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The Blurred Line Between Real Estate and Technology: How Proptech Is Changing the Client Experience
The real estate industry has long been heavily dependent on word of mouth. A couple considering the purchase of their first home, for example, may turn to their parents, friends, or colleagues for a direct recommendation for an agent or brokerage. It has been paramount for real estate professionals to provide top-notch service in order to earn these coveted referrals – happy clients lead to future business, after all!
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7 Real Estate Website Trends to Watch
Real estate websites are a lead-generating staple, and give your brokerage a place to make an impact online. And just like every other first impression you make, it's important to have the right tools to make a good one! Here are some of the trends that have made an impact so far this year—and ones to watch as we head into the second half and 2020!
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Let's Talk Real Estate: Partnerships, Predictions, Popular Phrases
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Top 5 New Real Estate Brokerage Models in 2019
Amazon, Google and Apple are looking to invest in real estate tech. The growth in popularity of smart homes makes this a logical move. Facebook has also announced plans to venture into real estate. Real estate data is published on Facebook by agents daily, and that data belongs to the social media giant. So why are these mega-corporations trying to get into residential real estate, besides the obvious? Because numbers don't lie. Check out some of the brokerage models that are currently out there.
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Ten Years From Now: The Future of Real Estate and Everything
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What Real Estate Brokerages Need to Know about Gen Z
This week at RGX, our focus is all about the future of real estate and the technology that powers it. So to go along with that, let's take a look at the future of real estate—and who will have a big role in it. Yes, I mean Gen Z. It wasn't too long ago we were talking about why real estate brokerages need to put the spotlight on marketing to millennials—and how to do it. But with millennials now reaching 23 years old minimum, they're making room for the next generation, too.
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On Brokerage Profitability and Sustainability: Where Does Technology Fit In?
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Predictions for 2019 in Real Estate
Over the past five years, venture capital has poured into the real estate sector creating exciting new technologies, establishing new brands, and expanding the abilities for both professionals and consumers. Chief among them are the integration of artificial intelligence, the growth of Compass, additional lines of business for Zillow, and proliferation of a consumer-first attitude when it comes to technology development. Backed by a ten-fold increase in VC dollars, there are significant trends that have lots of wind in their sails. Here are some of my predictions for how this will play out in 2019 (and beyond):
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The Latest Trends in Market Analytics
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How to Stay on Top of Marketing Trends
Marketing trends are like other current customs in business. Some will stay and some will go. But firms that jump on them at the right time stand to increase their profile and revenues. Plus, you don't have to be an industry insider to get in on the action. Read on to learn how to spot and stay on top of the latest marketing trends.
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From RoboCop to Robo-Advisor to... Robo Agent?
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OpenAI Says New AI too Risky for Full Disclosure
OpenAI has determined its latest research into language-processing AI models has high-risk implications if fully released to the public—a risk OpenAI has felt compelled to limit the amount of published information from this advanced research. Before diving deeply into the research, here is a little information about OpenAI. OpenAI was created at the end of 2015 through a $1 billion backing by leading Silicon Valley people and organizations. The goal for this non-profit group clearly outlines its mission statement.
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5 Social Media Predictions and Goals for Your Business in 2019
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How to Forecast Sales Like a Chief Operating Officer
Forecast. Budget. Calculate. We hear a lot about business plans and sales projections this time of year. And though we can find plenty of helpful articles, or can draw from experience, maybe we should think of sales forecasts like Chief Operating Officers (COOs). In real estate, we always have one question to answer: How much money are we going to make this year? Most of us don't have consistent paychecks. We don't have a set salary. We're paid by the number of real estate transactions. So, defining what this year looks like for business is a top priority. Now, I'd like to make a quick interjection. I'm not saying think of sales forecasts like a Chief Financial Officer. I'm saying think of it as a Chief Operating Officer. Here's why: Because COOs are looking at the business and market as a whole. Whether you're a real estate agent or a broker, you want to know how much money you're going to earn (this month / this quarter / this year). Historical data and averages lose impact if they're not used within context... i.e., how you plan your business efforts. You're not just financially planning. You're acting on it with your day-to-day decisions. In real estate, we often double as strategist and soldier. We plan, but we also do the dirty work. Let's jump into the mindset of a COO and begin sales forecasting... Goals are second. Past Data is first. We're always ready to set ambitious goals. "I want to close 10 deals this month." or "I want the team to sell $200 million in units." Those are random goals if you don't have data to back up those decisions. And randomness costs money, because it impacts how you market yourself or how much money you spend in advertising. It's going to hurt when you realize you can't handle the number of leads it takes to close 10 deals. Sales forecasting starts with historical measurements. You can't forecast if you don't understand market behavior—the same way meteorologists understand the behavior of certain storms. They can estimate which way hurricanes will move because they have models to guide them—models built on past data. You need the same in real estate. Here's what data you should gather: 1. Measuring Agent Workload Gauge your your agents' bandwidth based on the number of leads and deals you handled each month, averaged. Then rate the workload. Was it too much or too little? Could you easily handle more leads or would you need an assistant? 2. Customer Acquisition Cost (CAC) To determine customer acquisition cost, examine how much you spend to generate leads. Then look at how many leads turn into actual clients. Understanding how much money it'll take to generate transactions will help you budget your finances, and ultimately estimate how many deals you'll close per month. 