As a real estate agent, you may think clients should care more about their next home than your life story. And while that may be true, well-crafted real estate agent bios can build trust and credibility and serve as a powerful tool in an agent’s marketing arsenal — giving prospective clients. After all, prospective clients are trusting you with one of their biggest financial decisions.
A national research study conducted by Brand Builders Group found that some 74% of all Americans and 85% of millennials aged 35 to 44 say they are more likely to trust someone who has an established personal brand. Writing an expert real estate agent bio is the first step in creating that trust and credibility.
While there’s no exact formula, every well-written bio includes a few key features, which we dive into below. Follow these tips to differentiate yourself from the pack and enhance your professional brand.
Your real estate bio is how you shape the narrative about your services and brand. It is often the first point of contact between you and potential clients, or it’s how clients confirm if you’re the right fit after you’ve been referred to them. A good real estate agent bio offers relatable glimpses into your personality while sharing relevant accolades, achievements and expertise.
Practically speaking, your future clients will be skimming for information that reveals your knowledge about their neighborhood or zip code, and whether you’ve worked with the type of property they are buying or selling. They’ll want to know you have what it takes to close the type of deal they are looking for, and that you can help them reach their financial goals.
But on a more basic level, people like to connect human-to-human. So let your personality shine. Showcase the best and most authentic parts of yourself by sharing a few selective personal details.
How to write a real estate agent bio
Writing a real estate agent bio is all about finding the balance between capturing the client’s attention, sharing your genuine personality and showcasing your expertise. Most readers scroll through bios quickly, so you want to include some eye-catching buzzwords.
To help you get started, here’s a list of everything you should include in a real estate agent’s bio, plus some buzzy keywords to help you phrase your message in a memorable way.
What to include in your real estate agent bio
Professional experience
It sounds obvious, but too many real estate agents forget to share their expertise. It’s okay to be a little braggadocious! Start strong by describing your professional background. Lead with your most eye-catching (and even most obvious) resume milestones, such as:
How many years you’ve been in the business
How many clients you’ve served
What kind of sales or purchases you’ve help clients achieve
What types of homes or client you specialize in
What your total sales volume is
See it in action
Check out this bio from Tate Kelly of Coldwell Banker Warburg:
Tate Kelly is a riddle of valuable contradictions. To begin with, his reputation for excellence is ironclad: over a decade of experience as a real estate broker and over $300,000,000 in total sales. In 2024, Tate received Coldwell Banker’s International President’s Premier Award representing the company’s top 1% of all sales professionals. In 2023, Tate was recognized by RealTrends as one of the Best Real Estate Professionals in the United States. Representing the top 1.5% of more than 1.6 Million licensed Real Estate Agents/Brokers nationwide.
Tate is a native New Yorker who grew up on the Upper East Side. Tate knows the city, understands luxury, and loves historical architecture. At the same time, he is approachable, adaptable, unassuming, and self-aware. Tate’s track record working in luxury sales serves as the real estate version of the ‘Good Housekeeping Seal’ of approval. Both buyers and sellers value the combined benefits of his individual talents along with membership in one of the most respected real estate firms in New York City. But what really distinguishes Tate cannot be taught or listed neatly on a resume—it is his instinctive ability to relate to clients that has been an integral part of his career since the beginning.
When asked how a real estate agent should pick which professional accomplishment to focus on, Kelly told HousingWire he takes a holistic approach, starting with a few striking details. He explains:
Licensed Assoc. Real Estate Broker
Buzzwords to use
Try these buzzwords and phrases to describe your professional experience:
“Jane Doe has 27 years of experience serving Nevada homebuyers.” “Jane Doe is an industry-leading Realtor with a talent for selling unique properties.” “Jane Doe specializes in luxury markets.” “Jane Doe is a reputable agent known for facilitating profitable transactions.”
Accreditations and designations
Highlight your professional credentials and any special designations you’ve earned. These not only bolster your professional image but also reassure clients of your credibility in the field.
See it in action
Check out this bio from Janet Boyden of Premier Sotheby’s International Realty.
Janet has worked in the real estate market since 1999, expanding her footprint from Georgia to South Carolina down to Florida. Prior to joining Premier Sotheby’s International Realty, she began working at Celia Dunn Sotheby’s International Realty from Atlanta Fine Homes Sotheby’s International Realty, where she was named to the Atlanta Board of REALTORS® Multi-Million Dollar Sales Club for five consecutive years. With extensive experience in new construction home sales, Janet is certified in luxury home sales and specializes in relocation and new construction builder sales.
Growing up in Savannah, Georgia, as the daughter of a builder and developer, she learned the processes involved in new home construction from her dad. Real estate was a natural fit and Janet has represented several custom homebuilders.
Janet is a member of the REALTOR® Association of Sarasota and Manatee and has received various designations, including Accredited Buyer Representative, Accredited Seller Representative, Licensed Real Estate Salesperson, Certified Relocation Professional, Graduate, REALTOR® Institute and Certified Luxury Home Marketing Specialist. She received her Bachelor of Arts from the University of Georgia.
Janet and Robert Sherman brought their skill sets together in 2018 and formed a team to offer exceptional service to the Sarasota lifestyle. They have been recognized by RealTrends among America’s Top 1,000 agents for two years in a row and ranked in the top 25 three years running. Janet is now branching out in a new direction, mentoring newer agents and adding to her personal real estate team to expand their services and benefit her customers.
Interestingly, when HousingWire asked Boyden to share her number-one tip for how to write a real estate agent bio, she said adding personal touches gives her a better competitive advantage:
“Yes, keep your bio professional but make it personal too,” she told HousingWire. She explains why:
Global Real Estate Advisor
The takeaway here? Lead with your professional credentials, but sprinkle personal tidbits about the things that make you happy. Chances are, they will make your clients happy, too!
Buzzwords to use
Try these buzzwords and phrases to reference your accreditations and designations:
“Jane Doe is a member of the REALTOR® Association of Pittsburgh.” “In 2018, Jane Doe became a LEED Accredited Professional.” “Jane Doe was recognized by the Orange County Board of Realtors as a top performer.”
Values
Your core values will resonate with clients looking for an agent they can relate to and trust. Articulate these values clearly, using phrases that reflect your commitment to principles like integrity, client satisfaction, community and professionalism (or whatever feels authentic to you!).
See it in action
Check out this bio from Carrie Nicholson at Hawai‘i Life.
For twenty years, Carrie has been a top-producing real estate professional dedicated to the luxury real estate market on the Big Island of Hawai‘i. She serves her clients and her community as a Broker-in-Charge at Hawai‘i Life Real Estate Brokers and a Director of Hawai‘i Life One – Big Island, the company’s concierge suite of services, as well as a curated collection of Hawai‘i’s most exceptional properties and locations. Carrie’s unparalleled knowledge of Big Island luxury properties and international business relations has resulted in over a billion dollars in residential and land sales across her career.
Carrie began her real estate career at Clark Realty and quickly became a top producer, and through hard work and focused determination, she has led her field in the Top Broker rankings since then. As Principal Broker of Kukio Properties, she led the development’s sales team, representing discerning buyers and sellers who value excellence, knowledge, and personalized results. She has been recognized multiple times as one of the Top real estate agent in Hawai‘i by Hawai‘i Business magazine. Born and raised in Hawai‘i, Carrie is a Coast Guard-certified submarine co-pilot, rescue scuba diver, and free diver.
Her passion for the ocean led her home to the deep blue enveloping the Big Island of Hawai‘i, where she worked extensively with National Geographic on underwater documentary films and photography.
Carrie has lived and trained internationally in more than a dozen countries and from coast to coast. Her love of nature has given her a deep appreciation for Hawai‘i’s sense of place – perhaps the most invaluable attribute of the island’s luxury real estate.
Carrie has experienced first-hand the growth and transformation of the Big Island of Hawai‘i. Using her in-depth understanding, knowledge, and training, she helps clients make highly informed decisions about the community and helps them choose a home that synergistically meets their needs, dreams, and lifestyles. She has an innate understanding of her clients and generously extends the resources necessary to facilitate the realization of their dreams in real estate holdings.
Here, Nicholson promises excellence, knowledge and personalized results for discerning buyers and sellers. She underscores her expertise and global experience.
Nicholson also shares her passion for the ocean, her love of nature, and her appreciation for Hawaii’s sense of place. In a market where luxury residential home sales are so closely tied with the lifestyle buyers are looking for, Carrie’s deep commitment to the values of Hawaii resonates with her clients.
Buzzwords to use
Try these buzzwords and phrases to express your values:
“Dedicated to excellence in service” “Committed to the community” “Integrity and honesty at every step” “Client-centric approach and tailored real estate solutions” “Family-centered relocation assistance” “Unwavering commitment to clients” “Passionate about delivering exceptional client experiences” “A trusted advisor ensuring a smooth, stress-free real estate experience” “Highest integrity in real estate practices” “Driven by a passion for client well-being”
Connection to community
As in the example above, a local connection can be your biggest asset in winning over the hearts of clients who also have unique ties to your area. Mention your roots, your connection to the surrounding community, your understanding of the local market and any involvement in local activities or organizations.
As a native Baltimorean, I have a strong connection to this community and all that it has to offer. After high school, I studied at Parsons in NYC and completed my studies at the Art Institute of Miami. With a background in design and business, many of my clients come to me because they want an agent that understands their needs and won’t “sell” them on just any home. When it comes time to list your home, I know what it takes to set your home apart and get it sold for top dollar. Specializing in mid-century, historic and unique properties alike; It’s not just a home, it’s an extension of who you are and should support your ideal lifestyle. When working with me, you will feel confident that I am focused on your wants and needs above all else. I am a member of the National Association of Realtors, and the Greater Baltimore Board of Realtors.
Here, Dukehart leads with her native Baltimore roots, noting that she returned to her hometown after studying design and business in two leading art cities. This detail reinforces her commitment to her community, while adding to her credibility as someone who specializes in mid-century, historic and unique properties. Art and design enthusiasts will likely love her connection to Parsons School of Design and the Art Institute of Miami, but tried-and-true Marylanders will appreciate the fact that she came home.
Buzzwords to use
Try impressive buzzwords and phrases to highlight your connection to your community:
“Deeply rooted in the Dallas area” “A proud resident of the Tri-State area” “Actively involved in local development” “Your local neighborhood expert” “Nurturing strong relationships in the Bay Area” “Born and raised in the Milwaukee region”
Testimonials
A powerful way to add credibility and humanize your bio is through testimonials. These are endorsements from past clients that speak to your signature style, skill and effectiveness as an agent. Think of them as social proof, reassuring prospects that you have a good track record and teeing them up to get in line for their turn at experiencing your fine service.
See it in action
Check out these testimonials on the bio page for Amanda Dukehart of Compass.
“I don’t think there’s a real estate agent out there better than Amanda. She guided us every step of the way and bent over backwards to get us the home we wanted in this crazy market. She worked tirelessly for us and is a true credit to her profession. On top of her exceptional work ethic, she has a great eye for style and aesthetics. You won’t regret choosing her for your agent.” -Scott (via google business)
“Amanda was incredibly attentive to our needs, she made the process of selling our home as painless as possible, and I wouldn’t hesitate to utilize her services for any future real estate purchase or sale.” -Ryan (via google business)
“Throughout the entire home-buying process, Amanda was attentive, responsive, and knowledgeable. She stuck to our price range, and managed to get a feel for what we might like in a home very quickly. We couldn’t be happier with the house we ended up purchasing, and Amanda guided us through getting our offer accepted in spite of a highly-competitive market. Through every step, from finding a title agent to getting a mortgage worked out, she explained what needed to be done in clear and concise terms, and maintained professional transparency. On top of everything, she was responsive and easy-to-reach via text, phone, or email when we had questions. Amanda took so much stress out of our first home purchase, and for that I can’t recommend her highly enough.” – Carleen (via google business)
Once again, Dukehart nails it with these testimonials. Notice how specific they are?
Buzzwords to use
Let your happy clients do the talking. Gather their feedback through online forms or Google Business and select the best ones to put on your website. Choose ones that are specific and relatable, such as when you helped someone sell their home in a challenging market or found a unique home in a competitive ZIP code.
