The Credit Score Revolution - Monday Market Update 7/14/25

The Real Estate landscape is changing with Fannie and Freddie now accepting Vantage Score 4.0 for mortgage approvals, which includes rent, utilities, and cell phone payments that weren't previously considered. While we wait to see how interest rates will develop, successful agents are focusing on consistent action and authentic human connections rather than getting caught in market anxieties.

Be human and make connections - it's really that simple!

Reach out if you need help building your business as an agent at any career stage. I'm happy to help you develop the right approach to generate business and serve clients effectively.

Chapters

• 0:00 Market Update and Interest Rates
• 2:59 New Vantage Score Credit System
• 4:45 Mindset for New Agents
• 6:22 Be Human in Your Conversations
• 10:17 How to Ask for Referrals
• 14:12 Final Call to Action

Transcript

Speaker 1: 0:37

All right, welcome to the Monday Market Update. It is July 14th. Nikki is not able to make it live on the call. However, she did send me a message of the latest and greatest that is going on on the market. So I will read that now and then jump into a little mindset for the week. I'll watch the live stream as well to see if there's any questions and make it a quick one today so you get back to selling, doing what you do so well, all right.

Speaker 1: 1:08

So Nikki mentioned that the interest rates took a bit of a blow from last week and what had happened is when Powell announced that he would not consider changing the Fed interest rate until at least September and his term is up in May. So Nikki mentioned we'll continue to see and watch what happens as far as who the new Fed chair is going to be and what interest rates are going to be looking like in the future to be and what interest rates are going to be looking like in the future. So it's kind of from what I understand as sit and wait type of a game, but that does not mean that you sit on the sidelines. It's just taking the information but still going out there and moving forward with your business. Like I say, you can create your own economy. Do not let what the news, what is going on in maybe, your local market, dictate whether you take action or not. You'll still want to show up and take action, day after day after day, because the consistency of your action is where your success will come from. Action is where your success will come from.

Speaker 1: 2:24

Fannie and Freddie announced last week that they will now start accepting Vantage Score 4.0 for mortgage app approval. Right now, the only acceptable credit format is the FICO score. Now Vantage has the ability to rate your potential buyers or your buyer's score based on things like rent, utilities, cell phone bills and the payments that they make month after month after month, whereas the FICO does not rate the score based upon these everyday or monthly payments score based upon these every day or monthly payments. Now there are a lot of unanswered questions as to how the system will handle the new scoring and what it will mean for overall mortgage approval. There's more to come in the weeks with Nikki regarding all of this and how this will play out and, as things come up, how do we respond to it and how do we move forward. So watch for that as well. But just know that things are changing. They're always changing, as we know in real estate, but they are changing and it is for the better. So it will allow more people maybe that have been on the fence or that can't qualify right now, to be able to qualify for a mortgage. So overall, the change is good and if you can look for and find the good in every situation or in announcements that are coming out and choose to look for the good, you will find it. It's always there. You just need to have the right frame of mind and the right attitude moving forward and which brings me to a little bit of a coaching moment. So I've been on the phone and on Zooms with a ton of new agents recently, which I absolutely love. I love helping newer and inexperienced agents set up and run a successful real estate business from the get go, and I've also been talking to some agents that have been in the business five years and 20 years plus, actually just leveling up.

Speaker 1: 4:35

And I just want to send this reminder out. I, you know, sometimes take for granted or just think that everyone knows this or remembers it and just like myself, when I'm maybe reading something again or hearing something for the fifth or 500th time, you're going to hear it differently or it's going to resonate differently because you're different. To resonate differently because you're different. As I say, you'll never stick your toe in the same water of a stream, because it's always moving and always different. Well, that's you as well.

Speaker 1: 5:07

So, as a friendly reminder, as you're going out having conversations, maybe talking to your sphere of influence, talking to potential clients or buyers, or making cold calls, be human, that's it. We can overcomplicate this business so much, so quickly and just get overwhelmed and almost like put this tunnel vision on of how it should look or how this has to happen or how we do this business called real estate, and I just wanted to put a friendly PSA out there that you just want to be human. Go out there and don't make it so hard on yourself. Just start having conversations. Have conversations with people where you are already showing up, whether that's maybe a place of employment, volunteering, maybe your place of faith, where you go to have, you know, have faith in then your kids if you have kids in there in sports or they're in sporting events, you know, maybe it's just as simple as wearing, forgetting to take your name tag off or wearing a logoed hat or t shirt or something that just says what you do Without having to say it out loud. I know there are plenty of parents at all of the events that I go to that aren't in real estate, that have logo gear, and I don't think anything weird about it or like, oh, they're being salesy or this or that. No, it's just a part of who they are and what they do. So stop telling yourself all these stories about being icky or salesy or, you know, commission, breath, because there is a way to go about building this business and being human and having conversations.

