region include the type of residence, income, and educational level of the breadwinners. Looking at all these traits allows lenders to verify if the business is viable in a given region. It directly influences the market in that area when information is gathered through surveys and profiles that show what people can and can’t afford to purchase.
More extreme weather events like flooding, wildfire extreme heat and drought are rising all over the country due to climate change. So the homeowner needs to consider what impact these conditions will have on those planning to buy and sell homes in the long term.
Many savvy homebuyers are now factoring climate change into their decisions of where to live. And a recent survey showed that half the respondents who plan a move in the next year said that extreme weather had played a part in their decision about where to live. Those that own a home, are forced to consider how climate change will affect their home value. As a result, certain postal codes in British Columbia, Alberta and Ontario have been selling for 3.9% less than those in the low-risk areas, as people don’t want to settle in high-risk bush fire areas.
The trend is not consistent across the country, and it appears that the fear of buying in the areas prone to fire often subsides when the risk of fire passes.
As a buyer in Canada, it is important to understand the risks associated with high-risk flood areas, as home insurance does not cover flood damage. Separate insurance can be extremely costly, but it is crucial that you take that insurance, or in the event of an extreme flood you could be left with nothing. If you are buying in a flood-prone area, Government policies will affect the real estate market, as you may not be able to get insurance, it is important that you assess the risk of the possibility of a 100-year flood event before you buy.
Hiring Professional A Photographer vs. Shooting Photos Yourself
Real estate is a competitive business, so realtors are always looking for a competitive edge. Once your site is up and running, potential homebuyers will decide based on what they see. While you can take the photographs yourself, a professional will make your space stand out.
Benefits of hiring professional photographer vs. shooting photos yourself
It takes time to create amazing photos, videos, and virtual tours. Outsourcing this job to a professional can save time. Sometimes, it can take up to 10 hours to create amazing listing content. A professional photographer offers a quick turnaround time to produce the best possible results. If you want to wow the buyers, it’s time you step up to a dedicated professional photographer.
Attracts qualified buyers
Professional photographers know how to give homes a spectacular look. They know the angles to create high-defining images. In addition, a professional understands how to make things appear bigger than they do in the real world.
A large number of buyers will start searching for a home online. Not to mention, over 80% of home buyers use the internet to search for their dream home. If the listing looks inhabitable, it will take more time to sell the home. Without outstanding photos, you will take longer to sell the property.
The home will sell for more
Did you know that drone photography can give your home a prestigious look? It will show off the amenities that add value. Similarly, twilight shots are suitable for high-end luxury listings. If the property looks great, the demand goes up.
With a professional real estate photographer, you can use their expertise to set your home apart from other realtors.
Triggers the right emotions
The key to achieving exceptional results is making the dream of owning a home an emotional response of some sort. If potential homebuyers are captivated by the photos, they contact the listing agent’s website. If the photographs are not appealing, they will move to the next result in the search list.
Can a Realtor take photos themselves instead of paying for a professional?
Some realtors can take their photos while choosing a professional photographer. Generally, the quality of photos reflects how hard a real estate agent is working to sell the home. Sometimes back, curb appeal was a critical factor in creating the first impression. This is where skills and experience come into play. Since there’s no one-fits-all answer, there are several factors to consider.
- Do other homes in the location have professionally taken images?
- Is the speed of sale important?
- What photography experience do you have?
Do you have the skills to present the property in the best light possible? If you don’t have what it takes to get the job done, you should work with a professional photographer.
How can the photos be used?
- To show the layout of the home
- The photos show the highlights of the room and all the details of a home. A professional will eliminate the distracting images that can make the house look otherwise dreary.
- Show the views
- Show street appeal
- To stand out online
Professional photography is a powerful marketing tool that can influence buyers to buy a home. If your thumbnail photos don’t draw the buyers, you could be missing lots of opportunities. But with quality images, you can show the floor plan, exterior, curb appeal, and more.
10 Characteristics of a Successful Real Estate Agent
Choosing a Realtor to Sell Your Home
Choosing a real estate agent can be difficult, especially when you have decided to move from one city or town you have lived in for many years. The questions that arise are: How do I know if the realtor knows what they are doing? What makes them qualified? Do they know the area well enough to represent me and get the best deal possible?
Their knowledge and experience determine a real estate agents. As a seller, it is vital that they have a firm grasp on their local market and which buyers would be interested in your property. The more buyers the realtor has access to, the more likely you will sell your home on time and for the highest price possible.
A professional real estate agent is organized and detailed-oriented because their business is all about information gathering. Information gathering, such as inspections of properties listed for sale, should be done regularly so that no property slips through the cracks.
