The MSR sector continues to shine, but there is a looming concern
The mortgage servicing rights market just keeps on ticking even as the overall housing market takes a licking. But market observers are keeping a close…
The mortgage-servicing rights market just keeps on ticking even as the overall housing market takes a licking. And while depository banks that are fueling that growth, concern is mounting over Ginnie Mae MSRs held by nonbanks.
Mortgage advisory firms Prestwick Mortgage Group and partner Mortgage Capital Trading (MCT); Incenter Mortgage Advisors; and MIAC Analytics are out with a total of 10 bulk mortgage-servicing rights (MSR) offerings with bid-due dates in October. The 10 offerings together involve Fannie Mae, Freddie Mac and Ginnie Mae loan pools valued collectively at $12.77 billion.
MIAC is handling one of those bulk offerings, one of the largest, valued at $2.44 billion and involving a combination of Fannie, Freddie and Ginnie MSRs.
Prestwick is marketing four separate deals, two in partnership with MCT, valued in total at $2 billion — which together also feature MSRs for single-family residential loan pools from all three agencies.
What’s happening in an inflationary environment is everything’s getting more expensive.
Tom Piercy, Managing director of Incenter Mortgage Advisors
Incenter has the highest deal count and the largest deals by volume, at five offerings valued collectively at $8.33 billion, Together they involve MSRs for single-family mortgage pools across all three agencies. Two of those offerings, one an all-Ginnie package and the other a Fannie and Freddie bulk offering, each involve loan-servicing pools valued at $4.1 billion.
Over the first nine months of this year, banks have far outstripped nonbanks in buying up MSR packages. Banks have been net purchasers of MSRs, to the tune of $107.8 billion — compared with $51.1 billion for all of 2021, according to a report by mortgage-data analytics firm Recursion.
Tom Piercy, managing director of Incenter Mortgage Advisors, said many independent mortgage banks stockpiled huge volumes of low-rate loans in 2021, understanding that rates would eventually rise, and they are cashing in on the new rate environment — a climate that also is wreaking havoc on loan-origination volumes. In addition, banks who are now buying, he added, can take advantage of the product cross-selling opportunities through loan servicing and, more importantly, they can leverage the escrow float opportunities MSRs offer.
“The deck is stacked in favor of the depositories when it comes to owing MSRs, and that is because of what they can do with the escrow [accounts],” Piercy explained. “Banks can leverage these [escrow] deposits [using them as collateral to borrow] through the Federal Home Loan Banks to reinvest into higher yielding assets.
“And so that’s why banks have always been in a much better position to own the MSRs.”
Digging down deeper into the numbers, the Recursion report shows that over the first nine months of 2022, banks have been net buyers of Fannie Mae and Freddie Mac MSRs and net sellers of Ginnie Mae MSRs, while nonbanks are selling off Fannie and Freddie MSRs and still far outstripping banks in issuing and buying Ginnie Mae MSRs.
The weak link?
In stark contrast to banks, nonbanks had a legacy portfolio of $1.77 trillion Ginnie Mae MSRs as of the end of September, the Recursion report shows. That’s more than five times the size of the banks’ aggregate Ginnie MSR portfolio of $334 billion as of the same date. Those Ginnie MSRs, however, represent a weak link in the nation’s housing system when the economy is under stress, as it is now.
Ginnie serves as the government-backed securitization pipeline for loans insured by government agencies that provide loan-level mortgage-insurance coverage through their lending programs. Unlike Fannie and Freddie, however, Ginnie does not purchase loans.
Rather, under the Ginnie program, lenders originate qualifying mortgages that they can then securitize through the agency. Ginnie guarantees only the principal and interest payments to purchasers of its bonds, which are sold worldwide.
The underlying loans carry guarantees, or a mortgage insurance certification, from the housing agencies approving the loans — which include single-family mortgages backed by Federal Housing Administration (FHA), the U.S. Department of Agriculture’s Rural Development program, the U.S. Department of Housing and Urban Development’s Office of Public and Indian Housing and the U.S. Department of Veterans Affairs (VA).
