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Following the Money: Is Proptech the Pied Piper or the Savior of Commercial Real Estate?
Proptech is advancing all areas of commercial real estate from developments in building innovations and blockchain technology to smart homes and green tech. If you are a commercial real estate agent, you are noticing the change. Globally, real estate is the biggest industry and depending on where the data comes from, its value ranges from billions of dollars to trillions of dollars. That is a lot of money coming from one sector with investors throwing more into proptech innovations daily. So are all these changes in technology making the road to success easier or are they leading you down the wrong path? Tech investors are flocking to the real estate industry because they envision a future that allows you to better share information, control energy consumption, and improve construction workflow. Precise Information Change is good. Without the use of current technology, it would be virtually impossible to do business in today's commercial real estate market. Technology has allowed you to precisely measure square footage calculations, visit properties through 3D tours and submit all legal documents necessary through online methods. Simply put, proptech and CRE go hand in hand and incorporating them into your daily routine is essential. You cannot afford to fall far behind in your use and understanding of proptech, or you stand to lose your way. Data Commercial real estate deals with a huge amount of data. Everything from contracts and legal documents to building information and management operations. There is a need to provide easier and faster ways to source and transmit data. Enter the technology sector. Tech investors are jumping into the billion-dollar real estate industry to satisfy the need. According to Prescriptive Data in 2019, there were over $31 billion VC proptech investments. Companies are investing in ways to supply better and more accurate ways to deal with all the data through a variety of innovative methods. Blockchain Blockchain technology is not just for cryptocurrencies, it takes on a whole new meaning when delivering information in the commercial real estate industry. This developing proptech helps to easily maintain and control transactions in a very transparent way. Future audits of facts and figures are simplified through the use of blockchain technology benefiting you as a real estate agent by allowing verification of transactions quickly and easily. Reducing risk and streamlining processes are just some of the perks you can look forward to. Construction Management It's no simple task to construct a multi-level building from the ground up. Proptech building information modelling (BMI) will help in the planning, construction and management of a building's infrastructure for the entire lifespan of the property. You will be able to see real estate floor plans in 3D transformed entirely from hand-drawn sketches in a matter of a few seconds. Not only does this technology help everyone involved from architects and engineers to construction companies, but it will help provide current information to any prospective purchaser. Investments and Operations In a commercial real estate transaction, you need ways to accurately supply information to assist in your real estate marketing plan. Current proptech trends are developing ways to supply real-time data allowing management to make better-informed decisions. Up to the minute statistics on a property's history, neighborhood details and current ownership costs will provide for better ways to estimate the value and future value for decision making. Smart technologies will be able to monitor various algorithms and adjust for safer and greener environments. Monitoring airflow and energy consumption are just a few benefits of proptech innovations. All this translates into buildings being more attractive in rental markets for both the purchasers and end-user. Benefits for Real Estate Transactions Critical data for both commercial and residential properties will be available to include geo-location technology for planning and development purposes. Details on topography, flood zones, and soil stability will speed up the process necessary for construction and redevelopment sites. For real estate agents and lawyers, property transactions will be verified instantly for legal documents, land titles and transfer of ownership. Through advancements in technology, all of a building's information can be digitally transferred in a matter of minutes. Waiting for week-long responses to register a sale will soon be a thing of the past. Technology and CRE have travelled on different roads for a long time. But the future is clear, following the money trail could lead you on a path to success.
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6 Ways to Construct the Perfect Builder/Realtor Relationship
Since 2012, home builders have had the opportunity to feed listings directly to the MLS system used by sales associates around the country. It was a significant step in the relationship between real estate pros and builders--and that partnership has been deepening ever since. A technology-enabled, collaborative workflow helps builders and sales associates grow together. In recent years, more than half of all buyers considered new construction. However, many real estate experts feel unsure about the best way to reach out to builders and sell new home builds. Even in today's COVID-rocked world, new home sales are up, and interest remains strong going into the fall. In July 2020, sales of new single-family homes were over 36% above July 2019's figures of 661,000. That makes July 2020 the single best month for sales of newly built homes since 2006. But how can you get involved with builders and lay the foundations for strong cooperation? Here are six ways to get started building a perfect relationship with home builders. 1. Start By Knowing What Kind of Builder You Want to Work With There's no "one size fits all" when it comes to real estate sales associates. It's just as true of builders! Although all builders provide certain services, they differ in geography, amenities, neighborhoods, and business strategy. That influences the best way you can partner with them. National Builders Larger builders operate in a regional or nationwide territory. Since they have their own sales staff, the land development manager is the main point of contact to get you up to speed on business opportunities. Some builders offer commissions to any sales associate who brings them a buyer, even if you don't have an ongoing relationship. This can be a foot in the door for competitive builders in the 12+ homes per year category. Midsized Builders Midsized area builders tend to have a small sales team or work with a single real estate firm. They are more open to outside advice: Find them lots in areas where they want to expand, and you could be brought on to sell. Small Local Builders Small local builders offer an open door to opportunity, but may have a modest sales volume. They often lack an in-house marketing budget, so a savvy sales associate who knows today's real estate technology can offer true win-win partnerships by handling promotions and sales. No matter what approach you take, remember builders get lots of pitches every month. Distinguish yourself with something striking and unique, so you get the chance to discuss your value. 