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A Look Ahead to 2022

In some markets, it may not yet seem like it. But even as some lenders continue to ride the refinance wave, the forecasts for the coming year are fairly aligned in agreeing that the refinance boom will be receding soon. For some, it already has. For others, maybe in a month? Three months? Five months? Obviously, we don’t really know. But it seems likely that, barring some incredibly impactful and unexpected event, we’ll be doing much more purchase business in the coming year than we will be refinance.

The forecasts also agree that volume will be high again in 2022. The downside is that, like most boom markets, the mortgage and title industry expanded to meet the historic demand we saw in 2020 and 2021. That means there are more mouths to feed. And while the proverbial “pie” is still ample, it will be smaller than the giant feast we’ve been enjoying.

So what does that mean for you?

If you’re a REALTOR or loan officer, you already know what you need to be doing. You’re shoring up your relationships, scrubbing your leads and double-checking your CRM. A competitive purchase market is built upon leads, marketing and sales. But if you are a lender, you’re probably also becoming more and more aware that 2022 will likely be more expensive for lenders. “Margin compression” may end up being the phrase of the year, and with good reason. When volume is sky high and a product lends itself naturally to streamlined production processes, we don’t talk too much about margins. But the purchase transaction takes longer to close, comes with more complications and can be costlier to produce.

So, REALTORS and lenders, the service providers you choose on the title and closing side can make a difference in a purchase market as well. Turn time is a great example. If your provider helps shave a day or two (or three) off of the closing process because it’s already positioned for efficiencies, your closing process is that much shorter as well. Your staffs are more productive as they move on to the next file or next sale. And, as an added bonus, you’re likely to have a happier borrower on your hands when the closing process is smooth and quick. Can’t hurt the repeat or referral aspect of marketing, right?

For title companies and other service providers, now is also the time to revisit your production and service processes as well. How automated are you? Are there costly, way-too-manual elements to your workflow that require more labor than your margins can bear? Outsourcing has long been a Business 101 solution for shrinking margins for a reason. It works. Simply being able to eliminate some fixed expenses for a provider able to scale its services is a classic and effective way to relieve some of the margin pressure.

This isn’t the first posting we’ll do about the coming purchase market and it likely won’t be the last. But we haven’t truly seen a more-or-less nationwide purchase-dominant market in years. Here’s the best news. All indications are that the opportunity will be there. And a little competition never hurt, right? It’s time to get prepared and have a plan!

How to Create Engaging Instagram Reels to Bring Attention to You & Your Brand

You’ve seen Instagram Reels and TikTok videos everywhere and might be thinking to yourself, "How do I even create one of these?" Don’t worry. Here is your step-by-step guide to creating your first Instagram Reel for your real estate business.

Step 1: Select the Audio

Click on the music note icon on the left-hand side to open Instagram’s audio selection. From there, you can search trending audios, audio categories, and your saved audios.

Step 2: Select the Length of Your Reel

Under the music note icon on the left, you’ll find the option to change the length of your reel. You can choose from 15, 30, or 60 seconds. All you have to do is click on it until you get your desired reel time.

Step 3: Choose an Effect

If you’d like to use any beauty, background, or lighting effects that you normally use in your stories, you can click the star icon on the left-hand side of your reel’s menu. Instagram will give you tons of options, including your already saved filters, as well as trending ones.

Step 4: Set the Timer

If you need a little time to get into a position to do a viral dance or create a reel that incorporates a few different video segments, you can use the Timer/countdown option.

Once you click the timer icon on the left-hand side of the menu, you’ll find 2 countdown options of 3 or 10 seconds and notice a sliding scale where you can change the amount of time you want to record.

If you want to record multiple videos for your reel, slide the color bar to whichever spot you want to end that video segment. Next, select "set time." You can do this multiple times depending on the audio length and the length of the reel you selected. For example, if you selected 60 seconds, you could create six 10-second videos for that one reel.

Once you’ve set the timer, your Timer icon should show a white background on the main reel screen. Then, when you’re ready, hit the record button.

 

Congratulations on Creating Your Very First Reel!

Remember, the more you create in reels, the more comfortable you’ll get, and the more content you’ll create for your audience.

Here are some ideas to get you started:

  1. Introduce yourself and your team. This can be fun - and quick!
  2. Tell your story/history of you and your brand.
  3. Share clips of your day to create an "a day in the life" video.
  4. Share what’s going on behind the scenes! Showcase the buying or selling process or what happened during a recent closing.
  5. Show off your listings!! Create a walkthrough of the listing and unique features of the property. Show off a little!
  6. Create how-to videos or answer FAQs. Agents can answer 1 question on each reel to create a lot of useful content.
  7. List your services. Reels give you a quick way to talk about each of your services.
  8. Provide helpful tips for your audience. You can discuss what a buyer or seller needs to know before they start the home buying/selling process, etc.
  9. Interact with your clients. Use trending audio or dances to get your clients engaged.
  10. Use trending audio. Trending audio and sounds can bring personality to your business and be used to enhance all of the content you create from the above ideas.

