5 Instagram Reel ideas to grow your real estate brand, business

by | Apr 22, 2025 | Industry, News Feed

Focus on being helpful, real and a little bit creative in your social media content, Kate Hulbert writes, and the engagement (and leads) will follow.

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Let’s be honest — there’s a lot of real estate content out there, and not all of it is what you’d call scroll-stopping. But when done right, Instagram Reels can help you stand out, connect with your audience and show off your expertise (without feeling like a walking sales pitch).

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Whether you’re just dipping your toes into Reels or ready to level up your content game, here are five ideas to get those views — and clients — rolling in.

1. A day in the life (Yes, it’s more interesting than you think)

Let’s face it — people love peeking behind the curtain. “Day in the Life” Reels are a tried-and-true way to show off the real (and really busy) world of real estate.

From early morning coffee runs to afternoon showings and late-night paperwork, these Reels give your audience a glimpse into the hustle and heart behind your business.

Don’t be afraid to show the messy middle — missed calls, spilled coffee or a deal that almost fell through. It makes you human, and that builds trust.

Inspiration: This agent does a great job of weaving both her personal and professional life together on her Instagram page. 

2. What you get for [insert price point]

Instead of another “Just Listed” post that disappears into the scroll void, try a Reel that shows what buyers can actually get at different price points. Whether it’s a cozy condo under $400,000 or a million-dollar mountain view, this format is endlessly clickable — and super helpful.

Break it down by budget, neighborhood or property type. Just make sure to get the listing agent’s permission if the property isn’t yours.

Inspiration: We threw together this “What You Get For” Reel without leaving our desk, and it got a ton of shares and sends.

3. What’s happening around town? (Hint: You probably already know)

You’re already in the know when it comes to local happenings — use that to your advantage. Whether it’s a new restaurant opening, a development breaking ground or a community event you’re excited about, share it.

Not only do these Reels show that you’re dialed into the local scene, but they also reach people who may not be following you for real estate but end up following you because of your local expertise.

These Reels often perform better than listing content. People want to know what it’s like to live in a place — not just what the houses look like.

Inspiration: Reels like this one are consistently the highest performing for our office. They help us reach a whole new audience, just by getting shared.

4. Neighborhood spotlights (because people don’t just buy homes — they buy a lifestyle)

Think of this like the highlight reel of your favorite parts of town. What’s the vibe? Where’s the best happy hour? What’s the trail that locals actually use?

Use Reels to spotlight neighborhoods, parks, schools, coffee shops — anything that gives potential buyers a feel for the community. Keep it real, and include things locals actually care about — walkability, dog-friendly spots and the best place to get a strong cup of coffee.

You’re not just selling square footage — you’re selling a lifestyle.

5. Real estate tips (that aren’t boring)

Short, punchy, and packed with value — that’s the secret sauce for educational Reels. Teach your audience something — how to make a stronger offer, the biggest mistakes first-time buyers make or what in the world an appraisal gap is.

The more people learn from you, the more likely they are to trust you when it’s time to make a move. Don’t be afraid to grab viewers’ attention with a hook. Try titles like: “Please don’t buy a house until you hear this,” “How to not overpay in this market,” and “3 mistakes buyers make (and how to avoid them).”

Inspiration: This agent is consistently putting out educational-style Reels with unique and catchy topics.

Instagram Reels don’t have to be complicated — they just need to be you. Focus on being helpful, real and a little bit creative, and the engagement (and leads) will follow. Whether you’re showing off listings, sharing your expertise, or simply introducing your favorite local spot, remember: your personality is your brand. 

Kate Hulbert is the marketing director at Bozeman Real Estate Group in Bozeman, Montana. Follow her on Instagram or Facebook.

This post was originally published on this site

How Much Do You Need for Early Retirement? (How to Calculate Your FI Number)

by | Oct 8, 2024 | Investing, News Feed

What’s your financial independence number (FI/FIRE number)? Are you being too conservative, or are you cutting things close? Do you even have one? Today, we’re taking a deep dive into this hotly debated topic to help you build a nest egg that will support your early retirement!

Welcome back to the BiggerPockets Money podcast! How much money do you actually need to retire? For years, the four-percent rule has been the “official” stance of the FI community. But why is it, then, that so many people continue saving and investing when they can comfortably retire? In this episode, Scott and Mindy talk about their own FI numbers, how they calculated them, and how their financial positions have evolved over time. You’ll learn whether the four-percent rule still works today or if you need a larger buffer!

If you’re worried about inflation, one of the best things you can do is keep your living expenses in check. This might seem out of your control, but there are several ways to either lock in certain costs or eliminate them entirely. We’ll discuss the many advantages of a paid-off house, self-managing your rental properties in retirement, and a one-time investment that could help you save thousands of dollars over your lifetime!

Click here to listen on Apple Podcasts.

Listen to the Podcast Here

Read the Transcript Here

Mindy:
In the fire community, one of the most frequently asked questions is, what is your fine number? I’ve asked this a ton of times. It’s one of my go-tos. It’s a great icebreaker. Everyone wants to know if their fine number is too low, too high, too conservative, or hopefully just right. More often than not, people are too conservative. Have you inflated your fine number just to be a little too high and could this be impacting your retirement today? We’re going to talk about that in just a few minutes. Hello, hello, hello and welcome to the BiggerPockets Money podcast. My name is Mindy Jensen and with me as always is my nose, his own risk tolerance. Co-host Scott Trench.

Scott:
I don’t think you could have come up with a beta introduction for me if you tried. Mindy BiggerPockets has a goal of creating 1 million millionaires. You are in the right place if you want to get your financial house in order because we truly believe financial freedom is attainable for everyone, no matter when or where you’re starting, as long as you actually know what your number is. Today we are going to discuss how to calculate your FI number and what you may be doing wrong. We’re going to talk about why your FI number may be too high, too conservative, and why that may be costing you a number of years and why the traditional ways of calculating your fine number, the 4% rule, are already baking in the most conservative assumptions that you probably need to plan out for your portfolio. Excited to get into this today.

Mindy:
I am too, Scott. Let’s jump right in. I’m going to put you on the hot seat. Can you give us a refresher for our audience how you calculate your fine number?

Scott:
First of all, this is such an issue because it’s the whole game, right? The question is how much do I need to retire? Everyone who is ever exploring the concept of financial independence retire early. The fire movement has to have an opinion on this number. The official stance of the fire community, I say that a little bit in jest, is the concept of the 4% rule. There is a large body of research starting with the Trinity Study and work developed by William Bangin, who we’ve had here on BiggerPockets money and followed up and expanded on by Michael Kitsis, who we’ve also had here on BiggerPockets. Money supports generally the conclusion that the 4% rule is the answer to how much do you need in order to retire la the 4% rule states that if you have a portfolio and withdraw of a 60 40 stock bond portfolio and you withdraw 4% of that portfolio or less, you never in history would run out of money over a 30 year period and it goes further than that and explains that in most cases, you end up with more money at the end of 30 years than in retirement.
Then you began your retirement with. Now this sparks the debate in the fire community. Well, if I’m retiring at 30 and I want to live to be a hundred, that 30 year component of the Trinity study and all this work really gives me the heebie GBS here. And as a result, while we generally all agree on the math and that the 4% rule is a great answer to the question, how much do you need to retire? We never, never find anybody in this entire industry doing this for years who has actually retired permanently on the 4% rule in a 60 40 stock bond portfolio in an early capacity with no other side bets, cash position, pension jobs, whatever. So how did I do it there? Is that answering the question? Framing it right?

