In this newsletter edition:
- Gauging the numbers.
- How to meet real estate agents (and get them to like you!)
- Don’t forget, fam, protect yourself
Gauging the numbers (US)
- June existing home sales dropped -5.4% year over year. (source: NAR)
- June median home sales price hit a record high of $426,900. (source: NAR)
- Unsold home inventory rose 3.1% from the previous month to 1.32 million at the end of June. (source: NAR)
- Distressed sales — foreclosures and short sales — remained at 2% in June, unchanged from last month and the previous year. (source: NAR)
- The 30-year fixed mortgage rate averaged 6.77% on July 18. That’s down from 6.89% the week before that and 6.78% compared to the same week one year ago. (source: Freddie Mac)
- About 56,000 home purchases were canceled in June, equal to 15% of homes that went under contract — the highest June percentage ever. Buyers are skittish due to high mortgage rates and record-high home prices. Property taxes and other additional ownership costs also had an impact. (source: Redfin)
- 20% of homes for sale in June had a price cut — the highest June share on record. Many sellers are dropping prices as homes sit on the market, leading to the biggest annual gain in active listings on record. (source: Redfin)
The takeaway
In short, June gave us a slight shift towards a buyer’s market. It’s great news for home inspectors when buyers are in control because they’re less likely to skip home inspections. How can you take advantage of this? One easy and effective way is to build up your real estate agent network.
How to meet real estate agents (and get them to like you!)
Like it or not, real estate agents are still a huge source of business for home inspectors and a great way to connect with homebuyers. Building a solid network of agents can help create a steady stream of business for your company.
The easier stuff:
Social media is key. Like and follow local agents on Facebook, Instagram, and LinkedIn. Engage with them to keep your name on their radar. Use your business account to leave positive comments and like their posts. Pro Tip: People love hearing they’re doing a great job and that you agree with them.
Create your own relevant social media content. We’ve seen inspectors build incredible social media accounts full of entertaining and informative inspection videos and photos. A superstar example is home inspector Jermaine Jackson’s Instagram page. We were fortunate to pick his brain on an episode of The Gauge last year and get some great advice on how to social. The best part? It doesn’t take much extra work.
While inspecting, take videos and photos of standout moments for your own promotions, excluding any private/identifiable information. Share this content on Facebook, Instagram, LinkedIn, and your YouTube channel. This way, your real estate connections will get a chance to see you in action in a fun and engaging way.
Make your website stand out against your local competitors’ websites. Check out the websites of other local inspectors and make sure that yours stands out. In reality, you are a home inspector, not a website designer, so hiring a professional is probably your best bet. Shameless plug: HomeGauge builds websites for home inspectors.
SEO. Make sure your website is easy to find on Google for homebuyers and real estate agents searching for a new inspector. Sure, you could dive into the nitty-gritty of SEO yourself, but as a home inspector, you’d be better off letting an expert handle it. After all, you’ve got homes to inspect! Shameless plug #2: HomeGauge provides SEO services.
Google Business Page. If you haven’t yet, set up your Google Business Page — for free! Be sure to fill out your profile information entirely and accurately. Regularly ask happy customers for reviews to boost your credibility with agents and homebuyers. Also, and this is an important point, remember to respond to all of your reviews. Responding to good and bad reviews shows you care about your customers and allows you to put a positive spin on a negative review. Keep your responses upbeat — don’t let emotion cloud your judgment. Shameless plug #3: HomeGauge will help you with Google Business. Contact us at webteam@homegauge.com for more details.
The harder stuff:
In person! While this is the toughest method, it’s the best way to make a lasting connection. It requires stepping out of your comfort zone (unless you’re wildly extroverted). Many inspectors we speak with daily have grown their business primarily through direct, in-person contact with agents. Explore your options and find what works best for you in your area. Get creative! Shameless plug #4: just kidding, we cannot do this for you.
Visit real estate offices and introduce yourself. This approach is even more effective if you’ve already interacted with them on social media or other online channels. People always get excited to meet people in real life!
Attend local real estate conferences and schmooze. Schmooze schmooze schmooze. (and schmooze)
Offer to collaborate with real estate agents during open houses. Be on-site to answer questions about potential issues in the home, adding value for both the agent and prospective buyers. Make sure they know any advice you give is for entertainment purposes only unless they hire you under contract.
Attend real estate education classes where reps are getting CE. If possible, get involved in presenting at some of these classes.
Most importantly, be sure to follow up! After meeting a real estate agent in person, follow up with an email that includes one of your sample reports. Make sure that your sample report effectively markets your image. Include your logo, cover page, brand colors, and any special features like 360-degree or thermal images. The goal is to make your sample report do all the hard sales work for you.
Don’t forget, fam, protect yourself
Get ready! HomeGauge will soon release a new, more affordable home inspection guarantee product. Give yourself and your homebuyers real peace of mind with comprehensive coverage! We already have HomeGauge Protect, but we’re adding a new offering in August that we’re pretty excited about. Stay tuned for more details next month!
Spending too much on E&O? Last month, HomeGauge teamed up with EliteMGA to offer exclusive discounts on insurance rates and customized coverage for HomeGauge users. But that’s not all — EliteMGA also provides unique benefits for inspectors, including pre-claims assistance from Joe Denneler, the nation’s top home inspection defense attorney, to help you avoid frivolous claims. The advantages of this program with HomeGauge don’t end there; see what else it includes.
Guess that’s it for now
If you made it this far in our newsletter and liked it, and are reading this part right here, send us an email at info@homegauge.com.