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Walkable Communities Trend In Real Estate

The Shift Towards Smaller Homes and Walkable Communities

Jason Satcher July 11, 2023 No Comments

The Shift Towards Smaller Homes and Walkable Communities In a recently released video by Alan and Ming Richardson, Managing Broker and Managing Director respectively of Maximum One Realtor Partners, significant changes in buyer preferences within the real estate market were addressed. This crucial shift in trend points to a growing interest in smaller homes and walkable communities. Here’s a detailed analysis of the major points discussed in the video, which we recommend you watch for a comprehensive understanding of this emerging trend. Understanding the New Market Preferences According to Alan and Ming, buyer demographics such as Gen Z and Millennials are leading this shift. These age groups show a higher likelihood of paying more for properties in walkable communities. Small communities and walkable areas, which feature townhouses and condos, are gaining popularity. The interest is even more pronounced among younger buyers who are increasingly prioritizing convenience and minimal maintenance in their real estate decisions. Shift from Larger Homes to Smaller, Walkable Communities The Richardson duo has observed a steady trend since 2015. Buyers are now preferring smaller homes with smaller yards that offer more walkability, as opposed to larger homes with expansive yards located farther from amenities. This shift is so profound that the total buyer pool has seen an increase of about seven percent in favor of smaller, more convenient living spaces. The rising costs of homes may have contributed to this shift as people look to refine their activities and reduce travel distances, resulting in less expenditure. When asked to pick their preferred living community, 56 percent of the buyers expressed a preference for houses with smaller yards in easily walkable communities over larger houses where driving is necessary. Impact on Realtor Preferences and Biases One of the key insights shared by the Richardsons is the need for realtors to be conscious of these changing trends, especially given that the average realtor tends to be older and may have different personal preferences. Realtors are encouraged to leave their biases aside and truly listen to their clients’ desires. For instance, while a realtor might prefer a standalone home over a townhouse or condo, the client may think differently. Preferences among Renters In addition to these buyer trends, the video also touched upon the shift among renters. A significant proportion of millennials and Gen Z, who make up a large segment of the renter population, prefer more dense housing like condos and townhouses. This preference again underscores the importance of convenience and a desire to reduce the time and expense of commuting. In conclusion, the shift towards smaller homes in walkable communities is a trend that cannot be ignored by real estate professionals. By understanding and adapting to these market changes, realtors can better meet the needs of their clients and thrive in this evolving landscape. For a full understanding of these real estate market trends and more, we strongly recommend watching the entire video created by Alan and Ming Richardson. Their insights can provide a competitive edge in adapting to this new real estate landscape.

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How to Write a Great Property Description

Staff March 1, 2023 No Comments

Welcome to the Real Estate Backstory! We’re here to provide you with the latest real estate news and insights so you can make an informed decision about your next property purchase. The following is a synopsis of the latest episode of “The Real Estate Backstory.” If you’re in the business of selling or renting properties, you know how important it is to have a great property description. Unfortunately, many descriptions fall short and fail to entice potential buyers or renters. In this article, we’ll discuss how to write a great property description that stands out from the rest. Why a good property description matters The first thing to understand is why a good property description is important. Your property description is how you present the property to potential buyers or renters online. If your description is poor, the property will reflect that, even if it’s a beautiful home. Your property description is essentially your first impression, so you want to make sure it’s a good one. Common mistakes to avoid There are several common mistakes to avoid when writing a property description. First, avoid typing in all caps or overusing capital letters, as this can come across as shouting. Also, use exclamation points sparingly, as too many can make your description look unprofessional. It’s also important to avoid misspelled words and bad grammar, as these can reflect poorly on you and your business. Additionally, don’t repeat listing basics like the number of bedrooms and bathrooms. Another important point to keep in mind is fair housing. Be sure to describe the characteristics of the house, not the potential inhabitants. Avoid personal characteristics like “perfect for families” or “ideal for chefs,” as this can be seen as a violation of fair housing laws. Finally, avoid overused and tired cliches like “luxury,” “charming,” and “cozy.” These phrases have become so overused that they’ve lost their meaning. Instead, focus on describing the unique features of the property in an honest and compelling way. Tips for a great property description So, what does make for a great property description? First, limit your sentences to no more than three features per sentence. This makes your description easier to read and helps potential buyers or renters quickly identify the key features of the property. Consider using bullet points to help break up your description and make it more readable. Another tip is to begin with a hook. Describe the property’s most compelling feature first to capture the reader’s attention. From there, use descriptive language to create a picture of what it would be like to live in the property. Be specific and use sensory language to help the reader imagine themselves in the space. Writing a captivating description Ultimately, the key to writing a great property description is to be a storyteller. People respond to stories and emotions, so use your description to create a narrative about the property. Consider the type of person who would be interested in the property and write to them. What features would they find most appealing? What emotions would they experience while living there? In summary, a great property description is a critical component of any successful property listing. By avoiding common mistakes, focusing on the property’s unique features, and writing a compelling description that taps into the reader’s emotions, you can create a listing that stands out and draws in potential buyers or renters. Watch the entire video for more information here:

