3 Tips for Becoming the Top Producer in Your Office

You don’t need talent or luck when you can set goals and keep yourself accountable. Here’s why.

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If you’re like me, you’ve been seeing a change in the market. When times seem to be winding down like this, I like to think of how we can keep being great producers even during a lull in the market. Here are three ways to do it: 1. Spend at least two hours a day on business development. You must keep yourself accountable to this; do not take it off your calendar. You have to build your business each day, and two hours is the bare minimum. 2. Keep 80% of your time dollar-productive. Use this time to be working with people, negotiating contracts, and doing the things that really make you money. If you find yourself sitting around, get to work! Always be doing something that is growing your business in some way.

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Always be doing something that is growing your business in some way.

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3. Have your goals in front of you. You need to know exactly where you’re going and break it down into a daily practice. As you’re doing those things each day, you’ll be coming closer and closer to reaching your goals. Set a goal each morning and accomplish that goal by the end of the day. On top of all this, it’s important to keep yourself accountable. If you don’t, these straightforward routines will be nowhere near as effective as they could be. If you have any other questions or need information, reach out to us. We look forward to hearing from you.

The Due Diligence of Buying an Investment Property

Investment properties are good for your business, but there are a few things you need to know about a property before buying it.

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If you don’t already own an investment property, it should be your goal to buy one by the end of this year. Before you buy a property you’re interested in, though, there are a few things you need to consider. First, what is the projected income of that property? What are its income rates now, and where will they be in the near future? Look at the rent rates and see if there’s an opportunity to raise them. Remember, the higher the income, the higher the value of the property. If the current landlord has owned that property for at least the past three years, the rent is properly low. Second, what is the current tenant’s situation? Get a copy of the property’s leases and see if anything needs to be adjusted so you can better understand what you’re getting into. Next, consider the utility situation. If you’re buying a multi-unit property, there will be separate utilities, which means there will be a difference in income.

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When you invest in real estate, you can offer more value to your clients.

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Also, consider the overall condition of the property. You already know that you need to order an inspection for it, but in some cases, you’ll need to bring in additional experts so you can better understand what needs to be done to fix it up and whether you have the funds in place to make the necessary improvements. Lastly, try to have six months’ worth of cash reserves so you can make those improvements. Make sure you have that money in the bank so you can take care of roof expenses, plumbing expenses, etc. When you invest in real estate, you can offer more value to your clients. You understand rent laws, what it takes to buy and sell a rental property, and what it’s like being a landlord. Also, you can reap the benefits of owning that property’s income forever. If you have any more questions about the benefits of investing in real estate or there’s anything else I can help you with, don’t hesitate to reach out to me. I’d love to speak to you.

What You Need to Know About the Utah Market

What is happening in our Utah Market? Today I am going to look at it with you.

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Today I want to give you a quick market update and tell you what you need to know about real estate in Utah. When comparing this quarter to last quarter, we are down 4.6% in home sales. In fact, the Board of Realtors said that, if we looked at listings, they are down 1.6%. While we are seeing less homes on the market, our home values have increased dramatically. Since last year, the median home price in Salt Lake County has increased 7.8% from $327,000 to $352,000. Of course, different markets and areas are seeing different trends. However, this market has been fantastic with 10 years of growth. Now, though, interest rates are increasing which affects affordability. Recently, we had a buyer looking for a $440,000 home, but interest rates increased and reduced his affordability to $410,000. If you are selling a home, this changes the number of people that can buy your home.

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If you are selling a home, affordability changes the number of people that can buy your home.

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When we have less homes on the market, people become afraid of where they are going to go and buyers think that they can't afford a home. Statistically, property values have increased by an average of 3.3%over the last 26 years. What you need to know is this: Interest rates are still great, but they are going up. It is affecting the affordability and is starting to squeeze the value and the affordability of homes. You are going to start seeing more and more townhome projects that come to your city planning meetings as well as smaller micro units. Also, according to economists at the University of Utah, we are seeing an increase in the number of multi-generational families that are living in the same habitation due to affordability concerns. If you need anything such as a home value or a new home, now is a great time to look at different options. For sellers, it's a good time to decide whether to sell or keep your home. Meanwhile, if you are looking at buying, you can look at the interest rates to see if it's a good time to buy. I will say this: Never wait to buy real estate. If you have any questions, please feel free to contact me. I look forward to speaking with you soon.