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12 Essential Things to Include in Property Listings
Determining what details to include in a property listing can seem overwhelming. You have countless details about the home and neighborhood to highlight. In this article, we discuss the essential elements every effective listing should contain – from descriptive overviews to amenities. Let's start ASAP! The Basics 1. Location The location of a property is one of the most significant factors that determine its value and appeal. A property's proximity to amenities like schools, hospitals, public transit, shopping, and dining strongly influences its desirability. Being within walking distance or a short drive of such amenities is ideal for most buyers and tenants. Highlight the amenities near the listing and specify the travel time and mode of transport to reach them. 2. Neighborhood Discuss the neighborhood the property is located in, including its availability of green spaces and recent developments. Mention any nearby landmarks or points of interest. If it is located in a trendy, upcoming neighborhood, highlight the potential for strong future growth. Discuss factors like zoning laws, and future residential and commercial developments that could impact the neighborhood. 3. Accessibility Note the property's accessibility and convenience regarding major roadways, public transit, and airports. Discuss travel times to employment hubs and nearby cities. Proximity to public transit like buses, trains, and bike lanes appeals to many buyers and tenants and contributes to a property's value. 4. Lot Size and Exterior Note the lot size, any outdoor spaces like a backyard, patio, or balcony, and details about the home's exterior such as architectural style, siding or facade, roof type, garage or carport, fencing, and landscaping. Provide the total square footage of the lot and building footprint. 5. Interior Layout and Features Give an overview of the interior layout including the number of rooms and their dimensions and purposes. Discuss special features like high ceilings, crown molding, built-in cabinetry or bookshelves, fireplaces, balconies, attics, or basements. Mention if the property has central heating/cooling, and an alarm or security system. 6. Age and Upgrades Specify when the home was built and the date of any major renovations. List any updates made within the last 5-10 years such as a new roof, siding, windows, plumbing, electrical, or HVAC system. Room-by-Room Rundown 7. Kitchen The kitchen is often the heart of a home, so include specifics on cabinetry, countertops, appliances, and layout. Note the dimensions, material, number of cabinets and drawers, and countertop square footage. List major appliances like the stove, oven, refrigerator, dishwasher, microwave, and any other built-ins. Describe the flooring type and any accent features like an island, pantry, or eat-in area. 8. Living Room In the living room section, list the room dimensions, main flooring types like hardwood or carpet, any focal points like a fireplace or bay window, and the number of entrances/exits. Note any built-in bookshelves or media centers and whether the space flows openly to other areas like the dining room. Describe the amount of natural light the room receives and its orientation in the home. 9. Bedrooms For each bedroom, list the exact dimensions, number of windows and closets, flooring type, and any additional features like ceiling fans. Note the size of the closet(s) and whether walk-in or standard. Describe the amount of natural light, room orientation, and location relative to living areas or full/half bathrooms. 10. Bathrooms In the bathroom sections, list the total number of bathrooms and the dimensions of each. Describe the flooring type, vanity, toilet, tub, and/or shower details like whether standard, garden, or walk-in. Note the countertop material and cabinet details. List any additional features such as double vanities, linen closets, skylights, or whirlpool tubs. Financials 11. Pricing For any property listing, the asking price is arguably the most important detail. When determining an asking price, you will need to consider the property's fair market value by evaluating recent selling prices of comparable properties in the local market. 12. Property Taxes Local governments and school districts administer property taxes. The tax amount depends on the property's assessed value and the tax rates in that location. Property tax amounts can significantly impact a property's attractiveness to buyers, so you must provide an accurate estimate of the annual property taxes. It is also important to note that property tax amounts are subject to change each year based on fluctuations in property values and tax rates. As you can see, each section of a property listing plays an important role in effectively showcasing the home. Just make sure everything is set and shown perfectly. To view the original article, visit the Realtyna blog. Related reading How to Write Compelling Property Descriptions 10 Real Estate Photography Tips to Help Your Listings Shine
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Common Mistakes to Avoid When Setting Up Your IDX Website
One of the most important aspects of having an impactful online presence is having an IDX (Internet Data Exchange) website, which allows you to display property listings from your local MLS directly on your website. While it's extremely beneficial to have an IDX website, all IDX feeds and websites are not created equally. There are several common mistakes to avoid during the setup process of an IDX website or tweaks to make to an IDX website after it's established that can make it much more effective. In this article, we'll cover these common mistakes and provide tips on how to avoid the pitfalls and create the most robust IDX website possible. Mistake #1: Choosing the Wrong IDX Provider Not all IDX providers are created equal. One of the biggest mistakes agents make is selecting an IDX provider without thoroughly researching their options. It's essential to choose a provider that offers robust features and user-friendly interfaces. Ultimately, the provider you choose should help you create a website that attracts clients and prospects but also gets them hooked and coming back for more. Mistake #2: Ignoring Mobile Optimization Over 60% of website traffic comes from mobile devices, which makes it crucial to ensure that your IDX website has mobile optimization. Failing to do so can result in a poor user experience and deter potential clients from exploring your listings. Mistake #3: Overloading Your Website with Listings While it may be tempting to display as many listings as possible on your IDX website, overwhelming visitors with too many options is counterproductive. Instead, focus on showcasing high-quality listings that are relevant to your target audience. Mistake #4: Neglecting SEO Search engine optimization (SEO) plays a significant role in driving organic traffic to your website. Many agents neglect SEO when setting up their IDX websites, which can result in poor search engine rankings. Without proper SEO, your listings might not reach the right audience. Explore 'From Clicks to Closings: Supercharge Your IDX SEO Game' to learn nine tips to boost your SEO. Mistake #5: Forgetting about Lead Capture Your IDX website shouldn't just showcase property listings, but it should also capture leads. Many agents overlook this crucial aspect and miss out on valuable opportunities to grow their client base. Implement lead capture forms strategically throughout your website to encourage visitors to provide their contact information, whether it's subscribing to your newsletter, scheduling a meeting with you, downloading a value-driven piece of content, or inquiring about a property. Mistake #6: Lack of Customization Whether you are using a generic IDX website template or have a customized website built, look for opportunities for customization. If you're able, invest in opportunities that allow you to tailor your site to your brand and target audience. Constantly look for ways to set yourself apart and make yourself stand out. Mistake #7: Failing to Update Regularly Prioritize regularly updating your listings and blog content to keep your website looking modern and refreshed and keep your visitors engaged. The market is constantly evolving, meaning your online presence and website need to evolve with it. Mistake #8: Overlooking Security Measures Security should be a top priority when setting up your IDX website, especially because you are handling sensitive client information. Instill trust in potential leads and gain an immeasurable advantage over competitors by ensuring that your website is equipped with robust security measures, providing your visitors with peace of mind. Enabling HTTPS or SSL will protect against cyber threats and enhance your website's credibility. By avoiding these common mistakes and taking the time to set up your IDX website properly, you can create a powerful online platform that attracts and engages potential clients, ultimately helping you grow your real estate business. To view the original article, visit the IDX Broker blog.
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Generating and Keeping Clients with Cloud CMA + Homebeat
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Unlock Your Farm's Potential: How to Pick the Perfect Neighborhood
Choosing the right neighborhood to focus your marketing efforts on is like planting your business seeds in the most fertile soil. Get that right, and your farm could yield incredible returns. That's where understanding turnover and leveraging a tool like RPR's (Realtors Property Resource) Turnover Calculator becomes a REALTOR'S® secret weapon. Understanding Turnover: The Metric That Matters Put simply, the turnover rate is the percentage of homes sold in a neighborhood over a certain period (usually a year). A high turnover rate is like a flashing sign for REALTORS®: it suggests active buyers, homes that don't linger on the market, and more opportunities to secure listings. Tip: Aim for neighborhoods balancing a good turnover rate with homes in your target price range. This sweet spot maximizes your chance of successful sales. RPR's Turnover Calculator: See Beyond the Numbers While turnover is important, it's not the whole picture. RPR's Turnover Calculator is designed specifically for geographic prospecting and helps you compare neighborhoods. Key Elements of the Calculator Hotness Score: This is where things get interesting. Not only does the calculator consider turnover, but it also factors in how quickly those homes are selling (average days on market). A higher score means a hotter, more active market where you're likely to get listings and close sales faster. Estimated Mailing Costs: Successful farming means consistent marketing, and that has a price tag. The calculator instantly tells you how much a mailing campaign might cost for a given neighborhood. This helps you plan a realistic budget. Tip: Don't blindly chase the highest hotness score. Match it with homes you know you can sell, and factor in your expected marketing expenses for the truest picture. The How-To Follow these steps to compare neighborhoods and pinpoint the ones with the highest turnover potential: Define Your Farming Territories In RPR, go to Research > Map Search. Enter the general location of the FIRST neighborhood you want to explore (ZIP code, neighborhood name, etc.). Use the Show Geographies menu OR the Draw tool to outline your farm area precisely. Click Save to save this area for later reference. Repeat these steps for each neighborhood you want to compare, saving each one as you go. Count the Homes in Each Neighborhood In the search bar, select Public Records from the Type/Status dropdown. Clear any filters you don't need for a comprehensive view. From the Use Saved Area dropdown, select the FIRST neighborhood you outlined. Click Search this Area and note the resulting number. This is your Total Number of Homes for that neighborhood. Repeat this process for each saved neighborhood, recording the total homes for each one. Track Recent Sales in Each Neighborhood In the search bar, change the Type/Status to For Sale, select Closed, and make sure the Include Public Records Sold box is checked. Set the date range to Last 12 Months using the calendar icon. Select a saved neighborhood from the Use Saved Area dropdown. Hit Search this Area and record the number displayed. This is your Total Homes Sold in the Last 12 Months for that neighborhood. Repeat this process for each saved neighborhood, recording the total homes sold for each one. Compare and Conquer Now that you have the data for all neighborhoods, head to the Real Estate Turnover Calculator. For each neighborhood, enter its name, total homes, and homes sold in the last 12 months. Add your average days on market (Days in RPR) and your estimated cost per mailing (You provide this number) to get a complete picture of your farmingpotential for each area. The calculator will automatically generate a Hotness Score, which combines turnover rate and average Days in RPR to help you quickly identify the most active markets. Analyze the results side-by-side to identify the neighborhoods with the highest turnover rates and the most promising opportunities. Smarter Farming with RPR Choosing a farm isn't a shot in the dark. RPR's Turnover Calculator gives you data-driven insights. Use it to pre-qualify neighborhoods, saving yourself time and energy by weeding out those that simply don't fit your model. Ready to pinpoint your ideal farm? Head over to the RPR blog and let the Turnover Calculator work its magic. See which neighborhoods in your area have that winning combination of hot sales and realistic budgets. To view the original article, visit the RPR blog.
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The Importance of Personal Branding for Real Estate Agents: Standing Out in the Crowd
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Dotloop Mobile App Training
Multiple dates Learn how to navigate dotloop's mobile app and take advantage of the app-only features. Available for iOS and Android. How to edit, share and sign docs Shared docs with clients via text Export text conversations Add docs from other apps Host in-person signing Submit for compliance and more Register now for: iOS webinar or Android webinar
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5 PR Hacks to Boost Your Brand and Your Business
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Real AI: ChatGPT 4ooooh, Renovation AI, facts, headlines, and AI quote of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. ChatGPT 4ooooh (my goodness!) Did you see the livestream or video from OpenAI introducing ChatGPT 4o (pronounced "oh")? The big news: the introduction of omnimodal AI. Oh, and it's free for everyone (but much faster if you have the paid version and up to five times more capacity than the free version – more than worth the $20-a-month subscription). Check out the OpenAI announcement video here. What's the big deal about omnimodal AI? It allows ChatGPT to understand and work with more than one type of information at the same time, such as text, vision, and audio. Yes, it can now see, speak, and hear. And it processes everything in microseconds, making it the fastest AI we've ever seen. Omnimodal AI means you can now have a live conversation with ChatGPT on your smartphone (and soon desktop: we are waiting on the Mac version). ChatGPT can not only converse with you, but you can show it images that it can identify and explain. This new AI superpower gives ChatGPT extraordinary abilities beyond telling you what kind of breed a dog you just met or reading you a custom bedtime story. Its ability to analyze data has vastly improved, so get ready to start uploading your spreadsheets and marketing tracking data for better insight. But its oh-wow factor is the conversational power it now possesses because it can adapt and respond based on your emotional state. It is spooky. While a little scary, its conversational capabilities are also highly practical and useful for agents. Do you ever meet with a client for whom English is their second language? ChatGPT 4o can help you converse with them in their native lounge. It interrupts, translates, and speaks in 50 languages, covering 97% of the world's population in real time. Turn on the video mode and ChatGPT 4o, and it can see you and any printed or spoken information you share or a combination of the two. More importantly, it can read your body language and detect, interpret, and respond accordingly to your emotional state. It won't be long before they change the speaking dots and add a face since it already has video capabilities. The big news for developers is that they will no longer depend on GPT-4 Turbo as their underlying AI. GPT-4o API is twice as fast, 50% cheaper, and has 5x higher limits. What this means for real estate agents is faster development of AI agents that will do amazing things for you, with a full-fledged AI assistant getting closer than ever. Note that with all OpenAI announcements, not everything they showed in their announcement video is widely available, and many features (like the Desktop app for Mac) are coming. Still, the new capabilities – and a very similar announcement the next day from Google and its Gemini improvements – make you want to grab your seat as this AI rocket ship is just starting to take off. Renovation AI This week, we're tipping the hat to Irvine, Calif.-based Revive, a leader in presale renovation, for an impressive addition to its Vision AI platform: a new layer of conditional analysis for neighborhoods. While homeowners understand that updating and renovating will help them earn more money when they sell, many are likely to be hesitant about committing to such a large undertaking. With Revive Vision AI, real estate agents show home sellers how a presale renovation could help their home command its highest sales price. Its new Neighborhood Report truly is groundbreaking as it takes CMA data analysis to the next level. Its AI provides real estate agents and homeowners with condition insights of homes that recently sold in a neighborhood that you could only get before with an in-person inspection. Dalip Jaggi, cofounder of Revive, explained, "Vision AI provides powerful insights without the need for photos of the property but rather focuses on using computer vision on the recent sales [comps] to bring condition insights to a specific neighborhood." He notes that the new AI tech enables agents to "instantly show sellers a factual, data-backed analysis showcased in an easy-to-understand summary," which fuels a discussion about home values between the agent and the homeowner, potentially creating interest in listing their property for sale. I went to the link and tested the report on my home address, which blew me away. It was super easy to understand. The Neighborhood Analysis section assigns a score from 1 to 5, with 5 being the best. This score looks at key areas like the home's condition, the outside area, the bathrooms, the kitchen, and the rest of the interior. The tool uses artificial intelligence to compare these scores with similar homes. It also creates a Neighborhood Condition Score that uses computer vision to review pictures of homes' exteriors and interiors from recent sales. It combines them with market data to assign a letter grade from A to F, with A being the best condition. The experience of putting in my home address and getting a rush after downloading and reading the report (it does require all your contact info) reminded me of the first time I used Zillow to see the value of my home. Mind blown. AI Fast Facts 44% of business leaders surveyed stated they plan to modernize data to leverage generative AI better – PwC Only 11% of global AI research is published by women – OCED Over 60% of Americans fear bias and potential discrimination in AI-assisted hiring processes – Pew Research Center 50% of companies surveyed intend to invest in on-the-job and internal training departments for AI adoption – World Economic Forum The average salary for an AI professional is around $128,000 – Coursera Source: Hostinger AI Headlines Artificial Intelligence's "Bad Data" Problem for Real Estate Investment | 5/9/24 - Urban Land MagazineThe fragmentation of data is stalling AI use for investing in real estate. Get more done with Gemini: Try 1.5 Pro and more intelligent features | 5/14/24 - Google: The KeywordGemini gets 35 languages, a massive context window, and adds conversational experience and tools. Should We Use AI to Re-Create Our Loved Ones After They Die? | 5/11/24 - WSJAn ethical question that rests on the line between connection and exploitation. Google rolls out AI-generated, summarized search results in US | 5/14/24 - The GuardianGoogle also revealed its AI video generator Veo and AI Assistant Project Astra at their annual I/O conference. Proof launches AI-powered fraud detection tool | 5/15/24 - HousingWireThis AI tool can now guard you against fraud in document signing, notarization, and authorization. AI Quote of the Week Subscribe to our free Real AI newsletter here. To view the original article, visit the WAV Group blog.
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On the Go? Stay on Track with Sellers Using RPR Mobile
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Serving Those Who Serve: 12 Resources for Helping Military Clients Find a Home
Saturday is Armed Forces Day. Unlike Veteran's Day, which celebrates those who previously served in the military, Armed Forces Day honors those who are currently serving. Though the needs of veterans and active personnel who want to purchase a home do have some overlap, those currently serving in the military have special needs of their own. How can real estate agents serve them better? Today, we're going to highlight housing resources that you can share with these special clients. (But, first, a resource for you: Want to better serve those who serve? Consider earning a Military Relocation Professional (MRP) certification to learn how to handle the unique needs of military personnel.) Here are 12 housing resources you can share with active-duty clients: VA Home Loan Program 1. Department of Veterans Affairs (VA) Home Loan Program: Website: VA Home Loans Benefits: No down payment requirement, no private mortgage insurance (PMI), competitive interest rates, and limited closing costs. Eligibility: Active-duty service members, veterans, and certain National Guard and Reserve members. Financial Assistance and Counseling 2. Veterans United Home Loans: Website: Veterans United Services: Specializes in VA loans, provides educational resources, and offers 24/7 customer support. 3. Navy Federal Credit Union: Website: Navy Federal Services: Offers VA loans, mortgage calculators, home-buying education, and services tailored to the needs of active-duty personnel. 4. PenFed Credit Union: Website: PenFed Credit Union Services: Offers competitive mortgage rates, educational resources, and home-buying tools. Homebuyer Education 5. HUD Housing Counseling: Website: HUD Housing Counseling Services: Provides free or low-cost housing counseling services, including pre-purchase advice and foreclosure prevention. 6. Consumer Financial Protection Bureau (CFPB): Website: CFPB Resources: Provides guides and tools for homebuyers, including specific information for military personnel. Relocation and Deployment Considerations 7. Military OneSource: Website: Military OneSource Services: Offers comprehensive support for relocation, financial counseling, and home-buying resources tailored to active-duty members. 8. Defense Finance and Accounting Service (DFAS): Website: DFAS Resources: Provides information on military pay, allowances, and financial planning, which is crucial for home-buying decisions. Local and State Programs 9. State Veterans Affairs Offices: Website: National Association of State Directors of Veterans Affairs Services: Many states offer additional benefits for military personnel, including property tax exemptions and state-sponsored home loan programs. 10. Local Community Programs: Action: Check with local housing authorities and military bases for additional assistance programs tailored to active-duty service members. Online Resources and Tools 11. Military.com Home Buying: Website: Military.com Resources: Articles, guides, and tips specifically for military homebuyers. 12. Homeownership for Military Personnel: Website: Homes for Heroes Resources: Discounts and benefits for military personnel in the home-buying process. Practical Tips for Active-Duty Personnel Pre-approval Process: Encourage them to get pre-approved for a VA loan to understand their budget and strengthen their offer. Deployment Considerations: Help them plan for potential deployments and relocations by choosing flexible mortgage options and considering the resale or rental potential of the property. Basic Allowance for Housing (BAH): Ensure they understand how their BAH can be used to help cover mortgage payments. Credit Score Improvement: Advise on improving their credit score if necessary to get better loan terms. Local Support: Connect them with local military housing offices and relocation assistance programs. By providing these resources and practical tips, you can help current military personnel navigate the home-buying process effectively, ensuring they make informed decisions and use the benefits available to them.
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[Podcast] From Almost Quitting to $10M in Volume via Hyperlocal Instagram Content with Alyssa Curnutt
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Elevate Your Value Proposition for More Buyer-Seller Connections
Friday, May 24, 2024 at 10:00 AM PDT This presentation provides valuable insights into effectively communicating your value proposition, establishing credibility, and winning over prospective clients as a buyer's agent. Key take-aways: Learn how to articulate a unique and compelling value proposition as a buyer's agent, showcasing the distinct advantages and expertise you bring to the table. Discover how to establish trust and become the trusted advisor that clients turn to throughout their homebuying journey. Explore key elements that contribute to an exceptional experience for your clients, from the initial search to closing the deal. Register now!
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REALTOR® Grows Traffic by 700% by Leveraging Multiple .realestate Domains
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How to Generate Renter Leads and Maximize Your Qualification Process
Leads are the lifeblood of real estate professionals. You must know how to effectively generate, respond to, and qualify them to succeed in this market, especially before you start receiving referrals. Working with renters creates a great opportunity for you to quickly build relationships and develop essential skills as a real estate professional. They also allow you to complete more transactions, as those deals typically happen faster. How do you generate renter leads effectively? There are several ways to generate renter leads, but we will focus on ads. Posting ads with listings online generates results quickly, allows interested renters to engage with your listings 24/7, and provides you with an easy and repeatable process when you secure new listings. Here are the best practices you should follow when posting online: Know your market: Understand factors such as rental prices, location, and average rents to control the quality and quantity of leads. Create a plan and be consistent: Develop a consistent and disciplined plan for ad posting activities, aiming for at least three days a week with the goal of doing at least five ads per day. Test and track results: Experiment with posting times and track the posts that receive the best responses. Iterate and improve to attract the best leads for your listings. Use photos and clear descriptions: Craft concise descriptions (around 400 words) with clear highlights to capture renters' interest and use high-quality photos that showcase the best features of the listings. Explore areas for additional visibility: Look for opportunities for additional visibility by exploring local schools, corporate sites, or bulletin boards where renters may be present, and inquire about posting ads in those locations. Have a lead response and qualification process: Develop a system for promptly responding to leads and efficiently managing the qualification process to avoid losing potential business. Make sure you have permission to post ads for the listings. Emphasize the value proposition such as increased visibility and reduced lead work for property owners. What are the best practices for lead response? What do you do now that you have your ads set up and are getting leads that need responses? Renters tend to be less patient than buyers, so it's important to have a process to remove the guesswork on why, what, and when to respond, increasing the likelihood of closing that deal. Lead conversions are 391% higher when you call within a minute of an online inquiry. Consider having a diverse set of outreach methods to increase the odds of contact: Text your client about their inquiry and set a time to talk Send them a follow-up email after the text Call them at the stated time If you miss them, text and email again, and set a different time to talk Repeat the process at least three times Cut bait after at least three times On average, it takes seven outreach methods before a sale is closed. Go through this process at least three times to ensure you're making your best effort to communicate with the lead and maximize your chances of conversion. If the client doesn't want to talk to you, move on. How do you qualify a lead? There are three primary stages to conducting a successful qualification call: The introduction: Your goal is to ensure that they know you are qualified to help them and specialize in working with renters. The qualification: You need to determine if this is a solid lead and what are their rental needs (see table below). The closing: Discuss any questions the lead may have about working with you and set expectations on the next steps. Follow up the phone call with an email that includes several listings they may be interested in. What are the next steps? To get started, check out the resources linked below. Decide who your ideal target is and create short/long-term goals to help you reach them. Begin posting ads for renters at least three times per week for an hour or for a certain number of posts. Implement a lead response and qualification system to maximize your lead generation efforts and catapult your real estate business to the top! Resources to get started: Guide to Posting Ads on Craigslist Guide to Posting Ads on Facebook How to Handle Lead Response Lead Qualification Questions Lead Response Plan To view the original article, visit the Rental Beast blog.
