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What are the most effective strategies for breaking into the competitive market of new home sales as a newcomer to the industry?
The sales process for new construction homes involves a different set of skills and strategies than selling existing homes, requiring a thorough understanding of the home, the building process, and the buyer's needs.
The IRS allows for a Section 121 home sale exclusion, which allows taxpayers to exclude capital gains from the sale of their home, making it essential to consult with a tax professional.
Building a relationship with the buyer and understanding their needs is crucial in new home sales, as it helps in achieving their dream home.
The Critical Path, a process coined by Dave Stone in the 1970s, is a crucial strategy in new home sales, originating from manufacturing and the medical field.
The first two years are the most essential for new agents to soak in critical information and hone the basics of selling new construction homes.
Top sellers find creative ways to reduce choice for buyers, making the process easier and increasing the chances of a sale.
Spending time on a website like a home buyer can help agents gather about 90% of the necessary information, making them more prepared.
The median sales price of new houses sold in April 2023 was $420,800, with an average sales price of $501,000.
Selling new construction homes can be a side niche or a full-time specialty, depending on the market and selling style.
Builders may not budge on sales prices, but buyers' agents can negotiate for design upgrades or closing costs instead.
The sales cycle is longer for new construction homes, making it essential for agents to have a thorough understanding of the sales process.
Knowing the tax implications of selling a home is crucial, as taxpayers can exclude capital gains from the sale of their home.
Agents should focus on elevating the customer experience after gaining experience and confidence in selling new construction homes.
Spending proceeds wisely after a sale is recommended, such as investing in long-term experiences and paying off debt.
Reviewing and debriefing after a sale is essential for agents to improve their skills and strategies in new home sales.
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