The largest volume of loans, however, is delivered through the FHA and VA lending programs.
The holders of Ginnie Mae MSRs, primarily nonbanks today, are the parties responsible for assuring timely payments are made to bondholders. And when the underlying loans go unpaid due to delinquencies, those servicers still must cover the payments to the bondholders.
And in the FHA program, in particular, according to Richard Koss, chief of research at Recursion, 30-day loan delinquencies have been ticking up since the beginning of the year. The same is true, but to a lesser degree, for the VA program, he said.
As of September, the 30-day delinquency rate for FHA loans stood at 3.77%, up from 3.02% as of the beginning of the year, Recursion data shows. The overall FHA delinquency rate — for loans 30-days late or more, excluding foreclosures — stood at 8.85% as of the second quarter of this year, compared with 4.22% for VA loans and 2.64% for conventional loans, according to the Mortgage Bankers Association.
It’s a source of concern I don’t think is broadly understood. The main mitigating factor is the still-huge amount of equity most buyers have in their homes.
Recursion’s richard koss on ginnie mae msr risks.
“The demographic of the FHA borrower is the first-time homebuyer, with very little to no down-payment,” Piercy explained. “The profile has shown over the years to be susceptible to poor performance when national economic numbers start slowing.
“And what’s happening in an inflationary environment is everything’s getting more expensive.”
The deep downside risk for nonbanks holding a large volume of Ginnie Mae MSRs is loan defaults. Defaults kick in the underlying loan insurance provided through the agency guaranteeing the loan, such as FHA. Another wrinkle in the picture for the short-term for mortgage servicers is that in most cases, borrowers can still “request an initial COVID hardship forbearance as long as the COVID-19 National Emergency is in place,” according to the Consumer Financial Protection Bureau.
Although principal recovery is ultimately guaranteed through FHA in the event of a default, there often is a bureaucratic time lag in obtaining interest due, according to a report by Kroll Bond Rating Agency (KBRA). In addition, interest rate recoveries are at the HUD debenture rate, “which is typically substantially below the loan note rate,” according to KBRA. That could potentially create cash-flow issues for some of the nonbanks holding the Ginnie MSRs.
“Yes, it’s a source of concern I don’t think is broadly understood,” Koss said. “The main mitigating factor is the still-huge amount of equity most buyers have in their homes.
“It’s the most recent cohort of buyers [with the highest-rate loans] that can be struggling with this to a large degree.”
Piercy, however, said the nonbanks originating the loans and issuing the Ginnie Mae securities are prepared to handle an uptick in defaults, which he said has been anticipated by the industry.
“I don’t think you’re going to see the calamity of the Great Recession,” Piercy said. “These servicers have acted very responsibly in fortifying balance sheets and anticipating what their capital requirements will be.
“So, delinquencies will increase, and there’s really little to no modification capabilities right now because of where interest rates are. And home prices will devalue, so we’re going to have a decrease in home prices, and that means default curves will pick up, and [MSR holders, like the nonbanks] will have to run those [payment] advances, and all of these services are aware of this and are positioned to handle it.”
Stockpiled loans
Whether Piercy’s prediction will hold true remains to be seen, but it is the case, he said, that much of the all-agency MSR sale activity we are seeing now still involves loans made at lower interest rates, which Koss points out are at lower risk of default than the higher-rate loans just now coming into the nation’s mortgage pipeline.
Overall, the MSR asset should remain strong in 2023, because most of the servicing holders have built very low WAC [weighted average coupon] portfolios that should experience favorable [low] prepayment speeds.
Bill Shirreffs, senior director at mct
“So much servicing was stockpiled in 2021 by all originators because of what they perceived as the historical low rates and the inequitable value that was being offered for it at the time,” Piercy said. “They knew … rates were going to spring back in some capacity at some point, and sure enough, that’s what they began to do the first quarter of 2022.”
