[Podcast] A New Opportunity to Provide Value to Buyers
In this episode of the Drive with NAR podcast, listen to why buyers, even if they have to pay their agent's compensation, aren't likely to abandon real estate professionals. The forthcoming rule mandating the use of written representation agreements and other practice changes that are part of NAR's proposed settlement agreement allows you to emphasize and communicate your value to clients. Host Marki Lemons Ryhal discusses with two practitioners how to maximize these opportunities with buyers. Find facts about NAR's proposed settlement agreement at facts.realtor. Listen on: Apple Podcasts Spotify Libsyn Visit the episode homepage for show notes and more detail.

100 Things Listing Agents Do for Their Clients
In the wake of the NAR settlement announcement, last month we published an article detailing 100 of the many things that buyer's agents do for their clients. The idea was to hype up buyer's agents during a challenging time and help them navigate conversations when faced with remarks like, "What do real estate agents even do anyway?" But buyer's agents aren't the only ones who get asked that question. So today, we've rounded up a list of 100 things that listing agents do for their clients. Like the original article, this list is written as if consumers are reading it, so please feel free to copy and paste this anywhere that it's helpful — on your website, into presentations, your email newsletter, and beyond! Pre-Listing Activities Schedule an initial consultation to understand seller's goals and timeline Conduct a Comparative Market Analysis (CMA) to determine competitive listing price Research recent sales of similar properties in the area Analyze current market trends and adjust pricing strategy accordingly Provide recommendations for improvements to enhance curb appeal and marketability Stage the property to showcase its best features and maximize appeal to buyers Advise on decluttering and depersonalization to create a neutral space Coordinate professional photography and potentially virtual tours with high-quality visuals Draft a compelling property description highlighting key features, benefits, and lifestyle factors Prepare marketing materials, including flyers, brochures, social media posts, and targeted online advertisements Review and finalize listing agreements, explaining terms and agent compensation Schedule open houses and manage logistics (signage, refreshments, crowd control) Market the property through MLS (Multiple Listing Service) and various online platforms Target marketing efforts to reach qualified buyers in the right demographic Network with other agents to generate interest and potential buyer leads Pre-screen potential buyers to ensure they are qualified and serious Conduct property showings and manage scheduling efficiently Accompany buyers during showings, answering questions and highlighting property features Provide feedback to sellers after showings and keep them informed of buyer interest Obtain feedback from buyers to understand their perspectives and adjust marketing strategy if needed Research and suggest comparable properties for buyers considering your seller's listing Advise sellers on the pros and cons of different pricing strategies (fixed price vs. open bidding) Help sellers understand the role of disclosures required by law in different areas Coordinate staging consultations with professional stagers if needed Advise on cost-effective repairs or upgrades that can significantly improve marketability Help sellers understand tax implications of selling a property (capital gains tax) Connect sellers with reputable lawyers and tax professionals if needed Advise on potential closing costs sellers may incur Explain the role of title companies and the title search process Help sellers understand homeowner's association (HOA) fees and disclosures they need to provide to the buyer Assist sellers in gathering pre-listing documents (property deeds, surveys, etc.) Advise sellers on homeowner's insurance considerations (coverage options, potential changes) Help sellers with budgeting for pre-listing repairs and improvements Connect sellers with reliable moving companies for potential post-sale relocation Provide referrals for home warranty companies for post-sale coverage options Offer guidance on navigating the emotional aspects of selling a home Help sellers stage specific rooms to maximize their appeal (kitchen, bathrooms) Advise on landscaping improvements to enhance curb appeal and outdoor space Coordinate minor touch-up repairs to address cosmetic issues Help sellers declutter efficiently and find storage solutions if needed Provide tips on preparing the home for professional photography Advise on staging techniques to create a welcoming and spacious feel Help sellers identify target buyers to tailor marketing efforts Utilize social media platforms effectively to reach potential buyers Respond promptly to online inquiries and buyer agent communication Track online listing performance and adjust marketing strategies as needed Provide sellers with market updates and ongoing industry insights Maintain clear and consistent communication with sellers throughout the process Be available to answer seller questions and address concerns promptly Hold pre-listing meetings to discuss expectations and answer any last-minute questions Offer Negotiation