Tag: market data

Why buyers are valuing Realtors even more than before

Kerrie Kennedy Leave a comment

As lockdowns end, homebuyers are starting to feel more comfortable venturing out.

That’s according to a national survey conducted by the National Association of Realtors on May 20, which showed that the majority of people – 65% – who attended an open house within the last year would do so now without hesitation.

While nearly three-quarters of respondents reported feeling more comfortable visiting a retail store, their perception of the safety of attending an open house or touring a home for sale has gone up since the NAR’s last survey, conducted on May 6, where 56% of respondents said they had no hesitation about open house safety.

An even larger share of those polled — 82% — said that, given the necessary assurances, they’d feel comfortable doing their home shopping in person again within the next three months.

“The real estate industry — and our country — has endured some very challenging times for several months, but we’re seeing signs of progress and we are earnestly hoping the worst is behind us,” said NAR President Vince Malta, broker at Malta & Co., Inc., in San Francisco, said in a press release accompanying the findings.

Although the majority of respondents are ready to house hunt in person again, they’re also okay with doing it all online — right down to the closing table. NAR found 53% of respondents said they could envision buying a home without ever actually stepping foot inside.

While 73% of active sellers and another 71% of active buyers said they’re comfortable using technology to conduct real estate business, more than half of both buyers and sellers said it was important to have a real estate agent to help them navigate the virtual homebuying and selling process, including weeding through online listings, providing in-depth information not readily available and walking them through an online closing.

But perhaps the most notable takeaway from the survey is how the pandemic has changed customer attitudes about the value of real estate agents. According to the survey, 62% of sellers and 54% of buyers said that having real estate agent’s guidance is especially valuable during the pandemic.

While buyers and sellers are leaning more heavily on agents for their digital savvy, they also put a premium on traditional communication. More than 70% of buyers and 60% of sellers said talking over the phone with their agent made them feel more comfortable and connected.

“While we celebrate homeownership month, we embrace today’s version of homeownership and the unique paths homeowners take to realize their dream,” Malta added. “For prospective buyers, the desire to own a home remains strong and the guidance, expertise and professionalism Realtors provide is more important now than ever.”

For information on further building your reputation with buyers and sellers, watch AgentEDU’s course on developing your professional real estate image.

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3 Tips for Creating a Business Plan that Adjusts with the Market

Marci Sepulveda Leave a comment

As any practicing real estate agent knows, market conditions can (and do) ebb and flow throughout the year. What’s important, however, is that your business is prepared to weather all types of markets so it can survive the negative effects that plague unprepared agents. 

Whether you’re entering a buyer’s or seller’s market, consider these tips for adjusting your business plan.

#1. Monitor Your Business Plan 

With fluctuating markets comes the opportunity for your transaction volume to change. It’s not enough to set your business plan at the beginning of the year, put it in your desk drawer and pull it out when the next year rolls around. 

Savvy agents need to be able to adjust their business plan throughout the year to account for buyer’s and seller’s markets and other market fluctuations. This helps agents project their revenue, adjust marketing plans as needed, and consistently (and consciously) know what they have in their pipeline. Here’s a great article on how to “check yourself” throughout the year. 

Pro Tip: Schedule time in your calendar for business plan review — the same way you’d schedule an open house or floor duty. Review it at least quarterly to ensure you have plans in place depending on the market conditions. 

#2. Set Client Expectations  

Fluctuations in the market will have a great impact on both your buyers and sellers. Clients may need to be educated on market conditions in order to set expectations. As such, it’s always a great idea to have regular check-ins with clients to ensure they’re aware of market trends. 

Of course, this can mean keeping sellers abreast of recent comparable properties and having the “pricing conversation” as needed. For buyers, this can also mean a conversation about urgency and how to approach offers that are more appealing to sellers in a market where they have the power. 

Pro Tip: Consider adding some buyer’s and seller’s market content to your drip campaigns to help educate your sphere on market conditions. If you have your CRM segmented with “buyer” and “seller” buckets, this can be very helpful for sending appropriate content to your sphere.

#3. Consider Your Marketing 

While there are certain marketing activities that require year-round effort like your social media and website presence, there are some that can be implemented in advance of market fluctuations to keep your business flowing. If your market is shifting to a seller’s market, for example, the months prior are the ideal time to send out market reports to potential sellers in your sphere to showcase the value of their home.

Your marketing should ebb and flow with the market trends (ideally, in advance of trends) so your pipeline is always stocked with ready and able buyers and sellers.  

Pro Tip: The summer is too late to start marketing to buyers looking to move before the school year, for example. Map out the highs/lows of the previous year and use those to help you compose your marketing plan for the next year so you can always be ahead of trends. 

Mastering Your Business Plan 

For more information or to learn the ins and outs of a great business plan, sign up for our AgentEDU course on Creating a Business Plan today. 

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