In fact, the weighted average interest rates for the loan pools for the nine MSR deals being marketed by Incenter, Prestwick/MCT and MIAC, reflect those lower rates from last year. The rates in those MSR offerings range from 2.94% to 4% — with the higher rate involving a Ginnie Mae MSR bulk-servicing offering being marketed by Incenter. The average rate for a 30-year fixed mortgage as of Oct. 13 was 6.92%, according to Freddie Mac’s Primary Mortgage Market Survey.
“Overall, the MSR asset should remain strong in 2023, because most of the servicing holders have built very low WAC [weighted average coupon] portfolios that should experience favorable [low] prepayment speeds,” said Bill Shirreffs, senior director and head of MSR services and sales operations at MCT.
Leo Wong, a partner with Waterfall Asset Management, a global alternative investment manager with some $11 billion in assets under management, said the MSR market is still strong, but concedes some of the froth is starting to settle. He said prices for MSR offerings reached multiples of “around 5.5 in the second quarter of this year,” but are now in the “high 4s” and likely “to dip into the low 4s in the fourth quarter.”
A multiple is a measure of the price of an MSR loan pool expressed as percentage of the unpaid principal balance divided by the servicing fee.
Tom Capasse, managing partner and co-founder of Waterfall Asset Management, said the downward pricing dynamics in the MSR market currently are being driven by the fact that there’s more supply than demand. “There’s more sellers and a fixed amount of buyers,” he added.
Piercy echoed Wong and Capasse’s analysis.
“We just don’t have the pricing that we did in the first half of the year,” he said. “But we still now have reasonable pricing for an asset that does provide value to the purchasers,” Piercy said. “MSR volumes and activity remain robust.”
Shirreffs added that MSR portfolios grew substantially in 2020 and 2021, “and the revenue generated from those portfolios has undoubtedly softened the blow of dramatically reduced mortgage production revenue.”
“But a number of factors will impact the MSR asset materially in the coming year,” he added. “The cost of servicing continues to rise, particularly labor cost.
“With sustained lower production volumes and higher servicing costs, this could potentially lead to increased M&A [merger and acquisition] activity during 2023 and 2024.”
Whose MSR appetite is growing?
The top buyer of MSR portfolios overall (all three agencies combined) year to date through September 2022 was J.P. Morgan Chase, $99.9 billion, Recursion data shows. Freedom Mortgage was second, at $96.8 billion, followed by Onslow Bay Financial LLC [a subsidiary of Annaly Capital Management], $82.2 billion.
Mr. Cooper, at $78.8 billion, and Lakeview Loan Servicing, $72.5 billion, rounded out the top five purchasers over the period. The top sellers over the first nine months of 2022 for all-agency MSR portfolios were United Wholesale Mortgage (UWM), $107.4 billion; Home Point Financial Corp., $68.9 billion; Rocket Mortgage, $50.5 billion; loanDepot, $25.3 billion; and AmeriHome Mortgage Co., $22.9 billion.
Wells Fargo is the largest holder of all-agency MSRs based on loan principal balance, $615 billion as of the end of September, or 7.4% of the market, followed by Pennymac, at $515.5 billion, 6.2% market share; and J.P. Morgan Chase, $488.4 billion, a 5.9% market share, Recursion data shows.
For Ginnie Mae MSRs only, as of the end of September, Freedom Mortgage led the pack, with a $253.1 billion portfolio, or a 12% share of outstanding Ginnie MSRs based on loan-pool principal balance. Pennymac was second, at $241.8 billion, 11.5%; followed by Lakeview Loan Servicing, $239.1 billion, and an 11.4% slice of the market.
Freedom’s portfolio accounted for 14.4% of all Ginnie MSR loan delinquencies 30 days or more past due as of the end of September, according to Recursion. For Pennymac, the same loan-delinquency ratio was 10.3%; for Lakeview it was 13.8%. Overall, nonbank’s portfolios combined accounted for 88.4% of Ginnie MSR loan delinquencies 30 days or more overdue as of the end of the third quarter, according to Recursion.
