Posts made by author 'Frank Malone, Managing Broker - Gulf Shores'
Subscribe and receive email notifications of new blog posts.
RSS Feed
12
Walk-ins and Opportunity (Duty) Calls
Back in "The Day", a significant portion of a Realtor's business was generated from customers randomly looking for you. If someone was new in town or needing to sell some property, frequently they would either walk-in or call your office looking for the "duty" (yes, Troy, I mean "Opportunity") agent.
The duty calendar was updated monthly and some agents would reserve certain days every month and expect that time slot to be held for them. Frequently, there was a "back-up" duty person in case the duty agent was tending to the needs of a walk-in or call. The office phone system would carry multiple phone lines, and even with 5 or 6 lines available, often times you had to wait for a line to free up. The days reserved for duty were well-known by all the agents…everyone knew that Susie always had Friday mornings and Tom preferred to take all day on Tuesday. The only slot...
15
The Economic
Unless you have been living under a rock, you know that the Federal Funds Rate has been increasing dramatically over the past year, forging the fight against inflation. The Federal Reserve continues to study data (economy strength, employment numbers, inflation in various sectors, etc.) to determine if they need to hold steady with the rate, increase it slightly, or increase it more to continue the fight. Recent news is now showing that the increased rates are starting to have a negative effect on the banking sector with 3 bank failures in the United States and trouble brewing at Credit Suisse in Europe. The news this week is scary, but can it be good news?
Bank failures are terrible. When consumer faith in the banking system starts to wane, the ramifications for the economy are widespread. Consumers and businesses begin to rethink where and how they keep money, and some s...
31
Ammunition
Happy New Year!
There is no doubt that 2023 could be a new world for buyers and sellers. We all know the main reason for our new reality is the effect of interest rate increases on the housing market. Fortunately, we have a lot of cushion to work with thanks to the rapid appreciation and transaction frenzy that 2020 – 2022 brought. We realize that the market we had recently was temporary, and not sustainable, but look below what it has done to help our sellers.
Using the following criteria in a comparison to 2019 and 2022 sales:
- Closed
- Residential Detached Single Family
- 3-4 bedroom
- 2-3 bath
- No mobile homes
- Price range $150,000 - $1,000,000
- 2019 vs. 2022 numbers
These numbers...
19
OLD SCHOOL?
These market trends are a blessing and a curse. Cycles that go on for years in one direction are abnormal and they can weaken aspects of your business and your focus. Other than relationships, do you know the most consistent aspect of a successful business?
INVENTORY.
Why does anyone brave the aisles of Walmart? I was there today shopping for one thing . . . bags of dirt, just a few bags to complete my honey-do list for the day. I did not got to Rouses or Publx; I went to the place that I knew would have what I needed. Walmart has INVENTORY, therefore I go to Walmart.
We are wearing out the discussion about where our market is headed, where interest rates are going, and everyone trying to figure it all out. Honestly, we do not have to know the future. We cannot control the direction of the market.
But, what we can do is be
14
Strengthen Alabama Homes - Reminder
In 2011, the Alabama State Legislature established the Strengthen Alabama Homes Act. The Strengthen Alabama Homes (SAH) program provides grants (when funds are available) to Alabama residents for residential wind mitigation on existing, owner occupied, single family homes. Funding for this program comes from the insurance industry in Alabama and is not funded from the state's general budget, nor is it tied to a federally funded program. Many of you are probably aware of this program that provides a grant up to $10,000 towards the cost of mitigation or roof replacement to bring the property to FORTIFIED or Silver Standard.
A client of mine recently contacted me to tell me that he is going through the SAH program, and the new FORTIFIED roof is being installed this month. The SAH program is paying his contractor $10,000 towards the cost of the roof replacement. The thou...
Social
