fbpx

You are viewing our site as an Agent, Switch Your View:

Agent | Broker     Reset Filters to Default
Anticipating Market Trends: A Data-Driven Approach for REALTORS with RPR
The real estate market is known for being dynamic, with prices and inventory levels constantly changing. For REALTORS®, the key to success is making well-informed projections based on solid data. RPR (Realtors Property Resource®) serves as an invaluable tool, offering a depth of historical and current market data that can provide clues to what lies ahead. In this article, we'll explore how leveraging RPR Market Trends and other vital data points can inform the decision-making process and help you craft strategies that align with the expected ebb and flow of future market conditions. The Predictive Power of Historical Data While historical data isn't a blueprint for the future in real estate, it often provides valuable clues that can help shape our forecasts. By analyzing past and present data, REALTORS® can recognize signs of what's to come. For instance, a consistent decrease of Median Days in RPR in a specific area can indicate increasing buyer interest, prompting a strategy to price new listings competitively. Key Market Trend Indicators for Anticipating Future Changes When starting, there are so many metrics to choose from, but two key indicators stand out: Month's Supply of Inventory and List to Sold Price averages (the average percentage difference between listing prices and final sale prices). These figures do more than summarize the past—they showcase potential future developments. Months Supply of Inventory Months Supply of Inventory indicates how long the current inventory would last at the present sales rate if no more listings were added. A low number suggests a seller's market and a high number points toward a buyer's market. Take, for example, an inventory that decreases over consecutive months—this trend could signal a growing seller's market. By recognizing this early, a REALTOR® might advise sellers to list sooner or buyers to act fast. RPR's graphs turn complex data into visual stories that are easy to read and act on. Average List to Sale Price Looking at past List to Sold Price Average Percentages offers a clear picture of the market's bargaining behavior. If this percentage rises, sellers gain more negotiation power, and listing prices should be set accordingly. Average Sold Prices serve as the benchmark—when aligned with a specific neighborhood's pricing trends, REALTORS® can more accurately advise clients on offers to make or accept. Time on Market and Seasonal Forecasts Median Days in RPR can be a powerful metric to estimate better how quickly properties will sell in the future. A downward trend typically indicates increasing demand, leading to a faster-paced market. For instance, a REALTOR® observing a shortened time on the market during spring can capitalize by listing properties when buyer activity begins to climb. Seasonal graphs in RPR help predict these cyclical shifts, aiding in timing the market perfectly. See Market Trends in Action: Get a close look at the dynamic real estate landscape with RPR's Market Trends. Short-Term vs. Long-Term Market Changes Market analysts know the devil is in the details of short-term (last month) and long-term (12-month changes) trends. While the former offers a snapshot, the latter shows the market evolving. For example, if condo sales are on the rise over the last month, but single-family homes have seen steady growth over a year, REALTORS® can tailor their property focus and marketing campaigns to align with these trends. Incorporating Additional Economic Indicators No market exists in a vacuum. Supplementing RPR data with additional economic indicators like mortgage interest rates or local employment stats paints a more complete picture. For instance, a low unemployment rate might encourage higher listing prices due to increased buying power—RPR's integration of these economic elements ensures REALTORS® have a comprehensive view. Take Market Trends Further: For those eager to dive deeper into Shareable Market Trends, there are lots of resources available. Visit RPR's learning center for a webinar, tutorials and ebooks that will sharpen your analytical skills. Use RPR's Historical Data to Anticipate Future Market Trends Predictive analytics is no longer just an advantage—it's necessary for REALTORS® who want to thrive in a competitive marketplace. By interpreting RPR Market Trends, you'll understand where the market has been and, more importantly, where it's headed. Embrace RPR's historical data to create a vision for the future, and let its powerful insights inform your strategic decisions. To view the original article, visit the RPR blog. Related reading 'How's the market?' Learn how to respond with RPR Market Trends Elevate Your Business with RPR's Master the Market eBook Series How to Spark Real Estate Conversations with Friends, Family, Clients and Prospects
MORE >
Buyer's Market vs. Seller's Market: The Key Difference
The terms "seller's market" and "buyer's market" generally reflect which side of the real estate transaction has the upper hand when it comes to negotiating. While sometimes the entire nation can experience one type of market or the other, it's more common for market conditions to be tied to a region, a town or even a neighborhood. Multiple factors can influence housing markets including the local job market, new construction that offers more options for homebuyers, the reputation of various school districts, mortgage rates, home values and national economic conditions. How do you know if you're in a seller's market or a buyer's market? While there's no definitive answer to what type of market you're in, typically there are indications that demonstrate which side of the transaction sees more favorable conditions. In a seller's market, home prices are usually going up, homes are selling quickly and there are fewer homes on the market. In a buyer's market, the opposite is true: home prices are flat or falling, homes sell slowly and there are plenty of homes on the market. ‍What is a buyer's market? A buyer's market occurs when the real estate market has more homes for sale than buyers. In this type of market, buyers have more leverage over sellers, leading to potentially lower house prices, more time to make decisions, and oftentimes, the ability to negotiate favorable terms. This situation usually arises when the economy is weak, or there's an oversupply of homes due to various factors like new construction or demographic shifts. What is a seller's market? Conversely, a seller's market is characterized by a shortage of homes for sale and a large number of buyers. This imbalance often leads to higher home prices, quicker sales, and competitive bidding wars. Sellers in this market have the upper hand and can often choose from multiple offers, sometimes even above their asking price. This type of market typically emerges during economic growth, low mortgage rates, or when housing supply can't keep up with demand. Here are some of the indicators to watch out for: Price Trends: Take note of whether the average home price in the area is increasing or decreasing. Rising prices typically indicate a seller's market, while decreasing prices suggest a buyer's market. Number of Days Homes Stay on the Market: Homes that sell quickly, often in days, point to a seller's market. Conversely, if homes linger for weeks or months, it's likely a buyer's market. Market Prices Relative to Asking Prices: In a seller's market, homes often sell for at or above asking price due to high demand. In a buyer's market, homes may sell for less than the asking price. ‍Buyer strategies for any market In a seller's market, buyers need to be prepared with a preapproved loan, a higher deposit and a strong understanding of the market and their priorities since they may need to make a fast decision. In a highly competitive housing market, buyers may want to consider a cash offer program such as the one Revive offers. Essentially, buyers get preapproved for a loan and Revive makes a cash offer for the home they want. They can move into the new home before they sell their previous home. In a buyer's market, buyers have more options to consider and can take more time to make a decision. They can compare various homes and have more negotiating power. Just remind your clients that you may not get everything they want, so they'll need to set priorities for their home and their financing. Seller strategies for any market Even in a seller's market, homeowners need to clean and prepare their home to attract buyers. Pricing the home in line with market conditions is important, since a home that is overpriced may not get any offers and will eventually sell for less than it's worth. In a buyer's market, homeowners need to be more strategic in their pricing, be prepared to negotiate and to offer concessions to buyers such as paying closing costs. No matter what market conditions are like, homeowners may want to consider hiring a concierge service like Revive to renovate their home in order to get a higher price. Most home sellers are also buyers, so it's wise to consider both sides of the transaction when ready to move. Revive provides upfront funding so clients have their cash available for their purchase. The renovation costs will be repaid when they sell their home, typically for a higher price than if they sold it without fixing it. Bottom line Navigating the complexities of real estate markets requires insight into current trends and conditions. Whether you serve buyers or sellers, understanding whether it's a buyer's or seller's market can greatly impact your strategy. Revive offers tailored expertise and services to help your clients make informed decisions and capitalize on market conditions, ensuring they benefit from their real estate decisions. To view the original article, visit the Revive blog.
MORE >
Agent SEO Basics
MORE >
Real Estate Slogan Ideas: Catchy and Creative
You've got the business cards printed, the listings loaded, and the open house signs ready to go. But there's still one thing missing – your real estate slogan. A good slogan is crucial for branding yourself and standing out. Whether it's on your yard signs, website, or TV ads, you need something catchy that captures who you are. In this article, we'll explore slogan ideas to inspire you. From clever to classic, bold to understated, we've got creative taglines to represent your brand. As a real estate agent, your slogan is often the first impression potential clients get. So make it count. Keep reading for samples, tips, and ideas to find the perfect real estate slogan to propel your business. What Makes a Great Real Estate Slogan? A memorable real estate slogan conveys your brand in a catchy, compelling way. The best taglines are: Short and snappy. Aim for 3 to 5 words that roll off the tongue. Brevity is key. Unique. Stand out from the competition with an original phrase. Avoid overused expressions like "Experience Matters" or "Your Best Move." Meaningful. Tap into emotions and highlight your value. For example, "We Turn Houses Into Homes" or "Your Perfect Place is Here." Versatile. A great slogan works across platforms – on your website, business cards, social media, and print ads. Keep it general enough to resonate in any medium. Timeless. Choose words and a sentiment that won't quickly become outdated or irrelevant. Avoid references to current events or technologies that may not last. Coming up with a catchy real estate slogan is challenging. Start by defining what makes you and your business unique. Think about your target clients and what will resonate most with them. Brainstorm ideas, get input from colleagues, and test options with friends and family. With some creative work, you can develop a memorable tagline that becomes your rallying cry. Real Estate Slogan Ideas Based on Your Personality Are you bubbly and energetic or more serious and professional? Your real estate slogan should match your unique personality and brand. If you're enthusiastic and personable, try something fun like "Making Dreams Come Home" or "Unlock Your Dream House." These capture your optimism and passion for helping clients. For a polished and professional image, consider "Experience Integrity Excellence" or "The Key to Your Next Move." Short and straightforward, these convey your competence and dedication. Creativity is key. Play with rhyming phrases like "Buy, Sell, Excel!" or alliteration such as "Homes Happen Here." Puns on real estate terms are always a win, e.g. "The Real Estate Agent with Real Appeal" or "Property Prodigy." You can also highlight your local expertise by incorporating your city or region into the slogan, e.g. "The Key to Palm Beach Properties" or "Navigating Napa Valley Neighborhoods." Location-based slogans resonate with people searching for an agent familiar with the area. Location-Based Real Estate Slogan Ideas Your real estate location is a key selling point, so showcase it in your slogan! Mention well-known landmarks, natural features, or neighborhood names to give potential clients a sense of place. For coastal properties, you could use: "Oceanfront Opportunities" "Beach Life is the Good Life" "Making Waves in Seaside Sales" In a historic area, try: "Where the Past Meets the Present" "Classic Homes, Modern Living" "A Legacy of Luxury" For rural listings, consider: "Country Charm and City Convenience" "Discover Natural Wonder" "Peace, Quiet and Mountain Views" In a trendy part of town, go with: "Where Style Lives" "The Height of Sophistication" "Life on the Leading Edge" Creative and Unique Real Estate Slogan Ideas Coming up with a catchy slogan is an important part of branding your real estate business. The right tagline can memorably capture your value proposition. Here are some creative ideas to get you thinking: Location-Based Play on your geographic location or notable landmarks. For example: "The Key to Key West Properties" "The Gateway to Orange County Real Estate "At the Heart of the Bay Area" Lifestyle Focus Highlight the lifestyle benefits of properties in your area. For example: "Live, Work, Play…We Have It All" "Find Your Place in Paradise" "The Good Life Group" Customer Service Oriented Emphasize your commitment to clients and customer service. For example: "Your Satisfaction is Our Success" "We Go the Extra Mile for You" "People. Partnership. Performance." Inspirational Choose an uplifting message to inspire confidence in your services. For example: "Experience the Joy of Home" "Together, We'll Find Your Dream Home" "Charting a Course to Home" Conclusion Think about your key benefits. What do you offer clients that make you stand out? Maybe you have years of experience, utilize innovative marketing techniques, or provide concierge-level service. Build your slogan around your main selling points. So there you have it, my friend. With a little creativity and thought, you can come up with a real estate slogan that captures your brand and stands out from the competition. The goal is to be memorable yet genuine. Don't try too hard to be clever or you'll end up with something cheesy. And please steer clear of the overused cliches that make eyes roll. Put your slogan out there with confidence, consistency, and a smile. This is your chance to define your business in just a few choice words. Make it count! Check out other related articles: 20 Engaging Content Ideas for Facebook Fresh TikTok Video Ideas from TikTok Influencers To view the original article, visit the Realtyna blog.
MORE >
The Benefits of Partnerships for Real Estate Agents
MORE >
The Magic of RPR Commercial: Search, Site Selection and Prospecting
Monday, February 26, 2023 at 11:00 AM PST From searching on- and off-market properties, lifestyle and behavior data, investment analysis, and site selection tools, RPR is a property data resource that can elevate every facet of your commercial real estate business. In this webinar, we'll cover the many facets of RPR Commercial, including: Partnerships with Brevitas, BiProxi, CREXi, Land Broker MLS, Officespace.com, and TotalCommercial.com that let you search active commercial listings and off-market properties around the country. Site Selection tools that allow users to search for consumers in a defined area: Drill down to demographic variables such as age, gender, income and much more. Plus, you can also see how much money they spend and where. Using the RPR map to identify points of interest (POIs), traffic counts and more Accessing CompStak to research leased and sold commercial comparables. RPR Commercial Reports: Property Reports that offer a complete look at a property, including detailed information, photos, history and listing activity. Trade Area Reports that provided a summary of an area's demographics and economics. Trade Area Analysis Report to display the results of the Site Selection Analysis Generating a mailing and farming list for commercial prospecting We'll also take a sneak peek at the RPR Commercial tools in the RPR Mobile™ app. RPR Commercial provides a wealth of data and tools to help you succeed in the commercial real estate market. Register now!
MORE >
5 Habits You Can Stick to for a Consistent and Engaging Social Media Presence
MORE >
Real AI: ChatGPT adds memory, Trying Perplexity.ai, facts, headlines and a Quote of the Week from Google
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. ChatGPT is adding a memory feature OpenAI revealed this week that it is testing a new memory feature for ChatGPT. The goal is a more personalized and valuable experience without providing expert prompts for ChatGPT to remember any previous prompts or stay within the same prompt set. A key new feature of this potentially potent addition is that you can control what ChatGPT remembers. You will be able to tell it what to remember, ask it what it remembers, and tell it to forget things it remembers conversationally or in settings: Settings > Personalization > Memory. You can view the memories and delete specific memories or clear its memory cache. You also will be able to turn off memory collection, so it won't create new or use existing memories, according to OpenAI. One caveat: deleting the chat does not erase the memory; you must delete the memory separately. This new feature will be handy for anyone using ChatGPT to write or think in a particular person's style. OpenAI offers a few other examples: You've explained that you prefer meeting notes to have headlines, bullets, and action items summarized at the bottom. ChatGPT remembers your formatting style and recaps future meetings this way. You've told ChatGPT you own a neighborhood coffee shop. When brainstorming messaging for a social post celebrating a new location, ChatGPT knows where to start. You mention that you have a toddler and that she loves jellyfish. When you ask ChatGPT to help create her birthday card, it suggests a jellyfish wearing a party hat. As a kindergarten teacher with 25 students, you prefer 50-minute lessons with follow-up activities. ChatGPT remembers this when helping you create lesson plans. Again, the new memory capability that ChatGPT is adding is being tested. OpenAI announced, "We are rolling out to a small portion of ChatGPT free and Plus users this week to learn how useful it is. We will share plans for broader rollout soon." One of the best parts of this new capability is that its memory (unlike ours) will improve over time: the more you use it, the better it will get. Over time, you'll notice it more and more. Again, this is another ChatGPT leap forward in its product personalization movement. Next week: A look at Sora, OpenAI's new text-to-video tool, in very limited release. Trying Perplexity.ai Staying on the personalization trend in AI, Perplexity.ai is worth a try. Dubbed a "conversational search engine," like ChatGPT, Claude.ai, or Gemini, it answers queries in natural language predictive text. But it focuses on helping you find through search by simply asking a question. It returns fully sourced answers. Perhaps its coolest feature is how it sources – embedding a footnote with an active link inside its answers. Most importantly, the sources were accurate, the links worked, and the information was current. Accurate sources and matching links are still hit-and-miss in the top AI tools, and most don't do very well with the most recent events. For example, we asked the free version of Perplexity.ai to tell us what it knows about something very current: the 2024 Delta Media Real Estate Leadership Survey. It provided an extensive answer, citing nearly two dozen sources. Below is an example of how it uses a citation from one of the bullet points in its answer: AI adoption in real estate is widespread, with 75% of brokerages already using the technology and nearly 80% reporting that their agents have adopted AI tools. Despite this rapid integration, there remains persistent anxiety over the adequacy of safeguards to manage the risks associated with AI. 2 5 The free model uses ChatGPT 3.5 and then fuses it with its own LLM or large language model. It also allows the user to save their conversations. Furthermore, it features a switch to turn on "Copilot," a mode that will enable you to refine your queries, often prompted by follow-up questions from the AI. Perplexity Pro, which we have yet to test, allows over 300 Copilot queries a day, which again, handles more complex prompts, more thorough research, and, as a result, provides more accurate answers. The most remarkable feature: You get to pick the underlying AI model to use, including ChatGPT-4, Claude 2.1, or Gemini, and you can switch between these to see which one provides the better answer. It also supports file uploads that can be read by Claude 2.1 and ChatGPT-4. Again, give it a try and share your feedback with [email protected]. AI Five Fast Facts Research shows that members of Gen Z —"Zoomers" — are more likely to want to learn AI skills than Boomers (1.6x) or Gen X (1.1x) – LinkedIn Around one-third of this year's graduating college seniors — and more than half of tech majors — say they plan to use GenAI in their careers – Handshake 57% of Gen Zers and 62% of Millennials surveyed said they were more excited about the potential benefits of AI than they were worried about the risks – Axios About 50% of graduating college students stated they plan to build their skill set in light of the emergence of generative AI – Handshake LinkedIn has seen an average increase of 75% each month in members worldwide adding terms like "GAI," "ChatGPT," "Prompt Engineering" and "Prompt Crafting" to their profiles in 2023 – LinkedIn Sources: Axios and Handshake AI Headlines Take 5 What's Wrong With This Rental Listing? The Furniture Is AI. | 2/12/24 - ViceShady real estate agents and landlords are using AI staging to make subpar rental listings look better. AI Could Kill Cold Calling | 2/14/24 - PropmodoAI is helping agents enhance their client list, but is it at the cost of engagement and efficiency? Family Office Investing Requires Mounds of Paperwork. AI Is Going to Help | 2/13/24 - Barron'sAI will make manual paperwork a thing of the past and maximize the time to analyze the gathered data. AI's Co-Pilot Role Could Increase Employment In The Real Estate Sector | 2/15/24 - Times PropertyAI is creating new roles in real estate such as AI trainers, system designers, data technicians, and so forth. AI and Automation: The New Weapons in Southern California's Slumping Real Estate Market | 2/14/24 - BNN BreakingSouthern California real estate agents are becoming more dependent on AI and automation to break the market slump. Quote of the Week To view the original article, visit the WAV Group blog.
MORE >
Dotloop Advanced Agent Training
MORE >
Friday Freebie: One Month of a .realtor™ or .realestate Premium Website
Want to give your online brand a boost in 2024? Consider trading in your tired .com website for a shiny, new .realtor™ or .realestate website. Switching to a real estate-focused domain announces that you're a trusted REALTOR® — and it looks pretty eye-catching on marketing materials, too. We want to make taking the leap as easy as possible for you, and that's why we're highlighting an exclusive offer from the National Association of REALTORS® Top Level Domains in this week's Friday Freebie. Read on to learn how to claim this deal! Get a Free Month of a Premium .realtor™ or .realestate Website, courtesy of Get.realtor! You're busy selling homes — and that means you probably don't have the time or the interest in becoming a webmaster. Fortunately, every .realtor™ or .realestate domain from get.realtor comes with a professional looking website that's easy to set up and edit as needed. Your website can be up and running in just minutes — and it's SEO-optimized, lead generating and mobile friendly, to boot. But if you'd like a little more flexibility (or just want a next-level site), consider upgrading to the Premium website package. Check out an example here! It's free for RE Technology readers to try for one month with promo code RETECH, and it includes these extra features: Full website editor capability: Access to all available widgets Multi-page website template with blog and video capabilities AudioEye, an ADA platform Onboarding and how-to videos, guides, webinars and more Unlimited client testimonials Ability to add your own IDX service And more! Ready for a website that helps you stand out from the competition? Use promo code RETECH to claim your FREE month of a .realtor™ or .realestate Premium website today!
MORE >
[Podcast] Insider Tips for Agents, Buyers, and Sellers with Melissa Herdman
MORE >
Creating a Killer Agent Profile
Thursday, February 22, 2024 at 9:00 AM PST Join us for a quick tour of the FREE realtor.com agent profiles and learn the principles of maximizing your exposure on both realtor.com and search engines to get more clients and enhance your brand. Experienced users can bypass the step-by-step sessions and learn the extraordinary power of video and how a stellar biography can be a key marketing tool in one brief tips-and-tricks sitting. Register now!
MORE >
Supercharge Your Lead Generation: Proven strategies for real estate agents in 2024
MORE >
How to Win Buyers with a Killer Listing
Thursday, February 22, 2024 at 11:00 AM PST Please join our free live webinar to find out what you can do to easily enhance your property marketing to generate more interest for a higher price tag and a faster close. Learn the essentials of creating lead-generating real estate listings. You'll also walk away with: The latest industry trends and best practices. What makes a listing successful or unsuccessful. Property listing must-dos to capture buyer interest and keep it. Tips to get your listings online fast. Answers to all property marketing and real estate questions! Learn how to maximize your marketing and boost your results. Can't make it, no worries! Register and we will send you a recording of the webinar to view at your leisure. Register now!
MORE >
How Real Estate Agents Can Use AI to Manufacture Inventory
MORE >
Exploring the Revolution of Real Estate Virtual Tours
In 2023, the real estate industry witnessed a significant shift in the way properties are showcased to potential buyers. Virtual tours have revolutionized the home buying experience, offering a cutting-edge, immersive, and convenient approach for prospective homeowners. Gone are the days of relying solely on static images and floor plans; real estate virtual tours now empower buyers to explore properties from the comfort of their own homes, making the home buying process more efficient and enjoyable. The Rise of Virtual Reality (VR) and Augmented Reality (AR) Advancements in Virtual Reality (VR) and Augmented Reality (AR) technologies have propelled real estate virtual tours to new heights. VR headsets have become more affordable and accessible, allowing buyers to step into a property and explore every corner virtually. Augmented Reality, on the other hand, has introduced a new way of envisioning properties in real-world settings. Buyers can use their smartphones or AR-enabled devices to superimpose virtual elements, such as furniture or decor, onto an empty space, providing a clear visualization of how the property can be personalized to suit their needs. Virtual Staging and Home Customization Virtual staging has become an indispensable tool in the real estate industry. Gone are the days of costly and time-consuming physical staging; instead, virtual staging allows real estate agents and sellers to digitally furnish and decorate properties with a wide range of styles. Buyers can see a property's potential, transformed into their dream home, without the need to physically move any furniture. Additionally, home customization have become increasingly popular in virtual tours. Prospective buyers can visualize and explore various design options for rooms, allowing them to tailor the property to their preferences before making any structural changes. Interactive and Guided Tours Virtual tours have evolved from static, pre-recorded presentations to interactive and guided experiences. Today, prospective buyers can take control of their tours, deciding where to navigate and what to focus on, enhancing their sense of autonomy during the exploration process. Guided tours have also gained popularity, where a real estate agent or AI-powered virtual assistant can accompany buyers throughout the virtual journey, providing insights and answering questions in real-time. This personalized touch helps build a stronger connection between the buyer and the property, leading to more informed purchasing decisions. Conclusion Recent times have marked a turning point for the real estate industry with the rapid adoption of virtual tours. By harnessing the power of virtual reality, augmented reality, artificial intelligence, and interactive features, real estate virtual tours have transformed the home buying experience for the better. The seamless accessibility, customization options, and global reach have made virtual tours an indispensable tool for buyers, sellers, and real estate professionals alike, shaping the future of real estate in an increasingly digitized world. To view the original article, visit the Realtyna blog.