Pro tip:
Strategically place your testimonials throughout your website, putting them in your bio where they make sense. For example, once you introduce your experience and skills, back up your claims with a real-world testimonials. Keep them brief and to the point, but don’t be afraid to let your satisfied clients gush.
Include impressive career statistics like the number of homes sold, total sales volume or any record-breaking sales. These figures effectively quantify your success and add meaningful credibility on top of the feel-good warm fuzzies.
See it in action
Check out this bio from Monica Carr of Monica Carr Group.
Monica Carr and her skilled team are passionate about catering to the needs of each client, and their proven track record speaks for itself. For nearly 20 years, Monica has helped families in Orange County buy, sell, or lease, with total sales nearing $1 Billion. The Monica Carr Group is committed to streamlining the buying and selling process to deliver a 5-Star Experience to every customer, every time. Praised by clients and colleagues alike, Monica and her team are highly respected for their expert negotiation skills and market trend insights. Their sellers have access to gifted home stagers, professional photographers, videographers, home repair technicians, negotiated escrow rates, an extended database of buyers, and intuitive pricing strategies that deliver impressive results every time!
Monica has been in the top 1% of Realtors in Orange County year over year since she was licensed in 2003. She is honored to work side by side with her team who are recognized as top performers in Orange County.
Not only does Carr list her 20 years’ experience and sales totaling $1 billion, but she mentions next that she is in the 1% of Orange County top performers.
Buzzwords to use
Try these buzzwords and phrases to showcase your career stats:
“Successfully closed over 600 property transactions” “Consistently ranked in the top 5% of agents in the region” “Close to $1 billion in total property sales” “Awarded top realtor four consecutive years in a row” “Average time on market for listings: less than 30 days” “Expert in negotiating deals, averaging 96% of asking price” “Leader in first-time homebuyer sales”
Awards, accolades and press mentions
Mention any public recognition you’ve received, such as awards from local organizations, shoutouts in magazines or newspapers, notable prizes and rankings in industry publications. These accolades serve as testament to your excellence and commitment.
See it in action
Check out this bio from Erin Sykes of Nest Seekers International. Here, Sykes knocks it out of the park with an impressive list of media outlets for which she has served as an expert source.
Erin Sykes’ perseverance and ability to anticipate trends are what have driven her success. Erin strives to help clients reach their unique goals with discreet, individualized attention and action-orientation.
Specializing in helping clients year-round in Palm Beach, The Hamptons, New York City, and the New Jersey coast, Erin utilizes her combined background in finance and construction to take an analytical and qualitative approach to amplifying clients’ return on investment.
With a background in commercial and luxury residential construction at her family’s 120+ year-old firm and certification as a LEED AP – New Construction, Erin understands how to optimize new development and intricate renovation using sustainable materials and methodology.
As Chief Economist for Nest Seekers International, Erin is responsible for developing and translating real estate trend data into consumer and industry insights. She reports on monthly housing starts, new developments, rate changes and general industry trends for all major news outlets.
Erin is often interviewed by Fox Business News, CNBC, TODAY, CNN, NBC Nightly News, The Real Deal, Bloomberg, Mansion Global, Forbes, TechCrunch, and Inc. She holds a MBA from Pepperdine University and a Bachelor in Finance and International Business from Villanova University.
Erin resides between Palm Beach, NYC and Longport, NJ.Follow Erin on Instagram and Twitter @SykesStyle .
Buzzwords to use
Try these buzzwords and phrases to describe your accolades and accomplishments:
“Recipient of the Top Agent Award for exceptional sales performance” “Ranked among the top 10% of agents in the Bay Area by Compass” “Named Realtor of the Year in 2021” “Recognized by REAL Trends as a top 500 agent”
Tips and considerations for writing the best bio
Choosing between first-person vs. third-person
When considering how to write a real estate agent bio, you may wonder whether to write in first person (as in, “I have 10 years of experience.”) or third person (“Sheila has 10 years of experience.”).
First person narrative offers a more personal touch, whereas third-person gives your real estate bio a more formal tone. Consider your audience, personal style and the vibe you want your professional brand to communicate. Generally speaking, third-person is more professional.
Where to share your bio
Throughout your career, you may receive requests to share your real estate bio with journalists, public relations professionals, hiring managers, panel coordinators, conference organizers and more. On top of that, you’ll want to share your bio on your own website and social media channels, plus on any type of digital or physical flier, brochure, poster, sign or pamphlet for any events in which you participate.
So how do you write a real estate agent bio for every circumstance? It all comes down to customization. Keep most of the information the same, but change the tone and move up important details you know will speak most to every audience’s pain points. Create a short bio and a longer bio to share depending on how much space you get.
A first-time homebuyer class, for instance, should present a welcoming environment. Your bio should communicate that you are knowledgeable enough to help navigate your clients’ journey with confidence, but accessible enough to attract newbies. Perhaps you add a line about how many first-time homebuyers you’ve helped in the past.
Meanwhile, bios written for highly exclusive luxury clients should communicate confidence in handling large deals in high-profile areas, noting details like total sales volume and which neighborhoods or what types of homes you specialize in.
Using our real estate agent bio template
Templates can be a great starting point, especially for new agents. Following a structured format that you can personalize makes it easier to cover everything.
In general, your bio should follow a similar logic as we’ve outlined above. Be sure to speak directly to the needs of your customer, highlighting specifically how you can help them with their real estate needs.
Free template
[Your name] is, a [your town]-area real estate agent specializing in [your specialization]. Holding credentials such as [list key accreditations and designations], [your name] is a [phrase that highlights your approach, e.g. trusted advisor, community advocate, etc.].
Having accomplished [mention a notable career stat, e.g. selling over 300 homes and a $100 million sales volume] and receiving accolades like [name recognitions], [your name]’s expertise is recognized across the industry. He/she/they is/are dedicated to [list a value, e.g. helping families find their dream homes, transforming market challenges into opportunities], [he/she/they] consistently delivers results that exceed client expectations.
[List client testimonials here].
Deeply embedded in the [community name] community, [your name]’s approach to real estate is driven by [his/her/their] commitment to [list another core value, e.g. integrity, personalized service, community development]. [His/Her/Their] understanding of the local market dynamics, combined with [his/her/their] involvement in community initiatives, empowers clients to make informed decisions, whether they are first-time buyers, seasoned investors, or looking to sell at the best value.
Recognized in [press or media mentions], [your name] is ready to partner with buyers and sellers to bring [name what clients can expert, e.g. insightful guidance, seamless transactions, tailored strategies] to [name ideal target demographic, e.g. luxury buyers, growing families].
Tools and resources
AI chatbots
For a techy approach to real estate agent bios, try loading your resume into ChatGPT and prompting it to write a bio for you. Command ChatGPT to “write for a ____________ audience who is preparing to _______.” Giving the chatbot a description of your ideal demographic will help it tailor the information listed in your resume to speak to the exact moment of your prospective client’s journey. As with the template we provided above, you can customize your AI-generated bio to sound more personable and natural to you.
Freelancer platforms
Don’t be afraid to check out the services available on platforms like Fiverr and Upwork. Put out a bid to find a professional freelance ghostwriter who can help you write your real estate agent bio. Once you’re ready to publish it on your website homepage, check out our list of the best real estate website builders.
https://frankbuysphilly.com/wp-content/uploads/2024/02/Tate-Kelly.jpeg400400Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-09 00:26:412024-02-09 00:26:41How to write a lead-winning, memorable real estate agent bio (+ examples)
Despite the population decline, Illinois’ housing market remains relatively strong. The state has anAltos ResearchMarket Action Index score of 44, which is above the national score of 39. Altos considers anything above 30 to be indicative of a seller’s market.
Real estate professionals throughout the state attribute the resilience of the state’s housing market to its perpetually low inventory problem.
“Inventory is almost nonexistent,” said Melissa Kingsbury, aRedfinagent who works in the southwest suburbs of Chicago. “If a home is priced correctly, we are seeing multiple offers coming in within a few days, and all over asking (price) and some appraisal gap clauses.”
Kingsbury said homes at lower price points have the largest buyer pools and are frequently subject to the stiffest competition. Although the competition remains strong, Kingsbury noted that it is slower than at the height of the post-pandemic market.
“During COVID, I was getting some crazy numbers, like 20 to 30 offers per property, but now it is more like five to 10 offers,” Kingsbury said.
As of Feb. 7, Will County, Illinois — which is where Kingbury’s home base of Frankfort lies — had a 90-day rolling average of 670 active single-family listings, according to Altos Research. During the same week in 2020, just prior to the onset of the COVID-19 pandemic, the county had a 90-day average of 1,972 active single-family listings. The county’s low inventory situation has contributed to its Market Action Index score of 48, four points higher than the statewide score.
Across the state, as of Feb. 2, Altos data shows that Illinois had 11,974 active single-family listings, markedly lower than the 33,960 single-family listings reported in early February 2020.
“A Tale of Two Cities”
While the housing market in Chicago’s suburbs may be strong, things look a bit different in the city’s downtown area.
“It’s like ‘A Tale of Two Cities,’” said Matt Laricy, team leader of medium-sized Chicago brokerageLaricy. “In downtown Chicago, with the high rises, it’s a buyer’s market — maybe the biggest buyer’s market in history if it’s a luxury property.
“In most parts of the country, if you said you had high inventory, it would mean maybe a month or two of supply, but in some segments of our downtown market, we have 18 months of inventory, which is crazy.”
Laricy attributes some of the slowdown in downtown Chicago to the lingering effects of COVID-era policies.
“Only 61.5% of people are back to working in the office, which is up from like 35% last year, but it’s still not good,” Laricy said.
In addition to fewer employees in downtown offices, Laricy also believes the city’s crime rate is also partially to blame. A CBS Chicago analysis of police data from Jan. 1 through Dec. 11 of last year found that 27,700 violent crimes had been reported in the city, marking the highest level of violent crime in Chicago since 2011.
“When I talk to clients and they are wondering why their $3 million condo isn’t selling, I’m like, ‘I don’t know, dude, maybe it has to do with the three people who got killed in front of your building last night.’ That is a pretty tough sell for someone who has a $3 million budget,” Laricy said.
The downtown area’s slower housing market conditions have caused many agents and firms to open offices in the hotter suburban markets, or leave the state altogether, according to Laricy.
“It’s depressing,” Laricy said of the downtown market. “People are just defeated and the thing that pisses us off the most is that it’s things that we can’t control. We can’t just change the political environment overnight and get the crime rate to come back down.”
Job growth is making Peoria a hot market
Southwest of Chicago, in the central Illinois city of Peoria, things look a bit more optimistic.
“We are seeing an investment by both small and large businesses in our economy,” said Mike Van Cleve, a Peoria-based agent forRE/MAX Traders Unlimited. “All of that means good things for our local economy and for the stability of jobs in our economy.”
In addition to a strong jobs market, Van Cleve also noted the city’s relatively low cost of living (the median list price is $99,900, according to Altos Research). Peoria’s expansive parks and trail system, which is the largest in the state, is another reason why people are moving there.
Like the Chicago suburbs, Peoria’s desirability has put a strain on the city’s already tight housing inventory.
“We have a lack of inventory, like a lot of communities, and it goes back to around 2019,” Van Cleve said. “Then, we would typically have 2,100 to 2,300 homes on the market in the county this time of year. And when I checked earlier this week, we had about 500.”
According to Altos Research, the city of Peoria had only 345 active single-family listings as of Feb. 8. In comparison, Chicago has 1,545 listings.
“When you have a property that is highly desirable, it can have 12 to 24 showings in 48 hours and end up with multiple offers,” Van Cleve said. “What we are telling sellers right now is that homes that are properly priced and well prepared are averaging seven to 15 days on the market, compared to an average of 31 days for the greater Peoria area.”
The heat of the market is reflected by the city’s Market Action Index score of 41, again besting Chicago by five points. Additionally, Redfin ranked Peoria as the Illinois metro with the fastest-growing sales price in December 2023. Redfin found that the city’s median sales price was up 6.9% year over year to $122,900.