Review all offers with sellers and explain the strengths and weaknesses of each Negotiate on behalf of the seller to achieve the best possible price and terms Counter offers strategically to improve the seller's position Advise on counteroffer terms such as closing date, repairs, concessions, and financing contingencies Communicate effectively with the buyer's agent to bridge the gap and reach an agreement Manage communication and expectations between seller and buyer throughout negotiations Explain the concept of "highest and best" offers and advise sellers on responding strategically Help sellers understand financing contingencies and potential delays in the closing process Negotiate on repairs requested by the buyer based on the inspection report Advise on inspection negotiation strategies to protect the seller's interests Advocate for the seller's best interests while maintaining a professional and ethical approach Keep the negotiation process moving forward efficiently Help sellers understand the concept of "escalation clauses" and their implications Advise sellers on when to walk away from negotiations if terms are not favorable Celebrate a successful offer acceptance with the seller! Review the purchase agreement thoroughly with the seller and explain each clause Advise on potential counter-offers from other buyers if the initial offer has contingencies Help sellers navigate the process of withdrawing acceptance if needed due to unforeseen circumstances Liaise with the escrow officer to ensure a smooth transition into escrow Coordinate with the buyer's agent on deadlines and document exchange Advise sellers on potential challenges with financing contingencies and suggest solutions Help sellers understand homeowner's insurance requirements and navigate obtaining coverage Advise on potential appraisal gaps and strategies to address them Negotiate with the buyer's agent on behalf of the seller if the appraisal comes in lower than expected Keep all parties informed and manage expectations throughout the under-contract phase Under Contract and Closing Coordinate with the buyer's agent to schedule inspections (home, pest, radon, etc.) Assist sellers in gathering necessary documents for closing (title, permits, occupancy certificates) Liaise with the escrow officer to ensure a smooth closing process Advise sellers on potential challenges with appraisals and suggest solutions Help sellers understand the timeline and milestones leading up to closing Answer seller questions and concerns regarding the contract and closing process Coordinate any necessary repairs identified during inspections with qualified contractors Manage communication with all parties involved (buyer, buyer's agent, escrow, title company) Review closing documents with the seller and explain each section thoroughly Advise on potential homeowner's association (HOA) move-in/move-out procedures Help sellers understand homeowner's insurance policy changes and potential costs Coordinate the transfer of utilities and services to the buyer Advise on prorating property taxes, homeowner's insurance, and other closing costs Attend the closing and ensure all paperwork is signed correctly on behalf of the seller Help sellers navigate the process of forwarding mail and updating relevant accounts Connect sellers with moving companies or provide recommendations for relocation services Assist sellers with the final walkthrough of the property before closing Provide guidance on post-closing tasks such as transferring warranties and registrations Offer continued support and answer questions even after the closing Maintain a positive relationship with the seller and potentially represent them in future transactions Follow up with the seller after closing to ensure a smooth transition Request feedback from the seller to improve future client experiences Utilize the successful closing as a marketing tool to showcase expertise Stay updated on market trends and legal changes to provide the best service to future clients Continually develop professional skills and knowledge to stay ahead of the curve in the real estate industry And there it is — 100 things listing agents do for their clients. If you share this list, feel free to edit as needed. After all, you may not do everything on this list, and there are probably several things you do do that aren't listed. Related reading 100 Things Buyer's Agents Do for Their Clients Price It Right: 3 Scripts to Guide Sellers Away from Overpricing Pitfalls 40 Tools, Tips and Scripts for Finding More Listings

Redfin Reports Gen Zers and Young Millennials Took Out 40% of U.S. Mortgages in 2023
