IKEA, Skiing and Voting…all in less than 5 minutes! 3,2,1 GO! 11/3/2024

Hey - it’s Joe.

It’s November, so that means it’s technically Christmas. Also, you got an extra hour of sleep today- hope it was well used! Those of you that are running the marathon today- hope you read this later on today while getting a foot rub. Let’s get to it.

Estimated reading time: 3 minutes, 59 seconds

?Three news articles ?

1/ Rates higher pre-election…how about after?

As mortgage rates stay elevated, investors are watching how the upcoming election might influence rate trends. A shift in political control could bring policy changes that impact rates, though the connection isn’t straightforward. Interestingly, last week’s weak jobs report didn’t lead to lower rates as usual, signaling that markets are holding steady ahead of election results. Expect some volatility!

2/ SI leads in LESS foreclosures

Foreclosures on Staten Island have remained relatively low compared to other NYC boroughs. In the first nine months of 2024, Staten Island recorded only 103 new residential foreclosure cases, the fewest in the city. The third quarter showed a steadying trend, reflecting Staten Island's resilience in the current market as foreclosure rates dropped citywide. This suggests a more stable housing market on the island, with homeowners showing greater recovery from economic pressures than other parts of NYC. Although I’d take a bet: if there were less red light/speed cameras here there may have been 1 less foreclosure.

3/ Hand is ALWAYS out…

New York City’s mansion tax is a burdensome extra cost for buyers, adding up to 3.9% on homes sold over $25 million… but even a 1% tax on properties at $1 million or more. And come on- 4% on 25 million?! That’s an LOT of money. Originally designed to fund the MTA, which continues to face ongoing issues despite this revenue, the tax has become yet another hurdle for homeowners. While intended to target luxury properties, the $1 million threshold now affects many modest homes, especially in NYC’s inflated market, turning what was meant as a “luxury” tax into an added expense for typical city buyers. All for the MTA to just continue mishandling their money. Throw in the congestion pricing too…what’s up with them man?

?Two creative marketing examples ?

1/ Listing Masterclass

This one is more “marketing” for me than the properties I list per se… but it took so much work that I want to tell you about it!

For those of us running our businesses on the day to day, it can be very hard to work ON the business because we’re stuck working IN the business. But I’ve made it a rule that, at least once per quarter, I will come out with something that furthers my business and optimizes a certain corner of it. Last year? I was in a knowledge kick. Enter my Sellers Course.

I sat down for an entire day and came up with all of the main questions, issues, problems and everything else that my listing clients have had through my years in Real Estate. I then created a “class” framework for this to be in an easily digestible, actionable format for new and potential home sellers.

And so my Listing Masterclass was born. Have even the earliest thoughts of selling your house? Are you another Realtor trying to steal my (already stolen) ideas? Do you just want to take something that you’re guaranteed to pass so you can feel accomplished? Take my course.

5 days. 5 emails. 5 minutes each. They even end with an actionable step so that you can put everything you just learned into action (how many times am I going to use that word?) so it really sticks. I even created a logo for it…AND a little intro complete with music and everything.

Oh yeah- you also get a bonus gift after you pass. I’m actually pretty proud of this thing. Check it out and/or share this with a seller- here’s the link again!

2/ Sunk Cost Fallacy

Quite a few things can fall under this strategy, but let’s stick with IKEA this time around.

Ever notice that IKEA’s are placed on the outskirts of big cities? Yeah. Did you know that’s actually done deliberately? Hm. Figure it out yet?

The thought is that by making you travel further to get there, you’re far less likely to leave empty handed. You have to buy something to justify the trip…and keep your Fiance from hating you even more than they already do. So you buy something. Furniture in this case. They win, your Fiance wins, your credit card company wins. You win too, if you like putting 1,000+ piece items together.

I give you one example like this per week…looking back on my emails, isn’t it messed up how these companies play with us? Oh well. We know we’re getting manipulated..but will we really do anything? Enjoy that drive to IKEA.

You can’t really just pick up your business and move, but… what is something you can provide after the potential client is already pretty invested?

?One interesting thing ?

Ski SZN

We used to be a proper borough. For skiers at least.

Did you know that Staten Island once had its very own ski jump? Built in the 1930s on Todt Hill near today’s Petrides School, this 30 foot wooden ski jump attracted local thrill seekers and visiting competitors, including renowned Norwegian jumper Torge Tokle. During the winter months, local kids would help pack the slope with snow (or straw if snow was scarce) to keep the jumps going. Sadly, the structure was destroyed by fire during World War II but was briefly rebuilt in 1947 before fading into history.

Makes you think- we have the room for so many things. Why not have a ski jump? Why not have so many other things? Sigh. Here’s a few 90 year old pics of this one!

?Action to go take

?

Here’s something cliche but…go vote this week. If you didn’t early vote already of course!

This is a very charged election, they only come around once every 4 years and it’s a fundamental right we have as Americans- how could you not?!

The other reason being that both candidates have a very opposite direction that they’ll take this country in should they win. So think of it this way: if you don’t vote for the direction you believe we should go, consider it a vote for the other candidate!

I feel very strongly about one, but I don’t want to alienate half of my audience so I keep it to myself. However, if I had a little less self control, I’d be screaming from the rooftops!

Anyway- do your duty. Be an American. Go vote this week.

?P.S.

This is not included in my above estimated reading time…but here’s a quick recap on what I have going on!

• I just sent a postcard out to a few hundred people. I like the design of it and am testing its reception. Let me know what you think if you get one!
• I’ve been reaching out to all the awesome people in my phone book. Been having some great conversations, some of them are with people I haven’t spoken to in years! Very enjoyable part of my day. Will keep doing this!!
• Just closed on Friday on a great property with my investor. We have another scheduled for Next Friday! Let’s keep it going.

And that’s that! See you next Sunday - Joe

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