While there is no doubt it is a seller’s market in Peoria, Van Cleve said many potential sellers are hesitant to list.
“One of the main differences between now and 2006 to 2008 is that there is a concern, because when we put a home on the market, we know it is going to sell, so people are afraid of then being homeless, or they don’t want to do a double move and rent for a few months while they look for their next home,” Van Cleve said.
“There is just this uncertainty that they know they can sell their house, but they don’t know where they are going to live next.”
Although housing market conditions may be challenging heading into the spring season, agents in the inventory-strapped state are optimistic that new listings will soon be coming to market.
“Just in the last couple of weeks, I’ve had a lot of people saying they’re ready to list,” Kingsbury said. “Our typical spring market starts the weekend after the Super Bowl and I am already getting a lot more calls about listing, which is great.
“I think I launched maybe six or seven listings in the last week, and I hadn’t done that in probably five months.”
When creating retirement plans, people often consider their investments and other financial assets when determining the future course to take, but they rarely consider what is often their most valuable asset: their home.
This is according to Steve Resch, vice president of retirement strategies at Finance of America Reverse (FAR), in a new column published by The Street.
“[C]omparing the potential for return on investment (ROI) on home ownership to a surprisingly similar and well-accepted investment vehicle, the 401(k), illuminates the less-explored investment potential inherent in a home purchase,” Resch said.
While costs associated with homeownership tend to dwarf expenses that are often associated with other kinds of investments, the necessity for having a roof over one’s head also makes the home a more invaluable asset that should be maintained, Resch explained. This requires the separation of the home’s value from its cost, and treating it as both “an investment asset as well as a necessary expenditure makes sense,” he said.
Steve Resch
There are also some notable similarities between the home as an asset and a 401(k) retirement account, he explained. Both assets “are long-term investments,” and while “an individual may work for multiple employers or purchase several homes throughout their lifetimes, they will likely pay into each investment for 30 years or more.”
They also both have “systematic contribution options,” including payroll deductions for a 401(k) account and monthly mortgage payments for a home.
Financial advisers would be wise to consider these similarities, and “holding a home to the same performance standards normally applied to a 401k can help illuminate why looking at a home as an investment not only makes sense, but offers an opportunity that would be foolish for any financial advisor to overlook,” Resch said.
Homes and 401(k) accounts alike also offer their own tax benefits, and while a 401(k) is designed to serve as an instrument to generate cash flow, home equity could also serve such a purpose if an eligible homeowner considered a reverse mortgage, he explained.
“The standard protocol for accessing equity has been to sell the property,” Resch said. “However, while selling a home does offer access to cash, it also could exact multiple tolls on the seller, including the costs and emotional impact of the sale and moving.”
Resch has explained in the past why reverse mortgages can be used as retirement planning tools. He has also advocated for the industry to develop firmer ties with financial planners as referral partners.
“I was a referral partner for many, many years,” Resch explained during a 2022 virtual event hosted by HousingWire. “I gave my loan professional probably three to four reverse mortgages every single year, for many years.
“As financial advisers, we trust our referral partners, our trust attorneys, our CPAs and our loan originators. Once you have that relationship, I’m not going to shop for anyone else because I trust you. So, referral partners are very, very important.”
https://frankbuysphilly.com/wp-content/uploads/2024/02/houseshapedmoney_unsplash.jpg9001350Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-08 22:20:422024-02-08 22:20:42FAR expert urges consideration of the home when planning for retirement
This week, Mortgage Cadence announced that it had appointed longtime reverse mortgage industry professional George Morales to serve on its sales team. The company is aiming to bring more reverse mortgage technology solutions to potential partners already in the industry and those that have yet to enter it.
To understand the dynamics of his new role, RMD sat down with Morales to learn more about his individual and company goals, including the potential for a large national bank to become involved in the reverse mortgage business for the first time since the early 2010s.
Editor’s note: This Q&A has been edited and condensed for clarity.
Chris Clow/RMD: Tell me about the new role and what you’re going to be doing at Mortgage Cadence from now on.
George Morales: My new role is really designed to bring reverse mortgage insights and perspectives to the company. They already have some pretty key people here already who’ve been in reverse for a while, but they needed to broaden and expand that. So, the new role is going from the product management side to the sales side of the business. It’s an interesting role, because I feel like the opportunity for me is to be a “door-opener,” if you will.
I’m standing in a place where I’ve got all this reverse experience, but I’ve also got a lot of forward experience, [having] been in the mortgage industry since 1999. The reverse experience is particularly interesting right now, because we’re seeing traditional forward mortgage companies really starting to come around on the reverse product a little more than we’ve seen in a while. And so for me, I feel like it’s an opportunity to kind of open the door via technology, to how and what is happening in the reverse space.
Clow: What kinds of companies have you, or will you in the future, be talking about reverse operations with?
Morales: We’re in some talks with reverse-only companies that are out there, who are starting to look into expanding into the forward world. That one’s a little more unusual, since we’re normally used to having people “kick the tires” of the reverse business. The whole idea is to just broaden distribution.
George Morales
I’m part of the Mortgage Bankers Association (MBA) MISMO work group for reverse, where we’re working on creating some MISMO standards that will apply to reverse. Again, the same goal is to broaden distribution of the reverse mortgage products to anybody who wants it out there. That means that data can be exchanged within technology that’s usable in both forward and reverse. That would be pretty cool to be able to see that data transmitted.
Mortgage Cadence is a great spot for me because it provides that platform where you can do forward and reverse on the exact same tech stack. You don’t really need a forward LOS and then a separate reverse LOS to do both; you can do it all in one space.
There’s a reason that we haven’t gone past that 2% penetration rate in the reverse mortgage industry, and part of that is because we tend to huddle in [with ourselves]. And all these endeavors that I get to be a part of are a lot about cracking that open, inviting the forward lender community into the space, while at the same time providing the reverse folks another outlet into the forward space.
Clow: Does tech provide more of an ability to do that?
Morales: Technology has been a cool way to have those discussions. I can’t say whom yet, but we’re in very, very early stages [of discussion] with a large U.S. national bank, a large bank [that is considering entering] reverse. We’re very early on, but the key for them is to be able to originate [the mortgages] that they do already, and then add reverse without having to make reverse a separate business, per se.
They were looking at making reverse a product that they want to integrate, and how do you do that? You’ve got to have the right technology partner, which I think is why our discussions have gotten off the ground. That would be a big benefit for the reverse industry to have a national banking brand’s marketing, advertising and reach. Talk about broader distribution —that’s going to really help, and hopefully that could invite other big banks and IMBs to get back into reverse as well.
My role as a salesperson is interesting. Sales is an interesting word because my goal at the company is obviously to get some new deals — that’s the bottom line. But in doing that, it’s a lot about having the reverse side and the forward side, liaising between the two in that conversation, and getting us to finally broaden that reach that we haven’t been able to in reverse for a while.
Clow: Getting a big bank involved again would certainly be a seismic development in the reverse mortgage business. Was this entity previously active in the business before?
Morales: No. It would be brand-new blood and brand-new investment. The macroeconomic situation is starting to shift slowly, so that’s signaling to some folks [that they may want to consider] reinvestment. Technology is one spot, but [they may want to] reinvest in different products (e.g., reverse) as well.
Currently, we’re the LOS system of record for Finance of America Reverse (FAR)/American Advisors Group (AAG), the largest reverse lender in the U.S. A large percentage of all reverse mortgages are currently on our platform, so that helps the new players to understand that if they’re going to enter into a new market, this being reverse, and especially a big bank that may have a lot of concerns about information security, they want to make sure that we already know what we’re doing in both forward and reverse.
https://frankbuysphilly.com/wp-content/uploads/2024/02/mortgage-lending-technology.jpg6751200Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-08 21:17:322024-02-08 21:17:32Q&A: George Morales on new role with Mortgage Cadence and why a big bank could enter reverse
Intercontinental Exchange (ICE) Mortgage Technology reported an improved adjusted operating income of $193 million in the fourth quarter of 2023, up 98% from one year earlier and fueled by record sales of its loan origination system (LOS) Encompass.
For full year 2023, ICE Mortgage Technology posted an adjusted operating income of $508 million, down slightly from the previous year’s figure of $511 million.
“Our mortgage network spans from point of consumer acquisition all the way through to the secondary market, providing a true life of loan offering that positions us to lead the transformation of an industry that is moving analog to digital,” Ben Jackson, president of ICE and chair of ICE Mortgage Technology, told analysts.
The mortgage technology division at ICE posted $502 million in total revenue in Q4 2023, up 102% from $249 million in Q4 2022. Full year mortgage technology revenues were $1.3 billion, up from $1.1 billion in 2022.
Strong sales in the company’s mortgage servicing platform (MSP) solutions business, as well as its data and analytics segment, fueled revenue growth for the mortgage technology division.
The firm’s servicing software segment posted revenues of $219 million in Q4 2023. The data and analytics segment, meanwhile, saw revenue rise to $502 million, up 102% from 12 months earlier.
Shortly after ICE’s acquisition of Black Knight, executives noted that more than $300 million worth of opportunities existed, including cross-selling the company’s data and document automation platform to Black Knight’s entire mortgage servicing system.
ICE acquired 37 new Encompass clients and four new MSP clients in Q4 2023, contributing to a record number of new sales for Encompass — and the highest in the past five years for MSP and Encompass combined.
“We added Raymond James Bank for their retail and correspondent channels. We also brought back Carrington, a significant nonbank lender and servicer onto the Encompass platform from a third party” Jackson said. “For MSP, building on the four wins we had in the fourth quarter, such as Fifth Third Bank that was mentioned on the last call, we closed Capital Mortgage Solutions of Texas and an existing Encompass client, CapEd Credit Union, to start 2024.”
Adjusted operating expenses were at $309 million in Q4 2023, up about 105% from the $151 million figure in Q4 2022. For the full year, adjusted operating expenses were $809 million, up from $618 million in 2022.
Opportunities for 2024
Entering this year, ICE is committed to successfully integrating Black Knight into the company following its acquisition in September 2023 while investing in long-term growth.
Near-term opportunities for ICE include integration of Black Knight’s datasets — including closing fee, tax, flood and valuation models — into the Encompass and MSP systems; integration of the Black Knight data and document automation platform into its MSP; building a digital bridge from automation straight to servicing to reduce costs, time and errors to onboard loans to the MSP system; and continued investment in its product and pricing engine (PPE).
“We’re coming off the worst year for originations in a generation, but we’ve continued to add new customers, the current customer base has continued to add additional products, and we’ve expanded that network,” said Warren Gardiner, ICE chief financial officer. “So, when transactions do normalize, we’re going to be really benefiting from that, not only on the recurring side but, I think, on the transaction side as well.”
In the longer term, ICE is focused on investing in its software as a service (SaaS)-based servicing platform, as well as on developing its digital document vault service.
“We see an opportunity to advance our digital document vault service that is offered for documents such as eNotes, and to extend this as a golden record for other origination and servicing documents to help reduce duplication, improve quality and reduce costs for our customers,” Jackson said.
ICE expects revenue growth for its mortgage technology business in 2024 to be in the low to mid single digits.
“The demand we’re seeing across our platform gives us confidence that we can grow a business that, at $2.1 billion in revenue today, is only a fraction of the $14 billion addressable market that’s in the early days of an analog-to-digital conversion,” Jackson said.
https://frankbuysphilly.com/wp-content/uploads/2024/02/mortgage-lending-technology.jpg6751200Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-08 18:05:492024-02-08 18:05:49ICE withstands headwinds via record Q4 sales of Encompass loan origination system
Less than a year after coming to the rescue of Signature Bankduring the market turmoil of March 2023, New York Community Bancorp (NYCB) faces a confidence crisis due to its exposure to commercial real estate loans.
The stress is leading to the bank to seek the sale of some of its assets to improve its capital position, executives said during a conference call on Wednesday morning. According to a Bloomberg report, the bank has already started to offer its mortgage assets to investors in order to transfer the portfolio risks.
“While we are already in a strong liquidity position, (…) we are committed to building liquidity further,” NYCB executive chairman Alessandro DiNello told analysts during the call.