The agent should also have an advanced understanding of marketing principles and practices since they need to keep up with social media trends while attracting buyers to your property. They must negotiate contracts between themselves and sellers while keeping track of deadlines and other legalities involved in completing a sale.
In general, a professional real estate agent should be able to provide you with the right advice and information needed for making significant decisions on your home.
A good realtor will know all about available properties in the area, which is very important since they are trying to sell yours. They must understand how much comparable homes are selling for, where they are located, and what special features they might have to attract potential buyers.
He or she must also know about school boundaries because more families want to move into pleasant school zones. This makes it easier to price competitively if there isn’t a lot of inventory on the market currently or if more new construction homes are coming soon.
Organization and Attention to Detail
If your salesperson is disorganized, all of the information they gather will be unorganized too. Their knowledge will be out of date, and they may miss things that could affect the sale of your homes, such as nearby construction or other issues on their list that don’t apply anymore.
He or she must also document everything from showing requests, open houses, buyers’ offers, contractors’ inspections, etc. A good agent should always show properties logically, with pertinent information highlighted, so the potential buyer does not lose interest while viewing homes.
A professional real estate agent knows who the best tradespeople are in town so they can assist their clients with any repairs or renovations that need to be made before selling.
They will also have contacts in the legal industry if there is a problem with the contract between buyer and seller that needs resolution, which could save you time and money by finding competent lawyers easily.
Lastly, most buyers use real estate agents when they purchase homes, so having an agent with connections is beneficial when it comes time for you to buy your new home too!
First impressions count! Let your potential client know you mean business. If you’re not dressed and presentable, no one wants to hire you or work with you.
It doesn’t matter what your gender is. If you don’t look good, people will assume that your work isn’t outstanding either. But if you look professional, people have more confidence in your abilities. It’s tough to sell someone on an idea or service when they aren’t willing to listen because of how you look, no matter how great the content!
If nothing else, remember this one thing. It’s called first impressions for a reason. People judge you by how you look before they even give your ideas a chance.
A good realtor needs to know about the newest technologies in the business, such as email, text messaging, and websites that promote listings for sale quickly. They need to understand the importance of utilizing all available marketing avenues to attract buyers from across the country.
Many websites also look for homes, making internet advertising important when selling your property. If your realtor doesn’t have an online presence through sites like Facebook and Yelp, then not only do they lack clients, but potential clients will find out about them and take their services elsewhere!
Lastly, if the agent does not use all social media outlets to market homes, there is a good chance they are not marketing your home accurately, which means you will have to do most of the work yourself.
Pros and Cons of Hiring a Real Estate Team
There are both pros and cons to working with a real estate team. The good news is that, as a consumer, you have the option to determine how much risk you’re willing to take on.
As you begin your real estate journey, understanding what’s at stake will help you make an informed decision about whether or not buying with a team is right for you.
Working with an experienced real estate agent (or agents) can be highly beneficial because they can navigate the highly competitive world of commercial real estate far easier than their competitors.
By coordinating information among different agents within their company, they also act as an asset to brokers who work alone, giving them more opportunities to work with clients individually.
It’s not uncommon for estate agents to work in teams, even in the commercial real estate industry. Many well-respected realtors would be considered part of a “team” if they worked at different firms. This is referred to as the “whole team concept.”
Although you may be taking advantage of the expertise that comes from working with an entire team, it can also take longer for important decisions to get made due to the many people involved who have differing opinions on how best to proceed.
There are pros and cons when it comes time to negotiate leases or purchase contracts. When you’re trying to get something done quickly, this can feel burdensome because so many people have to come together to agree on the right path.
Knowing who your working with can be very important when negotiating a contract. Is it the sales person who you signed the contact with for listing your home or is it their assistant or partner. Sometimes you will not know which rep is showing your property.
In addition, not every real estate agent is as well versed in commercial leases as they are with residential ones. Commercial leases can be complex and challenging to understand if you don’t have a background in them or any experience reading them.
Although hiring a real estate team can be beneficial in many ways, at the end of the day working with an individual may yield better results over time.
Reporting to the Home Seller
A realtor must be very proactive when selling a property because if all of their clients do nothing, it will be difficult for them to sell anything! A successful Realtor keeps in touch with their client, frequently documenting everything on paper.
They may send emails daily or send texts listing any showings that take place while also reporting back after each show who had an interest in buying your property, how long they looked at it, and some background information on them.
It is essential to know how many people are interested in seeing your home, what exactly they like about it (be specific because personal tastes vary), and if there has been any interest expressed in making an offer.