Want more inspiration or additional how-tos for social media trends like this one? Let us know!

 

How a Realtor Lost $257,000 of Their Clients' Money

Realtor Kevin got an email from a prospective buyer who was ready to make an offer with their loan pre-approval attached. Kevin clicked the attachment to view the buyer’s documents, but there wasn’t anything there. "That’s strange," thought Kevin, and he closed his email. What Kevin didn’t know is that spyware was just installed on his device, and now, hackers had access to everything! The hackers were able to intercept a different deal Kevin was working and re-route a $257,000 wire from a REAL buyer working with Kevin, losing his client’s hard-earned money and their home purchase.

You’ve heard it before, but we’re going to tell you again! Your email and cyber security are paramount to your business - and your clients’ money.

From wire fraud and malware to personal information loss, there are several ways cyber crooks can succeed in a heist at your loss. There was OVER $213 million reported loss from real estate fraud, just last year!

Here are just a few tips to ensure you’re not a sitting duck for scammers and hackers:

  1. Email Security! This is a BIG one! Use spam filters put in place by your organization and report any potential phishing. If using a personal email, be weary of phishing scams. Do not click or open anything from an unknown sender!
  2. Protect your connection! Use a VPN to protect your connection. Public WIFI allows hackers on the same networks you’re using and gives them full view of what is transmitted. Cellular devices are encrypted and can help protect your transmissions.
  3. UPDATE your devices! Security patches come through updates, so ensure you’re taking a few minutes to run those pesky updates and restart.
  4. Password Managers! Utilizing a password manager can help you make each password strong and different for all sites and programs you’re using.
  5. Multi-Factor Authentication! When available, ALWAYS choose two-factor authentication utilizing a code texted to you or a program like Google Authenticator.

By protecting yourself and your devices with layered security, you are decreasing your chances of a cyber-attack. At Florida Agency Network, cyber security is our top priority to ensure you and your clients have a secure transaction from start to finish.

Take the FEAR out of FIRPTA

FIRPTA is an acronym for the FOREIGN INVESTMENT IN REAL PROPERTY ACT of 1980. We know FIRPTA sounds crazy, and it does have a bunch of rules. But the idea behind it is simple – when buying a house that is owned by a foreign party, the title company must withhold a portion of the sale to make sure they pay taxes and it’s up to the BUYER to report the sale to the IRS!

Sounds complicated, we know… so here are 5 Facts to take the FEAR out of FIRPTA

FACT 1: WHO IS FIRPTA FOR?

The first thing to know is that FIRPTA only applies to buyers that are buying from a seller who is not a US Citizen/Resident Alien. There are several identifying factors for a foreign person or company, which the title company will discuss with the seller.  If the seller is a foreign person or company, then there may be a portion of the proceeds withheld from closing.  The seller will apply for a TIN number before the sale by filling out the W-7 application, if it’s the first time selling a property in the US.

FACT 2: CAN THE SELLER BE EXEMPT?

Yes! If it is a home with a sales price under $300,000 and the buyer intends to occupy the new home as their primary residence for most of the year, over the next two year period of time, the property is entirely exempt from the withholding.  The buyer will be required to sign an agreement to confirm their intent to reside. This fact means for some people, FIRPTA never comes into play – but there’s still some paperwork you’ll need the parties to sign at closing.

FACT 3: HOW MUCH IS WITHHELD?

IF the sales price is over $300,000 to $1,000,000, the required withholding is 15% regardless if the buyers intends to occupy the property full time. There are some other rules that can make the withholding % increase or decrease, however, those are more rare.

FACT 4: What about a SHORT SALE?

Unfortunately for the seller, sometimes the sold home is worth less than the amount owed, but the FIRPTA requirements STILL come into play.

FACT 5: WE DO IT ALL FOR YOU!

The best part is when using ANY Florida Agency Network branded title company, we’ve got you covered when it comes to FIRPTA.  We will discuss what is needed, based on the particulars for the parties and transaction and also have CPA’s that we can refer to, if needed.

To download more information about FIRPTA download our PDF here or call any of our locations.