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Protecting a Buyer’s Earnest Money: What to Do When Issues with the Seller’s Title Arise

Staff February 22, 2023 No Comments

You represent a Buyer & the Closing Attorney informs you that there is an issue with the Seller’s Title…. what do you do to protect the Buyer’s Earnest Money? The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below. Buying a home is a complex process that requires careful attention to detail, especially when it comes to the purchase and sale agreement. One of the most critical parts of this agreement is the title section, which outlines the seller’s obligation to convey good and marketable title to the buyer. However, what happens if an issue with the title arises? In this blog post, we will discuss how to protect a buyer’s earnest money in this situation. Understanding the GAR Purchase and Sale Agreement The Georgia Association of Realtors (GAR) purchase and sale agreement is a comprehensive document that provides guidance for the buying and selling of residential properties in Georgia. In particular, paragraph B1 of the agreement addresses the issue of title. It states that the seller warrants that they will convey good and marketable title to the property to the buyer, subject only to specific zoning and utility records, declarations of the condo, and leases or other encumbrances specified in the agreement. The buyer can examine the title and provide a written statement of title objections at or prior to the closing. Protecting the Buyer’s Earnest Money: What to Do If an issue with the seller’s title arises, the buyer’s agent must ensure that the buyer follows the instructions set out in the GAR purchase and sale agreement. Once the closing attorney informs the buyer that there is a title issue, the buyer must provide the seller with a written statement of title objections. Failure to do so can put the buyer’s earnest money at risk, and the buyer may face termination of the agreement, leading to default. Using the GAR Form 816 Notice To protect the buyer’s earnest money, the buyer’s agent must use the GAR Form 816 Notice, which is a unilateral form that only requires the buyer’s signature. The notice should reference paragraph B1 of the purchase and sale agreement and outline the title objection, giving the seller a chance to remedy the issue before closing. In conclusion, protecting a buyer’s earnest money is crucial when dealing with issues related to the seller’s title. By following the instructions set out in the GAR purchase and sale agreement, buyers can protect their interests and ensure a smooth closing process. The GAR Form 816 Notice is an essential tool that helps buyers communicate their title objections to the seller and protects their earnest money. Watch the entire video for more information here:  

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The Importance of Relationships in Real Estate and Life