Mindy:
I think you are correct with, I have two little changes. You said never has anybody run out of money in history retiring on the 60 40 with a 30 year horizon, and it’s actually 96% success rates. So there are a couple of times when you retire into a period of high inflation, prolonged high inflation, so you’re retiring in the sixties into the seventies hyperinflation. That was a time where when you ran out the money year 30, you know what? You might’ve actually been correct. Year 31 I think is when the bank account dipped below zero. So you said 30 years, you’re correct, but I know somebody’s going to send it out there. Send us a note. So I jumped there in advance.

Scott:
Ending 30 years with next to nothing is not an acceptable fire plan. So the point either way is the same when it comes to thinking about the 4% rule as the iron law of can you retire early?

Mindy:
Yes. However, I will argue back against people who are like, well, we’re in a period of high inflation now. First of all, inflation is already coming down. It wasn’t a prolonged period in the seventies. And second of all, if you got yourself to the position of being financially independent, chances are really good. You’re checking in on your finances at least somewhat. I don’t personally do it, but my husband does it every single day, which is way too much for me, but I know that I don’t have to because he’s doing it every single day. He’s keeping an eye on it. If there was a downturn, if there was a prolonged downturn, we would do something to right the ship. We wouldn’t just be like, well, it says we’re going to have to be withdrawing 4% every year. So that’s what we’re going to do. And even if we run out of money, there’s no way to change it. I mean, just a little bit of difference will change your whole financial outlook. You could stop spending money for a year, go get a job or a part-time job or something for a year. So I think that not only is this the most common question, what’s your fine number, but this is also a really big source of debate between people who say 4% isn’t conservative enough. So I hope to dive into that a little bit with you today, Scott. Have you calculated your FI number based on your spending? And the 4% rule

Scott:
I have, and I’m way past it at this point, frankly, which is a really interesting position to be in because I’m in the same bucket as essentially every other person who, well, I haven’t left my job, but every person who has actually left their job and retired early finds themselves in my experience in this position of having well beyond that number from a fire planning perspective.

Mindy:
Yes, and I think that our current timeline is part of the reason for it. We started, my husband and I started pursuing financial independence about 11 years ago. We reached it fairly quickly, although we were halfway there. I continued to work. He continued to work. Our nest egg has grown and doubled and doubled again, and then a little bit more. So we are not in a position to worry about our finances, but I can see how somebody who is listening to this in 25 years is like, oh, well, she did it with a huge stock market tailwind. We’ve had a crazy market for the last, what, 20 years? 15 years, 20 years? Oh, I’m sorry, I’m forgetting about 2008. How can I forget? About 2008 for the last 10 or 15 years, we have had a crazy market. So I think that there’s a lot of things to consider, but also overwhelmingly people are too conservative with their original FI number.

Scott:
Let’s put ourselves in the shoes of someone listening, and if you’re listening, let us know in the comments or on Facebook if you disagree. But if I’m going back 5, 6, 7, 8 years ago and I’m thinking about the journey to financial independence, the target is a net worth of between one and a half and two and a half million dollars inflation adjusted for the vast majority of people listening to this podcast. That will be the target. And when you’re on the journey there, that backs into a 4% number. I think that most people who are on the journey to fire back into a 4% rule number, and what we see is when people approach or even surpass that number, they’re not actually able then to retire. And that’s where the conservativeness comes in, right? Because people listening to the podcast who are on that journey are like, I’m totally fine with the 4% rule.
I get the math and I’m still shooting for it. But what we’re I think addressing here is that the reality of once you get there is that most people tend to go way beyond it or have backup plan after backup plan after backup plan for it. And so that brings up the two I think conflicting problems or the big argument in the fire community about this. Number one is, hey, there are a number of cases in history where you will end up with less money at the end of 30 years than you started with on a nominal basis, which is an unacceptable outcome for a lot of people in the fire community because they plan to live more than the 30 years of traditional retirement planning. And the second is that the 4% rule assumes and Mr. Money mustache put this beautifully in a 2012 article called How Much Do I Need for Retirement?
It assumes that the retiree will never earn any more money through any part-time work or self-employment projects for the rest of their lives. It assumes that they’ll never collect a single dollar from Social Security or any other pension plan. It assumes that they’ll never adjust their spending to account for any economic reality like a huge recession. It assumes that they will never substitute goods to compensate for inflation or price fluctuations like taking a vacation in a cheaper area one year versus doing something different in another year. It assumes that they’ll never collect any inheritance. It includes that they will never spend less as they age, which is a typical pattern that we see in a lot of retirees. So those assumptions are also not baked in to this 4% rule analysis. And so those are the two tug and poles on there, but I think that it doesn’t change the reality that every case of fire that I have come across to this point has involved someone starting with this goal of the 4% rule and going beyond it before actually pulling the trigger and quitting.

Mindy:
While we are away on a quick break, we want to hear from you, do you know what your fine number is? Submit your answer in the Spotify or YouTube app. Okay, we’ll be back right after these quick few ads.

Scott:
Alright, let’s Phi Noli jump back in

Mindy:
And I think you’re correct, Scott. We haven’t found anybody who is solely living off of their 4% rule withdrawals and not having any other side businesses. However, I do want to call out millennial revolution. They have their portfolio that they retired on and all of their additional income that is coming in now is going into a different bucket. They are pulling out of this main bucket, their 4% rule retirement bucket. They are only spending the money that they’re pulling out of there and they are living well within their means off of this money. They said that they have been doing this for 10 years and they have more money now than they did 10 years ago while continuing to withdraw 4% every year.

Scott:
Think about that example though. That’s the fun part about this, right? B Bryce and Christie, right? We had them on the show here at BiggerPockets Money too, right when they were starting this journey and they’re like, they’re geniuses. They get all this, they know all the math behind this. They wrote a book called Quit Like a Millionaire in the Space that’s really popular. You should go check it out. If you haven’t read it yet. They know what they’re talking about and they can’t even do it. They have to have the side income stream just in case their experiment doesn’t work out of traditional financial independence. And that’s the conundrum. That’s the topic today is yes, that number that is too conservative, it’s too much. They didn’t need the other side of things there because the math generally works. It’s got a real high enough hit rate that if people did it, they would retire on time and spend the minimum amount of time working and the maximum amount of time in retirement on that. But nobody can actually mentally do that without some sort of side bet.

Mindy:
Well, I don’t know that they have a side bet on purpose. I think their blog just started generating income and they wrote a book and that generated income and little other things generated income. I don’t think they set out to say we don’t believe in the 4% rule, so we’re going to make extra money. I think it just happens that they’re making extra money. The same has happened for my husband who has been retired for seven or eight years. I can’t remember now. It has happened for I am making more money now than I have ever done before. Although I do have a job, which is one source of income. I have a real estate agent license that’s another source of income. We have dividends from index funds. We have dividends from stocks that weren’t started out as dividends. There’s all these little buckets that start coming in and it feels like, so your

Scott:
Plan is too conservative.

Mindy:
It almost feels like you can’t stop it. Our original number was $1 million and I think that that might have been a little aggressive for us because we have started spending more money, but also we have started spending more money because our nest egg has grown so much. So it’s kind of a chicken and an egg thing.

