How Real Estate Agents Should Be Planning for 2022 • Monday Market Minute • Carrie McCormick

Keeping It Real Podcast • Secrets Of Top 1% REALTORS ® • Interviews With Real Estate Brokers & Agents

In our November episode of Monday Market Minute, Carrie McCormick from @properties talks about planning for 2022 from an agent’s perspective. She talks about inventory challenge also. Carrie and DJ discuss the importance of analyzing the previous year and bring out the lessons learned and investing in your business. Last, DJ shares his tip for the Holidays.

Also, if you have a challenge, frustration or something funny you’d like to discuss with Carrie and DJ, please share them by sending us a message here.

If you’d prefer to watch this interview, click here to view on YouTube!

Carrie can be reached at [e-mail] or by phone at 312.961.4612.

Please follow Carrie on Instagram by clicking here.

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Transcript

D.J. Paris 0:00
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Welcome to keeping it real, the largest podcast native for real estate agents and buy real estate agents. My name is DJ Baris. I am your guide and host through the show and today is our monthly series Monday market minute with Carrie McCormick from the Carrie McCormick Real Estate Group with App properties here in Chicago. Now Carrie has been a top 1% producer in Chicago for over 20 years she has this incredible amount of experience helping buyers, sellers and investors. She’s a true superstar and an expert in everything from first time homebuyers, veteran investors and luxury properties. She also works with a lot of developers and is often chosen to represent their high end developments. Now please, everyone visit Carrie at her website, which is Carrie McCormick r e.com. And that’s McCormick with two C’s. So Carrie McCormack r e.com. But also, I want you to follow her on Instagram, she has a truly impressive Instagram account. She’s consistently ranked as one of the best realtor Instagram accounts in the industry. And you can find her at Carey McCormick real estate and we’ll have a link to that, as well as to our website in our podcast show notes. You can always find it there. Carrie, welcome once again to the show.

Carrie McCormick 1:58
Thank you. Thank you, I love that introduction. Makes me feel old that I’ve been around forever.

D.J. Paris 2:04
Well, at least you’re a top producer for 20 years. So at least you have a lot of success. And that’s one of the reasons why of course you come on our show. And you’ve actually been with us since the very, very beginning. We are so grateful Carrie has been our oldest and was the oldest she’s she is not the oldest, but but somebody who’s been with the show the longest as one of our regular guests. And we are super grateful, because she is incredibly busy every each and every year and she just does more and more production every every single year. So what would you like to talk about today now that we just finished Thanksgiving? We’re closing in on the end of November. What’s on your mind today?

Carrie McCormick 2:42
Yeah, so as we round out the year just you know, kind of looking back of this crazy year that you know, it doesn’t matter what market you’re you’re in right now, we all have had such an amazing 2021. So we just started now looking ahead and planning for 2022. So I think just to start off the conversation of 2022. I just want to talk about mortgage rates. I am not a mortgage lender. But we all know that the rates I shouldn’t say we know but you know the rates are going to start ticking up. And I have a quote here. It’s from Doug Duncan at Fannie Mae. He says right now we forecast mortgage rates to average 3.3% in 2022. So 3.3%, which is just a little bit higher than 2020 and 2021. But by historical standards, it’s very low. So even though we’re going to start hearing things about mortgage rates ticking up, again, they will but it’s going to be at a very moderate pace. So what does that mean? So of course, we see mortgage rates go up, we’re probably going to see some pricing go up as well. So the affordability factor for homebuyers is going to become front and center. So these are all terms that we’ve been talking about over the last, you know, year is interest rates, pricing, supply and demand, the affordability factor. So again, this is probably going to carry into 2022. And same with home pricing. So in all of our markets, we’ve seen these record breaking levels 1819 20% There’s been some markets that are 40%, which I wish I was licensed in those states. But you know, we’ve all seen these really incredible home appreciation prices. And I think in 2022 we are still going to see pricing escalate, but not as much as we did this past year. So I think it’s going to be important to communicate to our sellers, because right now they’re expecting you know, their pricing just to keep going. But I think again setting the expectation that we will see moderate, slower price increase in 2022. And of course, every market is different. I always say Chicago itself, because I’m here, obviously in Chicago is a market within a market and even some neighborhoods will appreciate a little bit differently than another neighborhood. So from those two points, if you think about mortgage rates, you think about the pricing of the home, you know, what does this all mean to us. So it’s going to be more expensive to own a home, no matter where you’re at. So in 2022, we’re still going to see our inventory challenge as well. And again, I’m tired of talking about inventory challenge, but we’re gonna see it. I am seeing, especially here in Chicago builders, being a little bit more active in the market, which is great, even though their supply chain issues, but we’re seeing more building happening here. So hopefully, it’s going to help continue with our supply issue that we’re having here as well. But I don’t see, I don’t see a slowdown here.