Staff February 21, 2023 No Comments

Welcome to The Real Estate Backstory, where we bring you the latest updates and insights on the real estate market. In this episode, we’ll cover a variety of topics, including the impact of relationships on our happiness and success in real estate, inflation and interest rates, credit card debt, and more. The following is a synopsis of the latest episode of “The Real Estate Backstory.” In one of the longest studies of happiness, which is still ongoing, Harvard has been studying what makes people happy. The results have shown that relationships are the most important factor in happiness and longevity. The same concept applies to the real estate business where relationships are everything, and trust is not given, but it is earned. This post discusses the importance of relationships in both life and real estate and provides insights into how recent changes in inflation affect mortgage rates. The Importance of Relationships in Real Estate The real estate business is an industry where relationships are everything. About 80% of real estate professionals’ business comes from people they know or people who know them. Building trust is critical because it leads to building relationships. Trust is earned by delivering quality services, being honest, and meeting clients’ needs. Agents must prioritize clients’ interests and work in their best interests to develop a long-term relationship. Relationships in Life Harvard’s study showed that relationships are the most crucial factor in people’s happiness and longevity. People need a sense of security, learning and growth, emotional closeness, friends, and community to live happier lives. Relationships are essential in providing a feeling of connection, personal contact, and intimacy. The emotional and social support provided by healthy relationships helps people deal with life’s challenges and live healthier lives. Inflation and Mortgage Rates Inflation has been slowing down to 6.4%, which is a significant relief. However, the Consumer Price Index (CPI) rose by half a point in January, causing the markets to go haywire. Shelter costs, such as rent, take a while to reflect the actual inflation numbers, which can affect how inflation is perceived. Inflation has a direct impact on mortgage rates. As inflation increases, so do mortgage rates. Thus, it is crucial to monitor inflation rates to determine the direction of mortgage rates. In conclusion, the importance of relationships cannot be understated in both life and real estate. Building and maintaining healthy relationships is critical in enhancing happiness and longevity. In the real estate business, developing trust and building relationships is the foundation for long-term success. Inflation has a direct impact on mortgage rates, so monitoring inflation trends is necessary for determining mortgage rates’ direction. Thus, developing and nurturing relationships in life and business is crucial in achieving success and happiness. Watch the entire video for more information here:  

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maximize your dreams at maximum one realty

Maximize Your Dreams with Maximum One Realty

Kristin February 20, 2023 No Comments

Real estate can be a highly competitive and challenging industry. While it can be an incredibly rewarding career, success in real estate requires hard work, dedication, and a strong support system. That’s why it’s essential for real estate agents to carefully consider the brokerage they choose to work with. Maximum One Realty wants you to maximize your potential and your dreams of becoming the best real estate agent you can be.  Maximum One Realty is a respected and successful real estate brokerage with a strong track record of supporting its agents. The company’s mission is to help agents build successful and sustainable careers in real estate, and it has a number of key features that set it apart from other brokerages. One of the most significant benefits of joining the Maximum One Realty team is the comprehensive support and training that the company offers. The brokerage provides its agents with access to a wide range of resources to help them develop their skills and grow their businesses. These resources include a comprehensive training program, ongoing mentoring and coaching, and access to a network of experienced real estate professionals. We also offer weekly continuing education credit in person and virtually through the Real Estate Academy of America. Our support system can be invaluable for new agents who are just starting out in the industry, as well as for experienced agents who are looking to take their careers to the next level. Another key benefit of joining Maximum One Realty is the company’s focus on technology and innovation. The brokerage is committed to staying at the forefront of the latest trends and technologies in the real estate industry, and it provides its agents with access to a range of cutting-edge tools and resources. This includes access to the latest real estate software like kvCore, as well as training on how to use these tools to enhance their business. By leveraging the latest technology, Maximum One Realty’s agents are able to work more efficiently and effectively, giving them a significant competitive advantage in the market. In addition to these key benefits, Maximum One Realty offers a number of other advantages for its agents. The brokerage has a strong brand reputation, which can help agents build their own personal brand and gain credibility in the market. The company also offers a range of marketing and advertising resources, which can help agents reach new clients and grow their businesses. Maximum One Realty is also committed to fostering a positive and supportive culture, which can help agents feel more engaged and motivated in their work. Our commission plans also make Maximum One Realty one of the best teams to join! We offer a different approach to your commission. You can even calculate estimates of your commission on our commission calculator! Overall, there are many compelling reasons why real estate agents should consider joining the team at Maximum One Realty. From its comprehensive support and training to its focus on technology and innovation, the brokerage provides its agents with the resources they need to succeed in a highly competitive industry. By joining Maximum One Realty, agents can gain access to a wide range of benefits that can help them grow their businesses and achieve their career goals. If you’re a real estate agent looking for a brokerage that can help you achieve success, we encourage you to explore the benefits of joining the team at Maximum One Realty. With its commitment to innovation, its comprehensive training and support, and its strong brand reputation, the brokerage is an excellent choice for agents who are serious about building successful and sustainable careers in real estate. Contact Maximum One Realty today to learn more about how you can join the team and take your career to the next level.