MORE >
Deliver Data Without Delay: Serving Buyers with RPR Mobile
MORE >
How to Spark Real Estate Conversations with Friends, Family, Clients and Prospects
As a REALTOR®, it's vital to keep your finger on the pulse of the housing market. Being knowledgeable about and having keen insights into current market trends (versus not having them) can be a make or break quality. And in this business, you obviously want to be a deal-maker, not a deal-breaker! Use RPR to arm yourself with answers One way to do that is by leveraging the tools and data in RPR (Realtors Property Resource) to your advantage. RPR puts an array of data points and up-to-date market info right at your fingertips. Logging into RPR every day, checking your market stats and keeping the RPR Mobile™ app with you when you're out in the field, or out doing anything, is a smart way to keep up on trends and have a digital "cheat sheet" at your disposal. This is a keen daily habit and can help you: Articulate nuanced market movements Provide data-backed advice amidst market uncertainty Align consumer expectations with market realities Being able to provide these insights and answer real estate questions on the fly is the sign of a true, local market expert. And the ability to simply start conversations out of the blue with confidence, and with data-backed details, is a formula for success. Here are three ways RPR can prep you to be a conversation-into-conversion type of agent. RPR Residential Market Trends Last year, RPR introduced Shareable Market Trends, and now hundreds of thousands of agents are using these hyper-local market stats to keep their clients and prospects aware and in the loop. Shareable Market Trends contain vital market information such as the Market Trends Indicator with key details on Month's Supply of Inventory, List to Sold Price Percentage, Median Days in RPR and Median Sold Price. Conduct a search as macro as a state or county, or drill down to ZIP codes and neighborhood names to define your area. You'll get an up-to-date snapshot of a local market and be able to point out key metrics that can really help position you as a source of truth in all types of real estate conversations. Instead of saying "Not bad," when someone asks you how the market is, you can confidently say, "Inventory is slightly up, but still down overall. While properties are still going for asking price and staying on the market for less than a month." These types of details and insights will set you apart from other agents, and plant seeds in the minds of fence sitters and future customers. And remember, with just a few clicks or taps from the website or the RPR Mobile™ app, you can also share these stats and graphs across all your favorite social media platforms and marketing touchpoints. Pro Tip: To ensure that you're providing the most up-to-date Market Trends information, try gathering Market Trends data at or around the 7th of each month. For example, January 2024 statistics were updated on February 6. AI-powered Market Trends ScriptWriter tool The RPR Market Trends ScriptWriter tool is an extension of the Shareable Market Trends. This ChatGPT and AI-powered integration offers agents a streamlined approach to creating personalized video scripts, engaging social media content and detailed metrics analysis. However, the usable scenarios don't end there. You can also use it to create scripts and blurbs for yourself, to keep in your back pocket when organic conversations about real estate occur out in the world. Simply run a Market Trends search, then hit the "Create Script" button where you'll be presented with options on the audience, tone and type of script. For the purposes of arming yourself to carry and start real estate conversations, we suggest you select the "Conversational" tone, Buyers and Sellers for audience and "Social Campaign." Here's an example of the type of copy the ScriptWriter will generate: Over the last 12 months, we've seen a significant decrease in the Month's Supply of Inventory by -20.69%. This indicates a growing demand for homes in Oceanside, making it a promising market for both buyers and sellers. When it comes to selling your home, you'll be glad to know that the List to Sold Price percentage is a fantastic 99.3%! This shows that properties in Oceanside are fetching close to their listing prices, giving sellers confidence in their investments. Looking to make a quick move? The median days on market is just 15 days! Homes in Oceanside are selling like hotcakes, so buyers need to act fast to secure their dream homes. Now, let's talk numbers. The median sold price in Oceanside is currently at $799,000. This reflects the strong demand and value of properties in our city. It's an exciting time for buyers and sellers alike! Now, these little snippets are originally intended for social media posts as individual shares: Facebook, X (Twitter), Instagram, LinkedIn, etc. Agents can simply cut and paste the words and emojis. However, for the creation of discussion talking points and convo starters, you'll need a slightly different tactic. All you have to do is lose the emojis, and take the statistics, and learn to recite them in your own words. So when someone asks, "How's the market for selling?" you can respond with, "It's actually pretty strong right now, with more buyers entering the market every day. In fact, the List to Sold Price, which is how much you list for compared to how much you actually get, is a healthy 99.3%!" Check out this How-To for a step-by-step on getting started using it. Take the ScriptWriter for a spin today to see how easy it is to use when engaging with potential clients, family or friends. Note: the Market Trends ScriptWriter tool is only available on the website version of RPR… for now. Equity and Mortgage Calculators Here's where the sparks really start to fly! The RPR Mobile™ app is now equipped with two very powerful tools: The Equity Calculator and the Mortgage Calculator. Now, with phone in hand and the RPR app opened up, you can give potential clients a detailed look at the equity their home has built up, or their purchasing power as a buyer. These are things that sellers and buyers really want to know more about! And sometimes, this type of information can even make someone start considering listing their home for sale, or taking a dip as a first-time home buyer. Knowledge is power and you have so much in your hands with the RPR app and these calculators. Picture yourself at a kitchen island during an open house. Or in line at the local coffee shop. Or at your kid's practice. Or eating out, picking up dry cleaning, in a waiting room, etc. Any time you're out and about, working or not, you're basically a living, breathing, walking and talking real estate information kiosk! Whether someone seeks you out, or you happen to overhear a conversation, the RPR app arms you with ice-breaking opportunities to show people important information about their real estate situation. For a step-by-step walkthrough on how to use the calculators, check out this article from our blog: The RPR App Adds new Estimated Equity and Mortgage Calculators. Use RPR to spark real estate conversations anywhere, at anytime As you can see, RPR is much more than just a mere research tool; it serves as a catalyst for engaging and meaningful conversations about properties and housing markets. By leveraging the wealth of data and insights provided by RPR, REALTORS® can elevate their conversations, build stronger relationships with clients, and establish themselves as trusted experts in a competitive market. To view the original article, visit the RPR blog. Related reading How RPR Can Enhance Your Real Estate Marketing Strategy [Podcast] How RPR is Helping Realtors Navigate a Challenging Market, with Reggie Nicolay RPR Announces the Winners of Their 'How's the Market?' Video Contest
MORE >
Real Estate Lead Conversion: 12 Strategies to Turn More Inquiries into Clients
MORE >
Dollar-Productivity: What to Start, Stop, and Continue in 2024
Real estate moves fast, and in order to keep up, you have a lot to manage, maintain, and strengthen. With competing priorities and new goals for 2024, it's more important than ever to zero in on the strengths, weaknesses, and areas of opportunity for your business. This helps ensure you're maximizing dollar-productivity, or the tasks that will generate revenue for your business. By having a strong lay of the land for the current state of your business, you have ample opportunity to know what to start, stop, and continue to ensure success. Let's take a look at how you can execute this exercise. The First Step to Determining Ways to Maximize Your Productivity Before you dive headfirst into deciding what to start, stop, and continue in 2024 to drive more income, it's important you first get a lay of the land. Without knowing exactly where you're starting, it can be difficult to identify where you can pare down, and other places you can scale up. First, take a look at what daily tasks you're performing for each revenue-generating area of your business, like lead generation, marketing, and follow-up. Then, measure your own success metrics directly related to generating revenue. As you review 2023's performance, make sure to measure things like: How many leads are you generating? What are your best lead generation sources? How many phone calls are you making? How many calls does it take for you to have a conversation? How many conversations does it take for you to get a meeting? What's your client conversion rate? How about your lead conversion rate? By understanding the current state of your business, you'll have a strong grasp on areas of opportunity, things you can eliminate, and what you can strengthen this year. Doing this early in the year helps you gain the right footing on the path of planning ahead, especially since you're equipping yourself with a year's worth of fresh, recent data. How Exactly to Determine What to Start, Stop, and Continue in 2024 Now that you're deeply familiar with your key success metrics, you also have a good view into what's working, what can stay the same (or be kicked up a notch), and what you can cut out completely. Remember: the goal is dollar-productivity. This means you need to assess exactly which activities you're doing are ones that are either helping, hurting, or maintaining your revenue goals. Use each of the following areas to assess what you can start, stop, and continue for the year ahead. We recommend getting a piece of paper and creating columns for each of these actions and categorizing your efforts appropriately. Marketing and Lead Generation When it comes to deciding which of your marketing efforts are worth starting, stopping, and continuing, you have a lot of opportunity to refine in this space. Since we're approaching this from an income-based perspective, start by looking at your top-performing marketing sources from a lead volume and conversion perspective. Where are you generating the most leads? What is the conversion rate on those leads turning into clients? How long does it take for them to go from "client" to "closed deal"? Knowing what's working well will help you understand what you can continue. To know what to stop, flip these same questions on their head by looking at your lowest performers for marketing. Is there anything viable? Can anything be improved? If you answer "no," it's a good idea to trim the fat and stop those efforts. But if there's a chance things can be improved, like if you've transitioned to a new market, hired marketing help, or have acquired a higher marketing budget, formulate a game plan to continue these efforts, and set a timeline to ensure you're staying on track. Then, revisit these questions above. Follow-Up and Conversion Rates Your approach to follow-up is what gets looky-loos to become leads, who then turn into clients. Earlier, we recommended you measure your phone call volume, how many calls it takes to get a real conversation, and then the amount of chats that lead to an actual meeting with the prospective client. It's also important to assess your follow-up via email and text message. How many email and text touches does it take to get on the phone? How many to get a meeting? Analyzing these averages will help you find the sweet spot of turning casual conversation into committed clients. If you find your outbound phone call volume is sky-high with limited success, consider adding in email and text touchpoints. To view the original article, visit the Inside Real Estate blog. Related reading Double Down on These 5 Marketing Basics to Start Your 2024 Out Strong 24 Fresh Lead Generation Strategies for 2024 Top 5 Hot Tech Trends in 2024 and How They Will Benefit You
MORE >
Real AI: An AI stock photos platform, AI disclosure efforts gain Google, facts, headlines and the Quote of the week
MORE >
Top 5 Hot Tech Trends in 2024 and How They Will Benefit You
From artificial intelligence to next-generation devices, new tech tools promise to enhance efficiency, improve client relations, and, ultimately, help you grow your business. But wait – you have heard those promises made by other new tech breakthroughs in the past, right? How do you know that all the buzz about this new tech won't be another case of over-promising and under-delivering? Tech Helpline keeps an eye on emerging technologies that may impact real estate. Let's dive into five new technologies that will make waves in 2024 and explore how they can benefit your real estate business. 1. Personal AI assistants: The rise of digital efficiency Personal AI assistants are evolving, offering more than just reminders and weather updates – "Hey Alexa, what's the weather today?" Today's AI assistants can manage your schedule, handle client communications, and even generate reports, all through voice commands or simple text inputs. As they continue to integrate with various platforms, you will synchronize your tasks across devices, making your workflow seamless and efficient. Benefits for real estate agents For real estate agents, this means less time spent on administrative tasks and more time for client interaction and property showings. Imagine having an AI assistant that can schedule your open houses, send follow-up emails after a client or prospect call, remind you of crucial deadlines – and even answer your texts. This level of automation allows for a more personalized service to clients, as you can focus on their needs, reducing the stress of juggling multiple tasks. Application in action An agent could use a personal AI assistant to analyze market trends, compile compelling hyperlocal comparative market analysis reports, and perhaps provide a new way of creating listing prices based on data gathered from the same sources you use now and based on your process, but automatically. This speeds up your process and provides more data-driven approaches to your more complex tasks. 2. Your own ChatGPT: Tailored conversational AI ChatGPT, a conversational AI, has been customized for various industries, including real estate. This AI can engage in meaningful conversations with clients, answering their questions about properties, buying processes, and financing options in real-time. Its learning algorithm improves with each interaction, providing more accurate and helpful responses over time. It's what Ojo and Ylopo have been working on for years, but a more "lite" version. Advantages for agents The next wave of ChatGPT plugins may help revolutionize how you interact with clients. They might help you qualify leads, provide instant responses to inquiries, and even handle preliminary discussions, freeing you to focus on more complex negotiations and closings. Expect this new technology to be embedded in your website and, eventually, social media platforms, ensuring you're always available to your clients any time of the day. Real-world usage Imagine a scenario where a potential seller or buyer has questions in the middle of the night; you know from experience that it does happen. Your personal ChatGPT plugin can engage them, provide detailed information about listings, and even schedule viewings, ensuring that you don't miss out on opportunities just because you're offline. Then, it will give you the entire conversation before you take over and connect directly with the prospect. 3. New devices like Rabbit R1: Next-generation timesavers The Rabbit R1, perhaps the hottest new tech at the January Consumer Electronics Show (CES), stands out as what could be the best new tech tool for real estate. How many apps do you have on your phone? How many do you use daily? How many do you still need, but only occasionally? What if there was a device that could turn all your apps into an "Easy button"? Just tell it what you want, and it will deliver it back. That's what Rabbit R1 will do. It is a personal assistant to control your smartphone. A red-orange device half the size of your smartphone but a bit thicker costs $199. And it's harder to get than the first-gen iPad; it doesn't even ship until late March – the second batch of 10,000 units sold out in one day. This device uniquely aggregates and summarizes notifications and messages from various apps, including email and social media, into a single, streamlined summary. For real estate agents, who often toggle between multiple platforms to stay connected with clients and manage their listings, the Rabbit R1 offers a significant leap in productivity and time management. Benefits for the agent With the Rabbit R1, the daunting task of checking numerous apps for updates becomes a thing of the past. Imagine starting your day with a concise summary of all your communications across platforms. This capability allows agents to assess their priorities quickly, respond more efficiently to client inquiries, and manage their social media presence without switching between apps. The time saved can be redirected towards more valuable activities, such as client meetings and prospecting. Practical application Consider the scenario where an agent manages multiple listings across different platforms and communicates with clients through email, text messages, and social media. The Rabbit R1 can compile all messages related to each listing and present them in a unified view. This ensures the agent has all the relevant information at their fingertips, enabling them to provide timely and comprehensive responses. Because it protects the agent from overlooking messages, the Rabbit R1 enhances the agent's ability to maintain high client satisfaction and engagement levels. 4. Smarter smartphones: Enhanced capabilities for agents Smartphones are getting smarter, with next-gen features that agents will welcome, including better cameras for property photos and built-in AI that makes activities like maximizing your CRM or creating a market report a breeze. How agents benefit With more advanced smartphones, agents will better manage their business on the go, from having a CRM they use daily to reducing the time they spend marketing and on social media as automation assistance becomes a big deal. Smarter phones mean agents can provide faster, higher-quality information to clients. The better agents can leverage this new tech, the further they can distance themselves from the competition. In the field An agent gets a text from a prospect and has no idea who it is. Embedded AI could automatically search emails – and even the web – for missing email, phone, and other contact info, updating your CRM automatically. This may not happen this year, but this type of smarter tech is coming. Need a virtual staging photo? Soon, digitally creating fully outfitted rooms may be do-it-yourself from upcoming advancements. 5. Automated listings: Upload your photos, first! Automated listings technology uses computer vision and generative AI to simplify creating property listings. By simply uploading photos, AI-powered CV can identify home features automatically (Wolf stove, Subzero refrigerator). It also can instantly create photo captions for every photo. Advantages for agents This technology saves time and ensures that listings are optimized for visibility and appeal. More importantly, CV automatically ensures compliance: it can find people, logos, and other potential MLS violations before the listing is complete. It may even blur the suspect item to make the photo compliant. Agents can focus on face time with sellers and buyers, confident that their listings are competitive and compelling. In practice Do you struggle with writing engaging and compelling property descriptions for your listings? AI provided by Restb.ai, embedded in nearly every major MLS tech system in 2024, does everything mentioned, including providing different property descriptions to select from in various tones. Plus, an agent can edit anything before it's posted, making the property description their own. The new way to start a listing is to upload all the photos first! Embracing new technology These top tech trends offer exciting opportunities for real estate agents in 2024. By embracing personal AI assistants, ChatGPT, innovative devices like the Rabbit R1, taking advantage of smarter smartphones, and leveraging automated listings, agents can increase their efficiency by 3X or more, improve client satisfaction, and stay competitive in a rapidly evolving market. These tools will streamline day-to-day operations and create new ways to grow and succeed in the real estate industry. Related reads From the Tech Helpline Blog: It's magic: new AI-powered software can make your photos look amazing 5 emerging technologies impacting real estate 3 best AI prompts for real estate agents Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity.
MORE >
[Podcast] Finding Your Resilience in Real Estate with Jennifer Branchini
MORE >
The Top 10 Ways to Build Your Personal Brand Online, from REALTORS® Who Know
Nearly every real estate transaction begins with an online search, making your online presence as a real estate professional one of the most vital parts of your business. Where to begin? Whether you already have an established website for your real estate business or are just starting out, you can take advantage of two website extensions—the .realtor™ and .realestate top-level domains—that the National Association of REALTORS® (NAR) has created to help you build your brand. Getting started with a .realtor™ or .realestate domain is easy, affordable, and a no-brainer, according to industry experts who have seen their businesses grow and thrive since making the switch. Here are 10 key benefits they think all real estate professionals should know, in their own words. Your online presence is an important facet of your personal brand as a real estate professional. 1. Your domain immediately establishes a voice of authority REALTORS® are members of the National Association of REALTORS® and adhere to a rigorous code of ethics. This designation immediately signals to homebuyers and sellers that this is an industry expert they can trust. Making that credibility immediately apparent in your online presence is key, says Britt Guimond, a Denver-based REALTOR® who works at boutique brokerage West and Main Homes. "The .realtor™ extension lends credibility to my website," she says. "It's like .gov or .edu, which are vetted entities. A site can't have those extensions unless they are what they say they are. It's very obvious what .realtorTM represents. 2. It's easy for your clients to remember the name Like many in the industry, Josh Jerman of Hawaii Life Real Estate Brokers chose to focus his real estate strategy on name recognition. His goal is to market his name as synonymous with Maui real estate. "You want to do as much as possible with your own name," he advises, which is why he opted for a .realtor™ domain preceded by his own name—joshjerman.realtor. In one short URL, it's immediately apparent who he is and what he does, effectively building his personal brand. 3. You are harnessing the power of SEO In addition to the .realtor™ extension, NAR also offers a .realestate option, which Lisa Kunkel, a REALTOR® with Keller Williams Realty in the greater Pittsburgh area, saw as a slam dunk for SEO. Before becoming a REALTOR®, Kunkel actually worked as a website developer. "The name of your website factors into SEO, so if you have 'real estate' in your URL, that is a very good thing," she says. Kunkel opted to secure URLs with the name of her hometown, Cranberry Township, a bedroom community in Pittsburgh. She chose both cranberrytownship.realestate and cranberrytwp.realestate to maximize her presence in search results. 4. Clients can find you faster REALTORS® using the .realtor™and .realestate domains report that clients can find them almost instantly. Kunkel says that since launching her websites, her phone has been ringing "nonstop" with buyers and sellers. "As soon as you type in 'Cranberry Township real estate' or 'Cranberry Township Keller Williams,' my name pops up," she says. She occasionally also gets calls about other town-related concerns, like broken sidewalks in front of homes for sale, but she views this as a positive—proof that her online strategy is working. "They are clearly calling me because they found me on the internet," she says. In addition to brand recognition, the .realtor™ and .realestate domains can help keep you discoverable in search results. 5. It can be a fast-track to referrals The .realtor™ extension can also be an asset when it comes to referrals. Jerman explains, "I've noticed that other agents that have the .realtor™ domain have looked to that platform when they need to refer to another agent in a different market. It's the real estate version of someone going on LinkedIn to connect with others in a similar industry." In the last year, he reports that he's gained four or five referrals this way. 6. It can help you boost your revenue Real estate is a numbers game: The more people who can find you, the higher your year-end sales numbers. In Kunkel's case, she'd had several good years working in the greater Pittsburgh area before deciding she wanted to target her hometown of Cranberry Township. Her narrowed focus would allow her to define her market as well as save money on expenses from driving to neighborhoods further away. Her new strategy involved revamping her online presence with her cranberrytownship.realestate and cranberrytwp.realestate websites. And the results speak for themselves: In the first year of her new sites, she sold $4 million in Cranberry Township alone. "I would say it's a big success," she says. 7. Building on the NAR platform is easy Your new .realtor™ or .realestate website from NAR includes free hosting as well as a self-service platform to help you build your new website. "It's as simple as it gets," says Jerman, who had previously hired a web developer for 20 hours to build a website for his business. When it came time to build his joshjerman.realtor site, he and his assistant were able to build and customize it themselves in just two hours. Guimond had a similarly positive experience when she switched to NAR's website platform to build brittguimond.realtor. She had previously built websites on another platform, but "quickly switched gears," she says, when she found NAR's .realtor™ offering. "This CMS is easy to use and intuitive." 8. You can make your site feel as custom as you want The NAR platform includes a host of customization options that allow agents to make their site feel aligned with their personal brand. These include looping videos, photo slideshows, blog templates, and much more. "The widgets lend themselves to creating a dynamic user experience," says Guimond. "They add to the diversity of the look and feel of the website." She also highlights a favorite feature: free use of a library of images. "They are all high quality—beautiful." 9. You have access to support NAR's platform offers a support team that responds quickly to questions about setup as well as requests to customize or alter templated pages. Jerman shares that when building his site, he reached out to request a "Get in Touch" button for his bio page. The change, he said, was made within hours, and he commends the level of service he received for his request. "They said they'd be happy to make that adjustment and if I needed anything further to let them know. 10. You can't beat the price All NAR members receive their first year of a professional website with a .realtor™ domain for free—including hosting, customization, image library, and tech support. After that, it's just $39.95 per year. Kunkel puts this in perspective. "If you've spent money on advertising," she says, "you know how expensive that is." Whereas a .realtor™ or .realestate domain does the work for you—showing up in search results again and again, and all for an affordable flat fee. She sums it up: "You can't get advertising for that cheap." For more information, or to get your website, visit get.realtor. To view the original article, visit the get.realtor blog.