Lastly, depending on how active the market is in your area sending a monthly or weekly report to the homeowner is very important because it shows them that the realtor keeps them up to date with the feedback for buyer agents and their clients..
Real estate agents come in all varieties with different skill sets, so homeowners need to find someone specializing in their budget and geographic location. Some agents have years of experience, while others recently passed their formal training courses after being hired by a real estate company or brokerage firm.
It is good practice to choose someone with experience in the neighborhood you are looking to sell in because they will understand comparable home values and know exactly what needs to be done to get your property sold within the desired time frame.
The Importance of Blogging to Realtors to Drive Sales
If you are a realtor or work for a company that provides services to realtors, this article is intended as an interesting take on future trends and why they may happen. The information provided here should be used as knowledge only and not copied verbatim. Please do your research before implementing any of these suggestions.
Blogging Importance for Realtor Websites
Blogging about real estate can be a beneficial tool in creating visibility and growing your business. Whether you are blogging to promote your business or build authority in a subject matter, blogging has several advantages that will create awareness and drive potential prospects to your website.
In addition, blogging can help manage your real estate website. A common mistake is that people start a real estate website but abandon it after a few months because they aren’t getting any business from it.
However, if you post recent listings with essential updates about price changes or house showings, then consumers who are just beginning their house search will come back and look at the new listings.
A blog can serve as a virtual business card for customers interested in your services. Since the real estate industry is highly local, it could be difficult for people moving or traveling to see properties unless someone introduces them to an agent they can trust.
Having a blog that ranks well on Google will help potential buyers find your website and connect with you online through social media sites before they even move into the neighborhood. It’s essential, however, that you link back to your site from these other locations so that potential clients understand that this is where you do business.
How to Make a Realtor Blog Post More Interesting
I understand that real estate blogging is vital to your business, but let’s be honest: it can also be boring. After all, creating blog content for people who are already technically savvy isn’t exactly the most exciting thing in the world.
The good news is that there are several things you can do to make a realtor blog more interesting and engaging – with minimal effort! Take a look at some tips below.
• Make sure it’s useful/helpful
• Include visuals
• Incorporate social media
• Be flexible with your topics
• Write about what interests you
• Why not get personal?
• Networking: It’s key
If you’re doing this for yourself, get creative and think about what readers would be interested in knowing about the area where they live and work.
• Are there historic sites nearby that people might want to learn about?
• Fun events planned?
• Recipes for local dishes that are fun to try out at home?
Your choices will be limited only by your creativity and the precise details of your real estate market’s story.
Finally, one last tip for keeping your Realtor blog interesting involves using “evergreen” keywords. These are keywords that work well no matter how old the article is.
The idea behind having an evergreen keyword is that you can write about very specific topics (and sometimes obscure) but still get people to return for more if it is done correctly. For example, you could write about “house fire prevention” or “disaster recovery,” and many people would find the article interesting – even years after it was first published.
Top 3 Ways to Get Your Blog Posts Noticed
Steps for getting your blog posts noticed:
1. Use a catchy title: people are drawn to titles that pique their interest or curiosity, and they often click on those.
2. Add photos: including images in blog posts is a sure way to grab attention as people like pictures and find them easier to relate to. It doesn’t necessarily have to be a photo of the blog post subject if it’s irrelevant or appropriate. Instead, consider using other imagery such as infographics or charts, as these visuals give people something else to look at while reading the post.
3. Be consistent with your content: make sure you don’t mix up your style from one post to another because it interrupts the flow of the blog and can confuse readers. Always feature relevant content in your posts to avoid losing sight of what you’re blogging about.
Choose Blog Subjects that Will Interest People
When finding new topics about which to write, you should also consider the keywords that have been most successful for your blog in the past. Why not choose another issue that has performed well and expand upon it?
For example, if you’ve had a lot of success with articles about “selling,” then why not try blogging about “how to sell a house”? That way, people can come across older blogs and any new ones published in the future. Remember, though, to always put your unique spin on things and make every article special!
Do some research online once you’ve got writer’s block or don’t know where else to go! You may be surprised by how many topics and ideas there are out there (at least 1,000,000), but it’s still possible to have a hard time finding enough to write about.
This is where free resources such as Google, Yahoo, or even Bing come into play. With just a few simple keywords, you can find trending blogs at any given moment and use them as inspiration for your articles.
It’s also important to remember that many of these articles will have their own comments section, which means you can engage with readers right away! Lead by example, and people will be sure to follow suit.
Having a blog on your realtor’s website can be one of the best ways to make sure that visitors keep coming back time after time! Using relevant keywords alongside methods such as researching online can show you precisely what works and what doesn’t work when writing an article. With some hard work, anyone can have a successful blog on their site!
