April 21st, Monday Market Update and Mindset Call with Nikki, Cari and Angie

The real estate market remains the same as last week with mortgage rates fluctuating between high 6% and low 7%, Successful agents need to become the trusted source of information by consistently showing up across platforms with factual, educational content that cuts through misinformation.

• Now is a great time to reach out to past clients about reviewing insurance policies as a valuable touchpoint
• The Miami condo collapse has triggered stricter insurance requirements affecting transactions nationwide
• Consider sharing personal or client insurance comparison stories on social media as valuable content
• Be the voice of reason, hope, and honesty during this period of market uncertainty

Send this to an agent who needs to hear it, either on my podcast, YouTube channel, or family tree and workplace. 

Chapters

• 0:00 Market Update and Rate Overview
• 3:12 Being the Source of Information
• 4:49 Vulnerability as a Marketing Strategy
• 6:05 Insurance Rate Changes and Client Touchpoints
• 8:17 Insurance Challenges in Associations
• 11:05 Client Outreach Opportunities

Transcript

Speaker 1: 0:35

and workplace. So what I have as far as Nikki and the market update for this week and again, if you haven't watched the last one or two, I would go back there on my YouTube page and you can find that through Facebook or again through YouTube. It's also on family tree and workplace for eXp, but I wanted to definitely get what Nikki had to say today in the update to you and then answer any questions. So the market remains up and down, with rates around the high sixes to low sevens this morning and it's really the same message as last week. So definitely go back and listen to last week's if you haven't, or I would say, listen to it again. We're patiently waiting. We're waiting to see what's going to happen.

Speaker 1: 1:28

There's a lot of, again some people would say unstable parts of the market or just parts of not quite knowing what's going to happen. If you've been watching the news, you know some of it's fear mongering, some of it's actual fact and some of it we just have to kind of weed through what's real and what's not. So, with that said, it's really important that you partner with someone like Nikki Erickson and watch her on social media. Find someone where they're showing up every day, such as Nikki Again, she's mortgages A to Z, which is Arizona to Minnesota. So finding that person or finding that partner that will give you the information, the correct information, and you can create content around it. And what you want to do in this time of uncertainty, where people can go just about anywhere to get information, is you want to be one of the sources of information, if not the source of information. And how you do that is you show up every day. You come from contribution, you come from education. You take what's actually happening, real time in either your conversations with clients or past clients or potential clients or things that are happening in transactions, and you bring that to your social media, you bring that to your newsletters.

Speaker 1: 3:06

You be a little bit vulnerable when something happens. I'm sure if you're on Facebook or on Instagram or TikTok or whatever social media platform, it's refreshing when an agent shows up and is like suck, I cannot believe this transaction fell apart or this happened, or da, da, da, da da. Because what? Often again, in social media you're only getting the top 5% to 10% of a person's business or personal life. We're not seeing the crap storm behind the curtain of actually what happens. So showing up and educating from a vulnerable position.

Speaker 1: 3:50

A lot of agents are, what I've learned, fearful to do that because they just think that it will make them less credible. Or you don't know, or look like you know exactly what you're doing. Credible, or you know you'll. You don't know, or look like you know exactly what you're doing, or you failed here. So better stay away from that that agent, whereas I felt that the opposite is actually true. The more that you show up um and, first and foremost, always take responsibility if it's yours to take Um, but everyone knows that um, not everything's perfect and the more that you can show up in that light and come from a place of this is what happened, this is how we dealt with it and going into solution mode first and foremost, versus sitting and stirring around in the problems and the uck of everything you know. Solution mode is where you can show up as the victor, the hero or whatever you want to call it. But I think it's important that we stay positive, show up as a light versus a darkness in this time, because so many people just aren't certain. They don't know what they don't know and there's a lot of miseducation out there. So I encourage all of you agents to be the voice of reason, the voice of hope and the honest voice. So showing up and finding out what's happening in real time from credible sources like Nikki, I think, is first and foremost from credible sources like Nikki, I think is first and foremost Now she says that a tip for contacting anyone that's closed in the past year. So insurance rates are going up. So Nikki wants to encourage you guys to all reach out to your clients to look around and get quotes. It's a great touch point and it can bring value and make a huge difference in your past clients' lives and checkbooks and bank accounts. So that's a great thing.