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Buyer Love Letters and Housing Market Trends: Understanding the Risks and Expectations

Staff February 15, 2023 No Comments

Real Estate Backstory is your weekly update for real estate news, changes, and trends relevant to the Atlanta area and surrounding markets. Topics covered this week include: Caution against buyer love letters. New study that shows a disconnect between what clients and agents are thinking. 70% of people that wanted to buy last year were not successful. American’s are feeling pessimistic about homeownership. What is preventing us from pursuing homeownership? Recent mortgage stats. Why are listings not selling? Georgia’s migration trend. Reasons to purchase a multi-generational home. The following is a synopsis of the latest episode of “The Real Estate Backstory”. You can watch the video in its entirety below. The real estate market can be unpredictable and competitive, especially when demand for homes is high. As a result, some buyers and their agents resort to writing love letters to the seller to help make their offer stand out. However, there are risks involved, particularly with violating fair housing laws. In addition, some new studies have revealed expectations and trends in the housing market that buyers and agents should be aware of. Risks of Buyer Love Letters Buyer love letters may seem like a sweet gesture to win over the seller, but it can easily violate fair housing laws. Describing personal details of the buyer, such as their family and children, can be seen as discriminatory. Therefore, agents should be cautious about presenting love letters to the seller and ask for their client’s permission before doing so. Housing Market Trends and Expectations Studies show that eight out of ten Americans consider buying a home a major priority, but last year, three in ten potential buyers were not successful due to the high demand for homes. Despite this, many prospective buyers still have unrealistic home price expectations. In fact, one in nine Americans plans to buy a home in the next 12 months with a budget of $269,000, which is significantly lower than the average home price of $379,000. Another notable trend is the pessimism that many Americans feel about the housing market, with two-thirds believing that it will crash. Overcoming Market Pessimism Despite the pessimistic view of the housing market, buyers must consider that waiting another year to buy could mean losing out on a three to four percent increase in home value. Furthermore, the top three factors that prevent buyers from pursuing homeownership are down payment, not enough income, and credit scores. Mortgage rates, on the other hand, are lower on the list. Watch the entire video for more information here:    

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Termination of Contract: The Importance of Agreement on Earnest Money Disbursement

Staff February 14, 2023 No Comments

What do you do if your client sends a Termination & Release (T&R) and the other party not only doesn’t sign it but then sends one of their own? The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below. Terminating a contract is never easy, especially when there are differences of opinion between the buyer and the seller. In real estate, the process of terminating a contract can be complex, particularly when it comes to the disbursement of earnest money. In this blog post, we will explore the issues that can arise when one party terminates a contract, and how disagreement on the disbursement of earnest money can cause confusion and delays. We will also provide some tips for agents to avoid these issues and ensure that the appropriate disbursement of earnest money is made per a terminated contract. The Termination and Release Agreement When a buyer terminates a contract, they typically send over a Termination and Release (TNR) agreement to the seller. In the Georgia Association of Realtors (GAR) Purchase and Sale Agreement, the termination notice and agreement to disburse the earnest money are contained on one document. This can cause confusion when the parties disagree on the disbursement of earnest money. The Need for Agreement on Earnest Money Disbursement Although the termination notice is unilateral and only requires one party’s signature, the agreement to disburse the earnest money needs both party’s signatures. If the seller does not agree to disburse the earnest money to the buyer, then the seller can send their own TNR and a separate agreement to disburse the earnest money. This discrepancy can cause confusion and delay in the disbursement of earnest money. What Happens When the Parties Don’t Agree When a broker is holding the earnest money and the parties don’t agree, the broker will typically do a 10-day letter or go through the contract to determine what happened. This can cause a delay and confusion, as the broker needs to figure out who terminated the contract and how. How to Avoid Disagreement on Earnest Money Disbursement To avoid disagreement on earnest money disbursement, the listing agent should strike through the disagreement and send it back to the buyer’s agent. If there is still a disagreement, it’s important for the agents to pick up the phone and talk to each other to try and figure it out. This can avoid delays and ensure the appropriate disbursement of earnest money per a terminated contract. In conclusion, terminating a contract can become more complicated when there are disagreements on earnest money disbursement. The GAR Purchase and Sale Agreement contains both the termination notice and agreement to disburse the earnest money on one document, which can cause confusion when the parties disagree. To avoid delays and confusion, it’s important for agents to strike through any disagreements and pick up the phone to try and figure out a resolution. Ultimately, this will ensure that the appropriate disbursement of earnest money is made per a terminated contract. Watch the entire video for more information here:  