D.J. Paris 6:01
Well, that’s, that’s exciting. And I was thinking as you were talking about the pricing, which cross the country is most markets seem to have benefited from, well, depends on if you’re a buyer or seller, but but for homeowners seeing more appreciation than then maybe they would have expected. But I almost wonder if and I’m curious to get your thoughts. I’m almost wondering for people that were thinking of selling, but going to stay in the same general geographic area. I wonder if a lot of those people didn’t sell, because they have to live somewhere and buy the appreciation of the homes that they and also the competition from because rates being so low, I almost wonder if that prevented a lot of people from moving thinking, well, I could share, I could cash out sell my home, but then I have to buy something that’s appreciated just as much. I almost wonder if maybe, maybe that will, you know, bring those those sellers back into the market. I’m just curious if you saw any, for people that stayed local and didn’t, you know, go down south or wherever they could now work remotely, maybe didn’t feel like they were chained to their geographic area. But I think most of us still feel like our our geographic areas is where we want to be, especially if we have kids. And you know, we are in schools. So I’m just curious if I know like this happened to my sister, she many, many years ago, bought a place a little tiny, 475 square foot one bedroom, not even a studio in, in the West Village in New York. And just a like, amazing, desirable area. She was right in the middle of everything. And her home appreciated within seven years about $150,000, which is just incredible. It was a sixth floor walk up it had no no air conditioning, just just oh my gosh, it just incredible. But when she sold it, she was like, Well, I can no longer live in the West. You know, she made all this money. And then she went out to Queens, because that’s where life sort of took her. But she had priced herself out even though she got a nice and it was perfect cuz she left the area. But I’m just curious, if you think maybe this will the slowdown in the price increases, maybe we’ll get more active sellers who are thinking about staying local?

Carrie McCormick 8:12
Absolutely. I think you hit the nail on the head, it’s definitely been a challenge with a lot of this, the people that did want to sell is where am I going to go? No, what am I going to buy, you know, they couldn’t find something that they loved. And even if they did find something else that they loved, the price was too high on that. But you know, again, they sell their, their home at a high price, they’re gonna buy at a high price. So some people just, you know, sat on the sidelines, or they decided not to sell. So we definitely saw all different types of situations in 2021. But I do think just as you said, some of those people that were selling, and they held off, I think we’re gonna see them in the market in 2022. And hopefully, again, it’s gonna bring back some inventory, too. So it’ll be an interesting year. But you know, at the end of the year, as we all typically do, I always like to reflect back on the year, you know, what have I learned? What can I improve? And I think it’s important for all of us to do that. And, you know, since I’ve been in the industry for so long, you know, back in when the market crashed in 2008, I learned so much from from that time, you know, and is when things are, you know, either going really bad or really good. You can always take things out of, of those situations. So, this past year 2021 was a phenomenal year. And so I just wanted to share with you a few of my reflections that, you know, I’m going to focus on for 2022 which is to invest back into my business, right and we all do that from a marketing standpoint, but also to invest in the people around around us, and to invest in the staff that’s around us. So like for myself, you know, I’ve got some wonderful admin staff that I adore and help support my business. So you know, it’s gonna be important for me to give back to them and support them. Because they’ve worked hard all year for me. So again, it’s my job to support them and invest in them, and everyone around me. So just to be thankful, and again, support that staff. So that’s number one, investing in your business from an advertising standpoint, so invest in your brand, we’ve seen a lot out there of just, you know, recognizing who you are, as a broker, you know, building a brand, that’s true to you. And that’s something that I’ve worked really hard on, through my advertising, through my social media, and through my video content. So I’m going to definitely focus a little bit more on that this year. Via good listener, I think that is one reason to that I’ve been extremely successful is, as a salesperson, we like to talk a lot, right? We like to be center stage. So I think for me, you know, I can really sit back and listen to people and there’s times I do want to jump in and, you know, give my two cents or, you know, whatever it is, but I think it’s important for all of us to sit back and be a better listener, and be kind and patient to people around us. Right? It’s been, again, a great year, but it’s been a little bit of wonky, with people being short tempered, or, you know, I can use a lot of words, but you know, it was kind of a crazy year, but it’s just being patient and respectful to people around you. I think that’s going to be important going into 2022