Bloomberg, citing anonymous sources, reported that NYCB has contacted investors to finance a large portfolio of residential mortgages held by Flagstar Bank. The offering includes a synthetic risk transfer-backed portfolio of about $5 billion in home loans originated when mortgage rates were lower.
According to Inside Mortgage Finance (IMF) estimates, Flagstar originated $15.7 billion in mortgages in 2023. It also had $84.3 billion in owned servicing rights at year’s end. When including the portfolio of other companies, Flagstar serviced $379 billion in mortgages, IMF data shows.
Questions regarding NYCB financials began at the end of January when it reported earnings for fourth-quarter 2023. The data included a $193 million net loss available to common stockholders during the three-month period, compared to a net income of $266 million in the previous quarter.
The performance was impacted “by reserve building repricing risk in multifamily loans and deterioration in office in our ACL [allowance for credit losses] coverage,” the bank said. NYCB’s provisions for loan losses surged to $552 million in Q4 2023, up from $62 million in the previous quarter.
After the earnings report, NYCB stock shrunk 60%, from $10.38 on Jan. 30 to $4.20 on Feb. 6.
Credit rating agency Moody’s put even more pressure on Tuesday when it announced the downgrade to “junk” status of all long-term rates and assessments, as well as some short-term ones, for NYCB and its lead bank, Flagstar.
Moody’s actions reflected, among other things, an unanticipated loss on the bank’s New York office and multifamily property portfolio that “could create potential confidence sensitivity.” It also mentioned the bank’s concentration in rent-regulated multifamily properties amid an inflationary environment, as well as NYCB’s low fixed-rate multifamily loans, which could face refinancing risk.
According to Moody’s, there are also governance risks, including the leadership transition “of second and third lines of defense, the risk and audit functions of the bank, at a pivotal time.”
In response to Moody’s, NYCB president and CEO Thomas R. Cangemi said in a statement that the bank’s deposit ratings remain “investment grade” at other credit rating agencies.
Cangemi also said the bank has an orderly process of bringing in a chief risk officer and a chief audit executive with large bank experience and has “qualified personnel filling those positions on an interim basis.”
NYBC had $83 billion in total deposits as of Tuesday, with 72% of the total insured and collateralized. Total liquidity was $37.3 billion, with a coverage ratio of 163%.
The bank’s capitalization, as measured by its common equity tier 1 (CET1) ratio, fell to 9.1% as of Dec. 31, 2023, down from 9.59% in the third quarter. Targeting a 10% CET1 ratio, the bank announced that it cut its quarterly dividend from $0.17 to $0.05 to assist with capital generation.
“We will build a financial plan to gradually build capital, no ifs, ands or buts,” DiNello told investors. “We have already reduced the dividend to preserve capital, so that’s a step in the right direction. If we must shrink, then we will shrink. If we must sell non-strategic assets, then we’ll do that. We’ll do whatever it takes.”
DiNello said the bank will sell assets, including loans, and will reduce its commercial real estate concentration as soon as it can.
The Administration for Community Living (ACL), a division of the U.S. Department of Health and Human Services (HHS), announced this week the publication of a final rule that will update regulations for implementing programs under the Older Americans Act (OAA). One of the intentions of the rule is to better support the desires of older Americans to age in place in their own homes, ACL said.
Passed by Congress in 1965, OAA established comprehensive services for older Americans by creating a national aging network at the state and federal levels. First signed into law by President Lyndon Johnson, OAA was reauthorized by Congress in 2016 and 2020, and it is currently in effect through the end of 2024.
“The first substantial update to most OAA program regulations since 1988, the rule aligns regulations to the current statute, addresses issues that have emerged since the last update and clarifies a number of requirements,” ACL said in an announcement of the rule.
ACL oversees a national aging network designed to deliver OAA services, and this new rule is aimed at better supporting the network by improving program implementation.
“[ACL has] the ultimate goal of ensuring that the nation’s growing population of older adults can continue to receive the services and supports they need to live – and thrive – in their own homes and communities,” the announcement stated.
The announcement outlined 11 key provisions in the update, including clarification of requirements for state and area plans on aging, as well as details about requirements for coordination among state, local and tribal programs. Consistency of definitions between these programs has been improved, HHS said, and “provisions for meeting OAA requirements for prioritizing people with the greatest social and economic needs” have also been “strengthened.”
The new final rule also specifies “the broad range of people who can receive services, how funds can be used, fiscal requirements, and other requirements that apply across programs.” It also “clarifies required state and local agency policies and procedures” including the establishment of “expectations regarding conflicts of interest.”
The final rule added guidance for state-based agencies, as well as the National Family Caregiver Support Program and the Native American Caregiver Support Program, both of which were established since the last update.
ACL updated provisions for emergency preparedness and response, taking lessons from issues discovered during the COVID-19 pandemic.
“Older Americans should be able to live independently and age with dignity,” HHS Secretary Xavier Becerra said in the announcement. “The Biden-Harris Administration is committed to expanding access to health care, nutrition services, caregiving, and opportunities to age in place for all older Americans. This update to the Older Americans Act regulations strengthens the system of supports that help older people live independently and age with dignity.”
Alison Barkoff, who leads ACL, said that the new rule stems from data that indicates an overwhelming desire among older Americans to age in place.
“For many, [aging in place] is possible because of the programs and services provided through the Older Americans Act – such as rides to medical appointments, nutritious meals, in-home services and support to family caregivers,” Barkoff said. “The updated regulations strengthen the stability and sustainability of these programs, and we are looking forward to working with our partners in the aging network to implement them.”
https://frankbuysphilly.com/wp-content/uploads/2024/02/older-couple-Citi-image-.jpeg7601200Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-07 23:15:332024-02-07 23:15:33HHS updates federal policies to support aging in place
Longtime reverse mortgage industry professional Bruce Simmons of American Liberty Mortgage in the Denver area has long used radio as both an educational and marketing tool for prospective reverse mortgage clients.
Having endured many of the same business challenges in 2023 as other industry participants, Simmons recently sat down with RMD and described how a recent shift in his focus on radio has been beneficial.
“My biggest source of leads and closed loans last year — and so far this year — has been radio,” Simmons said in an interview this week. “I do a radio show and I advertise on an oldies station, and [that’s even after] scaling back a little bit.”
Shifting focus
Simmons focused primarily on a talk radio station for about six years, consistently serving in the same time slot. In early 2023, Simmons made the decision to scale back his presence on the talk station but decided to allocate more time to an “oldies” station.
Bruce Simmons
“[The talk station] did not produce nearly the benefit that the new one I just started at the beginning of 2023 did,” Simmons said, referring to the oldies station. “I get calls on that every week, and I think I’ve closed two loans so far this year from leads [on the oldies station].”
At the time of the interview, Simmons had just met a client who was in the process of getting his Home Equity Conversion Mortgage (HECM) counseling certificate. Simmons credits the targeted nature of the oldies station — inherently designed to serve older listeners — along with the frequency of his ads playing in tandem with oldies music.
“They hear it on the radio over and over, because they run the ads four to six times a day,” Simmons said. “I also still have my radio show on the weekend, and now my web guy is taking the radio show with AI and doing a lot more with that, trying to repurpose the content from the radio show into [social media] posts.”
Inbound inquiries
Because of the generally broad reach of radio, many of the inbound inquiries Simmons receives come from people who do not qualify for a reverse mortgage, he explained.
“As far as generating calls and leads, the oldies station has been fantastic,” he said. “A lot of them don’t qualify; they may hear the ad and want to call and find out. But they’re 53 years old and the LTVs (loan-to-value ratios) don’t even work. But still, there’s a lot of people that do qualify with it.”
He primarily made the pivot to the oldies station in January 2023 after attempting to do the talk and oldies stations simultaneously. When that scenario became too expensive, focusing more on the oldies station proved to be a fruitful endeavor, he explained.
Due to a beneficial sponsorship, however, he’s not totally gone from the talk radio space.
“I sponsor a talk station with one guy who’s popular here in Denver, and when he recommends someone [it carries a lot of weight],” Simmons said. “I’ve done a couple reverse mortgages for this host’s parents, so he’s an excellent spokesperson. But I got rid of my own show on the AM station completely.”
Finding a focus
Simmons tried to maintain a heavier presence on both the talk and oldies stations for a while, but he made a decision to focus more on the latter based on inquiries that converted into closed loans.
“What I noticed is that when I was doing both the talk and oldies stations — because I’d ask people where they heard about me — all the calls I was getting came from the oldies station,” he explained. “Every now and again I would get one or two from the talk station, so that’s when I decided to refocus and save myself some money.”
While the radio arrangements have always been profitable for him, Simmons said he has noticed a better return on investment since making the pivot to the oldies station. But Simmons is also thankful for his employer.
“Luckily, I work for a company where the owner splits the costs with me,” he said. “That makes it much more palatable, because it’s not a cheap form of advertising.”
https://frankbuysphilly.com/wp-content/uploads/2024/02/classiccarradio_unsplash.jpg9001350Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-07 22:12:472024-02-07 22:12:47Shifting outreach on radio proves fruitful for Colorado reverse mortgage pro
https://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.png00Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-07 02:10:122024-02-07 02:10:12How to Change a Water Heater in 90 Minutes or Less
The data is clear: aging in place is a clear preference for many older Americans making plans for how their later years will play out. But a lot of people approaching these ages may not know the best ways they can make their homes more accommodating for natural changes that come with aging, according to a new story at CNBC.
“People might say, ‘I want to age in place as the default plan, because that’s what I’m already doing,’” Carol Chiang, CEO of personalized aging-in-place consulting company Evolving Homes, told the outlet. “But they’re not really considering, ‘Well, what does that mean?’”
There are three general client types Chiang’s company serves, she explained. These include those who have some kind of urgent need, likely stemming from a recent medical issue or injury; those suffering from a cognitive or neurodegenerative condition; and more proactive adults who are planning out their later years in advance.
A certified financial planner (CFP) who enlisted Chiang’s services falls into the proactive camp, she told CNBC.
“She made us think through what an aging-friendly bathroom would look like,” CFP Carolyn McClanahan said. “People are usually remodeling their homes every 10, 15, 20 years. So making certain — especially when you hit your 50s and 60s — that you remodel it […] does make it easier as you get older to stay home.”
Costs for renovation projects can vary based on factors such as location, job size and condition of the home. While the investment can be steep in terms of upfront cost, it is also largely a one-time investment that can help make the rest of a resident’s time in a home easier, according to Curt Kiriu, president of CK Independent Living Builders in Mililani, Hawaii.
“At a very, very basic level, thinking about a remodel, you should be planning for at least $70,000,” Chiang said, adding that certain jobs can come in at less than half that. But when compared to the $108,000 annual median cost of a private room in a nursing home, according to data from Genworth, remodeling can be more compelling.
A recent study by researchers at Rutgers University in New Jersey found that home-based care is a leading outcome for older Americans.
Another recent study found that 55% of surveyed baby boomers plan to remain in their existing homes as they age, but less than one-quarter of those surveyed have any plans to renovate their homes to more safely and easily accommodate natural changes that come with aging.
Only 24% of baby boomers are preparing their homes for aging, and even fewer are adding other safety features, according to the latter study by home improvement services company Leaf Home and market research firm Morning Consult.
Roughly 75% of boomer respondents report that they “have never added safety or accessibility features in their homes,” while 81% of the cohort report planning to leave an inheritance of some kind when they pass away, the study found.
https://frankbuysphilly.com/wp-content/uploads/2024/02/homerenovation_unsplash.jpeg9001350Frank Buys Phillyhttps://frankbuysphilly.com/wp-content/uploads/2017/10/Bo-Final-Logo.pngFrank Buys Philly2024-02-06 23:30:162024-02-06 23:30:16Experts offer tips for aging in place and compare costs to assisted living: CNBC
How to write a lead-winning, memorable real estate agent bio (+ examples)
As a real estate agent, you may think clients should care more about their next home than your life story. And while that may be true, well-crafted real estate agent bios can build trust and credibility and serve as a powerful tool in an agent’s marketing arsenal — giving prospective clients. After all, prospective clients are trusting you with one of their biggest financial decisions.
