Three Ways the Real Estate Tech Revolution Will Grow
Real estate marketing technology will continue to make your professional life easier. Here are three ways tech can help save you more time—and, as a result, more money—in the future:
1. Virtual Reality Walk-Throughs
Experts predict that virtual reality will become the norm sooner rather than later. That's because some tools enable homebuyers to experience the property at various times of day, walk through spaces that aren't built yet, and more.
2. AI Gets Personal
Artificial intelligence tech tools are organizing social media conversations to deliver more information about homebuyers and sellers. This will help you improve client marketing with data that includes personality traits, income, and education level.
3. On-Demand Video Takes Off
Some on-demand platforms enable agents to create professional video ads for available properties, open houses and even agent introductions. These can be uploaded quickly within several social media channels. The ads are targeted to the right prospects and provide you with real-time reports on views and clicks.1
The Key to Your Life Equation
A new book by West Point grad, career military aviation officer, and real estate guru Philip Jalufka can help you find your "life equation." Jalufka says the ultimate goal of Leading With Your Life Equation: How to Be Indestructible, Indispensable & Unstoppable is to have every reader make the most of their precious time.
He emphasizes that the key to your Life Equation is to figure out what gets you up in the morning. For example, a strong real estate team, accountability, and plans to overcome life's obstacles are what motivate Jalufka. Add up the four to five things that motivate you most and that equals your Life Equation. Focus your energy on this result, and that's what will keep you enthusiastic and successful in the long run.2
Three Tips to Get Ahead of the Seller Market Shift
It's been a sellers' market for the last two years. Now, there's a good chance this will gradually change because of rising rates and higher-than-average home prices. Here are three tips to keep your sellers happy when the market shifts:
Develop a Trackable Marketing Plan
Lower demand for real estate means more stress for sellers, so you'll need to bump up your marketing efforts. Don't assume your sellers know what you're working on; instead, make sure they're aware of everything you do daily to sell their home.
Generate a Bigger Showings Buzz.
While sellers may not see everything you're working on, nothing proves that you're doing your job like a lot of showings. Reach out to your whole network to generate a buzz and get more buyers through your seller's front door.
Educate on the Market Shift
Make sure your sellers understand why the local market is shifting and what that means for them. Tell them if home prices are dropping or the market is slowing. Communicate what they may need to do to be more competitive.3
Adjustable Rate-Mortgages Are Back
The adjustable-rate mortgage (ARM) practically disappeared while mortgage interest rates were low. Since they're currently making a comeback, here are the basics.
An adjustable-rate mortgage allows a buyer to "lock in" a mortgage rate for the first years of a loan. Generally, these are lower than the available fixed rate and are described as a starter rate. After this period is over, the mortgage rate will adjust – usually every 12 months. Generally, the maximum upward adjustment is capped, so the loan will remain affordable to the borrower.
Currently the most popular ARM is the 5/1 ARM. It supplies five years of financing at the lower, starter rate. After this period is over, the rate will adjust every year.
Buyers who are currently choosing ARMs include those who plan to move in less than five years, and those who expect their household income to increase during this time. Others plan to refinance before the first rate adjustment.4
Should You Disclose if Clients are Family or Friends?
Agents often wonder whether they need to disclose if clients are family members or friends. The answer is that it's always good to say so upfront. But it's only legally required if you're a REALTOR®. In fact, it's part of the National Association of Realtors' (NAR) Code of Ethics. The disclosure includes immediate family and includes spouses, children, parents, in-laws, siblings, grandparents, grandchildren, aunts, uncles, and even first cousins. The best practice is to make sure you disclose any relationships in writing early on. Some experts even recommend that listing agents include the information in the MLS listing, because you can never be too careful.5
Sources: 1magazine.realtor, 2nar.realtor, 3ypn.realtor, 4cnbc.com, theamericangenius.com5
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