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3 Essential Marketing Emails that Real Estate Agents Can Send Today
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An Unstoppable Legend: Ben Caballero Remains America's Top-Performing Real Estate Agent
Ben Caballero is an improbable and incomparable real estate legend. How can an individual real estate agent based in Texas sell an average of more than 19 homes daily, every day of the week, including Saturdays and Sundays? Again, 19 homes a day, times 365 days last year, would be 6,935 home sales. Ben sold 7,012 homes in 2023. He is the sole listing agent on every sale, verified by every multiple listing service he works with in Texas. He does not work with any other agent or team at HomesUSA.com, the brokerage where he also is CEO and founder. Ben is unique because he does not work with home buyers at all. He is a sell-side-only agent. His sole clients are 60+ home builders, mainly in Texas's four largest new home markets: Houston, Dallas-Ft. Worth, Austin, and San Antonio. Numbers in the stratosphere Ben is a selling machine. He has been the No. 1 ranked agent in the US since 2013, according to RealTrends (now part of HousingWire). He tops the annual ranking for the total number of transactions and total sales volume every year. Last year, Ben's individual sold homes totaled at an unprecedented $3.638 billion. It's hard to get our brains around the magnitude of Ben's accomplishments, so let's try. If you stacked Ben's newest record volume in one-dollar bills, it would be over 246 miles high, or more than 44 times the height of Mount Everest. If you laid $3.638 billion in one-dollar bills end-to-end, it would go around the earth more than 14 times. Spending $1 every second would take you 115 years to reach $3.638 billion. He is the: First individual agent to reach $1 billion or more in annual sales (2015). First individual agent to reach $2 billion or more in annual sales (2018). First individual agent to reach $3 billion or more in annual sales (2022). First individual agent to exceed $3.5 billion or more in annual sales (2023). From 2004 to 2023, Ben's home sales exceeded 60,000, totaling more than $20 billion. A stack of $20 billion in one-dollar bills would be over 4,000 times taller than the tallest building in the US (One World Trade Center). Unmatched recognition Ben is a three-time Guinness World Records title holder for "Most annual home sale transactions through MLS by an individual sell-side real estate agent—current." In 2016, he sold 3,556 verified home sales, broke his own record in 2018 with 5,801, and broke his record again in 2020 with 6,438. Last year, by breaking the 7,000 home sales barrier, he set a new bar for the industry. Recently, Ben invented SpecDeck, a cutting-edge technology that empowers builders to replace their in-house MLS listing process, a HousingWire 2024 Tech100 Real Estate award winner. Ben was an Inman Innovator Awards winner in 2013, named the "Most Innovative Real Estate Agent." He was a finalist again in 2016 and 2018 and an Inman industry influencer in 2017. Swanepoel (now T3 Sixty) named him a top trendsetter in 2017. Remarkably, Ben received the 2014 "Pinnacle Award" for Real Estate Entrepreneurship, presented by Gary Keller and Keller Williams Realty, even though he never work for KW. Ben has a unique business model Most agents use a retail model – working directly with buyers and sellers. Ben has a wholesale model, working directly with the product's creators – builders. While Ben does not do many of the things that agents typically do, those agents also don't do many of the things Ben does. Plus, the new home sales process is much different—and longer—than a typical existing home listing. For example, every one of Ben's listings leverages his advanced proprietary listing and marketing tech platform, which has 52 built-in listing validations. His typical MLS listing is updated more than a dozen times throughout its listing cycle, and he provides the builder with nearly two dozen services to support each one. The Hustle did an exceptional job describing Ben's journey, what he does, and how he does it. Ben's Podcast Series – Builder Talk and Real Estate Agent Series – also describes his business and shares his secrets to success. Ben is an enigma What may be the most surprising thing about Ben is that the number one Realtor in the world is 83 years old, works out regularly with a professional trainer, and remains one of the hardest-working agents in the business. Incredible milestones mark his career: his father was a first-generation Cuban American from Tampa, Florida, and both his mom and dad became real estate brokers. He is a U.S. Air Force veteran. He became a Realtor when he was 21 and has been one for over 60 years. Ben was also a builder for 18 years. One of the most prized awards in his career was a "Builder's Choice Award" for Excellence in Design & Planning from Builder magazine. He is a serial innovator: he created The Apartment Finders in Dallas in the early 1960s and was among the first – if not the first agent – in the late 1980s to offer a "guarantee" to buy your home if you didn't sell your old house by the time you closed on your new home purchase; invented the first online platform to manage home sales and marketing for builders; and most recently created SpecDeck, the first builder tech platform that uses strategic automation to create a more streamlined and simpler way for builders to have their listings fully managed in the MLS. Finally, few industry thought leaders have the same level of experience as Ben Caballero. He can often spot future outcomes well before most industry experts. He called out iBuyers and challenged the success of the iBuying model (HousingWire – May 2, 2019) at a time when some experts said it would soon account for as many as 1 in 4 home sales. He also explained in detail why the U.S. housing inventory shortfall would last for years, well before the industry's leading economists (Inman – May 12, 2021) jumped on the bandwagon. While Ben often sees the future of real estate before others, he remains surprised whenever he breaks his own sales production numbers. So, the one final question is this: Can Ben do it again? Time will tell. To view the original article, visit the WAV Group blog.
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Innovative Strategies for Geographical Prospecting with RPR
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Trust Your Gut: 13 Red Flags to Avoid Hiring Bad Contractors
Helping a client undergo renovations for their home project is exciting, but it's also a huge undertaking. The contractor you choose can make or break the renovation – not to mention affect your client relationship and chance at future referrals. Hire the wrong person for the job, and your go to market date could be pushed out much longer than you ever planned. In addition, the budget might double or triple, and you could still end up having to hire a second contractor to finish the project or fix the one that was botched. That's why you need to know when to walk—or better yet, run—from a contractor who is about to turn your listing into a money pit or burn a hole in your client's wallet. We spoke with Michael Alladawi, CEO of Revive, a national company that helps real estate agents and homeowners maximize the value of their homes through guided renovations. He shared his insights on the 13 red flags that should have you running for the hills if you ever come across them. 1. The contractor wants a large down payment No one expects contractors to work for free. On the other hand, your "spidey sense" should start tingling if they ask for a large down payment before they start doing any work. "It is typical to collect an advance toward securing large-ticket items such as cabinetry and countertops, but in certain states, it is illegal for a contractor to exceed a certain down payment cap," explains Michael. With or without those regulations, your client should expect to fork over a down payment of no more than 10% of the total project cost. 2. The contract is vague The contract presented by your contractor should be detailed enough that you need to put your reading glasses on to view it. "Be wary of a contract that is devoid of details—or the language is vague at best—regarding the scope of work for the project, responsibilities, payment schedules, and start and stop times," says Alladawi. In fact, he says the scope of work and every single detail must be included in your written agreements. Why is this so important? You don't want to make assumptions regarding what you thought you signed up for. And every time you say, "I thought you were going to…" Michael explains this is what's referred to as scope creep, a "change order," which will cost additional money. For example, you might assume that paint would be included in the cost of painting the home or debris removal is included in a demo, but if it's not in the contract, your client will be paying extra. 3. The contractor had bad or zero reviews You can give the contractor the benefit of the doubt, but you still need to see if there's any dirt on them. These days, everything is online, and if you see bad reviews, take them seriously. The adage that you can't please everyone is true—but multiple bad reviews are usually a smoke signal. And where there's smoke, there's fire. "If you don't see any reviews at all about a company, chances are they have dissolved previous companies and reestablished under a new name," Alladawi explains. When contractors can't clean up their brand or reviews, they often start over. 4. The contractor doesn't have references In addition to reviews, contractors should also have references. Also, if this person has great reviews for painting but they're offering to install a new kitchen, you need examples of the latter. Renovations are significant investments of both time and energy for homeowners. Alladawi explains, "The best way to understand a contractor's work is to review photos, reviews, and references from their work." Contractors should be eager to share the contact information of happy customers who can answer questions about their performance. 5. The bid or estimate is extremely low Usually, consumers are concerned about prices being higher than necessary. However, Alladawi also warns about a low-ball bid. "Contractors know that homeowners will be fixed on costs and the bottom line, and unethical contractors will leave out some scope of work details just to obtain the job," he explains. "You need to review bids against your scope of work to ensure it includes everything you expect." 6. The contractor doesn't have proof of insurance Don't just ask a potential contractor for insurance—ask to see a copy of it. You should also be sure it includes workman's compensation and general liability. "If the project is large in scope, you may want to also check and see that they are bonded," Alladawi recommends. 7. The contractor is a poor communicator We're not saying your contractor needs to have a BA in communications. However, if they fail to return phone calls or address your concerns, Alladawi says this is a preview of what you'll get if you hire them—and he says they may end up abandoning the project. Written communication skills are also important. "When a contractor is hesitant to provide information in writing or engage in proper digital communication, this is a definite red flag that he or she doesn't want a paper trail of evidence or isn't legally licensed to do the work requested," says Alladawi, "A running paper trail is a normal expectation when you're dealing with a contractor." 8. The contractor doesn't mention permits or suggests the homeowner obtain them "Each municipality has different ordinance requirements for various home remodeling projects, including outdoor spaces," Alladawi warns. "Many projects—including retaining walls, driveways, fireplaces, and outdoor kitchens—need to be permitted and engineered and require a substantial amount of expertise to execute properly." And he says your potential contractor needs to address this as it can affect timelines and costs to pull permits. Even worse is a contractor who asks you to pull the permits. Alladawi says this usually means you're dealing with an unlicensed contractor or someone whose license has been revoked. "Never obtain the permit as an agent or homeowner because whoever obtains and signs for the permit is responsible for everything, including fines and fees when things go wrong," he explains. "You want the contractor to carry the burden of doing the work." 9. The contractor doesn't address materials or lien waivers If the contractor is executing draws, and the project is large, Alladawi says you may want to ask about lien waivers. "This is an extra step that will ensure that nobody, including a contractor's supplier, can place a lien on the property," he says. "For example, if a contractor doesn't pay their dealer, the dealer can issue a lien directly on the homeowner, which must be satisfied to receive clean title or deed" if there is ever a sale. In other words, you can't sell your listing until this debt is paid. 10. You're unable to verify the contractor's license, or the names do not match There's a reason you should always verify the contractor's license. Alladawi says this is how you can find out if the contractor is unlicensed and using someone else's license. It's possible this individual's license has been revoked, and they got someone else to apply for one. "It may even be a corporation, but the principals do not match the name of the contractor," he says. 11. The contractor asks for cash payments If the contractor asks if you can pay in cash, it's quite possible this individual is trying to avoid paying taxes on the business or for employees. Alladawi says this is a sign that you're dealing with a dishonest person. But there's yet another reason why you shouldn't pay in cash. "It's important to have proof of payment using a canceled check, receipts, and lien releases upon payments made to the contractor in the event he or she claims they weren't paid," Alladawi says. 12. The contractor is under the influence What people do on their time is their business—but what they do in your home is your business. It might go without saying, but "when it comes to deciding on who you want to work with, a major waving red flag that says, 'don't hire me,' is a contractor who shows up to the job site, and you suspect they are under the influence," Alladawi warns. 13. Bad gut feeling Finally, if you get a bad feeling about a contractor, it's worth considering other options. Your intuition can be a valuable tool in making a decision. Revive Real Estate partners with real estate professionals to provide the funding, guidance, and contractors needed to get strategic pre-sale renovations done fast and for maximum value. Discover more at www.revive.realestate.
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5 Script-Starters to Use When Clients Push Back
Does client skepticism have you scrambling for the right words? When your expertise is questioned or your value proposition stalls the deal, it's tough to stay on track. But with RPR (Realtors Property Resource) in your toolkit, you'll always have data-backed answers to win them over. Here are some common client pushback questions and statements, and how you can use RPR to reply to them… Countering Online Estimates "Wait a second, I know my home's worth _______" This is one of the most common comments listing agents deal with day in and day out. Homeowners keep a close eye on their neighbor's home values and how much they sell for. They feel, often strongly, that their home is of equal (or more) value for a variety of reasons. But the truth is, they might be relying on outdated online estimates or have an emotional attachment inflating their price expectation. Here's your scripted reply: I understand you've looked at online estimates… and that's a great starting point. But I have a special resource that allows me to dig much deeper into the data. We'll look at recent sales of truly comparable homes, not just a computer algorithm. This ensures your pricing is both realistic and competitive. RPR's CMA tools give you everything you need to pull comps and put together on-target pricing recommendations. If you haven't already done so, sign up and attend this free RPR CMA webinar. "An online estimate told us our house is worth more than you're saying." Many consumers seek out online home listing sites when they start to look for homes or do research on how much they think their home is worth. And some have catchy names that homeowners really gravitate to. And who wouldn't want to see an inflated price for their home? However, online value algorithms can often be way off mark and very deceiving when it comes to making sound real estate decisions. It is a place to start when looking for homes, but it most certainly does not replace an experienced CMA or a professional appraisal. Here's your scripted reply: Yes, I understand that you may have seen your home online and you're happy with the number you saw. But are you familiar with how online AVMs work? They take the deed recordings in a geographic area to determine the number, and they don't include the condition of the home or any upgrades. I will provide you with more accurate data, and I can show you recent sales in the area that paint a more accurate picture. I will build you a professional CMA using proprietary REALTOR® tools and data, and I will go even further by creating a Sales Comparison Analysis, which is an advanced, detailed valuation analysis. This will help us find the perfect way to price your home. RPR's home pricing valuation tools and data are second to none. Coupled with your local market experience and insight, you'll be able to push back yourself on off-the-mark online estimates. To sharpen your skills even further, take RPR's advanced valuation webinar for tips and tricks on how to evaluate hard-to-price properties. Emphasizing Market Expertise "I can sell it myself…" Just about every agent in the business has encountered at least one FSBO in their career. And although there are less FSBO transactions than previous decades, For Sale By Owners are still a stubborn bunch. They underestimate the complexities of marketing, negotiation and paperwork. And they fully subscribe to the "Put a sign in the ground and wait for the offers to roll in" philosophy of home selling. Here's how to handle one with an assist from RPR… Here's your scripted reply: Selling a home in today's market requires more than just putting up a listing or a sign. I constantly monitor local trends for things like median days on market and price adjustments. This lets us fine-tune your pricing and marketing as the market shifts and evolves. The RPR Residential Market Trends are your go-to source for hyper-local housing market data. Don't miss out on the market insights that power smarter decisions. Here's how to conduct in-depth market analysis by looking at extended time frames as they pertain to housing market data. This video tutorial, RPR Market Trends, will show you how to track stats and metrics over months or years to see how the market has evolved. Hover over the trendlines to pinpoint specific data points and make informed decisions, and then easily share this information with clients and prospects with a click or two. The Value of Time and Negotiation "All REALTORS® are the same…" Oftentimes, and even more so thanks to the recent buyer commission litigation and settlements, consumers do not understand or grasp what they're paying for. With this fee-focused mindset, they simply don't see the value in paying a commission and push back accordingly. Both buyers and sellers may not understand the different levels of service, expertise and resources offered. Here's your scripted reply for sellers: While selling yourself is possible, my network and market insights help me identify potential buyers who may be a great fit for your home. Plus, I handle complex negotiations every day, aiming to get you the best possible terms, not just a quick sale. Here's your scripted reply for buyers: Negotiations can be tricky. I have access to in-depth market data to back up our offers. This means not just getting you a good price, but the right terms to save you even more in the long run. Use these script starters to prove your value to buyers and sellers. To dig even deeper into everything that RPR offers REALTORS®, be sure to check out these video tutorials in the RPR Learning Center. New neighborhoods "You haven't sold any houses in our area." New agents hear this one quite a bit, especially ones with zero to a few closed transactions. Even veteran agents when they venture outside their "regular" neighborhoods can hear this criticism. And although you might not be familiar with who teaches second grade at the local elementary school, you can learn and know a lot about an area thanks to RPR. Here's your scripted reply: I understand your concern. You'll be impressed by how quickly I've become an expert on your neighborhood. I have access to a special database with local neighborhood insights and pricing tools most people don't have access to—such as the area's walkability, vital metrics, and how neighborhoods stack up against each other. Let me show you how my expertise translates into the best possible outcome for your home sale. The data from RPR can really help you in your rebuttal. RPR Reports, especially the Neighborhood and School Reports, give you a plethora of information about the area and its surrounding area. This includes school scores, walkability, points of interest, shopping and restaurant proximity, and so much more. You can also utilize the RPR Market Trends ScriptWriter to give you some insight as to how the market currently stands by searching for the neighborhood's name or ZIP code. And here's a nice cheat code: choose the "conversational" tone and the "Create Video Script" for your search area, and you'll almost instantly be provided with a script that you can use to help craft your reply, as it gives you all kinds of stats that are local to this neighborhood. Use the video script created by AI to aid you in your scripted responses! Prove your value and your worth using these script starters Clients can be hesitant, nervous or apprehensive in just about every phase of a transaction. And it can be for a variety of reasons, both personal (employment, overall financial situation) and external (interest rates, recession fears). Sometimes, they're simply overwhelmed. However, how you respond to the pushback is key to your success as a REALTOR®. It's your job to remain cool and calm, and provide some clarity amongst the chaos. Having these script-starters at your disposal is a smart way to be prepped for all types of questions and stop signs. To view the original article, visit the RPR blog. Related reading 'How's the market?' Learn how to respond with RPR Market Trends 6 Real Estate Scripts (and When to Use Them) Try This Expired Listing Script to Win More Appointments
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Friday Freebie: Let AI Power Up Your Marketing with this 60-day Trial
The average real estate agent is required to wear a lot of hats: sales guru, housing market expert, advisor, marketer, and more. Outside of hiring an assistant, how can agents take back some of their valuable time? Enter artificial intelligence. Since late 2022, real estate agents have been leveraging AI tools like ChatGPT to help them with a variety of tasks. Today, the power of AI has also been integrated into several top real estate apps. Today, we're going to introduce you to one of those apps. Constant Contact is a name synonymous with email marketing, but did you know it also offers social media and SMS marketing all in one place? Even better, Constant Contact now offers an integrated AI assistant that can write campaign messages for you based on just a few keywords. See it for yourself! RE Technology readers can try Constant Contact free for 60 days in this week's Friday Freebie. Read on to learn how to claim your free trial… Free 60-day trial of Constant Contact's AI-powered marketing tools Don't know what to say in that marketing email? Not sure if a subject line will catch your audience's attention? Let AI do the heavy lifting for you! Constant Contact's AI can even write variations of the same social post for each platform that you use. Additionally, Constant Contact goes the extra mile to ensure that your emails are delivered. When Google and Yahoo implemented email authentication requirements in February, Constant Contact stepped up to assist their customers. Watch Constant Contact CEO Frank Vella explain: Here's what you'll get in your 60-day free trial of Constant Contact: Email and social media marketing management in one solution Customizable automation workflows Built-in AI marketing assistant List-building tools and sign-up forms Integrations with real estate tools like WiseAgent, Zillow, dotloop, BoomTown, and more Pre-designed templates and a drag-and-drop email editor Comprehensive analytics to monitor campaign performance and help you fine-tune your marketing strategy And more! Free up your time and make marketing your business easier than ever. Claim your FREE 60-day trial of Constant Contact today! Related reading 8 Ways to Leverage the Magic of AI for Real Estate Marketing [WATCH] Empowering Real Estate Professionals: Constant Contact CEO Shares Insights and Strategies Recruitment and Retention Tactics: How Brokerages and Teams Can Leverage Constant Contact [WATCH] AI Magic for Real Estate Marketing: Unlocking Real Estate Marketing Excellence with AI Innovations
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Which AI Chatbot Subscription Is Best for Your Business?