In total, as of the same date, banks controlled 15.9% of the Ginnie MSR market, with nonbanks held an 84.1% market share, according to Recursion.
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Real estate is a vibrant, dynamic and competitive industry. From the thrill of a sale to the pursuit of new leads, it keeps you on your toes. That said, it can also be incredibly isolating, and it can be hard to stay motivated. As a way to deal with this, many agents and brokers seek out professional mentorship as a means to gain insight and level up their performance. Across the country, the best real estate coaches serve as valuable mentors who can help agents and brokers achieve the success they deserve.
“It’s really hard for independent business owners to get unbiased advice from themselves,” says Kyle Scott, President of SERHANT. Ventures. “So they need unbiased experts to work with that will help them grow their business — someone who has been there, who has done it, and who is able to see their business from both the 35,000-foot view and down in the weeds.”
A quick internet search will prove that real estate coaching programs are plentiful. Whether you’re looking to expand your team or client network or figure out how to delegate work so you can focus on the tasks you do best, a real estate coaching program could be a valuable launchpad. But when it comes to choosing the right one for your unique needs, there’s a lot to consider. Here, we highlight some of the best real estate coaches in the industry and their programs.
An unbiased view is worth millions. Often, we turn to our closest friends and family for guidance. Unfortunately, they’re usually not familiar with the ins and outs of the real estate industry and can’t provide you with the relevant feedback you need. As a result, many independent contractors rely on themselves, which generally doesn’t work either.
You can’t advise yourself, you’re too close to it. A coach works best for someone who is actually looking to grow their business, someone who is looking to put in the time and the energy to make a difference in achieving more income this year.
Hire a coach if you want to start taking your business to the next level for any reason — you want to make more money, have more freedom with your time, or stop riding the ins and outs of the commission cycle.President of SERHANT. Ventures
1. Sell It Like Serhant
Key Facts
Grown throughout the pandemic, the Sell It Like Serhant program has been carefully adapted to the current market. It follows a weekly and bi-weekly platform featuring one-on-one virtual coaching from Serhant’s proprietary video platform. After a half-hour or hour-long group meeting every week or every other week, participants follow actionable steps to help them grow their business. Thus far, more than 22,000 enrollees in 128 countries have been through the Sell It Like Serhant program.
What We Love
Serhant offers daily office hours so participants can pop into virtual sessions to ask questions or get expert advice between their regularly scheduled sessions. A community platform also allows participants to pass referrals to each other. Thus far, it seems to have worked: To date, participating agents have closed over $250 million of referral deals.
Pricing
There are different membership tiers, depending on the level of guidance you need. The introductory Real Estate Core Course starts at $497. Prices are higher for a more specific course or one with 1:1 coaching.
Who’s it Best For?
If you’re looking to build a memorable personal brand, SERHANT. is the way to go. “The number one differentiator about our program is we understand that as a real estate agent, you have one job: to generate leads,” says SERHANT. Ventures President Kyle Scott. “Our number one focus is helping you build a clear, compelling, memorable personal brand and put your lead generation on autopilot. So that way, you can do what you do best, which is build relationships and close deals.”
Visit Sell It Like Serhant
2. Tom Ferry International
Key Facts
For good reason, Ferry International refers to itself as the real estate industry’s leading coaching and training company. Focused on Ferry’s “8 Levels of Performance,” the programs are a staple of real estate coaching. Their new group coaching sessions cover various aspects of real estate sales.
Prospecting Bootcamp is a 14-hour program comprised of seven two-hour group coaching sessions, and includes a peer-to-peer collaboration space. It involves independent work pulled from training videos and downloadable resources.
Recruitment Roadmap consists of hour-long sessions each week for ten weeks. Completed over Zoom and through the Tom Ferry video platform, each group coaching program offers a high level of specialization.
Finally, their Fast Track program offers 12 interactive group coaching sessions designed to help new agents build the necessary skills to succeed — like mastering listing presentations and handling objections.