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Real Estate Industry Reacts to Zillow’s AI Powered Home Search

Staff February 7, 2023 No Comments

Real Estate Backstory is your weekly update for real estate news, changes, and trends relevant to the Atlanta area and surrounding markets. Topics covered this week include: What is new with Zillow – property alerts. Key fed inflation measured eased in December. Fed lifts rates by quarter-point but says inflation is easing. Job reports show increase of 517,000 in January. Mortgage rates continue to shift down. How has inflation affected your home-buying plans? What are the biggest barriers to homeownership? The following is a synopsis of the latest episode of ” The Real Estate Backstory.” You can watch the video in its entirety below. Zillow’s AI Powered Home Search Zillow has taken the real estate industry by storm with its new AI-powered search tool, which is designed to assist buyers in finding their homes. This tool is a response to the growing trend of buyers finding their homes online, as opposed to through a real estate agent. With this new tool, Zillow is targeting the number one thing that buyers want from real estate agents: help finding their homes. The Decline of Real Estate Agents’ Role in Finding Homes The importance of real estate agents in finding homes for buyers has been declining for the past 10 years, especially with the growing popularity of online home searches. While buyers still want real estate agents for advice and help with negotiations, finding the home is the most important aspect for buyers. Real estate agents need to understand this trend and take action to stay relevant in the industry. How Real Estate Agents Can Stay Relevant Real estate agents can stay relevant in the industry by setting up property alerts for their clients and being proactive in engaging with them. They can also take advantage of technology to enhance their services and provide buyers with the help they need in finding their homes. The Real Estate Market in the U.S Inflation rates have been trending down in recent years, which has been positive for the real estate industry. However, the Federal Reserve raised the federal funds rate by a quarter point, indicating that inflation is not over yet. Despite this, interest rates still came down last week, reaching 6.09. Jobs continue to be a driving factor in the economy and real estate market, with unemployment hitting a 53-year low. The S&P CoreLogic Case-Shiller Home Study The S&P CoreLogic Case-Shiller Home Study found that nationally, property values increased by 7.5%. Atlanta, in particular, saw a 12.5% increase in property values year over year. While some markets in the U.S are seeing a decline in property values, Atlanta is not one of them. Pending sales, for the first time in six months, are also trending upwards. In conclusion, Zillow’s new AI-powered home search tool is a game-changer for the real estate industry. Real estate agents need to understand the declining role they play in finding homes for buyers and take action to stay relevant. The real estate market in the U.S is stable, with inflation rates trending down and interest rates still low. Despite some declining property values in some markets, Atlanta is still seeing a strong increase in property values and pending sales. The real estate industry is constantly changing, and real estate agents need to stay up-to-date and adapt to new trends and technology to provide their clients with the best possible service. Watch the entire video for more information here:

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Handling Short-Term Rentals as a Real Estate Agent in Georgia

Staff February 7, 2023 No Comments

Can you hold a security deposit on your short-term rental property? SHOULD you? What is your Broker’s policy? Do you have to tell your Broker you even have a property on Airbnb or VRBO? … The answer to that one is YES – per GA License Law! As a Licensed Real Estate Agent in Georgia, make sure to check: GA License Laws GA Landlord-Tenant Laws Local Governmental Regulations & Required Taxes The following is a synopsis of the latest episode of “Real Estate Made Crystal Clear” with our very own Dana Sparks. You can watch the video in its entirety below. As a real estate agent, you must be aware of the rules and regulations that apply to short-term rentals in Georgia. These types of rentals include Airbnb and VRBO. This article will provide a brief overview of the license laws that you must keep in mind when dealing with short-term rentals. Real Estate License Requirements In order to manage property for others in Georgia, you must have a real estate license. However, you do not need a license to manage property that you own. Additionally, if you want to manage property for someone else, you must work through a registered real estate firm that is registered with the Georgia Real Estate Commission and has a qualifying broker. Trust Money and Security Deposits According to Georgia law, a licensed real estate agent may hold security deposits, trust funds, and escrow funds as long as they are the sole owner on title or a member of an LLC that owns the property. The trust account must be registered with the Georgia Real Estate Commission and the broker has full access to the accounting of the account. However, only a qualifying broker can register the trust account. Agents must also provide a quarterly reconciliation of the trust account to their broker. Holding Trust Funds in Short-Term Rentals If a broker does not allow agents to have their own trust accounts, agents can still have rental property with security deposits, but they must turn in the trust money to the broker or hire a property management company. The broker will hold the trust money in their trust account and agents must comply with Georgia landlord-tenant laws for the release of the security deposit at the end of the lease. In conclusion, as a real estate agent in Georgia, you must be aware of the license laws and regulations that apply to short-term rentals. Always check with your broker for their specific policies regarding trust accounts and holding security deposits. Ensure that you comply with all license laws and Georgia landlord-tenant laws to avoid any legal issues. Watch the entire video for more information here:

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the benefits of using social media for real estate

The benefits of using social media as a real estate agent

Kristin February 6, 2023 No Comments

As a real estate agent, social media can be a powerful tool to help grow your business and connect with potential clients. With billions of active users on platforms such as Facebook, Instagram, and Twitter, social media offers a vast pool of potential customers you can reach with just a few clicks. Today we’re exploring the many benefits of using social media as a real estate agent and how it can help you achieve your goals. Increased Visibility One of the primary benefits of social media is increased visibility. By having a presence on various platforms, you can reach a large audience and promote your listings and services to a wide range of potential customers. This exposure can help you attract new clients and increase your reach beyond your local market. You have the opportunity to reach out to local customers searching for their next home or investment, as well as buyers looking in your local area!  Build Relationships Social media provides a unique opportunity for real estate agents to build relationships with potential clients. By sharing valuable content and engaging with your followers, you can establish yourself as a trusted expert in your field and create a community of loyal customers. For example, if you share a few tips for getting your home ready for selling, and follow up those posts with some customer testimonials, you’re setting yourself up to be a reliable source of information for potential customers. By nurturing these relationships, you can increase the likelihood of repeat business and referrals.  Cost-Effective Marketing Traditional marketing methods, such as print ads and billboards, can be expensive and often have limited reach. Social media, on the other hand, is a cost-effective way to reach a large audience. In addition to the low cost, you can also measure the success of your social media efforts through metrics such as engagement and reach, allowing you to make informed decisions about your marketing strategy. In this way, you will know if your videos of listed properties get more engagement than posts with carousel photos. You can spend more time creating social media posts that get the most engagement, maximizing your time and efforts to get information to your customers and potential customers. Improved Brand Awareness Social media can help you improve your brand awareness by allowing you to showcase your listings, services, and personality. By consistently posting content that is relevant to your target audience, you can position yourself as a trusted expert and establish your brand as a leader in your field. This is a great way to showcase your best asset, you! You can present yourself in the way that you choose, bringing your unique experience and personality to the front. You’ll be able to attract potential clients that want to work with you and your skill set.  Increased Lead Generation Social media can also be used to generate leads for your real estate business. By using targeted advertising, you can reach potential customers who are in the market for a new home and direct them to your listings. In addition, social media allows you to build relationships with potential clients and keep them informed about new listings and services, increasing the likelihood of them turning into paying customers. Real-Time Updates Another benefit of using social media is the ability to provide real-time updates to your followers. This can include new listings, open house dates, and industry news. By keeping your followers informed, you can keep them engaged and increase the likelihood of them turning into customers. You’ll be a trusted expert in your field, and will become the first person they think of when they have real estate needs.  Increased Engagement Social media provides a unique opportunity for real estate agents to engage with potential clients. You can create a sense of community and build a relationship with your followers by responding to comments and questions. In addition, by regularly posting valuable content, you can keep your followers engaged and informed about your listings and services. In conclusion, using social media as a real estate agent has numerous benefits. You can grow your business and achieve your goals by increasing your visibility, building relationships with potential clients, and generating leads. So if you’re not already using social media, it’s time to start! By creating a strategy, posting valuable content and engaging with your followers, you can harness the power of social media to take your real estate business to the next level. Take your real estate business to the next level with Maximum One Realty. By joining our team of real estate agents, you’ll join a team that cares for you and your growth. Our mentorship, continuing education classes, and events encourage you to be the agent you want to be, and our commission plan gives you the opportunity to earn! For more information, speak to a broker today!

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