You've heard the buzz about AI transforming the real estate industry, but with so many chatbot options available, how can you find the one that best fits your business needs? Here's a look at the strengths and weaknesses of five of the most popular AI chatbots: ChatGPT, Claude AI, Google Gemini, Perplexity AI, and Jasper – to help you make an informed decision about which subscription is worth your hard-earned dollars. ChatGPT Strengths: ChatGPT excels at creating high-quality content, assisting with analyzing research, and answering questions, saving real estate professionals significant time and effort. It can generate human-like responses, making it a valuable tool for drafting informative and engaging content. Personalization has been improved with the recent addition of memory storage. Weaknesses: Despite its impressive capabilities, ChatGPT lacks integration with real-time data sources, which may result in outdated or inaccurate information. As news reports have shown, ChatGPT's outputs could include biased or insensitive content if not carefully monitored and filtered. Real use case: A real estate agent can use ChatGPT to draft informative and engaging blog posts about local market trends, homebuying tips, or the benefits of buyers working with a real estate professional. Pricing: A free account provides access to the ChatGPT 3.5 model via web, iOS, and Android unlimited messages, interactions, and history. Pro account: Access to GPT-4 and access to additional tools like DALL·E, Browsing, Advanced Data Analysis, and more: $20 per month per individual. Claude AI Strengths: Claude AI offers round-the-clock availability and highly personalized interactions. It provides valuable assistance with complex questions, making it a reliable resource for agents and clients. Claude's ability to learn from previous interactions enables it to improve its responses and adapt to individual user needs continuously. It is one of the best content creation bots available today. Weaknesses: While Claude can handle many tasks and inquiries, it may struggle with complex, sensitive, or emotionally charged situations where empathy and understanding are crucial. Claude's AI data training has a cutoff date of 2021 and may lack the ability to provide the most current information to inquiries. Real use case: A real estate agent can use Claude AI to create comprehensive and engaging neighborhood guides that showcase the unique features, amenities, and lifestyles of different areas within their market. These guides could serve as valuable resources for potential buyers, helping establish the agent as a local expert. Pricing: A free account provides limited access to basic features, such as answering simple questions and providing general information. The free version also has restrictions on the number of interactions. Claude Pro: For $20 per month per individual, users get full access to all features, including advanced question-answering capabilities and higher usage limits detailed here. Google Gemini Strengths: Google Gemini can help agents enhance client communication and marketing efforts. Its ability to generate highly personalized content makes it a versatile tool for creating engaging marketing materials. Gemini's superpower as a chatbot is its integration with Google Search, which makes it able to provide real-time information. It's also great at summarizing content. Weaknesses: As a more general-purpose AI, Gemini's responses to prompts tend to be shorter, limiting its ability to assist in creating blog posts that require more content. Also, Gemini raised ethical concerns, and its use requires extra caution within an industry that must adhere to fair housing rules and data privacy. Real use case: An agent can use Gemini to create personalized email campaigns that provide valuable information about local housing markets, financing options, or the benefits of homeownership to their client base. Pricing: Google Gemini offers a standard free version that reliably answers questions, summarizes text, and creates basic content (poems, scripts, etc.). Gemini Advanced, which requires a Google One AI Subscription, can provide coding assistance and debugging help, offer complex reasoning and logical problem solving, handle nuanced instructions for creative tasks, and provide longer and more in-depth content for $19.99 per month per individual. Perplexity AI Strengths: Perplexity AI stands out for its integration, providing in-depth, well-researched, and tight responses by drawing information from multiple online sources. It is also highly flexible, allowing users to switch between different AI models, such as ChatGPT-4 and Claude 2.1, to find the best fit for your prompt. Bonus: You can use Perplexity to search Reddit. Weaknesses: Perplexity can be inconsistent with responses and does not handle problem-solving well. Moreover, while it may use search, it does not have the breadth of search coverage as a traditional search engine, as it is limited to the curated sources it has been trained on. Real use case: Perplexity AI does well with math and can help agents better analyze their marketing tracking data. For example, agents can input the performance of different social media posts, providing the content and results for each post to Perplexity, which can analyze the data and provide a summary of interesting trends. Pricing: A free individual account offers basic search functions with limited features. The Pro Plan is $20 a month for an individual (or $200 a year) and includes access to AI models like GPT-4. Jasper Strengths: Jasper is an AI marketing copilot. Its strength is its ability to create highly personalized content that helps real estate agents build their brand and drive engagement. It offers real estate-specific templates and creative writing support, enabling agents to produce social media posts, blog articles, and email campaigns. It does well in creating attention-grabbing content to help agents stand out. Weaknesses: Although Jasper can create engaging content, it may need a deeper understanding of local market dynamics and nuances crucial for effective real estate marketing. As with all AI-generated content, agents must carefully review and edit to ensure accuracy and brand alignment. Real use case: Jasper can help a real estate agent create compelling social media posts, such as showcasing a client success story, highlighting neighborhood or community features, or sharing details about local events to build brand awareness and engagement. Pricing: Jasper offers a 7-day free trial, allowing users to test the platform's capabilities for any paid program during that time. Paid plans per seat start at $39/month (Creator – billed yearly) for one brand voice. Building an AI toolkit Choosing the right AI chatbot for your real estate business can significantly increase your productivity. By reviewing the strengths and weaknesses of each option – and testing out the free versions for yourself – you can find the best chatbot for your AI toolkit. Don't forget that if you struggle with a chatbot or any technology, Tech Helpline analysts can help. This service is available to over 750,000 Realtors in North America as a member benefit from their MLS or association. Whatever you choose – ChatGPT, Claude AI, Google Gemini, Perplexity AI, or Jasper – the key is to find the AI chatbot you will use daily. With the right AI tool in your tech stack, you'll have more time to focus on what matters most: building relationships and closing deals. Related reads From the Tech Helpline blog: 3 Best AI Prompts for Real Estate Agents Best practices for AI in Real Estate Today To AI or not to AI: What are the risks and rewards? Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity.
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NAR Offers Update on Settlement and Pushes Back Deadline to Implement Changes
Big changes are coming to the real estate industry, thanks to the NAR settlement announced in March. Fortunately, real estate professionals now have more time to adapt to these changes. Initially, these "practice changes" were to go into effect in July. However, the National Association of REALTORS® recently announced that policy changes related to the settlement won't go into effect until August 17. So what should Realtors know about these changes before the deadline? NAR recently shared a summary of revisions to the MLS policy handbook, as seen below. A more detailed explanation of each practice change is available on facts.realtor. Realtors can also consult the NAR Settlement FAQ for more information. Summary of policy changes Pursuant to the requirements of the proposed Settlement Agreement, the MLS policies and model MLS governing documents were reviewed and updated with the key changes below: Eliminate and prohibit any requirement of offers of compensation in the MLS between listing brokers or sellers to buyer brokers or other buyer representatives. Retain, and define, "cooperation" for MLS Participation. Eliminate and prohibit MLS Participants, Subscribers, and sellers from making any offers of compensation in the MLS to buyer brokers or other buyer representatives. Require the MLS to eliminate all broker compensation fields and compensation information in the MLS. Require the MLS to not create, facilitate, or support any non-MLS mechanism (including by providing listing information to an internet aggregator's website for such purpose) for Participants, Subscribers, or sellers to make offers of compensation to buyer brokers or other buyer representatives. Prohibit the use of MLS data or data feeds to directly or indirectly establish or maintain a platform of offers of compensation from multiple brokers or other buyer representatives. Such use must result with the MLS terminating the Participant's access to any MLS data and data feeds. Reinforce that MLS Participants and Subscribers must not, and MLSs must not enable the ability to filter out or restrict MLS listings that are communicated to customers or clients based on the existence or level of compensation offered to the cooperating broker or the name of a brokerage or agent. Require compensation disclosures to sellers, and prospective sellers and buyers. Require MLS Participants working with a buyer to enter into a written agreement with the buyer prior to touring a property. The policy changes were reviewed by the MLS Emerging Issues and Technology Advisory Board and adopted by the NAR Leadership Team and will be effective on August 17. Related reading How to Talk About the NAR Settlement with Clients and Prospects NAR Settlement Impact: What to Start Doing Today 100 Things Buyer's Agents Do for Their Clients
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Serving Disabled Homebuyers: A Guide for Real Estate Agents
We have a unique opportunity to support individuals with disabilities in achieving the significant milestone of homeownership. By understanding the unique challenges these clients face and leveraging specialized resources, agents can facilitate a smoother and more effective home-buying process. Understanding the Challenges When working with disabled homebuyers, it's crucial to recognize that their primary concerns often extend beyond the standard financial considerations. Accessibility is a significant factor — finding properties that meet specific physical needs or can be easily modified is essential. Additionally, maintaining eligibility for necessary assistance programs while managing the financial implications of buying a home can complicate decisions for these buyers. Key Resources and Tools for Agents DO Audiotours Sometimes you may not recognize a person has a disability like hearing, or neurodiversity, which is where our software comes in. Utilize DO Audiotours to enhance how you communicate property features to your clients. This audio/visual tool includes Audio Description, Captions, Multi-Language support, and ADA-friendly components that bring properties to life. It capitalizes on your knowledge and personal insights, offering a competitive edge in your presentations. Specialize as a Housing Counselor Be the real estate professional who specializes in the intersection of disability and homeownership. You can provide valuable guidance on everything from the buying process to special accommodations and legal rights. Financial Planning Tools Introduce your clients to tools like ABLE accounts, which allow individuals with disabilities to save for their home without risking their benefits such as SSI or Medicaid. This can be crucial for accumulating a down payment or handling housing-related expenses. Government and Non-Profit Programs HUD's Housing Choice Voucher Program: Also known as Section 8, this program not only assists in renting but also in homeownership. It provides vouchers that can help with buying a home and managing monthly homeownership expenses. USDA and VA Loans: Inform your clients about the USDA's Single Family Housing Direct Home Loans for low-income applicants in rural areas, and the VA's home loan programs for veterans, including disabled veterans. These loans often offer favorable terms such as no down payment and no private mortgage insurance. Local Initiatives Explore local non-profits and governmental initiatives that provide additional support and financial assistance for disabled individuals buying a home. Many states and municipalities offer programs that assist with down payments, renovations to make homes accessible, and more. Overcoming Obstacles The challenges faced by disabled homebuyers are significant but not insurmountable. By leveraging these specialized resources and planning strategically, you can help your clients navigate the complexities of buying a home effectively. The key to success lies in preparation and seeking out the right support systems. Conclusion When planning to assist a disabled client in buying a home, consider how each of these resources might fit into their financial planning. From ABLE accounts to government loans and voucher programs, each tool offers unique benefits that can make homeownership more accessible. Always check for local resources and grants that might be available specifically in your area to provide additional support to your clients.
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Leveraging Milestones: New Ways to 'Wow' Customers Throughout the Transaction
What if you could make your real estate clients feel like VIPs every step of the way without spending countless hours on personalized gestures? The secret lies in leveraging your transaction management system to commemorate your clients' milestones and show your unwavering support, helping you create an extraordinary client experience. As you know, a transaction management platform offers a myriad of benefits to streamline your business. It serves as a centralized hub for all deal-related information, providing you with a clear overview of each transaction's progress. Going digital means you can access critical documents anytime, anywhere, and ensure nothing falls through the cracks. This saves you time, reduces stress, and allows you to provide prompt, accurate updates to your clients, instilling confidence in your ability to manage their transactions seamlessly. Moreover, a transaction management system enables you to collaborate effortlessly with all parties involved in the deal, from clients and co-agents to lenders and title companies. This streamlined communication ensures everyone stays informed and on the same page, minimizing misunderstandings and delays. By leveraging the power of a digital platform, you can create a transparent, efficient process that enhances your clients' trust in your expertise. What if you could take this a step further and use your transaction management system to celebrate your clients' journey at every milestone? By leveraging the power of timely, personalized communication, you can transform the client experience from ordinary to extraordinary. Commemorating the milestones Your transaction management system automatically tracks pivotal events as you navigate from contract to close. You can turn these events into milestones, as they represent significant moments in your client's home-buying or selling journey. Moreover, you can celebrate each one with a bit of special recognition. How you inform clients about reaching a milestone is not as important as when. Sending a timely communication – via email, phone, or even a personalized note sent via mail – is vital to acknowledging these achievements and sharing in their excitement. When you turn each of these events into a milestone to celebrate, you can "wow" your customers by exceeding their communications expectations: Offer accepted The moment an offer is accepted marks the beginning of your client's journey. Celebrate this milestone by sending a congratulatory message, expressing your enthusiasm for the road ahead. This simple gesture sets the tone for a positive, supportive relationship. Escrow deposit confirmed Let your clients know when the escrow deposit or transfer is confirmed. This milestone signifies a commitment to the process and reminds them that they're one step closer to their goal. Title review complete Upon receiving and reviewing the title, inform your clients of the progress. This milestone may seem minor, but it's essential to ensure a smooth transaction. Homeowners insurance secured Once your clients have secured homeowners insurance, take a moment to acknowledge this achievement. This milestone provides peace of mind and demonstrates their responsibility as future homeowners. HOA documents shared (if applicable) Sharing the HOA documents is crucial if your clients are purchasing a condo or a property within a homeowners association. When this milestone is reached, let your clients know and offer to review the documents together. Inspection reports received When the inspection reports come in, share the highlights with your clients. This milestone can be stressful, so provide context and offer guidance on any necessary steps moving forward. Appraisal confirmation Appraisal confirmation is a significant milestone, as it validates the property's value. Share the vital details with your clients and express your confidence in the transaction's progress. Loan approval or asset verification Whether your clients are financing their purchase or paying cash, the loan approval or asset verification milestone is cause for celebration. Let your clients know that they're getting closer to the finish line. Closing date set Share the exciting news with your clients when the closing date is set. This milestone signifies the beginning of the final stretch and allows your clients to plan accordingly. Final walkthrough complete After the final walkthrough, contact your clients to ensure they're satisfied with the property's condition. This milestone represents the last opportunity to address any concerns before closing. Closing confirmation When the closing is confirmed, celebrate with your clients. This milestone marks the end of their journey and the beginning of a new chapter in their lives. Creating raving fans for life Recognizing and commemorating each milestone demonstrates your commitment to your client's success. Your attention to detail and timely communication will set you apart from the competition and create a memorable, positive experience for your clients. Remember, the goal is not just to complete a transaction but to foster a lasting relationship built on trust, support, and expertise – and to illustrate that you genuinely care. By leveraging your transaction management system – like Form Simplicity – to help celebrate your clients' journey, you'll create raving fans who will praise your efforts and refer you to their friends and family, possibly for years to come. Embrace the power of milestones through your transaction management system and watch your client relationships flourish. Your transaction management system is more than just a tool – it's your key to unlocking an unparalleled client experience that will keep them coming back for more. Related reads From the Form Simplicity blog: 4 Ways Technology Can Help Real Estate Agents Achieve Work-Life Balance Improve the Customer Experience – 4 Ways Transaction Management Software Can Help 3 Surprising Advantages of a Digital Transaction Management Program Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity.
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Real AI: AI agents are the next big thing, AI and the Big Apple, fast facts, and AI quote of the week
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What Buyers REALLY Want to See on Your Real Estate Website
What are prospective home buyers looking for when they come to your real estate website? NAR's 2024 Generational Trends Report sheds some light on the matter. The annual survey asked buyers who use the internet which website features they find most useful. Today, we're going to dive into what the research shows. You can use this information when researching new website vendors or evaluating how your current site measures up. Let's dive in! Below are website features that buyers rate as "very useful" during their home search process, ranked from most to least important. Most important More than half of home buyers rated these two features as very useful: Photos - Unsurprisingly, photos are the most desired website feature. Ensure all photos that you upload to the MLS or add to your website are high quality, high definition images. While we recommend hiring a professional for your listing photos, if you're a determined DIYer, check out these tips. (And, if nothing else, step away from the smartphone!) Detailed property information - Buying a home is a big deal, and buyers want to know as much information as they can before making a decision. Fill out every applicable MLS field when adding your latest listing, and don't be afraid to add more info about your listing to your website. Need inspiration for writing property descriptions? See 4 Real Estate Listing Description Examples that Increase Sales, or read ChatGPT Hacks for Real Estate Agents to learn how to leverage AI to craft property descriptions. Important More than 30% of home buyers said the following website features are very useful: Floor plans - The floor plan is having a moment, and many MLSs are offering apps that capture floor plans, like CubiCasa, for free to their members. Additionally, many virtual tour providers include a floor plan in their standard offerings. If you're looking for a floor plan vendor, check out our Product Directory. Agent contact information - We're amused that only 43% of survey respondents said this was very important. To you, the agent, it is 100% important! So make sure that, at minimum, your name, email and phone number are prominently displayed on your website so you never miss a lead. Virtual tours - Today's virtual tours, which are typically 3D walkthroughs of a home, can help buyers with decision making, whether that's the decision to tour a home at all or to decide if it's the right property for their needs. Many virtual tour solutions also offer extra marketing tools you many not know about, and most also include photos and floor plans from one scan, so you get more bang for buck. You can find a virtual tour provider in our Company Directory. Neighborhood info - We love when we come across agent websites with beautiful neighborhood pages. Create a page on your site for each neighborhood you serve and be sure to include information about nearby attractions and schools. Be sure to include a call-to-action to contact you for more information about homes for sale in the area. Less important More than 20% of home buyers rated the following website features are very useful: Recently sold properties - It's one thing to get a listing; it's another thing to close a transaction. Show off homes you've recently sold so buyers can understand your track record of success. If your listings sold faster than the average DOM for your area or for over asking, mention that! Additionally, most MLSs now provide sold data in their IDX feeds, so you can use that to offer recently sold information about your entire local market on your site. Interactive maps - Many IDX website vendors include map search functionality. If you're not sure if yours does, check with your site provider and ask how to turn it on. Videos - While only 21% of buyers said videos were very useful to them on a website, that doesn't mean you should stop producing them! They're still extremely valuable on social media to help drive traffic to your website, and you can highlight the best on your site. Need help creating compelling videos? RPR's Market Trends ScriptWriter can write video scripts for you. Upcoming open houses - Okay, so technically only 19% of buyers overall said information about upcoming open houses were very valuable. But that may be thanks to the oldest generation, which represents only 16% of buyers, bringing down the average. Younger generations care more about this info, with 31% of prime-age (34-43 years old) buyers expressing interest. So don't be shy about adding open house announcements to your website! Take it or leave it The final three real estate website features all ranked under 10% overall: Virtual open houses - A lifesaver during the height of the pandemic, this feature is less important to home buyers now. Virtual listing appointments - See above. Real estate news and articles - Dedicated agent bloggers may be disappointed to see this, but this ranking shouldn't dissuade you from posting. While buyers may not show up explicitly for your blog, consistent content creation still works wonders for SEO and attracting leads. So if you love it, keep going! Next steps Read more articles about real estate websites and Internet Data Exchange (IDX) Explore Website, IDX, and Virtual Office Website (VOW) solutions in our Product Directory.
