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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?
Recently, I was reading an article from REM that discussed the change in real estate that seems to come with its own Fight Club clause: the declining profitability of the real estate brokerage. Essentially, the article (titled "Brokerage profitability and sustainability," if you wanted to read it) posits that while we tend to discuss the paradigm shifts that have happened in the industry over the last few decades—from a brokerage focus, to an agent focus, to a tech and consumer focus—we never seem to talk about how the net-to-office revenue share for brokerages has taken a hit each time. So why does the real estate industry never talk about it?
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Predictions for 2019 in Real Estate
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The Latest Trends in Market Analytics
Perhaps the most significant disruption in real estate market analytics has been the launch of Zillow's Zestimate. The Zestimate is an automated valuation model that uses mathematical algorithms to speculate what a home's value might be. In the banking industry, these mathematical algorithms are called AVMs, or Automated Valuation Models. As consumers gained access to the Zillow Zestimate, it sent the industry into a tailspin. "The Zestimate is too high," or "The Zestimate is too low," shouted the crowd of industry pundits, REALTORS®, and consumers alike. The tailspin was created by opening up the dark box of real estate data that had previously only been available to real estate professionals. On a property by property basis, real estate agents would carefully sift through dozens or hundreds of properties on the market, under contract, or recently sold in the process of establishing a market value for a home. This remains true today, and the real estate professional who painstakingly performs this analysis continues to be the authority in helping sellers price homes or supporting buyers with successful offers. So the battle is on. Real estate agents have a strong challenger in Zillow, who aims to become the source of real estate information on property values. The good news is that software vendors in the real estate industry continue to raise the bar for REALTORS® by delivering a wide array of products that not only enable the agent to gain astute insights into market data, but analyze and report on that market data with exceptional professionalism. Used correctly, the agent can continue to maintain their position as the most trusted source of what is happening in the real estate market. The challenge is adoption. We have seen an enormous effort expended by the National Association of REALTORS® to maintain the advantage of the REALTOR by the development of the RVM®, or REALTOR Valuation Model. It is like an AVM, but only available to members of NAR. The RVM is created by NAR though their subsidiary, Realtors Property Resource®. This is certainly nothing new, but it is a significant trend in the industry because of its enormous evolution. The product has gotten really advanced in the data available, its ease of use, and certainly the quality of its reports. Frankly, RE Technology believes that RPR is among the most advanced mobile tools available to real estate professionals today. Another enormous development in the real estate industry has been in tax systems. CoreLogic has shifted their development of REALIST® from a standalone solution and opted to focus on Matrix 360, a fully integrated MLS and tax system in one. Alongside this trend, we have seen CRS Data completely rebuild their tax interface and become one of the newest tax systems in real estate. These systems, along with the marketing focused tax system Remine, have splintered the strategic direction of off-market data accessed by real estate professionals. Of course, data quality as measured by accuracy (typos), depth (number of fields), and timeliness (speed of update from the recorder's office) varies by county. No matter how good the software or reports are, the underlying data is the most important resource. Agents and brokers continue to tie market data into their CRM and leverage market reports in lead generation forms for "What's my home worth?" In this regard, we have seen a lot of activity by leading CRM providers like Inside Real Estate, Contactually, Top Producer's Market Snapshot, Boston Logic, Booj, Real Estate Webmasters, Gabriels, and so many others. It is the most powerful drip marketing report with soaring open rates, some hitting as high as 40 percent because consumers are starving for this information and expect it from their agents. Want to learn more about how to make market analytics work for your business? Download our FREE Success Guide to Marketing Analytics today!      
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How to Stay on Top of Marketing Trends
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From RoboCop to Robo-Advisor to... Robo Agent?
How likely is the rise of the robo agent and what can boutiques do to stay relevant? The Robo Advisor Not long ago, the investment advisory business was taken by storm with the introduction of "Robo-Advisors" that combine time-tested, traditional wealth management strategies with automation to lower fees and open investing to broader masses.
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OpenAI Says New AI too Risky for Full Disclosure
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5 Social Media Predictions and Goals for Your Business in 2019
Predicting where social media is headed can be tough, however, looking back on the past year can give you a pretty good idea of what to expect. After many years of growth and smooth sailing, it's no secret that 2018 was challenging for many social media platforms, most notably Facebook. Let's begin this year on the right foot and check out these five trends that are surely going to dominate social media and marketing in 2019!
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How to Forecast Sales Like a Chief Operating Officer
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How Technology Will Shape Real Estate in 2019
It's 2019 and technology cannot be ignored. It already affects almost every aspect of our lives, business to personal. But where will technology go from here? Find out what 2019 has in store for real estate professionals here.
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Millennials: New Year, New Home?
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Magnificent 7 Tech Trends to Watch in 2019 and Beyond
Two years ago, I picked a "Magnificent 7" list that included Automation, Deep Learning, IoE (Internet of Everything), Intelligent Apps, Security, Digital Twins, and Ghosting. Here's my list for 2019 of the NextGen and NextLevel tech that have caught my eye and the implications for real estate.
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A Look Inside the 2019 Swanepoel Trends Report
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How Amazon's HQ2 Could Shape Housing Markets in VA and NY
Amazon's long-awaited HQ2 announcement arrived earlier this month: The tech giant will be splitting their new headquarters between Queens' Long Island City neighborhood in New York City and the Crystal City neighborhood in Arlington, Virginia — with about 25,000 employees expected in each location. So, what will an influx of these jobs mean for the real estate markets in Long Island City and Crystal City?