HURRICANE SEASON

 

Each year, the country is hit with hurricanes, tornadoes, hailstorms, super storms, flooding, and more. With hurricane season running from June 1st to November 30th, coastal and inland region homeowners must prepare for potential storms annually. Of course, you have insurance to help you recover. But knowing and doing a few things now—while the weather’s fair—can help you and your family stay safe and help you protect your property if the unexpected happens:

• Stock up on important items such as canned goods, water, pet food, paper goods, flashlights & batteries with a battery-operated radio.

• Clean up around your property! Trim trees and shrubs, store outside items such as grills, boats, trailers securely – and yes storing the lawn furniture in the pool can work (if it’s rust proof!)

• Be sure all important documents are stored in a waterproof safe, in the cloud, or in a secure portal online. These documents should include your Homeowners Insurance policy, survey, marriage license, wills, social security card, title policy, etc.

• Consider Flood Insurance, even if you are not in a flood zone. Be sure to purchase early – it can take 30+ days for the insurance company to finalize your policy. Take photos of the property, inside and out, prior to the storm.

We’ve created a downloadable PDF of our tips for you and your clients. For resources by county on flood and evacuation zones, visit www.floridadisaster.org/knowyourzone.

What if you’re involved in a real estate transaction during hurricane season? Consider signing contracts and binding your insurance earlier than normal, and know your closings options in case of evacuation. Our options include, but are not limited to, Remote Online Notarization (RON), Mobile Notary services at your location, or a Traditional Closing (in-person at the office).

For more information reach out to your account executive or contact one of our locations: http://PARAMOUNTTITLEFL.COM/locations/

Visibility is key in the real estate industry. Are you searching for a way to boost your visibility in mere minutes at zero cost to you? Check out Google My Business!

Google My Business is a free tool that will give your brand and reputation a rocket boost over your competition. We rely on Google’s business listings to be a trusted source for business information and reviews. Why not use it as a marketing tool for yourself and be the first to come up in a Google search for business information and reviews? At no cost!



To begin the setup, here are few things you need to know:

    • Ask your brokerage their policy on setting up a Google Business Listing. Usually, they want you to add their brokerage name to the end of your name.
    • Ask if you can use your brokerage’s office address.
      • If you are using your brokerage’s address and they have a strong internet presence, they may overshadow you. OR, your brokerage may not want to be overshadowed by you, an individual realtor, since Google will only show one business in the map listing for the same address.
      • If you are using your home address, you will want to verify your business address and then, remove the address from the listing. To keep your listing visible locally, once you are verified, ensure your “Areas of Service” section of your business profile is filled out. You don’t want people knowing where you live.
    • Once your address of choice is determined, follow the below steps to complete the setup:
      1. Setup a Google Account or access your Google My Business login if you already have one.
      2. Head to Google.com/business and click “Manage Now.”
      3. Enter your business name.
      4. Enter the address. If you’re a Service Area Business (you used your home address for verification purposes), you’ll need to check the box at the bottom of this form. SAB’s have two options here.

        • Option 1: If you can receive customers at your business address, enter your address here and click “Next.”
        • Option 2: If you don’t have premises where your customers can visit you, leave the address field BLANK. Check the box for “I deliver goods and services to my customers.” Then, check the “Hide my address (it’s not a store)” box that appears below

      1.  Specify Service Areas.
        • Before you can choose your business category, you’ll need to specify the areas you serve so that Google can accurately present your business for searches in those areas. Enter one or more regions, cities, or zip codes that your business serves.

    1. Choose your business category.
      • This is a very important field that will not only strongly influence what types of search terms Google will present you for, but it will also appear within your Google My Business profile that is visible to potential customers. You can adjust this later, but we recommend researching competitors and looking through a full list to find the most accurate category for your business.
    2. Add a Contact Phone number and website URL.
      • These fields are not required but are strongly recommended if you want to take advantage of GMB functionalities.
    3. Complete your Google My Business Verification
      • Google needs to be able to prove that your business is where you say it is and for new GMB profiles, you have three options:
      • Postcard Verification: This is the most used verification process. A verification postcard will be sent to the address you entered earlier and should reach you within five days. Once received, you will enter the code in your GMB account to verify the business.
      • Phone Verification: Some businesses have the option to verify their listing over the phone. You’ll know if you’re eligible if you see “Verify by phone” as an option at the beginning of the verification process. Using this method, you’ll receive an automated message with verification code that you’ll then enter into GMB.
      • Email Verification: Some businesses have this option. You’ll know if you qualify if you see “Verify by email” as an option at the beginning of the verification process. This simple process sends a verification code to the inbox of the Google account associated with the GMB listing.

What’s Next?