Speaker 1: 7:04

And I'll wrap up with this. I was on a call end of last week and one woman was. It was in front of probably like 50, 60 people and she was good enough to be vulnerable and she's just like I. Just I get in my own head. I don't want to sound salesy, I don't want to. You know, come across as this person, as I'm reaching out to my sphere or the people that I know. You know like begging for business or just being really heavy about it, and I I raised my hand and I definitely jumped right in because I went through this in the beginning of my career as well, and I think some agents I know some agents actually still go through this as they're reaching out and just having conversations.

Speaker 1: 7:52

You owe it not only to yourself as a professional, but you owe it to the other person on the other end of that text, that email, that phone call, that social media post or response, to give them the opportunity to say no, because the answer is already no if you're not asking, so ask, and then you have a 50-50 shot and know that they're going to eventually statistically buy, sell or invest in real estate at some point in time at some point in time and if they don't use you, they will use a realtor of some sort shape form that's out there right now and as statistics go as well, many agents out there, to be quite honest, probably shouldn't be agents. They're just not in it for the right reasons or they're not doing it in a manner that I guess levels up or lifts up the industry. So you should be the one working with them, with that person, and if you do not ask, you do not reach out or you do not stay top of mind. They are going to work with someone and it's not going to be you. So when that sign goes up in your neighbor's yard which I know has happened to most all of us all of us will say and your good friend or a co-worker or someone around you goes with another agent, take 100% responsibility for that happening and learn from it and know that you are the best agent for the job. You're going to show up and serve them at the utmost level of service, the communication, getting them from where they are to where they want to be and fulfilling their real estate goals. It should be you, and if it's not you, that's on you and that's your bad. Because now you did not give them the opportunity, you did not let them know, you did not give them the opportunity, you did not let them know.

Speaker 1: 10:18

And I have been in more conversations with my sphere of influence or people past clients, family, friends, whomever. We could be at a coffee shop talking for an hour and half of it's maybe about my business and real estate and half of it's about their business, family, real estate. We're just catching up, business, family real estate, we're just catching up. And it isn't until close to the end, as we're saying goodbye, that I say, and you know, obviously you know I love what I do. Who do you know that's looking to buy, sell or invest in real estate, that I could be helping now or in the next few months, next six months, next year? And you will actually see their eyes go up because it's how you asked it. You asked who, not let me know, or do you know anyone? It's a very specific way to ask who do you know that I could be helping? And I kid you not.

Speaker 1: 11:12

More times than not they'll be like oh well, now that you ask, or you say that Nancy, from my work she had mentioned her lease is going to be up in October. Fantastic, what's Nancy's information? I would love to reach out to her today. Or can you do a three-way text right now? We all have these in front of us every single moment. Would you mind an introduction right now? More than likely, she has Nancy's phone number or email in her phone and she has yours, because you're sitting at coffee with her. Get it going, get it set up, get that introduction right away, right on the spot, and ask who do you know?

Speaker 1: 11:50

Because if you don't ask for referrals and if you're not top of mind when these conversations are coming up, like when Nancy mentioned her lease was up. That friend that you were out to coffee with hypothetically should have said, oh my gosh, you need to talk to Angie, like that is your job as an agent. Your job is to be so top of mind that when anyone in that person's sphere of influence, their sphere, the 250 to 600 people they know that you don't yet know, whenever any of those people mention real estate, you should be the first name that comes to their mind with excitement, with enthusiasm. You gotta talk to Angie, that's your job. That could be your whole business.

Speaker 1: 12:37

Again, we make this so difficult. Go out, be human, have conversations, be top of mind, give value, give deposit, deposit value, give value, invite them to events, stay top of mind and every so often ask them who they know you can do a withdrawal. You just have to be making deposits along the way in order to do that. And no, they'll work with someone. And if it's not you, well, I'm not going to shame you, because I've been shamed before and that's not what I'm here to do, but shame on you. I mean, honestly, go out there, do this job, be a professional, figure it out, and if you need help or you want to continue this conversation or look at the pillars of how you're going and getting business Now. If you need a good coach or mentor, regardless of what stage you're at in your business, I can help you. So reach out. I'm here and happy to help, and we'll see you next Monday when Nikki will be back. And until then, go sell something and make it a great week.