September 23, 2021 | Market Update

Market News 9-24-2021

Blockchain Critical to Real Estate Industry

Given the volume of paperwork, real estate transactions are ripe for fraud and are particularly vulnerable to public record errors (both of which were causes of the 2008 housing crash). Thanks to the differences in how blockchain data is stored, this technology could help prevent future crashes.

In addition to recording and tracking titles, deeds, and liens, it also increases security by ensuring all documents are verified and accurate. Plus, it helps speed up transactions. Given the enhanced security and recording capabilities listed, blockchain technologies will be the focus of future real estate innovations.1

3 Game-Changing Strategies to Win New Leads

Are you looking for new ways to gain clients? Here are three tips on how to switch up your marketing efforts:

  • Target Renters and Property Owners Who Rent
    Since most residential rental agreements are for 12 months, try searching the MLS for homes rented 8-9 months ago. These potential prospects may be open to purchasing a home at a lower monthly cost than paying rent.
  • Create a Digital Farm
    Create a monthly video discussing recent and pending sales, market performance, and an invitation for homeowners to contact you for an update on their home’s value. Then, generate a list of homeowners in the neighborhood you want to target and send them an email that includes the video.
  • Implement Circle Prospecting
    When a house sells, three of 20 nearby homeowners will consider selling within three weeks. After the sale, reach out to those 20 owners to inform them of the sale details and explain how it will impact their home value. You might obtain a new lead and perhaps, a future sale.2

The Pandemic’s Impact on Real Estate

The “urban exodus” began when people craved more space after being confined to their homes during quarantine. Lower demand for apartments and condos in cities led to reduced pricing, while home prices in the suburbs rose, causing an inventory reduction.

Now, there is a reverse migration. People are returning to cities, and single-family home prices and condos are rising accordingly yet still more affordable than they previously were. Staying on top of the market and being adaptable are essential to remaining successful as the shift may continue.3

Virtual Offices and the Future of the Real Estate Industry

Office spaces continue to close throughout the U.S., leaving behind the days of brick-and-mortar real estate offices. Agents want the convenience of working remotely while still feeling connected.

Technology for virtual open houses, online office meetings, and e-forms continues to evolve. Bring it Home Communities and Veea recently rolled out the Virtual Real Estate Office of the Future (vREO). This secure, closed network enables agents to communicate with clients, live-stream, and record open houses, events, and training.4

Tips to Prepare for the Autumn Homebuying Season

It’s almost the fourth quarter, and with new challenges approaching as the market slows, here are a couple of tips to keep sales flowing.

  • Draw Business with Outside Passions
    Whether you enjoy cooking, writing or photography, use that passion to your advantage. One agent shared how he dabbled in photography on the side and would send out postcards to his clients each quarter with a handwritten note. Use your passion to start real estate conversations.
  • Focus On Your Niche
    Are oceanfront properties your expertise? Ski communities? Lakefront locations? Whatever it is you specialize in, put your energy into it. Focus your marketing efforts on the specific audience you are seeking and get involved with the community.5