MORE >
21 Awful Excuses FSBOs Give for Not Hiring a Realtor
MORE >
5 Things Your Broker Is Too Nice to Say (But You Need to Hear Anyway)
Is a tough real estate market the right time for some tough love? It is if you're using the market as an excuse to be complacent, says Jimmy Burgess, CEO of BHHS Beach Properties of Florida. "One of the most important things we can do is have people be real with us right now when the transaction is a little more difficult to come along," Burgess says. "Now is the time that you need somebody that's going to be honest with you, that's going to call you out on a few things." Burgess shares a little tough love in the video below — five things you may not be hearing from your broker, but need to if you're going to thrive in the current market. Read on for a bit of wisdom distilled from each of Burgess' five points (plus a few extras from us): 1. The Market Is Tougher, You're Getting Softer When the real estate market rockets up like it has in recent years, it's easy to "get a false sense that we're better than we are. We can begin to just kind of accept what comes to us instead of going and making it happen." The fix? Be proactive instead of reactive. Make calls, host open houses, cultivate a geographic farm if you aren't already. 2. You're Blaming the Market and Your Broker for Your Failure Instead of Taking Responsibility and Doing the Work Ever find yourself falling back on excuses like these to explain lackluster performance? "If my split was just higher," "If I just had more support from a marketing team," "If I just did these things…" The fix? Stop the excuses and realize that you're in control of your situation and take responsibility for your own success. Are you truly unhappy at your current brokerage? Don't wallow — consider switching. 3. You're Not Facing Your Fears Are you letting your fear hold you back — the fear of being hung up on, the fear of what you look like on video, the fear of putting yourself out there and trying something new? The fix? Stop playing small. "Those that push past their fears right now when everybody else is freezing or they're stalling or they're not sure what to do those are the people that are setting themselves up not just for success now, but to have a business that continues to grow not if, but when, [the market] takes off." 4. You're Reacting Incorrectly to Adversity Some people freeze when faced with adversity. The successful, however, recognize adversity as an opportunity. The fix? While other agents are pulling back, recognize that "now is the time to understand adversity creates opportunities to build long-term relationships." Turn to your database to deepen relationships and build business that bears fruit in future. 5. You've Got to Do Different Things to Get Different Results "What got you success in the past is not going to get you success going forward," says Burgess. The fix? "Hard work is absolutely 100% undefeated. If you'll work harder this year, if you'll take more action, if you'll do new things, you're going to get new and different results." This can include leveraging your MLS's public records system to find listing leads, texting, trying a new-to-you source of lead generation, and more. The Road Ahead Tough love doesn't have to be painful, and it doesn't necessarily even require big changes. Instead, Burgess says, "if you can just make a small adjustment, it can change everything and make sure that you're one of those people [who] is thriving, not just surviving, during this time." Related Reading Stressed About Low Inventory? Read This. Be a Better Realtor: 36 Tips and Tricks on Productivity, Goal Setting, and Self Improvement
MORE >
Top 10 Ideas for Staging a Bathroom to Impress Buyers
MORE >
15 Best AI Commands for Real Estate Professionals
As a real estate professional, you know that staying on top of technology trends can give you a competitive edge. And artificial intelligence is shaping up to be one of the most useful and exciting tools out there. So how can you leverage AI to boost your real estate business? This article will explore 15 of the best AI commands tailored specifically for real estate agents. We'll provide actionable tips on using ChatGPT, Google Bard or other leading AI assistants to help you close more deals, create better marketing content, automate admin tasks, and more. You'll come away with practical strategies to tap into AI's potential, saving you time while delighting clients. So read on to unlock 15 AI superpowers that can elevate your real estate career today! Introduction to AI for Real Estate Professionals As AI tools like ChatGPT become more advanced, they open up exciting possibilities for real estate professionals to work smarter, not harder. Whether you're an agent, broker, or team leader, AI can help automate repetitive tasks so you focus on high-impact activities. Here's a quick intro to how AI is transforming real estate: Lead generation – Use AI writing assistants to quickly draft listings, landing pages, emails, and social posts. AI can also identify promising leads by analyzing consumer data. Showing coordination – Automate scheduling, reminders, feedback collection, and other logistics around showings. AI scheduling tools learn your availability preferences. Transaction management – Upload contracts, organize supporting documents, and track progress automatically with AI transaction platforms. Get alerts for critical dates/tasks. Market analysis – Pull real-time, hyperlocal market statistics through AI market tools. Analyze trends and make data-backed pricing recommendations. Administrative tasks – Let AI handle meeting scheduling, calendaring, data entry, and other repetitive admin work that eats up time. The key is blending AI's efficiency with your specialized expertise for next-level service. Approach new AI tools with an open mind, patience through any hiccups, and creativity. The real estate landscape will continue advancing rapidly. AI can help you not just keep up, but get ahead. 5 Best AI Commands for Lead Generation As a real estate professional, generating leads is essential to building your business. AI tools like ChatGPT can help. Here are five AI commands that will supercharge your lead-generation efforts: 1. Write a personalized email for cold outreach AI can craft customized emails to prospects that sound authentic and compelling. Try: Write a professional yet friendly cold email to introduce myself to potential home buyers in my area, around 150 words. 2. Create Facebook ad copy Well-written Facebook ads can attract more clicks and conversions. Ask the AI: Draft 2-3 Facebook ad variations for my real estate services targeting first-time home buyers, include benefits and call-to-action, around 125 characters each. 3. Research contacts for targeted outreach Expanding your outreach list takes work. Let AI assist with research: Provide a list of 20 relevant contacts I can reach out to, including name, company, role, email, with a focus on real estate investors and developers in my city. 4. Optimize website content for SEO and conversions SEO-friendly website copy can increase site traffic and leads. Try commands like: Revise the homepage copy on my real estate website to improve SEO and increase lead capture, around 300 words. 5. Generate ideas for lead magnets Lead magnets incentivize visitors to share contact info. For fresh ideas, ask: Suggest five potential lead magnet offers I could create to attract buyers and sellers to subscribe to my email list. Experiment with different AI commands for your lead gen needs. Add your unique spin and insight to stand out. The key is optimizing your outreach for more conversations and connections. 5 Best AI Commands for Listing Copywriting When it comes to writing listing descriptions that capture attention and drive engagement, AI can be an invaluable asset for real estate professionals. Here are five of the best AI commands for optimizing your listing copywriting using ChatGPT or other natural language generation tools: Describe this [address] home's best features in an engaging, benefit-focused paragraph. This will generate a lively overview paragraph highlighting a property's most appealing attributes. Focus on benefits over features to better connect with buyers. Write three short, unique selling proposition statements for this [bedrooms] bedroom [city] home. Crafting targeted USP statements can help listings stand out. Ask for multiple options to find the best fit. Suggest a catchy, benefit-focused headline and subtitle for this [property type] at [address]. An appealing headline and subtitle will capture interest and communicate top perks. List 10 keywords and phrases buyers would likely search for a home like this one. Incorporating relevant keywords organically throughout listings can improve SEO and search visibility. What interior images would you recommend for showing off this home's best assets? Identifying key rooms and surfaces to highlight through photos can further emphasize a property's top features. Leverage the descriptive power and optimization smarts of AI to showcase listings in the best possible light. Generate multiple headlines, paragraphs, or real estate keywords, then edit and refine the best outputs to suit your needs. With practice, AI-assisted copywriting can help increase click-throughs and showings. 5 Best AI Commands for Market Analysis Provide a detailed market analysis for the single family housing market in [CITY, STATE], including average sales price, months of inventory, absorption rate, trends over the past two years, and predictions for the next two years. Compare the condo/townhome markets in [CITY 1] and [CITY 2], highlighting key statistics like median sales price, average days on market, list to sales price ratio, and appreciation rates over the past five years. Recommend which market looks more favorable for investment. Give the top five most important economic factors that can impact demand for suburban office space in [REGION], such as job growth, interest rates, and infrastructure development. Elaborate on how each factor influences demand. Analyze the retail rental market in [NEIGHBORHOOD] and provide the current average asking rents per square foot, vacancy rates, new construction, household income demographics, and retail sales growth within a 3-mile radius. Provide a one-page executive summary on current conditions and forecasts for the apartment market in [CITY, STATE]. Include information on occupancy rates, rent growth, new construction, demand drivers, and recommendations for investing or developing. Conclusion You now have 15 AI commands specially crafted to help streamline your real estate business and stand out from the competition. As AI continues advancing at lightning speed, staying ahead of the latest technology will ensure you provide unmatched value when serving clients. Implement even a few of these AI tools for real estate agents into your workflow, and you're sure to increase productivity while delivering next-level service. With the right technology, your possibilities are endless. Note sure to use which most popular AI tools? Check out ChatGPT vs Google Bard. To view the original article, visit the Realtyna blog. Related reading 3 AI Prompts That Really Work for Real Estate Agents Influencer Approved: 6 Game-Changing ChatGPT Prompts for REALTORS 8 Browser Extensions for ChatGPT
MORE >
Real Estate Content Marketing: Strategies for Consistent Blogging
MORE >
4 Ways Buyers Agents Can Show More Value to their Clients
As the market continues to evolve and we look ahead to a 2024 poised to see shifts in interest rates and inventory, it's clear to all real estate pros: home buyers need hands-on help from buyers agents. From a consumer's point of view, they may not know why, or think they can do it themselves. Take the guesswork out of the equation with these four ways you can show your value to your buyer clients upfront. 1. Unleash Your Market Expertise and Do It Often Let's face the facts: consumers don't have the same level or depth of local market expertise you do. They can empower themselves with data they find from a variety of sources online, and get a solid idea of the market from browsing top online real estate portals. But the local market data you have access to encompasses real-time and real life. Share this data with your clients to build trust in your expertise and knowledge, while also highlighting your value of having exclusive access. In addition to amping up your client interactions with data, you also come with a solid history as an agent. Your experience serving buyer clients of all types in your market, managing their needs and specific situations, and the ways you navigate each and every transaction should also be shared with your buyer clients. This will help them find comfort and trust in the fact you know what you're actually doing — you don't just talk the talk, you walk the walk. Being able to articulate your local market expertise and the experience you have working in the area your buyer clients are interested in is what will separate the good buyers' agents from the great ones. 2. Understand Your Client on a Deeper Level Purchasing a home is considered the investment of a lifetime. And in a market that's felt more like a rollercoaster ride than a walk in the park in the last few years, buyers need your guidance, knowledge, and expertise to help them find their home sweet home. It's not enough to simply find a house that fits their budget range; you need to understand your client deeply. Ask exploratory questions. What's motivating them to buy? What are their hesitations, if any, around buying? What's shaping their home buying budget? This creates the perfect bridge to active listening, which develops and strengthens rapport with your clients. This will make your working relationship much more communicative and open, while helping you build and develop a superior buying experience. 3. Show Them You Know Exactly What They Want Going hand-in-hand with #2 is this tip. You've explored your clients' motivations, wants, needs, desires, and non-negotiables. You have a deeper understanding of their intent for the buying process. But in addition to active listening and displaying empathy, you also have to show them you know what they're looking for. Maybe you know of a great listing that fits their exact needs that hasn't hit the market quite yet. Or a life change they're facing has unlocked a new variety of needs they haven't even considered — but you've already helped a buyer client in the same scenario before. Whatever it is, aim to go above and beyond to deliver a home shopping and buying process that addresses your buyer clients' wants, needs, and calms any concerns. 4. Share Proof Points About Working with You Testimonials and reviews from past buyer clients you've worked with are worth their weight in gold. We all read online reviews for just about everything — from a new car to the latest smartwatch, a primary care provider to a cosmetic dentist, online reviews give us a real-life look into what it's like to work with the provider or purchase a product or service. Think about the last time you steered clear of a purchase or service because of poor reviews. Or think about the last time you jumped at a service because of how great their customer reviews were. There's power in sharing real-life experiences, and having your previous clients' testimonials provides your current (or future) buyer clients with an honest, unbiased view into partnering with you for their home purchase. Meet Buyers Where They Are and Get Them to the Closing Table Buyers need you and your deep real estate knowledge and experience — they just might not know it. Buyers might be confident they can get through the process with online real estate portal data or driving around scoping out For Sale signs, but the reality is, they need you. So tell them, and then show them. By highlighting yourself as a local market expert and trusted, experienced buyer's agent, prospective homebuyers can easily feel confident in working with you, rather than trying to do it all themselves. To view the original article, visit the Inside Real Estate blog. Related reading Unlocking RPR's Potential: A Buyer's Agent Daily Playbook The Shifting Dynamics of Buyer-Agent Relationships in Real Estate A State-Specific Guide to First-time Homebuying Programs
MORE >
Real AI: Combating lazy AI, Bard Art, facts, headlines, and the Quote of the week
MORE >
Road Warrior Checklist: 30 Things to Keep in Your Car
Whether you're traveling between showings or picking up supplies for an open house, your vehicle acts as your de facto second office. And like any office, it needs to be well-stocked with the essentials you need to do your job. When you're on the road, that means being prepared for anything! So, intrepid road warriors, here are 30 ideas for on-the-go supplies to keep in your moveable office: The basics When you're facing a long day of driving around, it's helpful to have these items on hand to keep yourself (and your clients) feeling good: Water bottles - Keep a small cooler with bottled water for your clients. For yourself, consider bringing along a reusable bottle to cut down on plastic waste (and expense). Snacks - No time to stop for a bite? Stock your car with non-perishables like granola bars, crackers, beef jerky, and other non-messy, shelf-stable snacks. These are also great to have in case you have clients with low blood sugar issues. Phone chargers - A portable power bank or car charger will ensure your phone never dies during a busy day. Some larger power banks can charge laptops, too, so look for those if you port your laptop around. Hand sanitizer and wipes - These are essential for staying clean and hygienic, especially during property showings. Mints and breath fresheners - Always be prepared to leave a good impression. Umbrella - You never know when it might rain, so be ready with a compact umbrella. Lint roller - Keep yourself looking fresh and pet-hair free before meeting clients. Showing supplies Whether you're helping your listing look its best before a showing, or using these items with your buyers to vet a property, these supplies can help any showing go smoothly: Shoe covers - Keep shoe covers in your car to protect floors from dirt and debris. Wood markers and paint pens - Use wood markers to cover up minor scratches in wood. A white paint pen can do the same trick on white kitchen cabinets. Measuring tape or laser measure - A must-have for measuring rooms and helping buyers envision furniture placement. Flashlight - A small flashlight is handy for checking dark closets, attics, basements, sheds, or crawl spaces — or for using in vacant properties with turned-off power. Marbles - This is one of our favorite ideas we've heard over the years. Use a marble to test for floor dips and floor evenness. Compass - Have buyers who want to know which side of the house gets natural sunlight? Keep a physical compass or use a compass app to figure it out. You can also use an app like Sun Seeker (iOS, Android) to chart the sun's exact path at any time of the year. Dog treats - Although homeowners are supposed to remove or kennel their pets before a showing, things don't always go as planned. Keep dog treats on hand to help befriend any canine you may encounter. Cleaning supplies - Not all sellers are great at keeping their home showing-ready. Having basic cleaning supplies like paper towels, plug-in air fresheners, a Swiffer, or even a portable vacuum cleaner can help you quickly clean up any messes. Rain boots - Rainy days, muddy yards, flooded basements, distressed properties — you never know when you need hardier footwear at the ready. Emergency essentials No matter how well-maintained your car is or how safe a driver you are, there's no predicting what can happen on the road. Keep these items in your vehicle to ensure your safety when the unexpected happens: Jumper cables - These can be a lifesaver if your vehicle's battery dies. A portable car battery charger can also be super helpful for when there's no one nearby to jump your car. First-aid kit - Be prepared for minor cuts, scrapes, or headaches. Blanket - In the event that you're stranded, a blanket can keep you warm until help arrives. Tool kit - Keep a basic tool kit with screwdrivers, pliers, a wrench, and a hammer handy for unexpected repairs. Emergency roadside assistance - Consider subscribing to a roadside assistance service for peace of mind. Road flares or reflective triangles - These are essential for staying safe and visible during roadside emergencies. Ice scraper and snow brush - If you live in a cold climate, these are must-haves. Spare tire and jack - Ensure your vehicle has a spare tire and the necessary tools for changing a flat. Bonus items Marketing materials - Brochures, business cards, and flyers are a great way to promote your business on the go. You can also keep short, printed reports on hand. For example, if you have access to RPR in your market, print out these reports: Mini Property Reports for each of your listings, Neighborhood Reports and School Reports for each area you serve. Gift basket - Have a small gift basket with snacks and drinks to welcome new clients. We've also heard of agents who keep a bottle of wine (and shatter-proof glasses) to celebrate closings. 'Just Sold' sign - Speaking of closings, a large "Just Sold" sign comes in handy for social media marketing. Have your clients hold the sign in front of their new home and take their photo. Spare lockboxes and lockbox keys - In case you get a new listing or the current lockbox needs to be replaced. Lock de-icer - This can be helpful on brutal winter days when a lockbox dial or front door lock freezes. Extra signs - This includes yard signs and open house signs. There you have it — 30 ideas for keeping your vehicle stocked and prepared for all your real estate adventures! Related reading What Type of Car Should Realtors Drive? 10 Tasks to Cross off Your Summertime Vehicle Maintenance Checklist
MORE >
Top 10 Most-Read Articles of January: Success strategies for 2024, a NAR alternative emerges, and more
MORE >
From Buyer's Agent to Listing Agent: One Realtor's Story
It's no secret that being a listing agent is potentially more lucrative than being a buyer's agent. You don't have to accompany clients to multiple properties for showings, or submit bids that may be lost to cash offers — and if you have a listing, there's an excellent chance it will sell for asking or above in today's competitive market. But being a listing agent is no walk in the park, especially with fewer homeowners willing to enter the market at all. So how do you transition to working with sellers rather than buyers — and do it successfully? Brandon Watts, a Realtor from Gainesville, Georgia, knows exactly how, and he shared his story in a recent video interview with real estate broker and coach Brandon Mulrenin. Early challenges Watts entered the real estate industry in 2016, and initially focused on buying leads from Realtor.com and Zillow, and "working mainly just a lot of buyer business, running like crazy, all kinds of hours working seven days a week. I mean, I'd get a lead [when] I'd be in the shower — I'd jump out of the shower and call them." Watts then joined a team where he worked mostly Zillow leads, but says he was met with a lack of direction on listing appointments, and struggled to acquire clients and close deals. "I remember going to [my team lead] one time and saying, 'Hey, what do I do for my listing presentation?' and he pretty much didn't have an answer. He was just like, 'You know, hey, if they want to list with us, it's great — or not, that's okay too. Just go to the next one.' And I'm like, 'Wow, okay, I gotta do something different here.'" That's when Watts began shifting his focus. The game plan Watts quit taking online buyer leads and joined a coaching program, which improved his sales and lead communication skills. In the past six months, Watts says that this coaching has resulted in 12 transactions and $78,000 in earnings. So what does achieving this kind of success entail? Watts says he uses Vulcan 7 for prospecting. His primary lead sources are FSBOs and expired listings. The heart of his success, however, is discipline. His lead acquisition strategy includes direct outbound prospecting from 8 AM to 12 PM every day. He averages around seven prospects per hour, totaling 25-30 leads per week. Thanks to consistent effort, Watts no longer needs to buy leads, which also results in increased profit margins. His lead follow-up process is equally regimented. He leans on a folder system to classify leads: nurture (6-12 months), warm (90-120 days), and hot (within the next week or two). He then follows up on hot leads almost daily, warm leads weekly, and nurture leads monthly. To make him stand out in the minds of those leads, he sends them personalized thank-you cards and $1 lottery tickets. Advice from a goal-getter While Watts ended 2023 with 25 closings, generating approximately $150,000, he's aiming even higher for 2024. His goal is to net $300,000 in 2024 via 50 transactions, with a gross target of $416,000. Here are his takeaways for those looking to achieve a similar level of success: Consistency is key: Stay focused and committed to the daily process. Mindset shift: Success takes time and often requires a shift in perspective towards the process. Daily routine: Approach each day with a commitment to the process, rather than worrying about immediate outcomes. Coaching and mentoring: Get a coach or mentor for guidance and structured planning. Related reading How to Turn Your Real Estate Buyers into Seller Leads Tips for Growing the Listing Side of Your Real Estate Business Be a Better Realtor: 36 Tips and Tricks on Productivity, Goal Setting, and Self Improvement
MORE >
Are Electronic Signatures Admissible in Court?
MORE >
Center for REALTOR Financial Wellness: Tax Summit
February 7, 14, 21 and 28, 2024 at 10:00 AM PST REALTORS® are facing a long list of tax changes for the 2023 filing year. New and complex rules, annual inflation adjustments, and tedious documentation can impact any taxpayer without a plan or expert guidance. Hear from certified professionals and get the tips needed to save time and money while reducing your stress this tax season. Register to attend NAR's Financial Wellness 2024 Tax Summit. Date and Session Details: February 7: SMART from the Start – Accounting Tax Tips February 14: 2023/24 Tax Update - REALTOR® Edition February 21: Advanced Tax Strategies for Agents February 28: Tax Advantages for Agents Investing in Real Estate Register now!
MORE >
Start Doing These 3 Things Now if You Want to Surpass Your 2023 Transaction Volume
MORE >
How to Create Top-Notch Real Estate Website Pages
In today's competitive real estate market, a strong online presence is crucial for success. Your real estate website is often the first point of contact for potential clients, making it vital to create web pages that not only inform but also captivate and engage your audience. In this article, we'll walk you through the essential steps to help you craft top-notch real estate website pages that leave a lasting impression and drive business growth. 1. Define Your Target Audience Before diving into webpage creation, it's essential to understand your target audience. Different clients have different needs, preferences, and expectations. Consider whether you're catering to first-time homebuyers, luxury property seekers, commercial real estate clients, or a mix of these. Tailoring your webpages to address their specific interests and pain points will make your site more effective. 2. High-Quality Visuals Real estate is inherently visual, and the imagery you use can make or break a webpage. Invest in professional photography or virtual tours to showcase properties effectively. Ensure that images are high-resolution, well-lit, and showcase the property's best features. Additionally, optimize images for fast loading times to improve user experience. 3. Clear and Compelling Headlines A clear and compelling headline is the first thing visitors see when they land on your webpage. It should succinctly convey the page's purpose and entice readers to explore further. Use descriptive and engaging language to pique their interest. 4. Engaging and Informative Content Content is king in the online world, and your real estate webpages should offer valuable information. Provide detailed property descriptions, neighborhood insights, market trends, and buying/selling guides. Use a conversational tone that's easy to understand, avoiding jargon that might confuse potential clients. 5. User-Friendly Navigation A user-friendly website is more likely to keep visitors engaged. Ensure that your navigation menus are intuitive, with clear labels that guide users to different sections of your website. Use a responsive design to ensure your webpages look and function well on various devices, including smartphones and tablets. 6. Lead Capture Forms To convert visitors into leads, incorporate lead capture forms strategically throughout your webpages. These forms should be easy to find and quick to complete. Consider offering valuable resources such as e-books, newsletters, or property alerts in exchange for contact information. 7. Testimonials and Reviews Building trust is vital in the real estate industry. Showcase client testimonials and reviews prominently on your webpages. Real-life success stories and positive experiences from previous clients can help establish your credibility and encourage potential clients to reach out. 8. Call to Action (CTA) Every real estate webpage should have a clear and compelling call-to-action. Whether it's scheduling a property tour, requesting a consultation, or signing up for property alerts, make it easy for visitors to take the next step. Use action-oriented language to prompt immediate engagement. 9. Regular Updates To keep your website relevant and authoritative, regularly update your content. This could include adding new property listings, blog posts about local real estate trends, or market reports. Fresh content not only keeps visitors coming back but also improves your website's search engine ranking. 10. Analytics and Optimization Lastly, use web analytics tools to track the performance of your webpages. Analyze user behavior, such as page views, bounce rates, and conversion rates. Use this data to make informed decisions and continuously optimize your webpages for better results. Creating top-notch real estate website pages takes time and effort, but the results can significantly impact your business's success. By focusing on your target audience, using high-quality visuals, and providing engaging content, you can create a website that not only attracts visitors but also converts them into satisfied clients. Remember that the real estate market is constantly evolving, so staying up-to-date with the latest trends and technologies is key to maintaining a competitive edge in the digital landscape. With dedication and attention to detail, your real estate website can become a powerful tool for growing your business and serving your clients effectively. To view the original article, visit the Realtyna blog.
