New-Home Construction Surges to Highest Level in Decade

More new homes entered the pipeline in May than in any other month since the end of the Great Recession. But the gains are uneven across the country, and permit activity indicates they may be short-lived.

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Why You Really Don’t Have Enough Time

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You may have decided to get into real estate so you could be your own boss, set up your own working hours and make a lot of money.

So, how’s that working for you?

The challenge with entrepreneurship is being laser-focused on dollar-productive activities. When you first get into the business, you need to learn the skills, implement systems, install new programs, deploy various platforms, study scripts, market and process transactions. That’s a full-time job, and you haven’t even begun to work with buyers and sellers.

But here’s where most agents fail: They get too busy working in the business and fail to work on their business.

By nature, our business is radically unpredictable. Buyers decide to buy, and sellers decide to sell on their own timetable—and we want to be there at that magic moment—but the intensity of showing buyers, servicing sellers and maintaining prospecting can be daunting unless you develop a plan to keep all the plates spinning and the income funnel full.

The plan is simple—but getting an agent to do it is the hard part.

No matter what’s happening, only you have the power to block your day. This begins with blocking out dollar-productive activities by using a My Perfect Week Planner.*

The system visually helps you lay out a perfect week so that you’re able to establish a rhythm of daily habits that result in regular, consistent income. Think of blocking your time using a traffic light as an example:

  • Red is for non-negotiable time. These hours are reserved for your personal “big rocks” like sleep, family time, etc.
  • Yellow is used to time-block a daily prospecting hour. I can imagine you rolling your eyes right about now, but prospecting is the key to getting paid regularly. Pretend that this is sacred time, even if it’s 15-30-minute increments five days a week, and stick to it. Whether you’re prospect-phobic or simply believe prospecting is limited to cold calls, think conversation, not solicitation. Rotate through your sphere of influence with scheduled calls to update contact information and to share a save-the-date for your future client appreciation party. These approaches are easy and friendly.
  • Green is the easiest time to block on your weekly calendar. These are appointments that are related to earning or receiving money, and are usually the most fun. Block in green the hours you’ve earmarked for closings, listing appointments or working with buyers.

The goal is to increase the green in your weekly calendar. You wouldn’t want to miss a closing, so why not block out a small increment of time to talk to more people in order to make more sales so you have more green in your week?

Sit down at the beginning of each week to plan. Real estate has plenty of opportunity for busy work that will rob you of energy and income, so take control of your week before the chaos hits so that you can do those activities that serve and pay you first. It’s also a good idea to get a good coach to help you learn new habits to plan for success, and hire out the administrative work so that you can focus on being the CEO, building your business every day, one day at a time.

*For a complimentary copy of My Perfect/Productive Week Scheduler, visit http://bit.ly/2raO1Dj

Terri Murphy is a communication engagement specialist, author, speaker and coach. She is the author/co-author of five books, and founder of MurphyOnRealEstate.com. Contact her at TerriMurphy.com or Terri@TerriMurphy.com.

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The post Why You Really Don’t Have Enough Time appeared first on RISMedia.

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Housing Starts Spike to 11-Year High, Permits Stumble

Following a dip last month, housing starts rebounded in May, up 5 percent to 1.35 million from the revised April estimate of 1.286 million, according to recent data released by the U.S. Department of Housing and Urban Development and the Commerce Department. Meanwhile, single-family housing starts jumped up 3.9 percent since April to 936,000, the second-highest reading since the Great Recession, according to the National Association of Home Builders. Multifamily starts (five units or more) dropped slightly to 404,000.

Permit approvals fell 4.6 percent since April to 1.3 million; however, they are still 8 percent above the May 2017 rate, according to the data. Approvals for single-family builds were down 2.2 percent to 844,000 permits, and multifamily approvals came in at 421,000.

“Ongoing job creation, positive demographics and tight existing home inventory should spur more single-family production in the months ahead,” said NAHB Chief Economist Robert Dietz, in a statement. “However, the softening of single-family permits is consistent with our reports showing that builders are concerned over mounting construction costs, including the highly elevated prices of softwood lumber.”

As for completions, rates bumped up 1.9 percent from April to 1.291 million, with single-family completion rates rising dramatically—11 percent from April numbers to 890,000. Multifamily completions came in at 389,000, down 14.1 percent from April rates.

“We should see builders continue to increase production to meet growing consumer demand even as they grapple with stubborn supply-side constraints, particularly rising lumber costs,” said NAHB Chairman Randy Noel.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Housing Starts Spike to 11-Year High, Permits Stumble appeared first on RISMedia.

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Housing Starts Spike to 11-Year High, Permits Stumble

Following a dip last month, housing starts rebounded in May, up 5 percent to 1.35 million from the revised April estimate of 1.286 million, according to recent data released by the U.S. Department of Housing and Urban Development and the Commerce Department. Meanwhile, single-family housing starts jumped up 3.9 percent since April to 936,000, the second-highest reading since the Great Recession, according to the National Association of Home Builders. Multifamily starts (five units or more) dropped slightly to 404,000.

Permit approvals fell 4.6 percent since April to 1.3 million; however, they are still 8 percent above the May 2017 rate, according to the data. Approvals for single-family builds were down 2.2 percent to 844,000 permits, and multifamily approvals came in at 421,000.

“Ongoing job creation, positive demographics and tight existing home inventory should spur more single-family production in the months ahead,” said NAHB Chief Economist Robert Dietz, in a statement. “However, the softening of single-family permits is consistent with our reports showing that builders are concerned over mounting construction costs, including the highly elevated prices of softwood lumber.”

As for completions, rates bumped up 1.9 percent from April to 1.291 million, with single-family completion rates rising dramatically—11 percent from April numbers to 890,000. Multifamily completions came in at 389,000, down 14.1 percent from April rates.

“We should see builders continue to increase production to meet growing consumer demand even as they grapple with stubborn supply-side constraints, particularly rising lumber costs,” said NAHB Chairman Randy Noel.

For the latest real estate news and trends, bookmark RISMedia.com.

The post Housing Starts Spike to 11-Year High, Permits Stumble appeared first on RISMedia.

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Homeownership Rate Depends Heavily on Seniors

Much focus has been placed on how millennials will impact housing, but older Americans may actually have more influence.

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Homes with Tuxedo Kitchen Cabinets and Black Front Doors Can Sell Up to $6,000 More than Expected

For-sale listings with neutral wall colors accented by dark pops of color sell for more money, according to Zillow analysis; homes with red or brown wall colors can sell for less than expected Continue Reading →

NAR: Final Labor Rule Holds Promise for AHPs

New guidance from the Department of Labor makes it possible for the first time for real estate pros to be eligible to join an association health plan.

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2.5M Homes to Be Threatened by Tidal Flooding by the Year 2100

Rising sea levels and climate change are putting a significant number of homes at risk of tidal flooding, even in the absence of major storms, according to a new report from the Union of Concerned Scientists.

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Real Estate Developers Take Wellness Into Account

Health-conscious home amenities are growing into a $134 billion industry globally.

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7 Ways to Make Your Website, Emails More Accessible

Learn how inclusive design will improve your marketing and communications to all your customers.

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