3. Market Growth Lastly, track and analyze how your real estate market is growing. What percentage growth did it see last year? Over five years? What does the market activity look like? If homes are being sold quickly and listings are available at a steady pace, then what does that mean for opportunities this year? Can you expect to aim for higher goals or do you need to prepare for stagnation? Most of this data can be found with your local MLS organization, housing sold information, etc. Next Step: Finding Trends As you look at historical real estate data — how many deals you closed, what costs accompanied your deals — you can begin sales forecasting. On a monthly basis, how many transactions were completed? Now, can you achieve more (i.e., is the bandwidth/workload available)? Then — thinking like a Chief Operating Officer — what's the business strategy? Do you need to hire help or maybe increase your marketing budget? Or perhaps, improve your workflow. As a real estate agent or broker, this is where you decide what goals you want to set—and then how to reach those goals. Answer these questions: What is the historical data showing me? What are achievable goals for this month/quarter/year — based on the data? How will I achieve those goals? Example: I'm a real estate agent. The data is showing me I can close five deals a month within a $500 advertising budget, and with relative ease. If I want to close 10 deals a month, I know I'll need to raise my marketing budget and maybe hire an assistant. Advice for Forecasting and Setting Large Goals A common mistake many agents and managers make with forecasting and setting goals is this: They think it's a one-time deal. "I've set my goals and business plan. Now, I just flow with the current." NO! You don't. Chief Operating Officers know plans go astray. Things happen between today and tomorrow. Between January and June. No plan or forecast is set in stone. Like the weatherman, every day they track where the storm is headed and make adjusted predictions. You need to do the same (though not every day). What happens is people make a plan and then focus on making it come true. You will stop thinking about other possibilities. You've decided 'this' plan is the best and your name is on it. You will defend it because it's 'yours.' But really, set time periods to analyze your goals and business plan throughout the year. Be willing to adjust it. Scrap it. Or re-write it. Flexibility is key to winning any real estate market. Analyze and adjust regularly. There's no such thing as a 'perfect' plan. To view the original article, visit the BoomTown blog.
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How Technology Will Shape Real Estate in 2019
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Millennials: New Year, New Home?
It turns out a lot of millennials want to buy a home someday--a whooping 89 percent according to a new Apartment List survey. But, just 5 percent expect to buy in 2019 and 34 percent say they will wait at least five years. Why the lag? While the dream of homeownership is strong, 72 percent cite affordability as the critical issue.
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Magnificent 7 Tech Trends to Watch in 2019 and Beyond
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A Look Inside the 2019 Swanepoel Trends Report
Author Stefan Swanepoel began writing a series of Trends Reports in 2006. His 2019 report does not disappoint. The report chronicles the top 10 trends that he recognizes as material topics for our industry to think about. Swanepoel believes that this year will be "the single largest industry transformation in living memory." The 10 significant trends that were identified are as follows:
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How Amazon's HQ2 Could Shape Housing Markets in VA and NY
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What's the Average Age of a Repeat Buyer? The Impact of Longevity Emerges
From the NAR Boston conference, one statistic keeps ringing in my head. As a confessed data junkie, I consume a lot of real estate research, so I'm pretty jaded. But when NAR's research guru Jessica Lautz showed a slide at a press conference entitled "Median Age of Home Buyers," I almost fell off my chair. The median age of a repeat buyer in 1981 was 36 years old. Today, it is 55 years old. That is a stunning statistic.
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Brokers Need to Shift Strategy Immediately
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Why Successful Brokerages Must Embrace Change
Don't get too comfortable. That's right, if you want to be a winner in today's real estate game, you have to start embracing change. We hear a lot about change, especially when it comes to technology. The rapid pace at which technology is developing is forcing businesses in all industries to adapt to new competition and changing consumer expectations. Rightfully so, many business leaders in our industry are resistant to change, hesitating to evolve their business into its next phase. However, getting stuck in your ways will only cause your business to stagnate in a market full of growth.
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WATCH: 3 Trends to Put Your Business on the Fast Path to Growth
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3 Trends to Help Grow Your Business Faster
Salesforce's "Dreamforce 2018" is this week in San Francisco. WolfNet's Jennie MacIntosh, VP of Operations for the real estate industry's most trusted MLS data standardization provider and leading innovator of IDX solutions and website services, will be a speaker. She's on a panel this Thursday, September 27, 11:00 AM - 11:40 AM at the Marriott Marquis, Yerba Buena Salon 1-3 with Brent Leary, Managing Partner, CRM Essentials and Bernard Morgan, CEO, ICS Plus. They're discussing "3 Trends to Put Your Small Business on the Fast Path for Growth." Here's Jennie's view on this topic. What do your customers want today, now more than ever? Faster response times. The business world has created a need for speed. And if you don't deliver it, your customer is going to go somewhere else. Most businesses struggle when it comes to fast response times. A lead response study by Harvard Business Review of 2,241 firms found the average lead response time for B2B companies was 42 hours, and 23 percent of companies never responded. We're a little better in real estate, but still nowhere near where we need to be. An agent responsiveness study conducted by WAV Group for Weichert Realtors found the average time an agent took to respond to a lead was 917 minutes. Nearly half (48 percent) of buyer inquiries never received a response. There's an enormous chasm between how fast businesses are responding today and how fast customers want a response. Researchers say 41 percent of US consumers admit they are more impatient today than they were five years ago, due to their over-reliance on technology to complete everyday life activities. On social media, 84 percent of consumers expect a business to respond within 24 hours of a posting. On Twitter, people who are complaining to a company expect a response with an hour. It's the