MORE >
Home Design Trends for 2024
MORE >
Capturing Home Dreams: The Impact of Real Estate Photography on a Successful Sale
In the fast-paced world of real estate, first impressions are everything. Whether you're browsing through listings online or attending an open house, the visual appeal of a home plays a pivotal role in the decision-making process. Enter real estate photography, a powerful tool that can help you make home sale! In this post, we'll explore how high-quality, captivating imagery can significantly impact the selling potential of a property. The Power of First Impressions Imagine you're scrolling through a list of homes online. Your eyes scan through dozens of listings, and within seconds, you make split-second decisions based on visuals. This scenario is not uncommon in today's digital age, where potential buyers are spoilt for choice. Real estate photography acts as the digital curb appeal, drawing in prospective buyers with stunning visuals that make a lasting impression. Think of it this way – if the first photo doesn't grab your attention, the likelihood of clicking through to view the rest of the listing drops significantly. A professionally captured image showcasing a home's best features can be the key to capturing the interest of potential buyers and enticing them to explore further. Setting the Stage for Success Effective real estate photography goes beyond just capturing images; it's about creating a narrative that allows potential buyers to envision themselves living in the space. Well-lit, strategically framed photographs can highlight a home's unique features and create an emotional connection with the viewer. Consider the impact of a beautifully staged living room bathed in natural light or a meticulously photographed kitchen that exudes warmth and functionality. These images not only showcase the property but also tell a story about the lifestyle it offers. By setting the stage for success through compelling visuals, real estate photography transforms a property from a mere listing to a dream home in the eyes of potential buyers. The Digital Window Shopping Experience In the digital age, buyers often engage in what can be described as "digital window shopping." They explore various listings, comparing features, and visualizing their future life in a new home. Real estate photography plays a crucial role in this process, providing a virtual window into the property. High-quality images are more likely to grab attention and encourage prospective buyers to add a property to their "must-see" list. The more visually appealing a listing, the higher the chances of attracting serious inquiries and, ultimately, securing a successful sale. Standing Out in a Crowded Market In a market saturated with listings, standing out is a challenge. Real estate photography provides the competitive edge that can make a property memorable amidst the sea of options. Professional photographers use their expertise to capture unique angles, emphasize key selling points, and showcase a property's personality. In a single glance, potential buyers can differentiate between a home that exudes character and charm and one that appears lackluster. The ability to stand out in a crowded market can significantly impact the time a property spends on the market and its ultimate selling price. Building Trust and Credibility Trust is a fundamental factor in any real estate transaction. High-quality real estate photography not only attracts potential buyers but also establishes trust and credibility. When a listing features polished, professional images, it conveys a sense of care and attention to detail. Buyers are more likely to trust a listing that presents itself well visually, as it suggests that the seller is invested in their property and serious about making a deal. Conversely, poorly executed photography can raise doubts about the condition of the property or the commitment of the seller, potentially deterring serious buyers. The Role of Technology in Real Estate Photography Advancements in technology have elevated the standards of real estate photography. Drones, for instance, enable photographers to capture stunning aerial shots that showcase a property's surrounding landscape and neighborhood. Virtual reality (VR) and 3D imaging allow potential buyers to take virtual tours, providing an immersive experience without stepping foot inside the home. By embracing these technological tools, real estate photographers can offer a more comprehensive view of a property, catering to the evolving preferences of modern buyers. This not only enhances the marketing strategy but also positions the property as a forward-thinking and desirable investment. To conclude, in the competitive world of real estate, where first impressions and visual appeal are paramount, real estate photography emerges as a game-changer. The impact of well-crafted, professional images cannot be overstated – from attracting potential buyers to conveying the unique character of a home and building trust in the minds of prospective buyers. In the digital age, where homebuyers engage in digital window shopping and make split-second decisions, the importance of real estate photography is undeniable. It's not just about capturing images; it's about telling a compelling story, setting the stage for success, and standing out in a crowded market. As technology continues to shape the real estate landscape, embracing innovative tools and techniques in photography further enhances a property's marketability. In essence, real estate photography isn't just a complementary element; it's a powerful catalyst that can transform a listing into a dream home and, ultimately, seal the deal for a successful sale. To view the original article, visit the Transactly blog.
MORE >
Putting Clients First: How to Deliver Positive Real Estate Outcomes with RPR
MORE >
Real AI: The magic of the prompt, AI dominates Connect NY, facts, headlines and the Quote of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. The magic of the prompt There's a secret to maximizing the effectiveness of generative AI that every real estate practitioner who uses AI must know above all else: the key to unlocking the best AI has to offer is in your prompts. This is a universal AI truth. It does not matter if you are using ChatGPT, Claude, or any other AI language model. The magic of maximizing AI effectiveness can be found by perfecting your prompts. The principle of "garbage in, garbage out," or GIGO, still applies. If your prompt is poor, you are going to get a poor-quality result. Many real estate professionals, when first using ChatGPT, often provide generic or general prompts that delivers generic answers and content. When crafting your prompts, consider these five Ps: Preparation: Before submitting your prompt, take time to carefully think through what you are trying to achieve. Draft your request in a separate document where you can revise and refine it. Provide the context and provide as much detail as possible. Also, share the goal of your inquiry. Precision: Be specific and clear in your instructions. ChatGPT does its best when given highly detailed, clear prompts. Avoid general queries by specifying the type of information you are seeking as well as the format you need it in. Patience: One of the first rules you will learn to improve your use of ChatGPT is to never accept the first output. Understand that getting your desired response is highly likely to require some back-and-forth interaction. This is one of the best ways to learn how rephrasing or expanding on your initial prompt will unlock more effective results. Probing: Don't hesitate to ask follow-up questions or request elaboration on certain points. If you ask ChatGPT to assist with an 850-word blog post, do a word count: it's likely to be off, often falling significantly short. Push back and ask for a more expansive draft. Don't be afraid to ask it for examples, or request clarification on a specific part of the response. Persistence: If the response you receive isn't what you expected or if it lacks certain details, be persistent. AI also can hallucinate and provide you with a completely inaccurate response. If it does, and the error is obvious, point it out to ChatGPT and ask for a better result. Don't be afraid to start over and rework your prompt, incorporating feedback or additional information from previous interactions where you had better success. Reiterate your request with adjusted wording or additional context, and that can help move ChatGPT closer to delivering the response you need. The bottom line: Well-prepared prompts lead to much better and more original results. AI dominates Inman Connect NY Returning from Inman Connect NY last year was a bit of a bummer. ChatGPT had exploded on the scene two months earlier and our expectation was a slew of AI panels. Or the very least, a hands-on ChatGPT track. Instead, Connect NY was nearly ChatGPT free. What a difference a year makes! AI was everywhere at Connect NY 2024. If it wasn't in the title of a keynote or panel, it was mentioned in nearly every discussion. Sitting in on many of the major AI sessions yielded a mix of the magnificent and mediocre. We'll pass on the mediocre and share a gold nugget that was a magnificent find: a giveaway from Phil Stringer after his deep dive into perfecting prompts. I did not know about Phil and never heard him speak before Connect. As I told him afterwards, I was fully prepared to be seriously disappointed. I've written about how so many real estate conference AI speakers have been complete duds. They all have been spectators, not doers. The title, "Your Custom 2024 AI-Powered Content Plan" made me suspect Phil was a poser. I was wrong, very wrong, thankfully. A former COO of a North Carolina real estate brokerage, Phil created the "The AI Agent Academy," becoming an AI coach and speaker. For his Connect talk, he polled the crowd to vote on one of five presentations – he only had time for one – that included using his highly creating one year's worth of a newsletter campaign, a year of blog posts (100), a year of TikToks or Insta Reels, a year of YouTube videos or a year of ads. The year of ads won. Phil went through his process, providing detailed prompts for ChatGPT to first understand your business and goals, create highly detailed client personas with a list of pain points, create the targeted ads, and then provide the "hooks" needed to make the ads work. Here's the kicker: at the end of his talk, he gave away all his well-crafted, highly detailed prompts for all five marketing programs, not just the ad one he covered at Connect. As long as this link remains alive, you can get your PDF of all five program prompts here. The only big disappointment in Connect NY this time around? No Rabbit R1 giveaways. Next Connect, please. AI Five Fast Facts AI is expected to automate up to 800 million jobs by 2030 and create 97 million new AI-related roles – McKinsey More than one-third (37%) of business leaders said that AI will replace workers in 2024 – CNBC 85.1% of AI users utilize AI-powered CRM (Customer Relationship Management) for content creation and article writing – Authorityhacker Almost half (49%) of employers expect AI to have a positive impact on job growth – Weforum More than one-fourth (26%) of business organizations use AI for marketing and sales – IBM Sources: Various collected by AIMultiple AI Headlines Take 5 AI far too expensive to replace humans in most jobs, MIT study finds | 1/22/24 - Fortune The cost-effectiveness of AI should be considered in job replacement. Bracing against a rising tide of real estate fraud | 1/22/24 - HousingWire Scammers are weaponizing AI to commit fraud. AI Everywhere: The Unmissable Highlights From Davos 2024 | 1/22/24 - Forbes AI takes center stage at this year's World Economic Forum. The generative AI future will not be free | 1/19/24 - Business Insider Consumers should be ready to start paying for new AI models. When Might AI Outsmart Us? It Depends Who You Ask | 1/19/24 - TIME Experts debate if "human-level" AI will be able to surpass the human mind. Quote of the week To view the original article, visit the WAV Group blog.
MORE >
A New Horizon: The American Real Estate Association Offers Agents a Fresh Alternative
MORE >
[Podcast] How to Stay Accountable When You Miss Your Target Goal
Real estate professionals consider their business plan their Bible, especially at the start of a new year. But chances are good that potential curveballs in the housing market may throw you off your goals as the year progresses. What's important is how you respond and adjust your plan of action in these challenging moments. Host Marki Lemons Ryhal speaks with two practitioners — Lynn Madison and Moses Seuram — who have advice for what to do when you realize you need to make changes to your business plan in order to stay on track. Listen on: Apple Podcasts Spotify Libsyn Visit the episode homepage for show notes and more detail.
MORE >
The KPIs and Metrics That Matter for Real Estate Success
MORE >
Upcoming Changes to Google's DNS Policies: What you need to know
You might have heard that there are some upcoming changes to Google and Yahoo policies around sending business emails through their services—and you might have a few questions about it. To help clear up what's happening, here's a quick look at what you need to know. What's happening? Starting on February 1, 2024, Google and Yahoo are introducing stricter policies around business emails received by Google and Yahoo email addresses to verify that the emails sent are authentic. The goal is to reduce spam. These policy updates will require all businesses to authenticate their email domains through their DNS records to continue sending emails. Why is this happening? This change is an initiative on Google's part to combat the volume of spam and phishing emails that consumers receive, and is being done entirely independently of third-party website and email providers. What does this mean for you? Generally speaking, users of CRM solutions for business email purposes will be required to authenticate their email address domains with a DMARC policy in their DNS records—whether it's their own domain or a domain owned by their brokerage. We'll continue to update you as these policies roll out to make sure you don't experience any interruptions in your business communications. Stay tuned for steps and how to reach out if you have any questions or concerns! To view the original article, visit the Lone Wolf blog.
MORE >
Revolutionizing Real Estate Marketing with iGUIDE Instant
MORE >
How to Increase Home Value for Appraisal
When it comes to real estate, understanding how to maximize your listing's value is crucial. An appraisal is a significant step in this journey, determining how much a home is worth in the current market. Understanding Home Appraisal An appraisal is an unbiased professional opinion of a home's value. It's essential in determining the selling price, refinancing, and securing a mortgage. Appraisers assess various factors, including location, size, condition, and market trends. Understanding these things can help you pinpoint where to invest your efforts. Preparing for the Appraisal Preparation is key. Gather all relevant documents, such as records of home improvements and recent repairs. Enhancing curb appeal is equally vital. Simple steps like landscaping and a clean exterior can make a positive first impression. Cost-Effective Improvements Investing in minor repairs can significantly impact the appraisal. Fixing leaks, cracks, and squeaky doors are examples. A fresh coat of paint and aesthetic touch-ups can also elevate the property's appeal. Additionally, upgrading to energy-efficient fixtures can be a lucrative investment for sellers, appealing to environmentally-conscious buyers and appraisers alike. Major Renovations and ROI Focus on areas with high ROI, like the kitchen and bathrooms. These renovations typically offer the best return. Adding functional spaces, such as an extra bedroom or home office, can also significantly boost value. However, it's crucial to evaluate the cost against the potential increase in appraisal value. The Role of Professional Staging Professional staging can transform the look and feel of a home, making it more attractive to appraisers and buyers. If professional staging isn't an option, DIY staging tactics like decluttering, rearranging furniture, and adding appealing décor can be effective. Working with Professionals Seeking guidance from experienced real estate experts like Revive can provide valuable insights into increasing your home's value. They can offer specific advice tailored to your property and the current market conditions. Choosing the right appraiser is a critical step in this process. Key Takeaway Increasing a listing's value for appraisal involves a mix of minor improvements, strategic renovations, and expert advice. By understanding what appraisers look for and investing in the right areas, homeowners and real estate professionals can significantly influence the appraisal outcome. To view the original article, visit the Revive blog.
MORE >
The Connection Between Real Estate and Economic Growth
MORE >
Real AI: Survey reveals real estate's heavy use of AI, fast facts, five headlines, and a Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI survey reveals real estate's heavy use, wide adoption A brand new study from real estate tech leader Delta Media shows the popularity and use of artificial intelligence (AI) in real estate has become nearly ubiquitous among America's leading real estate brokerages. Today, 75% of America's real estate brokerages already use AI technology, and almost 80% report that their agents have adopted AI tools. The responses, compiled from more than 130 leaders of real estate brokerages representing firms responsible for 65% of all real estate transactions nationally last year, also uncover worries about risks related to unchecked AI usage. Among the most striking findings come from gender differences: Female leaders recognize AI's importance more, especially in mid-sized brokerages with substantial transaction volumes. A greater percentage of female leaders (85.3%) utilize AI in their businesses than male leaders (70.4%). Female-led brokerages, particularly those with medium to large agent teams and high transaction volumes, are the most likely to use AI. The youngest and oldest male leaders, overseeing smaller brokerages, are less inclined to integrate AI. What's the profile of the "typical" brokerage leader using AI today? He (predominantly male) is an experienced senior executive helming a mid-sized brokerage. This contrasts with the characteristics of brokerages most actively using AI, often led by women aged between 31-39 or 50-59 years, managing a considerable number of agents and overseeing substantial transaction volumes. Among the other top findings: More than half of the top brokerage execs said they are "worried or very worried" that AI "does not have the appropriate guardrails" to limit their risk or liability around it. Real estate agents employ AI in their day-to-day business, primarily leveraging this technology to craft property descriptions (82%), followed by generating blog posts, emails, and letters (67%), social media content (60%), website content (44%), and writing personal bios (43%). AI is not just present but growing, with executives rating its current importance to the industry at 5 out of 10, which surges by 40% when asked about AI's importance in the "near future." Leaders note they plan to leverage AI in the future; digital marketing (73%) and social media (72%) are the leading anticipated uses. While some experts predict 2024 will be the year of AI personal assistants, only 23% of brokerage leaders see AI used for front-office or admin support this year. Remarkably, one in ten (11%) have "No plans to use AI" this year. AI fears But rapid AI adoption in residential real estate isn't without some misgivings: More than half of the top brokerage execs responding said they are "worried or very worried" that AI "does not have the appropriate guardrails" to limit their risk or liability, with female leaders slightly more concerned than their male counterparts. The highest level of worry is among brokerage leaders aged 60 or older, especially those managing smaller teams and lower transaction volumes. Conversely, middle-aged leaders of large brokerages with massive transaction volumes exhibit the least concern. Michael Minard, owner and CEO of Delta Media and an AI thought leader, notes, "As AI reliance grows, brokerages need assurance that their tech partners providing these tools have sufficient safeguards to protect them from the potential downsides. Managing risks remains an imperative even as competitive pressures make adoption table stakes." AI Fast Facts Nine in 10 global organizations believe AI will give them a competitive edge over their rivals – MIT Sloan Management Nearly 40% of large companies plan to use AI, according to Adobe, but among real estate brokerages, usage is nearly double that (75%), according to Delta Media. Studies show that almost 100 million people will be working in the AI industry by 2025 – We Forum Nearly 4 in 10 marketers believe that AI email marketing improves market revenue – Statista AI and Machine Learning are expected to replace about 1 in 6 US jobs in less than half a decade – Forrester Sources: Various collected by Exploding Topics AI Headlines: Take 5 What AI Can Do for Real Estate Professionals, and What It Won't | 1/17/24 - RISMediaAI can be your personal assistant, but AI can't replace real estate agents. Big Thinkers: Meet the AI Leaders Changing the Future of 3 Important Industries | 1/13/24 - Success MagazineGlenn Sanford of eXp Realty is identified as helping to pave the way for AI in real estate. Davos 2024: 5 business leaders on adopting AI and managing associated risks | 1/15/24 - World Economic ForumDespite significant "job re-organization," AI will lead to the emergence of new job roles. How CTOs can make the case that AI investments create value | 1/12/24 - FortuneConcrete examples of how AI is being used to create value at firms like Papa John, Canva, and Cushman & Wakefield. 2023 Was About Using AI. 2024 Is About Using It Better: Mosaik CEO | 1/16/24 - Inman NewsMosaik founder and CEO Sheila Reddy discusses AI's future ahead of Inman Connect. Quote the week To view the original article, visit the WAV Group blog.
MORE >
9 Proven Ways to Generate More Real Estate Leads
MORE >
Best Tech Tip: Doing This One Thing Fixes a Majority of Your Device Glitches
What's our best tech tip? We live in an age where the hum of technology is as constant as the ticking of a clock. Technology is our silent partner in nearly every daily task: it is everywhere from the moment we silence our smartphone alarms in the morning to the second we power down our laptops at night. Yet, technology, unfortunately, is not infallible. Glitches and freezes can turn a happy workday into a hectic one. However, there is a surprisingly simple yet often overlooked remedy to many of our technological troubles: properly restarting our devices. First things first Before touching that power button, make sure all your work is saved. This step cannot be overstated, especially when documents, client information, and contracts are involved. If you can't save your files because your computer is frozen, here's a workaround hack: if visible, take a picture of the documents to capture a temporary backup until you can (hopefully) access the documents or retrieve the temporary file versions. If not, at least you have a partial record to recreate. Pro tip: When your computer is frozen, it's a great time to reach out to a Tech Helpline analyst who might be able to get you "unstuck" by guiding you through troubleshooting steps. The proper sequence to power down Closing all open applications is your next step. This action goes beyond simply saving work; it's about terminating tasks that could be causing your device to malfunction. This includes your web browser, which often runs multiple processes in the background that can consume valuable memory and processing power. When you are powering down, there is a sequence that you should ideally follow. First, don't touch that power button! Instead, try to use your operating system's standard shutdown and restart prompts, if possible. This lets your computer close all running processes correctly, save necessary system information, and power down without risking data corruption. For smartphones or tablets, use the device's built-in power-off function to ensure all apps are automatically closed correctly before the device turns off. Pro tip: Before you flip the power switch on your laptop because it is frozen, again, you should contact a Tech Helpline analyst for assistance first. The technical reasons it works From a technical standpoint, restarting your device clears its RAM or Random Access Memory. The RAM serves as the device's immediate memory, temporarily storing data from active processes. Much like a desk cluttered with files, a RAM brimming with data from various applications can become inefficient and, eventually, unresponsive because it is overwhelmed. Shutting down also resets the system's cache or cache memory. Cache, as defined by Britannica, is a "supplementary memory system that temporarily stores frequently used instructions and data for quicker processing by the central processing unit (CPU) of a computer. The cache augments, and is an extension of, a computer's main memory." While intended to speed up process times by storing temporary files, your cache can become corrupted or overloaded. This can cause applications to freeze or crash. Restarting the device clears the cache, much like emptying the trash bin below your desk to prevent overflow. How to envision the benefits of a restart In lay terms, imagine your device as an employee with a desk piled high with tasks (data). Throughout the day, this employee becomes less efficient as the pile grows. By the end of the day, if these tasks are not filed away (saved), and the desk is not cleared (applications closed), the next day begins with yesterday's clutter: the employee is behind even before their day starts! Powering off your device with a restart is akin to that employee having a fresh, clean desk to start each morning. Longer-term benefits Beyond the immediate fix, there are long-term benefits to powering down devices and restarting them. You can prolong the life of your devices by allowing them to cool down, reducing the risk of hardware damage from overheating. Leaving your laptop or desktop on all the time can be detrimental. Restarting also ensures that any updates to your software or security patches to your operating system have the chance to install correctly, as many times, they will require a complete restart to take effect. Making it a routine For real estate agents, making device restarts a part of your regular work routine can mean the difference between a productive workday and one packed with hours lost to troubleshooting. By simply powering off your devices regularly, you ensure they're ready for performance. The bottom line Powering down your devices can become a regular maintenance ritual that ensures your digital tools can keep up with the relentless pace of life as a real estate agent! Yes, it takes a bit of time and patience, but you often can gain a giant leap in device performance. So, give your devices the break they crave and take that moment during the restart to enjoy a few moments of quiet in your busy world. And keep in mind that if during any of these steps, things go sideways – or you need extra assistance – contact a Tech Helpline analyst to help you get things fixed! To view the original article, visit the Tech Helpline blog. Related reading 5 Common Tech Mistakes Real Estate Agents Should Avoid The 5 Most Common Questions Agents Ask When They Call Tech Support Top Tech Issues Every Real Estate Pro Faces
MORE >
[Podcast] Strategies for Successful Business Planning in the New Year with Matthew Rathbun (Part 2)
MORE >
11 Tips to Build and Nurture Your Client Database
2024 is sure to heat up, and you're in the perfect position to get ahead of the curve with a solid game plan. To succeed, grow, and thrive, it's crucial you make the most of your client database. With these 11 tips, you can build and maximize your client roster for a successful year ahead. 1. Start with Social Media Social media is a crucial tool for any business, especially for real estate. With social media, you can get more eyes on your business, reach previously untapped audiences, build brand awareness, position yourself as a trusted expert, and so much more. Think of social media as the gateway to building your client database by adding new prospects and leads. Leverage a to keep your content creation and posting efforts on track, year-round. Remember, the algorithm favors regular, consistent posting and engagement. In turn, you can help increase the odds your posts get seen and shared more. Watch Now: How I Generate Serious Leads from TikTok & Instagram 2. Don't Neglect Your Website Your real estate website is another crucial tool to leverage for building out your client database. It's a powerful platform, allowing you to showcase your authority by spotlighting your brand, showing off your latest listings, highlighting your reviews, and sharing your thoughts and experiences. The best ways to maximize your website? Leverage a real estate technology partner with customizable, high-converting IDX websites. Maintain your blog and update it regularly with relevant, insightful content. Write a killer bio for your 'About' page to build trust in your expertise from the start. Host client testimonials on your website for prospects to see what it's like to work with you. Showcase your latest listings for prospects to learn more about. As an added bonus, you can direct your social media followers to your website to expand and strengthen your online presence, helping support a growing database of clients. 3. Get Out in the Community Nothing builds better rapport with the market you serve than getting out in the community. It will also build your client database in a meaningful, organic way. Volunteer with local charities and organizations, and consider sponsoring them or their events. Go door-to-door to introduce yourself to the neighborhood. Host local events and be an active participant in neighborhood happenings. The more eyes you get on your brand, both online and off, the more you can build your client database with ease. 4. Partner with Local Businesses Also known as co-marketing, partnering up with local businesses to promote one another is a great tactic to reach new audiences offline and more naturally. To leverage this tactic effectively, make sure to promote your businesses in a way that complements each of your offerings and also addresses consumer needs. Ask a business owner or vendor you work or have rapport with to reshare your posts on social media, co-author a guest blog on your website, or co-host events with you. Then, do the same for them. By crossing over into one another's audiences, you can reach new potential clients to build up your network. 5. Activate Your Sphere of Influence Your sphere of influence is made up of your connections, who can turn into clients (or send them your way) and later lead to giving you referrals. That is a lot of potential business, so it's crucial to tap into this network. Stay in touch with your SOI through email campaigns specifically made for them, engaging with their social media posts, and by giving them a call or shooting them a text once in a while. Lead in with wishing them a happy start to the year, and give them a little reminder of your recent wins and your readiness to help anyone with the home buying or selling process. Sometimes, a simple connection and nudge for what you're up to can spark a lightbulb moment to get you in touch with your next client. 6. Educate Potential Clients on the Process You know you're the expert on all things buying or selling. And for people who are gearing up to embark on what's considered the transaction of a lifetime, they need to know you're there to guide them every step of the way. Position yourself as a knowledgeable, committed real estate expert by walking your prospective clients through every part of the buying or selling process. Provide them with educational content, designated meetings, and phone calls to answer any and all questions. By having an open door, and showing you know your stuff, you can nudge even the most tentative of prospects over the fence into a full-on client. 7. Automate Your Follow-Up Process With so many tasks, meetings, and responsibilities that pile up, day after day, it can be tough to feel like you have enough time to manage your client database. So, wherever possible, leverage the power of automation. When it comes to your follow-up process, tap into the power of your CRM to take advantage of automated email responses and nurture campaigns, text message auto-responders, and reminders to give clients and prospects a call. This will take the guesswork out of the who, how, and when to nurture your client database, freeing up your time and mental capacity to focus on forging more meaningful connections. 8. Send Out a Monthly Newsletter Use the space offered by a monthly, scheduled newsletter to keep prospects and clients alike up to speed with what's happening in your business and their local market. A monthly newsletter allows you to showcase your expertise and activities so you can educate prospects and clients. It also provides a way for your database to reach out to you directly by email response or your contact information in the newsletter, keeping you top of mind no matter where they are in their buying or selling journey. 9. Stay in Touch with Past Clients Nurturing your relationships with past clients, no matter how settled into their homes they are, is crucial to your business. Stay top of mind by creating a unique email nurture campaign for past clients, checking in with them on a consistent, but not too frequent, basis, and sending them annual postcards or small gifts on key dates. They could always come back when they are ready to sell or buy again, and they can provide invaluable referrals. Because you're staying in their orbit, they'll know to get in touch with you, helping to build out your client database even more. 10. Ask for Reviews When you get to the closing table and seal the deal successfully, you're in the optimal window to ask your clients for reviews. Ask them what it was like working with you, and get their permission to share it far and wide, publishing it on your Google Business Profile, website, and social media profiles. Having a legitimate perspective from real-life clients' experiences builds your credibility, so prospects searching for the perfect agent in your area know what it's like to partner with you. 11. Reward Your Referrals When previous clients provide you with referrals, why not show them appreciation back? You can send a small gift and nice handwritten note, or even consider hosting events for clients who have provided referrals. This is a great way to nurture existing clients and give them a reward so they can keep sending new clientele your way. To view the original article, visit the Inside Real Estate blog. Related reading Get More ROI from Your CRM Real Estate Agents: Cash in on the Money in Your 'Trash' 3 Ways to Create Forever Clients Using Your Real Estate CRM
MORE >
A Year in Real Estate: A checklist for the first quarter
MORE >
Listing Appointment Checklist: 15 Things You Need
In the fast-paced and competitive world of real estate, being well-prepared for a listing appointment is not just beneficial—it's essential. A listing appointment is an opportunity for real estate agents to impress potential clients, showcase their expertise, and secure a contract. This checklist will ensure that you are equipped with everything you need to make your listing appointments as successful as possible. 1. Market Analysis Reports In an ever-changing real estate market, staying informed with current market data is vital. These reports give you and your client a clear picture of the local real estate scene, including pricing trends and market demand. Utilize this data to guide your client through pricing strategies and market expectations. Revive's Vision AI tool can help streamline this for you. 2. Comparative Market Analysis (CMA) A Comparative Market Analysis is a cornerstone tool in determining the right listing price. It compares the subject property with similar properties that have recently sold, are currently on the market, or were taken off the market. Presenting a well-researched CMA helps in setting a realistic and competitive price for the property, which is crucial for a successful sale. Vision AI also helps with this. ‍ 3. Professional Marketing Materials High-quality brochures, business cards, and other marketing materials create a lasting impression. These materials should highlight your brand, services, and success stories. They not only provide tangible information to potential clients but also reinforce your professional image. 4. Digital Presentation Tools The use of digital tools like tablets or laptops can significantly enhance your presentation. These devices allow you to showcase interactive property listings, virtual tours, and even digital versions of your marketing materials. They offer a dynamic and engaging way to present information to clients. 5. Camera and Measuring Tools Quality photographs are essential for listing properties. Having a good camera enables you to capture the property in its best light. Additionally, accurate measurements of rooms and outdoor spaces are critical for listing details. Ensure you have reliable measuring tools like a laser measure or a tape measure. 6. Pre-Listing Package This package should include your biography, information about your agency, marketing strategy, and testimonials. Tailor this package to each client by including relevant market analysis and potential listing strategies for their property. This personalized approach demonstrates your dedication and preparedness. 7. Property Research Documents Gather all necessary documents related to the property, including its history, tax information, and any relevant legal documents. These documents help in answering client questions accurately and building their confidence in your knowledge and capabilities. 8. Home Improvement and Staging Suggestions Offer suggestions for simple improvements or staging that can enhance the property's appeal. Discuss these options with the homeowners, providing examples of how such enhancements have positively impacted sales in the past. 9. Testimonials and Success Stories Include a section in your presentation or package that showcases your past successes and client testimonials. This builds credibility and trust, showing potential clients that you are capable and results-driven. ‍10. Listing Agreement Forms Be prepared with different types of listing agreements and ensure that you have all the necessary forms. Familiarize yourself with each form's specifics so you can explain them clearly to your clients. ‍11. Disclosure Forms Having the correct disclosure forms is also important. These forms protect both you and the seller by ensuring all necessary information is legally disclosed. Be ready to explain the purpose and contents of these forms to your clients. ‍12. A Plan for Communication Outline how you plan to communicate with the seller throughout the selling process. This includes setting expectations for regular updates, feedback, and availability for questions. Effective communication is important to maintaining a good agent-client relationship. ‍13. Local Market Insights Your knowledge of the local real estate market can be a significant advantage. Share insights that are specific to the area where the property is located, such as community developments, school ratings, or local events. ‍14. Personal Safety Measures Be properly prepared and always consider personal safety during property visits. ‍15. A Follow-Up Strategy After the listing appointment, having a structured follow-up plan can make a big difference. Whether it's a simple thank you note, a phone call, or an email, timely follow-ups keep you at the forefront of the client's mind and demonstrate your dedication. Happy Listing! To view the original article, visit the Revive blog. Related reading Tips for Growing the Listing Side of Your Real Estate Business Don't Make These Listing Presentation Mistakes Guide to Delivering a Winning Listing Presentation
MORE >
Mastering Technology to Stay Ahead in Real Estate
MORE >
Google Bard or ChatGPT: Which is better for real estate pros?
