The $8,000 tax credit passed by Congress last winter to stimulate the real 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, your home buying cycle takes 45-60 days. Because the deadline for the tax credit falls at the conclusion of November, there’s adequate time to seize the moment and make sure that your contacts are aware of this opportunity.
So, how can a real-estate professional or mortgage broker use this tax credit to increase business?
The single most important action to take is make sure people find out about it.
Take 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 can contact you and get started.
The fastest way to touch base to your sphere of influence is through email marketing. It is a price efficient way to reach your entire list of potential clients and works especially well for time-sensitive opportunities.
That is an chance for real-estate agents and mortgage professionals to touch base to potential customers.
Real estate agents: Review your contact list and touch base to potential clients and past clients with all the necessary home elevators the tax credit, and include some appropriate listings. This ensures that you’ve educated every contact to ensure that those looking to purchase can 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 when they find your home they want to buy, they’ve every one of the paperwork underway and are pre-approved.
You will find still audience who’re uninformed of this tax credit.
According to 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 current AP article stated that some buyers aren’t even aware of the credit until they put a present in on a home.
Because the tax break was important industry news, everyone active in the real-estate industry is well aware of it. For those selling their property through real-estate agents, most sellers were informed of it through their listing agent. For the typical average person not actively active in the real-estate market however, this newsworthy item was easily missed.
Using the “Google Insight” tool to analyze U.S search top Maine realtors volume for the definition of “very first time homebuyer tax credit” reveals an appealing trend. Search volume shows the lag in the middle months(March 2009-August 2009) of the tax credit offer.
As you will see, searches regarding this topic spiked when it was first 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 everyone was not actively looking online for additional information during those middle months. This suggests that whenever the item wasn’t making news, people either weren’t considering it, or simply didn’t find out about it. In any event the jump at first and increase at the conclusion implies that media coverage offered two small windows of opportunity to understand concerning the credit before interest fell off.
There is an easy way to take action in the short window available.
When opportunity arises, sometimes the straightforward act of informing those in your sphere of influence makes all the difference.
Email marketing is straightforward, cost-effective, and ideal for reaching a large band of people in a short amount of time. It is the quickest way, with the smallest amount of amount of effort and lead-time, to be sure that the masses find out about the tax credit and the looming deadline (full disclosure, the writer is really a Vice President at XL Technologies, which gives email marketing services).
As the deadline approaches, having a proactive stance may benefit your chance at success now and using email marketing to help keep people informed will help build trust and maintain relationships in the long term.
Underneath line is to make sure everyone in your sphere of influence knows that that the tax credit can be obtained and set to expire soon.
Real estate professionals have endured a bruising couple of years. There’s 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 a positive light again.
The professional real-estate community should embrace this good news, and be sure to obtain the word-out. It’s encouraging for the industry and can be a smart move for the folks who pro-actively market this government program.