same for email. And if they call you, a consumer will only wait on hold for an average of 11 minutes before hanging up. Fortunately, three trends have rapidly emerged to specifically address your client's need for speed: automation, digital conversations, and artificial intelligence. Let's take a look at how each of these can help you grow your business faster by tackling the speed issue. Automation Automation has become more than a time-saver for businesses and their sales forces. It's also become a way to improve how we incorporate technology into our daily business lives. Take the CRM, for example. Automation has accelerated adoption of a well-designed CRM, like Salesforce, because it makes a CRM a more powerful business tool. For example, a study last year by Introhive revealed 58 percent of users found a CRM was more helpful when the CRM automatically inputs data from other sources. Nearly half (47 percent) said a CRM was more helpful when it automatically surfaces important insights on contacts, accounts or deals. And 46 percent said a CRM was more helpful when it can automatically format important insights for easy communication with customers or prospects. Automation is also helping to turn data into customer trust. Automation improves four crucial areas when it comes to mining data: speed, consistency, accuracy and scalability. Be-cause the automation process helps to ensure data consistency and accuracy, the reliability of the data is enhanced. The deeper insights that automation helps draw out of the data lead to better understanding. And increased understanding can translate into greater empathy from your customers. The ability to provide this experience with warp speed, and to do it again and again, builds customer trust. Digital Conversations Conversation interfaces are changing how we think about technology. How our customers interact with technology on a daily basis has also changed. The good news is: This is a space where your company, large or small, can help close the speed gap in meeting customer response requirements. The first area of digital conversations you can apply to grow your business faster includes the world of bots. A bot is simply a software program that can execute commands, such as reply to messages or perform routine tasks, typically automatically. In real estate, the most common use is for agent websites, where chatbots often are used to conduct a text conversation to answer basic customer questions. Chatbots are typically used when a popup is deployed, inviting questions a website user may have. Today, there are all kinds of bots with specialized purposes. Information bots use chatbots, the same technology that agents use, for everyday consumer requests. Application bots are used to build interfaces to mobile applications. Enterprise productivity bots help streamline work activities and improve efficiencies. And Internet of Things (IoT) bots enable conversational interfaces for device interactions. Today, messaging bots powered by AI are huge timesavers that make business more profitable. Facebook Messenger alone has 110,000 bots. Remarkably, 44 percent of consumers say they prefer chatbots for customer service, according to a research study by Aspect. The study also found that 65 percent of consumers feel good when they can resolve a customer service issue without a live person. That's up from 57 percent in a year. And 70 percent of respondents prefer to use chatbots to interact with companies for simple to moderate interactions and transactions. As chatbots get smarter, consumer preference is swinging towards digital conversations. The other area that businesses can leverage to grow faster is in the voice-activated speaker world of Amazon Echo and Google Home. Your customers are embracing this new technology. These voice assistants are the most likely technology to be used by consumers, and 56 percent of all consumers say they like the latest technology, according to research by Fetch. More importantly, 72 percent of people who own a voice-activated speaker say that their devices are typically part of their daily routine. And this number might scare you a bit: 41 percent of people who own one of these devices say it "feels like talking to a friend," according to a Google/Peerless study. How can you tap into this new tech? Customers want to access information about your business on these devices: 52 percent want information about deals 48 percent want personalized tips and information that can make their lives easier 42 percent want information about upcoming events and activities 39 percent would like options to find your business or your hours of operation 38 percent want to use these devices to access your customer support Artificial Intelligence (AI) The last top trend that can help you grow your business is one we've already covered at a surface level. Artificial intelligence (AI) is what is makes automation better, chatbots smarter, and Echo and Google Home devices work. But AI will do even more to help you grow your business if you let it. A great example is OJO Labs, a real estate AI startup from Austin. Like Siri or Alexa, OJO's AI assistant answers questions that some consumers searching for a home may be hesitant to ask an agent. Consumers in the very early stages of the home shopping process often don't want to bother an agent with questions, while others fear asking an agent questions could result in sales pressure. OJO's AI assistant solves both problems. By tapping into WolfNet's vast database, OJO is already pretty smart. A home shopper can text OJO and ask if a property has a certain feature, like a backyard. OJO AI's response? "Yes, it has four large oak trees for privacy and shade around the back patio." Right now, OJO is using image recognition software and AI to quickly learn what a home buyer likes and doesn't like about homes. It then searches through millions of photographs in seconds to find the homes that match the buyer's personality and style. Another example of using AI that most business can relate to is for lead scoring. Over time, AI gathers and analyzes data to learn things about your leads. It starts to discover which leads are most likely to convert and then scores your leads. This allows your marketing folks to figure out which channels are delivering the highest-scored leads. And that will lead to improving your ROI on your marketing spend. Most importantly, AI gets better over time because it gets smarter. If you have an AI for your CRM, such as Salesforce Einstein, then the more it learns, the better insights and suggestions it can provide your business. In the end, these three trends — automation, digital conversations, and AI — can all help you increase your response speed. That will help you grow your business more rapidly because customers not only want better service, they will also pay for it. Gladly's 2018 Customer Service Expectations survey indicated that 68 percent of customers would pay more to the company that provides great service: 33 percent would pay 1-9 percent more; 27 percent would pay 10-20 percent more, and 8 percent would be willing to pay over 20 percent more if the service was great. Jump into these trends, provide your customers the speed they need, and they will reward your business for the enhanced service you can deliver.    