One important thing to consider is how many images you’re going to add to the article! In general, it is said that three photos should make up at least fifty percent of your blog’s posts for them to be properly illustrated.
However, real estate agents may have a difficult time finding photos, especially if they do not currently own a home. You can find photos that you could use freely from search.creativecommons.org.
Value of Good Content
Blogging for your realtor site is one of the best ways to give people a reason to visit your website. However, you have to post regularly to keep visitors coming back. If you’re not blogging often enough, here are some signs that show it’s time to start writing again.
At first, blogging may seem like an extra thing you need to do beyond showing houses and helping clients buy or sell homes. After all, this is what you get paid for, right? Absolutely! But consider this: blogging shows your audience (be it buyers or sellers) that you know what you’re talking about and will provide them with good information.
It also keeps them coming back to your site. This is why you must blog enough so that your audience keeps coming back for more. If you’re not posting regularly, blogging isn’t worth the time investment.
Why isn’t your website isn’t giving you leads?
People search for what you offer but can’t find it on your site. If this sounds like something you’ve experienced, your realtor website could probably use a makeover. On the other hand, if there’s nothing wrong with it and no one is visiting or calling, then maybe blogging would be a great addition to improve search rankings and draw clients in.
One of the most important aspects of blogging is the ability to have evergreen content. Evergreen content is an article that remains relevant no matter how old the article is.
For example, if you wanted to blog about The Federal Reserve and did so in 2008 – 2009, your articles will still be just as relevant today provided there have been no sudden changes made by the Fed or other world-changing events such as a war or natural disaster.
Businesses should capitalize on this idea for their realtor blogs because it means they can write about many different topics and never run out of ideas (provided they do some research online). Newer technologies may also come into play, but we’ll focus mostly on evergreen content since these trends change every year.
Though topical content is still evergreen, it’s based on relevant things right now. How current you get with this kind of content depends on how quickly real estate news spreads. Up-to-date information will always be useful for prospective buyers or sellers, but less so if everyone knows about it already!
For example, a blog post titled “Where To Get Your Condo Appraisal” probably won’t interest readers more than a year after it’s posted. But if you were writing an appraisal guide, you could wait a few months and write a new post called “How To Appeal Your Condo Appraisal,” which would probably be helpful to readers.
How to Start a Successful Real Estate Career
We all know that real estate is a very competitive and lucrative business. For new agents, the idea of making six figures in commissions can be tantalizing. And it should: according to The National Association of Realtors (NAREB), the median total income for full-time, year-round real estate salespeople and brokers was $40,000. That’s not bad at all!
It may seem like anyone who wants to get started with little experience and make money hand over fist. But this isn’t true – there’s more to succeeding in such a cutthroat industry than just picking up a sign and hoping for the best.
The fact is, without following some simple guidelines and showing potential clients you’re reliable and professional, you could have a tough time making it anywhere in this business.
That being said, there are plenty of things you can do to start gaining clients and stay ahead of the competition. This article will discuss some basic ideas for both new agents and more experienced professionals looking to boost their real estate careers.
Aspiring real estate agents know the extensive education and licensing process but do not know how to start a successful career.
Join a Real Estate Team
A new agent may join a Kelowna Real Estate team for many reasons. They have nearly unlimited access to the MLS and an opportunity to be part of a great business that has been around for hundreds of years.
You might be planning on joining a team because you’ve heard about how easy it is to get listings from past agents. Maybe this has been something you’ve been thinking about since your family member was struggling to sell their home on their own without very few showings.
I am sure there are other reasons, but those are some major ones. All these answers lead up to one question:
Start a Career as a Realtor
The first step is to complete the educational requirements needed for your state. Every state has different requirements, but some similarities can be seen everywhere. You will need to have a real estate license, bond, and insurance before you can start selling homes.
After finishing these steps, you can go ahead and ask your boss how you apply for listings, open houses, etc. Your first home might not sell right away. It would be excellent if you had other things in place so you have something to do while waiting for the perfect buyer.
Get Your First Listing
There are many ways to get your first listing. It’s best if someone helps guide you through this process. This person must be honest because they know what they are doing, and they won’t want to lose out on commission because you can’t sell the home.
Some agents give their first listings away, but it only happens if they think the new agent has confidence and good connections. Also, it’s essential to know how to do open houses before asking for your first listing. It will be nearly impossible to get one if this step isn’t completed yet.
Can You Get More Listings With Open Houses?
The general answer is no. Be ready for people who will say different but understand that there are many ways of marketing yourself as a Realtor Focus on those things instead of chasing after every lead that comes your way.