Speaker 1: 5:53

I know Nikki and I are actually dealing right now and I've heard it across the industry and in different trainings Insurance is just, especially if you have a condo or townhome or association. I actually had a closing that was supposed to happen April 3rd and it is now the 21st and we just canceled because we were trying to get the master insurance certificate to give a certain amount of coverage and so my numbers were right then and there the association was covering $784,000. Now this particular buyer come two days before closing. When the underwriter looked at the master copy. It needed to be a coverage of $825,000. So Nikki said it best. She said I could literally make a job out of being a consultant and going around to these associations and helping them understand, because they don't understand what's going on. So what we did is we worked with the association, who worked with the management company, who worked with the insurance company. So you have three deep. You're far removed and we just need to get the gap coverage because the policy is renewing on June 30th to the 825. And they would not do it and this buyer's lender, come hell or high water, is like it can happen. It can happen. It can happen.

Speaker 1: 7:30

Well, meanwhile my sellers moved out. They're sleeping on an air mattress with a TV and a pot and a pan, and that can get pretty depressing. We stopped looking because obviously theirs wasn't closing, they were contingent on it. We stopped looking because obviously theirs wasn't closing, they were contingent on it. So just be aware, there's a lot going on in the insurance world and Nikki had mentioned that ever since that condo building collapsed in Miami. So much of the issues that we're having today are an effect or a result of that.

Speaker 1: 8:04

So other associations, other insurance company, they're taking note of what happened and taking something that was a catastrophe and a disaster and very heartbreaking, and learning from it, and they're learning from it along with all of us. So things are just implementing, they're snapping their fingers, they're putting these laws, putting these restrictions, putting these things in place and no one understands what it is. Or if they do understand, they don't understand the inter parts, the working parts of what is happening. So I know my client's purchase also can't go forward because they're doing the same thing and if the association does not figure this out, it's going to be a cash only association, which what's going to happen to the five houses on the market if there's not a cash buyer for all of them? So again, as agents, we need to stay on top of this. We need to understand this. I've worked with some great listing agents the buyers agent for my listing was great as well, and all we can do is work through it together, but find partners and people that you can ask questions. Nikki is a great one because she understands this inside and out and what this looks like and what we can and can't do.

Speaker 1: 9:29

So touch point go back if you hadn't sent out a. You know we just got through Easter. I know some people do send holiday messages, some don't, because of religious backgrounds, but this is the perfect opportunity with so much going on insurance rates changing, with values changing. Also, ask for some success stories. If you need something to post on social media, go to your social media and ask for a success story. If anyone has renegotiated you know what company and find those and find what companies work. If you yourself have re looked at insurance and gone through the process and found you know how many companies did you go out to and have run the numbers and how did it come back, which one was the highest, what was the lowest and I know all of them are different based upon your stats and your home and credit score and all that.

Speaker 1: 10:26

But think about that. Think about how eye-opening that could be for people, especially today, that are trying to figure out ways to put more money in their bank account and less out being paid out. So I appreciate Nikki for showing up with that and you know, listen to last week's call as well to get up to date. We're still waiting, but take, take Nikki's and my recommendation, and that's a great reason. And another touch point to reach out to your clients is, you know, find out what's happening with their insurance, how much it went up, and encourage them to go out and get some quotes. So appreciate you for showing up and, of course, reach out to me if you have any questions or concern. You can find the replay or send this to an agent that needs to hear it, either on my podcast, youtube channel channel or family tree and workplace. And until next week, make it a great week and go sell something.