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Trends: The 2018 Real Estate Market Heats Up
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Market Watch: Updated 2018 Changes to Buyer Demographics
Following an exciting spring, real estate trends point to a few changes on the horizon. What will the rest of 2018 have in store? Changes Predicted for the Rest of 2018 Stay on your toes and be on the lookout for these changing real estate trends:
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Top 10 Issues Facing Real Estate: What's on Your List?
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To Worry or Not to Worry: Blockchain's Role in Real Estate
Blockchain, Bitcoin, cryptocurrencies--what's the difference? Why does it matter? What does it mean for our future? It feels like the topic of the year regardless of the industry you're in. Earlier in the year, we wrote an article on cryptocurrencies in the real estate world--buying homes and paying rent with digital currency. While some are splitting up a transaction to use some cryptocurrencies, others are doing the entire transaction via cryptocurrency. There's even a "Blockchain real estate platform" called ShelterZoom that just announced their application is live in over 10 states. It's all happening very quickly, but it's important to make sure we're all caught up on the basics. Let's start here:
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How Do the Top 20 Sites Manage Digital Search Advertising?
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Transparency and You: What to Know About this Important Market Shift
Remember the days when availability, pricing, market trends, and histories used to be available almost exclusively to the professional real estate industry alone? In today's real estate market, you are no longer 'gatekeeper' to this coveted 'information key.' Today, we'll take a closer look at transparency in the industry, and how the Internet is changing the market.
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What Are the 'Hot' Selling Locations for Generation X and Millennials?
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What to Know about Regions Where Home Prices Are Increasing Faster than Incomes
It's no news to real estate pros: trends point to the continued appreciation of home prices. What does this mean for sales? A Shortage of 'FOR SALE' Signs Drives Prices Higher The Mortgage Bankers Association's Chief Economist noted a lack of listings in the housing market is driving prices higher. Despite already high prices, bidding wars are not uncommon.
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Is Your Home Showing Being Recorded for Intel?
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Rate Lock Will Worsen Home Sales
"Rate lock" is not a common term in real estate, but it is pretty easy to understand. And once you understand it, you will appreciate why trade volume in real estate is going to continue to stay low for a long time, and possibly why the stock market is in for a continued rise. Today's homeowners are probably in a loan product that is somewhere around 3.31 percent to 4 percent. If they decide to sell, they will need a new loan product that will probably be around 5 percent. That difference of 1 percent or 2 percent is what causes the "rate lock" effect. When consumers trade houses, the unpaid balance of their loan will see a significant increase in the interest paid on that loan. That is a pretty significant hit that adds cost to the transaction. Rate Lock Is Likely to Get Worse Before It Gets Better
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Top 3 Smart Home Tech Features Millennials Crave
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Robot Real Estate Agents, Bitcoin, and VR in 2018
The next time you purchase a car, it very well might be a self-driving one. It's a headline our eyes now only glance at because we've seen it so many times and it's only a matter of time before it comes to fruition. We're not only okay with that technology, we're jazzed about it. We'll all be able to work, read, and relax during our commutes and trust that we'll get to our destination timely and in one piece. There's foreshadowing of another technology, too. One that would not only upset our industry, but would tear it to pieces, and that's the tease of robots as real estate agents. It's a viable conjecture, especially given how technology is now paving the way for the future of our industry. The problem is that the home buying journey has a very different barrier to trust and breaking down that wall will be close to impossible.
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Market Watch: The Top Commercial Real Estate Trends for 2018
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Swanepoel Trends Report Overview
Each year, I review the Swanepoel Trends Report. It's a nod of respect for Stefan Swanepoel and the work that he does. His reports deliver exactly what they intend. They provide a few hours of reading that will stimulate you to absorb various perspectives and reflect. I have a full library of the reports and find myself pulling them off the shelf throughout the year for one reason or another.
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Top 10 Takeaways from Inman Connect #ICNY
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Top Five Real Estate Marketing Trends for 2018
I think we can all agree the start of the year always feels like crunch time. Our lists of goals are long and spirits are high, but everyone is wondering what the next big thing will be. Here's a cheat sheet for the top five marketing trends to keep your eyes on in 2018:
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New Year, New Issues: The Most Influential Factors of 2018
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What Technology Is Having the Biggest Impact in Real Estate?
In Onboard Informatics' recent panel on Real Estate Technology Trends to Watch in 2018, we discussed what technology disrupted real estate in the past and what we should be aware of in the coming months and years. When it comes to true impact, what technology has had the most influence on the real estate industry? The panel narrowed it down to a top three: Lockbox Online search Turning your home into an ATM Let's break down each:
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Forbes Commentator on the 2018 Real Estate Forecast
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What Real Estate Needs to Know about Cryptocurrency Like Bitcoin
As a real estate broker or MLS executive who is reading headlines like, "Man Buys Texas Estate with Bitcoin," you may be scratching your head to understand what this stuff is all about. Here is a primer that may help you to understand it.
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2018 Real Estate Forecasts and Trends
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Boomerang Buyers Need Extra Help in the Home Buying Process: What to Know
Frozen out of home ownership for years, many of those affected by the subprime mortgage crisis are now ready to buy again. These boomerang buyers with a foreclosure history are excited about their salvaged credit scores, which translate into lower interest rates. Marketing real estate to those who need a guiding hand can be a win-win. Boomerang buyers will play a major role in the 2018 real estate trends. Countless dings fall off credit reports every day, with the required seven years approaching or already passed for those with short sales or foreclosures in 2008-2012.