If someone says, “I’ll buy my home when I find the right Realtor,” then your answer should be, “I hope I’m that Realtor when you decide to sell.” This is the best way of marketing yourself. Having a website will bring more people to you, and it’s essential to update this often with recent listings in the area and other things that may interest someone.
Become a Good Listing Agent
One thing most new agents don’t understand about being a listing agent is how crucial it is for them to find their buyers instead of sitting around waiting for the buyer to come looking for them. If they do, it means there is something wrong with your marketing strategy because no one wants an inactive Realtor.
Being successful in real estate doesn’t happen overnight. There are many things you can do to be more successful. It’s also good to know how selling a home works, which most new agents don’t fully understand.
Advantages of Just Sold Cards
One key advantage of having these cards is that it shows potential clients that you have sold homes in their neighborhood before. You should have one if you haven’t done so yet because people love to see success.
If they could choose between two agents, someone who has experience or doesn’t, they would always pick the experienced agent even if the other agent may offer better service overall.
Realtors and Social Media
There are many professionals in many different fields that use social media to reach out to people. Real estate is one of those professions because it allows you to market yourself differently.
There are many platforms where realtors can share their real estate experiences with others, but platforms are also meant for direct communication.
Author Andrew Smith
Royal LePage Kelowna
Author Andrew Smith
Royal LePage Kelowna
What are The Top 10 Blog Topics for Realtors?
Top 10 Blog Topics for Realtors
As a realtor, one of the most important things to grow your business is writing about what you know. If you are blogging, this should be easy for you as you likely have a lot of expertise in the industry and know a lot about the local market.
If you aren’t writing as regularly as you would like or aren’t sure what topics to cover, here are ten post ideas that every real estate agent should consider covering to attract new buyers and sellers.
10 Real Estate Blog Topics for Realtors
One of my favorite posts to read on real estate blogs is a list of new home communities coming soon to an area near me. I love seeing all of the new homes and amenities that will be near me in the next year or two!
I know this is what many buyers want to see too, so if you can offer a list of new houses in an area they are interested in, you’ll likely get quite a few page views.
Local Market Trends
There are new trends and statistics published for local markets every month like average sale prices, time on the market, highest price listings, etc.
While many real estate agents may not have the time to keep up with these changes on their own (trust me; there are tons), it’s another great topic for them to write about and share with their readers. If they mention the source of your blog at the end of each post, they can get a link back (and you’ll get a link too!)
If the people who read your blog are looking for local resources, such as color consultations or referrals to lenders, why not write about them and list several in your post?
One of my favorite articles was called ” 5 Ways to Find The Perfect Realtor,” which listed several services available to help home buyers. This is one-way real estate agents can attract leads and readers who may be ready to buy or sell soon!
Tips and Tricks
In this day and age, people love tips! They don’t want long-winded blog posts that go off on tangents. They want post titles that have a number in them! So “6 Ways to Paint Your Home” or “3 Money-Saving Tips For First-Time Home Buyers” can go a long way when attracting new readers.
Local Stats and Fun Facts
Almost every city has interesting facts about it and what makes the community unique. Why not write a post highlighting some of these facts, especially if they relate to buying or selling a home? Find one fact you think would be cool to share and hit publish! You never know how many people may come back for more fun facts later.
If something is going on in your area that many potential buyers may be interested in (think: Area Parade, Local Fair, etc.), you can be sure people will come to your blog to learn more about it!
Think of smaller community activities that may not get much news coverage when considering what events to write about. Those are the posts readers will love the most!
Listing Of The Week
These posts have been popular among real estate bloggers for years because they offer potential buyers and sellers an excellent incentive. Readers want to see homes for sale, but you know there is a time commitment involved in buying or selling a home, so why not give them something to look forward to?
You can also include some basic information such as how many beds and baths the home has, along with an asking price.
If you have a blog where readers can ask questions and leave comments, you should answer as many of these as possible. Offer your real estate expertise and help the reader solve their problem or concern. If they leave an email address or phone number, be sure to block it out, so it doesn’t appear in the post!
Local Tips and Resources
This is an excellent opportunity for local businesses to get involved with your blog. You could highlight a few local contractors who do things like gutter cleaning or lawn care along with their contact information. As long as there is no selling going on, this will likely be beneficial for both parties!
Sending out newsletters is one of the best ways to keep existing readers up-to-date about new blog posts. If you have time, try sending out a newsletter at least once every two weeks. Readers will appreciate the reminder, and it has the potential to get more eyes on their blog!
Several other topics would be useful for real estate agents, but these are some of the top ones I have noticed being shared around real estate blogging groups. Once you have found your niche, stick to it, and you will see better results when attracting new followers!