It's obvious that AI is involved in everything — no doubt it's effecting the real estate industry too. You've no doubt heard about the most popular AI tools like ChatGPT and Google Bard, but how can we use them? How do they benefit real estate professionals? In this article, we'll talk about the benefits and features of these two, and give you examples on how you can use them. Google Bard, with its ability to generate poetry, songs, and even interactive drama, offers a unique and creative way to engage with potential clients. Its natural language processing capabilities provide a personalized and aesthetically pleasing experience, making it an ideal choice for real estate professionals looking to connect with their audience on a deeper level. On the other hand, ChatGPT, powered by OpenAI, excels in conversational AI, allowing real estate professionals to provide instant responses and assist clients with their queries in a more conversational manner. Its versatility, adaptability, and user-friendly interface make it a valuable tool for managing customer interactions effectively. Both Google Bard and ChatGPT bring something unique to the table, making it challenging to determine which one is better for real estate professionals — until now! Let's begin: Features and Capabilities of Google Bard Google Bard is an AI language model that specializes in generating creative content such as poetry, songs, and interactive drama. With its natural language processing capabilities, Google Bard can provide a personalized and aesthetically pleasing experience for both real estate professionals and their clients. It lets professionals connect with their audience on a deeper level by creating engaging and unique content that stands out from traditional marketing approaches. Google Bard can also generate property descriptions, allowing real estate professionals to showcase listings in a more captivating and compelling way. By leveraging the creative power of Google Bard, professionals can create content that resonates with their target audience and helps them stand out in a crowded market. Furthermore, Google Bard's interactive capabilities can be used to create virtual property tours or immersive storytelling experiences, providing potential buyers with a more engaging and memorable way to explore properties. This can significantly enhance the virtual home buying experience and help real estate professionals differentiate themselves from competitors. Benefits of using Google Bard for real estate professionals By utilizing Google Bard, real estate professionals can: Engage with potential clients on a deeper level by creating personalized and creative content. Stand out from competitors by leveraging Google Bard's unique capabilities to generate captivating property descriptions. Provide a more immersive and interactive virtual home buying experience. Enhance their brand image and build stronger connections with clients through the use of aesthetically pleasing content. Google Bard offers real estate professionals an innovative way to connect with their audience and differentiate themselves in a competitive market. Its ability to generate creative content and provide a unique user experience makes it a valuable tool for real estate professionals looking to enhance their marketing efforts. Features and capabilities of ChatGPT ChatGPT, powered by OpenAI, is a conversational AI language model that excels in providing instant responses and assisting clients with their queries in a more conversational manner. Real estate professionals can leverage ChatGPT to automate customer interactions, provide quick answers to frequently asked questions, and offer personalized assistance throughout the buying or selling process. ChatGPT's versatility and adaptability make it a valuable tool for real estate professionals. It can be integrated into various platforms such as websites, chatbots, and messaging apps, allowing professionals to meet their clients wherever they are and provide seamless customer support. Its user-friendly interface makes it easy for real estate professionals to manage and customize their interactions with clients, ensuring a smooth and efficient communication process. Benefits of using ChatGPT for real estate professionals By utilizing ChatGPT, real estate professionals can: Provide instant responses and assistance to clients, improving customer satisfaction and engagement. Automate customer interactions, freeing up time for professionals to focus on other important tasks. Offer personalized assistance throughout the buying or selling process, enhancing the overall customer experience. Easily integrate ChatGPT into various platforms, ensuring a seamless communication process for clients. ChatGPT empowers real estate professionals to effectively manage customer interactions and provide timely assistance. Its conversational AI capabilities enable professionals to offer personalized support and streamline their operations, ultimately improving client satisfaction and business efficiency. Examples of Google Bard in real estate Property descriptions: Google Bard can generate captivating property descriptions that highlight the unique features and benefits of each listing. This can help real estate professionals capture the attention of potential buyers and make their properties stand out. Virtual property tours: By utilizing Google Bard's interactive capabilities, real estate professionals can create immersive virtual property tours. This allows potential buyers to explore properties in a more engaging and interactive way, even from the comfort of their own homes. Personalized marketing campaigns: Real estate professionals can use Google Bard to generate personalized content for their marketing campaigns. Whether it's personalized emails, social media posts, or blog articles, Google Bard can help professionals create content that resonates with their target audience and drives engagement. Examples of ChatGPT in real estate Automated customer support: Real estate professionals can integrate ChatGPT into their websites or chatbots to provide instant responses to frequently asked questions. This allows clients to get the information they need quickly and efficiently, improving customer satisfaction. Personalized property recommendations: By leveraging ChatGPT's conversational AI capabilities, real estate professionals can offer personalized property recommendations based on clients' preferences and requirements. This helps clients find properties that align with their needs and increases the chances of closing a deal. 24/7 availability: ChatGPT can be available round the clock to assist clients, even outside of regular business hours. This ensures that clients can get the information they need at any time, improving accessibility and customer experience. Choosing the right tool for your real estate business When deciding between Google Bard and ChatGPT, real estate professionals should consider their specific needs and preferences. Both tools offer unique features and capabilities that can enhance their business operations. Professionals should evaluate factors such as the type of content they want to generate, the level of personalization required, and the preferred mode of communication with clients. If real estate professionals want to focus on creating creative and engaging content, Google Bard may be the better choice. On the other hand, if streamlining customer interactions and providing instant assistance is a priority, ChatGPT may be the more suitable option. Ultimately, the decision should be based on the specific goals and requirements of the real estate professional. It may even be beneficial to combine the strengths of both tools to create a comprehensive AI-powered solution that meets all their needs. To view the original article, visit the Realtyna blog.
MORE >
The Benefits of Real Estate Coaching and Mentorship for Agents
MORE >
Real AI: No PR – AI will make you a ghost, facts, headlines and the word of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. No PR? AI will make you a ghost While using generative AI, Victor Lund, Founding Partner at WAV Group, uncovered a new vital reason why public relations (PR) is essential for every firm, product, and service. His prompt requested AI to create information on firms that offer MLSs rev share for data aggregation and distribution. Granted, only a couple of firms offer this, but the chatbot response only identified one. Turns out the company that it missed doesn't have a PR program in place. Online, to AI at least, their company is a ghost. To AI, your company does not exist. Why is AI making PR so vital? If there is nothing to train on – if you don't have an online footprint – when someone enters a prompt about your firm, service or product, the chatbot will not return any results. More importantly, look at what Google is doing that's related to AI. The Wall Street Journal headline on Jan. 11, 2024 says it all: "Google Trims Hundreds of Jobs as It Marshals Resources for AI." If the world's No. 1 search engine company is going all-in on AI, here are three words for you: search will change. We are already seeing evidence of that with Google Gemini, the major chatbots all connecting to the Internet, and now Microsoft Bing prompting, "Ask me anything," not "Search." The only way Google stays ahead in the search space is through AI. The value of an ongoing PR campaign has been about establishing an online footprint. News releases are not about SEO (duplicative content rules that out), but they are door openers for conversations with reporters and bloggers, and what is proving to be more crucial than ever is that they add to your digital or online footprint. Now you absolutely need an online footprint to train generative AI tools. Otherwise, you are a ghost. Creating your own content for blogs and social media is great, but news coverage is gold. These are third-party expert information sources. AI will recognize the difference – and the value. Which source do you think will be perceived to have more value? The entire point of having a solid PR program is to help you tell your story with your words. You need to control the narrative of how your company, services, or products are described, or someone else will. And you'll be stuck with whatever moniker someone else comes up with – or spend years trying to unwind a market positioning that someone else labeled you. Finally, a good PR program returns a better ROI than perhaps any other communications or marketing-related tool. Two quotes from innovators to contemplate about the value of PR before AI: "Publicity is absolutely critical. A good PR story is infinitely more effective than a front page ad." –Sir Richard Branson, founder, Virgin Group "If I was down to my last dollar, I would spend it on PR." –Bill Gates, founder, Microsoft Now fast-forward to the next few years and think about how much more essential having an ongoing PR program will be. Every company needs to leverage PR to update key audiences on relevant news stories that not only remind people about the company and its mission, but highlight vital developments that impact customers. Every product should also have its own cadence of releasing meaningful news that customers need to know about. Remember, news releases in and of themselves won't help with SEO, but earned news coverage and wire releases will provide the ingredients that will shape the narrative of how AI will harvest and include information about your company and its products. AI + CES As an early and regular attendee of last week's Consumer Electronics Show or CES, I can confirm firsthand it is the land of what's next in tech. One of the first shows I went to (I was in grad school and working for an LA PR firm part-time), I thought I heard Billy Joel playing live. It was a new technology called a Compact Disc or CD. But it sounded so real! This CES was all AI. Mirrors, rings, cars, TVs, grills, toothbrushes – even mattresses and pillows – are now leveraging AI. CNET does a great job describing some of this in its coverage. Check out this piece: "AI Is Everywhere at CES 2024. Here's the Coolest Tech We've Seen So Far." AI Five Fast Facts OpenAI's website receives nearly 1.8 billion visits per month – Similarweb Around 4 in 5 companies deem AI to be a top priority in their business strategy – Forbes 19 in every 20 customer interactions will be AI-assisted by 2025 – AI Business By next year, nearly 100 million people will be working in the AI sector, as the industry generates 12 million new jobs – World Economic Forum A survey of 1.4k+ sales pros found that 45% felt overwhelmed by the amount of tools in their tech stacks, and 78% said AI makes them more efficient in their roles. – Hubspot Sources: Various collected by AIMultiple AI Headlines Take 5 Alexa just got three new generative AI skills – here's how to try them | 1/10/24 - ZDNetUse Alexa to talk to Winston Churchill (and others), create a song, and even play 20 Questions. GPT Store is OpenAI's most compelling reason to become a ChatGPT Plus subscriber yet | 1/10/24 - ZDNetFrom tools to help you with code to personalized trail recommendations, the store is now open. AI is a vital part of CoreLogic's new Clareity Assure security platform for MLSs | 1/10/24 - WAV GroupClareity Assure can integrate as a front door to all MLS systems regardless of vendor. What's next for AI in 2024 | 1/4/24 - MIT Technology ReviewLearn about the four hot AI trends to watch out for this year. AI-powered misinformation is the world's biggest short-term threat, Davos report says | 1/10/24 - San Diego Union-TribuneAI's dark side can cause catastrophic damage. Word of the week To view the original article, visit the WAV Group blog.
MORE >
Efficiency Meets Proficiency in RPR's Upgraded Mobile App
MORE >
Seeking a Free E-Signature Tool? Google Might Be the Answer
Last year, Google announced that it was rolling out a new feature in open beta: eSignature for Google Docs and Google Drive. The tool allows users to request and capture eSignatures in Google Docs – no PDF or DocuSign account necessary. In December, the company had another announcement about its eSignature initiative. The feature is officially out of beta testing and is now available for all Google Workspace Individual customers. How Does Google eSignature Work? Adding an eSignature to a Google Doc is easy — if you have access to the feature. Users who do will see an eSignature side panel in their Google Drive interface, which they can use to upload an existing PDF or create or open a Google Doc. Users can then designate which signers they want to sign the document (up to 10 signers are available, with labels, each assigned a unique color for ease of access), and can add fields including full signature, initials, name, or date signed. You may add up to 200 fields to each document. Why Can't I See This Feature Yet? Most users are still not going to have access to Google eSignatures; the feature is currently widely available for any users with a Google Individual Workspace account. Agent solopreneurs who have secured this kind of account will see the tool in their Google Drive. Other Google users will have to wait to use the tool. If you have a Google Workspace Business Standard, Business Plus, Enterprise Starter, Enterprise Plus, Enterprise Essentials, Enterprise Essentials Plus, or Education Plus account, then you're just going to have to be patient until it's ready for your account type. (Google was accepting applications for beta testers in this group in December 2023.) What Else Is New From Google? Part of this update also includes the ability to create custom email layouts in Gmail for newsletters, announcements, and other marketing materials. Users can now customize existing templates, reuse their layouts, and more, including a drag-and-drop tool that makes design even easier. Have you tried the new eSignature offering from Google in your account? What did you think? We'd love to hear from actual users, whether you want to share a rant or a rave! Related reading Beware, DocuSign: Google Docs now offers eSignatures From Gmail to Drive: 25 Essential Google Tips Every Real Estate Agent Should Know
MORE >
24 Fresh Lead Generation Strategies for 2024
MORE >
10 Ideas for Staging a Kitchen to Impress Buyers
In the competitive world of real estate, staging a kitchen effectively can be a game-changer in impressing potential buyers. A well-staged kitchen not only enhances the aesthetic appeal of a home but also significantly boosts its market value. These 10 ideas for staging a kitchen can help guide Realtors and homeowners through the best pre-listing choices. 1. Decluttering and Cleaning ‍A clutter-free and immaculately clean kitchen is essential. Start by removing personal items and unnecessary gadgets. Deep clean every corner, focusing on countertops, appliances, and floors. This step sets a blank canvas for further staging efforts. 2. Modernizing Appliances ‍Modern appliances not only add functionality but also appeal to buyers seeking a move-in-ready home. Consider updating major appliances to energy-efficient models. These upgrades, while possibly an investment, can significantly increase a home's appeal. 3. Neutral Color Palette ‍Color influences mood and perception. Opt for a neutral color palette to create a warm and welcoming ambiance. Shades like beige, gray, or soft white are versatile and allow buyers to envision their own decor in the space. 4. Effective Lighting ‍Lighting plays a pivotal role. Incorporate a mix of ambient, task, and accent lighting. Enhance natural light by keeping windows clean and unobstructed. Well-lit kitchens appear larger and more inviting. 5. Adding Greenery ‍Indoor plants bring life to a kitchen. Select low-maintenance plants that add a pop of color and freshness. This touch of greenery can make the kitchen feel more vibrant and homely. 6. Organizing Storage ‍Showcase the kitchen's storage potential. Organize cabinets and drawers neatly. Consider adding shelf organizers or pull-out storage solutions to demonstrate functionality and space maximization. 7. Updating Hardware ‍Small details matter. Updating cabinet handles, drawer pulls, and faucets can modernize the kitchen without a full remodel. Choose hardware that complements the overall kitchen style. 8. Staging Dining Area ‍If the kitchen has a dining area, stage it to appear welcoming. A well-set table or a neatly arranged breakfast bar can help buyers imagine enjoying meals in the space. 9. Personal Touches ‍Add a few carefully selected decor items like artwork or vases. However, it's crucial to avoid over-personalization. The goal is to create a relatable and appealing space, not showcase personal style. 10. Highlighting Unique Features ‍Every kitchen has its unique features, whether it's a vintage stove or a spacious pantry. Highlight these elements through staging, ensuring they catch the buyer's eye and add to the kitchen's charm. Key Takeaway Staging a kitchen effectively can significantly influence a buyer's decision. These 10 ideas provide an easy approach for real estate agents and homeowners to showcase a kitchen in its best light, making it an irresistible part of the home. To view the original article, visit the Revive blog.