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Increases in New Home Sales, Home Prices, and Bidding Wars All Predicted for 2018
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Future Tech: Tools that will change our work and our homes
Imagine this: It's the day before Christmas 2025 as you dash into the Amazon Mall for a last-minute gift and Pepper is there to greet you. Pepper immediately knows you are anxious. Pepper patiently and calmly answers your questions, directing you to the right place for that perfect gift. Pepper is a lifesaver and made you feel great. Pepper is also a robot from Softbank that can read and respond to human emotion. Now, the Amazon Mall may be fiction—although Amazon has started to open brick-and-mortar stores—but Pepper is not. Pepper just went to work at the Mandarin Oriental Hotel in Las Vegas recently. In this article, we explore how the future is now, because many of the tech tools that will change our work and our homes tomorrow are already in production today. They're just not widely available yet.
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Freddie Mac Predicts a Strong Opening to Real Estate Sales in Early 2018
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2018 Will Be All About Buyers Reentering the Buying Market after a Foreclosure
They may have lost their house to foreclosure, but they didn't lose the desire to own their own home. Between 2006 and 2014, approximately 12.8 million homes entered the foreclosure process—almost 30 percent of all households with a mortgage. Of those, 9.3 million borrowers went through foreclosure, short sold their home, or received a deed in lieu, according to the National Association of Realtors. Referred to as "boomerang buyers," this segment of the housing market understands much of the home buying process and likely will be more reasonable about their next purchase decision than many first-time buyers.
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Top 10 Real Estate Companies to Watch in 2018
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The 5 Technology Trends that will Impact Real Estate (and the World) in 2018
As we head toward a new year, let's examine technological forces that will shape the real estate industry next year. Here's what 2018 will bring: It is estimated there will be one Wi-Fi hotspot for every 20 people HP will release the Machine, which is six times more powerful than current servers The Economist predicts electric cars will hit a global tipping point Are you ready for all of this? It's important to understand what shifts might impact real estate so we can stay ahead of the curve. In 2018, here are the trends to watch in real estate:
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Consumer Housing Trends from 2017
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2017 Real Estate Market Trends: Did They Happen?
From inventory shortages to western migration and video usage in real estate marketing, did these 2017 trends take the market as predicted? Millennials and Boomers Driving the Market Millennials remain the largest group of home buyers (34 percent) for the fourth consecutive year. However, 85 percent of Boomers have no plans to sell in the next year, contributing to the lack of affordable homes on the market.
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Brace Yourself: Natural Disasters Put a Chill on the Local Real Estate Market
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Real Estate Trends for 2017
Tracking real estate trends is the real estate professional's secret weapon for strategizing the sales process. Knowing what to expect gives you the advantage of communicating more clearly what your buyers and sellers can expect in the upcoming season. Setting realistic goals can also help you budget and forecast what your potential earnings could be by the end of the year. A great way to track the real estate market is by checking statistics from the past, and using those patterns to estimate emerging trends. Now that we are more than three-quarters through the year, let's take a look at some of the 2017 real estate trends.
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Are You Market-Smart? Prove It with a Branded Market Report
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Why Millennials Deserve Respect
What comes to mind when you hear the word "Millennial"? A quick Google search prompts you to finish the statement "Millennials are..." with negative descriptors that start with every letter of the alphabet. It seems like 18 to 35 year olds are facing such heavy criticism that "Millennial" has become a derogatory word. This kind of reproach occurs with every generation. Elders consistently believe that their younger counterparts are foolish, lazy and entitled. No doubt there are members of Gen-Y who are accurately described by these words, but it would be a serious misunderstanding to believe that they are the majority.
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Stop Getting Distracted with Your Marketing
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$153 Billion Surge in International Home Sales, Says NAR
International home sales have reached a new record of $153 billion, according to the latest report from the National Association of REALTORS® – a 49 percent increase from last year. Top Contributors to International Home Sales in the U.S. The U.S. continues to win the hearts of international buyers. Some are drawn to the educational opportunities for their kids, and while others are looking for investment or vacation properties, nearly half of them end up calling the U.S. home. Five countries top the admirer list, making up over 50 percent of total dollar volume sales:
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Americans Have Confidence in Homeownership, Says 2017 National Housing Pulse Survey
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Moving Millennials into the Marketplace: Creating the Desire to Own
Will your neighbors' millennial children (or your own) ever move out into their own homes? More than 76 percent of millennials report they'd like to buy a home, and real estate trends correspond with this, pointing to the high traffic volume on online real estate platforms. Millennials want to make a move, but why aren't they opening the door? The answers are surprisingly simple.
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Downsizing to Downtown: Boomers Hitting the Road
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Why the Next Property You Market May Fall Victim to the Wrecking Ball
Could the next property you sell be worth more without the home or commercial building that's on it? In some areas, real estate trends are pointing to a rising number of teardowns, especially in locations where uber-thin inventory levels are causing home prices to soar. Big cities and hot markets, such as coastal and other scenic places, are taking a big hit. Whack!
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Rising Mortgage Rates Fail to Dampen the Buyer's Market
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Top Summer 2017 Selling and Listing Trends
What's hot in real estate trends? Sales! And there's no segment hotter than the ever-dwindling starter home market. Moving at a furious pace, the 2017 summer buying season has shaped up to be uber-competitive, and the breakneck pace is the fastest seen in decades, according to economic research at Realtor.com. A Record-High Number of Buyers With a record-high number of buyers pounding the pavement, homes are flying off the market. Median days on the market for homes on Realtor.com have dropped to the lowest levels since the end of the recession. One of three homes is selling in under 30 days nationally – five days faster than last year and two days faster than last month. Overall, May sales maintained momentum, with homes moving 8 percent faster than last year. With prices reaching double-digit growth, buyers are running out of options.