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What's the Average Age of a Repeat Buyer? The Impact of Longevity Emerges
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Brokers Need to Shift Strategy Immediately
The October financial numbers have come in and it is not pretty. Many brokers experienced their worst GCI numbers of the year in October. The market is frozen--low inventory and low transaction volume. Smart brokers are hunkering down for a cold winter.
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Why Successful Brokerages Must Embrace Change
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WATCH: 3 Trends to Put Your Business on the Fast Path to Growth
WolfNet COO Jennie MacIntosh sat on a Dreamforce panel last month to discuss growing your small business. We thought she did a great job and had some awesome takeaways! Watch the session below, or read her blog post.
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3 Trends to Help Grow Your Business Faster
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Trends: The 2018 Real Estate Market Heats Up
With experts predicting sizzling summer market conditions to continue in many states, what real estate trends are integral to buyer and seller success? 2018 Sales a Week Faster than Last Year Sellers Priced right, the pressure of a faster home sale has been relieved, and negotiating power improved.
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Market Watch: Updated 2018 Changes to Buyer Demographics
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Top 10 Issues Facing Real Estate: What's on Your List?
Victor Lund, founding partner of the WAV Group, and I recently returned from the National Association of Real Estate Editors Conference in Hot Vegas. 107 degrees hot. One of the hottest topics was the iBuyer, and Victor headed up a panel that took that topic head-on. Let's say it was one of the livelier sessions of the conference. The one thing I was sure of, Victor made a great impression among reporters based on the feedback he gave me. If I were to unveil my own Top 10 list of issues affecting real estate in 2018-19, iBuyer indeed would be at or near the top of my list. Just in the last few months, the news has been jarring. After Redfin jumps in as the first brokerage to put its toe in the water, we have a flurry of activity in this space for the first half of 2018.
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To Worry or Not to Worry: Blockchain's Role in Real Estate
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How Do the Top 20 Sites Manage Digital Search Advertising?
At WAV Group, we like to look under the hood at what the top property search sites in America are doing to engage consumers and boost performance. In some cases, we work with the site owner and have access to their analytics. In other cases, we use benchmarking tools like Hitwise and ComScore to get a glimpse into what these top performers may be doing. The results are interesting. In the snapshot that we took, the nation's leading portal – Zillow.com – is benchmarked to be the top search site with 36 percent, and also the top investor in paid search. Their paid click share is 35 percent of their search traffic and 36 percent of their search traffic is organic. Overall, Zillow acquires 5 percent of the paid click traffic. Zillow's Click-Through Rate (CTR) on paid traffic is 5.33 percent.
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Transparency and You: What to Know About this Important Market Shift
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What Are the 'Hot' Selling Locations for Generation X and Millennials?
What home spaces tick off the boxes of today's Gen-Xers and Millennials? Driven by their vastly differing life stages and mentalities, real estate trends point to each generational segment defining the 'perfect home' in different ways, and in different places...
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What to Know about Regions Where Home Prices Are Increasing Faster than Incomes
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Is Your Home Showing Being Recorded for Intel?
It seems that sellers are getting increasingly overbearing these days. Real estate trends point to eyes and ears – both literally and figuratively – on potential home buyers. How bad is it? Holy privacy violations and paranoia, Batman, creepy clients are everywhere... A Sneak Peek As it turns out, clients nationwide are becoming a bit too voyeuristic. Perhaps social media has the average Sally Seller thinking privacy is relative, but it is now commonplace for a seller to follow a prospective buyer through the home on a home tour, and even install 'nanny cams' and other digital security devices in efforts to track potential buyer conversations and actions. Post-Facebook privacy invasion drama, this rise of seller shenanigans is seriously stirring the pot.
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Rate Lock Will Worsen Home Sales
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Top 3 Smart Home Tech Features Millennials Crave
There's no doubt about it — today is the age of the Internet of Things. Tons of devices across a huge range of industries are now connected to the internet — from clothing to medical devices to vehicles — and so much more. Items that have an internet connection make life easier for the people who use them, and they also can track, record, and analyze data, which can help improve technology in years to come. One of the most popular places that people enjoy smart devices is in their home. Today, tons of companies are making smart home tech features, which make living in a house convenient and easy — and do things like help homeowners save money, minimize energy usage, and have less of an impact on the environment. For companies that build homes and want to target millennials, it's important to incorporate smart devices into a home. Millennials are tech-friendly and like convenience and personalization, so smart tech may just be the thing that convinces them to buy (and lack of it might the thing that turns them away). Here are three examples of very popular smart home tech features, which may bring in millennial buyers.
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Robot Real Estate Agents, Bitcoin, and VR in 2018
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Market Watch: The Top Commercial Real Estate Trends for 2018
With the ups-and-downs of today's crazy economic and political climate, real estate can be complicated, to say the least. As this rapidly changing environment continues to affect the market, look to these commercial real estate trends to point you in the right direction: Interest Rates The benchmark lending rate rose in December by 1/4 point, to 1.25 to 1.5 percent. Three hikes for 2018 are projected, with the federal funds rate forecasted for 2.1 percent by the end of the year, and a rate of 2.7 percent projected for 2019. Despite these forecasts, the 10-year Treasury rate has remained stable, indicating the market is not so sure of these rate hikes, and looking to inflation as an indicator of their propensity.