D.J. Paris 11:45
Yeah, I’ve always thought of this job, and I’m not out there doing it. So this is just my observation of, of being around a lot of brokers for a lot of years, and I’m a broker as well, but I, I don’t go out and practice, like, like our listeners in like you do. But it seems to be that that I’ve always thought of this as if nothing else, it’s a customer service job. And it’s being being able to, to understand what someone’s stresses and anxieties may be be in the process of buying or selling a home and, and being that that comforting sort of, you know, ear to to absorb all of their their stress, which I can’t imagine is always easy for agents. But But I think you know, that is such an important skill. If you really want to develop a skill, I think not you in particular. But our listeners, of course, is really, really look into the importance of empathy and empathy, meaning that you are sympathy at the very least which sympathy is feeling, feeling for somebody when they are when they’re struggling. And this whole buying and selling process is just a lot of struggle for even the most simple of transactions. And then But then empathy is sort of the next level, which is I’m going to suffer with you, but but I’m also going to be there to comfort you. And to sort of validate someone’s position where they are, I think is it really can’t be overstated. And the best agents I know, you know, really do that quite well. They don’t always have to have the answers. But they certainly have to have the, you know, the open ears to say, tell me what’s going on. And you know, let’s get through it.

Carrie McCormick 13:31
I mean, at the end of the day, we’re all we’re fiduciaries to our clients, right? That’s the most important thing. There’s a lot that comes around with it, like you said, in different situations. And we have to navigate them professionally through the situation. So it’s, you know, be kind, be patient, be a good listener, but you know, most importantly, be a good fiduciary to your clients. And I think we just need to all step back and remember those goals.

D.J. Paris 14:00
I also think too, like the I think the vast majority of the public has no idea that realtors are fiduciaries, I don’t think that’s a that’s a word, that unless you’re maybe a financial adviser, or you’re in the real estate industry, you probably just don’t associate with realtors at all. And it’s really an important conversation I think to have, or it’s an opportunity to say, you know, my primary goal here is is not just to get you everything that you want, although we are going to try to do that, but to do it in a way that’s fiduciary ly responsible. And here’s what that means. And I think even working on that conversation really will separate you from other realtors who maybe don’t even think to use those kinds of words.

Carrie McCormick 14:43
Yeah, I agree. I agree.

D.J. Paris 14:45
And I was curious to what do you think we’re and I know we’re kind of going back a little bit but But thinking back over the last year what were sort of the main reasons, you know, obviously, appreciation will certainly drive this but in low rates. But what were the main reasons that that people that in your experience that people decided to move this year, this last year?

