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National Association of Realtors

The National Association of Realtors backs FHA’s move to expand credit to wider range of potential borrowers

When the FHA announced a loosening of lending conditions yesterday, the National Association of Realtors issued a supportive letter to the Administration.

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Roughly a year after its proposal, the Federal Housing Administration announced yesterday a loosening of lending conditions, allowing “millions” of potential buyers into the market that are currently restricted.

Under the new measurement, the FHA intends to take a deeper dive in evaluating loans that eventually default, which could lead to lenders being stripped of their FHA approval. This measure impacts borrowers with credit scores between 580 and 680.

The metric measures the defaults of borrowers in what the FHA calls “three distinct credit bands,” using an adjusted default rate instead of a weighted average. The lender’s percentage of loans in each band are measured against a benchmark rate for seriously delinquent loans in each band.

Previously, an FHA-approved lender could be cut from the program if their default rate went above a certain threshold, but the new measurement loosens that metric. This segment of lenders has long shied away from this segment of the market to avoid risking their FHA approval, but Uncle Sam intends to change that.

NAR expresses their support

Reactions were mixed, and today the National Association of Realtors (NAR) 2015 President, Chris Polychron sent the following letter of support for the measure to Edward Golding, Principal Deputy Assistant Secretary for Housing at the US Department of Housing and Urban Development:

The takeaway

With this context, will this warm critics’ hearts to the move to loosen what most consider to be overly restrictive lending conditions? Affordability remains the top challenge, keeping many out of the market, but could letting people with a few blemishes on their record but the money to qualify really be such a bad thing?

Lani is the Chief Operating Officer at The Real Daily and sister news outlet, The American Genius, and has been named in the Inman 100 Most Influential Real Estate Leaders several times, co-authored a book, co-founded BASHH and Austin Digital Jobs, and is a seasoned business writer and editorialist with a penchant for the irreverent.

National Association of Realtors

The more communicative you are, the more you’re apt to earn

Communication is key in any relationship, but even more so when it’s the Realtor/Client relationship. Here’s why.

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In our fast-paced, technology-driven world, Realtors need to be able to engage clients quickly and in a way that allows them to be both personable and professional. Celeste Starchild, Vice President of Move and General Manager at ListHub, gives a bit of insight on how Realtors can tap into the online market more efficiently.

One of the first thing Starchild suggests is maximizing your online presence with search engine optimization or SEO; effectively using SEO will boost targeted advertising to reach consumers when they are most likely to be ready to buy or sell a home.

She states, “search engine marketing drives high quality and high volume leads. If you have the budget, you can pay for the right to have your name and business visible to practically all consumers looking for an agent in a specific location.”

Consumers want immediate responses

This is especially important given the majority of consumers in today’s market are “digital natives.” These “digital natives” are millennials or Gen X-ers who have been around technology so long, they can’t remember a time when the Internet wasn’t at their disposal. Due to this, they tend to go online to do research because they are not familiar with doing business in-person. They also expect an immediate response, as they are used to texting and email, not phone calls and letters.

Starchild states, “consumers want immediate responses from their friends and family via email and texting. Realtors risk missing an opportunity with this demographic if they aren’t responding in a timely, informative, and personable manner.” This includes areas such as social media.

Have you notices Facebook actual lists a response time on business pages now? They do. Most businesses strive to answer messages within an hour, or risk losing business.

Don’t shoot yourself in the foot

Facebook can be an extremely successful and cost-effective marketing tactic for Realtors by using predictive advertising. With this, you can target scenarios such as job relocation, marriage, child birth, and divorce, as purchase drivers and your ad will appear alongside a potential buyer’s Facebook page. This is one of the most powerful and effective ways to reach consumers, according to Starchild, as you are reaching out to them at the critical moment of decision.

Practically every interested buyer or seller will search online for information about a Realtor and read reviews about them before contacting them. This is another area Starchild suggests you examine: “It doesn’t matter where on a search list a Realtor shows up if they don’t have an updated profile with a professional headshot, listed contact information, and a few client recommendations. Failing to do [this] will ultimately lead to missed business;” and no one wants that to happen. So, take a few moments and ensure your contact information is updated and readily available as a search result so you do not miss a potential client.

Improve earnings by being communicative

Once a client messages you, you should aim to respond in the first five minutes, even if your response is automated with a promise to follow-up quickly. As long as you’re reaching out, you can increase your contact rates exponentially.

“Consumers are looking for facts and they want them now. How you respond and interact with them influences their decision on whether or not they’re your client forever, or they’re on to the next one,” says Starchild.

No one wants to miss business, simply because they forgot to respond. Automate responses, use social media, and update your Realtor profile and you’ll be on your way to maximizing your contact rates and client satisfaction.

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National Association of Realtors

NAR Announces 2021 Leadership Academy Class

[REAL ESTATE ASSOCIATIONS] NAR offers annual Leadership Academy to help participants enrich their leadership skills. Applications for the 2022 academy opens December 2, 2020.