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What Smart Home Technology is Trending in Real Estate?
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May's Hottest Real Estate Markets
Summer Real Estate Market Heating Up Temperatures are rising, but there will be no lazy lolling on the beach for would-be home buyers this summer. According to new data from realtor.com®, prices for residential real estate soared to new heights in May—and homes were swiftly scooped off the market by a lucky few. Earlier this spring, the nationwide median home list price pushed above $250,000 for the first time. Now at $275,000, the median list price is 10 percent higher than one year ago. And prices show no signs of easing. In addition to rising home prices, inventory also increased slightly from April to May with 560,000 new listings, but that was still a drop of 11 percent from May of last year. Tough news for buyers, but great news for real estate professionals!
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The Best in Real Estate Technology: 2017 Edition
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Top 10 Metro Areas for Millennials
Millennials are buzzworthy and the focus of nearly every industry, especially real estate. In part, that's because they represent the largest age demographic of prospective home buyers, according to research conducted by realtor.com®. With their current domination of the home purchasing pool, it's important to know all you can about them. So, here's what we know: 1. One third of active home shoppers are older Millennials (ages 25-34), of which 74 percent are first-time home buyers. 2. Millennials are new to home buying and appreciate working with knowledgeable real estate professionals; 71 percent of Millennial buyers noted that help understanding the purchase process was the most beneficial part of working with an agent. 3. More and more people are turning to the Internet during their home search, and Millennials lead the pack with 94 percent using online websites in their home search. 4. Millennials are connected! So much so that a recent survey found that nearly four in 10 millennials (39 percent) say they interact more with their smartphones than they do with their significant others, parents, friends, children or co-workers. Knowing where the Millennial buyer is and creating a well-rounded mobile experience for them is key!
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6 Myths Debunked About Millennials' Real Estate Expectations
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3 Technology Changes Occurring In Real Estate—Right Now
The real estate tech world is changing. Are you changing with it? These changes are affecting the consumer's real estate experience, how agents interact with their clients and even the way people live. These changes are a direct result of three distinct innovations. Check our the infographic below learn more about them, or click here to download a printable PDF.
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What Impact Will Self-Driving Cars Have on Suburban Real Estate Sales?
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The Top Real Estate Trend of 2017: Housing Market Fragmentation
Taking a chunk out of real estate trends for 2017: Housing market fragmentation. And like a nightmare math problem in a cinder block sized textbook, it's all Greek to real estate professionals nationwide. What's the main factor in this problem? In a wide range of locations and segments, buyers and sellers are doing the math—and coming up with different results. Small home inventory is miniscule, thus this segment is seeing sharper price growth than larger, higher-end options. Urban areas are appreciating faster than the 'burbs, leaving sellers to pull their hair over figuring out an 'ideal' listing price – and sellers shaking their heads as they struggle in vain to determine 'fair' housing prices – and offers. How's a real estate professional to advise his clients? The sum of the parts The best move for families will depend on their situation: Growing family? - Now's the time to upsize. The average price of a two-bedroom climbed 59 percent nationwide, while four bedrooms saw a more modest 41 percent rise. For those looking to move on up, this offers the best of both worlds: Huge buying – and selling – advantages.
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The Data's In: 2017 Will Be a Seller's Market
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What to Look for in Real Estate Trends in 2017
As the 2016 presidential election proved, anything can happen; this also applies to real estate selling. Don't get blindsided this year; circumvent surprises by staying aware of changing trends. Be on the lookout for dramatic changes in 2017: Drones For everything from seller listing photos to fly-by home inspections for overeager buyers, the FAA's decision to clear drones for commercial use pending flight certification (not the ejector-seat kind) will likely lead to the dramatic (overuse) of drones in 2017. 'Surban' settings Bye-bye 'Brangelina' and 'mixed-use.' Hello 'surban.' Dense communities of varied housing types (apartments, townhomes, single-family) alongside urban amenities allowing residents to live, work and play within walking distance of their residences are now a popular and affordable alternative for the working class, especially compared to the ultra-exclusive nature – and price tag – of comparative urban settings. Money-backed millennials Millennial home purchases will continue to be a driving trend. However, all those years staying in mom's basement are leading to purchases over-and-above the typical starter home milieu. Those not buried in student loan debt may be on the lookout to buy more house than you think.
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2017 Housing, Economic Outlook from Boots on the Ground
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Top Real Estate Marketing Trends You Need in 2017
There's no doubt about it: real estate is a dynamic and constantly changing industry. To keep pace with those changes and remain competitive in the marketplace, brokers and real estate agents are combining digital marketing and technology to connect with clients and new leads. If you're looking to "crush it" this coming year, you'll need to focus on these four areas: 1. Video Marketing If a picture is worth a thousand words, then a one minute video is worth 1.8 million words, according to Forrester Research. With such fierce competition in the real estate business, that's too big a number to ignore. Videos show off your business, listings and make you stand out from the competition while attracting new leads at the same time.
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Bubble Identification Tips: What to Know Before the Bubble Bursts in Your City
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Amazon Go reveals the future of shopping. How will this translate to real estate?