Carrie McCormick 15:06
I know, isn’t it something that it seemed like the whole world wanted to move last year, it was unbelievable. And I did a little bit of research on that. And through my own clientele, you know, and just research. And if you look at Think of a pie chart, it really is kind of split four ways. And the main four reasons that people moved was one, they wanted different home features. So whether it was I don’t even know like, they wanted a pool, or they wanted a fireplace, or they wanted a new kitchen, their needs of their home changed. The second reason was, it didn’t fit their family needs. So whether they had more kids or someone was working, wanted to work out in the house or something. So it was that didn’t meet their family needs. The third one was they wanted to move closer to friends and family, which I thought was a very interesting reason for moving. And I don’t know why I do it, just, you know, I think what the pandemic did for a lot of people was make them feel like they wanted to, you know, be around their loved ones a little bit more, right. So I saw a lot of people moving again, to be closer to their parents or parents want to be closer to their kids, or, you know, whatever the reason, family reasons were, they wanted to be closer to the people that they loved. So there was a big movement of that. And the last one, which was the big one was home office, you know, as though that pandemic pushed everyone back into their home. So it really was those were the main four. And it just it moved. It moved everyone across America, people are going everywhere.

D.J. Paris 16:59
Yeah, it is. It is remarkable. I mean, even I, we were just I was just at the narc, the National Association of Realtors Conference in San Diego, and a couple of weeks ago, and my girlfriend and I were there. And we said, we could live here this is this is pretty nice. As much as I love Chicago, and boy, the weather there is hard to beat. And could I technically do my job there. And I’m gonna I’m not a practicing agent. I’m pretty sure I could, somebody did come in to see me this morning that was interested in joining our firm. And that was maybe three people in a year have come in the rest of all just talk to me on the phone. So I probably could do it remotely. And so really is opened up the freedom. And I think for everyone listening, if you haven’t had these conversations with your sphere of influence, like, hey, has anything changed? Have you guys are you guys thinking about now making a shift now that people have seen the first wave of people, you know, go out and be able to work remotely, I bet there’s a lot of people now the second wave that are like, Oh, this is really doable. And maybe we’ll start looking at some of those other areas of the country that we always thought would be great to live in. And then I think for an agent, that’s a great opportunity to start finding realtors in those areas, or maybe even getting licensed yourself in those areas, but but certainly finding a referral source to say, hey, I have clients that are interested in Nashville, or, you know, wherever it might be.

Carrie McCormick 18:20
Exactly. So I’m excited to talk about what’s coming up for next month. Do you want to tell them?

D.J. Paris 18:28
Yeah, so we have a couple of things. We would love to find out what your biggest frustrations are when dealing with other realtors. So if you have any ideas, and you can tell us your story, or you can ask questions, because we know this is a cooperative business, but it isn’t always and always feel cooperative. And there may be challenges that you’re experiencing, you know, just working with other agents. And Carrie has seen and been through all of it many, many, many, many times. And so we would love to get her opinion on how to help solve some of these problems. I see a lot of this online, on in forums with realtors, where they go, you’re not gonna believe what this realtor just said to me or did to me. And then there’s all sorts of great advice there. We want to sort of do the same thing here. So if you have a challenge, or a story you want to tell or just want to get some help in dealing with other agents, we want to we want to know about that and we want to answer that. So please, a couple of ways you can you can get those questions to us. Number one, you can email them right to us, which I will put the link in the show notes but you’re gonna send it to his actually I’m gonna give you an even easier way. We do have the email in the show notes. But I want you just to go to our website keeping it real pod.com There’s a contact us form, send it there it goes right to zonna our producer and she will send those to us and we will be able to address those. So any challenges that you’re having? Or frustrations with other agents honey, send us some yeah Funny stuff to boy, I, you know, is realtors, I’m sure you deal with stuff all the time, probably daily where you’re just like, wow, that is, and I’m sure can be very frustrating and hard for especially a newer agent to sort of know what to do. You know, there are some bullies out there. And there are some people that, you know, aren’t don’t always play nice. So we want to talk about, you know, whatever challenges you might be having with other agents. And I also have just a quick little tip for for the holidays, right now is the time where you might be thinking about getting your clients a holiday gift. Hanukkah has already started. Christmas, of course, is coming up and other holidays, New Year’s Eve, and then even other religious holidays. But I would say you know, if you’re not going to if you haven’t already put something in place, I say my advice and you can certainly send something is think about maybe sending something in January. That’s like a New Year’s gift. Certainly, there’s a lot fewer of those and it maybe won’t get lost in the December shuffle where everyone’s so busy. And you know, also getting a lot of things in the mail. But I think there’s nothing wrong with sending on New Year New you kind of gift and it doesn’t even have to be an expensive one. But don’t worry too much about a new year Christmas or a holiday gift. Being that you know, you can always send it in January two.