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The National Association of Realtors (NAR) Leadership Academy identifies, inspires, and mentors emerging leaders from local and state levels. The Leadership Academy aims to give participants the opportunity to enrich their leadership skills while learning the history, structure, and inner-workings of NAR leadership. The 11-month program includes twelve interactive online courses and in-person experiences designed to prepare graduates to represent the 1.4 million NAR members.

2021 NAR President Charlie Oppler, a Realtor® from Franklin Lakes, N.J., and broker/owner of Prominent Properties Sotheby’s International Realty said, “NAR’s Leadership Academy provides one-on-one experiences and tools that equip volunteer leaders for the critical roles they will play shaping American real estate in the years ahead.” Oppler continued, “Volunteer leaders are vital to our industry, and by better understanding the needs and strategies of our association, Leadership Academy graduates can affect change at the national, state and local levels of this organization.”

The program runs from January through November, concluding at the 2021 REALTORS® Conference and Expo in San Diego, CA. Course summaries, applications, and resources are available at the NAR website. The application period for the 2022 class will be open from December through March 2020.

The 25 Realtors® selected from across the country to participate in the 2021 NAR Leadership Academy are:

Brian Anzur (CO)
Michelle Bailey (ID)
Jaime Caballero (FL)
Cheri Daniels (WA)
Ryan De Guzman (Guam)
Nina Dosanjh (CA)
Gaspar Flores (IL)
Andrew Fristoe (VA)
Karem Gallo Garcia (KS)
Christy Gessler (TX)
Michael Gobber (IL)
Alisha Harrison (WA)
Cynthia Haydon (FL)
Michael Inman (KY)
Bakhsish Khalsa (CA)
William Klein (MO)
John LeTourneau (IL)
John McPherson (NC)
Gonzalo Mejia (FL)
Eileen Oldroyd (CA)
Lorena Pena (TX)
Jairo Rodriguez (NJ)
Derek Sprague (CA)
Peggy Todd (VA)
Heather Zimmaro (OH)

The session topics participants will cover during this course include: How NAR Leads Real Estate from Washington, D.C.; Leadership Skills: Basic- Intermediate; Becoming a Better Spokesperson; Leading NAR From Chicago, IL; and Building Your Legacy: Taking the Next Steps in Your Leadership Journey.  In person meetings are designed to provide opportunities for open dialogue and will be located in Washington D.C., Chicago, and San Diego.

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National Association of Realtors

What NAR’s senior management hires reveals about their strategy

(REAL ESTATE) The National Association of Realtors (NAR) has hired two powerhouses, and their choices speak volumes of what to expect from the trade group going forward.

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The National Association of Realtors (NAR) confirms two top hires – Victoria Gillespie as the new Chief Marketing & Communications Officer, and Shannon McGhan, the new Sr. VP of Governmental Affairs.

These two hires reveal two major signals from NAR.

First, and most unavoidable, these are two rising stars that happen to be women, putting more females in the boardroom which the industry has struggled to do, even in recent decades. In fact, McGhan is the first female in her role in NAR’s 110-year history.

Secondly, these two executives are extremely qualified and come from within their respective segments to serve their roles, and clearly prove CEO Bob Goldberg’s continuing to boldly restructure the corporate organization of the association since his taking the reigns last year.

McGahn will fill the very big shoes of Jerry Giovaniello who retires this year after nearly four decades at NAR and a stellar record of successes. McGhan is sharp and modern – she cut her teeth on the Hill as communications director for the House Republican Conference, and spent over six years serving in various policy communications roles for the House Republican Conference, the Office of the House Majority Leader, and Congresswoman Jennifer Dunn (R-WA). She served as counselor to the secretary of the U.S. Treasury, spearheading relationships with members of banking and tax writing committees alongside House and Senate leadership, managing legislative agendas and priorities.

“I’m excited to join NAR and bring my experience in the legislative and executive branches to support policies that not only benefit members, but promote property ownership for everyday Americans,” said McGahn. “On behalf of NAR’s 1.3 million members, I look forward to promoting the American dream of homeownership, bolstering private property rights and emphasizing the financial security and other associated benefits of owning real property.”

NAR has hired an up-and-comer that knows the intricacies of inside baseball to handle the policy nuances.

Equally impressive is the fact that they’ve also brought on a power player, Gillespie, who has owned her own real estate agency for over 12 years, and served as Sr. VP of Enterprise and Marketing Communications for Northwest Federal Credit Union. She’s extremely well versed in real estate and finance, a powerful combination for the next communications leader at NAR, as the trade group seeks to tackle the daunting and endless task of strengthening their relationship with consumers and activating the Realtor brand.

“I’m thrilled to take on this new role at NAR and put my knowledge of the real estate industry to use for our members,” said Gillespie. “Having spent much of my career in the industry, there are tremendous opportunities to increase the awareness of the value and services that NAR offers so that our members understand that NAR is a radically member-centric organization. I look forward to working with our talented team to do so.”

“The addition of Victoria and Shannon’s strategic leadership to our already powerful team will help us once again make real estate a topline issue,” said Goldberg. “Together, they will lead our strategic direction in Washington and around the country to better serve our members’ interests.”

The combination of these two hires strongly indicates powerful, modern communications and policy strategies in coming years. In short, these hires indicate that they’re not messing around.

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