Scott:
Well, look, we have this dynamic and we have wonderful math and we’ve had the people who do this research on the show and one other call out about Bill Bangin is Bill Bangin did this research and then maybe a month or two after he was on the show, maybe even a month or two before he was on BiggerPockets money, he went 70% to cash with his own personal position because he feared market correction and he didn’t use his rule to do that and he was totally fine with that. And that’s a psychological and personal preference for all of this. It’s not necessarily good retirement planning or a way to maximize wealth necessarily, but this is the guy who did the original study, couldn’t even adhere to it or didn’t adhere to it maybe is the different word. Chose not to adhere to it for what I’m sure are great reasons for him, but that’s the conundrum. So we have great math and we have no literally zero examples in six years and 550 plus episodes here of people who have actually done this.

Mindy:
And if you have, email [email protected], [email protected] and let’s tell your story because we do truly want to tell your story. We just haven’t found you yet.

Scott:
Let’s take that and say how does this factor into the plan here? Well, the plan should be amass 25 times your annual spending. That’s where we things start and know just that you are going to want to go beyond that unless you are the person who we’ve been looking for for years who will actually pull the trigger at the 4% rule with nothing else on top of that. And again, we would love to have you on the BiggerPockets Money podcast when you do that at that point or within a percentage, 1% or so of that inflection point. So that’s the plan. The plan is get there and know that that’s the beginning of the end and you’re going to move on to other parts of the process here. Then we can get into talking about more nuances from fire. And what’s kind of been interesting to me is these concepts of lean fire, regular fire, chubby fire, fat, fire and all of the things in between. And one of the things, Mindy, that I have been thinking about is inflation and protecting against this desire to maybe so kind of want to spend more as life progresses rather than keep spending flat and how to plan for that. Right? And so do you have any ideas around how someone who’s preparing for fire can lock in core expenses so that they’re protected from rising costs and inflation as much as possible?

Mindy:
Well, there’s always going to be things that you cannot control. The cost of food is going to continue to go up. The cost of gasoline is going to continue to go up. You can hedge your bet by having an electric vehicle and solar panels on your house and then you’ve mitigated your gasoline cost. You’ve mitigated some of your heating costs, some of your working around your house costs, assuming that the sun doesn’t go out. Of course you can buy a car with cash so you don’t have a car payment. You will have some repairs and you’ll need to be saving for those. But that’s not the overwhelming majority of your vehicle expenses. It’s the payment itself, the gasoline and a little bit of upkeep. You can buy a house and not be tempted to move and move and move again. Get a fixed rate mortgage, pay it off completely either way, your annual expenditures are going to be far less with a fixed rate.
Mortgage and predictable taxes are always going to go up. Property insurance is always going to go up. So if you have a principal interest, taxes, insurance, mortgage, then your mortgage is never going to be a fixed cost. But the principal and interest part will be a fixed cost. And that doesn’t change if you’re all paid off. You still have to pay property taxes. You still don’t have to pay property insurance, but I highly recommend it. Getting your costs fixed with either fixed rate, interest rates, fixed rate loans, or removing that cost altogether while you’re on your FI journey. So you have the paid off everything I think would be the best choice. But there are some things that are not going to be predictable when you are operating under a, I am spending X per year, you still need to pay attention to what you’re spending. It’s so easy for your spending to go up. So if you think you’re spending $50,000 a year, check in on yourself loosely if you’re on track to spend $50,000 a year, but tighten up a little bit if you’re not on track or rethink your fine number. There’s a lot of ways to lock in your expenses on most things so that the fluctuating expenses like food aren’t going to derail your whole budget.

Scott:
Let’s talk about some of these items here because I think that as you think about planning for fire, the expense side is so much more important in a lot of ways than the asset base or even the income on it because if you need to spend a lot, you need to realize a higher income, which puts you in a higher tracks bracket, which puts a pressure that compounds the whole way up the stack. On the net worth side, you need a lot more net worth to spend $300,000 a year comfortably in retirement. Then you do $50,000 a year in retirement and it’s a compounding set. So the difference between 50 and 60 is not that large in terms of tax consequences, but every little bit counts. And so when you think about the way to protect your fire plan from inflation, I think that that’s right, right? You just went down the stack and I just want to repeat some of them here and think through ’em the home, right? What percent of people who actually retire with something closer to the 4% rule, do you think pay off their mortgage? Mindy, if you had to guess

Mindy:
Paying it off before the 30 years is up, wow, I would say that’s pretty low, like 20, 30%.

Scott:
I would bet you that. So I think there’s a carve out here. I think for people like yourself who have much more than you need for a fire and a low interest rate mortgage, they’re not paying that off because it’s an investment decision at that point. But for people who are somewhat close to that bubble, I think that they’re paying it off. I think you’re going to find that paying off the home mortgage is very popular in, I actually retired and left my job before the age of 60 in this country. I wonder how we could pull that, but I’d love to have a discussion, go in there and see how people think about it and who’s fired and is not way beyond the 4% role, but it’s just a little bit behind this 4% rule. And if you did, did you pay off your mortgage first or do you still have it?

Mindy:
Okay, I have to write down these questions because I’m going to pull our audience in the Facebook group, which is facebook.com/groups/bp money

Scott:
If folks are interested in learning more. Mindy and I had a very spirited debate about this on episode 5 54 where we talk about the math of paying off a mortgage early and we really nerd it out on a lot of the pre and post tax consequences of that. But I think that that’s a really good way. Okay, you have a paid off house your rent, you’re not exposed on the rent side to inflation for as long as you live in that property. You are exposed in the costs of home maintenance, you’re exposed in the cost of utilities, you’re exposed in the cost of insurance and property taxes or your HOA if you have one. And so those are things that are in there, but you can control the fact that rent is not going to grow. And I think that despite some folks in the space like Ramit Safety, who very rightfully talk about how a lot of millionaires should rent and that renting is in many cases a better alternative if you’re planning for a 30 year retirement and actually want to pull the trigger. I think a paid off house is a pretty helpful way to think about it for a lot of folks because you just know that expense is not going to grow with inflation on it. So I think that’ll be a popular move and that’s something I chose to do. I like to not have to worry about that expense rising over time except to my real estate portfolio

Mindy:
And I chose to get a mortgage when I bought this house. We actually had to pay cash for it in order to be able to close quickly and then after six months we chose to get a mortgage on it because rates were so low. And because I want to take that money that is, for lack of a better word, sitting in my house and put it to use in the stock market.

Scott:
We should take one fi, no break, but stick around for more on adjusting your FI number when we’re back. Welcome back to the show. Let’s talk about solar panels next. So this is one in there, right? Okay, here’s the thought process that I would go through, right? Okay. My energy bill is 150 bucks a month or whatever it is, and I can get solar panels and that knocks out an $1,800 to $2,000 a year expense on my life that I was just permanently knocked out. What’s that going to cost me? Like 25, 30 grand, something in there much more. Okay, great. What do I have to, so what do you think it will cost me to get solar panels like that?

