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A lack of experience can leave many first-time homebuyers vulnerable to mistakes in the buying process, as there are many crucial steps to follow along the way. While buying your first home is an exciting step, there are many common mistakes to avoid as well. If you plan to purchase your first home in the near future, consider the three most common mishaps made by first-time homebuyers.

Failing to maintain a budget

As a first-time homebuyer, it is critical to determine a budget that sets realistic parameters for what you can afford. Failing to set and maintain a realistic budget will lead you to unnecessary financial issues and disappointment while ultimately wasting your time. Rather than attending open houses for homes that are out of your price range, invest quality time into searching for properties that fit comfortably within your budget. With this, many first-time homebuyers make the mistake of taking on a high mortgage payment that is barely affordable every month.

Failing to get pre-approved

Many first-time homebuyers begin searching for a home before they consider applying for a mortgage. Getting pre-approved can provide you with a significant advantage for acting on a property as fast as possible. Since homes can fly off the market quickly, a buyer should be ready to act at a moment's notice. If you are not pre-approved for a mortgage, you miss out on a home that could be perfect for you. 

Failing to consider the neighborhood of a future home

There are many important considerations for purchasing your first home. While it is essential to consider the features of a home, you should also consider the surrounding neighborhood as well. By researching the location of your future home, you can avoid moving a neighborhood that is questionable for your needs. Considering factors such as nearby schools, crime levels, and proximity to work will help you strike a perfect balance of buying a perfect home in the right community for you.

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Real estate businesses typically rely on several marketing platforms to reach as many potential clients as possible. The average real estate marketing strategy often includes a well-crafted website, a few social media sites, and paid online advertising. Another effective tool in the real estate industry is a press release. There are several benefits of writing blurbs about your business or posting articles about industry-related topics online. Linking press releases back to your website will also help to increase traffic and boost your search engine optimization. Read on to discover how press releases can benefit your business this year.

Showcases your expertise

Are you looking for a way to showcase your industry knowledge to your prospects? An informative press release is an excellent tool for putting your real estate knowledge on display. People often look for reassurance that they are working with a reputable agent as buy or sell a home. Press releases are also excellent for gaining media coverage, which will further support your reputation for homebuyers and sellers who are looking to hire you.

Provides relevant local updates

A weekly, bimonthly, or monthly statement from your real estate business will help generate a positive buzz about your real estate business. One of the best tricks is to use a variety of location-specific keywords within your press releases, such as city or neighborhood names, to increase your SEO.

Improves the visibility of your business 

A quality press release can help to improve your real estate business visibility. A new agent who is looking to establish their real estate business should consider implementing a press release as a part of their advertising campaign. For instance, a realtor can write about their background and what their specializations in real estate industry. With a press release, a real estate business can share a variety of informative content with potential clients. 

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Social media is an integral component of real estate digital marketing campaigns today. Many agents aggregate their content across social media channels, from news updates to new listings and video content. With this, the goal is often to reach as many interested buyers and sellers as possible through an active social media presence. Here are a few tips on how to strengthen a social media presence in 2019.

Select the right platforms

There is a seemingly endless variety of social media platforms available today. Real estate agents who are looking to harness the power of social media should select the platforms that make the most sense for their marketing goals. For instance, an agent who is targeting a younger generation of homebuyers should utilize platforms such as Instagram, Snapchat, and Twitter.  Additionally, Facebook is a tool that should be in every real estate agent’s marketing arsenal due to its frequent use and popularity as a social media platform today.

Use hashtags

One simple way to increase the visibility of your social media posts is to use hashtags. Adding hashtags help to make your posts significantly more discoverable for people searching for specific categories on Instagram, Twitter, and Facebook.

Post high-quality pictures

You are far more likely to generate buzz about a home listing by posting high-quality photos of the property online. This simple step will lead buyers to be more engaged with the property listing. With this, be sure to share only clear, colorful pictures on your social media channels. 

Maintain an active presence

Many real estate agents make the mistake of neglecting their social media presence over time. Unfortunately, simply creating social media accounts for your business is not sufficient. Instead, it is crucial to post new content to your pages regularly and maintain engagement. Along with uploading photos, text, and video content, an agent should engage with their audience actively on their social platforms by responding to questions and comments as soon as possible.

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In 2019, millennials are changing the housing market as we know it. Defined as individuals born in the early 1980s through the mid-1990s, the demographics of millennials is slowly emerging as a powerful force of potential buyers and sellers. As a whole, this technology-focused demographic has striking differences from the older generations of today, including baby boomers and Gen X. With this in mind, realtors should aim to understand the millennial mindset in order to better market their services to them. Like almost any age demographic, millennials who can connect with their potential agent are more likely to close a deal. Continue reading and discover a few ways realtors can market to millennial homebuyers in 2019.

Be a credible source of information

A vast majority of millennials are first-time homebuyers at the moment. As such, realtors should be prepared to answer basic questions surrounding each stage of the homebuying process. In many ways, a realtor serves as a guide for millennials navigating their home buying journey. For this reason, many millennials seek reassurance from their realtors that they are on the right track throughout the process.

Keep a portfolio of reviews

With 24/7 online access, millennials are incredibly well-researched. Since the majority of them have aged alongside the evolution of the internet, this demographic relies heavily on online reviews for many everyday decisions, from trying a restaurant to buying a new home. Before choosing a realtor to represent them in their home buying process, many millennials will check out online reviews and testimonials. With this, realtors should seek out testimonials from satisfied customers. These testimonials can then be shared on their professional website and social media pages.

Make it easy for prospects to contact you

Millennials are all about efficiency. As a result, this generation refuses to wait too long for their questions to be answered. With this, it imperative that realtors respond to client inquiries in a timely manner. With this, it is also crucial to have your contact information readily available online. Be sure to provide open lines of communication on your website and social media channels at all times.

If you're looking to save money on purchasing a house, foreclosures are a great way to go. However, even if you find the property for free (which you can do on USHUD.com) there are still very costly mistakes that most people make when buying a foreclosure.

REO listings are nothing more than foreclosure that are using a less known acronym.

REO stands for "Real Estate Owned" and is the term that the mortgage holder uses to identify homes that they have foreclosed on and they are holding in their inventory.

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