The latest unveiling in the Internet of Things came from Amazon today with their announcement of Amazon Go, a convenience store without checkout lines. Patrons of the store, scheduled to open in 2017, scan an Amazon Go app upon entrance. Once their app is scanned, they simply shop and leave. There is no waiting and no registers. The technology has been in development four years and uses a combination of AI, machine learning and computer vision. Basically, a mix of algorithms, sensor fusion and a ton of cameras bring this futuristic shopping experience to life. Anything you pick up while you're in the store is automatically added to your virtual cart. Purchases are charged to your Amazon account and your receipt is sent to your Amazon Go App. The ramifications go beyond the end of price checks. This is one of the first examples of technology woven into a physical environment in a holistic way. We discussed the trend of the Internet of Things last month and this move by Amazon clearly demonstrates how advanced this has become. Suddenly, the Belltown neighborhood of Seattle isn't just a place to get good sushi, donuts and live music. Now, right there on 7th Ave, you can step into future. What ramifications might this have for real estate? First, companies like Amazon are now combining technologies to create new experiences that mold consumer expectations. Today, for example, consumers expect recommendation engines in their online purchasing experience. When you order something online from a vendor, you probably expect that vendor to remember what you ordered and make suggestions when you return. Large companies like Netflix, Spotify, and (yes) Amazon have helped mold these expectations.
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2017: The 'Magnificent 7' Tech Trends to Watch
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The Seven Technology Trends that Will Impact Real Estate in 2017
Last week, Forbes put out their annual report on technology trends to watch in the coming year. We pulled those trends into real estate to see how they might impact our industry. 1. The Internet-of-Things The idea of connecting smart home technology is seeing more progress since larger corporations like Google and Amazon have joined the fray. Now that they are pushing forward, 2017 should bring the "Internet-of-Things" (IoT for short) into the homes of many Americans. Soon, asking the air for a weather report, shipping confirmation, or to turn on the lights in another room will be commonplace. How will this impact real estate? This is another advancement in how consumers find the information they need. Certainly, there will come a point where home search enters this realm, as well. The practice of consumers going online and pecking their way to their perfect home might be replaced with something more sophisticated.
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Has 2016 Delivered on the Projected Commercial Real Estate Trends?
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NAR Annual: Looking for 2017 Trends, Tech and Tactics
This week, Orlando is more than home to Disney World and tens of thousands of happy tourists across the globe: it also will house nearly 20,000 enthusiastic REALTORS®, other industry organizations (RESO Booth #609), MLSs executives and staff, lenders, title firms, closing agents, technology providers of every shape and size and, of course, the Scarf King. Navigating through the maze of more than 400 exhibitors is challenging, but kudos for the NAR for making it highly accessible. The Trade Expo kicks off on Friday afternoon with its Grand Opening at 3:00 pm, running to 6:00 pm. The official hours: Expo Hours Friday, Nov. 4, 3:00pm–6:00pm (Grand Opening) Saturday, Nov. 5, 9:00am–4:00pm Sunday, Nov. 6, 10:00am–5:00pm Monday, Nov. 7, 9:00am–1:00pm If you are not planning to access the terrific sessions, seminars, workshops and NAR meetings, and you just want to spend your time checking out the latest and greatest at the Expo, the NAR has made it VERY affordable: Admission for all four days is just $50.
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Mary Meeker's 2016 Internet Trends: 3 Takeaways for Real Estate
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Ten Emerging Trends in Residential Real Estate
Times are always changing, and that seems to be particularly true for real estate trends these days. What upcoming summer trends do you need to know about in today's hot housing market? 1. Rising prices. Home affordability is on the decline as prices continue to rise faster than wages. The average buyer now invests over 30% in mortgage payments. High rental rates keep the market attractive, however, with most buyers saving money over renting in as little as two years. 2. Leveling markets. The country's hottest markets (San Francisco, Boston) are leveling off, with growth returning to normal. 3. Tight inventory. New home builders continue to struggle to meet demands in their recovery. Inventory, particularly for starter homes, will remain tight, with fewer distressed properties for sale. 4. Rapid sales. One-third of properties disappear within 30 days of listing, with 62% facing bidding wars.
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Artificial Intelligence in Real Estate: Today, Tomorrow and the Future
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Below Average Interest Rates Foretell Hot Summer Sales
Potential home buyers waiting out the holy grail of real estate trends: Rock-bottom interest rates in combination with equally low home prices may finally be taking a bite this summer. What's enticing them? The possibility of the Fed raising interest rates – and the realization that mortgage rates aren't going to get any better. How low did they go? Since the housing market crisis, mortgage interest rates have dropped to new depths in efforts to keep U.S. homes affordable. Freddie Mac reported a drop in rates for the first 11 weeks of the year, producing interest rates that are now at an all-time low and only expected to get significantly higher. 30-year conventional fixed-rate mortgages reached 3.5% earlier this spring, with even lower rates in FHA and VA mortgages. In fact, today's interest rates are so low, compared to the start of the year, that buyers are paying 16% less on their mortgage interest payments.
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Spring 2016 Housing Trends
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Snag Senior Clients with Superior Downsizing and Relocation Services
It's no surprise that downsizing and relocation services are trending upward. The aging baby boom generation is large, and has also lived large, both in terms of family and square footage. This has left empty nesters in need of more humble habitats, especially those preparing for retirement. The best part? Trends like this offer astute real estate professionals ample opportunity to broaden their client base. How can you help downsizing work for your business? Offering free seminars, to-do lists, and tips-and-tricks brochures for downsizing and relocating seniors is a great way to up the ante on your real estate services and bring new clients in the door. Seniors often feel daunted by the amount of work it takes to pare down. Assuaging their angst is a great way to help them move on – literally and figuratively. Demystifying decluttering for retirees Relocating retirees need a plan – and a little help. You can: Encourage enlisting - Enlist the help of family and friends for physical and emotional support – and enlist professional support (packers, movers, mental health counselors) when needed. Teach the "one-year rule" - Donate to charity or throw away anything untouched/unused for more than a year.