Mindy:
Okay, so I put solar panels on my house. I say my husband did it, I didn’t do it. He would love to talk to you about it ad nauseum forever. But we put solar panels on the house. We did a DIY installation, we got quotes from other companies. The least expensive quote that we got for half of the amount of panels that we ended up putting on was $7,000. This was unacceptable. So Carl started looking into DIY. We’ve got some friends who are electrical engineers, we’ve got some friends who are electricians, we’ve got some contractor friends and he’s just really handy. So we installed the panels ourselves. We did end up paying an electrician to come and change out the panel, which has to be done and all in it was $13,000 for us to put in twice as many panels as the original $37,000 quote. We got a tax credit, so our net cost was something like $9,000 out of pocket. We live in Colorado where they advertise it’s 330 days of sun every year. That’s not quite accurate, but it’s close enough. We get a lot of sun here. So in a place that doesn’t get a lot of sun like your northern states, I wouldn’t even consider putting on solar panels.

Scott:
Wait, wait, wait, wait though we were so close. What did your energy costs go from until

Mindy:
Well, so we have twice as many panels as we needed at the time. We also now have two electric vehicles that are charging. We have a swimming pool, we have an air conditioner that all run on electric. Our net is about break even like what we are making from the sun and what we are using. But we will have a surplus over the winter months when the air conditioning and the pool aren’t running. And then over the summer we use up that surplus. My electric company pays me the retail rate for my excess electricity, which is not always something that your electricity company will do. Sometimes they will pay you the wholesale rate. So even though you’re paying, I dunno what it is, you’re paying a dollar a kilowatt hour and they are paying 20 cents a kilowatt hour for your extra. So there’s not the same break even.

Scott:
But now let’s take that and move that into the context of fire. So you put $9,000 into this project and your electricity costs went on an annualized basis from what to what

Mindy:
I will say about $200 a month, $20 a month for the connectivity because that charge will never go away.

Scott:
So we went from $2,400 a month to a year to 25, 200 $50 a year in electricity costs. And let’s also call out the fact that this just move also came with two electric cars, which means no gas. I dunno how much you drive, but let’s call that another a hundred dollars a month for two electric cars, at least in cost savings. That is fueled by your solar panels here and decisions to do other things. Do you have a power bank as well that stores electricity as part of this? Okay, so that would another potential one that would, I think those are pretty expensive from Tesla or whatever that can bank power for the home. But for this $9,000 investment, you reduced your cash outlays and electricity by $2,000 and maybe by another 1200 bucks. That’s $3,200 a year for when you think about gas savings with the two electric vehicles that you now have.
So that break even is closer to three years. And let’s also talk about how now you don’t need to generate, you don’t pay tax on that $3,000 on that return. That is all post tax that just stays in your account. You don’t have to realize income to do that. And I know, or I bet you guys are in a pretty high income tax bracket between all your investments and the things that are going on. So that’s a major savings. So you’d have to generate, that’s like a 33% return post tax per year when you factor in all the other decisions that came from it. And so that is what’s really interesting to me. Now, if it’s $67,000 to get the solar panels in there, you have a major problem. But that I think is part of the analysis of PHI that people should be thinking about here is, okay, and think about all the things that go together home. You’re not going to do that on a place you rent. So there’s a home factor in here. I think that there’s a connection here that can be explored when you think about how do I protect my life from inflation? Well, it’s thinking like that. What else can you do along those lines to set up your living environment so that you can make those kinds of decisions. So I think Carl’s math on this and yours here, I think it’s a home run, this investment.

Mindy:
Yes, for sure. We are not at all sad that we have gotten these Originally when we put them on, we were going to stay here for another four years and now we may move in a year or so, we’re just moving around the corner, but then we would sell this house and we wouldn’t have the solar panels anymore. It has been a good choice for us. But again, if you don’t have all of these other factors, it might not be a good choice for you If you can’t, DIY it 37,000 versus 9,000. That’s a big difference. And that 37,000 was taking into account the credit that we would be getting from I think the state or the federal. I can’t remember who gives the credit,

Scott:
But this is a perfect, this is a perfect example, right? So you’re fired, you’re close, you’re worried about being conservative, right? Go a little bit beyond and consider how do I create a life situation that costs as little as possible with my new found time in retirement, right? I am not going to run BiggerPockets during the day and then get on my roof, DIY, installing solar panels in the evenings and weekends At this point, if I was fire, I might and that was my day or that my plan that might actually happen on there. And so those are the types of things that you can think about when you’re starting to say, how do I protect my portfolio from inflation? Well, it’s this concept of you’re retired and you’re not at traditional retirement age. You can develop a lot of skills that can then drive these costs down.
Those skills can include solar panels. They can include getting really skilled at shopping and preparing meals for much lower costs. What might be practical or reasonable during your working career. For example, it can include operating parts of your investment portfolio or whatever that can save cost. If I was fire, my rental property portfolio for example, might not have a property manager or might not have a property manager for all of the portfolio, which generates an increase of 10%, I’m now not spending 10% of those rents on property management. And so those are the ways or those are the starter ideas I think to protect against inflation. And then there are certain things you just can’t protect against the fact that groceries will spend more or if you like to eat out food costs will rise. I was going to say gas, but we’ve covered gas actually.
Other things like insurance. So insurance, having a paid off house, you can have different deductibles for example that maybe your lender wouldn’t accept, which allows you to have cheaper insurance rates not moving when your house is sold. The tax appraiser has a very clear idea of what that house is worth at that point and could reassess the tax basis on it. If you live in the place for 20 years and the place doesn’t sell and it’s not a direct comp with all the neighbor homes, maybe your tax bill is going to lag behind other things. So we can’t control those directly, but we can influence them when we’re thinking about retirement and those things add up. When you take all of those ideas, all of these concepts around solar panels around paid off home that is not going to inflate over a dozen or a decade or two into retirement, that will make a major dent in protecting your spending from inflation are huge chunks of it. While your portfolio is very likely outpacing or at least staying in line with inflation, how are we thinking?

Mindy:
I’m wondering how I should be looking at the fine number if I’m not 60 40 stocks bonds, but instead a hundred percent stocks.

Scott:
I’ll tell you this, a nobody, if we might meet somebody, if retires on a 4% rule with 60 40, we will never meet someone who will retire on a 4% rule portfolio with just stocks. You’re pointing at yourself, but you may be a hundred percent stocks, but it’s because you’re well past the FI number. Nobody is, we’re never going to meet the person. Mindy, I’ll tell us right now and I will eat my words if it ever comes to pass, but we’ll never meet the person who will actually retire with no backup plan, with no other items in place at a 4% rule, a hundred percent stock portfolio, it will happen.

Mindy:
Okay? And his name is Scott. His email [email protected]. If you did in fact retire on a hundred percent stocks and are withdrawing from your 4% rule

Scott:
And have no emergency reserve and no pension and no side projects and are not close to attritional retirement age and going to withdraw social security and have no other gotchas or gimmicks in your portfolio that are side bets. Besides that true reliance on the 4% withdrawal rate from a hundred percent stock portfolio, I’ll eat my words.

Mindy:
I’ll put these on a cookie and have you eat that.

Scott:
Sounds good,

Mindy:
Scott. I thought this was a very fun conversation. Thank you so much for your points of view. I always learn something when I’m talking to you and now I have to go back and revisit my solar plan, my solar panel plan, maybe even revisit that video because I told people that it was not a break even and I think at the time we didn’t have the electric vehicles, but with the electric vehicle, I think that that’s a much more viable solution.

Scott:
Andy, I always learn from you and feel like your bets are though I couldn’t make solar panels work. I didn’t consider DIY installing solar panels. There’s no reason not to consider that. As I think about that project, I’ll just do that at some other future point, what I have a few weeks off on there, but that’s a home run. That’s one of the best investments that someone I think could make in that situation. Although I do have questions about whether rock sized hail will wipe out that investment.