A national research study conducted by Brand Builders Group found that some 74% of all Americans and 85% of millennials aged 35 to 44 say they are more likely to trust someone who has an established personal brand. Writing an expert real estate agent bio is the first step in creating that trust and credibility.
While there’s no exact formula, every well-written bio includes a few key features, which we dive into below. Follow these tips to differentiate yourself from the pack and enhance your professional brand.
In this article
Why your real estate agent bio matters
Your real estate bio is how you shape the narrative about your services and brand. It is often the first point of contact between you and potential clients, or it’s how clients confirm if you’re the right fit after you’ve been referred to them. A good real estate agent bio offers relatable glimpses into your personality while sharing relevant accolades, achievements and expertise.
Practically speaking, your future clients will be skimming for information that reveals your knowledge about their neighborhood or zip code, and whether you’ve worked with the type of property they are buying or selling. They’ll want to know you have what it takes to close the type of deal they are looking for, and that you can help them reach their financial goals.
But on a more basic level, people like to connect human-to-human. So let your personality shine. Showcase the best and most authentic parts of yourself by sharing a few selective personal details.
How to write a real estate agent bio
Writing a real estate agent bio is all about finding the balance between capturing the client’s attention, sharing your genuine personality and showcasing your expertise. Most readers scroll through bios quickly, so you want to include some eye-catching buzzwords.
To help you get started, here’s a list of everything you should include in a real estate agent’s bio, plus some buzzy keywords to help you phrase your message in a memorable way.
What to include in your real estate agent bio
Professional experience
It sounds obvious, but too many real estate agents forget to share their expertise. It’s okay to be a little braggadocious! Start strong by describing your professional background. Lead with your most eye-catching (and even most obvious) resume milestones, such as:
See it in action
Check out this bio from Tate Kelly of Coldwell Banker Warburg:
Tate Kelly is a riddle of valuable contradictions. To begin with, his reputation for excellence is ironclad: over a decade of experience as a real estate broker and over $300,000,000 in total sales. In 2024, Tate received Coldwell Banker’s International President’s Premier Award representing the company’s top 1% of all sales professionals. In 2023, Tate was recognized by RealTrends as one of the Best Real Estate Professionals in the United States. Representing the top 1.5% of more than 1.6 Million licensed Real Estate Agents/Brokers nationwide.
Tate is a native New Yorker who grew up on the Upper East Side. Tate knows the city, understands luxury, and loves historical architecture. At the same time, he is approachable, adaptable, unassuming, and self-aware. Tate’s track record working in luxury sales serves as the real estate version of the ‘Good Housekeeping Seal’ of approval. Both buyers and sellers value the combined benefits of his individual talents along with membership in one of the most respected real estate firms in New York City. But what really distinguishes Tate cannot be taught or listed neatly on a resume—it is his instinctive ability to relate to clients that has been an integral part of his career since the beginning.
When asked how a real estate agent should pick which professional accomplishment to focus on, Kelly told HousingWire he takes a holistic approach, starting with a few striking details. He explains:
Licensed Assoc. Real Estate Broker
Accreditations and designations
Highlight your professional credentials and any special designations you’ve earned. These not only bolster your professional image but also reassure clients of your credibility in the field.
See it in action
Check out this bio from Janet Boyden of Premier Sotheby’s International Realty.
Janet has worked in the real estate market since 1999, expanding her footprint from Georgia to South Carolina down to Florida. Prior to joining Premier Sotheby’s International Realty, she began working at Celia Dunn Sotheby’s International Realty from Atlanta Fine Homes Sotheby’s International Realty, where she was named to the Atlanta Board of REALTORS® Multi-Million Dollar Sales Club for five consecutive years. With extensive experience in new construction home sales, Janet is certified in luxury home sales and specializes in relocation and new construction builder sales.
Growing up in Savannah, Georgia, as the daughter of a builder and developer, she learned the processes involved in new home construction from her dad. Real estate was a natural fit and Janet has represented several custom homebuilders.
Janet is a member of the REALTOR® Association of Sarasota and Manatee and has received various designations, including Accredited Buyer Representative, Accredited Seller Representative, Licensed Real Estate Salesperson, Certified Relocation Professional, Graduate, REALTOR® Institute and Certified Luxury Home Marketing Specialist. She received her Bachelor of Arts from the University of Georgia.
Janet and Robert Sherman brought their skill sets together in 2018 and formed a team to offer exceptional service to the Sarasota lifestyle. They have been recognized by RealTrends among America’s Top 1,000 agents for two years in a row and ranked in the top 25 three years running. Janet is now branching out in a new direction, mentoring newer agents and adding to her personal real estate team to expand their services and benefit her customers.
Interestingly, when HousingWire asked Boyden to share her number-one tip for how to write a real estate agent bio, she said adding personal touches gives her a better competitive advantage:
“Yes, keep your bio professional but make it personal too,” she told HousingWire. She explains why:
Global Real Estate Advisor
The takeaway here? Lead with your professional credentials, but sprinkle personal tidbits about the things that make you happy. Chances are, they will make your clients happy, too!
Values
Your core values will resonate with clients looking for an agent they can relate to and trust. Articulate these values clearly, using phrases that reflect your commitment to principles like integrity, client satisfaction, community and professionalism (or whatever feels authentic to you!).
See it in action
Check out this bio from Carrie Nicholson at Hawai‘i Life.
For twenty years, Carrie has been a top-producing real estate professional dedicated to the luxury real estate market on the Big Island of Hawai‘i. She serves her clients and her community as a Broker-in-Charge at Hawai‘i Life Real Estate Brokers and a Director of Hawai‘i Life One – Big Island, the company’s concierge suite of services, as well as a curated collection of Hawai‘i’s most exceptional properties and locations. Carrie’s unparalleled knowledge of Big Island luxury properties and international business relations has resulted in over a billion dollars in residential and land sales across her career.
Carrie began her real estate career at Clark Realty and quickly became a top producer, and through hard work and focused determination, she has led her field in the Top Broker rankings since then. As Principal Broker of Kukio Properties, she led the development’s sales team, representing discerning buyers and sellers who value excellence, knowledge, and personalized results. She has been recognized multiple times as one of the Top real estate agent in Hawai‘i by Hawai‘i Business magazine. Born and raised in Hawai‘i, Carrie is a Coast Guard-certified submarine co-pilot, rescue scuba diver, and free diver.
Her passion for the ocean led her home to the deep blue enveloping the Big Island of Hawai‘i, where she worked extensively with National Geographic on underwater documentary films and photography.
Carrie has lived and trained internationally in more than a dozen countries and from coast to coast. Her love of nature has given her a deep appreciation for Hawai‘i’s sense of place – perhaps the most invaluable attribute of the island’s luxury real estate.
Carrie has experienced first-hand the growth and transformation of the Big Island of Hawai‘i. Using her in-depth understanding, knowledge, and training, she helps clients make highly informed decisions about the community and helps them choose a home that synergistically meets their needs, dreams, and lifestyles. She has an innate understanding of her clients and generously extends the resources necessary to facilitate the realization of their dreams in real estate holdings.
Here, Nicholson promises excellence, knowledge and personalized results for discerning buyers and sellers. She underscores her expertise and global experience.
Nicholson also shares her passion for the ocean, her love of nature, and her appreciation for Hawaii’s sense of place. In a market where luxury residential home sales are so closely tied with the lifestyle buyers are looking for, Carrie’s deep commitment to the values of Hawaii resonates with her clients.
Connection to community
As in the example above, a local connection can be your biggest asset in winning over the hearts of clients who also have unique ties to your area. Mention your roots, your connection to the surrounding community, your understanding of the local market and any involvement in local activities or organizations.
See it in action
Check out this bio from Amanda Dukehart of Compass.
As a native Baltimorean, I have a strong connection to this community and all that it has to offer. After high school, I studied at Parsons in NYC and completed my studies at the Art Institute of Miami. With a background in design and business, many of my clients come to me because they want an agent that understands their needs and won’t “sell” them on just any home. When it comes time to list your home, I know what it takes to set your home apart and get it sold for top dollar. Specializing in mid-century, historic and unique properties alike; It’s not just a home, it’s an extension of who you are and should support your ideal lifestyle. When working with me, you will feel confident that I am focused on your wants and needs above all else. I am a member of the National Association of Realtors, and the Greater Baltimore Board of Realtors.
Here, Dukehart leads with her native Baltimore roots, noting that she returned to her hometown after studying design and business in two leading art cities. This detail reinforces her commitment to her community, while adding to her credibility as someone who specializes in mid-century, historic and unique properties. Art and design enthusiasts will likely love her connection to Parsons School of Design and the Art Institute of Miami, but tried-and-true Marylanders will appreciate the fact that she came home.
Testimonials
A powerful way to add credibility and humanize your bio is through testimonials. These are endorsements from past clients that speak to your signature style, skill and effectiveness as an agent. Think of them as social proof, reassuring prospects that you have a good track record and teeing them up to get in line for their turn at experiencing your fine service.
See it in action
Check out these testimonials on the bio page for Amanda Dukehart of Compass.
“I don’t think there’s a real estate agent out there better than Amanda. She guided us every step of the way and bent over backwards to get us the home we wanted in this crazy market. She worked tirelessly for us and is a true credit to her profession. On top of her exceptional work ethic, she has a great eye for style and aesthetics. You won’t regret choosing her for your agent.” -Scott (via google business)
“Amanda was incredibly attentive to our needs, she made the process of selling our home as painless as possible, and I wouldn’t hesitate to utilize her services for any future real estate purchase or sale.” -Ryan (via google business)
“Throughout the entire home-buying process, Amanda was attentive, responsive, and knowledgeable. She stuck to our price range, and managed to get a feel for what we might like in a home very quickly. We couldn’t be happier with the house we ended up purchasing, and Amanda guided us through getting our offer accepted in spite of a highly-competitive market. Through every step, from finding a title agent to getting a mortgage worked out, she explained what needed to be done in clear and concise terms, and maintained professional transparency. On top of everything, she was responsive and easy-to-reach via text, phone, or email when we had questions. Amanda took so much stress out of our first home purchase, and for that I can’t recommend her highly enough.” – Carleen (via google business)
Once again, Dukehart nails it with these testimonials. Notice how specific they are?
Pro tip:
Strategically place your testimonials throughout your website, putting them in your bio where they make sense. For example, once you introduce your experience and skills, back up your claims with a real-world testimonials. Keep them brief and to the point, but don’t be afraid to let your satisfied clients gush.
Related Articles
How to make the most of real estate testimonials to attract new clients
7 ways to expand your sphere of influence in real estate in 2024
Career stats
Include impressive career statistics like the number of homes sold, total sales volume or any record-breaking sales. These figures effectively quantify your success and add meaningful credibility on top of the feel-good warm fuzzies.
See it in action
Check out this bio from Monica Carr of Monica Carr Group.
Monica Carr and her skilled team are passionate about catering to the needs of each client, and their proven track record speaks for itself. For nearly 20 years, Monica has helped families in Orange County buy, sell, or lease, with total sales nearing $1 Billion. The Monica Carr Group is committed to streamlining the buying and selling process to deliver a 5-Star Experience to every customer, every time. Praised by clients and colleagues alike, Monica and her team are highly respected for their expert negotiation skills and market trend insights. Their sellers have access to gifted home stagers, professional photographers, videographers, home repair technicians, negotiated escrow rates, an extended database of buyers, and intuitive pricing strategies that deliver impressive results every time!
Monica has been in the top 1% of Realtors in Orange County year over year since she was licensed in 2003. She is honored to work side by side with her team who are recognized as top performers in Orange County.
Not only does Carr list her 20 years’ experience and sales totaling $1 billion, but she mentions next that she is in the 1% of Orange County top performers.
Awards, accolades and press mentions
Mention any public recognition you’ve received, such as awards from local organizations, shoutouts in magazines or newspapers, notable prizes and rankings in industry publications. These accolades serve as testament to your excellence and commitment.