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[WATCH] AI Magic for Real Estate Marketing: Unlocking Real Estate Marketing Excellence with AI Innovations
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Your Guide to Real Estate Hashtags in 2024
In 2024, an estimated 3.2 billion people will use social media worldwide. You know that using the right hashtags on social media can attract potential buyers and sellers. However, staying on top of the most effective real estate hashtags requires diligent research and savvy. This comprehensive guide for 2024 provides the latest and trendiest hashtags for different agents/brokers. You'll learn which hashtags perform best for targeting local markets, property types, services, and more. LET'S GO. Why You Need to Use Real Estate Hashtags in 2024 BLAH-BLAH-BLAH, I don't want to waste your time, nine important WHYs are here: Increased Visibility Targeted Reach Brand Awareness Engagement Boost Local Marketing Trend Awareness Community Building Content Organization Lead Generation Choosing the Right Hashtags for Your Target Audience Identify Your Target Clients To choose effective real estate hashtags, first, determine who your ideal clients are. Are you focused on buyers, sellers, investors, or all of the above? Identify the locations and property types in which they would be most interested. Monitor Popular Hashtags Once you know your target audience, monitor popular real estate hashtags to see which ones generate the most engagement. Tools like RiteTag, Hashtagify, and Keywee can show you the top real estate hashtags. Look for those that are most relevant to your business and clients. Test and Track Different Hashtags Try out different hashtags to determine which ones drive the most traffic and engagement for your social media posts. You may need to experiment with a mix of broad appeal and niche hashtags. Track the performance of different hashtags over time using analytics tools provided by the social networks themselves or third-party services like Sprout Social or Hootsuite. Stay Up to Date with Trends Real estate is an industry that is constantly changing, so the popularity of different hashtags will evolve. Pay attention to real estate social media influencers and see which new hashtags they are using. Check real estate industry reports on the latest social media trends. And reevaluate your hashtag strategy at least every six months to make sure you are up to date with the latest best practices. Measuring the Performance of Your Real Estate Hashtags To determine if the hashtags you are using are effectively promoting your real estate business, you need to track their performance. Impressions Impressions refer to the number of times your hashtags were seen on social media. A higher number of impressions means more visibility for your brand and listings. Engagements Engagements measure how many people interacted with your hashtags by liking, commenting, sharing, or clicking on them. Strong engagement shows your hashtags are resonating with your target audience. Aim for an engagement rate of at least 1-3% of your total impressions. If engagements are low, you may need to tweak your hashtags or content strategy. Conversions The most important metric is how many conversions your hashtags drive, such as website visits, lead captures or property inquiries. If your hashtags aren't generating conversions, they aren't achieving your ultimate business goals. The BEST and TOP real estate hashtags Now the best part! Remember, by millions, I mean total posts on social media. General real estate hashtags: #realestate (27.8M posts) #realestateagent (27.8M posts) #realestateinvestor (8.9M posts) #realestatelife (8.7M posts) #property (18.7M posts) #realty (9.2M posts) #housingmarket (5.4M posts) #homedesign (27.2M posts) #realestatetips (2.3M posts) #homeownership (4.2M posts) #broker (4.9M posts) #investment (42.1M posts) #luxuryrealestate (13.7M posts) #makememove (1.2M posts) #mansion (7.4M posts) #interiordesign (47.2M posts) #architecture (42.1M posts) #firsttimehomebuyer (6.4M posts) #fixandflip (3.2M posts) #foreclosure (1.8M posts) Real estate hashtags for buyers: #firsttimehomebuyer (6.4M posts) #buyeragent (2.1M posts) #homebuyer (7.9M posts) #dreamhome (29.2M posts) #findahome (4.2M posts) #househunter (17.8M posts) #makeahouseahome (5.9M posts) #newhome (21.3M posts) #realestatebuyers (1.1M posts) #relocation (4.7M posts) #preapproved (786.2K posts) #mortgage (13.2M posts) #closingcosts (421.1K posts) #homeinspection (1.3M posts) #movingday (3.9M posts) #firsttimehomeowner (2.4M posts) #openhouse (11.2M posts) #walkthrough (1.2M posts) #neighborhoodvibes (1.4M posts) #commuterfriendly (786.2K posts) Real estate hashtags for sellers: #homesforsale (13.8M) #realestateforsale (11.1M) #househunting (8.1M) #newlisting (7.9M) #forsale (7.4M) #dreamhome (6.9M) #sellingmyhome (2.9M) #movethemomin (1.3M) #nextchapter (1.2M) #propertyforsale (538.9K) #justlisted (489.5K) #openhouse (440.3K) #realestateseller (299.7K) #sellingfast (208.3K) #location [Location Type] (e.g. #lakehouse, #beachfront) #moveinready (182.5K) #motivatedseller (132.1K) #sellingmy [Property Type] (e.g. #sellingmycondo, #sellingmyranch) Real estate hashtags for renters: #apartmentforrent (5.8M) #rentals (4.2M) #rentalproperty (2.7M) #renterlife (1.7M) #forrent (1.5M) #houseforrent (1.2M) #apartmentliving (982.4K) #newrentals (681.2K) #renting (598.2K) #availablenow (421.1K) #nobrokerfee (168.2K) #petfriendly (162.9K) #inunitlaundry (138.5K) #cityliving (121.3K) #studioapartment (105.2K) #luxuryapartments (89.4K) #basementforrent (29.2K) #rentinghouse (18.7K) To view the original article, visit the Realtyna blog. Related reading How Many Hashtags to Use and 6 Other Instagram Tips for Real Estate Agents 9 Ways to Use Social Media to Make Your Website a Better Lead Engine Mastering Instagram: Best practices for real estate agents
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Top 10 Most Popular Articles of April: The value of an agent, free marketing materials, and more
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Tips for Effective Networking in the Real Estate Industry: How Agents Can Make More Connections
Networking plays a vital role in the success of real estate agents. Building a strong network can lead to valuable connections, referrals, and new opportunities. However, effective networking requires more than just handing out business cards at events. In this post, we'll share some practical tips to help real estate agents make more meaningful connections in the industry. Be Authentic and Approachable Authenticity is important when networking with others. Being genuine and letting your personality shine will help you to connect with people. Make others feel at ease in your presence by approaching conversations with a friendly and approachable demeanor. Maintain eye contact, smile, and pay attention to what others are saying. Being interested in the person you're speaking with rather than just selling yourself will help you establish a genuine connection, which is what it takes to build relationships. Attend Industry Events Conferences, trade shows, and seminars related to real estate are excellent venues for networking with professionals in the field and potential customers. Find local events, and make it a point to attend them. These events are great for gaining insights into the industry, growing your network, and staying current with trends. Take advantage of networking breaks, cocktail hours, or after-parties to strike up conversations and establish connections with like-minded individuals. Leverage Social Media Social media platforms present tremendous networking potential in the current digital era. By consistently publishing interesting content about the real estate sector, you can establish a powerful online presence. Participate in discussions by joining groups on websites like LinkedIn that are dedicated to your industry. Share your expertise, offer insightful comments, and interact with other people's posts. Connecting with people outside of your immediate circle using social media can lead to new opportunities and collaborations. Build and Maintain Relationships Networking isn't just about collecting business cards; it's about building and nurturing relationships over time. When you meet someone who could be a valuable connection, follow up with them promptly. Send a personalized email or connect with them on LinkedIn, reminding them of your conversation and expressing your interest in staying connected. Take the initiative to schedule coffee meetings or attend industry events together. Remember, a strong network is built on trust and mutual support. Provide Value to Others It takes two to tango when networking. Instead of concentrating on what you can get out of a relationship, think about what you can give. Give advice, assistance, and value to others in the sector by sharing your knowledge. You could offer to speak at industry events or write guest articles for blogs about real estate, for instance. By presenting yourself as a knowledgeable and helpful professional, you'll establish yourself as a reliable source, and people will come to you naturally. Collaborate with Other Professionals Networking doesn't always have to be about direct competition. In fact, working with experts in related fields can be very advantageous. Get in touch with mortgage brokers, property inspectors, interior designers, and other professionals who provide real estate services. You can broaden your network by working together on projects or referring clients to one another! Remember, cooperation often leads to new opportunities that can benefit everyone involved. To conclude, networking is a powerful tool for real estate agents to expand their professional reach and uncover new opportunities. By being authentic, attending industry events, leveraging social media, building and maintaining relationships, providing value to others, and collaborating with professionals, agents can make meaningful connections that can enhance their success in the real estate industry. So, put these tips into practice, step out of your comfort zone, and watch your network grow along with your career. Remember, every connection you make could be a stepping stone toward achieving your goals. Happy networking! To view the original article, visit the Transactly blog.
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You Are the Brand: How to Build Your Visibility and Still Leverage Your Broker's Brand
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Tailor Your Message and Impress Your Clients with RPR's Commercial AI ScriptWriter
Commercial real estate can be complicated. And even though you have the experience and a deep understanding of the nuances of the market and the industry, it can still be difficult to explain all those details and numbers to your clients. Thanks to RPR (Realtors Property Resource), it's time to impress and not stress! Introducing RPR's Commercial AI ScriptWriter. This easy-to-use, data-focused tool will give you an instant edge and help you quickly tailor insights to match your audience. Whether it's a pitch outline for a city planner, a one-pager explaining the area to a prospective tenant, or a deep-dive report for an investor — it's all at your fingertips and in your hands in seconds. The brains behind the RPR Commercial AI ScriptWriter Before we get to the how-to on using the Commercial AI ScriptWriter, we want you to know a little background on what went into creating it for our commercial and resimercial users. RPR prides itself on providing a laundry list of data-based features for today's commercial real estate specialists, including Site Selection tools, Trade Area Reports, ROI analytics, traffic data counts, POI mapping research, commercial comps and more. In particular, RPR's comprehensive commercial trade area data enables REALTORS® to generate detailed summaries of demographics, economics and tapestry segments for specific areas. This breakdown includes a thorough analysis of community characteristics and residents' spending habits. After receiving feedback, it was evident that agents highly value the commercial trade area data provided by RPR. They appreciate the abundance of information available to them without any additional costs. And for the record, RPR sources much of this data from Esri, a leading provider in the industry, whose data is highly sought after by Fortune 500 companies at significant costs. And yet, even with all these great resources, REALTORS® who practice commercial real estate have expressed a challenge in finding the time to sift through the extensive data and tailor it to different client types, such as Economic Development Councils, City Planners, tenants, building owners and investors. Additionally, they struggle to adjust the tone and presentation to suit the unique preferences and relationships with each client. This process of customization takes considerable time and effort, especially when catering to clients with diverse personalities and varying levels of communication styles. Addressing these individual client needs and preferences takes a lot of effort and can be a huge time-eater. Enhance your pitch with RPR's Commercial AI ScriptWriter Enter the RPR Commercial AI ScriptWriter! This AI-powered, generative tool rapidly sorts through the robust commercial trade area datasets including population characteristics (i.e., daytime population vs. residents), income (i.e., average household income), housing (median estimated home), spending habits (i.e., high-end wine), and much more. And then it offers real estate professionals a streamlined approach to creating different formats for presenting the information, depending on the audience and the goal. With RPR's Commercial AI ScriptWriter, users have the following formats that are customizable by audience (i.e., city planner), tone (engaging), and data inclusion (i.e., population stats): Presentation outline/direction: Lay-out for a pitch session. One pager: Quick explainer piece that narrates the landscape. Detailed report: Deeper understanding of an area that can be presented to more data-driven clients or used as the foundation for a feature article to illustrate market knowledge. How to find and use RPR's Commercial AI ScriptWriter To find the Commercial AI ScriptWriter, you'll need to locate the Trade Area Information page in RPR. There are several ways to do this, but one way is through the Property Details. Simply type in an address or area and search for your property. Then select Trade Area. On the upper right of the Attribute Summary, select Create Script. Now is the fun part! You can tailor your content by selecting: Tone: Select the tone that matches your style. Audience: Select your target audience: City Planners, Business Owners, Tenants or Investors. Data Points: Select essential data points that resonate with your clients. Now, choose your output format: One-pager: A concise explainer that captures the essence of the area. Detailed Report: This gives a deeper understanding of an area for data-driven clients or as the foundation for a thought-leadership article. Presentation outline: This is an outline for a pitch session. Another game-changing, data-focused tool from RPR Analyzing market demand, understanding consumer behavior, and identifying target markets for clients just became much easier thanks to RPR's new Commercial AI ScriptWriter. This informative content machine effectively showcases detailed insights into the demographic and socioeconomic characteristics of different areas, while freeing you up to focus on other tasks and areas of your business. RPR's Commercial AI ScriptWriter saves you hours, tailors reports for any client and helps you inspire client confidence. Take it for a spin today! To view the original article, visit the RPR blog.
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[Podcast] 'Is This a Safe Neighborhood?' Don't Answer That
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Real AI: Perfecting your prompts, AI Newsbytes, headlines, fast facts, and AI quote of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Better AI: Perfecting your prompts When working with AI chatbots, there's one golden rule: garbage in, garbage out. If you feed your bot ambiguous or half-baked prompts, you'll get suspect results. The key to AI mastery lies in crafting prompts that are incredibly specific and detailed so that the output can't help but shine. Think of it like ordering at a deli. If you mumble "sandwich," you might end up with mystery meat on stale bread. But if you ask for a "toasted sourdough club with crispy bacon, romaine lettuce, heirloom tomatoes, and a light spread of avocado mayo"? Now we're talking. The same principle applies to AI. The more specific you are in your prompts, the more likely you will be surprised and delighted by the results. Don't be afraid to go into excruciating detail about what you want – any top chatbot can handle it. But here's the thing: even with a great prompt, you can't just accept the first output and call it a day. Here's Hawkins AI rule No. 1: constantly iterate. The first result is rarely the best, so keep pushing. Clarify your prompt, ask for revisions, suggest additions, and don't settle until you get the output you need. And here's a pro tip: if you're struggling to perfect your prompt, ask the chatbot for help. These AI assistants are getting wicked smart and can often suggest ways to rework your prompt for better results. So, whether you're using AI to assist with writing content, brainstorming ideas, or analyzing data, remember: specificity is your friend, iteration is non-negotiable, and when in doubt, ask your chatbot for help. AI Newsbytes The honeymoon with AI is over. A new poll by the Artificial Intelligence Policy Institute says a majority of Americans are worried about AI risks: 62% said they are "somewhat or mostly concerned" about AI, compared to 21% who said they are "somewhat or mostly excited" about it. These feelings are non-partisan, with 75% of Democrats and Republicans believing AI could eventually pose a threat to the human race and 86% believing AI could cause a catastrophic event. Is AI the new infrastructure? Axios reports a shift from "AI is the new magic" to "AI is the new infrastructure," hoping to combat the negativity building against AI and AI firms. OpenAI hired veteran political consultant Chris Lehane to push this new positioning. AI growth massively outpacing U.S. power capacity. Inc. digs into how AI firms are overcoming power grid limitations, bypassing utilities to build their own power project, or dealing directly with power generators. Echoing the challenges, the WSJ reported this week, "Why the AI Industry's Thirst for Data Centers Can't Be Satisfied." To meet the insatiable demand AI is causing, one startup is building data centers in shipping containers and can drop these portable facilities in remote areas of Texas – or Africa. And finally… Amazon, Anthropic, OpenAI, Google, Microsoft, Meta, and other leading AI firms have jointly pledged to ensure their AI tools can't be used to exploit children. Child-safety group Thorn and All Tech Is Human, a non-profit focused on responsible tech, lead the effort. A new white paper, "Safety by Design for Generative AI: Preventing Child Sex Abuse," was released simultaneously with the new pledge. AI Fast Facts About one-in-four jobs in San Jose and San Francisco are tech-related, with over 730,000 tech jobs available – CTIA New York has over 549,000 people working in tech, representing 6% of its workforce – SignalFire Austin's VC-backed tech startups grew their workforces by 23% between 2019 and 2023 – SignalFire More than a third (35%) of the country's AI and machine learning specialists are in the San Fransisco Bay area – SignalFire 60% of job titles in 2018 didn't even exist in 1940, with automation erasing twice as many jobs between 1980 and 2018 as it did between 1940 and 1980 – Quarterly Journal of Economics Sources: Axios and Fast Company AI Headlines – Take 5 CoStar Acquiring Virtual Tour Leader Matterport for $1.6B | 4/23/24 - GlobeStCoStar bought Matterport as a data play and talent acquisition, and will use AI to extract data from its virtual property tours. Will AI Be the Death of Reception? | 4/23/24 - Commercial ObserverWhile AI is being deployed in the reception area, it can't fully replace human contact — for now. These 6 AI Art Generators Produce the Most Photorealistic Results | 4/19/24 - Make Use OfLearn about Adobe Firefly, DALL-E 3, and the other AI Generators that create the most realistic images. Apple bought another AI startup that could help make your iPhone better | 4/22/24 - MSNApple is beefing up its AI Division through the acquisition of Datakalab. AI in real estate: Assessing current and future use cases | 4/22/24 - HousingWireYlopo and real estate pros discussed AI in real estate today and tomorrow onstage at The Gathering in Scottsdale. AI Quote of the Week To view the original article, visit the WAV Group blog.
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Tech Helpline: 8 Unexpected Ways They Can Help Agents and Brokers
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From Inbox to Income: How to Increase Leads and Sustain Business Through Your Email
In today's digital age, where communication is predominantly conducted through electronic means, having a strong online presence (from your website to having an impactful social media presence) is crucial. Mastering the art of email communication can be the difference between thriving and surviving. We've all heard that staying engaged with past clients is one of the best ways for real estate agents to nurture and grow their real estate business. The good news is that there are endless ways to do this — holiday cards, client appreciation events, personalized gifts, and touch-base calls are just a few. But what can move the needle, without using a significant amount of resources? The convenient tool that is accessible right at your fingertips, your inbox! Let's dive into how your inbox can become the powerhouse for nurturing leads and fostering repeat business. Although high-quality graphics and catchy subject lines are important – we're getting real about building genuine connections and making every email count. Your inbox isn't just a tool to nurture the relationships you have, it opens up a world of opportunity to generate new leads as well. Here are a few tips for how to increase leads and sustain business through your email. Tip #1: Reach out and stay in touch, even when things are quiet As a real estate agent, you understand how imperative it is to build connections and keep them alive. Even if your clients are happily settled, a quick email can jog their memory about the incredible service you provided during their house hunt. Who knows? Their Aunt Sally or co-worker might just be the next big lead for your business. By casually reaching out, you stimulate a memory of their interactions with you, reminding them that you helped them during an extremely stressful and pivotal time. Anyone within their immediate sphere of influence then becomes a prospective buyer or seller, capable of perpetuating further lead growth for your business. Tip #2: Utilize real estate email templates Email templates are everywhere. They're like your secret weapon in the battle against time-consuming tasks. With templates for everything from open house invites to community event newsletters, they're a lifesaver. Setting up a drip campaign with these templates can free up hours of your week, leaving you open for those last-minute showings or scouting out new markets. Impactful email templates also give ideas on how to set up an open house invitation, present housing market data, and generate buzz around your brand by using proven design and content strategies with your branding. Tip #3: Don't lose your human touch Authenticity is key. It doesn't matter if you use a template or craft an email from scratch, it's essential to connect with your clients on a human level. Reach out to clients on a personal level – ask about their day, throw in a few emojis, and show them the caring side of your business. Showing empathy, even in an email, is also a great way to build a positive connection. If you decide to use a template, try adding general interest information about home design, the buying process, things to do at home, or anything else that displays you as a thoughtful expert in your area, and ensure the human touch is always present. Tip #4: Engage your audience Don't let your emails become one-way broadcasts. Encourage dialogue and interaction by inviting readers to respond with questions, feedback, or inquiries about properties. You could also incorporate polls, surveys, and quizzes to better understand the needs and priorities of your readers. By fostering two-way communication, you can build stronger relationships and will continue to earn the trust of your audience base. Tip #5: Segment your audience and provide value-driven content Not all contacts are created equal, and treating them as such can lead to missed opportunities. Segment your email list based on factors such as location, buying or selling intent, and stage in the sales cycle. By sending targeted messages to specific segments, you can tailor your content to address the unique needs and interests of each group, increasing engagement and conversion rates. This will also allow you to provide valuable content to each segment. For example, you can utilize your IDX feed to showcase properties to buyers in your segmented lists. Tip #6: Measure and optimize your performance Like any marketing strategy, email marketing requires ongoing monitoring and optimization to maximize its effectiveness. Track key metrics such as open rates, click-through rates, and conversion rates to gauge the performance of your campaigns. Use A/B testing to experiment with different subject lines, calls-to-action, and content formats to identify what resonates best with your audience. By analyzing your results and making data-driven decisions, you can continuously improve your email marketing efforts and achieve better outcomes over time. Your inbox is a simple yet powerful relationship online tool. It's excellent for engaging established clients, prospecting new buyers/sellers, and just staying generally connected with the homeowner community. Have a strong online presence by having an effective IDX website, have an impactful social media presence, and master the art of email communication and your business will be well on its way to thriving. To view the original article, visit the IDX Broker blog. Related reading 8 Ways to Leverage the Magic of AI for Real Estate Marketing 5 Tips for Better Email Open Rates, Plus PROVEN Plug and Play Subject Lines Friday Freebie: 60-day Trial of Constant Contact's AI-powered Marketing Suite
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RE Technology Launches Tech Titans Series Celebrating Individuals Who Deliver Outstanding Technology Solutions to the Real Estate Industry
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Streamlining Success: How Simple Tech and .realtor Websites Revolutionize Your Real Estate Business
In the fast-paced world of real estate, time is money, and every moment counts. Meet Josh Jerman, a seasoned REALTOR® who knows firsthand the demands of the industry. Josh's success story isn't just about closing deals; it's about leveraging technology to enhance efficiency without compromising client relationships. Josh recognized the need for a professional online presence but didn't want to sacrifice precious hours tinkering with complex tech solutions. That's when he discovered the power of simplicity with a .realtor™ domain. With this innovative platform, even a novice like Josh could swiftly set up a sleek website, freeing up valuable time to focus on what truly matters: his clients. Check out his website: www.joshjerman.realtor. The beauty of embracing a .realtor™ domain lies in its simplicity. No need for extensive coding knowledge or long setup. Within a few hours, Josh had a professional website up and running, ready to showcase his expertise and listings to potential clients. But it's not just about having a website; it's about choosing the right one. In today's digital age, a strong online presence is non-negotiable for real estate professionals. However, not all websites are created equal. Josh understood the importance of building trust with consumers and connecting with the REALTOR® community. A .realtor™ domain offers more than just a web address. It's a badge of credibility, signaling to clients that Josh is a trusted professional in the industry. Moreover, it serves as a gateway to a community of like-minded professionals, opening doors to valuable networking opportunities and increased referrals. In Josh's journey, the .realtor™ domain proved to be more than just a tech solution — it was a game-changer. By simplifying the process of creating a professional website, it allowed him to devote more time to what he does best: serving his clients with dedication and expertise while seeing his leads and referrals increase at the same time. In conclusion, in a world where time is of the essence and first impressions matter, embracing simple yet powerful tech solutions like a .realtor™ domain and website can make all the difference. It's not just about keeping up with the times; it's about staying ahead of the curve and unlocking new levels of success in the competitive realm of real estate. See success like Josh when you secure your free .realtor™ website at www.get.realtor today! Related reading Friday Freebie: Get a .realtor Website Domain for 1 YEAR Lead Gen for Every Career Stage: How to Scale Your Website with Your Business Elevate Your Visibility Online With a Lasting Digital Brand
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Work Smarter AND Harder: Time Management Techniques for Real Estate Professionals
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Unlock Market Obstacles: 10 Blueprints for Success
The business of residential real estate isn't always smooth sailing. Obstacles, barriers and red tape must constantly be navigated and worked around. Luckily, REALTORS® have RPR (Realtors Property Resource) at their disposal. Here are 10 strategies for using RPR, a powerful, data-focused platform that can help real estate agents relieve pain points and achieve success in their business. 1. The Crystal Ball Spot opportunities before the competition. RPR's historical market data isn't just numbers; it's a roadmap. Analyze median home price trends, compare neighborhoods, and advise your investor clients on the best areas for potential growth before the competition catches on. 2. Negotiation Ninja Price with precision. A seller insists their home is worth more than the comps suggest. You dive into RPR, value recent upgrades, local market dynamics, and even school district changes the seller wasn't aware of. You build a rock-solid CMA that gets them top dollar. 3.The Matchmaker Extraordinaire Off-market magic. Your buyer has a unicorn wishlist: acreage, a view, yet budget-friendly. RPR becomes your treasure map. You filter properties by size, location, and owner history—finding the motivated out-of-town owner who's never listed their hidden gem. 4. X-Ray Vision Protect your clients with local insights. Even a perfect-looking home can still have hidden surprises. RPR reveals property history, lot line changes, neighborhood development, and more. You spot potential red flags, advise your buyer on the need for expert inspections, and protect their investment. Their trust in you grows stronger. 5. Outsmart the Clock Impress on the go. Out and about but need to prep for a showing? RPR's mobile app is your savior. You pull up neighborhood comps, school ratings, the works. You walk in not just prepared but armed with insights that blow the clients away. 6. The Closer Seal deals with confidence. Hesitant buyers get cold feet. RPR's visually stunning reports become your secret weapon. Market Trends, property valuations, neighborhood highlights… it's the compelling evidence that turns "maybe" into "let's do this!" 7. Hyper-Local Market Guru Build your personal brand. RPR's data isn't just for clients. Craft neighborhood infographics, share market insights on social media, and host a local market trends webinar. Become the go-to expert in your farm area. 8. The Efficiency Ace Maximize your time with RPR's centralized data. RPR centralizes property information, market history, and neighborhood insights. Quickly generate stunning reports, access data on the go with the mobile app, and keep your finger on the pulse of your market. More time for client relationships and less time for data entry. 9. The Lifelong Learner Up your game. RPR doesn't just provide the data — it helps you understand it. Market Trends webinars, data-driven strategies, those 'aha!' moments elevate your expertise, benefiting every client. 10. Community Insider Unlock the best fit. RPR arms you with hard data on schools, local points of interest, property history and the pulse of the market. But it's your on-the-ground knowledge — the buzz about upcoming developments, the vibe of different streets, that transforms data into understanding. You guide clients towards the right neighborhood for them, where they'll feel a sense of belonging. To view the original article, visit the RPR blog. Related reading 50 Ways to Use RPR in Your Real Estate Business How RPR Can Enhance Your Real Estate Marketing Strategy Stand Out in the Crowd: Personalize Your RPR Reports with Custom Pages
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[Podcast] Selecting the Right Brokerage to Start Your Career with Victor Lund
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7 Unexpected Marketing Wins You Can Achieve with a Virtual Tour
Budgets are tightening in today's real estate market, and your marketing budget is probably no exception. But before you cut back on specific marketing activities, take a look at the tools you already use — they may offer features you don't know about that can help you promote your listings at no extra cost. One of our favorite sources of hidden marketing features is the virtual tour. Not only do you get three major visual assets (an interactive 3D tour, listing photos, and a floor plan) from one photoshoot, but these platforms also offer a wealth of tools you can use to market your listing. Today, we're going to explore seven marketing wins you may not have known you could achieve with a virtual tour. And, bonus, these are things you can (and should!) talk about in your listing presentation to win over sellers (but more on that later). Let's dive in: 1. Create feature sheets Have an open house coming up? Help your listing make a lasting impression by offering printed feature sheets to attendees. There's no need to open Canva or Photoshop — your virtual tour solution can create this for you! Let's use 3D virtual tour provider iGUIDE as an example. Their platform automatically generates a visually appealing Feature Sheet with photos, a floor plan, and property info in just minutes. The feature sheets are generated as a PDF for easy printing or sharing online. 2. Share downloadable floor plans Did you know that listings with a floor plan spend 50% less time on the market, according to Zillow research? That's great news for agents who use 3D virtual tours, as most come complete with floor plans. Floor plans often mean detailed measurements of your listing have been taken, too — but check with your virtual tour provider to see how accurate these are. iGUIDE, for example, uses a time-of-flight LiDAR laser to capture accurate measurements of the space, which can be viewed directly on the tour. You can use these measurements in your listing. If iGUIDE is your virtual platform, visitors can see these detailed measurements in your virtual tour under the "Details" tab. There, visitors can also download a PDF of the floor plan. You can share these PDFs, too! They're easy to print, email, and upload to your website — or, if you convert them to image files, you can share them on social media. (See a sample PDF here or navigate to the "Details" tab below to see one available in a live 3D virtual tour.) 3. Highlight selling points or property features in your 3D tour One of our favorite virtual tour features is the ability to add tags throughout the tour to highlight your listing's unique selling points. Does your listing come with luxury appliances, like a Viking stove? Tag that in your tour to grab buyers' attention! It's the next best thing to showing off these features in person. Tags can include text, photos, and even videos — you can use whichever medium best highlights your listing's best features. 4. Share directly to social Sharing your listing on social media is an expected part of any marketing plan. Unlike photos or videos, it's not so easy sharing virtual tours, however. Technology to the rescue! Many virtual tour platforms, including iGUIDE, will generate snippets of your tour as an image file that you can share on social media. 5. Use as a landing page Using online ads to draw attention to your listings? No need to create a brand new landing page — just direct your ads to your virtual tour. This works well because virtual tour platforms, like iGUIDE, don't just offer a digital walkthrough of your listing. They also offer property details, detailed measurements, photos, local maps, and more — all branded to you and featuring your contact information. You can also promote your virtual tours in your offline marketing. Use a QR code or short URL that leads to your tour on yard signs, flyers, postcards or other printed marketing. 6. Impress your sellers with data We're going to switch gears. While previous items are about marketing to buyers, the next two are about impressing your sellers — the key to winning referrals, testimonials or repeat business from them in the future. When evaluating which virtual tour solution to use, ask if they offer analytics. iGUIDE, for example, provides data on how many people are visiting your tour, how they're interacting with it, which areas are getting the most attention, and how long viewers are spending in the tour. You can share this information with your sellers to show your value and demonstrate the marketing you are doing on their behalf. 7. Include tour data in your closing gift Your transaction may be drawing to a close, but that doesn't mean you can't stay top-of-mind with your client. If your virtual tour provider allows you to download your files, as iGUIDE does, you can give this data to your seller at closing. Load up the files on a USB stick that's branded to your business and include it in your closing gift. It's a nice gesture that plays on the nostalgia your sellers may feel about their old home — and it helps keep you top of mind for when they're ready to transact again. BONUS: A flyer to include in your listing presentations The items above are great talking points to cover in your listing presentation as part of your marketing plan! To help you start that conversation, we're including a downloadable listing flyer that you can incorporate into your listing presentations, courtesy of iGUIDE. Download the listing flyer now to help you win your next listing presentation! Then visit goiguide.com to learn more about iGUIDE.