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Swanepoel Trends Report Overview
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Top 10 Takeaways from Inman Connect #ICNY
For those of you who have not had the opportunity to attend an Inman event, imagine this: Thousands of the industry's vendors, franchises, brokerages, and agents congregating into a couple floors of a hotel for five days. There's more combined influence, brain power, and sheer know-how in a single location than nearly any other event can create. Now come the sessions – usually set up in 15-25 minute segments rotating through speakers each time. Inman brings in CEOs, trainers, coaches, broker/owners, social influencers, marketers, and agents to facilitate some of the most heavy hitting topics shrunk down into easily digestible pieces. These are my top 10 takeaways on threats, trends and opportunities discussed at #ICNY last month:
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Top Five Real Estate Marketing Trends for 2018
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New Year, New Issues: The Most Influential Factors of 2018
Constantly ebbing and flowing with the day's global events, real estate news seems to be always changing, making the task of keeping up with shifting trends a continuous challenge. What trends are essential to your future success, and which are better left in the rearview mirror for the upcoming 2018 real estate selling season? Real Estate Trends to Take Notice of in 2018 Of all the trends in real estate news to heed, these will be most influential to your sales success in the coming new year:
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What Technology Is Having the Biggest Impact in Real Estate?
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Forbes Commentator on the 2018 Real Estate Forecast
In real estate news, the national real estate forecast for 2018-2019 is pointing to declining demand for new (not replacement) single family dwellings (houses, apartments, condos, and mobile homes). What are the driving forces behind the prediction for housing market deceleration? Population Growth Slams on the Brakes
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What Real Estate Needs to Know about Cryptocurrency Like Bitcoin
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2018 Real Estate Forecasts and Trends
Can you believe that it's already 2018? Let's take a moment to ponder what the real estate market will look like in the new year. What are forecasters saying? Let's find out.
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Boomerang Buyers Need Extra Help in the Home Buying Process: What to Know
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Increases in New Home Sales, Home Prices, and Bidding Wars All Predicted for 2018
As a frenzied year comes to a close, there's little indication of real estate sales slowing down anytime soon. Given the ever-present demand and housing shortages in most markets, we see the 2018 real estate trends continuing to include high prices and competitive bidding—with buyers growing more flexible to find their next home.
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Future Tech: Tools that will change our work and our homes
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Freddie Mac Predicts a Strong Opening to Real Estate Sales in Early 2018
Although January is typically a slow time in the real estate market, things should be heating up soon enough. In fact, real estate sales trends indicate that early 2018 will see a strong housing market. Freddie Mac Forecast for Sellers
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2018 Will Be All About Buyers Reentering the Buying Market after a Foreclosure
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Top 10 Real Estate Companies to Watch in 2018
A new year means time for fresh ideas and more innovation in the real estate industry. We've had our eye on these up-and-coming businesses for a while and wanted to share our list of 10 companies who are going to be doing big things in 2018.
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The 5 Technology Trends that will Impact Real Estate (and the World) in 2018
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Consumer Housing Trends from 2017
Autumn is finally here. The leaves have changed colors, pumpkin pie is making a comeback, and best of all, Zillow just released their annual Consumer Housing Trends Report for 2017. After polling more than 13,000 people across the United States, we now have better insight into the diverse consumer experience in real estate. One highlight from the report was how new entrants into the housing market are reshaping the way that business is done. As the first wave of Generation Z joins Millennials in finding their first house or apartment, smartphones, social media, and online networks are becoming integral parts of the home search. While older generations rely on real estate agents for information and expertise, Millennials expect real estate agents to become trusted advisers and strategic partners. For more interesting findings, check out the infographic below:
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2017 Real Estate Market Trends: Did They Happen?
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Brace Yourself: Natural Disasters Put a Chill on the Local Real Estate Market
The second-most disaster-laden season on record, so far 2017 has been a stunner with nine separate weather, climate and flood disasters ranging from western wildfires to eastern hurricanes. How badly does such climate craziness actually affect area real estate selling trends? The Effect of Natural Disasters on Local Markets Can Be Chilling and Immediate Though localized, disaster effects put a freeze on both buyer confidence and mortgage operations, hurting home sales. When combined with other economic issues, this can result in long-term consequences.
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Real Estate Trends for 2017
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Are You Market-Smart? Prove It with a Branded Market Report
Never has so much information been available to consumers on the residential real estate economy, especially on market trends important to buyers and sellers. Buyers and sellers are self-educating themselves about market conditions long before they hire a real estate agent. This wealth of information can be confusing and even contradictory, proving once again that there's a big difference between information and knowledge. Perhaps that's why consumers want agents who are as smart—or smarter—than they are about market trends. "Knowledge of the real estate market" consistently ranks higher than people skills, technology skills and even negotiation skills among the qualities that buyers consider to be very important when shopping for an agent.
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Why Millennials Deserve Respect
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Stop Getting Distracted with Your Marketing
Last month, I was invited to speak at the 2017 Inman Connect Conference in San Francisco. My talk, Putting Data to Work for your Marketing, devolved into a frank discussion about staying focused on any marketing effort. If you read blogs like these or attend conferences like Inman's looking for ways to improve outcomes, things can get complicated in a hurry. Let's take the simple sales funnel. This is a graphic often used to illustrate the path of a typical consumer. It's important to understand, but full of jargon and typical marketing speak that can be distracting. So to start out the conversation last week, I made a new one:
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$153 Billion Surge in International Home Sales, Says NAR
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Americans Have Confidence in Homeownership, Says 2017 National Housing Pulse Survey
For the past twelve years, the National Association of REALTORS® has conducted a National Housing Pulse Survey to gauge Americans' confidence in homeownership. And the results show that when it comes to safe investments, Americans feel that home buying is where it's at: "The vast majority of Americans believe that buying a home is a solid financial decision, and most believe that homeownership helps create safe, secure, and stable environments." Key Homeownership Findings: 2017 National Housing Pulse Survey
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Moving Millennials into the Marketplace: Creating the Desire to Own
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Downsizing to Downtown: Boomers Hitting the Road
We've talked about Millennials seeking the work, live, play mantra as they locate to communities. Ironically, Baby Boomers have similar lifestyle preferences with walkability to entertainment and amenities as their core preferences. The Wall Street Journal recently published "It's OK to Party When You Turn 60." According to the article, more people are celebrating age rather than lamenting getting older. Also, 4.3 million babies were born 60 years ago. There are now more Baby Boomers than ever turning 60, with an approximate rate of 491 per hour. For Baby Boomers, an active economy is a leading driver when considering a move to urban living. They tend to downsize to communities where there are part-time job opportunities as well as nearby shopping, dining, healthcare, and recreational activities.
