The Power of Influence In the competitive real estate market, we need every possible edge. Reading books by smart people—and implementing what you learn—can significantly increase your success. I transformed my business after reading Robert Cialdini’s bestseller, Influence: The Psychology of Persuasion. Here are three top tips from Cialdini to help drive your real estate business success: 1. Reciprocity. When we give, people are hardwired to give back – and one way to do that is by
Three Tips for New Real Estate Investors Are you a new investor who is ready to take advantage of 2022’s surging housing market – and the “hottest January on record” as per Redfin? With 45% of listings securing purchasers within 2 weeks, the time to act is now. If you’re in Philadelphia, you’re in an especially good position: Kiplinger ranks Philadelphia as one of top 10 most affordable markets of the US’ 100 largest metros. If you’re
Highest ROI Home Renovations As we enter the first few weeks of 2022—on the heels of a soaring housing market—the residential remodeling sector is booming. Harvard University’s JCHS projects that annual improvement and repair expenditures by homeowners could reach $400B+ by Q3 2022. If you’re like many homeowners and considering renovations, the highest ROI remodeling projects in Philadelphia per Remodeling Magazine are the following: 1. Manufactured Stone Veneer. A recent study found that homes with high
Building Your Fortune Through Owned Real Estate Over the past 200 years, owned real estate has proven to be the most dependable wealth-building asset. But recently, with the “Great Recession,” critics have argued that homeownership is not as reliable as it once was. In response, many studies have demonstrated that homeownership still yields greater wealth than renting. Most notable are these 3 financial benefits of owning real estate: 1. Leverage. Property owners, unlike renters, have the ability
Fact or Fiction? Listing Above Market Price Yields a Greater Sales Price Philadelphia’s real estate market continues to soar with median sales prices up 12.5% YoY, per Redfin. I’ve seen sellers fail to seize on this opportunity, and make critical errors based on false information. One troubling myth is that listings with above-market asking prices generate greater sales prices. If you’re considering listing, remember that buyers don’t overpay. They conduct due diligence and make buying decisions based
“Red-Hot” Real Estate Market: Key Reasons to Purchase a Property in Philadelphia Now. “[It’s] the hottest market I’ve ever seen . . . [according to] any metric you want to bring to bear. The market is between red-hot and white-hot.” – Kevin Gillen, Senior Research Fellow, Drexel University’s Lindy Institute for Urban Innovation The Philadelphia market is on fire and the following are 3 reasons you should invest right now: 1. Population Growth. Over the past decade,
Navigating the 2nd Half of 2021: Key Real Estate Market Factors to Track in Q3 and Q4 We’re halfway through 2021 and Philadelphia’s real estate market is soaring. As I examine the near-term and future performance of the real estate sector, the following are 3 factors that I’m actively tracking to navigate the second half of 2021: 1. nEnd of Foreclosure Moratorium. According to the Census, 70K+ Philadelphians believe they’ll need to leave their home due to
The Power of a Schmooze A lot academic attention has been devoted to the impact of rapport building on negotiations. In her journal article Schmooze or Lose, Janice Nadler—Professor of Law at Northwestern University Pritzker School of Law—determined that 5 minutes of schmoozing yielded more cooperation, sharing of information, and trust, and in the process, improved negotiation outcomes. Her scholarship has profoundly impacted my negotiations, and here are a few tips to supercharge yours: 1. Get to
Understand Risk, Unlock Value As Philadelphians approach a new normal and the US economy recovers, the Philadelphia real estate market has erupted. Median Sales Prices have roared to the highest prices in 5 years (65%+ growth since 2017). And, Days on the Market for Philadelphia properties are 34% less than last year. If you’re interested in investing, understanding the following risk factors is key to unlocking value. 1. Systemic risk, or market risk, is the exposure
Selling Your Unwanted Rental Property As a landlord, there are a slew of reasons you may want to sell your rental property. Maybe you’re relocating to a different state or are exhausted by tenant turnover every year? Regardless of the circumstances, you are not handcuffed to your rental. Some tips when selling a rental include the following: 1. You can sell with an active lease and some buyers may view this as an added benefit since there
Foreclosure Plan B: Selling on Your Terms. If you’re on the verge of foreclosure in Philadelphia, you’re not alone. According to the United States Census Bureau, 14%+ of Philadelphia borrowers are behind on their mortgages. If you’ve exhausted loss mitigation options with your servicer, there is a plan B: selling on your terms. Rather than wait until your foreclosure is a few weeks from a sell date, where you’d likely leave money on the table, you can
End of Q1 Real Estate Views: 3 Key Philadelphia Market Takeaways Hindsight is 20/20, and I’m grateful 2020 is in our hindsight! We’re 90+ days into 2021 and, while there are still unknowns at the end of Q1, I want to share three Philadelphia real estate market observations. 1. Record-Low Housing Supply. Philadelphia currently has 2,511 homes for sale, according to the Drexel University Lindy Institute for Urban Innovation. The city has historically averaged 7,400