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The Hybrid Agent: Balancing Digital and Traditional Real Estate Practices
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6 Essential Privacy Settings for Your Smartphone
How would you feel if you lost your smartphone? It feels like your entire life is on your smartphone. That's because it's more than just your everyday tech device: it's your computer in your pocket. You use it to communicate with clients, access your transactions, schedule appointments, navigate to showings, and generally manage your business on the go. But just like you lock up your physical office to secure sensitive client information, you must also lock down your digital data. After all, we don't leave a key under the mat for clients to access a home! Safe and secure Because smartphones these days are incredibly powerful mini-computers, that computing power comes with privacy risks, especially if you don't have the proper settings in place. You would never want a client's personal information to fall into the wrong hands, but if you don't have the right privacy settings on your phone, you're taking that risk. Fortunately, with a few fundamental privacy tweaks, you can secure your smartphone and protect your clients and business. Here are 6 essential privacy settings that every real estate agent needs on their smartphone: Screen lock: Securing your front door Think of your smartphone as if it were your home. Just as you wouldn't leave your front door unlocked, securing your smartphone with a screen lock is critical. This feature is the first barrier against unauthorized access. A strong PIN or password can be likened to a high-quality deadbolt — difficult for intruders to bypass. Biometrics, like fingerprints or facial recognition, offer convenience and an additional layer of security, acting as personalized, uncopiable keys to your digital home. Pro tip: Regularly updating your screen lock settings ensures that your first line of defense remains impenetrable. App permissions: Who has the keys? Granting app permissions is akin to handing out keys to your home. It's essential to periodically audit these "keys" to ensure only the necessary apps can access your data. For example, a mapping app may require your location to function effectively, like giving a gardener access to your backyard. However, a simple note-taking app requesting access to your contacts or location might raise red flags — why would the app need that to function? Regularly reviewing and revoking unnecessary permissions is like changing the locks after a key has been lost; it's a crucial step in maintaining your privacy. Multifactor authentication: The alarm system Two-factor or multifactor authentication (or MFA – read more about it here) acts as an advanced security system for your digital property. Even if a hacker manages to guess your password, using an additional verification step, such as a code sent to your phone or email, keeps them shut out. Think of MFA as an alarm system that notifies you of an intruder's presence and stops them in their tracks, providing an additional layer of security. Implementing MFA, especially for email and social media, is akin to installing motion detectors and cameras around your home, offering you peace of mind that an extra layer of defense is in place. Location services: The privacy fence Your smartphone's location services can be incredibly beneficial but pose a privacy risk if not managed correctly. Think of location as your digital property's boundary. Just as you construct a fence for privacy, it's wise to control which apps can access your location and when. Adjusting these settings to "While Using the App" ensures that your location is shared only on a need-to-know basis, like opening your gate for guests during a visit and then securely closing it afterwards. Public Wi-Fi: Leaving the door unlocked Connecting to public Wi-Fi without protection is like holding an open house without leaving the front door open so anyone can enter, as it poses potential risks to your privacy and security. A solution is to use a virtual private network (VPN). It encrypts your data, effectively creating a private viewing for your online activities. This ensures that your digital communications and activities remain confidential even in a public setting, safeguarding sensitive client information and your personal data from digital eavesdroppers. Software updates: Home renovations Regular software updates are the renovations and repairs of your smartphone. These updates patch security holes and enhance functionality, like fixing a sticky door or replacing a broken window: both can make a home more secure. Neglecting software updates can leave your device vulnerable to new threats, like letting a property fall into disrepair, which can lead to more significant issues. Setting your device to update automatically ensures that your phone remains in top-performing condition, safeguarded against the latest security threats. Protecting your – and your client's – privacy Remember, remaining vigilant and proactive to protect sensitive information is the best way to keep your client's trust. Implementing these six essential privacy settings will fortify your smartphone against potential breaches, ensuring that your digital device remains a secure and private environment for conducting business. This protects you and solidifies your reputation as a diligent and conscientious agent in the eyes of your clients. Finally, if you need help with any of these steps to make your phone more secure, just reach out to the Tech Helpline for support! Related reading Top 5 Ways for Real Estate Agents to Protect Their Data and Personal Privacy 4 Ways to Improve Your Cybersecurity 6 Reasons Not to Use Similar Passwords and the Best Alternatives To view the original article, visit the Tech Helpline blog.
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Friday Freebie: 60-day Trial of Constant Contact's AI-powered Marketing Suite
Spring selling season is here — time to fine-tune your marketing plan and execute it! Fortunately, that's easier than ever to do in 2024, especially when artificial intelligence (AI) can give you a hand. Don't know what to say in that marketing email? Let AI write it for you! That's just scratching the surface of how AI can assist your marketing efforts. And now you can find out for yourself: in this week's Friday Freebie, RE Technology readers get 60 days to try Constant Contact's AI-assisted email and social media marketing tools for free. How to claim your free 60-day trial of Constant Contact Constant Contact is a name synonymous with email marketing, but the solution offers so much more. Today, Constant Contact also offers tools to manage your social media all from one place (text message marketing is also available as an optional add-on). Even better, Constant Contact now sports an integrated AI assistant that can write your campaign messages for you based on just a few keywords (learn more in this article). Posting to social media? Constant Contact's AI can write variations of the same post for each social platform that you use. Your 60-day free trial of Constant Contact also includes: Email and social media marketing management in one solution Customizable automation workflows Built-in AI marketing assistant List-building tools and sign-up forms Integrations with real estate tools like WiseAgent, Zillow, dotloop, BoomTown, and more Pre-designed templates and a drag-and-drop email editor Comprehensive analytics to monitor campaign performance and help you fine-tune your marketing strategy And more! Make reaching out to your sphere easier than ever. Claim your FREE 60-day trial of Constant Contact today!
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Real Estate Backlinks: A 2024 Guide
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9 Data-Driven Strategies to Elevate Your Value Proposition
How can you make your expertise indispensable in any market? RPR delivers the data and tools for insight-driven strategies that prove your value to clients. Here are nine strategies for using RPR to boost your expertise, streamline processes and deliver maximum value to your clients. 1. Empower Your Clients with Market Expertise Go beyond simply navigating the market. With RPR, transform data into actionable insights, giving your clients the clarity they crave. Pricing strategies, market trends — RPR helps you explain the "why" behind the numbers. 2. Shareable Market Trends and ScriptWriter Pair RPR's up-to-date market metrics, such as median sale price and days on market, with customizable scripts. Tailor your approach for each situation, guiding buyers and sellers through even the most complex market dynamics. 3. Deliver Insightful, Data-Backed Reports RPR's comprehensive reports cover everything from comparable sales to detailed neighborhood insights. Explore housing stats, local economic trends, school information and more. Strengthen your recommendations with the data your clients expect, making you their trusted advisor. 4. Become a Skilled Negotiator RPR gives you the data foundation for powerful negotiations. Analyze comparable sales, market trends and property-specific details to inform strategic offers, counteroffers and contingency requests. While data is invaluable, your expertise and ability to connect with the other party are essential to securing the best possible outcome for your clients. 5. Secure the Best Price for Your Clients RPR's hyper-local data, paired with your market knowledge, ensures precise CMAs. Price properties with confidence, knowing you're maximizing outcomes for your clients. 6. Anticipate Buyer Behavior for Success RPR's Market Trends help you predict buyer behavior. Stay a step ahead—adjust strategies for bidding wars or slow markets to ensure your client's success. 7. Maximize Exposure with Data-Driven Marketing Harness RPR to elevate your marketing game. Craft targeted campaigns powered by data. From social media to neighborhood prospecting campaigns, highlight the property's unique features and neighborhood amenities to attract a wide pool of qualified buyers. 8. Ensure a Smooth, Stress-Free Transaction RPR empowers you to simplify the transaction process with its comprehensive data and reporting tools. Minimize hiccups by readily accessing accurate property information, generating professional reports and ensuring timely communication with all stakeholders. This reduces confusion and delays, keeping your clients informed and confident throughout the journey. 9. Connect Clients with Trusted Resources Your network is to your client's advantage. Curate a personalized resource list of your recommended lenders, contractors and other service providers. Embed this valuable list directly into your RPR reports as a custom page, offering a seamless and convenient experience for your clients. To view the original article, visit the RPR blog. Related reading Putting Clients First: How to Deliver Positive Real Estate Outcomes with RPR Where to Get Professional-Looking Marketing Materials for Absolutely Nothing Make DIY Marketing Campaigns a Reality with RPR
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Second Century Ventures Announces 8 Tech Companies for 2024 REACH Scale-Up Program
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[Podcast] Why Take Fair Housing Training If You Know the Law?
Many real estate professionals may think all they need to know about fair housing is what the law requires of them. "It's more than just the law," says Sabrina Brown, an instructor of NAR's "Bias Override" course. "It's how you treat people. It's how you practice your business on a daily basis." To truly evaluate whether you're representing your entire community—start by examining your client base—you need to go deeper in your self-reflection. Host Marki Lemons Ryahl and two fair housing experts discuss how to use NAR's new fair housing training requirement, which takes effect in 2025, as an opportunity to challenge yourself and your business practices for the better. Listen on: Apple Podcasts Spotify Libsyn Visit the episode homepage for show notes and more detail.
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Empowering Real Estate Professionals: Constant Contact CEO Shares Insights and Strategies
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10 Ways Floor Plans and 3D Virtual Tours Help Sell Homes Faster
As a real estate agent, your primary goal is to sell properties quickly and at the best possible price. In today's competitive real estate market leveraging cutting-edge technology can give you a significant advantage. Floor plans and 3D virtual tours are powerful tools that can help you showcase properties in an immersive and engaging way, ultimately leading to faster sales and higher returns. 1. Increased visibility and exposure By incorporating floor plans and 3D virtual tours into your listings, you can dramatically increase the visibility and exposure of your properties. These interactive experiences allow potential buyers to explore homes from the comfort of their own devices, piquing their interest and driving more traffic to your listings. — 64 of home buyers want to see floor plans on a listing 2. Efficient pre-screening of buyers Floor plans and virtual tours enable buyers to pre-screen properties before scheduling in-person viewings. This efficiency saves time for both you and potential buyers, as only truly interested parties will request physical showings, reducing the likelihood of wasted efforts. 3. Engaging and immersive experience 3D virtual tours, such as those from iGUIDE, provide an immersive and engaging experience that goes beyond traditional photography or video. Buyers can navigate through properties as if they were physically present, allowing them to get a comprehensive understanding of the layout, flow, and atmosphere of each space. 4. Highlight key features and selling points With floor plans and virtual tours, you can strategically highlight the most appealing features and selling points of a property using tags. Whether it's a stunning open concept living area, a luxurious master suite, or a breathtaking outdoor space, you can guide buyers' attention to the aspects that will captivate them. 5. Eliminate geographic barriers Traditional real estate marketing is often limited by geographic boundaries. However, with floor plans and virtual tours, you can showcase properties to buyers worldwide, expanding your reach and increasing the pool of potential buyers exponentially. — 97% of all homebuyers used the internet in their home search 6. Enhance transparency and trust By providing comprehensive floor plans and virtual tours, you demonstrate transparency and build trust with potential buyers. They can fully appreciate the property's layout, condition, and features without the need for in-person viewings initially, fostering confidence in their decision-making process. 7. Facilitate effective communication Floor plans and virtual tours serve as powerful communication tools, enabling you to discuss properties with clients more effectively. You can easily reference specific areas or rooms, clarify dimensions, and address any concerns or questions buyers may have, leading to a smoother and more efficient sales process. — 1 in 10 buyers won’t even arrange a viewing without first seeing a floor plan 8. Competitive advantage in the market By leveraging cutting-edge technology, you gain a significant competitive advantage over other real estate professionals who rely solely on traditional marketing methods. Buyers are increasingly drawn to properties that offer immersive virtual experiences, giving you an edge in attracting and retaining their interest. — 3 out of 5 home buyers are willing to purchase after a virtual tour only 9. Reduced costs and increased efficiency Incorporating floor plans and virtual tours into your marketing strategy can ultimately lead to reduced costs and increased efficiency. By pre-screening buyers and minimizing unnecessary in-person viewings, you can save time and resources, allowing you to focus on qualified leads and closing deals more effectively. 10. Environmentally friendly marketing In today's eco-conscious world, floor plans and virtual tours offer an environmentally friendly alternative to traditional real estate marketing methods. By reducing the need for physical travel and printed materials, you can actively contribute to sustainable practices while still providing an exceptional marketing experience. In the competitive world of real estate, leveraging floor plans and 3D virtual tours can give you a significant advantage in attracting and retaining potential buyers. By offering immersive experiences, highlighting key features, and facilitating effective communication, you can streamline the sales process, increase efficiency, and ultimately sell properties faster and at better prices. Find an iGUIDE operator in your area to get started with iGUIDE today. To view the original article, visit the iGuide blog. Related reading Best Practices for Creating Floor Plans and 3D Virtual Tours Mastering Technology to Stay Ahead in Real Estate
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Real AI: AI will make the big, bigger, latest AI trends, headlines, fast facts and AI Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. AI Will Make the Big, Bigger Today, AI is in the business news headlines everywhere you look. Within 12 hours this week, OpenAI, Google, and Meta announced new AI versions. The French AI startup Mistral also released its latest version. Meta is launching its third version of Llama. Google released Gemini Pro 1.5 at Google Next 24. OpenAI issued its final version of GPT-4 Turbo, and Mistral debuted Mixtral 8x22B. What does it mean to the real estate industry? In AI, the big keeps getting bigger. It also means you need to integrate AI tools into your daily workflow if you haven't already. Don't wait for a free version from a startup; the startups won't be able to catch up. While startups might be able to leverage some of the tech provided by the AI giants, when it comes to powering chatbots, the giants in this space are exponentially growing. Their generative AI capabilities are unmatched, offering a competitive edge that real estate agents can't afford to ignore. Google is building AI into everything, and Microsoft is, too. This Gen AI battle is just beginning. Search is being impacted, which means revenue in search is likely falling, too. Will Google charge separately for AI enhancements as they look for new revenue? Will Microsoft better compete against Google by doing the opposite? For real estate agents, the best strategy is to use all the major AI chatbots to assist you in your work today. Pay for pro accounts for ChatGPT, Claude, Gemini, and Perplexity. Use them regularly to perfect your prompts and learn how to iterate to increase your productivity significantly. You'll discover that some chatbots do some specific tasks better than others. It will be more than worth your investment for less than $100 a month. While AI will make players like Google and Microsoft bigger, it can also help agents become bigger in their markets. AI Latest Trends AI voice cloning: OpenAI (ChatGPT) created a voice assistant called Voice Engine, but it is now holding off on broad release. Why? Apparently, it can clone someone's voice after "listening" to them for just 15 seconds. We've already seen the nefarious use of this tech in political robocalls, but the negative potential is far greater. Think about how banks already use "voiceprints" as part of a multifactor security protocol when you access your accounts. Still, the positive potential of the tech remains: Imagine how an agent could leave 200 custom voicemails for clients without wearing out their voice. But then again, does anyone listen to their voicemails anymore? AI is getting more persuasive: Can chatbots be more convincing than people? Anthropic (Claude) dove into this topic and found that each new improvement to Claude is becoming more persuasive. Claude 3 Opus says their research "produces arguments that don't statistically differ in their persuasiveness compared to arguments written by humans." Watch out, legal eagles; AI may be coming for your jobs next. For now, real estate agents might want to look at tools like Claude as an AI assistant to craft responses during negotiations. Intel battles back: Nvidia has become the king of AI-powering chips. Its market cap has soared from $350 billion at the start of 2023 to over $2 trillion today. Intel isn't sitting on its hands. It just announced its newest chip—Gaudi 3—could significantly outperform Nvidia H100 chips: 50% faster. The upside for everyone using AI is that more efficiency eventually translates into lower costs (less energy consumption). The cost of AI continues to remain a threat to curtailing its potential. Google introduces a new AI video tool: Google Workspace is rolling out Google Vids, a tool distinct from Sora in several ways. It's not a direct competitor but rather an alternative AI-enhancement tool that can be a substitute for Google Presentation. To better understand its features and capabilities, you can watch the demo video linked here. While it does not have the same "wow" factor as Sora, it offers unique functionalities to enhance video storytelling creations. AI Fast Facts 95% of software developers are using generative AI tools to write new code – Sourcegraph 50% of marketers say team training is the biggest roadblock to adopting AI – Botco 70% of executives and developers surveyed showed concern about generative AI tools giving users the wrong information – Google 19% of adults aged 18 to 34 view AI-written news as a positive development, compared to only 7% of those aged 55 and over – Statista Only 38% of consumers surveyed think the use of AI art is ethical – Big Village Source: Charity Digital AI Headlines Today Should your next hire be a generative AI assistant? | 4/10/24 - InmanAI may soon become the go-to route for a personal assistant. Opinion: Will AI usher in real estate's "Model T" moment? | 4/9/24 - HousingWireAI is already making a positive impact on the HOA process. AI in Real Estate: Prospects and Pitfalls | 4/9/24 - The National Law ReviewAI is a tool that makes our lives easier or harder depending on how we use it. How AI Is Improving Customer Loyalty | 4/10/24 - Unite.AIIntegrating AI into everyday processes is strengthening relationships with customers. Bill Would Mandate AI Companies Disclose Copyrighted Works Used in Training | 4/10/24 - AI BusinessThe "Generative AI Copyright Disclosure Act" is being proposed in the U.S. House of Representatives. AI Quote of the Week To view the original article, visit the WAV Group blog.