Carrie McCormick 21:20
That’s pretty good.

D.J. Paris 21:22
Yeah, I just I just think you know, there’s ways to do it where you don’t have to worry about, oh, gosh, I just sent out all these gifts. And it’s the middle of December and I haven’t really heard anything. Well, yeah, because people are busy. And they’re going to parties, and they’re dealing with family and they’re buying gifts themselves. And they’re getting a ton of stuff in the mail. And it’s just easy to sort of get lost in the shuffle. But so think about sending a January gift. I mean, no one’s expecting that. And that would be a lot of fun and probably separates you from everyone else. So that’s just my little tip of the day if you’re going to send a gift. Yeah, just just and then you don’t have to worry but you should know which of your you know which of your your sphere of influence are celebrating Kwanzaa or Christmas or Hanukkah, you should know that and if you don’t know it, now’s a great time to find out because even if you don’t send a gift, you could certainly call everyone and say hey, if you’re they’re Jewish, for example, and they’re celebrate Hanukkah. Oh, by the way, I know it’s the second day of Hanukkah, I just wanted to say hope you guys have a great Hanukkah, which it happens to be today. The second I think it’s the second day or the third day. Anyway, the point is, is no this stuff and it gives you a great opportunity to contact your clients and say I hope you just have a good holiday season. And they’re probably not getting a lot of those phone calls, too. So that’s another great reason to reach out. Well anyway, that’s all I got. So please send us your your agent frustrations and send those to us over at keeping it real pod.com our contact form there. Also, I want everybody to follow Carrie on Instagram, which is care at Carey McCormick then again McCormick with two C’s Carrie McCormick real estate. So at Carey McCormick real estate also visit our website Kiri McCormick, r e.com. And if there are any agents out there that have people moving to Chicago, Carrie would love to talk to you about your clients. Or if you’re just a buyer or seller investor and you want to work with a top Realtor in Chicago because you want to you want to you know, find some opportunities here. Carrie is a great resource. And so Carrie, if an agent or an investor or a buyer or seller wants to reach out to you what’s the best way they could find you

Carrie McCormick 23:26
always call me 312961461 To I always have my phone with me.

D.J. Paris 23:34
She does. And she is always responsive, and which is why she is so well respected here in the Chicagoland area. So we want to thank Carrie again. She Gosh, was this a record year for you? Or I know it’s not over yet. But I think you’re right at you’ve got to be almost at the is this like the very best year you’ve ever had? It is it’s a good one. She’s very humble. That is that’s pretty impressive. With with her history, so she’s she is killing it. And she takes time out of her day to help our show. So we appreciate that so much. So thank you, Carrie, on behalf of the listeners and on behalf of Carrie and myself, thank you to all the listeners for continuing to support our show. We’re almost finished up with another year here. And so we say thank you. But please tell a friend. Think of one other real estate agent that could benefit from hearing from great, amazing people like Carrie and send them a link to our show to send them to our website keeping it real pod.com We appreciate it. All right, Carrie. Well, we will see you next month in December and have a great day. Have a great December and end of the year everyone and take some time for yourself. It’s the holiday season and you know it’s a good time to relax and enjoy time with family and friends.

Carrie McCormick 24:41
So absolutely. All right.

D.J. Paris 24:44
All right. Thanks Carrie. Bye bye