Mindy:
Well, we did have those hailstorms last year and they’re still standing. Scott, when we move into the new house, we will be putting on solar panels. So come on up for a day and you can learn how to do it yourself. Alright Scott, should we get out of here?

Scott:
Let’s do it.

Mindy:
That wraps up this episode of the BiggerPockets Money Podcast. He is the Scot Trench. I am Mindy Jensen saying Tooles noodles.

Help Us Out!

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In This Episode We Cover

  • How to calculate your financial independence number (and when to adjust it!)
  • The four-percent rule explained (and whether it still works in 2024)
  • Why most people chasing FIRE don’t retire on the four-percent rule
  • How to control your expenses and protect against inflation in retirement
  • The “home run” investment that could save you thousands of dollars
  • And So Much More!

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Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

13 Real Estate Hot Spots You Won’t Want to Miss Next Year

by | Sep 30, 2024 | Investing, News Feed

Certain cities across the United States are emerging as economic powerhouses, creating ideal conditions for real estate investors. 

I’ve published two previous articles on cities with growing tech hubs and high income increases, both of which are highly correlated with price appreciation. Just take a look at the relationship between income and price growth for the top 100 metropolitan areas: 

Now, for the third installment in this series, I’ve decided to filter and rank each city’s economy as a whole, under the assumption that the stronger a city’s economy is, the more likely wages will rise, and with them, real estate prices.

I’ve analyzed the data, crunched the numbers, and identified 13 cities with the strongest economies that should be ripe with investment opportunities. Read on to discover where you should be looking next to maximize your returns in 2024.

How I Calculated the Top 13 Cities

First, I downloaded employment and wage data from the Bureau of Labor Statistics (BLS). I also included population data from the U.S. Census Bureau. Finally, I retrieved GDP-per-MSA data from the Bureau of Economic Analysis (BEA).

Next, I calculated one- and five-year growth for population, total employment, and wages for each market. I also used the population data to help create GDP-per-capita data for each city.

Then, I filtered out all cities that had population, employment, or wage decline over the past year. The most robust economies shouldn’t be declining in any of these metrics.

I also only kept metros where the five-year wage and employment growth were greater than the national median (in addition to higher-than-median GDP per capita). I thought this was a good gauge of general economic growth.

Finally, I wanted to rank the remaining metros by job growth. So I created a “relevant employment growth” index that ranked five-year percentage employment growth while still keeping size into account (a 10% increase for a city with 1 million jobs is more impressive than a 10% increase for a city with only 50,000 jobs, but including only absolute growth into an index has its own problems). 

Note: Because I used some college-level data science to create the relevant employment growth index, I’ll spare you the details. But feel free to comment if you’d like me to explain how I derived it.

After filtering, I was left with 13 U.S. cities with the best economic metrics, ranked by relevant employment growth. If you don’t see your favorite metro in the list, it’s likely because it either had less-than-stellar employment growth or had an income decline over the past year. Many metros did.

The Results

Now, let’s jump into the results, going from the least relative employment growth to the highest.

13. Allentown-Bethlehem-Easton, PA-NJ

The Allentown, Pennsylvania MSA has undergone a renaissance in the past few decades, from a failing steel manufacturing town in the 1980s to a growing hub for established businesses and startups alike. Allentown’s economy is currently supported by distribution, financial services, and healthcare jobs and remains in close driving proximity to Philadelphia (about one hour) and New York City (about two hours).

Key economic indicators:

  • Average Wage in 2024: $56,910.88
  • Five-Year Compound Wage Growth: 4.8%
  • Total Employment in 2024: 400,600
  • Five-Year Compound Employment Growth: 1.19%
  • Unemployment Rate in 2024: 4.1%
  • GDP Per Capita as of 2022*: $53,539.79

*The most current GDP and population numbers are from 2022.

Affordability indicators:

  • Median Price in 2024: $336,043.87
  • Five-Year Compound Price Growth: 9.26%
  • Median Rent in 2024: $1,796.08
  • Five-Year Compound Rent Growth: 7.35%
  • Rent-Price Ratio: 0.53%

12. Columbia, SC

The Columbia, South Carolina MSA is supported by the University of South Carolina, Fort Jackson, and healthcare and manufacturing companies. It’s also the second-most affordable market on this list (just behind Oklahoma City), with relatively high prices and rent growth.

Key economic indicators:

  • Average Wage in 2024: $52,590.72
  • Five-Year Compound Wage Growth: 4.47%
  • Total Employment in 2024: 434,900
  • Five-Year Compound Employment Growth: 1.63%
  • Unemployment Rate in 2024: 4.7%
  • GDP Per Capita as of 2022: $53,718.41

Affordability indicators:

  • Median Price in 2024: $252,535.39
  • Five-Year Compound Price Growth: 9.16%
  • Median Rent in 2024: $1,563.14
  • Five-Year Compound Rent Growth: 7.53%
  • Rent-Price Ratio: 0.62%

11. Colorado Springs, CO

The Colorado Springs, Colorado MSA is supported by military, professional services, distribution, healthcare, and tech jobs. I think Colorado Springs is an example of a steady market that continues to show healthy growth. 

Key economic indicators:

  • Average Wage in 2024: $61,301.24
  • Five-Year Compound Wage Growth: 3.92%
  • Total Employment in 2024: 336,600
  • Five-Year Compound Employment Growth: 2.21%
  • Unemployment Rate in 2024: 4.4%
  • GDP Per Capita as of 2022: $53,998.04

Affordability indicators:

  • Median Price in 2024: $464,485.54
  • Five-Year Compound Price Growth: 7.3%
  • Median Rent in 2024: $1,904.88
  • Five-Year Compound Rent Growth: 6.12%
  • Rent-Price Ratio: 0.41%

10. Greenville-Anderson-Greer, SC

The Greenville, South Carolina MSA is supported by distribution, professional services, and manufacturing jobs. It’s seen strong employment growth, particularly in the blue-collar and financial sectors.

Key economic indicators:

  • Average Wage in 2024: $58,228.04
  • Five-Year Compound Wage Growth: 5.1%
  • Total Employment in 2024: 467,200
  • Five-Year Compound Employment Growth: 1.61%
  • Unemployment Rate in 2024: 4.7%
  • GDP Per Capita as of 2022: $50,607.38

Affordability indicators:

  • Median Price in 2024: $299,935.17
  • Five-Year Compound Price Growth: 9.23%
  • Median Rent in 2024: $1,566.16
  • Five-Year Compound Rent Growth: 6.54%
  • Rent-Price Ratio: 0.52%

9. Cincinnati, OH–KY–IN

The Cincinnati MSA is supported by healthcare, financial services, and logistics jobs. But I think Columbus has the better economy of the two Ohio metros thanks to its higher employment and wage growth. Keep reading past Fayetteville, Arkansas, to see Columbus’ metrics.