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NAR Settlement Impact: What to Start Doing Today
Zurple recently hosted a webinar where a panel of expert real estate professionals provided insights on what agents can start doing NOW in response to the NAR settlement. Below is a succinct follow-up that includes key learnings and links to the recording and slides. 1. Stay focused on the fundamentals There's a lot of noise out there. But don't worry! If you've been doing what you should've been doing all along — building strong relationships and demonstrating your value — expect no major challenges. Build and leverage your network (contractors, home inspectors, roofers, painters, etc.) to build credibility and boost your value, so you win more clients. 2. Support your "professional fee" Say, "professional fee" instead of "commission." It shifts the focus to the value you bring and positions you as an expert who will get your client the best deal (instead of a sales shark looking for a paycheck). How to become more confident when discussing your professional fee: Tell buyers and sellers they'll get what they pay for — a cut-rate professional provides poor service. "You wouldn't use a discount doctor, so don't trust a discount agent with the biggest purchase of your life!" Articulate your value proposition. For example… Share your experience and transaction stats and show how you're different from other agents to explain why your rate is what it is. Practice this with family, friends, or co-workers. If they don't believe your argument, potential clients won't either. The NAR settlement may "weed out" the less-than-best agents, but that could also mean you'll end up competing with the best. That's why now's the time to level up your business practices. 3. Leverage education to get more business If you stay educated, it's easy to be exceptional in this field. Stay updated about the NAR settlement and its potential impact on you and your clients through July, when changes are due to be implemented. Why? So you can speak with leads and clients clearly and confidently, and So you can proactively adjust your lead generation strategies accordingly. To watch the webinar recording, see the original article on the Zurple blog. Download a PDF of the slide deck here.
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Friday Freebie: Get a .realtor Website Domain for 1 YEAR
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Where to Get Professional-Looking Marketing Materials for Absolutely Nothing
RPR (Realtors Property Resource) has a bunch of free resources dedicated to helping you market yourself and prove your worth to clients and prospects. RPR's Canva page features templates that are professionally-designed, easy to customize and free to use. Our in-house marketing whizzes have designed a series of templates that can help you communicate your skills, experience and market insights with ease. With RPR and Canva, you can create: Social media shareables that contain hyper-local market metrics that position you as a local market expert. Postcards that contain the same Market Trends data as part of your direct mail efforts. Presentation slides for PowerPoint decks and Zoom meetings. Custom pages allow RPR users to almost-instantly create pages that can be added to any RPR Report. Options include open house sign-up sheets, agent bio and business philosophy pages, client testimonials, and a series of buyer and seller checklists. The RPR-Canva Q&A We don't want to toot our own horn… but we did just set a 2024 record for how many REALTORS® registered for and attended our special RPR-Canva webinar. Over 5,000 agents learned firsthand how to access the Canva templates in RPR and how to easily insert local Market Trends stats in the pre-designed layouts. Of course, we received a bunch of questions! Here they are to help you get started creating gorgeous marketing materials using RPR and Canva together… Q. Where do I find RPR's Canva templates? RPR features its Canva templates on the RPR blog. Visit blog.narrpr.com/canva. Users can also access the Canva templates from the RPR website itself. Simply click "Learn" in the main navigation bar, and then scroll down to a button labeled, "Canva Templates." Q. Where do I find the metrics to populate these Canva templates? Search RPR for Residential Market Trends by following these steps: rpr.me/market-trends Q. Is Canva really free to use? Yes! Canva has a free version. All the templates provided by RPR can be used with the free version. Of course, you can update to Canva Pro, which offers additional features, templates and assets for a monthly or annual fee. Q. Does Canva offer training? They sure do. The Canva Learning Center offers a tutorial for beginners to get them started. Q. How do I get started with a Canva account? You can sign up easily at canva.com using your email, Google or Facebook account. Q. Canva seems overwhelming. How do I find my way around? Check out this video, it will explain everything and walk you through the process when editing Canva templates. Q. I like the templates, but can I change them? Absolutely! Templates are merely a starting point; colors, fonts, images and text can all be customized. Design Functionality Q. Can I use my own photos in Canva? Yes! Upload your images in the "Uploads" section and then drag them into your design. Q. Where can I find more images if I don't have my own? Canva's "Photos" tab includes a library of free and paid stock images. In addition, here are two free image sites that you can use to search stock photography: StockSnap.io - Offers a wide selection of high-quality real estate photos including both interiors and exteriors. Life of Pix - Features a "buildings" category with plenty of residential and commercial options. Q. How do I change the text styles and colors? Select your text, then use the toolbar that appears to change fonts, sizes, colors and effects. Q. What are "elements," and how do I use them? Elements are graphics such as icons, shapes, photos or illustrations. Search Canva's "Elements" tab to add them to your designs. Q. I finished my design in Canva. How do I save it as an image file? Follow these steps: Locate the "Share" button in the top right corner of your Canva workspace. Click on "Download." File Type: Select your desired image format (Popular choices are JPG, PNG or PDF). Click the final "Download" button to save your image file. Canva Pro Features Q. What's the main advantage of going Pro? Pro unlocks more templates, graphics, a Brand Kit for streamlined branding, one-click resizing and advanced collaboration features. Q. How does the Brand Kit work? Upload company logos, colors and fonts to the Brand Kit. Then, easily apply them across all your designs. Q. Can I schedule social posts directly within Canva? Yes, the Content Planner (Pro feature) lets you schedule posts for various platforms. Tips and Trick Q. Any tips for working faster in Canva? Learn keyboard shortcuts! Canva has a helpful cheat sheet for them. Q. What are the most-used keyboard shortcuts? Here are some popular basic shortcuts: Undo: Ctrl + Z (Windows) or Command + Z (Mac) Redo: Ctrl + Y (Windows) or Command + Y (Mac) Copy: Ctrl + C (Windows) or Command + C (Mac) Paste: Ctrl + V (Windows) or Command + V (Mac) Select All: Ctrl + A (Windows) or Command + A (Mac) Zoom In: Ctrl/Command + "+" Zoom Out: Ctrl/Command + "-" To view the original article, visit the RPR blog.
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[Podcast] Fair Housing and Impactful Change with Leah Rothstein and Richard Rothstein
April is Fair Housing Month, and this podcast touches on just that. This episode of The National Housing Conference's Beyond Four Walls podcast welcomes Richard Rothstein and Leah Rothstein, authors of Just Action: How to Challenge Segregation Enacted Under the Color of Law. They discuss their new book, which provides a roadmap for both concerned citizens and community leaders aiming to address segregation and enact tangible and impactful changes in their communities. Beyond Four Walls: Conversations on Affordable Housing goes beyond the rhetoric and engages with key figures in the housing and finance sectors to discuss tangible, impactful, and achievable solutions to the affordable housing crisis. The podcast also focuses on the personal stories of these housing leaders and policymakers and the journeys that have shaped them into the accomplished leaders they are today. The conversations promise to be insightful, challenge conventional wisdom, and shed light on innovative approaches that can make a real difference. Listen on: Spotify Amazon Apple Podcasts YouTube Visit the episode homepage for show notes and more detail.
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Real Estate Closing Gifts: The Ultimate Guide for Agents
Building lasting relationships with clients is key to your success. One way to show your appreciation and cement bonds with clients is through closing gifts. Selecting thoughtful gifts for buyers and sellers demonstrates that you value them, not just the transaction. This guide will provide tips to help you determine appropriate closing presents based on your budget and clients' personalities. Discover creative ideas that make your clients feel special while promoting your brand so they'll recommend you in the future. With the right closing gift, you make meaningful connections that lead to repeat and referral business down the road. Why Give Closing Gifts? Giving closing gifts to your clients is an impactful way to show your appreciation for their business and build goodwill. Providing a thoughtful gift at closing leaves a lasting positive impression and reminds your clients of the great experience they had working with you. It helps cement your relationship and keeps you at the top of their mind for referrals or future real estate needs. Do Realtors Give Closing Gifts to Buyers and Sellers? It depends on the agent and the situation. Whether or not you provide closing gifts to your clients depends on your business practices and the relationship you have built with them. Some agents provide small tokens of appreciation, while others do not provide any gifts. There are benefits to both approaches. Providing gifts can be a way to show your clients you value them and appreciate their business. It leaves them with a positive last impression of you and your service. However, gifts are not always expected, and some clients may see them as an unnecessary expense. Agents must determine what is right for their own business and client relationships. Gifts for Buyers vs. Sellers If providing closing gifts, agents will often give separate gifts to buyers and sellers. For buyers, common gifts include a welcome mat, keychain, bottle of champagne, or basket with home-related items. For sellers, agents may provide a card or small memento to thank them for their business and the opportunity to sell their home. Most Popular Real Estate Closing Gift Ideas Housewarming Gifts Housewarming gifts are one of the most popular closing gift ideas for real estate agents to give their clients. Some excellent options include: Gift cards: Give your clients gift cards to their favorite home stores so they can pick out items they need for their new home. Stores like Bed Bath & Beyond, Home Depot, and Target are always appreciated. Essentials baskets: Create a basket filled with home essentials your clients will need in their new place like kitchen tools, bathroom items, cleaning supplies, etc. You can find many of these items at dollar stores to keep costs low. Decor items: Simple decorative accents like candles, art, plants, or throw pillows make great housewarming gifts. Stick to neutral, versatile options that will match any home decor. Appliances: If you have a larger budget, small kitchen appliances like a coffee maker, blender, or slow cooker are very useful housewarming gifts. However, be aware of your clients' tastes and the overall style of their new home first. Closing Keepsakes Closing keepsakes make memorable gifts that your clients will appreciate for years to come. Some thoughtful options include: Photo books or framed photos of the new home: Put together a photo book or framed photos of your clients in their new home. This personalizes the gift and provides them with a keepsake of this important milestone. Customized address signs or plaques: An engraved house number sign, address plaque, or doormat embroidered with your clients' new address makes a useful but sentimental gift. Scrapbooks or journals: Provide your clients with a scrapbook or journal where they can document memories, photos, and home projects in their new place. Leave some space in the front for them to place a photo and for you to write a personal note. Decorative boxes or key holders: A decorative storage box, key holder, or entryway cabinet gives your clients a place to store items in their new home while also serving as a reminder of you and your company. Have their names or addresses engraved on the item for an extra special touch. Creative Closing Gifts Ideas for Buyers and Sellers Personalized Stationery Photo Album or Frame Gift Card Custom Doormat Engraved Cutting Board or Serving Tray Family Portrait Session Home Improvement Consultation Move-in Cleaning Service Gardening Service Bottle of wine or champagne with a custom label Etc. How Much to Spend on Real Estate Closing Gifts Determining an appropriate budget for real estate closing gifts is an important consideration. Spending too little may seem unthoughtful while spending too much could be seen as inappropriate by clients or your brokerage. Two things: Set a Per-Client Gift Budget Consider the Transaction Value When to Give Closing Gifts in the Transaction Giving gifts at the wrong time can seem misplaced and disingenuous. However, presenting gifts at strategic points in the transaction will make your clients feel valued and build goodwill. At the Signing of the Purchase Agreement Once your clients have signed the purchase agreement, giving an initial closing gift expresses your gratitude for their business and commitment to the transaction. An appropriate gift at this stage would be a welcome basket with snacks, a coffee mug, or a gift certificate to a local business. This small gesture shows you appreciate this first milestone in the process. During the Inspection Period The inspection period can be an anxious time for buyers as they await the results of the professional inspection of their new home. Providing a gift at this point, such as a candle or book by a local author, can help alleviate stress and demonstrate your support. Let your clients know you are there to answer any questions or address any concerns they may have. At the Final Walk-Through The final walk-through before closing is an opportune time for a closing gift. Your clients are about to take ownership and possession of their new home, so a housewarming gift is ideal. Consider a decorative item for their new home like artwork or throw pillows featuring the city or neighborhood. You can also give a more practical gift like a toolkit, fire extinguisher, or carbon monoxide detector. At the Closing Table The closing table is the pinnacle moment in any real estate transaction. Providing a thoughtful closing gift at this time will create lasting positive memories of their experience working with you. Ideal gifts include a framed photo of their new home, a bottle of champagne for a toast, or a Visa gift card to help them purchase any last-minute items needed for their new home. How to Marketing Closing Gifts Post about the closing gift program on your company's social media profiles, including images of some of the more popular gift options. Feature the gift program prominently on your website's homepage, services page, and testimonials. Make your clients smile with gifts and take photos and videos. Encourage them to give you a review on Google or other platforms. These tactics will spread the word about your closing gift offering to the widest possible audience. Thanks for reading, do you want more ideas? Check out these two: Real Estate Email Address Ideas Real Estate Slogan Ideas To view the original article, visit the Realtyna blog.
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Unleash the Power of Referrals: Proven strategies to generate qualified leads
Are you looking to boost your real estate business through effective lead generation strategies? Navigating the world of referral leads in the real estate industry can be a game-changer for agents like you. Referral leads hold valuable potential, offering a trusted path to new clients and business growth. As a real estate agent, you understand the significance of generating a steady stream of leads to fuel your success. The challenges of lead generation in a competitive market can be daunting, but fear not – there are effective strategies tailored to the unique landscape of the real estate industry. By tapping into the power of referral leads, you can unlock a goldmine of opportunities to expand your client base and establish your reputation. Leveraging client relationships Building strong relationships with your current and past clients is a cornerstone of success in the real estate industry. Not only does it foster trust and loyalty, but it also opens the door to valuable referrals that can fuel your business growth. Let's dive into some effective strategies for leveraging client relationships to maximize your referral leads. Personalized follow-ups One of the most powerful ways to nurture client relationships is through personalized follow-ups. By staying in touch with your clients in a personalized manner, you show them that you genuinely care about their well-being and success. Regular follow-ups keep you top-of-mind for referrals but also help you maintain a strong connection with your clients over time. Here are some best practices for personalized follow-ups: Send personalized emails or handwritten notes to check in on your clients. Remember important milestones like birthdays or home anniversaries. Provide valuable market updates or homeownership tips tailored to each client's needs. Stay connected through social media to engage with clients on a personal level. By implementing these practices, you can solidify your client relationships and increase your chances of receiving quality referrals from satisfied clients. Client appreciation events Organizing client appreciation events is another effective way to strengthen client relationships and generate referrals. These events show your appreciation for your clients' business but also create opportunities for them to refer their friends and family to you. Here are some ideas for client appreciation events: Host a networking happy hour or brunch for your clients to connect with each other. Organize a community charity event and invite your clients to participate. Offer educational workshops or seminars on home buying or selling tips. Arrange a client-exclusive property tour or real estate market update session. By organizing client appreciation events, you not only strengthen your relationships with clients but also cultivate a network of loyal advocates who can drive valuable referrals your way. Strategic Partnerships In real estate, teaming up with pros in other fields like mortgage brokers, designers, or stagers can boost your business big time. It opens doors to grow your network and business. Cross-promotions and collaborations Creating partnerships with strategic allies for cross-promotions boosts referrals and marketing synergy. For example, teaming up with an interior designer for home staging elevates your listing appeal, attracting more buyers and referrals. Referral exchange programs Creating referral exchange programs with strategic partners forms a mutual referral system benefiting all involved. By exchanging clients with trusted partners, you expand your reach and access new networks. For instance, a mortgage broker can refer homebuyers to you, while you recommend their services in return. Online presence and social media In today's digital age, having a strong online presence is paramount in attracting valuable referral leads. Your online presence and social media strategies play a crucial role in positioning yourself as a trusted authority in the real estate industry and fostering connections that can lead to lucrative referrals. Consistent content creation Consistency in creating content is key to maintaining a vibrant online presence. Consider starting a blog or regularly posting on social media platforms to showcase your expertise and engage your audience. Share insightful content tailored to the real estate industry, such as tips for first-time homebuyers, neighborhood spotlights, market trends, or home staging advice. Offering helpful content shows your expertise and boosts client referrals. Engagement and networking Engaging with the online community and actively networking are powerful ways to generate referral leads in the real estate industry. Interact with followers on social media by responding to comments, initiating conversations, and sharing relevant industry news. Consider joining real estate groups or forums to connect with potential clients and other professionals in the field. Networking events, both online and offline, provide opportunities to build relationships that can result in valuable referrals. By consistently engaging with your online audience and fostering meaningful connections, you can strengthen your reputation and increase your chances of receiving quality referrals. Rewarding referral programs Referral programs are a cornerstone in the real estate industry, fostering connections and driving business growth through client recommendations. One powerful strategy to enhance these programs is by implementing rewarding referral incentives. By rewarding referrals, you show appreciation and motivate others to keep spreading the word about your services. Incentives and gifts Incentives play a crucial role in motivating individuals to refer your real estate services. Effective referral incentives can range from monetary rewards and discounts to exclusive perks such as home staging services or professional photography for their property listing. Additionally, thoughtful gifts for referrers, such as personalized closing gifts or home decor vouchers, can make the experience more memorable and strengthen the client-agent relationship. A good reward system says thanks and keeps referrals coming for a loyal network. Tracking and managing referrals Tracking referral leads is crucial for measuring program success and identifying top referrers. Use CRM software or referral tracking platforms for insights on sources and conversion rates. Efficiently manage referrals by setting clear criteria, automating tracking, and promptly rewarding successes. Establish a structured program to maximize impact and nurture client relationships. Sustainable growth comes from appreciating and rewarding supporters. Offer incentives and maintain a robust tracking system to build a network of advocates. In the competitive landscape of the real estate industry, mastering the art of generating referral leads is key to your success. By implementing strategic techniques such as nurturing your lead database, hosting engaging client events, and leveraging online platforms like Zillow and Realtor.com, you can significantly boost your referral business. As a real estate agent, embracing these effective strategies will enhance your referral business and position you as a trusted and reliable professional in the industry. Stay proactive, stay engaged, and watch your referral leads soar to new heights. To view the original article, visit the iGuide blog. Related reading 10 Proven Ways to Optimize Your Real Estate Website for Lead Generation Supercharge Your Lead Generation: Proven strategies for real estate agents in 2024 The Ultimate Online Listing Guide for Attracting Potential Buyers
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NAR Report: Millennials Reclaim Position as Largest Group of Home Buyers
Millennials have surged ahead to become the largest group of home buyers, marking a significant shift in the housing market's demographic landscape, according to the latest report from the National Association of Realtors®. The 2024 Home Buyers and Sellers Generational Trends report, which examines the similarities and differences among recent home buyers and sellers across generations, found that the combined share of millennials, both younger (ages 25 to 33) and older (ages 34 to 43), now make up a combined 38% of the home buying market, a substantial increase from 28% last year. Baby boomers, comprising both younger boomers (ages 59 to 68) and older boomers (ages 69 to 77), saw their share decrease from 39% to 31%, relinquishing their position as last year's largest demographic of home buyers. "The generational tug-of-war between millennials and baby boomers continued this year, with millennials rebounding to capture the largest share of home buyers," said Dr. Jessica Lautz, NAR deputy chief economist and vice president of research. "This notable rise is attributed to both younger millennials stepping into homeownership for the first time and older millennials transitioning to larger homes that suit their evolving needs." The report underscored a rise in first-time buyers across many generations, with 32% of all buyers purchasing for the first time, an increase from 26% last year. Leading the charge were younger millennials, whose proportion of first-time buyers increased from 70% to 75% over the past year. Forty-four percent of older millennials and 24% of Generation X (ages 44-58) were first-time buyers. In parallel, the emergence of Generation Z (ages 18-24) in the housing market paints a picture of diversity and independence. While this cohort only accounted for 3% of all buyers, an impressive 31% of Gen Z purchasers were single females – a proportion significantly higher than that observed in any other generation. "Gen Z buyers are entering the housing market, and their demographics are emerging distinctly from other age groups," Lautz said. "More than half are single buyers, outpacing all age groups of single men and single women, and they are also most likely to identify as LGBTQ+." Despite these shifts in buyer trends, baby boomers remained the largest home-seller generation, accounting for 45% of all sellers in 2023. The tenure of homeownership before making a sale varied significantly by generation. While the median among all buyers was a 10-year stay before selling, older millennials typically sold their homes after just six years, contrasting sharply with Gen X, baby boomers and the Silent Generation (ages 78-98), who typically stayed in their homes for 15 years. "Baby boomers continue to dominate the home-selling market as they make pivotal decisions regarding their retirement living situations, whether it's right-sizing or moving closer to loved ones," Lautz said. "Benefiting from longer periods of homeownership compared to other generations, boomers approach these transactions with substantial equity, enabling strategic housing trades." In the face of changing market dynamics, the enduring appeal of homeownership remains strong. This year's report revealed that 82% of all buyers consider a home purchase a good financial investment, with this sentiment especially pronounced among younger millennials, 86% of whom echo this positive outlook. Across all generations, nine out of ten buyers indicated they would either definitely (75%) or probably (15%) enlist their real estate agent's services again or recommend them to others. Similarly, among sellers, 87% expressed they were likely to reuse or refer their agent. "The universal value of owning a home transcends every generation, serving as a cornerstone for both personal prosperity and community development," said NAR President Kevin Sears, broker-partner of Sears Real Estate in Springfield, Massachusetts. "In navigating the complexities of the market, buyers and sellers continue to rely on agents who are Realtors® for their expertise and guidance, underscoring the invaluable service they provide in bringing dreams of homeownership to life." Download the full report here. More in Research The Shifting Dynamics of Buyer-Agent Relationships in Real Estate How Agents Are (Unintentionally) Violating Fair Housing How Critical Will It Be to Renovate Before Selling In 2024?
