Tag: communication

iBuyers

Keeping up with the iBuyers

Marci Sepulveda Leave a comment

With iBuyers like Opendoor and Redfin part of the mix, you may be considering new ways to integrate technology and ala carte services in your business. Although not every seller will want to use these tools there are some who opt for the instantaneous, so it’s best to be aware of this new trend. Here’s what you need to know about iBuyers.

Getting on Board

You may have seen signs at busy intersections that say, “Sell your house for cash NOW” or commercials about companies that will buy a sellers’ home in any condition. These are tactics that have been around for many years, but more recently companies are utilizing new technologies to leverage them. One notable real estate agency that has tapped into this trend is the Texas-based Keller Williams Realty. Although they are currently launching the “Keller Offers” service only within the Dallas-Fort Worth market, they plan to expand the program to nearly eight other major markets by the end of 2019.

Furthermore, 10 percent of all sellers use iBuyers, according to Keller Williams officials. They serve as a vital addition for agents to offer to their clients.

How to Stand Out

Some iBuyers, like Opendoor, utilize their own home valuation analytics software in which an instant offer is made based off the estimation. The Keller Williams service goes a step further, offering an agent to both act as a trusted guide and take into account the things that a home valuation software can miss. Agents are not just providing a helping hand in a potentially confusing process – their personal touch is key in standing out and creating a lasting agent-seller relationship. This, in turn, can lead to more referrals.

It’s good to stay aware of what people in emerging markets are looking for. Sellers that use these instant-offers services are often those with an urgent need to move, such as for a job. Another major group of users are those looking to flip a property.

iBuyers still need agents

The technology that comes with iBuyer services often utilizes algorithms and local market data as indicators for price points. Although these programs are becoming more prevalent, the role of an agent is still ever-present. Most sellers need an experts’ advice on what is a good offer and what is subpar.

In any situation that your seller may be in, offering these services is key to giving your clients a variety of choices. Moreover, the use of more technology is a necessary step in keeping up and opening more communication channels with potential clients. To learn more on better serving your sellers, start your seven-day free trial of AgentEDU and gain access to our “Representing Sellers” course.

_________________________

AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.

Are Open Houses Still King?

Marci Sepulveda Leave a comment

Open houses can act as a door opener for generating new leads. It gives the opportunity to showcase the property and network closely with potential buyers, among other benefits. Although some argue that open houses are a waste of time, only you can make that decision. Here’s a breakdown on whether an open house is essential for your listing and your business.

On the Upside

Positive aspects of open houses are that, nationwide, homes that had an open house sold for more than $9,000 more and spent fewer days on the market than homes that had no open house. This comes from a recent study of open houses in major metro areas by Redfin. For example, homes for sale in Miami that featured an open house within the first week of listing sold 11 days sooner than those without an open house. One caveat to keep in mind is that these successes in open houses may stem more from the appeal of the home itself and the marketing associated with it rather than the sole event.

Not So Fast

Still, the data might not tell the whole story. First of all, it’s a small dataset: In 2018, only 24 percent of listings nationally featured an open house within the first week. Also, in some markets open houses are associated with more days on the market rather than less. Examples of such markets include New Orleans and Nashville, where homes featuring an open house spend eight more days on the market. Although this does not apply to all areas, it is something to watch if you’re selling in those areas and are thinking of conducting open houses. But in the end, days on market is more a factor of the appeal of the property, state of the local market and the price of the home.

Do’s and Don’ts

Orchestrating an open houses takes various steps, all with an ultimate goal of finding a buyer for the listing. However, secondary purposes for the open house may arise that get in the way of the original purpose. Some agents host open houses to market themselves and make the event more of a social one, where the focus is taken away from the house and put onto the agent. That is a path to avoid; focusing on the aspects of the house and giving valuable information to these prospects will make you come off as a trustworthy and knowledgeable agent.

According to the study from Redfin, timing is key. Try to conduct an open house within the first week of listing. The first week a home is listed is crucial, as you can capitalize on the freshness or “just listed” aspect of the property.

Decide with Your Seller

In all, open houses can be a useful tool when done correctly. Whether or not to conduct an open house is a call that you and the seller make together, and in that conversation, mentioning both the benefits and possible drawbacks is key. For more best practices when it comes to open houses, check out our AgentEDU course “Open Houses.” You can start with a seven-day free trial and gain access to the full “Open Houses” course today.

_________________________

AgentEDU® is a platform where agents at every level can come to watch 10-minute video courses for the many situations that successful agents must master. From essential to advanced level and everything in between, AgentEDU® courses help agents become top producers with increased earnings and a plan for continued growth. For a 7-day free trial sign up here.

AgentEDU® is an Agent Publishing brand. For nearly two decades, Agent Publishing has been committed to providing residential real estate professionals with the information and training required to build successful and meaningful careers in their local markets. Agent Publishing’s influence extends to every career stage and reaches agents across print, digital, events and online learning.