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Will the Last PC User Please Turn Out the Lights?
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Brokerage Alliances: What’s In It for You? (Part 2)
In our last installment on brokerage alliances, we discussed the setup and costs associated with the two existing business models, auction-house style and strategic. In this installment, we’ll look at some of the perceived benefits and drawbacks. Should you invest in these real estate trends? Maybe? Many brokerages point to the powerful branding achieved with alliances. The President/CEO of Sotheby’s states under his brokerage’s 10-year Reology ownership, sales volume has doubled to $15 billion as of 2014. BlackRock’s CEO cites the connection between art and high net worth individuals as the culprit. Brown Harris Stevens Realty points to the brokerage’s Christie’s affiliation as bringing about “specific business” through provenance, thus commanding a higher price
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5 Technology Trends That Will Change Brokerage in 2016
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Brokerage Alliances: What’s In It for You?
Brokerage alliances are a trend touted by those heading major firms as a way to generate both buyer and seller leads, resulting in lucrative property sales. But what’s the real situation? How they work: Two different models for brokerage alliances exist, including: Auction house models Sotheby’s – Sold in 2004 to real estate services brand Realogy Holdings, the company pays Sotheby’s 9.5% of net royalties received from franchisees, or a minimum of $2 million a year, as part of a 100-year licensing agreement. Today, Realogy owns 43 Sotheby’s offices, and more than 780 franchises, which sold $70 billion worth of real estate (earning Sotheby’s $7.2 million in fees) in 2014. Christie’s – Christie’s International’s real estate brokerage network is wholly-owned by the auction house. Local brokerages, a network of 138 firms in exclusive areas such as New York City, the Hamptons, and Palm Beach, pay a fee to be the exclusive affiliate in their market, as well as additional fees for such things as listing-specific advertising. Brokerages sign 1-3 year contracts to use the Christie’s name and tap into its referral and marketing network. Combined sales within the network earns between $100-125 billion each year. Clients can advertise in Christie’s brochures and the lobby at Rockefeller Center, and earn a standard 35% commission by referring clients to another Christie’s affiliate in the network.
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Foreign Buyers: a Real Estate Trend to Watch in 2016
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Digital Disruption Prepares to Strike Again
No less than five issues of this column in 2015 raised concerns and awareness regarding the continuing march of digital disruption across the industry's landscape. With that in mind, it is with mixed emotions that we start out 2016 with yet another example of how digital disruption has already—or will, over the short-term future—change virtually every aspect of the traditional real estate and transaction. The would-be target of this report is a tradition that, while it has long been controversial within organized real estate and the overall marketplace, has over the past three years reached a state of almost open warfare within the agent ranks. The object of all this attention is the longstanding, unwritten rule of the REALTOR® culture that an individual who has applied for membership, paid their dues and sworn to uphold the Code of Ethics is entitled to full faith and credit with respect to the real estate industry and marketplace. It then followed that no other REALTOR®, regardless of background, training or credentials would be discussed within the circle in terms that would suggest that they had any higher status or ranking than the newest recruit. This tradition continues to play out in the industry's representation of itself to both consumers and the marketplace. Over the past few years, research conducted by such industry notables as Steve Murray of the Real Trends organization have established what everyone, including consumers, already knew—that being that only about 20 percent of REALTORS® (AKA, the counselors) ever reach levels of unquestionable expertise and skill while the remaining 80 percent live out their REALTOR® experience as facilitators.
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2016 Real Estate Social Media Trends
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Trend Watch: Real Estate Agent Teams
Sales slow? You might want to consider teaming up. The latest in real estate trends, real estate agent teams are showing massive sales promise. Why are real estate agent teams cleaning up the competition? Teams can tackle customer service with greater ease, often earning realty teams five star ratings from clients. The scoreboard: A look at a matchup between Pennsylvania area Realtors shows: 8 homes: The number of homes sold on average by Centre County agents. 20 homes: The average number of homes sold by agents at Kissinger Bigatel & Brower Realtors (near Penn State). 135 homes: The number of homes KBB partner Peter Chiarkas and his teammates, Laurel Cardillo and Krissy Bonson score in a year. Go team! With results like those, it's no wonder real estate agent teams are climbing the rankings in real estate trends.
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2015 Trends You Should Adopt to Ensure a Successful 2016
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PriceWaterhouseCoopers and Urban Land Institute Release Report on Top Real Estate Trends for 2016
PwC and Urban Land Institute have released their annual "Emerging Trends in Real Estate" report for 2016, forecasting several interesting real estate trends. Among the top trends highlighted: Smaller firms outpacing larger firms in growth. In an effort to boost the economy, the traditional focus on big cities/employers is shifting to smaller companies with fewer than 50 employees, leading the commercial real estate sector to scramble to meet demands for space to accommodate the shift in paradigm. 18-hour cities growing in popularity. Cities like Austin, San Antonio, Denver and San Diego, are seeing boosts in confidence and investment potential due to their ability to offer the amenities seen in larger urban settings for a more affordable price, appealing to a variety of buyers. The suburbs are not dead... but sleeping. Millennials, slower to taking major life steps than predecessors, aren't abandoning suburban living, but deferring and seeking more urban suburbs, including transit-oriented, mixed-use properties.
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