See it in action
Check out this bio from Erin Sykes of Nest Seekers International. Here, Sykes knocks it out of the park with an impressive list of media outlets for which she has served as an expert source.
Erin Sykes’ perseverance and ability to anticipate trends are what have driven her success. Erin strives to help clients reach their unique goals with discreet, individualized attention and action-orientation.
Specializing in helping clients year-round in Palm Beach, The Hamptons, New York City, and the New Jersey coast, Erin utilizes her combined background in finance and construction to take an analytical and qualitative approach to amplifying clients’ return on investment.
With a background in commercial and luxury residential construction at her family’s 120+ year-old firm and certification as a LEED AP – New Construction, Erin understands how to optimize new development and intricate renovation using sustainable materials and methodology.
As Chief Economist for Nest Seekers International, Erin is responsible for developing and translating real estate trend data into consumer and industry insights. She reports on monthly housing starts, new developments, rate changes and general industry trends for all major news outlets.
Erin is often interviewed by Fox Business News, CNBC, TODAY, CNN, NBC Nightly News, The Real Deal, Bloomberg, Mansion Global, Forbes, TechCrunch, and Inc. She holds a MBA from Pepperdine University and a Bachelor in Finance and International Business from Villanova University.
Erin resides between Palm Beach, NYC and Longport, NJ. Follow Erin on Instagram and Twitter @SykesStyle .
Tips and considerations for writing the best bio
Choosing between first-person vs. third-person
When considering how to write a real estate agent bio, you may wonder whether to write in first person (as in, “I have 10 years of experience.”) or third person (“Sheila has 10 years of experience.”).
First person narrative offers a more personal touch, whereas third-person gives your real estate bio a more formal tone. Consider your audience, personal style and the vibe you want your professional brand to communicate. Generally speaking, third-person is more professional.
Where to share your bio
Throughout your career, you may receive requests to share your real estate bio with journalists, public relations professionals, hiring managers, panel coordinators, conference organizers and more. On top of that, you’ll want to share your bio on your own website and social media channels, plus on any type of digital or physical flier, brochure, poster, sign or pamphlet for any events in which you participate.
So how do you write a real estate agent bio for every circumstance? It all comes down to customization. Keep most of the information the same, but change the tone and move up important details you know will speak most to every audience’s pain points. Create a short bio and a longer bio to share depending on how much space you get.
A first-time homebuyer class, for instance, should present a welcoming environment. Your bio should communicate that you are knowledgeable enough to help navigate your clients’ journey with confidence, but accessible enough to attract newbies. Perhaps you add a line about how many first-time homebuyers you’ve helped in the past.
Meanwhile, bios written for highly exclusive luxury clients should communicate confidence in handling large deals in high-profile areas, noting details like total sales volume and which neighborhoods or what types of homes you specialize in.
Using our real estate agent bio template
Templates can be a great starting point, especially for new agents. Following a structured format that you can personalize makes it easier to cover everything.
In general, your bio should follow a similar logic as we’ve outlined above. Be sure to speak directly to the needs of your customer, highlighting specifically how you can help them with their real estate needs.
Free template
[Your name] is, a [your town]-area real estate agent specializing in [your specialization]. Holding credentials such as [list key accreditations and designations], [your name] is a [phrase that highlights your approach, e.g. trusted advisor, community advocate, etc.].
Having accomplished [mention a notable career stat, e.g. selling over 300 homes and a $100 million sales volume] and receiving accolades like [name recognitions], [your name]’s expertise is recognized across the industry. He/she/they is/are dedicated to [list a value, e.g. helping families find their dream homes, transforming market challenges into opportunities], [he/she/they] consistently delivers results that exceed client expectations.
[List client testimonials here].
Deeply embedded in the [community name] community, [your name]’s approach to real estate is driven by [his/her/their] commitment to [list another core value, e.g. integrity, personalized service, community development]. [His/Her/Their] understanding of the local market dynamics, combined with [his/her/their] involvement in community initiatives, empowers clients to make informed decisions, whether they are first-time buyers, seasoned investors, or looking to sell at the best value.
Recognized in [press or media mentions], [your name] is ready to partner with buyers and sellers to bring [name what clients can expert, e.g. insightful guidance, seamless transactions, tailored strategies] to [name ideal target demographic, e.g. luxury buyers, growing families].
Tools and resources
AI chatbots
For a techy approach to real estate agent bios, try loading your resume into ChatGPT and prompting it to write a bio for you. Command ChatGPT to “write for a ____________ audience who is preparing to _______.” Giving the chatbot a description of your ideal demographic will help it tailor the information listed in your resume to speak to the exact moment of your prospective client’s journey. As with the template we provided above, you can customize your AI-generated bio to sound more personable and natural to you.
Freelancer platforms
Don’t be afraid to check out the services available on platforms like Fiverr and Upwork. Put out a bid to find a professional freelance ghostwriter who can help you write your real estate agent bio. Once you’re ready to publish it on your website homepage, check out our list of the best real estate website builders.
Related Articles
7 best website builders for real estate agents, brokers and brokerages
Revamp your real estate game with 24 indispensable AI tools
.grid-container.faq {
margin: 35px 0px 35px !important;
padding: 0px !important;
}
.wp-block-embed.is-type-video iframe{
display: block;
margin: 0 auto !important;
width: 90% !important;
height: 500px !important;
}
.wp-block-qi-blocks-accordion {
background-color: #fff !important;
margin-top: 35px;
margin-bottom: 35px;
}
.content-container figure.wp-block-image.size-large {
max-width: 820px !important;
margin: 20px auto !important;
width: 100% !important;
}
.template-box{
padding: 30px;
border: 3px #ededf0 solid;
background-color: #F8F7F4;
margin: 25px 0 35px;
}
.content-container h2, .content-container h3, .content-container h4, .content-container p {
margin-bottom: 25px;
}
/* ———- ARROW ———- */
ul.arrow-list {
padding-left: 30px;
}
ul.arrow-list li {
list-style: none;
background-image: url(https://www.housingwire.com/wp-content/uploads/2023/10/icon-arrow-black.png);
background-repeat: no-repeat;
background-size: 0.9em;
-webkit-padding-start: 30px;
padding-inline-start: 30px;
background-position-y: 15px;
padding-bottom: 8px;
padding-top: 8px;
border-bottom: #ddd 1px solid;
}
ul.arrow-list li ul {
padding-left: 10px !important;
}
ul.arrow-list li ul li{
background-size: 0.6em;
border-bottom: none !important;
}
/* ———- SEE ALSO TEXT ———- */
.see-also-text {
width: auto;
display: inline-block;
}
.see-also-text strong {
color: #fff !important;
background-color: #313A3D;
padding: 0px 5px;
}
.see-also-text a {
padding: 15px 10px 10px 10px;
color: #7D1725 !important;
}
.see-also-text a:hover {
color: #5DB7DE !important;
}
.cob-eggshell{
font-weight: 400;
border: none !important;
background-color: #F8F7F4 !important;
padding: 50px;
border-radius: 10px;
box-shadow: 0 0 3px #d5d5d5;
margin: 35px auto !important;
}
.content-container .wp-block-image.is-style-rounded img {
max-width: 200px !important;
width: 100% !important;
padding-right: 5px;
}
/* ———- Callout BOX TIP ———- */
.callout-box-tip {
border-radius: 15px !important;
box-shadow: 0 0 10px #c9c9c9;
padding: 0px;
margin-bottom: 40px;
}
.callout-box-tip:before {
content: “”;
width: 80px;
background-color: #022F40 !IMPORTANT;
background-image: url(https://www.housingwire.com/wp-content/uploads/2024/02/Icon-Tip-white.png);
background-repeat: no-repeat;
background-size: 48px;
background-position-x: center;
background-position-y: 1.5em;
border-top-left-radius: 15px;
border-bottom-left-radius: 15px;
}
.callout-box-tip .wp-block-column {
padding: 20px 20px 20px 0px;
}
.callout-box-tip .wp-block-column h3#h-pro-tip, .callout-box-tip .wp-block-column p {
margin-bottom: 10px;
margin-top: 10px;
}
Source link
Agents in Illinois grapple with the state’s housing inventory shortage
Last year marked the 10th consecutive year of population declines for Illinois. According to estimates from the U.S. Census Bureau, the state lost 32,826 residents from July 2022 to July 2023.
Despite the population decline, Illinois’ housing market remains relatively strong. The state has an Altos Research Market Action Index score of 44, which is above the national score of 39. Altos considers anything above 30 to be indicative of a seller’s market.
Real estate professionals throughout the state attribute the resilience of the state’s housing market to its perpetually low inventory problem.
“Inventory is almost nonexistent,” said Melissa Kingsbury, a Redfin agent who works in the southwest suburbs of Chicago. “If a home is priced correctly, we are seeing multiple offers coming in within a few days, and all over asking (price) and some appraisal gap clauses.”
Kingsbury said homes at lower price points have the largest buyer pools and are frequently subject to the stiffest competition. Although the competition remains strong, Kingsbury noted that it is slower than at the height of the post-pandemic market.
“During COVID, I was getting some crazy numbers, like 20 to 30 offers per property, but now it is more like five to 10 offers,” Kingsbury said.
As of Feb. 7, Will County, Illinois — which is where Kingbury’s home base of Frankfort lies — had a 90-day rolling average of 670 active single-family listings, according to Altos Research. During the same week in 2020, just prior to the onset of the COVID-19 pandemic, the county had a 90-day average of 1,972 active single-family listings. The county’s low inventory situation has contributed to its Market Action Index score of 48, four points higher than the statewide score.
Across the state, as of Feb. 2, Altos data shows that Illinois had 11,974 active single-family listings, markedly lower than the 33,960 single-family listings reported in early February 2020.
“A Tale of Two Cities”
While the housing market in Chicago’s suburbs may be strong, things look a bit different in the city’s downtown area.
“It’s like ‘A Tale of Two Cities,’” said Matt Laricy, team leader of medium-sized Chicago brokerage Laricy. “In downtown Chicago, with the high rises, it’s a buyer’s market — maybe the biggest buyer’s market in history if it’s a luxury property.
“In most parts of the country, if you said you had high inventory, it would mean maybe a month or two of supply, but in some segments of our downtown market, we have 18 months of inventory, which is crazy.”
Laricy attributes some of the slowdown in downtown Chicago to the lingering effects of COVID-era policies.
“Only 61.5% of people are back to working in the office, which is up from like 35% last year, but it’s still not good,” Laricy said.
In addition to fewer employees in downtown offices, Laricy also believes the city’s crime rate is also partially to blame. A CBS Chicago analysis of police data from Jan. 1 through Dec. 11 of last year found that 27,700 violent crimes had been reported in the city, marking the highest level of violent crime in Chicago since 2011.
“When I talk to clients and they are wondering why their $3 million condo isn’t selling, I’m like, ‘I don’t know, dude, maybe it has to do with the three people who got killed in front of your building last night.’ That is a pretty tough sell for someone who has a $3 million budget,” Laricy said.
The downtown area’s slower housing market conditions have caused many agents and firms to open offices in the hotter suburban markets, or leave the state altogether, according to Laricy.
“It’s depressing,” Laricy said of the downtown market. “People are just defeated and the thing that pisses us off the most is that it’s things that we can’t control. We can’t just change the political environment overnight and get the crime rate to come back down.”
Job growth is making Peoria a hot market
Southwest of Chicago, in the central Illinois city of Peoria, things look a bit more optimistic.
“We are seeing an investment by both small and large businesses in our economy,” said Mike Van Cleve, a Peoria-based agent for RE/MAX Traders Unlimited. “All of that means good things for our local economy and for the stability of jobs in our economy.”
In addition to a strong jobs market, Van Cleve also noted the city’s relatively low cost of living (the median list price is $99,900, according to Altos Research). Peoria’s expansive parks and trail system, which is the largest in the state, is another reason why people are moving there.
Like the Chicago suburbs, Peoria’s desirability has put a strain on the city’s already tight housing inventory.
“We have a lack of inventory, like a lot of communities, and it goes back to around 2019,” Van Cleve said. “Then, we would typically have 2,100 to 2,300 homes on the market in the county this time of year. And when I checked earlier this week, we had about 500.”
