April 21st, Monday Market Update and Mindset Call with Nikki, Cari and Angie

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The real estate market remains the same as last week with mortgage rates fluctuating between high 6% and low 7%, Successful agents need to become the trusted source of information by consistently showing up across platforms with factual, educational content that cuts through misinformation.

• Now is a great time to reach out to past clients about reviewing insurance policies as a valuable touchpoint
• The Miami condo collapse has triggered stricter insurance requirements affecting transactions nationwide
• Consider sharing personal or client insurance comparison stories on social media as valuable content
• Be the voice of reason, hope, and honesty during this period of market uncertainty

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Episode Transcript

Speaker 1 (00:00):
and workplace.
So what I have as far as Nikkiand the market update for this
week and again, if you haven'twatched the last one or two, I
would go back there on myYouTube page and you can find
that through Facebook or againthrough YouTube.
It's also on family tree andworkplace for eXp, but I wanted

(00:24):
to definitely get what Nikki hadto say today in the update to
you and then answer anyquestions.
So the market remains up anddown, with rates around the high
sixes to low sevens thismorning and it's really the same
message as last week.
So definitely go back andlisten to last week's if you

(00:45):
haven't, or I would say, listento it again.
We're patiently waiting.
We're waiting to see what'sgoing to happen.
There's a lot of, again somepeople would say unstable parts
of the market or just parts ofnot quite knowing what's going
to happen.
If you've been watching thenews, you know some of it's fear

(01:11):
mongering, some of it's actualfact and some of it we just have
to kind of weed through what'sreal and what's not.
So, with that said, it's reallyimportant that you partner with
someone like Nikki Erickson andwatch her on social media.
Find someone where they'reshowing up every day, such as
Nikki Again, she's mortgages Ato Z, which is Arizona to

(01:34):
Minnesota.
So finding that person orfinding that partner that will
give you the information, thecorrect information, and you can
create content around it.
And what you want to do in thistime of uncertainty, where
people can go just aboutanywhere to get information, is

(01:56):
you want to be one of thesources of information, if not
the source of information.
And how you do that is you showup every day.
You come from contribution, youcome from education.
You take what's actuallyhappening, real time in either
your conversations with clientsor past clients or potential

(02:20):
clients or things that arehappening in transactions, and
you bring that to your socialmedia, you bring that to your
newsletters.
You be a little bit vulnerablewhen something happens.
I'm sure if you're on Facebookor on Instagram or TikTok or
whatever social media platform,it's refreshing when an agent

(02:44):
shows up and is like suck, Icannot believe this transaction
fell apart or this happened, orda, da, da, da da.
Because what?
Often again, in social mediayou're only getting the top 5%
to 10% of a person's business orpersonal life.
We're not seeing the crap stormbehind the curtain of actually

(03:08):
what happens.
So showing up and educatingfrom a vulnerable position.
A lot of agents are, what I'velearned, fearful to do that
because they just think that itwill make them less credible.
Or you don't know, or look likeyou know exactly what you're
doing.
Credible, or you know you'll.
You don't know, or look likeyou know exactly what you're
doing, or you failed here.

(03:29):
So better stay away from thatthat agent, whereas I felt that
the opposite is actually true.
The more that you show up umand, first and foremost, always
take responsibility if it'syours to take Um, but everyone
knows that um, not everything'sperfect and the more that you
can show up in that light andcome from a place of this is

(03:53):
what happened, this is how wedealt with it and going into
solution mode first and foremost, versus sitting and stirring
around in the problems and theuck of everything you know.
Solution mode is where you canshow up as the victor, the hero
or whatever you want to call it.
But I think it's important thatwe stay positive, show up as a

(04:17):
light versus a darkness in thistime, because so many people
just aren't certain.
They don't know what they don'tknow and there's a lot of
miseducation out there.
So I encourage all of youagents to be the voice of reason
, the voice of hope and thehonest voice.

