Interest Rate Predictions

Tech with Ty

Author

Ty Morton
November 16, 2023

Tech with Ty.
🤖 [T]echnology: Plaud Note
🎓 [E]ducation/Entertainment: Interest Rate Predictions
💪[C]oaching: It's Not a Priority
📹 [H]ow To: Avoid Over Saturation

[T]echnology:

This week is going to be a multifaceted tech section because there are a few things I want to cover…⬇️⬇️

Firstly, I've been experimenting with Plaud Note, which I’ve been excited about for months. 

While driving to Kentucky once a week, I often brainstorm ideas that I later forget. Plaud Note captures these thoughts, creating a transcript I can later refine with ChatGPT to maintain my unique tone for creating content. It's proving to be a handy tool for me, and I’m actually using it to create the majority of this email…we’ll see if you can detect and tolerate the slight difference in writing style.

It’s still me! 👋

Virtual monitors. 

While this might seem like a niche feature for tech enthusiasts or developers, its affordability makes it a potential multitasking tool for many. 

This could make multiple monitor setups nearly obsolete. ❌

Although, I’d still probably antagonize you for wearing them in an office setup. 

Lastly, ChatGPT launched custom GPTs. I’ve been playing with this and even tried creating a custom one to help me write Tech with Ty. I love the concept, but the results from copying and pasting the transcript into regular old ChatGPT 4 were still better than my custom solution. I’m sure I’ll tackle this in future emails once I better understand how to use it or it understands me better.

Virtual monitors. 

While this might seem like a niche feature for tech enthusiasts or developers, its affordability makes it a potential multitasking tool for many.  

This could make multiple monitor setups nearly obsolete. ❌

Although, I’d still probably antagonize you for wearing them in an office setup. 

Lastly, ChatGPT launched custom GPTs. I’ve been playing with this and even tried creating a custom one to help me write Tech with Ty. I love the concept, but the results from copying and pasting the transcript into regular old ChatGPT 4 were still better than my custom solution. I’m sure I’ll tackle this in future emails once I better understand how to use it or it understands me better.

[E]ducation: 

In the midst of the numerous lawsuits and ongoing discussions in our industry, it's crucial to stay focused and not get overwhelmed by “the noise.” 📣📣

At the end of the day, your job is to help buyers and sellers.

I’ve even heard a lot of agents talk about a potential crash. Then I saw this chart, which really puts the market into perspective.

Brian Buffini discussed the possibility of a market crash similar to 2008, firmly believing it won't happen. In fact, he said he’s bet $10 million+ that it won’t.

Why?

Because the majority of homeowners have a ton of equity.💰💰

Brian’s predictions include interest rates dropping to 5.75% by next year and 5% in 2025. 

The mortgage relief seen recently brings its own set of challenges. In many markets, we’re still dealing with a supply and demand issue, where homeowners are reluctant to move due to favorable interest rates despite dissatisfaction with their current homes.

Many bought homes during Covid and got caught up in multiple offers, now regretting their choices. However, when rates are in the 5-6% range, those discontent are more willing to move, using their significant home equity to mitigate higher interest costs. 💰💰

Brian anticipates nearly 5 million home sales next year. If interest rates improve, the supply and demand imbalance will likely persist. Homebuilders remain optimistic, and with stabilized material costs, new construction could be a viable option for many.

Side note: there’s another social media trend illustrating the monthly payment difference of rate buy-downs vs. price concessions. 

I get it. It’s cool to show the potential monthly savings on a mortgage payment…a hot button with potential buyers. 

But…what happens when rates drop next year? 📉 There’s no reason to refinance if they already bought down the rate, and they may have a bit of remorse knowing they could have reduced their principal by X.

Rather than broadcasting generalized advice on social media, consider creating educational videos with a loan officer to explain these nuances. This approach can provide more value and clarity to your audience.

[C]oaching:
I've noticed way too many real estate agents posting on Facebook about the zillion things we do for our clients. 

It's like a badge of honor, showing off how much we juggle assisting buyers or sellers. 🤹 I know it's meant to show our worth, but let's be real: it's mostly other agents clicking 'like' and sharing, not so much the consumer. 

At the aforementioned RE/MAX PBS conference last week, my biggest takeaway was this quote: 

"Instead of saying 'I don't have the time,' say 'It's not a priority.'" 

This hit home. 🏠

Whether it’s following up with past clients, chasing new leads, or drumming up business, we often say we're too swamped. But it's about priorities, isn't it?

Think about it. Next time you're about to say, "I didn’t have time to prospect" or "I don’t have time to learn how to implement this tech into my business." Flip the script. Try saying, "Prospecting isn't my priority," or "Learning a new technology that could help my business isn’t a priority." 

Feels different, right?

This is a wake-up call ⏰ to figure out what really matters to you in your work. If something is a priority, you'll make time for it. 

So, what's at the top of your list? Let's get real about what we prioritize and shake up how we tackle our days.

[H]ow To (with Abby):

I have finally found a marketing podcast that I love. I have officially binge-watched every piece of their content, and I actively look forward to what they have to say. ⬇️⬇️

In the marketing industry, you always get people selling a quick surefire way to success. Let me break it to you now: there is no magic way to have success on social media, or we all would’ve gone viral by now. 

This company knows it, and I love how honest they are about the industry I work in. 

We have preached to you the importance of utilizing Gary Vee’s message, “My shitty video will outperform no video every day of the week”. While I agree with that statement, I think Third Eye Insights breaks down exactly what this statement means. ⬇️⬇️

@camille.moore_

A critical ingredient for marketers to add to the gary vee content strategy. #garyvee #content #marketingagency #marketing #contentcreator

Basically, to summarize the video, Camille Moore talks about how the strategy of posting every day for the sake of posting actually damages your brand. While I see both sides to this argument, I think the decision should be based on your skill set. As she mentions, Gary Vee’s reasoning behind this statement is based on the people who refuse to post because it isn’t perfect.  🤷🏼‍♀️🤷🏼‍♀️

Your videos will never be perfect, and you should be posting every day in the beginning to gain the skill set you need to further yourself.

BUT. ⬇️⬇️

We are seeing it more often than ever that brands are throwing crap at the wall just to see what sticks with ZERO strategy. While this can be a good strategy to start out with, this should not be your strategy forever. In many cases, your video will be the first impression for a client. If you have no strategy when posting, that first impression could be ruined. 

❌❌

I know this might add a level of pressure when posting, but you have to think your content through because social media is forever. Unless you are just starting out, I don’t recommend uploading every day just to say you are. You need a strategy behind what you are doing. You need to bring value to your content.  🧠🧠 

Watch last week's Tech with Ty video here. ⬇️⬇️

We sectioned this video into two parts. Watch part two here. ⬇️⬇️

-Ty Morton