What we love
If you’re looking for the gold standard of real estate coaching, Tom Ferry has the goods to back up the bravado. Because of their many years in the biz, Tom Ferry has a huge base of coaches, which means there are plenty of options to find the program best suited for your specific needs.
Pricing
Tom Ferry’s Prospecting Bootcamp and Fast Track coaching programs cost $999 but can be broken down into three monthly payments. The Recruitment Roadmap group coaching costs $1,499 but can be split into three monthly payments of $500. Consider their free coaching consultation if you want to dip your toes in the water. Check out their customer reviews, where several coaching program alums rave about the program.
Who’s it Best For?
If you thrive in a group setting that allows you to feed off the energy of others, Tom Ferry might be right for you. Their group coaching programs are new and more affordable alternatives to often costly 1:1 coaching fees.
Visit Tom Ferry
3. Tim and Julie Harris
Key Facts
The dynamic duo of real estate coaching, Tim and Julie Harris are a major name in the industry. Under their business, Harris Real Estate Coaching, their programs are divided into three tiers: Premier, Premier Plus, and VIP, all of which rely on a user-friendly online platform.
Pricing
Premier platform costs $197 per month, but a 30-day free trial is available. Premier Plus costs $599 per month, while VIP costs $999 per month. Of course, their wildly successful podcast is a great free resource to tap into, as well as Tim and Julie’s many written contributions to HousingWire.
Who’s it Best For?
If you’re constantly on the go, the ability to access the course from any device is a major asset.
4. Candy Miles-Crocker
Key Facts
Newbies are welcome at Candy Miles Crocker’s program. Known as the “Real Life Realtor,” she’s the brain behind Real Life Real Estate Training. With a variety of courses in her offerings, including a plethora of self-paced online courses, Miles-Crocker gives new agents a leg-up on the rest.
What we love
Miles-Crocker is still an active agent, working with clients to close deals. Her 20+ years of experience practicing in Washington, D.C., Virginia and Maryland have helped her build “systems, strategies and scripts” that she shares with her coaching clients.
Pricing
The CORE Essentials Blueprint program retails for $1,597. Smaller, more specific courses, such as The Buyer Presentation, are priced at $347. While all pricing isn’t listed on her website, Miles-Crocker also offers a free course that includes her 6-point system for growth.
Who’s it Best For?
Miles-Crocker’s courses could be beneficial if you are new to agent life or looking to get your business reorganized. She even has one specifically for your first 30 days as a real estate agent.
5. Ashley Harwood
Key Facts
Boston-based Ashley Harwood inspires introverts with her convincing, heartfelt and high-touch approach to practicing real estate. Her very human, very relatable Move Over Extroverts coaching approach is the perfect antidote for cheerleader-style coaches that urge you to door-knock, chase down divorce leads or become a social media superstar.
What we love
Harwood is a licensed agent coaching agents week-in and week-out at no less than three Keller-Williams offices in the great Boston metro. We love her humanity, inspiring videos, and her latest enterpise — The Quiet Success Club. Inspired by Susan Cain’s New York Times bestseller Quiet, about the power of introverts, Harwood brings together a community of like-minded real estate agents wanting a more client-centric approach to succeeding as an agent.
Pricing
Join The Quiet Success Club for $45 per month (paid monthly) or get two months free when you pay for an annual subscription (for $450). The club is currently offering founding member pricing for $25 per month or $250, but it’s a limited-time offer available only under April 30, 2024. Or get a lifetime membership to Harwood’s suite of courses, called IntrovertU, for a one-time cost of $997.
Who’s it Best For?
Introverts, of course! While you may not count yourself as one, if you read Susan Cain’s book, you may unearth your more introverted traits — like recharging your battery by being alone. Ok, even if you don’t bask in solitude, Harwood promises a calming community where agents can be themselves, be seen, and where they don’t have to be the loudest voice in her mastermind group, purposefully (and quietly) designed to teach successful lead generation and other strategies.