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Why the Next Property You Market May Fall Victim to the Wrecking Ball
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Rising Mortgage Rates Fail to Dampen the Buyer's Market
2016 was a stellar year for buyers, witnessing mortgage rates below 3.75 percent all summer on the average 30-year fixed-rate mortgage. With the steadily rising interest rates of today's real estate financing trends, currently at around 4.5 percent and climbing for the typical FHA loan, you'd think there would be some sort of sales slowdown – but that couldn't be further from the case. Flying High Home sales are moving on up – flying in the face of rising interest rates. This may slow increases in housing prices, but it's still expected to remain a seller's market across most of the United States for 2017. And because interest rates still remain historically low overall (despite multiple raises by the fed), 2017 remains a great time to purchase a home – and buyers are scrambling to take advantage.
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Top Summer 2017 Selling and Listing Trends
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What Smart Home Technology is Trending in Real Estate?
Hey Alexa, will the next listing looky-loo really care that my home is smart? Eighty million smart home devices were delivered in 2016 – up 64 percent from the previous year, and that number is expected to climb even higher in 2017. In today's spotlight on real estate trends, we'll take a look at what smart home technology is trending, why – and how being in-the-know on smart tech can give your business a boost.
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May's Hottest Real Estate Markets
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The Best in Real Estate Technology: 2017 Edition
The technology that drives the real estate industry is constantly evolving, and the first half of 2017 has certainly been no exception. We all like leveraging tech that makes our jobs a little bit easier, and this year's real estate technology trends have also been great new for homebuyers so far. The virtual reality craze is already making its presence felt in the real estate world, and real estate agents and brokers are finding creative, engaging new ways to deliver content to their clients. Let's take a closer look at the trends that have defined this year in real estate technology, along with a look ahead at what to expect from the rest of 2017. This Year in Tech: Real Estate Technology Trends to Watch in 2017 Virtual Reality – We're still in the early days of the virtual reality boom, but savvy real estate professionals are already finding creative ways to employ the technology. The big promise with VR is the way that it allows homebuyers to take a first-hand tour of a home, even if they currently live halfway across the country. We've still got some time before every consumer has a VR headset in their homes, but this is an important trend to watch if you want to stay on the cutting edge. Affordable Video – While a traditional video isn't quite as immersive as a VR experience, video content is absolutely one of the best ways to connect with your real estate audience. Affordable mobile devices make it easy for any home buyer to consume video content. If you haven't jumped on the video content bandwagon just yet, now is a great time to join the crowd.
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Top 10 Metro Areas for Millennials
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6 Myths Debunked About Millennials' Real Estate Expectations
People are getting more and more tech savvy, and millennials are at the forefront of this trend. For example, their workplace demands and expectations are currently overhauling the way work gets done in offices everywhere, and their unique skills and values reflect into their expectations about real estate. On the flip side, millennials are also considered more unpredictable. As compared to the previous generations — who were more drawn to a stable career, security, and formal structures — millennials are perceived as averse to formal structures, and less driven by security when planning their careers or in their spending and savings patterns. The majority of these perceptions are just myths. These opinions follow millennials into the real estate space, creating misconceptions about their interest in homeownership and even their ability to enter the market. Below are six of these myths, and the reasons why they should be considered just that and nothing more. Myth #1: Millennials are Resistant to Settling Down One of the common myths about millennials is that they don't want to settle down. This isn't quite true. According to the RISMedia, quoting National Association of Realtors data, the median age for first time homebuyers in 2015 was 31, not much different from what it was in the 1970s, when the average was 30.6 years old. In fact, over a span of 40 years, the age at which people begin purchasing houses has more or less remained unchanged. And since the oldest millennials are currently in their early 30s, this means that a significant number still remain well below that average age of entry into the homebuying market.
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3 Technology Changes Occurring In Real Estate—Right Now
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What Impact Will Self-Driving Cars Have on Suburban Real Estate Sales?
The infamous words "location, location, location" may become a thing of the past, due to the latest in real estate trends: self-driving cars. Arriving in the market next year and cruising into the garages of prospective clients, this long-awaited new technology is expected to blaze new trails in the housing market. Home George (Jetson)! A radical new solution to rush hour and road rage is underway, paving a new route that will free up time, lower transportation costs, and reconfigure communities as options for real estate open up for consumers nationwide – options that would have been overlooked or ignored pre-car-automation. Away we go Turning our notions about where to buy and invest upside down, driverless cars, once on the market, will open up a world of new possibilities, greatly changing real estate trends: Boosting car-sharing and reducing traffic congestion. Eliminating the number of cars necessary, creating a more efficient transportation system that will ultimately free up real estate previously used for parking lots and garages – some 25-30 percent of the current market.
