Things are looking good in the housing market. Single-family home sales in August boomed, bringing sales to a level not seen in the last half a decade. Consumer confidence in the housing market is high and Millennials' view on purchasing is starting to turn. Agents are now dealing with a more diverse and technological savvy client base and those that fail to adapt could be left in the dust.

Is your real estate business prepared for the new housing market? Scroll down to learn more.

System for success

Henry Ford (we are big on him here in Michigan) created a system to mass produce his cars. Do you or your brokerage have a system like this in place? If not, why?

Digital technologies make running your real estate business easier. Document storage, task management, signatures, document approval, calendars, contact lists, and short sale packages can all be managed in one digital system. If you want to increase your business, you need to lay down the infrastructure on your end that can handle an increased flow of clients.

Social media for all

In a 2014 survey given to California new home buyers, 77 percent said they used some form of social media when looking for a new home. Almost half of people looking for a new home used social media to check out buying tips, neighborhood information, and agent referrals.

Having a Facebook page with your smiling mug on it is not enough; you need to actively engage with members of the community. Sharing quiche recipes doesn't count; you need to develop a meaningful voice on the internet and really get to know the community you're doing business in.

A more diverse marketplace

According to the U.S secretary of Housing and Urban Development, the Hispanic population in the U.S. will be a main driver in the future residential real estate market. Hispanics are projected to account for 40 percent of all new households over the next decade.

Are any of your agents bilingual? Does your team understand the cultural differences in purchasing behavior compared to non-Hispanic buyers?

Is your team ready for the boom of Millennials in the next decade? It is very easy to go with the popular myth of Millennials not wanting to purchase a homes, but this is clearly untrue. Young adults living with their parents have dropped off, according to the U.S. Census Bureau, and the desire to buy a home is strong.

A study done by the non-profit group The Demand Institute shows roughly 46 percent of Millennials think owning a home is necessary to be a respectable member of society, and 65 percent feel owning a home is necessary in living a good life. These opinion numbers are a lot higher compared to Generation X and Baby Boomers. Although many Millennials currently lack the financial means to buy homes, they are the future and their positive attitudes toward homeownership are a good sign for the housing market.

The next decade in real estate will see a new breed of buyer and taking these facts into account can help you or your team adapt to the new frontier of home buyers.

To view the original article, visit the Realty Commander blog.