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5 Tips for Better Email Open Rates, Plus PROVEN Plug and Play Subject Lines
As a marketing professional, I often leverage email for client outreach, invitations to webinars and events, educational communication, and prospecting. I'm often asked for advice on how to improve open rates and engagement, and I want to start with the most overlooked, but absolutely crucial part of the email…the subject line! A compelling email subject line is what's going to land you in the inbox, enticing your audience to open and engage with your content. Below are five proven tips for crafting effective email subject lines, as well a list of words and/or phrases that deliver results. 1. Personalization Using personalization such as the person's name or geographic location helps your email POP in the inbox and makes your emails feel more relevant and/or tailored to the recipient. Examples: John, here's your exclusive discount code. The hottest new listing just hit Willow Creek. 2. Urgency/Scarcity Subject lines that convey a sense of urgency or scarcity encourage recipients to open your email promptly, fearing they may miss out on an opportunity. Examples: Last chance! 50% off registration ends tonight. Need CE credits, Michael? 5 slots left. 3. Intrigue Questions in subject lines can pique your recipient's curiosity and motivate them to open your email to find the answer. Examples: Tanya, are you making this common staging mistake? Has your broker failed to share this important compliancy information? 4. Specifics Incorporating specific numbers or statistics in your subject line can make your content appear more credible and valuable. Examples: 10 proven tips to boost your productivity. 12% of Sarasota agents made this strategic move in 2023 5. Concise Email subject lines should be short, clear, and to the point. The longer or more ambiguous the subject is, the more likely it is to fail in capturing your recipient's attention. Examples: New Continuing Education: Register Today Exclusive Access: Listing Presentation Webinar And last, here's a list of words and/or phrases that can be combined with any of the above suggestions to help your emails stand out in crowded inboxes, increase open rates, and ultimately drive higher engagement. Happy marketing! Exclusive Exclusive Offer Inspire Discover Exciting Limited Update What?! Epic Epic Journey Limited Time Time Sensitive Action Required Breaking News Quick Tips Proven Strategies Inspiring Stories Essential Guide Exclusive Access Incredible Action Amazing Wow! Essential Unlock Why? Secrets Bondilyn Jolly is President of Marketing at WAV Group. Related reading 7 Emails You Need to Send to Real Estate Leads The Best Email Subject Lines: 11 Formulas to Use in Real Estate Build an Opt-in Email List: 8 Proven Tactics to Try Now
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100 Things Buyer's Agents Do for Their Clients
It's been a rough couple weeks for buyer's agents — and for how they're being portrayed in the media. Since the NAR settlement, comments sections of news articles have been rife with remarks like "What do real estate agents even do anyway?" that imply that agents don't deserve their commissions. While we advise that you stay away from these online discussions — which quickly turn toxic — you may need to offer answers to the question of what you do to clients and prospects at some point. Fortunately, as any buyer's agent knows, you do a whole lot! We want to hype you up during this challenging time and help you be ready to list all the wonderful ways you help your clients the next time you get that question. That's why we've rounded up this list of 100 things that real estate buyer's agents do for their clients. The list is written as if buyers are reading it, so please feel free to copy and paste this anywhere that it's helpful — on your website, into presentations, your email newsletter, and beyond! Before Your Search Begins Understand your needs and wants as a buyer (e.g., number of bedrooms, desired school district, commute time) Discuss your budget and pre-qualification options (explain pre-qualification vs. pre-approval) Educate you about the current real estate market (local trends, market conditions) Explain the buying process (steps involved, timeline) Provide a buyer's agency agreement outlining their responsibilities, compensation, and fiduciary duty to represent your best interests Discuss financing options (conventional loans, FHA loans, VA loans) Help you get pre-approved for a mortgage (connect you with lenders, understand loan terms) Explain the role of different parties involved (seller's agent, escrow officer, title company) Advise on homeowner's insurance considerations (types of coverage, estimated costs) Discuss potential tax implications of buying a home During Your Search Set up a personalized MLS search based on your criteria (location, price range, property type) Recommend properties that meet your criteria and highlight key features Schedule appointments to view properties and manage your showing itinerary Provide virtual tours if available and conduct virtual consultations if needed Research the neighborhoods you're interested in (schools, amenities, crime rates) Point out pros and cons of each property during showings Offer honest and unbiased opinions based on your needs and market knowledge Identify potential problems with properties (structural issues, outdated features, renovation needs) Help you stay organized with property information (create spreadsheets, share notes) Track new listings that hit the market and notify you of potential matches Schedule follow-up appointments for properties you'd like to see again Answer questions about open houses and how to best approach them Explain the role of "coming soon" listings and pre-market opportunities Advise on strategies for attending competitive open houses Help you understand the concept of "pocket listings" (unlisted properties) Offer guidance on making low-ball offers (weighing risks and benefits) Explain the concept of escalation clauses in competitive offers Discuss the importance of earnest money deposits and potential holding fees Advise on timelines for submitting offers and response expectations Help you prioritize properties based on your evolving needs and preferences Making an Offer Explain different offer strategies based on market conditions (fixed price, escalation clauses) Help you determine a competitive offer price considering comps (comparable properties) and market analysis Draft and submit a formal offer following standard real estate contract formats Negotiate on your behalf with the seller's agent to get the best possible terms Present counteroffers strategically to improve your offer's position Recommend concessions you can request beyond price (closing costs, repairs, warranties) Advise on closing costs and help you estimate associated fees Ensure all contingencies are included in the offer to protect your interests (financing, inspections, appraisals) Explain the concept of "due diligence" period and your rights during that time Keep you informed of the negotiation process and provide timely updates Under Contract Schedule and coordinate the home inspection with a qualified inspector Accompany you to the home inspection to ask questions and take notes Review the home inspection report with you, explaining findings and potential repair needs Negotiate repairs with the seller based on the inspection report Help you understand the process of scheduling and attending additional inspections (e.g., radon, pest) Facilitate communication between you and the lender to ensure smooth loan processing Recommend reputable mortgage lenders if you haven't already secured pre-approval Help you gather necessary documents for loan approval (tax returns, bank statements) Schedule and attend the appraisal (if required by your lender) Review the appraisal report and explain its impact on Advise on potential challenges with loan approval and suggest solutions Explain the role of private mortgage insurance (PMI) if applicable Help you understand the escrow process and communicate with the escrow officer Before Closing Order title search to identify any ownership or lien issues Review the title commitment and explain its implications Advise on homeowner's insurance options and help you get quotes Schedule the final walk-through to ensure the property's condition aligns with the contract Ensure all repairs agreed upon are completed before closing Review closing documents thoroughly and explain each section Answer any questions you have about closing and prepare you for the process After Closing Provide recommendations for reputable movers based on your needs and budget Help you connect with home warranty companies to explore coverage options Offer recommendations for home improvement contractors for post-purchase renovations Stay in touch and answer any questions you have after closing Provide resources for navigating homeownership, including maintenance tips and homeowner associations (HOAs) Additional Services Provide resources for school information and district ratings Help you understand local property taxes and potential exemptions Advise on homeowner association (HOA) fees and explain HOA rules Explain the benefits and drawbacks of different property types (single-family home, condo, townhouse) Help you understand lead paint disclosures and potential remediation requirements Assist with navigating historical property reports to understand the property's background Recommend resources for obtaining permits and inspections for renovations Connect you with property management companies if you plan to rent out the property Help you understand the process of obtaining homeowners' insurance Offer guidance on budgeting for ongoing homeowner expenses (maintenance, utilities) Client Communication Be available to answer your questions by phone, email, text, or preferred method Communicate promptly and effectively, keeping you informed throughout the process Advocate for your best interests during negotiations and throughout the transaction Provide you with clear and concise explanations, avoiding technical jargon Be patient and understanding, acknowledging the stress involved in buying a home Market Knowledge Stay up-to-date on current market trends (inventory levels, interest rates, price fluctuations) Analyze local market data to identify buying opportunities Provide insights into specific neighborhoods, highlighting pros, cons, and future development plans Offer comps (comparable properties) for reference during your search Help you understand seller motivations to inform your offer strategy Technology Utilize technology to streamline the buying process (electronic signatures, online portals) Use digital tools for property searches with interactive features and filters Offer electronic document signing for added convenience and efficiency Provide online communication platforms for easy information exchange and updates Use marketing tools to target potential properties that meet your criteria Negotiation Skills Negotiate effectively on your behalf to secure the best possible terms Present your offer in the best light, highlighting your strengths as a buyer Counteract seller's arguments strategically to improve your offer's position Advocate for repairs without jeopardizing the deal by finding common ground Help you achieve a win-win outcome that satisfies both parties Maintain a high level of professionalism throughout your interactions Dress appropriately for appointments and meetings, projecting a positive image Be respectful of all parties involved (sellers, agents, inspectors) Adhere to a strict code of ethics, ensuring fair and honest representation Conduct business with integrity and transparency, building trust with your clients There you have it — 100 things buyer's agents do for their clients. If you share this list, feel free to edit as needed. After all, you may not do everything on this list, and there are probably several things you do do that aren't listed. Happy selling! Related reading Unlocking RPR's Potential: A Buyer's Agent Daily Playbook The Shifting Dynamics of Buyer-Agent Relationships in Real Estate 4 Ways Buyers Agents Can Show More Value to their Clients  
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Top 10 Most Popular Articles of March: Scripts, Home Design Trends, the NAR Settlement, and more
Spring is here, and it's not just the weather that's about to warm up. But before the volume of home sales cranks up, let's take a moment to look back at last month — and the articles that can help you get ready for real estate's busy season. First, let's address the elephant in the room: the NAR settlement. For advice on how to talk to your sphere about it, check out article #1 on the list below. The settlement isn't the only thing you'll be talking about, of course. For scripts on steering sellers away from a too-high listing price, see article #3. Next, scroll down to article #7 for scripts that can help improve your business communication skills. Have sellers who are considering remodeling before putting their home on the market? Check out articles #2 and #5. Finally, see article #9 for a list of real estate podcasts that can help level up your career. 1. How to Talk About the NAR Settlement with Clients and ProspectsThe Ides of March brought a whopper of an announcement to the real estate industry: that the National Association of REALTORS® (NAR) had settled the commissions lawsuit. Thanks to wall-to-wall media coverage, it's likely that your sphere of influence has had some questions about the news. This list of do's and don'ts can help guide your conversations with clients, leads, and your social sphere. 2. Top 5 Home Improvements that Will Deliver Sellers the Greatest ROIThe art of selling a home at the highest possible ROI takes more than making great first impressions. Getting the most out of a home sale lies in making the right improvements that appeal to buyers' emotions and practical needs. Let's explore five home improvements that can deliver the greatest return on investment (ROI) to sellers. 3. Price It Right: 3 Scripts to Guide Sellers Away from Overpricing PitfallsHave sellers who are intent on overpricing their home? There's an ancient communication hack you can use to steer sellers towards a more reasonable price point. The Socratic method, created by ancient Greek philosopher Socrates, is a way to discuss topics by asking questions rather than telling or instructing the other party what to do. To help you understand what a pricing discussion using the Socratic method looks like, here are a few sample scripts. 4. 4 Must-Have AI Mobile Apps to Level Up Your Real Estate GameWant to leverage the power of artificial intelligence while you're on the go? You're in luck — there are several AI-powered mobile apps available to help you do everything from research to crafting social media posts. Today, you'll learn about four of them. 5. Trend Alert: These Features Help Homes Sell Faster and for More MoneyHome buyers are willing to pay more for a backyard decked out with all the bells and whistles. New Zillow research finds homes equipped with an outdoor TV command 3.1% more than expected — or $10,749 on a typical U.S. home. What other home design trends are catching the eyes of buyers? 6. Best Real Estate SEO Keywords for 2024Real estate agents spend a lot of time on their website design and pay a lot of money for advertisements, but many still struggle with lead generation. One cannot ignore the value of what is in demand and what folks are looking for on the web. In this article, we are going to explore the top real estate keywords of 2024 that bring a lot of SEO value to your real estate website. 7. 6 Real Estate Scripts (and When to Use Them)One persistent stereotype about real estate agents is that they're hyper-social creatures blessed with the gift of gab. While it's true that many agents are people lovers who like to talk, simply being talkative isn't necessarily a talent. Instead, knowing what to say and when to say is a skill that's learned — especially in business situations. These six scripts can help you hone your communication skills. 8. Top Buyer Trends in the Real Estate Market for 2024: What Realtors need to knowThe real estate landscape is constantly evolving, driven by shifts in buyer preferences and technological advancements. As we edge closer to prime real estate season, it's crucial to stay ahead of the curve by understanding the emerging trends shaping the market. Dive into the top buyer trends expected to dominate the real estate market in 2024, and get insights to help you navigate the changes and capitalize on new opportunities. 9. 15 Essential Podcasts to Level Up Your Real Estate CareerPodcasts offer a convenient and engaging way to learn and grow while you're on the go. This curated list of 15 podcasts is specifically tailored to real estate agents. We've got you covered, from mastering the art of the deal to developing a winning mindset, and staying on top of the latest industry trends. So, grab your earbuds, hit play, and get ready to level up your real estate career! 10. Make DIY Marketing Campaigns a Reality with RPRAs an individual real estate agent, you need to be a master of self-promotion. Did you know that with RPR, you can create all kinds of marketing materials, including digital and printed items, that are jammed with local market insight? And you can produce them in very little time, at no additional cost.
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How to Write Compelling Property Descriptions
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Facebook Ads: A Step-by-Step Guide for Creating High-Converting Ads
Do Facebook ads still convert leads? They do if you know what you're doing, according to real estate agent and coach Mike Sherrard. In this video tutorial, Sherrard walks viewers through the exact steps needed to build and deploy Facebook lead ads — with special attention paid to pre-deployment preparation and to finding leads afterwards. This tutorial offers handy, actionable tips like targeting custom lists of homes under a certain price point, and using images in your ads from homes that are slightly above the targeted price point to intrigue viewers and increase engagement. Watch the video to get other great tips and detailed guidance, like: Setting objectives, budgets, and targeting parameters Using campaign end dates to prevent unintended long-term spending Tips for targeting the Spanish-speaking market The top four ad placements work best Image tricks for increasing engagement Where to find leads from your ads in Facebook And more! Related Reading Paid vs. Organic Search for Real Estate Sites 8 campaign ideas for finding more listings 10 Questions Home Sellers Ask Google (and 40 Key Phrases to Target Them)
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Real AI: AI's sophomore slump, 5 great ChatGPT party tricks, headlines, fast facts and AI quote of the week
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15 Essential Podcasts to Level Up Your Real Estate Career
The busiest time of the year is right around the corner, and that means real estate agents are about to spend more time in their car — headed to showings and signings, meeting prospective clients, and so much more. Driving around town offers the perfect opportunity to get your fill of real estate knowledge. How? By listening to podcasts! They offer a convenient and engaging way to learn and grow while you're on the go. Whether it's your commute, downtime between appointments, or during a workout, you can plug into valuable insights and expert advice from top performers in the industry. This curated list of 15 podcasts is specifically tailored to real estate agents. We've got you covered, from mastering the art of the deal to developing a winning mindset, and staying on top of the latest industry trends. So, grab your earbuds, hit play, and get ready to level up your real estate career! 1. Crazy Sh*T in Real Estate A candid and entertaining look behind the scenes of the real estate world, hosted by Leigh Brown, a top producer, author, and coach. The podcast aims to go beyond the idealized portrayal of real estate often seen on television and into the messy realities, challenges, and sometimes downright crazy situations that agents encounter. 2. Beyond Four Walls: Conversations on Affordable Housing This show from the National Housing Conference (NHC) tackles one of the biggest issues in housing right now: affordability. Tune in for interviews with policymakers, advocates, and experts working on solutions. 3. Drive With NAR Podcast Hosted by the National Association of Realtors (NAR), Drive with NAR features interviews with industry leaders and experts on current trends, legislation, and insights impacting the real estate market. Its REALTOR® to REALTOR® Series offers business growth tips from other Realtors, and The Safety Series highlights tools, advice, and strategies for staying safe on the job. 4. Hustle Humbly If you're a go-getter (or aspire to be), this show is for you. Listen to top real estate pros share strategies and inspiration for building a thriving business through hard work and a smart approach. 5. GSD Mode GSD stands for "Get Sh*t Done," and this podcast lives up to its name by providing actionable tips and interviews with high-performing real estate professionals on achieving success. 6. Real Estate Training and Coaching School Hosted by husband-and-wife team Tim and Julie Harris, this podcast provides education and coaching specifically geared towards real estate investors, helping them navigate the intricacies of the investment side of the market. 7. Center for Realtor Development Podcast Another NAR production, this show focuses on professional development for real estate agents, with tips on sharpening skills, building a business, and staying ahead of the curve. 8. RENEW Podcast How are women moving real estate forward? Find out in this podcast, which features female industry leaders and their accomplishments. 9. Reverse Selling Real estate broker and coach Brandon Mulrenin flips the script on traditional sales techniques, focusing on building relationships and understanding the client's needs to achieve successful outcomes. 10. F.I.R.E.D. Up with Krista Mashore F.I.R.E.D. stands for "Financial Independence, Retire Early." This show explores real estate investing strategies for building wealth and achieving financial freedom. 11. Real Estate Rockstars Podcast Learn how the best and brightest agents have achieved success. This podcast features interviews with top real estate agents and investors, delving into their journeys, strategies, and the secrets behind their rockstar status. 12. REconomy Podcast The housing market is a complicated beast, but this podcast breaks it down beautifully, helping listeners understand the bigger picture. Tune in for an in-depth exploration of the business and economic factors affecting the real estate market. 13. Elite Agent Secrets Podcast Packed with practical advice and interviews with successful agents, this show equips listeners with the tools and knowledge to become an elite performer in the real estate game. 14. Lab Coat Agents Look at almost any list of recommended real estate agent podcasts, and you're sure to find this show. That's probably because of its unique spin: Lab Coat Agents takes a more scientific approach to real estate, exploring the psychology of negotiation, buyer behavior, and the use of data to gain a competitive edge. 15. The Mindset Mentor Podcast Hosted by mindset coach Rob Dial, this podcast focuses on the mental aspects of success in real estate. Learn how to overcome challenges, develop a winning mindset, and achieve your goals in the competitive world of real estate. Next steps See a list of recommended podcast episodes. Need a podcast app? Get 11 app suggestions here. Want to start your own podcast? Here's 4 things you should know.
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[Podcast] Being your Natural Self as a Realtor with Barry Karch
Barry Karch is the Broker-Owner of The Real Estate Power Houses. He's been a Realtor for 38 years — after never planning to be one. In this episode of Real Talk with Realtors, hear how to embrace being an introvert in real estate, not be pushy, be analytical and prepared, partner with family for your real estate business, and build your sphere of influence. This episode covers everything from the DISC test to door-knocking. Here's a small sample of what you will hear in this episode: How did Barry get into real estate? Did he start out as a salesperson? How did the anti-stigma work for him? Are people attracted to a husband-wife team? How do you succeed in real estate as an introvert? Why does Barry encourage those who have doubts about their real estate career? How did his wife start working with him? Real talk...not Real talk: Farming Connect with Barry at HomesForSaleInElPasoTexas.com. Listen on: Spotify Apple Podcasts Visit the episode homepage for show notes and more detail.
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How the New Generation Is Changing Home Buying
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Price It Right: 3 Scripts to Guide Sellers Away from Overpricing Pitfalls
Have sellers who are intent on overpricing their home? There's an ancient communication hack you can use to steer sellers towards a more reasonable price point. When we say "ancient," we mean it! The Socratic method, created by ancient Greek philosopher Socrates, is a way to discuss topics by asking questions rather than telling or instructing the other party what to do. This is effective in pricing discussions because it moves sellers away from an emotional frame of mind to a more logical one. And, importantly, it helps sellers persuade themselves toward a more reasonable price — and it avoids making them feel like you're telling them what to do. By asking questions and having them rationalize their pricing motivations, you can guide them to see the potential pitfalls themselves. The key is using questions, examples and letting them arrive at the more reasonable pricing conclusion through their own logic. To help you understand what a pricing discussion using the Socratic method looks like, here are a few sample scripts. Seller Objection: "My house has valuable upgrades" You: I understand you want to list your home at [proposed price]. Can you help me understand your thought process behind that decision? Client: I think my home is worth more than comparable homes in the area because it has been updated and is in great condition. You: That's a fair point. Can you tell me more about the specific updates and condition? How do they compare to similar homes on the market? Client: Well, we updated the kitchen with new countertops and appliances a few years ago... You: Those updates do add value. Have you looked at what other homes with updated kitchens have listed and sold for recently? How does your asking price compare? Client: Not specifically, but I'm sure ours is nicer. You: Let's take a look at some examples to compare. What do you think might happen if we price your home significantly higher than similar recently sold properties? Client: I suppose it might sit on the market longer... You: Exactly. And what are some potential downsides of a listing going stale? Client: Buyers might wonder what's wrong with it and make lower offers. You: That's true! Overpricing can make it harder to generate interest and get a strong offer. What are your priorities — a higher price or a quicker sale? Seller Objection: "I want to maximize our ROI on our home" You: What factors are most important to you in pricing your home? Client: Getting the highest possible price. This is our biggest investment. You: I understand wanting to maximize your return. What concerns might you have about overpricing though? Client: Well, I don't want it to sit on the market forever. You: Right, going too high can deter buyers. What have you noticed about how long overpriced homes in our area tend to stay listed? Client: Several months at least from what I've seen. You: Exactly. And opportunity costs come into play too when a home lingers. What kinds of costs are we talking about? Client: Carrying costs like the mortgage, utilities, maintenance… You: Yes. So finding the highest price a qualified buyer will actually pay could make more sense financially. How might we analyze recent sales to find that sweet spot? Seller Objection: "I want to keep up with the Joneses" You: I know you have X price in mind for listing your home. What is your goal in setting that price? Client: I want to get a price 15% higher than the neighbors sold for last year. You: I see. What has changed about your home or the market conditions that leads you to value it that much higher? Client: Well, not much besides the neighbors selling when prices were lower. You: Understood. Buyers will be looking at very recent comparable sales though. If other similar homes seem undervalued compared to yours, what could happen? Client: Buyers might favor those other listings and ours could get passed over. You: Potentially, yes. What are some risks if we overpriced and it doesn't sell quickly? Client: It could hurt our negotiating position later if we have to keep dropping the price. You: Those are excellent points. How can we analyze trends to find the optimal list price and position your home strongly? Tips Be agreeable and allow the seller to express their opinion. Embrace silence as a tactic to allow the seller to express their thoughts fully. Self-persuasion is key to guide sellers to the right pricing strategy. The Socratic method lets them feel they're coming to the desired conclusion on their own. Lean on data to help persuade sellers. RPR's Refine Value Tool lets you take home upgrades into account when determining price. Related reading Pricing It Right: How Agents Can Show Value to Home Sellers Through CMAs Unrealistic Seller Pricing: How to Handle it Like a Pro [Podcast] You Don't Get to the Money If You Don't Get to the Core of Feelings, with Lynn Sharer
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How to Talk About the NAR Settlement with Clients and Prospects
The Ides of March brought a whopper of an announcement to the real estate industry: that the National Association of REALTORS® (NAR) had settled the commissions lawsuit. Thanks to wall-to-wall media coverage, it's likely that your sphere of influence has had some questions about the news: Is buyer agency a thing of the past? When do changes go into effect? How does this affect me if I buy or sell a home? How do you address the settlement with your sphere — or should you even wade into that conversation at all right now? After all, things are still in flux, and many real estate organizations are still figuring out how to adapt to the changes, which go into effect in July. To help you out, we're offering a list of do's and don'ts to help guide your conversations with clients, leads, and your social sphere. DO's DO stay away from negativity. Social media is an increasingly combative place, to be sure, and it's easy to be drawn into arguments about the settlement. But people don't want to follow or work with a negative person, so be sure to keep any posts or conversations on the positive side. Acknowledge that things will be changing without veering off into the negatives of this development. DO explain that buyer agency agreements have not changed (yet). The changes from the NAR settlement go into effect mid-July, and few (if any) brokerages have changed their existing buyer agency agreements at this time. You can tell your sphere that while changes have not gone into effect yet, you will keep them updated on the approach your brokerage decides to take when the time comes. DO create more stories about how you serve your clients. With the value of real estate agents in question in the media, take time to create social media posts and stories that show the value you bring to the table. Record short video case studies with clients that show how you helped them overcome challenges in their home buying journey. Ramp up your efforts to collect client testimonials, too. DO talk to your peers and local industry leadership. We get that this situation can be frustrating, so if you need to vent, be sure to do it in spaces that the public doesn't frequent. Try private industry-only Facebook groups or similar online spots, or chat with colleagues about it in person. DO conduct a gut check before posting. If you're unsure whether a post or comment is worth making, check in with yourself first. Ask how the post benefits your business or your clients. If it doesn't, rethink posting it. DONT's DON'T rage post. We get it — there are a lot of misleading headlines and social media posts out there right now, and the urge to correct them may be strong. Don't take the bait, though. Refrain from posting in article or social media comment sections, especially if agitated. Remember that your social media sphere can see what you've written when responding to public posts from pages. Your professional reputation is worth more than the 10 seconds of satisfaction you get from responding to inaccurate stories. DON'T argue about why agents deserve commissions. Consumers don't want to hear about it, especially at a time when commissions are under a microscope. Instead, show the value of what you bring to the table by talking or posting about how you serve clients and help them navigate roadblocks in the sales process. DON'T prognosticate publicly. It can be fun to speculate on the shape of the changes to come in the wake of the settlement. But the internet has a long memory, and anything you post can be dredged up in the future — not a great look if your predictions don't pan out. Save the speculation for chats with colleagues instead.