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The Top Real Estate Trend of 2017: Housing Market Fragmentation
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The Data's In: 2017 Will Be a Seller's Market
Still bitter with the real estate industry following the market's 2008 downturn? Real estate selling in 2017 and beyond may offer some karmic retribution. A seller's market is predicted, though a buyer's market is not too far off on the horizon. What "the experts" are saying Most economists agree 2017 will be a strong seller's market, though buyers are expected to have their day in 2018 or 2019. Matthew Gardner, chief economist at Windermere - Gardner expects inventory to rise in 2017, but not to sufficient levels to support the currently stretched market. Inventory will take a little longer to sell, but as the job market continues to tighten, demand will continue to outstrip supply. Mark Fleming, chief economist at First American - Assuming a market with modestly and predictably rising mortgage rates, Fleming believes first-time buyers will drive the market, pointing to a demographic that's young (millennial), diverse, technologically savvy, and predominately college educated.
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What to Look for in Real Estate Trends in 2017
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2017 Housing, Economic Outlook from Boots on the Ground
It seems in real estate, the same handful of economists are always making the news about their annual housing predictions. Then mortgage interest rates jump a full percentage point practically overnight, and all of them scurry to readjust their predictions. Since the fall of 2012, Imprev, real estate's leading marketing automation firm, has conducted a survey of top real estate executives: broker-owners and real estate franchise C-level leaders (CEO, COO, CMO, CTO, etc.), to get their perspective on what they think will happen in the economy in 2017. We keep hearing from the generals, but if you really want to know what is happening, you have to talk to those who have boots on the ground: those who are battling it out in real estate every day. The Imprev Study this year was remarkable for a few reasons. First, it was conducted just before the election, so it is a snapshot in time before all the post-election political gyrations and wrangling. Second, it secured feedback from 240 respondents, not just the opinions of a handful of economic geeks who never sold a home or originated a mortgage loan in their life. Third, the survey talked to the leaders in the business who collectively are responsible for organizations that provide more than half of all U.S. residential real estate transaction last year: 15% of the respondents represented firms with more than 1,000 agents; 17% represent firms with 501 to 1,000 agents; 42% represent firms with 101 to 500 agents; and 26% represent firms with 100 agents or fewer. Key Findings Conventional wisdom says that real estate folks are optimists, and that a survey of their views on subjects like the economy and housing might be skewed towards a positive view. Even if we assume this is true, the magic of the Imprev survey is they've been asking the exact same questions of real estate leaders for the last several years. So that could mean that any change in direction of opinion – positive or negative – is significant. The major headline this year was clear: Real Estate Leaders' Outlook for Housing, Economy Softens for 2017. So there goes the idea that leaders are always optimistic. As Imprev CEO Renwick Congdon said, "In fact, confidence for 2017 is lower across nearly all questions related to housing and the economy." How much has it soften? Compared to two years ago, the number of executives who believe the U.S. economy will deteriorate next year more than doubled, moving from 9% in 2014, to 23%. The number of those who think housing demand will deteriorate in 2017 has doubled to 13% from 6% for the outlook for housing demand in 2015. While the vast majority (74%) of real estate executives and broker-owners are "somewhat confident" in the housing market for 2017, that's down from 79% from the Imprev study two years ago. While 5% of leaders are "not at all confident" in the housing market in 2017 – up from 3% in 2015 – 21% are "very confident" in the housing market for next year, and that's also up from 18% in 2015. Moreover, 42% have grown less confident in the world economy since January. Two More Major Findings There were two other findings released in the Imprev Thought Leader Study measuring real estate industry confidence in housing and the economy: growing pressure brokerages continue to feel regarding profitability and finally, a cautionary trend toward success in recruiting younger agents. Two years ago, 43% of real estate leaders said that they were "very confident" that their brokerage business would be more profitable in 2015. But the percentage of those who are very confident in greater profitability has fallen to 39% for their confidence in next year. 12% of real estate leaders said they are "not at all confident" that their brokerage business will be more profitable next year, more than double the percentage — 5% — from two years ago. When it comes to the average age of the real estate agent, there's good news, and surprisingly perhaps bad news. The good news is, just as the NAR reported the average age of a real estate agent dropped from 57 years old to 53 years old in their latest study, the Imprev survey found that while agents they are recruiting may be getting younger, leadership is not. The leadership population in real estate is getting older: In the 2014 Imprev study, 88% of broker-owners and executives were over 40 years old. In this new study, 92% are over 40 years old, while more than 36% are over the age of 60 (up from 2014's 32%). Finally, the best part of the Imprev study is they have no dog in that hunt. Renwick's goal when this study was created five years ago was to "encourage an exchange of ideas and solutions within the real estate community. Rather than provide opinions on what the community thinks, we prefer to share the data and spark discussion within the community." I have to think that the boots on the ground can see a lot more of what's really going on than the Generals. Full disclosure: Kevin Hawkins assists Imprev with its twice-annual Thought Leader Surveys. To view the original article, visit the WAV Group blog.
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Top Real Estate Marketing Trends You Need in 2017
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Bubble Identification Tips: What to Know Before the Bubble Bursts in Your City
For those whose real estate careers survived the 2008 bubble burst, scrutinizing real estate trends in hopes of protecting yourself from subsequent disasters should now be a common practice. What things should you look toward as a means of predicting if things might blow up in your face, yet again? These real estate trends may signal a market that's about to pop: Shaky loans Subprime lending is risky. Though the FHA still offers loans with minimal down payments (3.5 percent), lending practices deviating from current elevations in underwriting standards may signal a need for caution. Over-extended leverage A bubble means lots of leverage – banks accepting minuscule down payments from buyers as a means of securing the purchase. Current trends this year point to a cycle devoid of leverage. The average buyer is putting down about 35 percent, and in some markets, cash buys are up, such as in New York City where 45 percent of transactions are cash.