Another 27% of mortgages went to buyers aged 35-44. Young people take out the majority of mortgages because they're of prime homebuying age, gaining financial stability and growing families. Plus, they're less likely than older people to pay cash. SEATTLE — Two in five (39.7%) new mortgages issued in 2023 went to homebuyers under 35, and 26.5% went to buyers aged 35-44. Next came 45-54 year olds, who took out 16.1% of new mortgages, 55-64 year olds (10.8%), and 65-74 year olds (5.4%). That's according to a new report from Redfin, the technology-powered real estate brokerage. This is according to Redfin's analysis of Home Mortgage Disclosure Act (HMDA) data covering purchases of primary homes. It does not cover purchases of investment properties or second homes. The breakdown of homebuyers by age has remained stable over the last five years, with younger Americans as the most common mortgage borrowers. The likelihood of taking out a mortgage declines as people get older. There are several reasons why people under 45 are taking out most mortgages: Gen Zers and millennials are aging into homeownership; the median age of first-time U.S. homebuyers is 35. People tend to be in their late 20s or 30s when they buy their first home because that's when homeownership becomes financially feasible and desirable: They've had time to save for down payments and qualify for mortgages, and they may be growing their families. Many people view real estate as a safer long-term place to park their money than the stock market or other traditional investments. Younger buyers are likely to take out loans rather than pay for homes in cash because they haven't had much time to amass wealth and/or build equity from the sale of a previous home. Older buyers are more likely to pay in cash. "First-time buyers aren't as spooked by high rates as people who are trying to move up to a bigger or better home," said Antonia Ketabchi, a Redfin Premier agent in Maryland. "High costs are still a challenge, but younger people are excited about the fact that they're looking to buy their first home, and they're not locked in by a low mortgage rate because until now they've been renting. Plus, they weren't in the market three years ago when mortgage rates were sitting under 3%, so they don't have an ultra-low point of comparison." Although Gen Zers and millennials were most likely to buy homes last year, they still have lower overall homeownership rates than older Americans, which stands to reason because they haven't had as much time to buy homes. Just over one-quarter (26%) of adult Gen Zers owned their home in 2023, and 55% of millennials owned theirs. That's compared to a homeownership rate of 72% for Gen Xers, and 79% for baby boomers. Gen Zers are catching up to older generations, though: 19-25 year olds have a higher homeownership rate than millennials and Gen Xers when they were the same age. Some Gen Zers, millennials get financial help from family Some young homebuyers got financial help from their parents or other older family members to fund their purchases: 3.3% of homebuyers under 35 had a co-borrower over the age of 55 on their mortgage loan in 2023; for buyers aged 35-44, it was 2.8%. The share of young buyers getting financial help from their parents is much higher when taking into account cash gifts. More than one-third of Gen Zers and millennials who plan to buy a home soon expect to receive a cash gift from family to help fund their down payment, according to a Redfin-commissioned survey fielded in February 2024. Buyers under 35 take out nearly half of all mortgages in some Rust Belt metros Gen Z and young millennial homebuyers took up the biggest piece of the mortgage pie in relatively affordable Rust Belt metros in 2023. Nearly half (48%) of new mortgages issued in Pittsburgh went to buyers under 35, the highest share of the 50 most populous U.S. metros. It's followed by Cincinnati (46.5%), Philadelphia (46.3%), Detroit (46.1%) and Warren, MI (46%). On the flip side, buyers under 35 took up the smallest share of the mortgage pie in popular Florida retirement destinations, where the populations tend to be older: 27.8% of new mortgages issued in West Palm Beach last year went to people under 35, the smallest share of the metros in this analysis, followed by Fort Lauderdale (28.8%). Next come Anaheim, CA (31.7%), Orlando, FL (32%) and Las Vegas (32.9%). Buyers aged 35-44 take up biggest piece of mortgage pie in Bay Area The story is different for older millennials, who took out the biggest share of mortgages in the Bay Area. In San Francisco, 37.8% of new mortgages issued last year went to 35-44 year olds, the biggest share of the metros in this analysis, followed closely by Oakland (37.2%) and San Jose (37.1%). Next come Newark, NJ (34.5%) and Los Angeles (34.5%). One reason older millennials are more likely to take out mortgages in the Bay Area than other parts of the country is because it's ultra expensive, meaning many people buy their first home in their late thirties and early forties. Buyers aged 35-44 took out the smallest share of mortgages in Cleveland (23.4%) and Detroit (23.4%). Next come Cincinnati (23.7%), Phoenix (23.8%) and Warren, MI (23.9%). In Detroit, Cincinnati, and Warren, it's uncommon for 35-44 year olds to take out mortgages because they've already purchased homes: As noted above, those are three of the top five metros for mortgage borrowers under 35. View the full report, including charts and metro-level data, here. About Redfin Redfin is a technology-powered real estate company. We help people find a place to live with brokerage, rentals, lending, title insurance, and renovations services. We run the country's #1 real estate brokerage site. Our customers can save thousands in fees while working with a top agent. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can have our renovations crew fix it up to sell for top dollar. Our rentals business empowers millions nationwide to find apartments and houses for rent. Since launching in 2006, we've saved customers more than $1.6 billion in commissions. We serve more than 100 markets across the U.S. and Canada and employ over 4,000 people.