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Introducing Yourself as a New Real Estate Agent on Social Media
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Real AI: Is AI another boys' club? Ode to Otter, headlines and an AI Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Does AI have a gender problem? As a long-time advocate of gender parity, an email in my inbox this week from Laura Meli with Girls Who Code asked this question as its subject line: "Is AI another boys' club?" The email immediately notes that technological innovation and progress demand diverse perspectives, adding, "This is especially true in the field of artificial intelligence (AI), where we fear the mistakes of the past will repeat themselves. We cannot let underrepresented groups be ignored in the rise of AI technology, and the opportunities it will present." For those who follow this topic closely, we know that many gaps exist for women and girls pursuing careers in technology. The employment gap: According to the World Bank, women make up 35% of the tech workforce in the US, yet 57.5% of the overall labor force. The education gap: Only 16% of those who earned a Bachelor's degree in computer and information sciences are women; in engineering and engineering technology, the percentage is 21%. The pay gap: Men in STEM professions are paid higher annual salaries than women – a difference of about $15,000 a year. The C-Suite gap: Just 25% of C-level leaders are women. Moreover, none of the "Big Five" US tech firms—Alphabet, Apple, Meta, Amazon, and Microsoft—have a female CEO. Only 8-9% of women hold positions like CIO, CTO, or IT manager or serve as technical team leaders. The retention gap: 66% of women lack clear career advancement paths in their companies, and women are 1.6 times more likely to be laid off than men. Alarmingly, 57% of women in Technology, Media, and Telecom (TMT) plan to leave their jobs within two years, citing poor work/life balance, according to WomenTech Network. Are there any silver linings here? In 1970, only 8% of the STEM workforce was women, so significant strides have been made, but the gender gap remains. One bright spot comes in real estate, an industry where the majority of real estate agents (62%) are women. A tech study from Delta Media recently found these two silver lining nuggets: Female leaders recognize AI's importance more, especially in mid-sized brokerages with substantial transaction volumes. A greater percentage of female leaders (85.3%) utilize AI in their businesses than male leaders (70.4%). Female-led brokerages, particularly those with medium to large agent teams and high transaction volumes, are the most likely to use AI. The youngest and oldest male leaders, overseeing smaller brokerages, are less inclined to integrate AI. More hopeful news comes from KillerStartups: The "She-conomy" is soaring, registering record growth last year. It looks like the pandemic may have helped fuel the rise of female entrepreneurs. In 2023, there was a 17% increase in new businesses owned by women versus the prior year. Women-led startups have nearly doubled in the last four years, taking it in the right direction toward gender equality. Finally, I remain hopeful of a continued move toward gender parity, albeit, as my Texas friend says, at a pace as slow as a snail on crutches. My hope comes from anecdotal experiences, but sometimes, a powerful role model can spark generational change. The most recent example is 19-year-old University of Washington student Merrill Keating, recently named one of USA Today's 2024 Women of the Year. Merrill is a former FIRST robotics student with our local high school team that I mentor and a technology wunderkind, becoming a UW freshman at age 15. As our local USA Today affiliated paper writes: "She's founded and hosted Tedx events, launched a magazine, been part of a United Nations project that connects to space exploration agencies, and organized women both in her community and around the world to focus on STEM and advocate to open doors for girls who will change the world." Having role models like Merrill makes me hopeful beyond the numbers and the statistics because she is the kind of person who can help clear the path for many, many others. Ode to Otter.ai Ode to Otter, a tool supreme,Whose early years were but a dream.In real estate's linguistic maze,It stumbled through an acronymic haze. Now, behold this AI's gleaming might,In just six months, a leap to height!Accuracy soars, it grasps our speech,Our meetings' essence, it can now reach. Summaries crisp, transcending the norm,Surpassing rivals in function and form.Otter, our gem, a partner so keen,In the art of transcription, you reign as queen. A game-changer, true, in our daily grind,Interviews, calls, in you, clarity we find.We stand in ovation, give praise where it's due,Otter.ai, to progress, we owe much to you. (Note: This is our first non-human created text in this newsletter, created by ChatGPT-4, noting the remarkable improvement in one of our go-to daily AI tools) AI Fast Facts Around 15% of Facebook's feed is generated by AI – HootSuite 66% of US adults are concerned about privacy issues when it comes to using AI for social media initiatives – Insider Intelligence More than one-third of companies surveyed said they are having difficulty adopting AI into their business practices due to limited skills – IBM 44% of business owners interviewed said they would use ChatGPT to translate content to other languages – NamePepper More than half (52%) of consumers surveyed indicated they are open to having AI assist them with a product, website, or feature experience – Survey Monkey Source: Sixth City Marketing AI Headlines – Take 5 Women Real Estate Leaders and AI | 3/14/24 - RISMediaWomen-led brokerages embrace AI integration, challenging the hierarchy of real estate leadership. How small businesses can be mindful of legal pitfalls when integrating AI into operations | 3/15/24 - Louisville Business FirstData privacy and IP concerns, HR issues, and other AI risks for small businesses. A ChatGPT for Music Is Here. Inside Suno, the Startup Changing Everything | 3/17/24 - Rolling StoneSuno allows anyone to create their own songs, but will it come at the expense of music artists? AI at Home: Five Ways AI is Enhancing Smart Living | 3/18/24 - Realtor MagazineAI systems like Govee AI are bringing a new era of smart-home features. Hackers can read private AI-assistant chats even though they're encrypted | 3/14/24 - Ars TechnicaAI assistants are being exploited, bypassing security to acquire personal information. AI Quote of the Week To view the original article, visit the WAV Group blog.
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Trend Alert: These Features Help Homes Sell Faster and for More Money
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4 Tips to Improve Your Time Management
As a busy real estate agent, having good time management is necessary in order to be successful. While sticking to a routine is highly important, what is more important is being able to have a flexible schedule because, as you know, anything can change at the drop of a hat. 1. Create daily to-do lists How great does it feel to cross something off your to-do list? Creating a daily to-do list will not only help you stay on track so that you don't forget any tasks, but it also improves time management because you won't be trying to figure out what your next step should be. Categorize your list by the importance of task so you are able to maximize your time more efficiently. 2. Use a calendar Having a calendar, one that you actually use, is a great way to improve your time management. Calendars allow you to keep all of your meetings organized and in one place so you are able to prepare accordingly. As a real estate agent, you are always on the go and it can be hard to remember where you are supposed to be. Utilizing your calendar will allow you to plan ahead of time so that you are never unprepared or late to a client meeting. 3. Batching If there are certain tasks you do daily that are necessary to keep your business running, try batching them together so you can perform these tasks on fewer occasions. Examples of tasks that you can batch are emails and phone calls. I know what you're thinking: "I need to answer every call that comes in." Of course that would be nice, but if your caller believes speaking with you is beneficial to their life, they will leave a message for you and you can call them back ASAP. 4. Time-blocking Part of improving time management is being able to focus on each individual task without distractions. Time blocking requires you to set aside specific time to engage on social media, or respond to emails, or even clean up some paperwork. Don't succumb to distractions and start performing other tasks during your individual time blocks. Humans are creatures of habit. If you are able to stick to a routine, you are going to be able to manage your time better, and therefore your real estate business will be more successful. To view the original article, visit the Zurple blog.
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[Podcast] Building Connections and Value with Neida Cazares
Neida Cazares is a Realtor at Future House Realty and a RE/MAX Top Producer. She's brought the lessons she learned as a healthcare recruiter into her real estate approach. Hear how to make a personal connection with your real estate clients, follow up effectively, educate your clients and set expectations, be honest when pricing the home, and the innovation in the industry that excites her the most. This episode of Real Talk with Realtors covers everything from recruiting to following up. Here's a small sample of what you will hear: How did Neida get into real estate? What about recruiting helps her in real estate? How do you create connections with your real estate clients? What are interpersonal skills? How do you follow up effectively? What does Neida think about innovation in the real estate industry? How do you create value as a Realtor? Real talk...not Real talk: Staging Connect with Neida at RealtorNeida.com and social media at @RealtorNeida. Listen on: Spotify Apple Podcasts Visit the episode homepage for show notes and more detail.
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Real Estate Social Media Strategy: How to Boost Engagement in Your Online Community
In the realm of real estate, having an online presence has become more crucial than ever. Enter social media, the digital playground where potential buyers, sellers, and investors gather to explore properties, seek advice, and make connections. However, having a social media account is just the beginning. To truly stand out and succeed, you need a well-crafted social media strategy that fosters engagement within your online community. In this post, we'll unveil the secrets to boosting engagement in your real estate social media strategy. Know Your Audience, Be the Audience Take a moment to tap into your inner detective before you jump right into content creation. Who are your ideal customers? What are their inclinations, routines, and problems? Once you've figured it out, make sure your content speaks to their interests. Share articles that address their queries, allay their worries, and highlight homes that fit their ideals. The secret is to think like your audience, foresee their needs, and give them value that keeps them coming back for more. Consistency Is King Imagine living in a society where you only ever brush your teeth when you feel like it. I know, it's not a pretty picture. In order to be effective on social media, consistency is necessary. Make a posting schedule and follow it. A consistent posting schedule, whether it be twice a week or every day, not only keeps your audience interested but also increases your credibility. A consistent stream of content also keeps your brand top-of-mind for potential customers, increasing the likelihood that they'll think of you when it's time to buy or sell a home. Content Variety: The Spice of Engagement Variety is essential for success on social media as well as being the "spice of life." Avoid limiting yourself to just real estate listings. Blend it up! Send out eye-catching images, educational infographics, captivating videos, and even behind-the-scenes peeks at your real estate journey. Engage, inspire, and educate your audience. Think about giving virtual tours, taking questions from the audience in real time, or sharing achievements. A variety of content keeps readers interested while showcasing your knowledge and personality. Harness the Power of Hashtags Think of hashtags as your friends on social media. They enable a larger audience outside of your followers to find your content. Don't, however, overdo it and overuse hashtags in all of your posts. Be judicious. Look up popular and pertinent hashtags for the real estate industry, then naturally incorporate them into your posts. This tactic not only increases the visibility of your content but also strengthens your authority as a subject matter expert. Engagement Isn't a Monologue In social media, communication happens both ways. Dialogue is what engagement is, not a monologue. React quickly to interactions, messages, and comments. Show a sincere interest in the ideas and questions of your audience. Actively interacting with your audience helps to build trust and loyalty as well as a sense of community. Encourage conversation, elicit thoughtful responses, and value every interaction because each one contributes to the development of solid, enduring relationships. User-Generated Content: Sharing is Caring Imagine the thrill of seeing your photo on a real estate agency's social media page. That's the power of user-generated content. Encourage your clients to share their experiences, photos of properties they've purchased through you, and even their home decor inspirations. Not only does this show that you value your clients, but it also adds authenticity to your online presence. People trust the words of their peers, and these posts act as real-life testimonials, bolstering your reputation. Storytelling: Where Magic Happens In a world saturated with information, stories cut through the noise like a breath of fresh air. Share your real estate journey, the challenges you've overcome, and the heartwarming success stories of clients you've helped. People connect with stories on a deep emotional level, and when they connect with you, engagement naturally follows. Use the power of storytelling to make your brand relatable, memorable, and inspiring. To conclude, in the vibrant landscape of social media, your real estate business has the potential to shine like a diamond. Crafting an effective social media strategy that boosts engagement in your online community isn't rocket science, but it does require careful planning and execution. Know your audience, be consistent, diversify your content, harness hashtags, engage authentically, share user-generated content, and weave compelling stories. By following these steps, you'll transform your online presence into a thriving hub of interaction, connection, and, ultimately, real estate success. So go ahead, take the plunge – your engaged online community awaits! To view the original article, visit the Transactly blog.
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Let the Madness Begin! Introducing RPR's Market Madness Contest
RPR presents Market Madness… where a $500 gift card is up for grabs! We're putting a fun twist on the annual college hoops tourney and the upcoming spring housing market. This contest allows RPR users to predict advancing teams in the March Madness college basketball tournament. They will also provide specific Market Trends data points for the team's home court city. Each round, comment your pick with the correct Market Stat for one point. If your team advances, earn a second point. Every point is an entry into the contest. It's time to engage, predict and win! Prizes in the drawing include a $500 gift card, five $50 gift cards and RPR swag. How RPR's Market Madness Contest Works We've made the contest super easy to play — no bracket busting here! Selection and Data Points: On designated dates aligning with the start of March Madness rounds, RPR will post on social media, including Facebook, Instagram and LinkedIn. Look for these posts to make your winning team pick, and to enter the corresponding Market Trends data point. Participants earn points (entries) by commenting on these posts with their team pick to advance from the upcoming games and a Market Trends data point specific to the team's home court city. The required data point will change with each round. You can participate in every round, and you can enter the contest at any round. Your team does not have to advance for you to enter the next round. Here's how the scoring and accumulation of points works: Scoring Points 1 point for including the correct market trend stat for the chosen team's home court city in your comment 1 additional point for correctly picking a team that advances to the next round Round Dates and Data Points First Round Selection Sunday (Post: March 17th) Games: March 19th – March 22nd.Data point – Median Sold Price Second Round (Post: March 22nd)Data point – Months of Inventory Third Round: Sweet Sixteen (Post: March 24th)Data point – List to Sold Price Percentage Fourth Round: Elite 8 (Post: March 29th)Data point – Median Days in RPR Fifth Round: Final 4 (Post: April 1st, Game on April 6th)Data point – Month over Month Change % of Months of Inventory Final Round: Championship Game (April 7th Post, Game on April 8th)Data point – Number of Active Listings Prizes First Prize: 1 winner will win a $500 gift card + RPR swag (t-shirt or water bottle) Second Prize: 5 winners will win $50 gift cards + RPR swag (t-shirt or water bottle) Third Prize: 10 winners will receive RPR swag (t-shirt or water bottle) Winner Announcement: Winners will be announced on April 9th. View full contest rules. Enter the RPR Market Madness Contest It's time to pick some winners and post some stats! Be sure to enter and play RPR's Market Madness contest for a chance to win. Keep an eye on RPR social media posts to make your picks and comment to earn your entries. RPR's Market Trends is a collection of local housing market data that REALTORS® can access with just a few clicks. Conduct a search, by a ZIP code or neighborhood name, to see important housing stats such as List to Sold Price Percentages, Inventory Levels and Median Sold Price. Then easily share these numbers with your clients and prospects by tapping a button. Try it now! To view the original article, visit the RPR blog.
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Real AI: How current are the chatbots, facts, headlines and an AI quote of the week
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The Ultimate Guide to Closing Home Sales Sight-unseen
In today's evolving real estate landscape, buyers are reshaping the traditional home-buying process by making purchasing decisions without physically setting foot inside the properties they are interested in. This emerging trend of buying homes sight unseen is gaining momentum, offering convenience and efficiency to buyers while presenting new challenges and opportunities for real estate professionals. If you're looking to capitalize on this trend, understanding the nuances of facilitating sight-unseen transactions is crucial. By adapting to these changing preferences and leveraging digital platforms to showcase properties effectively, you can cater to the evolving needs of buyers in today's competitive market. The rise of remote home buying Have you caught on to the latest trend? An increasing number of buyers are buying homes without actually visiting them. This is changing the way people purchase properties, and it's fueled by different factors and the modern conveniences that technology provides. Factors driving remote home purchases Advanced technology plays a pivotal role in the surge of remote home buying. With the advent of virtual tours / 3D walkthroughs and accurate floor plans, potential buyers can explore properties in detail from the comfort of their homes. Benefits for buyers Buyers love remote home buying for many reasons. One big plus is the time-saving factor. By skipping in-person visits to multiple homes, buyers can check out more options in less time. Thanks to virtual tours, floor plans, and detailed listings, buyers can really dig into a property without actually being there. This helps buyers compare choices and confidently make decisions from afar, making the home-buying process smoother and more efficient. Tips to help you navigate sight-unseen transactions Having to navigate sight-unseen transactions is becoming more common. How can you adapt to this trend to cater to remote buyers effectively? By leveraging technology, building trust remotely, and managing expectations, you can successfully guide buyers through the process without them physically stepping inside the property. Leveraging technology In the digital age, utilizing technology is paramount in showcasing properties to remote buyers. Virtual tours, high-quality images, and video calls are crucial in providing a comprehensive property view. By offering virtual walkthroughs and interactive experiences, you can bring the property to life for buyers who cannot visit in person. Building trust remotely Establishing trust with buyers you may never meet in person requires a strategic approach. Transparency, clear communication, and detailed property information are key to building a strong rapport with remote buyers. By providing accurate descriptions, disclosing all relevant details, and offering virtual consultations, you can instill confidence in buyers and address any concerns about purchasing a property without physically seeing it. Managing expectations Setting clear expectations is vital in guiding buyers through the sight-unseen transaction process. You can ensure a smooth and transparent transaction by outlining the purchasing journey, sharing comprehensive property disclosures, and managing the buying process efficiently from a distance. By proactively addressing potential issues, clarifying timelines, and keeping buyers informed, you build credibility and trust, ultimately leading to a successful sight-unseen transaction. Challenges and risks of sight-unseen transactions While this method offers convenience and flexibility, it also presents challenges and risks that you and your buyers have to navigate. Mitigating risks You must implement strategies to mitigate risks effectively when engaging in sight-unseen transactions. One way to do this is by conducting thorough inspections of the property through virtual tours or detailed video walkthroughs. Leveraging the expertise of third-party services such as home inspectors or appraisers can also provide an objective assessment of the property's condition. Moreover, ensuring buyers have a realistic understanding of the property through comprehensive disclosures and transparent communication can help manage expectations and minimize surprises. Legal considerations Navigating the legal aspects of sight-unseen transactions requires careful attention to detail and a comprehensive understanding of the contractual framework. You must ensure that all contracts encompass contingencies that safeguard the buyer's interests in case of unforeseen issues with the property. Understanding the local laws and regulations pertaining to remote purchases is essential to protect both parties. You can effectively navigate the legal complexities inherent in sight-unseen transactions by clarifying buyer protections and advocating for fair agreements. As the real estate industry adapts to changing consumer preferences and technological advancements, addressing the challenges and risks associated with sight-unseen transactions is essential to capitalize on this emerging trend. Embracing technology, fostering trust remotely, and managing expectations are key strategies in effectively navigating sight-unseen transactions. By adapting to the evolving real estate landscape and providing exceptional service to remote buyers, you can thrive in an environment where virtual interactions are becoming the new norm. Remember, in today's digital world, being adaptable and proactive in catering to remote buyers sets you apart as a trusted advisor in the real estate industry. Ready to embrace the change and meet your clients' needs in this new home-buying era? Explore iGUIDE and see how you can elevate your virtual listing process. To view the original article, visit the iGuide blog. Related reading Top Buyer Trends in the Real Estate Market for 2024: What Realtors need to know Supercharge Your Lead Generation: Proven strategies for real estate agents in 2024 Mastering Technology to Stay Ahead in Real Estate
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