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Amazon Go reveals the future of shopping. How will this translate to real estate?
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2017: The 'Magnificent 7' Tech Trends to Watch
When Gordon Moore, Founder of Intel, in 1965, observed that the number of transistors per square inch on integrated circuits had doubled every year since its invention, "Moore's Law" has become the predictor of what's happening in technology. Granted, in 1975, the "law" was changed to say every two years and since then, modified often to say every 18 months, but the point remains the same – technology in the lab progresses wickedly fast. Today's Moore's Law is the moniker to describe changes in more than technology, including social and economic change, changes that technology has helped to speed up. As a novice tech junkie, I am fascinated by "what's next" and in 2017, there are seven tech innovations and trends that have my attention. The implications for real estate are fairly profound. My Magnificent 7 for 2017: Automation Ghosting IoE Intelligent Apps Deep Learning Security Your Digital Twin Automation It's not that automation is new – the Automat, the first automated food restaurant dispensing food from vending machines, debuted in 1902 – it's what's happening in Automation in real estate today that's profound. A day in the life of the real estate agent is being changed forever. For marketing activities alone, agents no longer need to design flyers, postcards, single property websites or YouTube videos. Heck, they don't even need to update changes on their marketing materials when a price changes. Everything is done for them – automatically. Imprev is at the forefront of fundamentally changing that part of the agent's life, and nearly everyone in the marketing space is jumping on the automation bandwagon. It's not just a wave, it's a tsunami: automation will be pervasive in everything that touches an agent's life, from back office support, to transaction management, to driverless cars for taking their clients on home tours.
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The Seven Technology Trends that Will Impact Real Estate in 2017
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Has 2016 Delivered on the Projected Commercial Real Estate Trends?
Trends are emerging that will disrupt "business as usual" in the commercial real estate market. Dropped your crystal ball? No worries – we'll fill you in. Time's they are a changin' – redefining this market segment and plotting a new course: More general developmentIn this sixth year of recovery, office, industrial, hotel and residential development are expected to grow as the economy shapes up, interest rates increase, and access to financing widens. Retail stalls, warehouses boomE-commerce continues to change the landscape with faster delivery options and the rise of online shopping/in-store pickups. Autonomous vehicles and car sharingCould transform real estate markets – and parking situations. This includes drones and driverless vehicle technology.
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NAR Annual: Looking for 2017 Trends, Tech and Tactics
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Mary Meeker's 2016 Internet Trends: 3 Takeaways for Real Estate
One of my favorite research rituals is the annual release by Mary Meeker of her Internet Trends Report, the latest of which was issued on June 1. Meeker was catapulted into the financing world spotlight as the lead manager at Morgan Stanley for Netscape's IPO in 1995. Later that year, she and Chris DePuy at Morgan published The Internet Trends, and it quickly became the definitive digest of the current state of the Internet, as well as discerning big-picture trends. Meeker would go on to serve as a research analyst for another notable Morgan Stanley IPO in 2004: Google. Today, Meeker is a partner with the Silicon Valley venture capital firm of Kleiner, Perkins, Caufield & Byers, and continues to publish the most definitive annual report on the Internet. Like Warren Buffett's annual letter to shareholders, it has become one of my annual must-reads. Presented in a slideshow format, this year's report – available in a PDF here – is over 200 pages long and is packed with economic, cultural, business and technology data that is so comprehensive, it is mind numbing. So here's my attempt to extract just three key takeaways that should be of particular interest to the real estate industry. In truth, there are dozens more, but this is an attempt to show that the full consumption of this report is worth the chore. Trend: Global aging Global birth rates are down (39% decline since 1960) and global life expectancy is up (36% increase since 1960). This is true in the U.S., as illustrated by these charts from the report: Takeaway: This is a huge demographic trend in the U.S. that will have a long-lasting impact on real estate, from the types of homes we are building, to where we are building them. Initially, we are entering the early stages of an era when Millennials are going to have to buy Baby Boomer homes as the Boomers downsize and the Millennials build families because Millennials are aging, and starting to have more children too.
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Ten Emerging Trends in Residential Real Estate
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Artificial Intelligence in Real Estate: Today, Tomorrow and the Future
Artificial Intelligence (AI) is the ability for a machine to solve problems by learning over time. It is similar to the way a brain processes information when making a decision. The term was coined by John McCarthy in 1956 who also quipped, "as soon as it works, no one calls it AI anymore." That's started to happen. The technology is now so pervasive we no longer associate it with science fiction. From protecting you against credit card fraud, to recommending shows on Netflix and self-driving cars, this type of intelligence is spreading. That's evident by the explosive growth in startup funding since 2010. Investors and innovators alike realize this technology is the future. Despite this trend, artificial intelligence is still in its infancy. Most computers today perform narrow tasks. Weak AI is when all inputs and outputs are defined, like beating humans at chess or go. This is where real estate websites are today. The consumers enter defined inputs (area, max spend, desired bedrooms) and the computer produces an output that matches those requirements. To better replicate human thought process, computers need to achieve artificial general intelligence, also known as Strong or Full AI. This is achieved when computers pass the Turing Test, a blind test in which a human would communicate with both a person and computer to determine which is living and which is not. Human brains are still more powerful than machines today because of their architecture and capacity. We possess many layers of interconnected neurons working simultaneously to process information. Artificial neural networks are inspired by this design but still limited by current technology.
