By Nick Arena
Communication is key seems like an obvious statement but it’s a problem found with many real estate companies and their agents. During my licensing classes and while beginning my career with Homestead Real Estate the words “communication is key” were drilled into my brain.
Whether training in the office with my Broker, watching training videos or speaking with other agents in my office, there was one piece of groundbreaking advice I heard over and over. That advice was “Answer your phone and return e-mails in a timely manner.” The first few times I heard that, I thought, “of course! That’s good advice for a beginner like me.” By the time I heard it for the 317th time I finally shouted out, like a pressure cooker whose curiosity had built up too much steam, “why does everyone keep telling me to answer my phone and return e-mails? Why would I not answer my phone and return emails?” I would say 99% of the response, which was met with a knowing look was, “oh, just wait, you’ll see!”
The advice imparted to me by my Broker and fellow agents was repeated over and over again during my many hours and weeks at the office while I tried to absorb as much information I could. Another helpful piece of advice was “you are never going to have all the answers but if you get on it right away and get quick answers for your clients you’ll be respected as an agent.” All this advice came in handy when I started to gain momentum in the business. My first two transactions were with a couple who wanted to buy and then a new listing. I finally experienced for myself why this was such great advice.
Real estate is a fast-paced business with clients wanting quick answers, rightfully so, to their questions and offers. There have been too many times where it has been extremely difficult to get hold of an agent. Particularly when you have a new listing or a contract to submit for buyers, that initial momentum is key. Several times I’ve experienced the complete lack of response from an agent, sometimes until the next day! This situation really slows down the momentum of a transaction, but it also lowers your client’s morale and confidence in the deal, especially when it becomes habitual. At the start of my career I had already received very good feedback from my clients. I don’t say this to brag instead to show that all the credit goes to my peers for the simple advice they gave me as I started this journey.
It is such a breath of fresh air working with like-minded agents who are proactive. Many people get into real estate thinking they can do it part time, but the reality is that if you are in the midst of a transaction, let alone multiple deals, there is no such thing as part time. Your first few deals, especially your first listing, can seem very daunting but if you practice good communication, are tenacious about getting answers, all while being kind and honest, you can go far in this business, not just sell houses but building long lasting relationships.
The training, advice and close mentoring has been the key to my success so far. If you or someone you know is considering entering the business Homestead Real Estate is currently hiring and looking to fill valuable sales positions with eager to learn new agents. Don’t hesitate to contact me with any and all questions. After seeing first hand just how important training is I am now a part of the recruiting team. Call today, remember I answer the phone because communication is key!
CAPE MAY AREA RESIDENTIAL MARKET STATS
4th QUARTER 2022 vs 2021
Strategists are predicting that the 2023 housing market will not see dramatic widespread, national price declines. The consensus is that the housing supply will continue to be limited with a housing inventory between 2.9 and 3.3 months in the first half of the year with it easing slightly as the year progresses. Mortgage rates have dropped from a high over 7% in November which will allow buyers to get back into the market. The last few years of a red-hot market have eased, and the general opinion is 2023 will be a more normal market similar to the market we last experienced in 2019.
4th Quarter 2022
- Number of Transactions: 24
- Average Sale Price: $1,495,278
- Average Days on Market: 150
- Total Value of Real Estate Sold: $35,886,685
4th Quarter 2021
- Number of Transactions: 55
- Average Sale Price: $1,007,383
- Average Days on Market: 133
- Total Value of Real Estate Sold: $55,406,097
4th Quarter 2022
- Number of Transactions: 3
- Average Sale Price: $1,417,000
- Average Days on Market: 189
- Total Value of Real Estate Sold: $5,668,000
4th Quarter 2021
- Number of Transactions: 6
- Average Sale Price: $1,591,500
- Average Days on Market: 128
- Total Value of Real Estate Sold: $9,549,000
4th Quarter 2022
- Number of Transactions: 7
- Average Sale Price: $913,532
- Average Days on Market: 174
- Total Value of Real Estate Sold: $6,394,724
4th Quarter 2021
- Number of Transactions: 8
- Average Sale Price: $1,119,250
- Average Days on Market: 176
- Total Value of Real Estate Sold: $8,954,000
4th Quarter 2022
- Number of Transactions: 111
- Average Sale Price: $420,778
- Average Days on Market: 87
- Total Value of Real Estate Sold: $46,706,427
4th Quarter 2021
- Number of Transactions: 171
- Average Sale Price: $390,580
- Average Days on Market: 84
- Total Value of Real Estate Sold: $66,789,323
Data is from the MLS. All information is deemed reliable but is not guaranteed.