The 2020 election, along with the recent resurgence of COVID-19 across the U.S., have been the most important developments in the U.S. economy. With this, a handful of variables can show why home prices have been rising in every corner of the U.S.
According to a chief J.P. Morgan executive:
“While risks to our growth outlook now appear skewed to the downside for the near-term, we think the economy could be set up to grow rapidly at some point next year as vaccine related news has been generally favorable lately. While we have not changed our modal view that a vaccine will be rolled out to different parts of the population at varying times throughout much of 2021, we are growing more confident that this distribution will occur.”
– Mike Feroli, Chief U.S. Economist at J.P. Morgan
Insights on the future of the US housing market:
- The National Association of Realtors (NAR) reports existing home sales surged in September 2020 to levels not seen in more than 14 years.
- Prices for single-family homes across the U.S. increased 12% in the third quarter of 2020, the biggest yearly jump in seven years.
- The cost of housing continues to rise, with 117 regions seeing double-digit gains.
Mortgage Rates and Credit Scores Tell the Story:
“Some of the volatility in financial markets has led to a preference for houses as a store of value, because what we’re seeing is that by type of unit, by geography – the common factor is mortgage rates” – Mike Feroli
According to J.P. Morgan, the outlook for U.S. Housing in 2021 is expected to reach multi-year highs as the current Federal policy looks set to remain accommodative to this market trend.
Growing Your Business With A Virtual Real Estate Transaction Coordinator
As a real estate professional, you’re already familiar with what a transaction coordinator does, and why it’s crucial to your real estate business. Staying on top of administrative TC functions – like overseeing the escrow process — is essential to your success.
You can be more effective in real estate if you’re not bogged down by paperwork, repetitive administrative tasks, and troubleshooting bureaucratic red tape delays and issues. A virtual transaction coordinator can take care of these tasks and ensure that sales paperwork and its administration run smoothly and your clients are receiving excellent customer support.
With a virtual transaction coordinator, you can become more efficient & effective in your role of selling homes – while your transaction coordinator handles all the repetitive tasks involved with closing a transaction – like gathering documents and signatures, calling clients, and stakeholders, completing paperwork, following up on contracts & requirements, and putting together a broker file for each completed transaction.
Sample tasks for your virtual transaction coordinator include:
- Goal setting – review goals and schedules to provide progress updates and help you stay on task
- Seller/Buyer prospecting and servicing – complete required paperwork, gather estimates, and help find/choose service providers
- Escrow management – open escrow and coordinate the many necessary functions of this process through closing
- Documentation management – draft routine documents (i.e. Seller’s Disclosure Packet, addendums, waivers) and review forms for accuracy, signature verification, and missing information
- Transaction and closing coordination – manage the cumbersome appraisal, title/escrow, and mortgage loan processes
- Client coordination and communication – operate as a point of contact for your clients to ensure their needs are met and they receive the attention they deserve throughout the buying/selling process
- Scheduling coordination – oversee the scheduling for clients, service providers, and lenders to help ensure essential tasks are being completed
- Research – perform background and inquiry tasks, as needed
- Tailored support – provide administrative support personalized to your specific requirements
In addition, MyOutDesk Virtual Assistants can also:
- File & systematize information collected for client documentation
- Input & sync data collected across multiple software systems
- Perform third-party verification procedures for loan-level data
- Coordinate personal & administrative tasks
- Manage calendar & appointments
- Coordinate travel arrangements
- Complete orders & fulfillment
- Solicit & nurture 5-star client reviews
- Process client documents & follow-up accordingly for incomplete information
- Assemble agent audit reports
- Compile, format, and summarize information for documents and presentations
- Coordinate website & account configuration necessary for loan processing
- Team task management
…and so much more.
To start the process of getting your own Virtual Loan Processor Assistant, click here to schedule a call now!
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