(04:38):
So showing up and finding outwhat's happening in real time
from credible sources like Nikki, I think, is first and foremost
from credible sources likeNikki, I think is first and
foremost Now she says that a tipfor contacting anyone that's
closed in the past year.
So insurance rates are going up.
So Nikki wants to encourage youguys to all reach out to your

(05:02):
clients to look around and getquotes.
It's a great touch point and itcan bring value and make a huge
difference in your pastclients' lives and checkbooks
and bank accounts.
So that's a great thing.
I know Nikki and I are actuallydealing right now and I've heard
it across the industry and indifferent trainings Insurance is

(05:25):
just, especially if you have acondo or townhome or association
.
I actually had a closing thatwas supposed to happen April 3rd
and it is now the 21st and wejust canceled because we were
trying to get the masterinsurance certificate to give a
certain amount of coverage andso my numbers were right then

(05:49):
and there the association wascovering $784,000.
Now this particular buyer cometwo days before closing.
When the underwriter looked atthe master copy.
It needed to be a coverage of$825,000.
So Nikki said it best.

(06:11):
She said I could literally makea job out of being a consultant
and going around to theseassociations and helping them
understand, because they don'tunderstand what's going on.
So what we did is we workedwith the association, who worked
with the management company,who worked with the insurance

(06:33):
company.
So you have three deep.
You're far removed and we justneed to get the gap coverage
because the policy is renewingon June 30th to the 825.
And they would not do it andthis buyer's lender, come hell
or high water, is like it canhappen.
It can happen.
It can happen.

(06:54):
Well, meanwhile my sellers movedout.
They're sleeping on an airmattress with a TV and a pot and
a pan, and that can get prettydepressing.
We stopped looking becauseobviously theirs wasn't closing,
they were contingent on it.
We stopped looking becauseobviously theirs wasn't closing,
they were contingent on it.
So just be aware, there's a lotgoing on in the insurance world
and Nikki had mentioned thatever since that condo building

(07:24):
collapsed in Miami.
So much of the issues thatwe're having today are an effect
or a result of that.
So other associations, otherinsurance company, they're
taking note of what happened andtaking something that was a
catastrophe and a disaster andvery heartbreaking, and learning
from it, and they're learningfrom it along with all of us.

(07:47):
So things are just implementing, they're snapping their fingers
, they're putting these laws,putting these restrictions,
putting these things in placeand no one understands what it
is.
Or if they do understand, theydon't understand the inter parts
, the working parts of what ishappening.
So I know my client's purchasealso can't go forward because

(08:13):
they're doing the same thing andif the association does not
figure this out, it's going tobe a cash only association,
which what's going to happen tothe five houses on the market if
there's not a cash buyer forall of them?
So again, as agents, we need tostay on top of this.
We need to understand this.

(08:34):
I've worked with some greatlisting agents the buyers agent
for my listing was great as well, and all we can do is work
through it together, but findpartners and people that you can
ask questions.
Nikki is a great one becauseshe understands this inside and
out and what this looks like andwhat we can and can't do.

(08:54):
So touch point go back if youhadn't sent out a.
You know we just got throughEaster.
I know some people do sendholiday messages, some don't,
because of religious backgrounds, but this is the perfect
opportunity with so much goingon insurance rates changing,
with values changing.

(09:14):
Also, ask for some successstories.
If you need something to poston social media, go to your
social media and ask for asuccess story.
If anyone has renegotiated youknow what company and find those
and find what companies work.
If you yourself have re lookedat insurance and gone through

(09:34):
the process and found you knowhow many companies did you go
out to and have run the numbersand how did it come back, which
one was the highest, what wasthe lowest and I know all of
them are different based uponyour stats and your home and
credit score and all that.
But think about that.
Think about how eye-openingthat could be for people,

(09:56):
especially today, that aretrying to figure out ways to put
more money in their bankaccount and less out being paid
out.
So I appreciate Nikki forshowing up with that and you
know, listen to last week's callas well to get up to date.
We're still waiting, but take,take Nikki's and my

(10:16):
recommendation, and that's agreat reason.
And another touch point toreach out to your clients is,
you know, find out what'shappening with their insurance,
how much it went up, andencourage them to go out and get
some quotes.
So appreciate you for showingup and, of course, reach out to
me if you have any questions orconcern.
You can find the replay or sendthis to an agent that needs to

(10:38):
hear it, either on my podcast,youtube channel channel or
family tree and workplace.
And until next week, make it agreat week and go sell something
.