MORE >
[Podcast] Strategies for Successful Business Planning in the New Year with Matthew Rathbun (Part 1)
MORE >
Cracking the Code: A Guide to Real Estate Marketing Terms
Real estate marketing terms can often seem like a foreign language, filled with jargon and complex concepts. However, having a solid understanding of these terms is crucial for success in the industry. By familiarizing yourself with the terminology, you'll be able to navigate the real estate marketing landscape with confidence. Let's quickly dive into it: Real Estate Lead Generation Terms Here are the most important lead generation terms that specialists use a lot: 1. Lead Capture: Definition: The process of collecting information from potential clients, often through online forms, landing pages, or contact forms on websites. Example: Using a well-designed landing page to capture leads by offering downloadable resources or scheduling property tours. Check out our Lead Capture plugin. 2. Lead Magnet: Definition: An incentive or valuable offer designed to attract potential leads and encourage them to provide their contact information. Example: Offering a free e-book on "Top Tips for First-Time Homebuyers" in exchange for the visitor's email address. 3. Conversion Funnel: Definition: The series of steps a potential lead takes from the initial contact to becoming a client. It typically includes awareness, interest, consideration, and conversion stages. Example: Moving a lead from browsing property listings to scheduling a showing and eventually making a purchase. 4. Qualifying Leads: Definition: Assessing the potential of a lead to become a paying customer based on factors like budget, timeline, and specific needs. Example: Asking qualifying questions during an initial consultation to understand the lead's preferences, financial capacity, and urgency. 5. IDX (Internet Data Exchange): Definition: A system that allows real estate professionals to display MLS (Multiple Listing Service) listings on their websites. Enhances the property search experience for visitors and generates leads. Example: Integrating an IDX plugin on a real estate website to showcase up-to-date property listings and capture leads interested in specific properties. Want to more? Check out our comprehensive article titled What is IDX? 6. Lead Nurturing: Definition: Building relationships with potential leads over time through personalized and relevant communication to guide them through the decision-making process. Example: Sending a series of informative emails to a lead, including market updates, financing tips, and exclusive property previews. 7. Inbound Marketing: Definition: Attracting potential leads through content creation, social media, and search engine optimization rather than traditional outbound methods. Example: Publishing blog posts about local real estate trends or creating engaging social media content to draw in potential clients. 8. Call to Action (CTA): Definition: A prompt that encourages leads to take a specific action, such as filling out a form, scheduling a consultation, or downloading a resource. Example: Placing a prominent "Schedule a Showing" button on property listings to prompt leads to take the next step. Want to have CTAs on your website? Visit CTA Plugin. 9. Database Management: Definition: The organized storage and management of lead information and interactions. Helps real estate professionals maintain and leverage their network effectively. Example: Using CRM software to store lead details, track interactions, and set reminders for follow-ups. Real Estate SEO Terms 1. Keyword Research: Definition: The process of identifying and analyzing the specific words and phrases potential homebuyers and sellers use in search engines. Example: Researching keywords like "real estate listings," "homes for sale," or "property investment tips." Keyword research is not that simple. Check our our comprehensive guide on real estate SEO keywords. 2. On-Page SEO: Definition: Optimization efforts made directly on the web pages to improve their visibility in search engine results. This includes optimizing content, meta tags, and images. Example: Optimizing property descriptions, titles, and image alt tags with relevant keywords. 3. Off-Page SEO: Definition: Strategies employed outside of your website to improve its visibility and authority. This often involves building high-quality backlinks from reputable sources. Example: Collaborating with local businesses or influencers to get backlinks to your real estate website. 4. Local SEO: Definition: Optimization techniques focused on improving a website's visibility in local search results. It's crucial for real estate professionals targeting a specific geographic area. Example: Claiming and optimizing your Google My Business listing with accurate business information and customer reviews. 5. SERP (Search Engine Results Page): Definition: The page displayed by search engines in response to a user query. Real estate professionals aim to have their websites rank higher on SERPs for relevant keywords. Example: Monitoring your website's position on the SERP for key phrases like "real estate agent in [your city]." 6. Crawling and Indexing: Definition: The process by which search engine bots (crawlers) discover and analyze web pages to determine their relevance and index them for search results. Example: Ensuring that all important pages on your real estate website are easily accessible and crawlable by search engines. Learn more in How to Optimize Your Indexing Situation and Crawl Budget. 7. Schema Markup: Definition: A structured data markup that enhances the way search engines read and display your website in the search results. It can include details like property prices, addresses, and reviews. Example: Adding schema markup to property listings to provide rich snippets in search results. SEO is much larger than these terms. If you really want to know how SEO is working in the real estate industry, check our Real Estate SEO Guide. Real Estate Social Media Terms 1. Engagement: Definition: The level of interaction users have with your social media content, including likes, comments, shares, and clicks. Example: Encouraging engagement by posting visually appealing property photos and asking followers to share their thoughts. 2. Analytics: Definition: Tools and metrics used to measure the performance of social media campaigns, including reach, impressions, and engagement. Example: Analyzing social media analytics to determine the most effective times to post content for maximum visibility. 3. Targeting: Definition: Refining the audience for social media ads based on demographics, interests, behaviors, and location. Example: Targeting first-time homebuyers in a specific city with ads promoting educational content about the home-buying process. 4. Hashtags: Definition: Words or phrases preceded by the # symbol used to categorize content and make it discoverable to a wider audience. Example: Creating a branded hashtag for a real estate campaign to encourage user-generated content and community engagement. 5. Influencer Marketing: Definition: Collaborating with social media influencers to promote real estate properties or services to their followers. Example: Partnering with a local influencer to showcase and promote a new housing development. Sound interesting yeah? Check out how you can get benefits from social media influencers. Real Estate Email Marketing Terms 1. Drip Campaign: Definition: A series of automated emails sent over a specific time frame to nurture leads and guide them through the sales funnel. Example: Implementing a drip campaign that provides valuable content, such as home-buying tips and market trends, to leads over several weeks. 2. Segmentation: Definition: Dividing an email list into smaller groups based on specific criteria, such as location, interests, or behavior. Example: Segmenting the email list to send targeted newsletters to buyers interested in luxury properties and sellers looking for marketing tips. 3. Open Rate: Definition: The percentage of email recipients who open a given email. A crucial metric to measure the effectiveness of email campaigns. Example: Improving open rates by crafting compelling subject lines and delivering content relevant to the audience. 4. Call to Action (CTA): Definition: A prompt in an email that encourages recipients to take a specific action, such as visiting a website, scheduling a showing, or downloading a resource. Example: Including a clear and prominent CTA button in an email promoting a new property listing. 5. A/B Testing: Definition: Experimenting with variations of email elements (subject lines, content, images) to determine which performs better. Example: Running A/B tests to compare two versions of an email and identify the most effective elements for engagement. PPC (Pay-Per-Click) Advertising 1. Click-Through Rate (CTR): Definition: The percentage of people who click on an ad after seeing it. A measure of how effective an ad is in generating interest. Example: Monitoring CTR to assess the relevance and appeal of a real estate ad to the target audience. 2. Conversion: Definition: The desired action taken by a user after clicking on an ad, such as filling out a contact form, scheduling a tour, or making a purchase. Example: Tracking conversions to measure the success of a PPC campaign in generating leads and sales. 3. Quality Score: Definition: A metric used by search engines to evaluate the relevance and quality of keywords, ads, and landing pages in PPC campaigns. Example: Improving the quality score by creating targeted ad copy and ensuring that the landing page provides valuable information. Learn more at our Complete Guide on Google ads. 4. Ad Extensions: Definition: Additional information displayed with a PPC ad to provide more context and encourage user engagement. Example: Adding location extensions to real estate ads, displaying the office address and phone number for local engagement. ROI (Return on Investment) 1. Cost per Lead (CPL): Definition: The cost associated with acquiring a single lead through a marketing campaign. Example: Calculating CPL by dividing the total campaign cost by the number of leads generated. 2. Conversion Rate: Definition: The percentage of leads or website visitors who take a desired action, such as making a purchase or scheduling a consultation. Example: Improving conversion rates by optimizing landing pages and streamlining the lead generation process. 3. Lifetime Value (LTV): Definition: The predicted total value a customer is expected to bring to a business over the entire relationship. Example: Considering the potential long-term value of a real estate client in assessing the overall ROI of marketing efforts. 4. Attribution Models: Definition: Methods used to assign value to different marketing touchpoints that contribute to a conversion. Example: Using a multi-touch attribution model to understand how various marketing channels and interactions contribute to a successful real estate transaction. 5. Marketing Funnel: Definition: A visual representation of the stages a customer goes through before making a purchase, from awareness to consideration and conversion. Example: Aligning marketing efforts with different stages of the real estate buyer's journey to maximize ROI at each stage. That's it, we covered the most important terms here, there are billions more, we make sure keep updating this content to be always helpful and up-to-date. To view the original article, visit the Realtyna blog. Related reading The 1-Year Challenge: Learn 52 Spanish Real Estate Terms in 52 Weeks 10 Real Estate Abbreviations Every Realtor Should Know Is Your Realtor Jargon Communicating the Full Value of Your Listing?
MORE >
How to Choose the Best Real Estate Photographer
MORE >
Real AI: AI free-for-all, AI gets its own keyboard key, fast facts, top headlines and Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. The AI free-for-all 2024 is signaling a messy year ahead for AI. Last week, Apple and Disney were told by the U.S. Securities and Exchange Commission that they could not avoid shareholder votes calling for reports on their use of AI. The creators of Siri and Mickey were asked to disclose how the companies are using AI in their business operations. Apple was explicitly asked to reveal "any ethical guidelines that the company has adopted" related to the use of AI, Reuters reported. Likewise, questions for Disney centered on what role its board plays in overseeing AI usage. Seems pretty straightforward, right? Not so fast. Disney and Apple argued that such disclosures were "ordinary business operations," and they don't need to disclose, just like the firm's choice of which technology they use. The SEC disagreed, saying the requested disclosures "transcends ordinary business matters." Who is behind the requests looking for AI use and abuse? The AFL-CIO says they are just asking these giants to disclose like Microsoft already does. Adding to this latest news is the lawsuit against OpenAI for copyright infringement that comes from the New York Times, the recently settled Hollywood strikes, new AI laws making their way through state legislatures (like California) and Congress, and the AI Bill of Rights proposed by The White House. It's a bit of an AI free-for-all out there. How do these things impact real estate? AI usage is already remarkably high in our industry and leading the most. Significant potential impacts of AI are essential to follow – and track. AI gets its own keyboard key Are you a Windows user? Have we got a new key for you! Microsoft has been over the moon about its Copilot technology. Leaked strategically before CES (Consumer Electronics Show) next week in Vegas, Microsoft is touting it as the first change to its keyboard in three decades. First, what is Copilot? It's a shortcut to connect you with Generative AI via Microsoft's Office 365 Suite, including Excel, Word, PowerPoint, and Outlook. It also introduces "Business Chat" as somewhat of a virtual assistant. As Microsoft writes on its blog: Copilot is integrated into Microsoft 365 in two ways. It works alongside you, embedded in the Microsoft 365 apps you use every day — Word, Excel, PowerPoint, Outlook, Teams and more — to unleash creativity, unlock productivity and uplevel skills. Today, we're also announcing an entirely new experience: Business Chat. Business Chat works across the LLM, the Microsoft 365 apps, and your data — your calendar, emails, chats, documents, meetings and contacts — to do things you've never been able to do before. You can give it natural language prompts like "Tell my team how we updated the product strategy," and it will generate a status update based on the morning's meetings, emails and chat threads. The new AI "key" to access Copilot replaces the menu/application key, right next to the right-hand alt key on most keyboards. Press it, and it launches Copilot, which is built into Windows 11. It provides a chat window prompt for questions or requested actions. For now, we understand that Mac users have access to Copilot via Teams or the new Outlook for Mac. However, we're pretty sure Mac users will not flock back to Outlook (at least those of us who remember the horror of that email program; once you go Mac, you don't go back). AI Five Fast Facts A McKinsey survey found that 63% of companies experienced increased revenue after adopting AI into their systems. 35% of Americans believe that AI makes their lives easier, says a study by YouGov and Statista. Pew Research Center reported while more than half (57%) of adults in the United States have heard of ChatGPT, only 14% have tried it. Top 3 industries that adopted Generative AI in the workplace: Marketing and Advertising (37%), Technology (35%), and Consulting (30%), reports Statista. Statista projects the market size for AI-driven robots will reach $77.7 billion by 2030. Source: The Blogging Wizard AI Headlines Take 5 Get Ready for a 'Tsunami' of AI at CES | 12/29/23 - WiredGenerative AI shows no signs of quieting down in 2024. Real estate industry insiders dish about the upcoming year — good and bad | 12/31/23 - Business ObserverPatrick Murphy, founder and CEO of Togal.AI, discusses how AI will impact the construction industry. Rules of the AI Road for 2024 | 1/4/24 - ForbesWith AI technology continuously evolving, it's vital to understand the underlying rules as things change. How technology and artificial intelligence are bolstering the battle against wildfires | 1/3/24 - ReutersPano AI is one of the new "firetech" startups being used to make it easier to contain wildfires. Increase Your Creativity with Artificial Intelligence | 12/27/23 - Psychology TodayLearn more about the various ways AI can amplify your innovativeness. Quote of the week To view the original article, visit the WAV Group blog.
MORE >
The Shifting Dynamics of Buyer-Agent Relationships in Real Estate
MORE >
Market Outlook: Real Estate Trends We Will Potentially See in 2024
In the ever-evolving realm of real estate, new trends and innovations are bound to emerge. In 2024, the real estate landscape seems poised for exciting shifts, blending innovation, economic factors, and societal changes. Let's embark on a journey into the potential trends that might shape the real estate market in the coming year. 1. Tech Takes Center Stage 2024 promises to be the year where technology seamlessly integrates with real estate transactions. From virtual reality property tours to blockchain-based smart contracts, the industry is embracing digital innovations to enhance efficiency and transparency. Expect to see an upswing in tech-driven solutions streamlining everything from property searches to closing deals, making the entire process smoother for buyers and sellers alike. 2. Sustainable Living Becomes Non-Negotiable As climate change continues to dominate headlines, the real estate market is responding by embracing sustainability. In 2024, eco-friendly features will become non-negotiable for both commercial and residential properties. Green roofs, energy-efficient appliances, and smart home technologies that minimize environmental impact will not only attract environmentally conscious buyers but also add significant value to properties. 3. The Rise of Co-Living Spaces Urbanization is prompting a shift in living preferences, leading to the rise of co-living spaces. In 2024, expect to witness an increase in developments tailored for communal living. These spaces not only provide affordable housing options but also foster a sense of community, catering to the growing demographic of professionals who prioritize experiences over traditional homeownership. 4. Suburban Renaissance Continues While city living holds its allure, the ongoing remote work revolution has given rise to the suburban renaissance. With remote work becoming a permanent fixture in many industries, homebuyers are looking beyond city limits for spacious properties, well-connected suburbs, and a slower pace of life. This trend is likely to persist in 2024, with suburbs offering a perfect blend of tranquility and accessibility. 5. Affordability Remains a Key Concern Affordability has been a recurring theme in real estate discussions, and 2024 is no exception. With rising construction costs and increasing demand for housing, the challenge of providing affordable homes persists. Creative solutions, such as modular construction and innovative financing options, may emerge to address this concern, ensuring that homeownership remains within reach for a broader spectrum of the population. 6. Shift Towards Flexible Spaces The concept of a dedicated office space is undergoing a metamorphosis, and 2024 is likely to accelerate this transformation. As remote work becomes the norm, homebuyers are prioritizing properties with flexible spaces that can serve as home offices, gyms, or recreational areas. Versatile layouts that adapt to the changing needs of occupants will be a sought-after feature in the coming year. 7. Emphasis on Health and Wellness Amenities The COVID-19 pandemic has heightened awareness about health and wellness, influencing real estate trends in 2024. Properties that prioritize amenities such as fitness centers, outdoor spaces, and wellness-focused designs are expected to gain traction. Homebuyers are seeking spaces that contribute to a healthy lifestyle, reflecting a broader societal shift towards prioritizing well-being. 8. Continued Embrace of Remote Buying and Selling The convenience of buying or selling property without physical presence gained momentum during the pandemic, and it's here to stay. In 2024, expect an even greater emphasis on remote processes, from virtual property tours to digital document signing. Real estate professionals are likely to leverage technology to facilitate seamless transactions, catering to a market that values efficiency and convenience. 9. Market Resilience in the Face of Economic Uncertainty While it's impossible to predict economic downturns with absolute certainty, the real estate market has demonstrated resilience in the face of adversity. In 2024, the industry is likely to weather economic uncertainties, with strategic investments and adaptability playing key roles. Markets that prioritize diversification and respond nimbly to changing conditions are poised to thrive. In conclusion, the real estate market in 2024 is a canvas awaiting the strokes of change. From tech-driven advancements to a renewed focus on sustainability and flexible living spaces, the upcoming year promises innovation and adaptation. Whether you're a first-time homebuyer, a seasoned investor, or a real estate professional, staying attuned to these potential trends will help you navigate the exciting landscape that lies ahead. Here's to riding the waves of change in the dynamic world of real estate! To view the original article, visit the Transactly blog.
MORE >
5 Real Estate Resolutions for More Profit in 2024
MORE >
What Can Real Estate Software Learn from the Gaming Industry?
We like to joke that whenever we need to talk about something particularly technical, we're speaking geek. Usually, that means we're going to dig into integrations, or protocols, or even infrastructure. We've even used it to dip our toes into the nerdy side of things with blog posts about comic franchises before. But today, let's speak a different sort of geek: Gamer. It might not be the first industry you'd think of as being relevant for real estate, but the gaming industry does hold a lot of potential for those of us on the real estate software side. After all, it's not the niche hobby that it once was—as a whole, it boasts over 3 billion users and over USD$240 billion in annual revenue these days. Its demographics span generations and all kinds of interests, from the most casual of idle games made to let players relax to the most intense eSports leagues where professional players battle it out for fame and glory. Because of the nature of the gaming industry, and because it depends so heavily on its users for success, it's learned a thing or two about giving the people what they want and need—and those are lessons that real estate software should take to heart, too. Lesson 1: People should come first. Think about it. If you were to pick up a video game, whether or not you knew anything about it, and you couldn't figure out how to move your character around or do anything you needed to, would you keep playing? No, because you don't have to. Video game developers need to consider their players first and foremost because if they don't, they don't succeed. They need people to be able to understand and use and even enjoy their work, or they will founder. What we can learn: Unlike a game, what we build isn't something people choose to use. People don't use real estate software because it's fun, or they want to—they need to use it for their livelihoods. And if they have to use it, why shouldn't they expect the same intuitive and straightforward experience as they could get with optional software? Lesson 2: People should be involved. For decades, game developers have offered their users a way to have their say in how a game works before it ever hits the market through early access and alpha and beta testing. These programs let players get into games while developers were still working on them, so they could help identify bugs, missed opportunities, and new ideas to improve the game for when it launched. Though it was at first a tool used to build excitement for an upcoming game—because players got invested in the bragging rights that came with seeing a game before anyone else—it became standard procedure over time as developers saw the value in letting players put their work through its paces. Games came out sturdier, more functional, and sometimes, even with a few new details the designers hadn't considered before. What we can learn: We've said before that the future of real estate software is collaborative—and that extends to users, too. After all, it's something that our founder, Lorne Wallace, did with Lone Wolf software from day one, and what better way is there to make sure people come first than to let them show you how they operate? Lesson 3: Hype isn't as important as doing it right. I won't name any names here, but let me give you two scenarios. One video game, a somewhat niche title from a little-known publisher that barely advertises itself, runs an extended beta test period for players, slowly introducing new features and fixing the bugs players found. Another video game, an A-list title from a massive publisher that blows a huge budget on marketing, runs a beta test period that lasts about three weeks, and focuses on keeping interest through that period. At launch, one finds huge success, topping the charts for weeks on end and making headlines even now, months later. One fell off the charts quickly, and rarely comes up outside of search queries for tech support. I'll let you guess which was which. What we can learn: Though the same length of extended beta test period wouldn't really be reasonable in real estate software, the clear moral of the story is that you've got to do things right—because once you launch, you need to deliver on what you promised, and people will see right through a gimmick. The bottom line If there's one thing the gaming industry has gotten right, it's how it connects with the people who use its creations. And that's ultimately what all the lessons we've discussed here come down to: How software, and the people who build it, interact with the people who use it. Though there are plenty more lessons that we could include here, this is what matters. How we think about real estate software is due for a shift, and lessons like these are what will get us there. By thinking about how software directly works for the people, we can define the future of real estate software—how it grows and evolves over the coming years. To view the original article, visit the Lone Wolf blog.
MORE >
Our Top 10 Most-Read Articles of December: Renovation benefits, Top housing markets, AI fairness
MORE >
Evil AI
I believe that the world is entering a very uncertain time in the history of humanity. This concern is driven by the development of AI. An article in Scientific American outlined my fear in a nutshell. A couple of programmers at Collaborations Pharmaceuticals built an AI application to look for new drugs (a.k.a. molecular structures) that could cure rare diseases. It worked! The system outputs many molecular structures that could bring promising medicines to uncommon, deadly illnesses – especially those so rare that pharma companies would not invest in the research. Then the programmers added one more filter to AI: remove all molecular structures with dangerous side effects when trying to cure the disease. Proudly, they published their remarkable accomplishments that could reveal hope to so many people suffering from the incurable. That publication caught the eye of some folks running a conference on biological and chemical weapons. At first, the AI developers were puzzled by this invitation until the lightbulb went off. If their AI could find molecules that cure diseases, it could just as easily create a list of molecules that would make diseases – biological weapons. The programmers asked their AI-based MegaSyn software to do just that. Provide a list of biological weapons similar to VX, a notorious nerve agent. Within six hours, they had a list of 40,000 substances. VX was used to assassinate the half-brother of the Korean ruler, Kim Jong Un. A VX nerve agent that is so potent that one or two salt-sized molecules can kill in less than an hour. As most of us know, the difference between medicine that cures and medicine that kills is dosage. ChatGPT is one year old. This one AI tool alone is already reshaping our world. Think of what could be next, as AI will reshape the world in ways we have not imagined – and it will do so very quickly. While most people will use AI to do good, others will use AI to do evil. The last time our planet faced such an existential crisis was through the development of nuclear science. Sadly, America was the one nation crazy enough to use it. Click here to access the Scientific American article. Note: Below is the "Evil AI" image that was created using ChatGPT. To view the original article, visit the WAV Group blog.
MORE >
Real AI: AI fairness is a huge hurdle, AI can't count, fast facts, top headlines and Quote of the Week
MORE >
Molding the Homeownership Message for Millennials and Gen Z
Millennials and Gen Z's attitudes on homeownership are rapidly changing and widely misunderstood. As Millennial household formation catches up with previous generations, so has the desire to own their own home. Higher interest rates and housing affordability issues all present headwinds against aspiring homebuyers. This episode of The National Housing Conference's Beyond Four Walls podcast addresses avenues for connecting with younger audiences, including modernizing and simplifying housing conversations as well as highlighting the advantages of homeownership. Listen on: Spotify Amazon Apple Podcasts Visit the episode homepage for show notes and more detail.
MORE >
Transforming Your Listings: The Impact of Renovations on Market Appeal
MORE >
Appraised Value vs. Market Value
When it comes to real estate, understanding the value of a property is more than just a number—it's about making informed decisions. The often-confused concepts of "appraised value" and "market value" leave many confused. Understanding the differences between the two is crucial for navigating property transactions successfully. What is Appraised Value? The appraised value of a property is an estimate of its worth as determined by a professional appraiser. This process involves a thorough inspection of the property, considering factors such as location, condition, and recent sales of comparable properties in the area. Appraisers also take into account current market trends and the unique features of the property to arrive at a value. This appraisal is often used by lenders to determine the amount of a mortgage loan. What is Market Value? Market value, on the other hand, is the estimated amount a property would fetch in the current market. It's largely influenced by supply and demand dynamics. Factors such as the desirability of the location, the condition of the property, and current real estate market trends play a significant role in determining this value. Unlike appraised value, market value is not a fixed number and can fluctuate based on market conditions. Key Differences Between Appraised Value and Market Value The primary difference lies in their determination: appraised value is assessed by a professional appraiser, while market value is influenced by the real estate market. Appraised value is more static and is used primarily for financing purposes. In contrast, market value is dynamic and reflective of the current real estate market conditions. Appraised value is an estimate of a property's worth as determined by a professional appraiser. ‍Determination Factors: Based on property inspections, local comparisons, and market trends. Purpose: Used primarily by lenders for mortgage loan determination. Stability: More static, reflecting the property's condition and the market at the time of appraisal. Influence: Determined by objective criteria and professional assessment. Market value is the estimated amount a property would sell for in the current market. Determination Factors: Influenced by supply and demand, location desirability, and property condition. Purpose: Reflects what buyers are willing to pay in the open market. Stability: Dynamic, can fluctuate based on current real estate market conditions. Influence: Shaped by the real estate market dynamics and buyer-seller negotiations. Why Both Values Matter in Real Estate Understanding both values is important in real estate transactions. The appraised value is crucial for securing financing, as lenders use it to gauge the loan-to-value ratio. For sellers and buyers, market value offers a realistic view of what the property could sell for in the open market. Discrepancies between these values can lead to renegotiations or adjustments in sale terms. Key Takeaway Both appraised value and market value are essential components of real estate valuation. Understanding the difference between the two can help buyers, sellers, and investors make better, more informed decisions. To view the original article, visit the Revive blog. Related reading Pricing It Right: How Agents Can Show Value to Home Sellers Through CMAs Research-backed Remodeling Ideas that Net a Higher Sales Price Why One Top-rated Real Estate Valuation Model Is Better Than the Rest
MORE >
Selling a Home? Here's 10 Ways to Craft a Captivating Listing Description
MORE >
[Best of 2023] The Jury Has Ruled on Commissions: What Are the Next Steps?