6. Levi Lascsak
If you’re looking to improve your social media game, Levi Lascsak is the YouTube master. The author of Passive Prospecting specializes in helping real estate professionals embrace the video platform, and he does so in jam-packed, 2-day virtual events. Discover how he earned over $4 million in gross commission income as a new agent.
What we love
Lascsak’s social media marketing skills are top-of-the-line. While he may not be part of the traditional world of real estate coaching, Lascak’s ability to relate to younger audiences is an asset that Millennial and Gen Z agents might appreciate.
Pricing
The live, 2-day events are available at a discount for $47. But as you can expect, he’s got endless information available for free on YouTube.
Who’s it best for?
If you’re a digital native looking to pack a bunch of education into a short period, a Lascsak course is particularly beneficial.
7. Jess Lenouvel
Key Facts
Promising to help agents scale from six to seven figures, The Listings Lab founder Jess Lenouvel is the author of More Money, Less Hustle. A strong example of a coach with a significant understanding of social media, Lenouvel hosts vibrant live events that hype up the audience and prepare them to take their career to the next level.
What we Love
Lenouvel emphasizes the significant power of mindset to achieve one’s goals. She understands how quickly the market shifts and emphasizes staying on top of trends to succeed.
Lenouvel’s live events focus on messaging. For those looking to solidify their brand and develop a clear, concise message, her events might be what you need.
8. Buffini & Company
Key Facts
Another giant of the real estate coaching industry, Buffini & Company is one of the largest coaching and training companies in the United States. They have two major coaching programs: The Leadership Coaching program includes three monthly coaching calls, free admission to a 2-day conference, and curriculums and training led by Brian Buffini. There are also bi-monthly coaching sessions and a monthly web series with a live Q&A.
Buffini & Company also performs a REALstrengths profile — an in-depth personality assessment. In the One2One Coaching program, there are two coaching calls per month, a monthly marketing kit, the REALStrengths profile, and as with the SERHANT. program, Buffini features the Buffini Referral Network, allowing participants to send and receive referrals with other agents.
What We Love
Buffini coaches aren’t independent contractors. Instead, they’re full-time employees who go through intense training. Thus far, they’ve conducted 1.7 million coaching calls and more than one million hours of coaching.
Pricing
The Leadership Coaching program costs $1,499 a month. Private coaching, referred to as One2One Coaching, costs $549 per month. Two tiers of Referral Maker courses are available from $45 to $149 each per month.
Who’s it Best For?
Team spirit is the name of the game for Buffini’s Leadership Coaching program. If you’re a team leader looking to improve your coaching skills and assist your team in leveling up, the Leadership Coaching program might be right for you. If you want a more personalized path as a solo agent, the One2One Coaching program may be a better fit.
9. Vanda Martin
Key Facts
A popular name in the real estate coaching industry, Vanda Martin’s VIP Coaching Program follows three components: coaching, content, and community. Martin doesn’t shy away from mistakes – instead, she emphasizes avoiding indecision that puts you behind the pack.
What we love
Positive vibes are plentiful in Martin’s world, and her energy is tangible. Just check out her Instagram videos.
Pricing
Martin’s pricing isn’t listed.
Who’s it best for?
If you’re looking for a female leader who emphasizes loving your job and building habits that will take you to a greater level of success, Martin’s ability to convey those feelings is clear. Just check out the endless testimonials on her website.
9. Tat Londono
Key Facts
Tatiana Londono is the founder and CEO of Londono Realty Group Inc. The author of Real Estate Unfiltered, she offers a variety of programming that ranges from free templates to intensive coaching sessions. The Millionaire Realtor Membership provides weekly input from Londono, while the intensive Millionaire Real Estate Agent Coaching Program focuses on building 12-month objectives using a custom success action plan. It uses live programming and workshops with Londono herself, as well as an exclusive online community and referral network for members.
What we love
Londono’s keen sense of social media and her posts are a masterclass in how to boost your engagement on platforms like TikTok and Instagram. Don’t miss her takes on Taylor Swift’s real estate portfolio.