Now that you’ve officially verified your listing, it’s time to optimize your Google My Business account by adding photos and videos, writing a compelling business description, encouraging your loyal customers to “Follow” you on Google Maps, and starting to request and manage your Google Reviews.

Have you updated your FANAgentOne app yet? If you haven't, its time to get moving! You're missing out on fast answers for your clients with market specific title fees, closing cost estimates in real time, and more.

Here are the new and exciting updates:

  • Comparing Multiple offers – Easily compare up to 12 offers from iBuyers, investors and traditional offers.
  • New HomeLink Feature– Simply add an address and HomeLink will pull the property tax information available for the property.
  • Video Lenses to Enhance Your Marketing – Take the promotion of your listings to another level with our new video feature.

But the best part... all of this in the palm of your hand!

NEW to FanAGENT One? Check out these videos to learn more:


You may have used our FANAgentOne app in the past, but with so many new feature that YOU'VE asked for - you have to take another look. Still not sure? Check out this PDF of the new features, or check out out by downloading the app at www.fanagentapp.com..

We all could use a little good news now and then, and for everyone closing with a Florida Agency Network we have some... good news!

Using Alanna AI, our state-of-the-art virtual closing assistant, realtors and their customers are automatically signed up for a series of "good news updates" during the process of their closing. Below are some of the notifications you can expect, as we do our part to give you good news!

  1. Upon receiving your contract, you will receive a welcome text message with a link to the welcome package where we collect your contact data and any additional information for }the lifetime of your transaction. It can all be signed and submitted right from your phone.
  2. Once the necessary title work has been completed = from lien searches to surveys – you will be updated to let you know that we are now moving onto issuing your title policy. Once all of the requirements have been cleared you will again be updated.
  3. At this point your tile work has been cleared and your title professionals are now working up closing figures and any remaining details you will need on closing day. You will receive more information very soon regarding your final figures and a closing date and time.
  4. Your closing figures are out for your review! You will receive your preliminary figure breakdown, details on what to expect at closing, and if any remaining information needed to finalize your transaction. The link to your documents is included in this text message for your convenience.
  5. You’ve reached closing day! With this update, you know your transaction has been closed and documents are being filed. You will receive a brief survey link to share your experience with us so we can continue to improve our processes. We aim to keep your experience personal, professional, and streamlined for all of our customers.
  6. Your official documents have been filed in the appropriate county clerk’s office and we have received confirmation of recording.

Our goal is to keep you informed automatically about the process of your closing. This way you are ready to take the steps for you and your customer while preparing and finalizing their transaction. Of course, this also means we get to be the bearer of GOOD NEWS!

Be sure to download the PDF chart of automated good news updates and start chatting with Alanna AI today via text at 813-710-4126, by using the chat feature on our website, or by scanning the QR code below!

Bye, 2020! There are certainly things we won’t miss about this past year. Looking back, however, one of the things we are thankful for is the real estate boom. In many parts of Florida and throughout the country, the real estate market has been hot!

That’s been due to record low mortgage rates, but inventory is lower than what is needed to keep up with demand. This means prices are moving up sharply, and many buyers are willing to offer more than the asking price.

This sounds like a great thing for sellers, but there’s a step that can be forgotten until it’s too late – *dun dun dun* - the appraisal.

Unless you’re paying in cash, the bank needs to ensure that they’re not giving too high of a loan for the property. Just because a buyer really wants to buy it for $15,000 more than asking doesn't mean the bank does.

Ways to Avoid a Low Appraisal

1. Don’t Be Zillowed - Price the home correctly. Avoid the urge to overprice because of the market. Find a comfortable price that has some room for negotiation - up or down.

2. Consider Upgrades – According to a local appraiser, the usual upgrades are always great ways to increase your appraisal value:

  • Upgraded Kitchens
  • Renovated Bathrooms
  • New Windows

3. Prepare the Home for Occupancy – A home that’s ready to live in will likely earn a higher appraisal. Touch up walls and base boards with paint, pressure wash the exterior of the home and driveway, declutter every room, mow the lawn, and finish any incomplete projects.

“I Did All That, but My Appraisal Was Still Low! What Now?!”

Receiving a low appraisal can be stressful for the seller and buyer. The buyer thinks they are going to get a better deal, but they might actually lose the deal by staying with the original appraisal. The seller is not happy since they believe their property is worth more. So, how do you save the sale?

  • Negotiate a Lower Sales Price
  • Dispute the Appraisal with the Original Lender
  • Request a New Appraisal from a New Lender

Our final piece of advice when dealing with an appraisal is to relax and let the system work. It’s in place to make sure everyone has a safe transaction.

For any additional questions about appraisals and staging, please call any of our offices to speak to our team.

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