The $8,000 tax credit passed by Congress last winter to stimulate the actual estate market is potentially nearing its end on November 30. While Congress and the National Association of Realtors battle over extending the credit, the looming deadline could mean opportunities for proactive real estate and mortgage professionals.
The National Association of Realtors reports that, an average of, the home buying cycle takes 45-60 days. Since the deadline for the tax credit falls by the end of November, there’s adequate time and energy to seize the minute and make fully sure your contacts are aware of this opportunity.
So, how do a real estate professional or mortgage broker make use of this tax credit to improve business?
The single most significant thing to do is ensure people find out about it.
Have a portion of one’s marketing budget over another month and let everyone in your professional circle find out about the credit and the approaching deadline. Provide contact information then when it prompts them to action, they could contact you and get started.
The fastest method to reach out to your sphere of influence is through email marketing. It’s a price efficient way to achieve your complete set of potential clients and works especially well for time-sensitive opportunities.
That is an chance for real estate agents and mortgage professionals to reach out to potential customers.
Property agents: Review your contact list and reach out to potential clients and past clients with all the necessary info on the tax credit, and include some appropriate listings. This ensures that you have educated every contact in order that those looking to purchase will make an informed purchase.
Mortgage professionals: Get in front of real estate agents with the message now. Provide them with a checklist of what their buyers must have prepared, so once they find the home they want to buy, they’ve most of the paperwork underway and are pre-approved.
You will find still potential customers who are uninformed of this tax credit.
Based on Mark Zandi, chief economist for Moody’s Economy.com, the tax credit will draw about 400,000 buyers into the marketplace this year. Though that bodes well for the industry, a recent AP article stated that some buyers are not even aware of the credit until they put a present in on a home.
Since the tax break was important industry news, everyone mixed up in real estate industry is well aware of it. For those selling their home through real estate agents, most sellers were informed of it through their listing agent. For the typical average person not actively mixed up in real estate market however, this newsworthy item was easily missed.
Utilizing the “Google Insight” tool to research U.S search volume for the term “first-time homebuyer tax credit” reveals a fascinating trend. Search volume shows the lag at the center months(March 2009-August 2009) of the tax credit offer.
As you can see, searches regarding this topic spiked when it was announced in early 2009. However, the search volume for the topic dropped sharply in March before it began to pick up again in July, meaning individuals were not actively looking online for additional information during those middle months. This suggests that whenever them wasn’t making news, people either weren’t considering it, or just didn’t find out about it. In any event the jump at first and increase by the end suggests that media coverage offered two small windows of opportunity to understand in regards to the credit before interest fell off.
There’s an easy method to take action in the short window available.
When opportunity arises, sometimes the easy act of informing those in your sphere of influence makes most of the difference.
Email marketing is straightforward, cost-effective, and perfect for reaching a big group of people in a quick amount of time. It’s the quickest way, with the least amount of effort and lead-time, to ensure that the top Fort Lauderdale realtors masses find out about the tax credit and the looming deadline (full disclosure, the author is really a Vice President at XL Technologies, which supplies email marketing services).
Since the deadline approaches, having a proactive stance will benefit your chance at success now and using email marketing to help keep people informed can help build trust and maintain relationships in the long term.
Underneath line is to be sure everyone in your sphere of influence knows that that the tax credit can be obtained and set to expire soon.
Property professionals have endured a bruising handful of years. There has been so much negative news about owning real estate. On the other hand, this press coverage actually moves consumers to think about real estate ownership in an optimistic light again.
The professional real estate community should embrace this good news, and ensure that you obtain the word-out. It’s encouraging for the industry and can also be an intelligent move for the people who pro-actively market this government program.