According to Altos Research, the city of Peoria had only 345 active single-family listings as of Feb. 8. In comparison, Chicago has 1,545 listings.
“When you have a property that is highly desirable, it can have 12 to 24 showings in 48 hours and end up with multiple offers,” Van Cleve said. “What we are telling sellers right now is that homes that are properly priced and well prepared are averaging seven to 15 days on the market, compared to an average of 31 days for the greater Peoria area.”
The heat of the market is reflected by the city’s Market Action Index score of 41, again besting Chicago by five points. Additionally, Redfin ranked Peoria as the Illinois metro with the fastest-growing sales price in December 2023. Redfin found that the city’s median sales price was up 6.9% year over year to $122,900.
While there is no doubt it is a seller’s market in Peoria, Van Cleve said many potential sellers are hesitant to list.
“One of the main differences between now and 2006 to 2008 is that there is a concern, because when we put a home on the market, we know it is going to sell, so people are afraid of then being homeless, or they don’t want to do a double move and rent for a few months while they look for their next home,” Van Cleve said.
“There is just this uncertainty that they know they can sell their house, but they don’t know where they are going to live next.”
Although housing market conditions may be challenging heading into the spring season, agents in the inventory-strapped state are optimistic that new listings will soon be coming to market.
“Just in the last couple of weeks, I’ve had a lot of people saying they’re ready to list,” Kingsbury said. “Our typical spring market starts the weekend after the Super Bowl and I am already getting a lot more calls about listing, which is great.
“I think I launched maybe six or seven listings in the last week, and I hadn’t done that in probably five months.”
Source link
FAR expert urges consideration of the home when planning for retirement
When creating retirement plans, people often consider their investments and other financial assets when determining the future course to take, but they rarely consider what is often their most valuable asset: their home.
This is according to Steve Resch, vice president of retirement strategies at Finance of America Reverse (FAR), in a new column published by The Street.
“[C]omparing the potential for return on investment (ROI) on home ownership to a surprisingly similar and well-accepted investment vehicle, the 401(k), illuminates the less-explored investment potential inherent in a home purchase,” Resch said.
While costs associated with homeownership tend to dwarf expenses that are often associated with other kinds of investments, the necessity for having a roof over one’s head also makes the home a more invaluable asset that should be maintained, Resch explained. This requires the separation of the home’s value from its cost, and treating it as both “an investment asset as well as a necessary expenditure makes sense,” he said.
There are also some notable similarities between the home as an asset and a 401(k) retirement account, he explained. Both assets “are long-term investments,” and while “an individual may work for multiple employers or purchase several homes throughout their lifetimes, they will likely pay into each investment for 30 years or more.”
They also both have “systematic contribution options,” including payroll deductions for a 401(k) account and monthly mortgage payments for a home.
Financial advisers would be wise to consider these similarities, and “holding a home to the same performance standards normally applied to a 401k can help illuminate why looking at a home as an investment not only makes sense, but offers an opportunity that would be foolish for any financial advisor to overlook,” Resch said.
Homes and 401(k) accounts alike also offer their own tax benefits, and while a 401(k) is designed to serve as an instrument to generate cash flow, home equity could also serve such a purpose if an eligible homeowner considered a reverse mortgage, he explained.
“The standard protocol for accessing equity has been to sell the property,” Resch said. “However, while selling a home does offer access to cash, it also could exact multiple tolls on the seller, including the costs and emotional impact of the sale and moving.”
Resch has explained in the past why reverse mortgages can be used as retirement planning tools. He has also advocated for the industry to develop firmer ties with financial planners as referral partners.
“I was a referral partner for many, many years,” Resch explained during a 2022 virtual event hosted by HousingWire. “I gave my loan professional probably three to four reverse mortgages every single year, for many years.
“As financial advisers, we trust our referral partners, our trust attorneys, our CPAs and our loan originators. Once you have that relationship, I’m not going to shop for anyone else because I trust you. So, referral partners are very, very important.”
Source link
Q&A: George Morales on new role with Mortgage Cadence and why a big bank could enter reverse
This week, Mortgage Cadence announced that it had appointed longtime reverse mortgage industry professional George Morales to serve on its sales team. The company is aiming to bring more reverse mortgage technology solutions to potential partners already in the industry and those that have yet to enter it.
To understand the dynamics of his new role, RMD sat down with Morales to learn more about his individual and company goals, including the potential for a large national bank to become involved in the reverse mortgage business for the first time since the early 2010s.
Editor’s note: This Q&A has been edited and condensed for clarity.
Chris Clow/RMD: Tell me about the new role and what you’re going to be doing at Mortgage Cadence from now on.
George Morales: My new role is really designed to bring reverse mortgage insights and perspectives to the company. They already have some pretty key people here already who’ve been in reverse for a while, but they needed to broaden and expand that. So, the new role is going from the product management side to the sales side of the business. It’s an interesting role, because I feel like the opportunity for me is to be a “door-opener,” if you will.
I’m standing in a place where I’ve got all this reverse experience, but I’ve also got a lot of forward experience, [having] been in the mortgage industry since 1999. The reverse experience is particularly interesting right now, because we’re seeing traditional forward mortgage companies really starting to come around on the reverse product a little more than we’ve seen in a while. And so for me, I feel like it’s an opportunity to kind of open the door via technology, to how and what is happening in the reverse space.
Clow: What kinds of companies have you, or will you in the future, be talking about reverse operations with?
Morales: We’re in some talks with reverse-only companies that are out there, who are starting to look into expanding into the forward world. That one’s a little more unusual, since we’re normally used to having people “kick the tires” of the reverse business. The whole idea is to just broaden distribution.
I’m part of the Mortgage Bankers Association (MBA) MISMO work group for reverse, where we’re working on creating some MISMO standards that will apply to reverse. Again, the same goal is to broaden distribution of the reverse mortgage products to anybody who wants it out there. That means that data can be exchanged within technology that’s usable in both forward and reverse. That would be pretty cool to be able to see that data transmitted.
Mortgage Cadence is a great spot for me because it provides that platform where you can do forward and reverse on the exact same tech stack. You don’t really need a forward LOS and then a separate reverse LOS to do both; you can do it all in one space.
There’s a reason that we haven’t gone past that 2% penetration rate in the reverse mortgage industry, and part of that is because we tend to huddle in [with ourselves]. And all these endeavors that I get to be a part of are a lot about cracking that open, inviting the forward lender community into the space, while at the same time providing the reverse folks another outlet into the forward space.
Clow: Does tech provide more of an ability to do that?
Morales: Technology has been a cool way to have those discussions. I can’t say whom yet, but we’re in very, very early stages [of discussion] with a large U.S. national bank, a large bank [that is considering entering] reverse. We’re very early on, but the key for them is to be able to originate [the mortgages] that they do already, and then add reverse without having to make reverse a separate business, per se.
They were looking at making reverse a product that they want to integrate, and how do you do that? You’ve got to have the right technology partner, which I think is why our discussions have gotten off the ground. That would be a big benefit for the reverse industry to have a national banking brand’s marketing, advertising and reach. Talk about broader distribution —that’s going to really help, and hopefully that could invite other big banks and IMBs to get back into reverse as well.
My role as a salesperson is interesting. Sales is an interesting word because my goal at the company is obviously to get some new deals — that’s the bottom line. But in doing that, it’s a lot about having the reverse side and the forward side, liaising between the two in that conversation, and getting us to finally broaden that reach that we haven’t been able to in reverse for a while.
Clow: Getting a big bank involved again would certainly be a seismic development in the reverse mortgage business. Was this entity previously active in the business before?
Morales: No. It would be brand-new blood and brand-new investment. The macroeconomic situation is starting to shift slowly, so that’s signaling to some folks [that they may want to consider] reinvestment. Technology is one spot, but [they may want to] reinvest in different products (e.g., reverse) as well.
Currently, we’re the LOS system of record for Finance of America Reverse (FAR)/American Advisors Group (AAG), the largest reverse lender in the U.S. A large percentage of all reverse mortgages are currently on our platform, so that helps the new players to understand that if they’re going to enter into a new market, this being reverse, and especially a big bank that may have a lot of concerns about information security, they want to make sure that we already know what we’re doing in both forward and reverse.
Source link
ICE withstands headwinds via record Q4 sales of Encompass loan origination system
Intercontinental Exchange (ICE) Mortgage Technology reported an improved adjusted operating income of $193 million in the fourth quarter of 2023, up 98% from one year earlier and fueled by record sales of its loan origination system (LOS) Encompass.
For full year 2023, ICE Mortgage Technology posted an adjusted operating income of $508 million, down slightly from the previous year’s figure of $511 million.
“Our mortgage network spans from point of consumer acquisition all the way through to the secondary market, providing a true life of loan offering that positions us to lead the transformation of an industry that is moving analog to digital,” Ben Jackson, president of ICE and chair of ICE Mortgage Technology, told analysts.
The mortgage technology division at ICE posted $502 million in total revenue in Q4 2023, up 102% from $249 million in Q4 2022. Full year mortgage technology revenues were $1.3 billion, up from $1.1 billion in 2022.
Strong sales in the company’s mortgage servicing platform (MSP) solutions business, as well as its data and analytics segment, fueled revenue growth for the mortgage technology division.
The firm’s servicing software segment posted revenues of $219 million in Q4 2023. The data and analytics segment, meanwhile, saw revenue rise to $502 million, up 102% from 12 months earlier.
Shortly after ICE’s acquisition of Black Knight, executives noted that more than $300 million worth of opportunities existed, including cross-selling the company’s data and document automation platform to Black Knight’s entire mortgage servicing system.
ICE acquired 37 new Encompass clients and four new MSP clients in Q4 2023, contributing to a record number of new sales for Encompass — and the highest in the past five years for MSP and Encompass combined.
“We added Raymond James Bank for their retail and correspondent channels. We also brought back Carrington, a significant nonbank lender and servicer onto the Encompass platform from a third party” Jackson said. “For MSP, building on the four wins we had in the fourth quarter, such as Fifth Third Bank that was mentioned on the last call, we closed Capital Mortgage Solutions of Texas and an existing Encompass client, CapEd Credit Union, to start 2024.”
Adjusted operating expenses were at $309 million in Q4 2023, up about 105% from the $151 million figure in Q4 2022. For the full year, adjusted operating expenses were $809 million, up from $618 million in 2022.
Opportunities for 2024
Entering this year, ICE is committed to successfully integrating Black Knight into the company following its acquisition in September 2023 while investing in long-term growth.
Near-term opportunities for ICE include integration of Black Knight’s datasets — including closing fee, tax, flood and valuation models — into the Encompass and MSP systems; integration of the Black Knight data and document automation platform into its MSP; building a digital bridge from automation straight to servicing to reduce costs, time and errors to onboard loans to the MSP system; and continued investment in its product and pricing engine (PPE).
“We’re coming off the worst year for originations in a generation, but we’ve continued to add new customers, the current customer base has continued to add additional products, and we’ve expanded that network,” said Warren Gardiner, ICE chief financial officer. “So, when transactions do normalize, we’re going to be really benefiting from that, not only on the recurring side but, I think, on the transaction side as well.”
In the longer term, ICE is focused on investing in its software as a service (SaaS)-based servicing platform, as well as on developing its digital document vault service.
“We see an opportunity to advance our digital document vault service that is offered for documents such as eNotes, and to extend this as a golden record for other origination and servicing documents to help reduce duplication, improve quality and reduce costs for our customers,” Jackson said.
ICE expects revenue growth for its mortgage technology business in 2024 to be in the low to mid single digits.
“The demand we’re seeing across our platform gives us confidence that we can grow a business that, at $2.1 billion in revenue today, is only a fraction of the $14 billion addressable market that’s in the early days of an analog-to-digital conversion,” Jackson said.
Source link
NYCB reportedly in talks to transfer mortgage risks amid market pressure
Less than a year after coming to the rescue of Signature Bank during the market turmoil of March 2023, New York Community Bancorp (NYCB) faces a confidence crisis due to its exposure to commercial real estate loans.
