I am briefly hitting several different topics today.
I. Government Shutdowns – Much Ado About Nothing
There is much talk about another federal government shutdown if a new funding bill can’t be passed by tomorrow. This is just a reminder that the risks from a government shutdown are always overblown. We’ve endured several, and it was mostly business as usual. I blogged about it in 2023: Government Shutdowns – Much Ado About Very Little; The Impact of Shutdowns!
II. What Is A Bedroom – And Why It Matters
Several agents have reached out to me recently to ask about bedrooms – and I share this blog: Bedroom Counts And Home Values – A Very Big Deal!
A “bedroom” needs: (1) to have its own entrance to the main dwelling, e.g. a room accessible only from the master bedroom can’t be a bedroom; (2) to have 7-foot ceilings for the most part; and (3) to be at least 70 square feet with no side smaller than 7 feet. Bedrooms do NOT need to have closets though – something most of us mistakenly believe. A bedroom also needs “egress” to the outside, which can be a window or a door (but effectively it means a bedroom needs a window too).
Additionally, appraisers will often adjust upward when comparing a 2-bedroom home to a 3-bedroom home, but they won’t when comparing a 4-bedroom home to a 5-bedroom home.
III. Bios And Digital Reputations Still Matter
I recently chatted with a Compass agent, and she mentioned that she has secured three deals this year solely from her bio (buyers and sellers looking for an agent online opted to use her because of her bio; they had never heard of the agent otherwise). It was a great reminder of the importance of digital reputations, online reviews, and a well-crafted bio (the Compass agent’s bio was short and well-written, with a reference to her local roots, a former career, her family, and her legit volunteer causes).
I used to blog about this all the time but stopped because I thought it had become common knowledge. But we still see agents who could benefit tremendously from what we call a “digital audit” – during which we do an extensive review of an agent’s online reputation, focusing on consistency, anything too negative, the ability to generate a strong online review presence, and a strong bio.
If any readers would like a digital audit, please let me know.
IV. Reviews Still Matter!
Many lenders can manipulate their reviews, either soliciting fake reviews or having negative reviews removed. I personally know prominent lenders who have done both (one huge online lender had hundreds of negative Yelp reviews removed via the threat of litigation). This takes place in other industries too, and it often makes me wonder if consumers will become cynical as a result and start to ignore reviews.
The answer is clearly “no,” as borrowers still come to us every week solely because of our reviews. And then they leave us more reviews – fostering a virtuous cycle.
While we get many every week, below is our most recent example from Friday. I love it because it says much about the efficacy of reviews and JVM.
“I have prior experience obtaining mortgages through JPM [Chase] and HomeBridge. In my opinion, you guys have rewritten what it means to get a mortgage. I found you online randomly browsing for a new lender based on reviews. Hannah, Madeline, Connie, Jenna, and everyone else involved were the absolute best I have dealt with. Even the information provided after closing was very helpful – would have saved a lot of money if any of my prior lenders sent me that. Thanks again to all involved – you have a customer and walking referral for life.”