Londono’s programs specifically target agents who are looking to scale their business. If you’re struggling with lead generation or want to increase the number of views you’re racking up on social media, Londono is a valuable source within the industry.
10. Steve Shull
Key Facts
Steve Shull’s Performance Coaching focuses on using consistent execution to achieve your goals. With options ranging from 1:1 private coaching to small group coaching for 10 to 20 agents, the groups have 30-minute Zoom calls three times a day, but the number of sessions you choose to attend is up to you. Several self-directed courses are also available on the website, focusing on topics ranging from mindset to time blocking.
What we love
If you’re not positive you want to make the investment, Performance Coaching allows a 14-day free trial of daily accountability calls.
Pricing
Small group coaching costs $6,000 a year, and while 1:1 coaching prices aren’t listed online, you should prepare for a hefty price tag.
Who’s it Best For?
If you have a specific area you’re looking to improve upon, Performance Coaching offers coaches with unique areas of expertise, ranging from CRMs to business strategy. Tailoring your program to your greatest areas of weakness can help you become a more well-rounded agent.
11. Aaron Novello
Key Facts
Aaron Novello of Elite Real Estate Coaching has several programs tailor-made for agents looking to hone their craft. A Masterclass in Systems works to teach agents how to scale their real estate business, organize their team, and use programming like Follow Up Boss to manage their business.
The Role Play Mastermind is for agents looking to prepare themselves for tough discussions by working with a role-play partner for 15 to 30 minutes, five days a week. The group coaching option includes a variety of scripts Novello used to close on homes, as well as mindset guides, skill sheets, and expert guidance from experts in the field.
What we love
Novello’s exclusive accountability group allows active members and former coaching clients to share everything from guidance to motivation. If you’re looking to save money, Novello also has a free podcast available on YouTube.
If you struggle with having difficult conversations and are looking for solid templates to guide you, Novello’s Role Play Mastermind is a solid investment. The group coaching option emphasizes taking the educational portion and putting it into practice in the real world rather than just watching videos.
12. Krista Mashore Coaching
Key Facts
Filled with energy and known for popping up in the press, Krista Mashore is the mind behind Unstoppable Agent, her 3-day mastery class. It includes over 15 hours of coaching, group workshops, breakout sessions, and skill-building workshops to provide you with the skills to implement digital marketing successfully into your real estate business.
What we love
A positive attitude counts for a lot, and Mashore’s personality is a key component of the success of her course.
Pricing
Mashore’s accessibility is another one of her program’s best assets. Her 3-day class is currently priced at $47, but pricing occasionally varies.
Who’s it best for?
If you crave energy and enthusiasm, Krista Mashore has the goods. She’s also an expert on working in today’s low-inventory market, which is ideal for someone struggling with the current housing shortage. But she’s also got a good sense of humor, which shines through in her social media presence.
The full picture: The best real estate coaches for 2024
Hiring a top real estate coach goes far beyond just expanding your skills. While growing and educating yourself as you navigate your career is essential, hiring a coach is all about seeking to achieve more. Whether you’re looking to boost lead generation, build a solid personal brand, or make more commission income, having the input of a seasoned expert is a priceless step in the right direction. As you can see through the endless reviews and testimonials on coaches’ websites, agents who want to scale their business and take their profits to a higher level often seek the outside guidance of a coach. While the cost of hiring someone may be significant, the return on investment is equally as monumental.
Real estate coaching programs vary in price significantly. Most cost over $500 per month, with others charging several thousand dollars per month. “Oftentimes, it is the case that you get what you pay for,” said Kyle Scott, President of SERHANT. Ventures.
However, prices can also vary depending on the specific niche of real estate coaching you’re focusing on. The more specificity you’re seeking, the higher the financial investment. Of course, self-led courses are likely to cost much less.
Does your career feel stalled right now? Are you ready to take your career to the next level, but you’re not sure where to start? In a down market, you can channel your time and energy into actively improving your business skills so that you’ll be sufficiently prepared for when the market changes.