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Below Average Interest Rates Foretell Hot Summer Sales
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Spring 2016 Housing Trends
Spring is known as the most active season in the real estate industry. According to the National Association of REALTORS® 2016 NAR HOME Survey, spring 2016 will be no different with the report stating that 75 percent believe that it's a great time to buy and 56 percent are content with selling. With the majority of consumers agreeing that home buying and selling transactions are due to increase, real estate professionals can expect busy months ahead. Here's a closer look at the trends that will have the greatest influence on housing decisions this spring: Overall outlook – Consumer perception of the U.S. economy weighs heavily on their propensity to purchase. According to the 2016 NAR HOME Survey, buyers are hopeful: 47 percent of people believe the U.S. economy is improving Six in ten people under 34 years of age believe the economy is improving Those who are renters and living with someone else are more optimistic than homeowners about the U.S. economy Price trends – Buyers are pretty confident that prices will either rise or stay the same; 47 percent foresee a rise, 44 percent anticipate no change, and 9 percent expect home prices to decrease.
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Snag Senior Clients with Superior Downsizing and Relocation Services
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Will the Last PC User Please Turn Out the Lights?
Mobile has gone global and everyone from Wired Magazine, Gartner, Forrester Research, and Barron's is writing about it. The headline is almost always the same: "THE DEATH OF THE PC HAS NOT BEEN GREATLY EXAGGERATED." The real headline is that PC sales have been negative since 2011 and the 2015 numbers showed the largest drop in sales volume in history. Before you get overwhelmed with the fear of PCs going away, it will take a long time for that to happen. Globally, shipments of new PCs are still running at a pace of around 65 million to 70 million a quarter. (Interestingly enough, the iPhone ships about the same number of units – and that is just from one smartphone manufacturer.) As an aside, Lenovo (formerly IBM) holds the top market share with about 20 percent. HP is second in market share with 18 percent, followed closely by Apple at 16 percent and Dell at 14 percent. The new MacBook Air helped Apple pass Dell. The debut of Windows 10 did not make a big difference. There was a belief that corporations and consumers were holding off and building a demand ahead of the release. There was a little bubble, but nothing strong enough to thwart the 10% drop in PC sales. Heck, because of the move to mobile, Google even revised its revenue outlook. Companies like Google, Amazon, Apple, Microsoft, and Facebook are enormously focused on mobile. You should be too! Real estate was super late in moving to mobile. Many would argue that we are still in the teeth cutting stages. A lot of this was caused by the lag of MLSs being cross-browser compliant and mobile browser compliant. Thank goodness that we are almost there now with the leading MLS vendors. Some, like CoreLogic, have even gone the extra mile to integrate mobile apps like GoMLS. Others are using third party solutions like HomeSpotter (formerly Mobile Realty Apps).
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Brokerage Alliances: What’s In It for You? (Part 2)
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5 Technology Trends That Will Change Brokerage in 2016
Technology will continue to play a significant role in the operations of real estate brokerages in 2016. The MLS will remain the data hub of property information but there are many significant industry changes in the pipeline, including: 1. Data Standards - The National Association of REALTORS® is requiring the every MLS become standardized in how they provide data to brokers. The standard is set by the Real Estate Standards Organization or RESO, and the fields are defined by the Data Dictionary. Data standards are great for our industry and will allow vendors to deploy property search solutions and other applications more quickly because of a reduction in data mapping and data mapping maintenance. 2. RESTful API – API refers to Application Programming Interface. It allows software applications to talk to one another to share information. An example that you are probably familiar with is when you click an address on your mobile phone and it opens up your mapping application so you do not need to cut and paste the address. The nation's MLSs are required by the NAR to support the RESO API by mid-summer. This will allow your broker applications to "talk" to the MLS and provide a more efficient way to keep your broker applications synchronized with the MLS data. 3. Upstream, LLC – Project Upstream will begin its service offerings in some markets during the first half of 2016. Although the information is sparse, the solution promises to allow brokers to perform Add/Edit and other listing maintenance functionality in the broker's back office solution then push the information to one or more MLSs using an API referenced above. This effectively perfects the broker's copyright ownership of the data. The thesis is that if all brokers own and control their data, they will be able to reduce piracy and improve data sharing across broker solutions.
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Brokerage Alliances: What’s In It for You?
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Foreign Buyers: a Real Estate Trend to Watch in 2016
A new survey by the Association of Foreign Investors in Real Estate (AFIRE) to detect upcoming real estate trends has found foreign investors will dominate the market in 2016. How big of a factor might foreign investors play in your business? Not backing down Sixty-four percent of roughly 200 respondents plan to make modest or major increases in U.S. real estate investments, and 34% expect to maintain holdings or reinvest sales proceeds into other U.S. assets. None plans a major decrease. Why the bump in U.S. real estate purchases? This strong response is attributable to a number of factors contributing to the rise in U.S. purchases in real estate trends: EconomicsEurope’s immigration crisis, China’s economic slowdown, and Brazil’s recession make the U.S. a safe bet. Tax legislationNew legislation easing taxes for foreign pension funds invested in U.S. real estate will further boost sales, simplifying the investment process and opening doors to real estate deals that won’t require property purchases with U.S. domestic majority partners, as they have in times past.