2. Emphasize Branding and Reputation Building for Your Builders Many builders employ an on-site associate with deep insight into the company, developments, and home features. Before meeting that person, buyers have to hear from you why a builder is right for them. That positions you in a familiar place: A match-maker between two sides who meet each other's needs. Learn everything you can about your builder, what makes them special, and why their work is superior for different kinds of buyers. Each buyer you work with has many options, so take cues from them and see how interested they seem: If new construction excites your client, you can set up a meeting. Strengthening a builder's reputation means more sales and a longer, more fruitful collaboration for you. 3. Leverage Your Pool of Buyers to Focus Interest on New Homes One consistent thing you'll notice about new homes is that not everyone thinks of them! Sure, new construction isn't right for everyone. But as "starter homes" have fallen by the wayside, more people are entering the housing marketing as established professionals with disposable income. Amidst your first-time buyers, look for those whose finances are strong enough to make a new home a viable option. Then, get used to exploring the advantages with them and overcoming objections! What about affluent buyers with multiple properties? Many have already considered new construction but haven't yet found the right opportunity. Working with a builder is a longer commitment, and financing can be a challenge. But it gives buyers the chance to realize the home of their dreams from the ground up. That's an incredible selling point! 4. Become Familiar with the Intricacies of New Home Construction Building a new home is a complex process that requires more effort to get started. Just as you'd ease a first-time buyer's worries about financing, you'll need to do the same about new construction. But there's a catch: All-new construction often means multiple intersecting timelines for financing, construction, closing (which often happens twice!), and more. You'll not only need to understand the process but be able to explain it in a way that buyers can wrap their heads around. And should delays happen, they're sure to look to you for encouragement and input. This also means staying involved in the process once a buyer decides on new construction. As a sales associate, you have a special role in translating buyer expectations into outcomes builders can deliver. Always stick to a high-touch approach until the keys are in the buyer's hands. Then, follow up to check on that happy client! 5. Get to Know Your Builder's On-Site Associate With a builder, there's no need to do all the legwork yourself. Many of them have on-site sales associates trained in all the ins and outs of a development and its offerings. You are most likely to step into transactions as a buyer's agent. The on-site associate is licensed and follows all the guidelines and ethical standards of other real estate pros. He or she is a trained expert on the builder's processes––which leaves you to focus on facilitating the flow of communication between buyer and builder until closing day. As an advocate for the buyer's needs, you can accelerate the sale and continue to build your practice. 6. Make Marketing Automation a Cornerstone of Your Growth Strategy The builder you work with becomes a big part of your branding. Make sure you integrate information on new homes and desirable developments into your marketing! Strong customer relationship management gives you visibility into where your leads come from, their interests, and where they stand from the first meeting to closing day. That's especially crucial as you diversify lead sources, establish builder relationships, and cater to buyers with different goals. Real estate has weathered this year's tectonic economic changes better than most industries. The horizons of growth for new home construction are vast––now is the time to seize these promising opportunities, expand your skillset, and "build" profitable business relationships. DeltaNET™️ 6 CRM customers can already showcase builders, their communities, and model homes directly on their real estate website. Try DeltaNET™️ FREE for 30 days. To view the original article, visit the Delta Media Group blog.
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How to Boost Your Business When You Partner with a Builder
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How to Sell Property 'Off the Plan' in 72 Hours... even if you've never done it before.
"We're selling circles around the other builders that are on the same street… both in terms of numbers and in dollars per transaction." The words of one very satisfied development marketing agent who used 3D renders to sell their builder's off-the-plan property, in less than 72 hours. When their online listing went live, it absolutely whomped similar developments on the same street in terms of views, Zillow saves, sale price, and the speed of sale. These other developments were using 2D black and white elevation images and half-finished build photos in their marketing, not holding a candle to the photo-realistic external renders, 360° internal renders and virtual tours used by this savvy agent. What exactly are renders? 3D renders are also known as architectural visualizations or real estate renderings. They are 3D visuals of building plans that virtually bring property designs to life. Property buyers are visual, which is why the display home has been a crucial sales tool for property developers and marketing agents in the past. To cement a sale you can't rely on a buyer's imagination to see what a property will look like beyond the plans. Renders showcase what a property will look like complete with photo-realistic furnishings, landscaping, lighting, façade, and room navigation. Like a display home, 360° render virtual tours allow buyers to walk through a home, but in this instance, they can do so from anywhere. They can integrate themselves into a property in their own space, at their own pace. Plus, using Additional Outputs in a virtual tour, buyers can toggle between different designs, colors, styles, and options. Here is an example of a 360° Render Virtual Tour: How can high quality renders benefit my real estate sales? As Solid Ground Home Builders and their marketing agent Charles Nitschke recently discovered, using renders to sell your property is a no-brainer. BoxBrownie.com's business expertise brought to renders has made them more affordable than before without compromising on quality. Plus, a quick turnaround means a quick to market strategy is available. Charged with selling a land and home package in Spokane, Wash., Nitschke ordered four internal 360° renders, and two static external renders to display the front and back elevations of the unbuilt home, plus a 3D floor plan with furnishings. This provided an affordable solution to "build” a quarter of the house, virtually giving the agent 90 percent of what they needed to go to market. They also received a virtual 360° tour link to embed and share on the listing—a speedier solution for display homes to allow potential buyers to walk through. With a two-week turnaround on the 3D renders, the online listings were up quickly and the builder had their first contract within 72 hours. To date, they have since contracted four more sales from their 3D render listing. Why should I use 360° renders? 3D renders provide a photo-realistic image of an unbuilt home, allowing you to market the intangible. By bringing the property to life with high quality imagery, BoxBrownie.com renders are an extra tool in your go-to-market strategy that are much more affordable than previously realised. Making the step up from static to 360° renders is a small increase pricewise, but a big step up for market interest. With complimentary 360° virtual tour creation and hosting thrown in, you'll be top of the class on MLS and listing sites who now offer a "search by virtual tour” filter. There is no need to create a 360° render of every room to take advantage of showcasing with a virtual tour. The use of 3D renders in development marketing is proving to be the most successful way to sell a property off the plan. If you want to learn more about BoxBrownie.com renders and how they can increase your property marketing capabilities, register here and our Expert Renders Team will be in touch. BoxBrownie.com is currently offering a free virtual staging edit (valued at $32) to every RE Technology member (new accounts only). This offer expires on November 30. Click here to claim your free virtual staging edit.