Key economic indicators:

  • Average Wage in 2024: $57,448.04
  • Five-Year Compound Wage Growth: 4.21%
  • Total Employment in 2024: 1,166,200
  • Five-Year Compound Employment Growth: 0.8%
  • Unemployment Rate in 2024: 4.7%
  • GDP Per Capita as of 2022: $69,222.47

Affordability indicators:

  • Median Price in 2024: $288,937.75
  • Five-Year Compound Price Growth: 8.61%
  • Median Rent in 2024: $1,546.9
  • Five-Year Compound Rent Growth: 7.15%
  • Rent-Price Ratio: 0.54%

8. Fayetteville–Springdale–Rogers, AR

The Fayetteville, Arkansas MSA, commonly referred to as Northwest Arkansas, has an economic ecosystem supported by Walmart, Tyson Foods, J.B. Hunt Transport Services, and all the individual vendors that service these companies, comprising a healthy, growing economy. With strong job and wage growth, low unemployment, and appreciating prices, this market remains one of my top picks.

Key economic indicators:

  • Average Wage in 2024: $54,845.96
  • Five-Year Compound Wage Growth: 6.21%
  • Total Employment in 2024: 311,900
  • Five-Year Compound Employment Growth: 3.24%
  • Unemployment Rate in 2024: 3.0%
  • GDP Per Capita as of 2022: $56,074.19

Affordability indicators:

  • Median Price in 2024: $342,107.28
  • Five-Year Compound Price Growth: 10.86%
  • Median Rent in 2024: $1,612.96
  • Five-Year Compound Rent Growth: 7.51%
  • Rent-Price Ratio: 0.47%

7. Columbus, OH

The Columbus, Ohio, MSA economy is incredibly diverse and supported by government, finance, healthcare, manufacturing, and tech jobs, and has seen strong wage growth in the past few years. If the property taxes were a bit lower, this might’ve been my favorite market. At a state average of 1.59%, I believe there are a few better metros for real estate investors. But if you don’t mind that, this market has excellent fundamentals.

Key economic indicators:

  • Average Wage in 2024: $55,651.44
  • Five-Year Compound Wage Growth: 4.99%
  • Total Employment in 2024: 1,168,600
  • Five-Year Compound Employment Growth: 0.9%
  • Unemployment Rate in 2024: 4.5%
  • GDP Per Capita as of 2022: $66,834.95

Affordability indicators:

  • Median Price in 2024: $316,666.35
  • Five-Year Compound Price Growth: 8.92%
  • Median Rent in 2024: $1,568.42
  • Five-Year Compound Rent Growth: 6.3%
  • Rent-Price Ratio: 0.5%

6. Oklahoma City, OK

The Oklahoma City MSA has a growing number of professional services, healthcare, and government jobs supporting the economy. However, OKC sits in the heart of Tornado Alley, which drives up home insurance rates. According to Bankrate.com, “the average annual cost of home insurance is $4,846 for a policy with a $300,000 dwelling limit, which is 113% more than the national average cost of $2,285.” I’d prefer not to invest in a city known for its high occurrence of property-damaging weather events.

Key economic indicators:

  • Average Wage in 2024: $56,676.88
  • Five-Year Compound Wage Growth: 3.92%
  • Total Employment in 2024: 706,200
  • Five-Year Compound Employment Growth: 1.56%
  • Unemployment Rate in 2024: 3.5%
  • GDP Per Capita as of 2022: $52,153.23

Affordability indicators:

  • Median Price in 2024: $237,117.57
  • Five-Year Compound Price Growth: 7.96%
  • Median Rent in 2024: $1,365.59
  • Five-Year Compound Rent Growth: 5.66%
  • Rent-Price Ratio: 0.58%

5. Boise, ID

Boise, Idaho, has seen a large increase in employment over the years. While unlikely to grow at the same rate it did during the pandemic, the city should continue to see healthy job growth for the foreseeable future. This is a solid market for any investor who can afford it. 

Key economic indicators:

  • Average Wage in 2024: $56,876.56
  • Five-Year Compound Wage Growth: 6.74%
  • Total Employment in 2024: 408,100
  • Five-Year Compound Employment Growth: 3.42%
  • Unemployment Rate in 2024: 3.7%
  • GDP Per Capita as of 2022: $51,952.8

Affordability indicators:

  • Median Price in 2024: $480,564.72
  • Five-Year Compound Price Growth: 9.94%
  • Median Rent in 2024: $1,835.37
  • Five-Year Compound Rent Growth: 7.47%
  • Rent-Price Ratio: 0.38%

4. San Antonio–New Braunfels, TX

San Antonio, Texas, offers many military, healthcare, and professional services jobs. The area remains relatively affordable and has solid employment growth. The only thing I don’t prefer is the high property taxes (a state average of 1.68%, even higher than Ohio’s). 

Key economic indicators:

  • Average Wage in 2024: $53,292.2
  • Five-Year Compound Wage Growth: 3.74%
  • Total Employment in 2024: 1,178,000
  • Five-Year Compound Employment Growth: 1.82%
  • Unemployment Rate in 2024: 4.0%
  • GDP Per Capita as of 2022: $52,860.79

Affordability indicators:

  • Median Price in 2024: $288,944.75
  • Five-Year Compound Price Growth: 6.65%
  • Median Rent in 2024: $1,505.12
  • Five-Year Compound Rent Growth: 4.29%
  • Rent-Price Ratio: 0.52%

3. Raleigh-Cary, NC

Raleigh, North Carolina, has seen growth in healthcare, pharmaceutical, and technology employment over the years, and it doesn’t look like it’s stopping anytime soon. STEM growth drives appreciation, and the rising number of STEM jobs will likely have a positive impact on price appreciation throughout the metro area in the coming years. This is currently one of my favorite markets due to its strong fundamentals, and I can’t recommend it enough.

Key economic indicators:

  • Average Wage in 2024: $59,586.28
  • Five-Year Compound Wage Growth: 3.73%
  • Total Employment in 2024: 748,600
  • Five-Year Compound Employment Growth: 3.14%
  • Unemployment Rate in 2024: 3.8%
  • GDP Per Capita as of 2022: $70,178.38

Affordability indicators:

  • Median Price in 2024: $447,526.11
  • Five-Year Compound Price Growth: 9.35%
  • Median Rent in 2024: $1,797.17
  • Five-Year Compound Rent Growth: 5.91%
  • Rent-Price Ratio: 0.4%

2. Tampa-St. Petersburg-Clearwater, FL

The Tampa, Florida, MSA has experienced steady growth in the healthcare, finance, insurance, and technology sectors. Overall, it’s a good market with solid fundamentals and a diverse economy. However, insurance prices are likely to continue rising, as many properties are at risk from extreme weather events. Personally, I’ll be skipping this market.

Key economic indicators:

  • Average Wage in 2024: $57,930.6
  • Five-Year Compound Wage Growth: 3.96%
  • Total Employment in 2024: 1,548,700
  • Five-Year Compound Employment Growth: 2.48%
  • Unemployment Rate in 2024: 3.8%
  • GDP Per Capita as of 2022: $57,049.28

Affordability indicators:

  • Median Price in 2024: $382,195.19
  • Five-Year Compound Price Growth: 11.03%
  • Median Rent in 2024: $2,125.23
  • Five-Year Compound Rent Growth: 8.88%
  • Rent-Price Ratio: 0.56%

1. Phoenix–Mesa–Chandler, AZ

Powered by the nation’s largest nuclear facility (Palo Verde Generating Station) and containing the largest public university in the United States (ASU), it should come as no surprise that Phoenix is a booming metropolis. What is surprising is how much the city grew relative to its already-large size. The economy is diversified, ever-growing, and one of the strongest in the country. I also grew up here and have seen its enormous growth firsthand.