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Digital Disruption Prepares to Strike Again
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2016 Real Estate Social Media Trends
Real estate social media marketing has always been outlier when it comes to the focus of brokerages. Since social media's early days, where platforms were immature startups trying to gain a foothold in the public conciousness, we're now to the point where these are mature, proven platforms, with useful advertising options, and plenty of free opportunities to publicize your real estate brand. Though the world of social media marketing turns quickly, with new players arriving in the space and existing social networks scrambling to add new functionality to their platforms to stay ahead of the game. Today I'm going to look at a few of the upcoming trends we're going to see in the social media space moving forward in 2016. Social Media Heads Private While social networks are known for the noted publicness of things that get shared, there is definitely a move towards privatizing social conversation. Both Facebook and LinkedIn have seen a huge uptick in the number of private groups created on their platforms. These self organized communities can often be where the best conversations are being had online. Snapchat was one of the frontrunners in this movement, taking social conversation private again, but there's been a shift to messaging apps like Facebook Messenger, WhatsApp, iMessage and Kik, taking the torch from networks like BBM, MSN and AOL chat products. A generation of users are more comfortable using a chat app than they ever will be with phone/email. This is a big shift for the real estate industry that lives and breathes phone calls, email and face to face interactions. If you're only offering phone and email as the only ways to connect with your real estate leads, you could very well be missing out.
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Trend Watch: Real Estate Agent Teams
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2015 Trends You Should Adopt to Ensure a Successful 2016
2015 has been a crazy year full of excitement, change, and opportunity for the real estate industry. 2016 promises to be provide more of the same; I want to dedicate some time to this year's highlights (in no particular order) and how you can leverage them in 2016. #1: Global real estate – Expanding your business internationally I've been writing a lot about this lately and I hope you see its importance. If you're not plugged in to the global real estate reality, you're missing opportunities...a lot of opportunities. This doesn't just mean plugging into a global agent or broker network, it means translating marketing materials into multi-lingual websites and brochures, having multi-cultural and multi-lingual agents, and understanding the nuances of how people in different parts of the world do business. Again, even in global cities, there are those that have not embraced this concept. It's even worse in not so global cities where this phenomenon has quietly taken hold. Be a leader, embrace the global real estate opportunity and you will develop a huge advantage in your market. #2: The sharing economy Having just an office is not enough. Having a great website is not enough. Having an MLS is not enough either. But having global connections is a strategic advantage for real estate professionals. Why wouldn't you give motivated agents more ways to make money?
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PriceWaterhouseCoopers and Urban Land Institute Release Report on Top Real Estate Trends for 2016
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5 Hot Trends in 2016 to Look for at NAR
This year's REALTORS® Convention & Expo in San Diego traces its origins to the first Chicago meeting of the National Association of Real Estate Exchanges held May 12-14, 1908. One hundred and seven years later, some 20,000 real estate professionals will visit the San Diego Convention center where more than 400 organizations will display their offerings and pitch their products. 2016 promises to be a pivotal year of rapid adoption of sweeping innovations and the emergence of new powerhouses in the residential real estate matrix. Here are five hot trends to look and listen for at the workshops to learn how to get the most out of NAR to help you next year. Full disclosure: All of these trends identified here come from my own personal biases and prejudices, having delved deeply into these subjects over the last several months. Trend #1: Marketing Automation It's is a no-brainer that marketing automation will dominate the minds of broker-owners in 2016. This is what solves the low adoption rates by agents of new technology offerings their firms provide. It's also a huge boost for broker ROI as it removes agents from the quagmire of self-created marketing materials. Agents waste a huge amount of time creating marketing materials to promote a listing and themselves, and marketing automation allows them to focus instead on the things they are good at—generating listings and closing sales. Take the agent out of the equation when it comes to creating, deploying and promoting listings by automating the marketing for them and you have 100% agent adoption and deliver zero wait time to promote properties for every seller. Bill Yaman, President of Imprev, a leader in this effort, has written extensively about this topic in his blog, here.
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Millennials and Home Buying Revisited
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The Starter-Home Famine of 2015
Today's post-housing bubble world is still on the upswing. Good news for real estate professionals and home buyers, right? Unfortunately, that depends on the market segment. Though in some segments of the country housing remains affordable with inventory aplenty, for many others low inventory is dragging down the market, particularly in the lowest priced third. How bad is it? Overall, June listings were down 6.5% from last year, and in the lowest priced third of the market, inventory has declined in 28 of the nation's 35 largest metro areas. Some of the hardest hit: Charlotte, NC Overall supply: -39.7% Lower tier-priced homes: -48.7% San Antonio, TX Overall supply: -31.3% Lower tier-priced homes: -63.9% San Diego, CA Overall supply: -30% Lower tier-priced homes: -49.4%
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The real reasons millennials aren’t buying homes and what you can do about it
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Why Millennials Are Saying Goodbye to Rentals and Looking to Buy a Home
The millennial generation's impact on the housing market has been a topic of conversation for quite some time. Statistics show this group of young adults now makes up the largest group of buyers in the market, but lower interest rates and an increasing job market are not the only factors driving them to homeownership. Rental rates are skyrocketing in cities around the country and millennials, most of whom are just starting out in their career, simply cannot afford to pay them anymore. This is especially true in many of the larger metro areas that this young workforce is flocking to for the job of their dreams. In fact, rental rates have increased 15 percent from 2009 to 2014 nationwide. At the same time, household income has had an estimated growth of only 11 percent (CNN). The good news for real estate professionals is that rather than writing a check each month to pay for an expensive rental, more millennials are seriously considering buying their own home. This is because they now view home ownership as an important part of their financial future. In fact, NAR studies show that 84 percent of millennials now view buying a home as a good investment. The bad news is that soaring rental prices are making it hard for most of these hopeful homeowners to save up enough cash for their down payment. But what's really driving this spike in rental rates? According to the senior director of the Policy Development and Research at Community Partners, "Vacancy rates are at very low levels, which continues to push rents even higher."
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