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Are You Marketing New Construction Homes Correctly?
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Top-Ranked Real Estate Agent Ben Caballero Issues New Podcast Episode
One of real estate's most popular podcasts, "Ben Caballero: Real Estate Lessons from the #1 Ranked Agent in the US," released today a new episode for home builders. "Following a recent federal advisory concerning the Covid-19 response, most states have designated residential construction an essential service," said Ben Caballero, president and founder of Dallas-based HomesUSA.com. "Home builders are continuing with construction, but they need creative ideas to help them prepare for the market's recovery while remaining viable. This new episode discusses ideas on how builders can do that," he said. "Ben Caballero Real Estate Lessons: Part 5 – How Production Home Builders win by maximizing the Multiple Listing Service (MLS)," features legendary top producing agent Ben Caballero, a current Guinness World Record title holder for "Most annual home sale transactions through MLS by an individual sell side real estate agent." Ben is the first individual with more than $2 billion of MLS recorded sales transactions in a single year, a feat he has accomplished every year since 2018. He has been consistently ranked as the No. 1 agent by REAL Trends in its "The Thousands" lists, which appears in the Wall Street Journal, for both transaction sides and volume since 2013. Now available for free download on Apple iTunes and Google Play Music, "Part 5" is the latest episode in a podcast series that has received thousands of downloads from real estate agents and home builders since its debut at the end of 2018. Ben says his newest podcast episode focuses specifically on home builders because, "Builders are missing a multi-million-dollar profit opportunity by not truly understanding the value, or taking full advantage, of the best and cheapest real estate marketing tool in the world: the MLS or Multiple Listing Service." In the new 14-minute episode, Ben explains why speed, accuracy and efficiency are essential to the management of builder listings in the MLS. Ben discusses how he fully leverages the MLS to help his 60+ builder clients in Texas make faster sales and increase profitability by reducing carrying costs. Throughout his five-episode podcast, Ben shares secrets to his success, gives advice to agents on how to build their businesses, explains the unique services he and his company, HomesUSA.com, provide builders, and tells stories about his rise to the top. Each podcast is introduced by award-winning real estate journalist and accomplished author Tom Kelly. "Most of America's 1.4 million licensed real estate agents remain housebound, working from home. Many are taking time to learn new skills to prepare for a major rebound in real estate business. My podcast series teaches agents a huge business opportunity: how to work with builders," Caballero added. Ben Caballero's podcast series is also available on Spotify, iHeart Radio, Player FM and most major podcast platforms free of charge.
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Marketing New Construction Homes: What Real Estate Agents Need to Know
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How to Help Me as a First Time Home Builder
Not too long ago, my spouse and I decided we no longer wanted to pay rent and needed to invest in our own equity. So we decided to jump into the real estate market! As first-time home buyers, we could not get in to our dream home right away and needed a starter home first. However, after determining our budget and viewing our options we were put off at the selection. Then we came across a new build of townhomes that had all the luxury items we wanted in a home: walk in closet, master bathroom, open concept kitchen, and right in our budget... it was perfect! One thing led to another and there we were, sitting in a trailer office on site, with nothing built but a hole in the ground that would eventually become our new home. Do you know how scary it is to buy your first home when all you have to go by is a picture and some floor plans? Being a professional videographer, I am a very creative person, but even I could not imagine what my home was going to look like. After the deposit, the mortgage loan, and signing papers it all felt like a dream. And don't even get me started on picking upgrades! Upgrades... I don't even know what the original looks like! All in all, it was a very surreal and overwhelming experience that was greatly aided by the patience and understanding of our agent. So here are some points for agents to help first time home builders and ease the pain.
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Develop Online Applications with dataFloat
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