But does this growth have a downside? New-build developments may slow down—the Rio Verde Foothills neighborhood outside of Scottsdale had recently experienced a crisis when it lost its water supply (don’t worry, it’s back—just with a much higher utility cost to residents). 

Will Phoenix’s growth spur more water supply crises like this? Maybe, maybe not. But it may limit the rate of suburban sprawl, which may drive up prices in existing homes as demand for housing continues. If you can afford it, now may be an ideal time to enter this market.

Key economic indicators:

  • Average Wage in 2024: $63,566.88
  • Five-Year Compound Wage Growth: 4.41%
  • Total Employment in 2024: 2,413,300
  • Five-Year Compound Employment Growth: 2.58%
  • Unemployment Rate in 2024: 3.9%
  • GDP Per Capita as of 2022: $61,450.29

Affordability indicators:

  • Median Price in 2024: $459,067.25
  • Five-Year Compound Price Growth: 10.16%
  • Median Rent in 2024: $1,884.26
  • Five-Year Compound Rent Growth: 7.61%
  • Rent-Price Ratio: 0.41%

Final Thoughts

There’s no such thing as the perfect economy. However, each of these 13 cities saw wage, job, and population growth (and GDP per capita) greater than the national median over a five-year period, which could make them excellent markets for your next investment.

Personally, after I selected my market, I used the BiggerPockets Deal Finder to help me find properties that fit my investment criteria. It might be helpful for you as well.

Find the Hottest Deals of 2024!

Uncover prime deals in today’s market with the brand new Deal Finder created just for investors like you! Snag great deals FAST with custom buy boxes, comprehensive property insights, and property projections.

1 6 1

Note By BiggerPockets: These are opinions written by the author and do not necessarily represent the opinions of BiggerPockets.

How to leverage your first virtual assistant in real estate

by | Aug 8, 2024 | Industry, News Feed

Hiring a virtual assistant is about giving yourself leverage so that you have time to focus on income-generating activities and building relationships, coach Verl Workman writes.

Inman Connect is moving from Las Vegas to San Diego in 2025 and it’ll be bigger, better and bolder than ever before. Join us for Inman Connect San Diego on July 30-Aug. 1, 2025 with the brightest minds in real estate to shape the future of the industry. Reserve your spot today for an exclusive discount.

One of the most impactful decisions you can make from the get-go is to hire a virtual assistant. I personally believe that the first day you get licensed is the day you should hire an assistant. This isn’t just about having help; it’s about recognizing that your primary role is to prospect, list or sell homes and negotiate agreements. Many agents get into a massive bad rhythm, thinking they have to do it all by themselves. 

A virtual assistant (VA) can take on your time-consuming administrative work, which can be especially cost-effective when hiring from places like the Philippines, where the cost of living allows for competitive wages that are beneficial for both parties. 

It has been my experience that when we create leverage in our business and delegate things that do not give us the highest return on our time, our business grows, we thrive, and our stress level decreases.

For more than 20 years, we have hired virtual assistants and succeeded and hired and failed. We currently employ 15 virtual assistants, primarily from the Philippines, with the longest being employed for more than five years.  They are part of our team. They are highly skilled and provide great services, and most importantly, they are good people who love the opportunity to provide for their families while supporting ours. 

There are several companies, services and programs that hire, train and develop real estate-specific assistants, both domestic and virtual, and we have had both great and not-so-great experiences. The key is to vet the company, talk to current and past clients, and make your decision on who to engage based on research rather than opinion or gut feelings.  

Immediate VA support: A strategic move for agents

Hiring a virtual assistant is a strategic move that sets you up for success. It’s about understanding the value of your time and ensuring that every hour you spend is contributing to your business’s growth.

Here are a few things to consider before implementing a virtual assistant:

  1. Economic efficiency: A virtual assistant from the Philippines can provide exceptional service at a cost-effective rate, with the average full-time VA costing anywhere from $600 to $2,000 per month. The higher end would be using a third-party company to hire, train and support your VA. 
  2. Around-the-clock productivity: With the time zone difference, tasks can be completed while you sleep, so you wake up to progress every day, enhancing your responsiveness and service to clients. This is amazing when doing task-oriented work, including marketing, video editing, social media posting and file management.
  3. Scalability from the start: Having a VA handle administrative tasks allows you to lay the groundwork for scalable business practices that will support your growth as your client base expands. Your assistant should be creating an operations manual (with videos) on how you want things done — on how to do each task. This operations manual and system will allow you to grow and scale as needed, as well as remove the stress in the event of turnover in that position. 

Hiring a remote virtual assistant

Our teams have hired so many virtual assistants that we have systematized the process of hiring in the Philippines. We’ve hired dozens of virtual assistants and have learned some valuable tips along the way — both cultural and logistical. 

Here’s a step-by-step overview of how we hire from the Philippines:

  1. Define the role: Determine the specific tasks you need help with, whether it’s managing listings, scheduling, client follow-ups, social media, video editing, data entry or presentation creation. 
  2. Leverage online job platforms: Platforms like onlinejobs.ph have valuable resources for finding qualified Filipino VAs.
  3. Screen candidates carefully: Use targeted tests, like asking applicants to include a specific word in their response, to filter out those who lack attention to detail or comprehension.
  4. Conduct thorough interviews: Interview candidates via video calls to assess their communication skills and compatibility with your business culture.
  5. Offer clear contracts: Discuss and agree on contract terms, including responsibilities, payment (considering the $400 weekly average as a benchmark) and expectations.
  6. Implement a trial period: A trial period, such as the 60-day evaluation with upfront payment, can help you assess the VA’s fit with your team.
  7. Understand cultural differences: Acknowledge and respect cultural practices, such as the 13th-month pay, which is an expected bonus in the Philippines.

Creating leverage with your virtual assistant

The concept of leverage is about making the most of your resources, and a virtual assistant epitomizes this principle. By offloading tasks — such as data entry, market research, and administrative duties — you free up your time to focus on what you do best: selling real estate and nurturing client relationships.

Consider the daily tasks that don’t require a license to complete and that consume your time but don’t necessarily contribute to your bottom line.

I’d encourage you to list out all the activities you do on a normal day. In the column to the left of your list, simply put a yes or no to the question: Would you pay someone $100 an hour to perform those tasks?

If the answer is no, then those are the tasks you should delegate to your virtual assistant. This mindset shift is crucial in understanding the true value of a VA. By outsourcing tasks for less than $100 an hour, you’re effectively increasing your own productivity and earning potential.

The unique advantage of having a VA in a different timezone, like the Philippines, is that work continues even when your day ends. Assign tasks at the close of your business day, and wake up to completed projects and progress reports. This round-the-clock productivity can significantly shorten turnaround times and improve client satisfaction.

It’s clear that nobody can tell another what they must do, however, if you listen to experienced agents, team leaders and coaches, they will all tell you that getting help is the next step to success.  

Hiring a virtual assistant as soon as you get your real estate license is a strategic investment in your business’s future. With the right VA, you can focus on what you do best — selling homes and building relationships — while enjoying the peace of mind that comes with knowing the details are taken care of.

Embrace this opportunity to work smarter and set yourself up for long-term success in the competitive world of real estate. With a VA’s support, you can leverage time differences, reduce overhead costs, and ensure that your business operates smoothly, giving you the freedom to reclaim your time and focus on high-value activities that drive revenue and growth.