Here it is — our top article of the year! This article was originally published back in November and is the most-read article of 2023. See #2 here, or read the full list of our Top 10 articles from 2023 here. So many lawsuits, what happens next? The answer is: it depends. For now, agents need to pay attention to the information from their MLS and their association of REALTORS, and talk to their broker. Do not put too much into the articles you read in the real estate news, unless a lawyer is writing it. The case list is long – Morel vs. NAR, Leader vs. NAR, Nosalek vs. MLSPIN, Sitzer/Burnett vs. NAR, and more! Do not get drawn into the drama. Nothing has happened yet. When it does, listen to your broker and your MLS/association. I have been mad about the Sitzer/Burnett case from the beginning. My opinion on Sitzer/Burnett is that the judge should be fired. Early in the case, he categorized it as a per se antitrust case rather than a rule of reason antitrust case. Every attorney that I have discussed this with has indicated that Sitzer/Burnett is a rule of reason case. That judge got it wrong. A per se violation requires no inquiry into the actual effect on the market, or the intentions of those individuals who engaged in the antitrust behavior. In this case, the market effect and intentions really matter… appeal! And yes, there will be an appeal, unless there is a settlement. The decision of appeal vs. settlement will absolutely be a measure of money – not law or the facts in the case. The final settlement in the case, or the appeal – or whatever happens next – does not really matter unless you are named in the litigation. For everyone else, think about how you can change now to avoid this sort of business uncertainty in the future. It's not that hard to change. Buyer's Agent Change Now Update the "Submit Offer" form from the buyer to include a field for buyer agent compensation. Oh, and make sure the buyer's agent uses a buyer representation agreement immediately, on every lead, and early in the conversation with the buyer. If you don't get paid by the seller, the buyer will need to pay you. Listing Agent Change Now Notify the seller of your fees and discuss the optional offer of compensation to the buyer's agent. Make it clear that the seller is paying your agency fee to some amount or percentage, and that they can authorize you to negotiate with the buyer on the buyer agent fee, or not. Let's look at the seller agency carefully. The seller pays a commission for a job. How the listing firm does that job, and who they pay to do that job, is up to them as long as it is seller authorized. MLS Change Now MLSs have the opportunity to change now. Just remove the offer of compensation field all together. Buyer's agents can submit an offer that includes buyer agent compensation; get out of that. This will also remove all suspicion of steering. Talk to Your Lawyer If you are an MLS, association, or broker, then you better have a dialogue with your lawyer about what happens if you get sued. The impact of these cases will be different for many states, so don't hold your breath and hope for clean air in the future. Assess your liability, if any. If you can pay it, or some amount – you may want to do that. Otherwise, you may want to dispose of your company and start another one before it's too late. NAR Dues The National Association of REALTORS® has had to raise money for settlements before. Some of you might remember the CIVIXX case involving a company that had a patent on displaying a property icon on a map to represent a home for sale. NAR settled for $7.5 million. They sent an invoice to all of the MLSs. This is a large legal bill; expect a far larger dues increase. Shout out to my retired consulting colleague Ann Bailey for saving the industry's ass with CIVIXX. Keep Selling The most important thing to tell agents today is to keep selling real estate, and their value is impressive. I expect some great new technology to emerge to demonstrate the value of listing agents and buyer's agents. I have been keeping an eye on Rayse. Theirs is a website that tells you nothing about the product, but the mission is clear: value your expertise. Consumers need professionals to help them with real estate transactions. Be there for your client. To view the original article, visit the WAV Group blog. Next steps Read recent research on buyer's agent commissions See more articles on tips, tricks and tools for buyer's agents Explore Buyer's Agent tools in our Product Directory.
MORE >
Double Down on These 5 Marketing Basics to Start Your 2024 Out Strong
MORE >
[Best of 2023] Using ChatGPT Is Probably an MLS Violation
We're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published in July and is #2 in our countdown. See #3 here. When the representative of a participating broker in the MLS enters listing information into the MLS, they are doing so according to a license agreement. The broker agrees that the data entered into the MLS remains the broker's property, but the MLS is granted a license to use the information entered for MLS purposes. In the license agreement, the broker also warrants that the information entered into the MLS is not subject to any third-party copyright. There are three elements of a listing that the broker can claim as copyright. The first is the photo, the second is the property description, and the third is the compilation (think of this as a collage that contains facts like bedrooms and bathrooms and the photo and description). In context, entering a property into the MLS is the same as creating a digital piece of artwork. Remember the days when real estate agents would copy photos off the internet and Getty Images would pursue the MLS for damages, resulting in fines and other penalties to the broker whose agent uploaded a copyrighted photo to the MLS? Even today, MLSs continue to sort out disagreements between firms when an agent uses another agent's photos on a listing. These problems have waned, thanks to the education efforts of NAR (national, state, and local) and the MLS. We have also advised that brokers make sure that there is a license agreement in place when a professional photographer is hired. NAR has sample agreements for professional photographers – make sure you use them. ChatGPT terms of use I imagine that by now, you have tried ChatGPT. It's a really cool application that takes prompts from the user and generates something else. For example, you can tell it to write a property description and give it some information about the subject property. The machine (artificial intelligence) will write the property description for you. It does a really good job, typically better than most authors of real estate descriptions. Social media is swarming with tips and tricks on how to use ChatGPT for writing property descriptions. The problem is that when ChatGPT writes something, you are not the author. Since you are not the author, you do not own the copyright. Adding a property description written by ChatGPT and loading it into the MLS is the same as stealing a photo off the internet, or another agent, and loading it to the MLS. It violates the promise between the broker and the MLS, which warrants that the content being submitted is free of copyright infringement. So please stop it. If you want to use ChatGPT to draft your property description, then edit it significantly, that's fine. Just be careful. Also, do not copy/paste. To view the original article, visit the WAV Group blog.
MORE >
[Best of 2023] Beware, DocuSign: Google Docs now offers eSignatures
MORE >
Mastering Instagram: Best practices for real estate agents
Real estate agents, are you making the most of Instagram to grow your business? In today's digital age, social media has become a powerful tool for engaging with clients and attracting potential leads. With its highly visual and interactive nature, Instagram offers real estate professionals like yourself a unique platform to showcase properties, connect with their audience, and ultimately drive business growth. Let's explore Instagram best practices, providing you with valuable insights and strategies to elevate your online presence and expand your network. Whether you're new to the platform or looking to enhance your existing Instagram strategy, this guide will help you leverage the full potential of this dynamic social media channel. We'll cover: Setting up a winning profile Content creation strategies Staying ahead of Instagram trends Engaging with your audience The importance of Instagram for real estate agents Instagram has become an indispensable tool for real estate agents, offering a unique opportunity to expand their digital footprint and engage with potential clients in a visually captivating way. By building brand recognition and creating an interactive platform for showcasing properties, real estate professionals can harness the power of Instagram to attract, engage, and convert leads. Expanding your digital footprint With over one billion active users and 25 million business profiles, Instagram provides a vast and diverse audience for real estate agents to tap into. Utilizing visually compelling content such as high-quality property images, virtual tours and neighborhood highlights, you can effectively showcase your expertise and listings, expanding your digital footprint and attracting a new wave of potential clients. Building brand recognition Establishing a strong brand presence on Instagram can significantly enhance a real estate agent's credibility and visibility within the market. Through strategic use of hashtags, geotags, and engaging captions, real estate agents can amplify their brand's reach and foster a sense of community within their target audience. Building brand recognition on Instagram not only cultivates trust and familiarity but also positions agents as go-to experts in their local real estate market. Engaging with potential clients Instagram's emphasis on visual storytelling and interactive features offers real estate agents an unparalleled platform for engaging with potential clients. By creating compelling narratives around property listings, sharing behind-the-scenes glimpses, and hosting interactive Q&A sessions, agents can forge meaningful connections and nurture relationships with prospects in a more personalized manner. Furthermore, leveraging Instagram's advertising tools and call-to-action features enables agents to drive lead generation and direct client engagement, ultimately converting social media interactions into tangible business opportunities. Setting up a winning profile Choosing the right username and profile picture Select a username that is professional and easy to remember. Consider using your real name or a variation that reflects your expertise. Your profile picture should be a clear, professional headshot to establish trust and credibility. Crafting an effective bio Craft a compelling bio that conveys your expertise and value proposition. Use relevant keywords and a clear call to action to prompt visitors to engage with your content. Your bio should be concise, informative, and aligned with your brand identity. @regoteam The role of highlights and story covers Utilize Instagram story highlights to showcase your best real estate listings, client testimonials, and behind-the-scenes content. Create custom story covers that align with your brand aesthetic to enhance your profile's visual appeal. Explore how to use and design impactful story highlights and covers to effectively engage your audience and highlight your expertise in real estate marketing. Content creation strategies Creating engaging and relevant content is vital for real estate agents looking to attract potential clients on Instagram. High-quality images and videos are essential for capturing attention and showcasing properties effectively. Utilize professional photography or videography to ensure the visual content is compelling and of the highest standard. Before and after showcase posts can effectively demonstrate the potential of a property and highlight the transformation it has undergone. This type of visual storytelling can captivate the audience and make a lasting impression. An effective strategy on Instagram should focus on high-quality visual content, strategic hashtag usage, and leveraging client testimonials and reviews to engage and attract potential clients. Extensive research on trending and industry-specific hashtags is essential for reaching the target audience. Incorporating client testimonials and reviews into posts adds authenticity and builds trust. Encourage satisfied clients to share their positive experiences, and leverage this user-generated content to showcase the agent's credibility and success. @morganwasleygroup Engaging with your audience Engaging with your audience on Instagram is crucial for building a strong presence and establishing meaningful connections. By actively interacting with your followers, you can foster a sense of community and trust. Here are some effective ways to engage with your audience: Responding to comments and messages Acknowledging and responding to comments and direct messages demonstrates that you value your audience's input and are attentive to their needs. Prompt responses can lead to meaningful conversations and help strengthen your relationship with your followers. Moreover, it shows that you are approachable and committed to providing excellent customer service. Running Q&A sessions Hosting Q&A sessions on your Instagram Stories or through live videos can be an excellent way to directly engage with your audience. Encourage your followers to ask questions about real estate trends, property buying tips, or any other related queries. This not only allows you to provide valuable information but also positions you as a knowledgeable and reliable resource in the real estate industry. Hosting live virtual tours Organizing live virtual tours of properties can give your audience an immersive experience and a glimpse into the properties you are representing. This interactive approach allows followers to ask questions in real-time, fostering a sense of involvement and personal connection. It also showcases your expertise in a visually engaging manner, making it an effective strategy for engaging potential clients. Instagram Stories and Reels for real estate When it comes to leveraging Instagram Stories and Reels for real estate, there are several key strategies to consider that can enhance your marketing efforts and engage with potential clients. Tips for creating compelling stories Instagram Stories provide a unique opportunity to showcase properties, share behind-the-scenes glimpses, and provide valuable content to your audience. To create compelling stories, consider using high-quality visuals and engaging captions. Features such as polls and interactive elements can also encourage audience engagement and feedback. Leveraging reels for property showcases Instagram Reels offer a dynamic way to showcase properties and create visually appealing content. With the ability to create short, engaging videos, real estate agents can highlight key features of properties, share tips and insights, and showcase their expertise in a format that resonates with modern audiences. When creating Reels for property showcases, it's important to maintain a balance between entertainment and informative content. Using polls and interactive features Polls and interactive features within Instagram Stories can provide valuable insights from your audience, allowing you to gather feedback on properties, market trends, or preferred content types. By leveraging these features, real estate agents can foster two-way communication with their audience, build rapport, and gather valuable data that can inform their marketing strategies. Scheduling and consistency Consistency is crucial for establishing a strong presence on Instagram as a real estate agent. By scheduling posts at the best times, creating a content calendar, and using automation tools wisely, you can effectively reach and engage your audience. Best times to post for maximum engagement Timing is everything when it comes to posting on Instagram. According to Hootsuite, the best times to post for maximum engagement are generally weekdays between 10 AM and 3 PM. However, your specific audience's behavior may vary, so it's important to use Instagram Insights to determine when your followers are most active. Creating a content calendar A content calendar is an essential tool for maintaining a consistent and organized Instagram presence. By planning your posts in advance, you can ensure a varied and engaging mix of content. Consider using tools like Later or CoSchedule to streamline the process and maintain a cohesive strategy. Using automation tools wisely Automation tools can be a real time-saver, but they should be used judiciously to maintain authenticity. While scheduling posts in advance can help you stay consistent, remember to engage with your audience in real-time as well. Tools like Buffer and Hootsuite can assist with scheduling while still allowing for personal interaction on the platform. Consistency is fundamental in building a strong Instagram presence. By strategically scheduling your posts, creating a content calendar, and using automation tools wisely, you can maintain a captivating and reliable Instagram feed for your real estate business. Staying ahead of Instagram trends In the fast-paced world of Instagram, staying ahead of the latest trends is crucial for real estate agents looking to maximize their presence on the platform. To ensure you are up to date, consider the following key strategies: Keeping up with algorithm changesInstagram's algorithm is constantly evolving, impacting what content users see on their feeds. To stay ahead, it's essential to monitor and adapt to these changes. Platforms like Hootsuite and Sprout Social provide regular updates on algorithm shifts, enabling you to adjust your posting strategy accordingly. Embracing new featuresInstagram frequently introduces new features, such as Reels, IGTV, and live video. Embracing these features early on can give you a competitive edge. Keep an eye on Instagram's official blog or reputable industry publications for announcements about upcoming features and how they can be leveraged for real estate content. Learning from successful real estate accountsStudying successful real estate accounts on Instagram can provide valuable insights into effective strategies and trends within the industry. Identify top-performing accounts and analyze their content to gain inspiration for your own posts. Look for patterns in their engagement, content types, and use of Instagram's features to inform your own approach. Instagram presents a significant opportunity for real estate agents to engage with potential clients and showcase their listings. By incorporating visual content and utilizing Instagram's features effectively, real estate agents can effectively reach and influence potential homebuyers and sellers. To view the original article, visit the iGuide blog. Thank you to iGuide for sponsoring this article on RE Technology! Related reading Real Estate Agent Instagram Bio Best Practices How to Run Instagram Ads for Your Real Estate Business Instagram 101: How to Successfully Build Your Business in 20 Minutes a Week
MORE >
[Best of 2023] 10 Common Questions Home Buyers Ask Google (and 30 Key Phrases to Target with Google Ads)
MORE >
4 Ways to Improve Your Cybersecurity
Cybersecurity is essential because cybercrime is on the rise. Last year was a record year for phishing: 4.7 million attacks, according to the APWG Phishing Activity Trends Report. And with the alarming surge in ransomware attacks, such as the one that left one of the largest multiple listing service technology providers in disarray for weeks, the need for more robust digital safety measures is critical. So, we continue to emphasize the critical importance of implementing proactive cybersecurity measures to safeguard your data and systems. Whether you're a tech-savvy agent or a novice, these four strategies can significantly enhance your cybersecurity: Enable Automatic Updates and Keep Your Software Current Automatic updates provide a hassle-free way to ensure that all your software, including your antivirus or other security software, is always running the most current version. Why? Because updates often include patches for any known vulnerabilities, and that reduces your risk of being impacted by a cyberattack. Regular updates mean fewer vulnerabilities, as outdated software is an easy target for hackers. For example, in early 2021, a state-sponsored group from China, known as "Hafnium," exploited multiple zero-day vulnerabilities in Microsoft Exchange servers. These attacks allowed access to email accounts, installing additional malware to ensure long-term presence in the victims' systems. You help establish a formidable barrier against cyber threats by enabling automatic updates. Moreover, you are limiting the risks of a data breach, which helps protect the hard-earned trust your clients have in you. Adopt Two-Factor or Multifactor Authentication What are authentications, and why are they important to you? According to IS Decisions, Two-Factor Authentication is a type of multifactor proof to prove your identity to access your accounts that uses two distinct authentication factors. These must be two different categories of authentication, such as knowledge and possession. Multifactor Authentication, or MFA, is a security enhancement that requires a user to submit two or more items of proof (factors) for system access. Authentication factors can include another piece of information like a password, something the user possesses such as a keycard, or a biometric like their fingerprint or face. Adding an extra layer of security makes it significantly harder for unauthorized access. Even if a hacker gets your password, they are unlikely to get past the second authentication factor, stopping them in their tracks. For example, imagine what could happen if your email were hacked, exposing sensitive client data. Using one of these authentication methods significantly reduces the chances of this happening. And while these added steps might seem cumbersome, the heightened security is a small price to pay to safeguard your and your client's data and secure their trust.  When in Doubt, Don't Click While it's hard to imagine living without the internet, the web remains a hotbed for malicious actors ready to exploit the uninformed. Simple acts like surfing the web or opening emails can pose significant risks, so taking precautions is vital. Among the most prevalent nefarious tactics is phishing. In simple terms, phishing is a form of cyberattack where individuals are tricked into providing sensitive information, such as passwords, credit card numbers, or personal information, under the guise of a trustworthy entity. In the fourth quarter alone, there were 1.35 million phishing incidents. Attacks against finance and real estate represented more than one in four attacks. Research shows that BEC, or Business Email Compromise, attacks attempted to steal an average of $132,559. That was 41 percent higher than the prior quarter. And Gmail was used in 68% of all attacks. To safeguard against these threats, always be a skeptic. Before clicking on any link or downloading an attachment, take a moment to ask, "Is this legit?" Were you expecting this email? Does the sender's address look valid? Is the email riddled with generic greetings, spelling, or grammatical mistakes? Even if you have the slightest doubt about its authenticity, do not click. Instead, reach out directly to the sender using contact information you've sourced independently rather than any contact details provided in the suspicious email. By verifying first and then trusting, you protect your data and financial assets and uphold the trust your clients place in you. It's the best way to keep your and your clients' data secure. Back up Every Single Day Perhaps the most sinister cyber threat is ransomware. Malicious software programs are designed to encrypt your data and hold it hostage. The only way to get it back is to pay a hefty ransom to receive a decryption key. It's a modern-day heist executed with digital precision. Real estate agents, who typically manage vast volumes of client data, listings, contracts, and other sensitive information, are not always likely to back up their data, making themselves especially vulnerable. Such an attack could not only freeze your business operations but, most importantly, erode your clients' trust. Today, backing up data at least every day has shifted from a recommended practice to an absolute necessity. Yet, according to Acronis, a data protection software provider, less than 10% of individual users conduct daily backups. How can you protect yourself from a ransomware attack? Back up all your data daily. That way, you have a secondary source to get you back up and operating quickly. Fortunately, cloud-based storage has become highly affordable, easily accessible, and one of the most efficient ways to safeguard data. Platforms such as Dropbox, iCloud, and Google Drive are among the most popular for agents. These sites offer expansive storage solutions that are easy to navigate and come with robust security measures. Automatic syncing ensures that your files are constantly updated without lifting a finger: just set and forget. Plus, accessing data from any device, anytime, anywhere, gives you tremendous flexibility. For those who prefer more tangible data storage solutions or want an additional layer of backup, portable hard drives are another excellent method for data backup. Most modern operating systems, including iOS with its Time Machine feature and Windows with its Backup utility, allow users to set automated backups. Once configured, these backups can occur seamlessly in the background without any hassle. Many portable hard drives also come equipped with backup software, further simplifying the process. The benefits of daily backups cannot be overstated. As cyber threats grow, the importance of shielding your data becomes paramount. Daily backup isn't just about preserving files; it's about ensuring business continuity, safeguarding reputation, and maintaining the trust of your clients. Daily backups can be one of the smartest insurance policies you can adopt. The Bottom Line Today, digital tools to protect you and your client's data are as valuable as a handshake. Turning to these four cybersecurity best practices – updating software regularly, enabling 2-factor or Multifactor Authentication, being extra cautious before clicking on any links, and making daily data backup a non-negotiable habit – protects you and your clients. If you need help with any of these items, connect with a Tech Helpline analyst via chat in our app by calling or emailing us. Helping you to stay safe online is one of the best ways Tech Helpline can help you. Related Posts Fraud Alert! Legit Email or A Scam? 4 Ways to Tell the Difference 5 Ways Busy Agents Can Ensure Their Children's Safety in A Digital World Is Your Computer Protected from All The Newest Cyber Threats? A Quick Checklist To view the original article, visit the Tech Helpline blog.
MORE >
[Best of 2023] 13 Scary Listing Photos that Will Horrify Buyers
MORE >
Triple Your Profits by Recruiting a Real Estate Team
As your business gains momentum through increased clientele, greater visibility, and more closed deals, you may be ready to scale and grow. The best way to do this? By building a team of talented real estate professionals to allow your business to expand in reach, efficiency, and productivity. In turn, your profitability can skyrocket. To build out your dream team, so to speak, you'll need to pursue recruiting other skilled, trusted agents in your market. Investing in recruiting can pay off tremendously, and there are key best practices to keep in mind and uphold as you pursue growing your team and business. Let's take a look at what you need to do to build a solid path to successful recruiting. Be a Thought Leader As you set out to recruit and expand your team, you're looking for the best of the best to trust with your business's success. But it's also important you ensure you're putting your best foot forward, too. After all, it's important to give future recruits a reason to aspire to join your team. To do this, you should aim to position yourself as a thought leader and shine the spotlight on your unique, deep expertise. By sharing your thoughts, ideas, trends in local real estate markets on platforms like social media and your real estate blog, you can quickly establish yourself as a valuable resource to your potential recruits. Get comfortable sharing your success stories, opinions on the latest market happenings, and your perspective on national shifts impacting real estate. Think of this like marketing your expertise: it helps establish you as an authority figure and illustrate the depth of your knowledge. Be a Leader in Your Community Another important building block of attracting the right recruits is to position yourself as a community leader and showcase that you're a trusted, reliable pillar of the market. Investing into your community will always pay off in dividends, for both your brand as well as the well-being of the market you serve. It also benefits your attractiveness to recruits, who will want to start out with solid footing in the local community. Building connections outside of your office provides value not only to yourself, but also to your business. Being present in your community through volunteering, sponsorship, attending events, and more will also provide a strong network for potential recruits. Connect with Recruits in a Meaningful Way Now that your recruiting efforts are starting to gain traction and you're seeing agents eager to join your team, it's crucial you forge meaningful connections with each of them. Building your relationship with your recruits starts from the very first impression you leave them with — so make sure you're keeping your interactions personal. An easy way to do this? By staying in regular contact with them through things like congratulatory texts, encouraging emails, handwritten notes, and more. In addition to giving your recruits the boost of inspiration to motivate them to reach their next level, it also shows how much you care. Give Them a Smooth Transition As your recruits prepare to join your team and start making moves, it's key you help make the transition simple for them. Developing and refining a robust, thorough, and practical onboarding experience will set them up for success and reassure them they made the right choice. It also demonstrates your willingness to invest in setting them up on the right foot to help them thrive from the very start. Beyond simple documentation, be sure to host hands-on training sessions, opportunities to shadow other team members, invest in continuing education, and sales techniques to help them close more deals. By getting your recruits off to a strong start, you can build up a team you're proud of and increase your retention rates. Keep the Door Open, Thoughtfully If you have a selection of recruits who are still weighing whether or not to move forward and join you, it's still important to keep a connection intact with them. Weighing the pros, cons, and time investment to transition into a team can simply take time and consideration. Rather than letting the conversation end if a recruit is uncertain, keep the door open. Stay in touch with those who are on the fence. Shoot them emails and texts on a consistent basis to check-in. Nurturing your relationship with those who aren't quite ready to make the move yet gives them a smoother bridge to cross when they are finally ready. It also reinforces you as a trusted business partner, thoughtful leader, and demonstrates your willingness to work with them — rather than against them. To view the original article, visit the Inside Real Estate blog. Related reading Complete Guide to Building a Real Estate Team The Agent Onboarding Action Plan Every Real Estate Team Needs Why You Should Consider Sales Talent for Your Real Estate Team
MORE >
[Best of 2023] How Agents Are (Unintentionally) Violating Fair Housing
MORE >
Real AI: Evil AI, Holy Gemini, a Great Way for Agents to Use AI, Fast Facts, Top Headlines and Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. About Evil AI... WAV Group founding partner Victor Lund just published a provocative post called "Evil AI." It's a vital topic to keep at the forefront of AI development. The underlying current is frightening. Evil AI demonstrates the enormous downside that has some of the most brilliant minds of our times warning us about the dark side of AI's future. Victor's piece pulls from a real-world example of how researchers flipped the script when using AI to develop ways to avoid the dangerous side effects of a drug. What if they used AI to generate toxic molecules, e.g., chemical weapons? The result was 40,000 substances, including VX, a notorious nerve gas, and other chemical weapons, including, according to the Scientific American piece Victor sources, "many completely new potentially toxic substances." That's terrifying. However, we've been down this road before. Whenever a new technology lurches into our culture, there is an immediate reaction to change, often fearmongering. Look it up: when bicycles began to become popular in the late 1890s, some people claimed it was causing a rise in insanity cases, especially among women! People feared the telephone because they thought it could talk to the dead and violated the will of God. Passenger trains? Protesters said our bodies could not handle speeds of 50 mph and that "uteruses would fly out" of female bodies. And we are living it now with the Dark Web. Imagine if the internet was never allowed to happen because it would give birth to one of the darkest sides of humanity. We know AI is different; very different. But it is also very different in the most extraordinarily good ways. We cite our Quote of the Week from Victor: "While most people will use AI to do good, others will use AI to do evil" (emphasis ours). For us, that's the bottom line: We still have faith in humanity that it will find a way to do mostly good and, as never before, have the guardrails in place to prevent evil from winning. Call it naïve, but we believe we will live up to the Spiderman credo: "With great power comes great responsibility." Our future headline: AI good triumphs over AI evil. Holy Gemini! Kudos to Greg Robertson at Vendor Alley to be among the first to post a link to Google's somewhat staged demo on Gemini from Google, the newest AI contender challenging OpenAI. Gemini, Google's "multimodal AI," has features that all AI is moving toward: verbal instead of written prompts (let's have a real "chat" with AI, as we have been writing will happen) and leveraging the power of computer vision. The skills you will see in this video confirm why Restb.ai is so wildly successful in carving out its leadership in this part of the AI real estate landscape. Gemini is next level (at least for a while). Just watch this. An excellent way for agents to use AI A real estate agent friend (and client) asked me if AI could help with a data challenge he had relegated to his assistant. The assistant found the task too time-consuming and overwhelming. He had 2.5 years of traffic data in his newsletter and was using a mail service that did not give him the summary data – over time – that he wanted. He had CSV files for each month of open rates and click activity. Over time, he simply wanted to identify his most engaged readers. Were they clients or future clients? Enter Claude.ai and ChatGPT-4. We tested both. We cut and pasted the data into Claude.ai (it can't read a CSV or Excel file). For ChatGPT, we converted the CSV data into an Excel file. And because ChatGPT can read Excel files, it won the tasks assigned to crunch the data and provide the Top 50 clients for opens, clicks, and total engagement, as well as tell us what the most popular URLs were – all over the 2.5 years. ChatGPT took the data-crunching assignment in less than a minute and solved this agent's problem. Yes, he will switch to a mail system that integrates with his CRM. But how many data tasks like this could an agent today benefit from by using AI instead of spending hours fussing with spreadsheets? This is a great way agents can use AI to sift through a lot of data to help them plan better for 2024. AI Five Fast Facts The global AI market is expected to reach $1.81 trillion by 2030. IBM reported that 64% of companies believe that AI will help improve customer relations and increase productivity. In a report by MIT Sloan, nine out of 10 organizations say they are adapting AI to gain an edge over their competitors. How many jobs will be impacted by AI automation: A study estimates about 38% of jobs in the US, 35% in Germany, 30% in the UK, and 21% in Japan. 95% of hiring managers surveyed said AI can help tremendously in shortlisting candidates and reducing screening time. Sources: Demandsage AI Headlines Take 5 1. How scammers are using AI to commit new fraud in real estate | HousingWire - 12/7/23Interview with CertifID cofounder about the latest real estate scams and bad actor activity. 2. AI in real estate: disruptive force or mere transformation? | The Financial Mirror - 12/11/23Exciting ways AI tech can positively impact real estate. 3. AI Enhancing the Borrower Experience | MReport - 12/11/23Sofia Rossato of Floify remains skeptical about AI fully automating loan origination. 4. AI dominates cybersecurity megatrends for 2024: Report | CSO Online - 12/13/23Trust in AI, ethical application of AI, and AI cybersecurity of AI are the hottest AI topics. 5. 20 Important Tips For Leveraging AI In Content Marketing | Forbes - 12/8/23Practicing these basics is vital to all content creation and content marketing. Quote of the week To view the original article, visit the WAV Group blog.