“When things pick up again, you’re ready to capture the climbing market,” says Scott. “If that’s the case, then the best time to embrace coaching is now. At the same time, a thriving market presents agents with new challenges, ranging from having to turn away business or being unable to service your existing business in a way you’re proud of,” Scott noted. “In that type of market, a real estate coach can help you determine what kind of junior agent or assistant would serve you best. How do I figure out how to manage my business in a way that I can keep up with the volume?”
Part 1: Current State of the Housing Market; Overview for mid-March 2024
Today, in the Calculated Risk Real Estate Newsletter: Part 1: Current State of the Housing Market; Overview for mid-March 2024
A brief excerpt: This 2-part overview for mid-March provides a snapshot of the current housing market.
This 2-part overview for mid-March provides a snapshot of the current housing market.
I always like to start with inventory, since inventory usually tells the tale!
...
Here is a graph of new listing from Realtor.com’s February 2024 Monthly Housing Market Trends Report showing new listings were up 11.3% year-over-year in February. This is still well below pre-pandemic levels. From Realtor.com:
However, providing a boost to overall inventory, sellers turned out in higher numbers this February as newly listed homes were 11.3% above last year’s levels. This marked the fourth month of increasing listing activity after a 17-month streak of decline.
Note the seasonality for new listings. December and January are seasonally the weakest months of the year for new listings, followed by February and November. New listings will be up year-over-year in 2024, but we will have to wait for the March and April data to see how close new listings are to normal levels.
There are always people that need to sell due to the so-called 3 D’s: Death, Divorce, and Disease. Also, in certain times, some homeowners will need to sell due to unemployment or excessive debt (neither is much of an issue right now).
And there are homeowners who want to sell for a number of reasons: upsizing (more babies), downsizing, moving for a new job, or moving to a nicer home or location (move-up buyers). It is some of the “want to sell” group that has been locked in with the golden handcuffs over the last couple of years, since it is financially difficult to move when your current mortgage rate is around 3%, and your new mortgage rate will be in the 6 1/2% to 7% range.
But time is a factor for this “want to sell” group, and eventually some of them will take the plunge. That is probably why we are seeing more new listings now.
Pharma industry reputation remains steady at a ‘new normal’ after Covid, Harris Poll finds
The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45%…
The pharma industry is hanging on to reputation gains notched during the Covid-19 pandemic. Positive perception of the pharma industry is steady at 45% of US respondents in 2023, according to the latest Harris Poll data. That’s exactly the same as the previous year.
Pharma’s highest point was in February 2021 — as Covid vaccines began to roll out — with a 62% positive US perception, and helping the industry land at an average 55% positive sentiment at the end of the year in Harris’ 2021 annual assessment of industries. The pharma industry’s reputation hit its most recent low at 32% in 2019, but it had hovered around 30% for more than a decade prior.
Rob Jekielek
“Pharma has sustained a lot of the gains, now basically one and half times higher than pre-Covid,” said Harris Poll managing director Rob Jekielek. “There is a question mark around how sustained it will be, but right now it feels like a new normal.”
The Harris survey spans 11 global markets and covers 13 industries. Pharma perception is even better abroad, with an average 58% of respondents notching favorable sentiments in 2023, just a slight slip from 60% in each of the two previous years.
Pharma’s solid global reputation puts it in the middle of the pack among international industries, ranking higher than government at 37% positive, insurance at 48%, financial services at 51% and health insurance at 52%. Pharma ranks just behind automotive (62%), manufacturing (63%) and consumer products (63%), although it lags behind leading industries like tech at 75% positive in the first spot, followed by grocery at 67%.
The bright spotlight on the pharma industry during Covid vaccine and drug development boosted its reputation, but Jekielek said there’s maybe an argument to be made that pharma is continuing to develop innovative drugs outside that spotlight.
“When you look at pharma reputation during Covid, you have clear sense of a very dynamic industry working very quickly and getting therapies and products to market. If you’re looking at things happening now, you could argue that pharma still probably doesn’t get enough credit for its advances, for example, in oncology treatments,” he said.
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