The stress is leading to the bank to seek the sale of some of its assets to improve its capital position, executives said during a conference call on Wednesday morning. According to a Bloomberg report, the bank has already started to offer its mortgage assets to investors in order to transfer the portfolio risks.
“While we are already in a strong liquidity position, (…) we are committed to building liquidity further,” NYCB executive chairman Alessandro DiNello told analysts during the call.
Bloomberg, citing anonymous sources, reported that NYCB has contacted investors to finance a large portfolio of residential mortgages held by Flagstar Bank. The offering includes a synthetic risk transfer-backed portfolio of about $5 billion in home loans originated when mortgage rates were lower.
According to Inside Mortgage Finance (IMF) estimates, Flagstar originated $15.7 billion in mortgages in 2023. It also had $84.3 billion in owned servicing rights at year’s end. When including the portfolio of other companies, Flagstar serviced $379 billion in mortgages, IMF data shows.
Questions regarding NYCB financials began at the end of January when it reported earnings for fourth-quarter 2023. The data included a $193 million net loss available to common stockholders during the three-month period, compared to a net income of $266 million in the previous quarter.
The performance was impacted “by reserve building repricing risk in multifamily loans and deterioration in office in our ACL [allowance for credit losses] coverage,” the bank said. NYCB’s provisions for loan losses surged to $552 million in Q4 2023, up from $62 million in the previous quarter.
After the earnings report, NYCB stock shrunk 60%, from $10.38 on Jan. 30 to $4.20 on Feb. 6.
Credit rating agency Moody’s put even more pressure on Tuesday when it announced the downgrade to “junk” status of all long-term rates and assessments, as well as some short-term ones, for NYCB and its lead bank, Flagstar.
Moody’s actions reflected, among other things, an unanticipated loss on the bank’s New York office and multifamily property portfolio that “could create potential confidence sensitivity.” It also mentioned the bank’s concentration in rent-regulated multifamily properties amid an inflationary environment, as well as NYCB’s low fixed-rate multifamily loans, which could face refinancing risk.
According to Moody’s, there are also governance risks, including the leadership transition “of second and third lines of defense, the risk and audit functions of the bank, at a pivotal time.”
In response to Moody’s, NYCB president and CEO Thomas R. Cangemi said in a statement that the bank’s deposit ratings remain “investment grade” at other credit rating agencies.
Cangemi also said the bank has an orderly process of bringing in a chief risk officer and a chief audit executive with large bank experience and has “qualified personnel filling those positions on an interim basis.”
NYBC had $83 billion in total deposits as of Tuesday, with 72% of the total insured and collateralized. Total liquidity was $37.3 billion, with a coverage ratio of 163%.
The bank’s capitalization, as measured by its common equity tier 1 (CET1) ratio, fell to 9.1% as of Dec. 31, 2023, down from 9.59% in the third quarter. Targeting a 10% CET1 ratio, the bank announced that it cut its quarterly dividend from $0.17 to $0.05 to assist with capital generation.
“We will build a financial plan to gradually build capital, no ifs, ands or buts,” DiNello told investors. “We have already reduced the dividend to preserve capital, so that’s a step in the right direction. If we must shrink, then we will shrink. If we must sell non-strategic assets, then we’ll do that. We’ll do whatever it takes.”
DiNello said the bank will sell assets, including loans, and will reduce its commercial real estate concentration as soon as it can.
Source link
HHS updates federal policies to support aging in place
The Administration for Community Living (ACL), a division of the U.S. Department of Health and Human Services (HHS), announced this week the publication of a final rule that will update regulations for implementing programs under the Older Americans Act (OAA). One of the intentions of the rule is to better support the desires of older Americans to age in place in their own homes, ACL said.
Passed by Congress in 1965, OAA established comprehensive services for older Americans by creating a national aging network at the state and federal levels. First signed into law by President Lyndon Johnson, OAA was reauthorized by Congress in 2016 and 2020, and it is currently in effect through the end of 2024.
“The first substantial update to most OAA program regulations since 1988, the rule aligns regulations to the current statute, addresses issues that have emerged since the last update and clarifies a number of requirements,” ACL said in an announcement of the rule.
ACL oversees a national aging network designed to deliver OAA services, and this new rule is aimed at better supporting the network by improving program implementation.
“[ACL has] the ultimate goal of ensuring that the nation’s growing population of older adults can continue to receive the services and supports they need to live – and thrive – in their own homes and communities,” the announcement stated.
The announcement outlined 11 key provisions in the update, including clarification of requirements for state and area plans on aging, as well as details about requirements for coordination among state, local and tribal programs. Consistency of definitions between these programs has been improved, HHS said, and “provisions for meeting OAA requirements for prioritizing people with the greatest social and economic needs” have also been “strengthened.”
The new final rule also specifies “the broad range of people who can receive services, how funds can be used, fiscal requirements, and other requirements that apply across programs.” It also “clarifies required state and local agency policies and procedures” including the establishment of “expectations regarding conflicts of interest.”
The final rule added guidance for state-based agencies, as well as the National Family Caregiver Support Program and the Native American Caregiver Support Program, both of which were established since the last update.
ACL updated provisions for emergency preparedness and response, taking lessons from issues discovered during the COVID-19 pandemic.
“Older Americans should be able to live independently and age with dignity,” HHS Secretary Xavier Becerra said in the announcement. “The Biden-Harris Administration is committed to expanding access to health care, nutrition services, caregiving, and opportunities to age in place for all older Americans. This update to the Older Americans Act regulations strengthens the system of supports that help older people live independently and age with dignity.”
Alison Barkoff, who leads ACL, said that the new rule stems from data that indicates an overwhelming desire among older Americans to age in place.
“For many, [aging in place] is possible because of the programs and services provided through the Older Americans Act – such as rides to medical appointments, nutritious meals, in-home services and support to family caregivers,” Barkoff said. “The updated regulations strengthen the stability and sustainability of these programs, and we are looking forward to working with our partners in the aging network to implement them.”
Late last year, the U.S. Department of Housing and Urban Development (HUD) announced its own $40 million investment to support aging-in-place services. The investment is designed to “expand the supply of service coordinators who support seniors and persons with disabilities” who live in affordable multifamily homes, HUD said.
Source link
Shifting outreach on radio proves fruitful for Colorado reverse mortgage pro
Longtime reverse mortgage industry professional Bruce Simmons of American Liberty Mortgage in the Denver area has long used radio as both an educational and marketing tool for prospective reverse mortgage clients.
Having endured many of the same business challenges in 2023 as other industry participants, Simmons recently sat down with RMD and described how a recent shift in his focus on radio has been beneficial.
“My biggest source of leads and closed loans last year — and so far this year — has been radio,” Simmons said in an interview this week. “I do a radio show and I advertise on an oldies station, and [that’s even after] scaling back a little bit.”
Shifting focus
Simmons focused primarily on a talk radio station for about six years, consistently serving in the same time slot. In early 2023, Simmons made the decision to scale back his presence on the talk station but decided to allocate more time to an “oldies” station.
“[The talk station] did not produce nearly the benefit that the new one I just started at the beginning of 2023 did,” Simmons said, referring to the oldies station. “I get calls on that every week, and I think I’ve closed two loans so far this year from leads [on the oldies station].”
At the time of the interview, Simmons had just met a client who was in the process of getting his Home Equity Conversion Mortgage (HECM) counseling certificate. Simmons credits the targeted nature of the oldies station — inherently designed to serve older listeners — along with the frequency of his ads playing in tandem with oldies music.
“They hear it on the radio over and over, because they run the ads four to six times a day,” Simmons said. “I also still have my radio show on the weekend, and now my web guy is taking the radio show with AI and doing a lot more with that, trying to repurpose the content from the radio show into [social media] posts.”
Inbound inquiries
Because of the generally broad reach of radio, many of the inbound inquiries Simmons receives come from people who do not qualify for a reverse mortgage, he explained.
“As far as generating calls and leads, the oldies station has been fantastic,” he said. “A lot of them don’t qualify; they may hear the ad and want to call and find out. But they’re 53 years old and the LTVs (loan-to-value ratios) don’t even work. But still, there’s a lot of people that do qualify with it.”
He primarily made the pivot to the oldies station in January 2023 after attempting to do the talk and oldies stations simultaneously. When that scenario became too expensive, focusing more on the oldies station proved to be a fruitful endeavor, he explained.
Due to a beneficial sponsorship, however, he’s not totally gone from the talk radio space.
“I sponsor a talk station with one guy who’s popular here in Denver, and when he recommends someone [it carries a lot of weight],” Simmons said. “I’ve done a couple reverse mortgages for this host’s parents, so he’s an excellent spokesperson. But I got rid of my own show on the AM station completely.”
Finding a focus
Simmons tried to maintain a heavier presence on both the talk and oldies stations for a while, but he made a decision to focus more on the latter based on inquiries that converted into closed loans.
“What I noticed is that when I was doing both the talk and oldies stations — because I’d ask people where they heard about me — all the calls I was getting came from the oldies station,” he explained. “Every now and again I would get one or two from the talk station, so that’s when I decided to refocus and save myself some money.”
While the radio arrangements have always been profitable for him, Simmons said he has noticed a better return on investment since making the pivot to the oldies station. But Simmons is also thankful for his employer.
“Luckily, I work for a company where the owner splits the costs with me,” he said. “That makes it much more palatable, because it’s not a cheap form of advertising.”
Source link
How to Change a Water Heater in 90 Minutes or Less
How to Change a Water Heater in 90 Minutes or Less
Source link
Experts offer tips for aging in place and compare costs to assisted living: CNBC
The data is clear: aging in place is a clear preference for many older Americans making plans for how their later years will play out. But a lot of people approaching these ages may not know the best ways they can make their homes more accommodating for natural changes that come with aging, according to a new story at CNBC.
“People might say, ‘I want to age in place as the default plan, because that’s what I’m already doing,’” Carol Chiang, CEO of personalized aging-in-place consulting company Evolving Homes, told the outlet. “But they’re not really considering, ‘Well, what does that mean?’”
There are three general client types Chiang’s company serves, she explained. These include those who have some kind of urgent need, likely stemming from a recent medical issue or injury; those suffering from a cognitive or neurodegenerative condition; and more proactive adults who are planning out their later years in advance.
A certified financial planner (CFP) who enlisted Chiang’s services falls into the proactive camp, she told CNBC.
“She made us think through what an aging-friendly bathroom would look like,” CFP Carolyn McClanahan said. “People are usually remodeling their homes every 10, 15, 20 years. So making certain — especially when you hit your 50s and 60s — that you remodel it […] does make it easier as you get older to stay home.”
Costs for renovation projects can vary based on factors such as location, job size and condition of the home. While the investment can be steep in terms of upfront cost, it is also largely a one-time investment that can help make the rest of a resident’s time in a home easier, according to Curt Kiriu, president of CK Independent Living Builders in Mililani, Hawaii.
“At a very, very basic level, thinking about a remodel, you should be planning for at least $70,000,” Chiang said, adding that certain jobs can come in at less than half that. But when compared to the $108,000 annual median cost of a private room in a nursing home, according to data from Genworth, remodeling can be more compelling.
A recent study by researchers at Rutgers University in New Jersey found that home-based care is a leading outcome for older Americans.
Another recent study found that 55% of surveyed baby boomers plan to remain in their existing homes as they age, but less than one-quarter of those surveyed have any plans to renovate their homes to more safely and easily accommodate natural changes that come with aging.
Only 24% of baby boomers are preparing their homes for aging, and even fewer are adding other safety features, according to the latter study by home improvement services company Leaf Home and market research firm Morning Consult.
Roughly 75% of boomer respondents report that they “have never added safety or accessibility features in their homes,” while 81% of the cohort report planning to leave an inheritance of some kind when they pass away, the study found.
Source link
Latest Projects
2912 Nicholas St
2604 E. York St.
Address
12325 Academy Rd Suite 48, Philadelphia, PA 19154
:215-447-7209
: deals(at)frankbuysphilly.com
Office Hours
Mo-Fr: 9AM-8PM
Sa: Closed
Su: Closed