MORE >
Buyers Don't Know How Much Time Their Agent Spent on Their Transaction: Survey
MORE >
[Best of 2023] Top 10 Mobile Apps for Real Estate Agents
We're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published in February and is #7 in our countdown. See #8 here. Is your phone dialed in to the latest and greatest digital applications? Apps for real estate agents have become essential tools to streamline business workflows. As independent contractors and entrepreneurs that are always on the go, your business has to move with you. Good real estate apps can help agents edit videos and photographs, schedule and track social media, increase efficiency, manage projects and expenses, keep tabs on industry trends, maintain their CRM – and the list goes on. Here's RPR's (Realtors Property Resource) recommendation for 10 solid apps to download and try for 2023: 1. Promo The app: More and more agents are using video to liven up their social media channels. Viewers simply engage with it more, and your posts on Facebook, Instagram and LinkedIn will perform better in a video format. The Promo app is perfect for creating compelling video ads, social media videos, walkthrough tours and more. Priding themselves on "smart and easy video creation," Promo gives its users access to over 100 million premium photos and videos from Getty Images and iStock, and provides thousands of themed templates to make video magic that much easier to attain. The cost: You can try Promo out for free, and a "Basic" subscription is $25 if you opt for the annual structure. 2. Lensa The app: This AI-powered photography app is an editing experience that elevates your photos to a different league. Spice up your photos and videos with instant retouching, custom backgrounds, and other fun features such as filters, effects and borders. But what's really hot about this app right now is the Magic Avatars you can create. Have you noticed that your social media feeds are full of cartoon selfies of people? That's the Lensa AI Magic Avatars at work. The cost: When you download Lensa, you get a seven-day free trial. Then have the option of paying a one-time fee for a specific number of unique avatars ($3.99 for 50 is the cheapest option) or shelling out $35.99 for an annual subscription and unlimited avatars. 3. Sphere The app: Everyone should be utilizing a CRM, but Sphere goes beyond a traditional CRM by offering lead tracking, transaction timelines, to-do lists, contacts, deadlines, coaching and more. They also promise that you can create your own unique business plan in just five minutes. Another nifty feature about Sphere is that it caters to real estate teams by giving multiple users access to the same account. The cost: Sphere's pricing structure is interesting. A transaction timeline only account is attainable for $10 per month. The full package option for agents runs you $49 a month, and each one of these versions is available for a 30-day free trial. Here's what makes Sphere really special: new agents (licensed in the last 12 months) can subscribe for one year for FREE. See their website "Pricing" section for details. 4. Bubble Level app/Bubble Level app The app: Bubble Level is just what it sounds like: a working level on your phone. While you might not use it every day, it is a handy tool to keep in your pocket—as opposed to an actual, physical level! Some clients are very detail-oriented and might ask: is that door frame level? Is this floor uneven? Just pull out your phone and get a quick reading. The cost: Free! And it's available for both Android and iPhones. 5. Hound The app: We're guessing that most agents don't have the budget to hire their own personal assistant. However, if you download this app, it will sniff out just about anything you ask it to do! Hound is an AI-powered voice assistant app that uses "proprietary Speech-to-Meaning and Deep Meaning Understanding technology." In English? You can speak to it in your normal, conversational voice and it will understand you. While not real estate specific, the possibilities are endless. Ask Hound for driving directions, to make phone calls or send texts, set alarms and timers, weather updates, real estate news, or any other task you need help with. The cost: Another freebie! Available for both Android and iPhones. 6. Fyle The app: Keeping track of receipts and credit card transactions for you and your employees can feel like a job in and of itself. To simplify the process, check out the Fyle app: it accurately pulls and codes data from expense receipts using its AI-powered data extraction engine. Here's how this "real time expense management" works: you slide your card for some printer paper, and then you instantly get a text asking for an image of the receipt. Take a picture of the paper receipt, and then it's added and matched to your credit card card expense, freeing you of bank statement reliance. The cost: Starts out at $6.99 a month, or you can upgrade to $11.99 for more features. 7. Substack The app: First off, Substack is not a real estate app. However, it is a journalism disruptor and a really cool way to receive content from your favorite writers and creators. With it, you can subscribe to independent writers and podcasters who publish directly to their audience. These "newsletters" help you keep your favorite writers in one dedicated space, with zero ads, noise or spam. Which means you can keep up with real estate industry insights by subscribing to creators such as Real Estate Simpleton and CalculatedRisk and Housing Market Insights. The cost: Subscription plans, such as monthly and annual, are set by writers. 8. Microsoft Lens/Microsoft Lens The app: This one is perfect for agents out in the wild. With Office Lens, you can easily turn just about any written surface (whiteboard, blackboard, receipts, pieces of paper, contracts, business cards, articles, sticky notes) into digitized files, such as PDF, Word, PowerPoint, and Excel. With a scanner in your pocket, you'll never lose any written down words again! The cost: If it's free, gimme three! Available for both Android and iPhones for no cost. 9. Later The app: If you're a real estate agent, being active in social media is very much a mandatory activity. But keeping track of all your channels, posts, photos and videos can really eat up your valuable time. Later is a social media management platform that helps you plan, analyze, and publish content in advance—so you focus your time on your business and nurturing clients and prospects. The cost: Monthly fees start at $18 per month, but a yearly plan will run you $15. You can also try it out with a free 14-day trial. 10. RPR The app: Did we save the best for last?! The RPR Mobile™ app provides agents with an almost unlimited supply of "listing intel." Your buyer has a question about a property that's across the street from the one you're touring? Look it up in a flash with RPR. Better yet, text your client a report on the property in minutes. In addition, the app has recently been refreshed and revamped: the property search filters are more in line with the desktop version, the Buyer Tour feature has been improved, and the reports generation experience has been streamlined. The new RPR app offers all that and much more. The cost: If you're a REALTOR®, there's no cost whatsoever. And only REALTORS® can use it! RPR is included with your membership in The National Association of REALTORS®. To view the original article, visit the RPR blog.
MORE >
Your Most Critical Task for 2024: Setting Up a Referral Program for Past Listing Clients
MORE >
[Best of 2023] 14 New iOS 17 Features That Were Built for Real Estate Agents
We're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published in September and is #8 in our countdown. See #9 here. Earlier this month, Apple introduced new products to market, including the iPhone 15. On Monday, the company updated its operating system, iOS, from iOS 16.6.1 to iOS 17. If you're not in the habit of automatically updating your iPhone to the latest and greatest iOS as soon as it's released, you might want to make an exception for this one. The new operating system brings new features, some of them particularly relevant for real estate agents. Here's what's new and how you can get the latest version of iOS onto your iPhone. Check In for safety A new feature in the native Messages app will allow iPhone users to Check In with family members or friends when you've arrived safely at a destination, including your home. The Check In feature will also work for a preset time duration instead of arrival at a location. For example, if you are going to be meeting with a client somewhere and the meeting doesn't involve a location change, you can set up a Check In that will alert your friends and family if you don't confirm that you are safe after a specified time. For agents who are diligent about personal safety and who make a point to check in with people, this could be a good alternative to paid apps that provide the same service. If you don't respond to the Check In prompt (sent after your time duration is up or if you are not making progress toward your destination for more than 15 minutes), the app will share your phone's current location with the specified users, as well as information about your phone's battery and cellular connectivity status. Messages now also supports location sharing right in the app. Users can use the new Location feature within Messages to tell friends, colleagues, and loved ones where they are. NameDrop Agents who don't have a digital business card but who do have a compatible iPhone will definitely want to check out this feature. First, there's been an update to the Contact Posters options on iPhone. This is the contact information that you can share with other people, including different treatments for photos, your Memoji, and your name. You can now include your pronouns on your Contact Poster if you want to do that. These Contact Posters will now show up when you make a phone call or FaceTime someone, and you can now exchange your contact information with someone (your name, Contact Poster, and a phone number or email address of your choice) simply by bringing your iPhone in proximity to their iPhone or Apple Watch. You can also share content or start a SharePlay session via AirDrop by placing two iPhones running iOS 17 near each other. And AirDrop transfers will continue even after you move your Apple device away from the other Apple device. A better keyboard One of the big pieces of news has been around the "smarter" autocorrect in iOS 17 that uses "a new transformer language model," a deep learning neural network architecture that is designed to make your autocorrect more accurate across languages as well as improve typing predictions. Yes, this includes four-letter words and their derivatives. The keyboard will also now underline in a faint blue any autocorrections or suggestions it's made, so you can easily tap on the word and restore it if your phone got it wrong. FaceTime advancements If you like using FaceTime to communicate with your clients, there are some new features you'll almost certainly love. You can now leave a video or audio message if someone doesn't pick up your FaceTime call. And there are new reactions and gestures available in the app: "Layer screen effects like balloons, confetti, stormy rain, fireworks, or laser beams directly into your camera feed," says the Apple iOS release guide. You can trigger them by tapping or using certain gestures on the phone. New dual SIM functions If you're using dual SIM cards in your iPhone to manage personal and business lines (or multiple business lines), you'll be happy to hear that you can now set up different ringtones for each SIM as well as choose either SIM to return a call from unknown callers. You can also now sort text messages by SIM card. More weather info in Weather The updated Weather app promises more detailed precipitation forecasts (by the hour over the next 10 days), wind overlays, historical trends, yesterday's weather, and more granular location names — you can search weather by neighborhood in select cities. Maps with more muscle If you use Apple's native Maps app (and even if you don't), here's something exciting: You can download maps to use when your phone doesn't have a cell signal or access to WiFi, including estimated times of arrival based on historical traffic. You can also get routes for driving, cycling, walking, or public transport on those maps. And if you drive an electric vehicle, Apple Maps now lets you select a preferred charging network, show you the availability for open chargers, and allow you to search for charges based on plug type and other variables. Other improvements There are many other features that the new iOS is offering. Here are some more of the most relevant updates for agents: Live voicemail: You can now see a live transcription of voicemails being left and choose to pick up the call if you decide you want to answer it after all. Verification code cleanup: Messages will automatically delete verification codes after they are used with autofill. Password and passkey sharing: You can create groups to share passwords with, easily share your passwords, and add or edit passwords using Safari. AirPods: A new "conversation awareness" feature allows your AirPods to lower your media volume, reduce background noise, and enhance the voices in front of you so that you can easily hear when someone is speaking to you. Photos: New privacy prompt improvements lets you pick and choose photos to share with an app instead of sharing your entire library. If an app does ask for access to your entire photo library, you can see how many and which photos will be shared before you decide to allow it access. Screenshot saving: You can now decide to save screenshots in Safari, Pages, or Notes not only as images, but also as a PDF. Multiple timers: It's finally available! And you can label timers so you know what each is counting down. Slick. You can see the full rundown on iOS 17 updates in Apple's official iOS 17 Guide. How to download iOS 17 The new iOS is available for iPhones released in October 2018 or later. The two oldest iPhones compatible with iOS 17 are the iPhone XR and the iPhone XS, both released in October 2018. Users of the iPhone SE (second generation) can also download the new iOS. And iPhones 11 through 15 (all versions) are also compatible with the new iOS. To download it, iPhone users should open their Settings app, select General, then tap Software Update. An option to download and install the new iOS should be available for all compatible phones. Make sure you are charging your phone (it will need at least 50% battery available) and that it is connected to WiFi before you take that step. Happy exploring!
MORE >
[Best of 2023] We Asked 6 AI Bots to Recommend a Realtor. Here's What Happened
MORE >
The Future for Real Estate Professionals: 8 Ways to Stay Ahead
While we can't take a sneak peek into a crystal ball to see the future of the average real estate professional, it's no surprise there's a lot changing in — and around — the industry. Instead of playing guessing games, we're breaking down the top best practices you can expect to leverage as we move into the future. Staying Ahead of the Curve Oftentimes, it seems like the latest device or technology is coming up and out at breakneck speed. It can be tough to stay on top of the latest and greatest, but the agent of the future is already ahead of the curve — and on the cutting edge. To get ahead, stay on top of the most helpful, innovative tech used in real estate, and invest in learning how to use it, and make it work for you. Expanding Your Influence and Network The modern agent knows the importance of networking and building influence. By investing thoughtfully into networking opportunities, their personal brand, client experiences, and professional connections, you can expand your reach and recognition. This will help grow and develop your prospect and client database, as well as help drive opportunities to expand professionally. Distinctive Personal Branding Nowadays, everyone is positioning themselves as some type of expert online. To stand out from the competition in your market, and also from countless other online users, agents need to have strong, distinctive branding for themselves. In a social media-centric age, having a clear identity online is a must. And in real estate, ensuring that identity transcends online and offline channels is non-negotiable. In the future, agents will need to invest in their personal brand, monitor its performance, and audit and refine their brand as needed. Macro — and Micro — Market Understanding In the future, agents need to have a key understanding of the market beyond their own ZIP code. With national market shifts and trends not seen in decades becoming more and more common, the modern agent needs to understand what these changes mean, how they impact their local market, and how to translate it all to the average consumer. While you're typically dialed into your local area's happenings, you also need a deeper understanding of the state of the national market to bridge the gap and educate consumers. Investing in Transaction Tools Agents shouldn't hold themselves back from the latest and greatest technology, especially when it helps them work smarter, and not harder. One of the most useful pieces of tech for agents to use in the future is transaction tools. Transaction tools are software specifically designed to make the transaction process seamless from start to finish. By leveraging these tools, you can streamline the transaction process as a whole, and enjoy the benefit of them taking manual work off your plate. Leveraging Artificial Intelligence and Automation As artificial intelligence tools and automation features become more and more commonplace, the modern agent can work with these tools, rather than against them. For a powerful approach, they can anticipate using technology to do things like manage daily tasks, meetings, or documents. Tech can also be leveraged to automate things like tracking, marketing, and lead follow-up. In turn, agents are able to use their extra time to build a unique client experience for each lead and client to strengthen and grow their business. Ensuring Strong Client Relationships Real estate pros are experts at providing an excellent client experience — but how can they keep the connection strong long after they leave the closing table? By investing in strong client relationships and staying in touch with them, long after the transaction is over. In the future, agents need to continue building upon the trust and rapport established during the transaction. This can be done by creating customized email nurture campaigns for past clients, hosting exclusive appreciation events, and sending small holiday or anniversary gifts. The modern agent knows maintaining strong client connections can lead to future business and plenty of referrals, and invests in these relationships meaningfully. Creating Unique Client Journeys Not every transaction is a one-size-fits-all, and agents' approach to each and every client journey must be unique to reflect this. By personalizing the client journey, you can build stronger relationships, empower your client, and ensure a stellar customer experience to drive repeat business and referrals. Take stock of the details and characteristics of each client and use it to tailor their journey accordingly. Leverage the power of customized email nurture campaigns, personalized educational resources and content, and always aim to be transparent and open in your communication. To view the original article, visit the Inside Real Estate blog.
MORE >
[Best of 2023] 8 Browser Extensions for ChatGPT
MORE >
Pricing It Right: How Agents Can Show Value to Home Sellers Through CMAs
The numbers don't lie: Sellers who attempted to unload their house without an agent in 2023 left behind about $95,000 in potential profit. Those are the numbers from the most recent National Association of REALTORS® Profile of Home Buyers and Sellers, which indicated that 89% of survey-takers used an agent to help list their home. What exactly are agents doing for sellers that help them net that extra cash at closing? Respondents said that their agent was instrumental in helping them with one critical piece of the puzzle: Choosing the right list price. Why the Right Price Matters It's not news to agents, but it might be news to sellers: Homes that are on the market for longer are much more likely to undergo a price reduction at some point. The longer the home is on the market, the more the reduction is likely to be. According to NAR, sellers who sold their house in 17 or more weeks got, on average, 92% of the list price. On the flip side, 42% of sellers who sold their house in less than a week got more than their asking price. Nearly half of all sellers (43%) with homes on the market for three to four weeks reduced their asking price. But most sellers (55%) said their home was on the market for less than two weeks. Finding a price that will entice multiple offers in the first few days the home is listed seems to be the sweet spot. How FSBOs Are Finding Their Sales Price The sellers who decide not to use an agent are also pricing their home for sale. But how do they land on a sales price without an agent? Most FSBO sellers (54%) are using some form of a comparative market analysis, or CMA. Other tools used include appraisals (28%), online home valuations (19%), or simply pricing the home according to the amount of money the seller hoped to make from the sale. The Value of a Quality CMA While the tools to create your own CMA are available online (and FSBO sellers are using them), it's clear that those sellers don't truly understand how to select comps, how to compare the homes, and how to find the sweet spot of the sales price. With access to the RPR Property Database and other robust resources for CMAs, the work agents do on behalf of their clients is clearly head-and-shoulders above (or $95,000 above) the work that those clients would be able to do on their own. Providing a quality CMA to your listing prospects is just another step in the process for you, but for your clients, it could be the item that helps them decide which agent to use. Make sure you're up to speed with the latest software options for CMAs, that you know how to explain them to your listing clients, and that you're offering them to current homeowners as part of their financial planning. Related reading Accurate Property Pricing with RPR Unrealistic Seller Pricing: How to Handle it Like a Pro A Step-by-Step Guide to Building Spot-on CMAs
MORE >
How Real Estate Agents Can Use Instagram to Promote Their Services
MORE >
4 Ways to Maximize Your Downtime Over the Holidays
As the end of the year approaches, real estate professionals typically experience a downturn in activity. Instead of looking at this time as a slump, consider using it as an opportunity to lay the groundwork for a successful new year. Here are four ways to maximize your downtime to ensure you're ready to go in 2024! 1. Update or create a business plan December is an ideal window to update or create a business plan. As you work on it, determine how much you want to earn in commissions in 2024, then consider how much time you will commit to your rental real estate activity to ensure you set appropriate goals and activity levels. To help set realistic financial goals, research the area's "average" housing price and account for your broker's split. Also, plan to account for real estate-related costs in your calculations to set a benchmark. If you don't have metrics on your close percentage, plan to track your activity throughout 2024 to get better metrics to forecast the amount of leads and deals you need to reach your commission goals. The more data you have, the more you are able to set thoughtful and informed goals. 2. Get organized and plan for success While client activities are challenging to predict, you can develop a plan for income-producing daily and weekly activities. Here are a few tips to get started: Put time on your calendar every Monday morning and at the end of each month to review your commission goals and compare them to your results. Consistency is essential to ensuring you are on track. Take time weekly to research your local real estate market. The Rental Beast database is a great option to help with your research. Explore which areas have the highest and lowest rental rates, where rents have increased or decreased, and areas with new construction. Identify resources that can provide professional development opportunities, then set aside weekly time to learn. Audit and update your business and marketing assets. Review all transaction documents supplied by your broker and ensure they are still accurate. If you struggle to complete or explain a specific document, practice filling it in or role-playing it to a client and get feedback from your broker. Update marketing materials and create templates to help you save time throughout the year. Standardize your frequently used documents so you can make them more quickly. Finally, determine how much time you will spend weekly on networking, cultivating your sphere of influence, and lead generation activities. This can range from deciding how many networking events you will attend, how many one-on-ones you want to have, or even setting time weekly to write handwritten notes to new leads or contacts. 3. Plan and create content While some content you create throughout 2024 will relate to relevant market trends, you can start working on your content calendar. Research content ideas, visit trusted online resources, or see what other real estate professionals create to get inspiration. Generate content months in advance to reduce the pressure and time commitment. There are tons of great resources online that have rich content for almost everything related to real estate. Consider sites like Realtor.org and Google Trends for content ideas as you think about your content. For more market-specific information, refer to your local and state associations of REALTORS®. Pro-Tip: If you don't have a website or blog, consider ActiveRain.com, a blog site created by and for real estate professionals. An extra benefit is their community, where you can receive or share referrals to other real estate professionals outside your service area. 4. Identify new partnerships and cultivate your sphere of influence This is a great time to grab a coffee or send a note to people in your network. As you consider who to connect with and focus on, prioritize these contacts: People who have had life changes in 2023, such as new jobs, getting married/engaged, or having a child. An often overlooked group here is parents with soon-to-be graduates or young professionals. Past clients who have seen their home value significantly change. This group is likely best for a note or email offering a customized CMA to determine their home value. They may be in a position to buy a second home and rent one out. Anyone who has a lease renewal approaching in Q1 or Q2 of 2024. Call or email them about their upcoming renewal and offer to help them look at new options. If the contact is a property owner, offer to help them set an accurate renewal rate. Finally, research local companies or people to create symbiotic referral networks. These like-minded professionals often deal with renters, homeowners, or property owners/managers, but don't compete for their business. The goal is to meet face-to-face to learn more about them, their needs, and opportunities to send or receive referrals. By leveraging your downtime wisely, you can lay a solid foundation for a successful and rewarding 2024. Take this time to strategize, plan, and network for a prosperous year! To view the original article, visit the Rental Beast blog. Related reading Be a Better Realtor: 36 Tips and Tricks on Productivity, Goal Setting, and Self Improvement What's Your Real Estate Business Plan? One Great Way to Recession-Proof Your Business
MORE >