Verl Workman is founder and CEO of Workman Success Systems. Connect with him on LinkedIn or Instagram.

As rules change, your best friend is an entrepreneurial mindset

by | Jul 24, 2024 | Industry, News Feed

At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.

In the ever-evolving world of real estate, chaos is often the only constant. Market fluctuations, technological advancements and shifting consumer preferences create an environment that is both challenging and ripe with opportunity.

The recent Sitzer | Burnett lawsuit has created a meaningful moment for the real estate industry, particularly regarding the role of buyer’s agents. The case challenges traditional commission structures and brings to light the necessity for agents to rethink how they communicate their value, the services they offer and how they are compensated. This disruption underscores the need for agents to innovate and adapt.

As professionals navigate this dynamic landscape, one principle stands out as a beacon for success: the entrepreneurial mindset. According to Entrepreneurship: The Practice and Mindset by Heidi Neck of Babson College, this mindset is not only teachable but essential for every professional in the industry. Agents who embrace an entrepreneurial mindset distinguish themselves from those who merely focus on sales.

Entrepreneurial real estate agents see beyond the immediate transaction; they identify opportunities, innovate and create value in ways traditional salespeople do not.

These agents continually seek to improve their strategies, utilize technology and adapt to market changes to stay ahead of the curve. They build strong networks, understand the importance of branding and are adept at problem-solving, ensuring they offer tailored solutions to their clients. This proactive approach not only enhances client satisfaction but also drives long-term success, setting entrepreneurial agents apart as leaders in the industry.

The teachability of the entrepreneurial mindset

Neck emphasizes that entrepreneurship is more than starting a business; it is a way of thinking and behaving. This mindset can be cultivated through education and practice, enabling individuals to identify opportunities, innovate solutions and create value in any context.

For real estate professionals, adopting an entrepreneurial mindset means approaching challenges with creativity, resilience and a proactive attitude.

Buyer’s agents must now clearly articulate their value to consumers, demonstrating the unique benefits they provide. This might include offering comprehensive market analyses, negotiating expertise and personalized property search services. Agents should also explore new compensation models, such as fee-for-service or hourly rates, to offer greater transparency and flexibility.

By adopting an entrepreneurial mindset, buyer’s agents can turn these challenges into opportunities to differentiate themselves and build stronger client relationships.

Listing agents, too, must embrace an entrepreneurial mindset to reinvent traditional practices like open houses. Instead of relying on buyer’s agents to bring in potential buyers, listing agents should explore new ways to market homes. Virtual tours, immersive 3D walkthroughs, and interactive online listings can attract a wider audience.

Additionally, leveraging social media and targeted digital marketing campaigns can generate more interest and engagement. By thinking creatively and utilizing modern tools, listing agents can enhance the visibility and appeal of their properties.

5 key features of the entrepreneurial mindset

Adaptability and resilience

Real estate markets are notoriously volatile. Economic downturns, regulatory changes and unpredictable events can drastically impact the industry. Professionals with an entrepreneurial mindset view these disruptions not as obstacles but as opportunities to adapt and thrive. They develop resilience by learning from setbacks and continuously seeking ways to pivot and innovate.

Opportunity recognition

At the heart of entrepreneurship is the ability to recognize and seize opportunities. Real estate professionals who cultivate this skill are adept at spotting trends and gaps in the market. Whether it’s identifying underutilized properties, understanding emerging consumer needs or leveraging new technologies, the entrepreneurial mindset allows agents and brokers to stay ahead of the curve and offer unique value propositions to their clients.

Innovative problem-solving

In an industry where no two transactions are the same, problem-solving skills are crucial. An entrepreneurial mindset equips real estate professionals with the ability to think outside the box. This means developing creative solutions to complex issues, such as navigating financing challenges, negotiating deals or enhancing property value. Innovation is not just about technology; it is about finding new ways to meet client needs and exceed their expectations.

Proactive leadership

Leadership is a key component of the entrepreneurial mindset. Real estate professionals who embody this trait take initiative, inspire their teams and lead by example. They are proactive in seeking knowledge, building networks and staying informed about industry trends. By fostering a culture of continuous improvement and innovation, they position themselves and their organizations for long-term success.

Ethical entrepreneurship

Neck also highlights the importance of ethics in entrepreneurship. Real estate professionals must navigate complex transactions with integrity and transparency. An entrepreneurial mindset grounded in ethical principles ensures that decisions are made with the best interests of clients and communities in mind. This builds trust, enhances reputation and ultimately leads to sustained success.

Applying the entrepreneurial mindset in real estate

  1. Continuous learning: Embrace lifelong learning to stay abreast of industry trends, technologies and best practices. Attend seminars, pursue certifications and engage with thought leaders to sharpen your skills and knowledge.
  2. Networking: Build and maintain strong relationships with industry peers, mentors and potential clients. Networking can open doors to new opportunities and provide valuable insights and support. The upcoming ICLV event is a perfect opportunity to put this into practice.
  3. Technology adoption: Stay current with technological advancements that streamline operations, enhance marketing efforts and improve client experiences. Embrace tools like robust backend and CRM systems, and data analytics to gain a competitive edge.
  4. Client-centric approach: Focus on understanding and meeting the unique needs of your clients. Offer personalized services and solutions that address their specific challenges and goals.
  5. Strategic risk-taking: Don’t shy away from calculated risks. Evaluate potential opportunities and weigh the risks and rewards carefully. Be willing to step out of your comfort zone to achieve significant gains. Get comfortable with being uncomfortable.

Cultivating an entrepreneurial mindset

One effective technique to cultivate an entrepreneurial mindset is the practice of “opportunity recognition.” This involves regularly scanning the environment for changes, trends and gaps that can be turned into potential business opportunities.

Real estate professionals can develop this skill by staying informed about market developments, engaging in continuous learning, and maintaining an open and curious attitude.

By actively seeking out new information and being receptive to innovative ideas, individuals can train themselves to identify opportunities where others see obstacles, ultimately fostering a proactive and entrepreneurial approach to their work.

Design thinking for creative problem-solving

Design thinking is a powerful methodology for creatively solving current problems in the real estate industry. This approach involves five key stages: empathize, define, ideate, prototype and test. By starting with empathy, professionals can gain a deep understanding of their clients’ needs and pain points. Defining the problem sets the stage for ideation, where diverse solutions are brainstormed without judgment.

Prototyping allows for the creation of tangible representations of ideas, which can then be tested and refined based on feedback. This iterative process not only encourages innovative solutions but also ensures they are practical and user-centered, enabling real estate professionals to address challenges effectively and deliver exceptional value to their clients.

The entrepreneurial mindset, as articulated by Neck, is a powerful framework for navigating the complexities of the real estate industry. By fostering adaptability, recognizing opportunities, solving problems creatively, leading proactively and upholding ethical standards, real estate professionals can thrive amidst the chaos.

Embracing this mindset not only enhances individual success but also contributes to the growth and innovation of the industry as a whole. As the real estate landscape continues to evolve, the entrepreneurial mindset will remain a vital tool for professionals seeking to make a lasting impact.

Molly McKinley, co-founder of Redtail Creative, Intentionaliteas and author of The Intentional Business: A Path to Purpose & Prosperity, is an expert at connecting the dots. She is a serial entrepreneur, public relations and integrated marketing strategist with over 25 years of experience launching new products and brands.