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Byron Lazine and Nicole White are two agents in Connecticut who give us their thoughts on the week’s news every Friday in “The Real Word,” a weekly video column on Inman.
This week on The Real Word, Byron Lazine and Nicole White discuss the mass exodus of real estate professionals from the industry’s largest companies, lead conversion myths and facts, and stories related to cryptocurrency.
The mass exodus of real estate agents has already begun
Recent layoffs in the real estate and tech world have been accompanied by reduced numbers of agents entering the industry and agents withdrawing their licenses in some markets. At the same time, Lazine said, many agents have done well this year financially and in terms of the number of transactions.
Lazine says that there’s not much of a runway for individual agents getting into the business. It’s important to get onto the right team or into the right brokerage. We’re likely to see a period of time where more agents are getting out of the business than getting in. If you’re getting in, who are you surrounding yourself with and who are you listening to?
Which do you believe? Lead conversion myths and facts
According to an article sponsored by Real Geeks, some of the things agents believe about leads are not necessarily true. For example, while most folks chase fresh leads and think of old leads as “expired,” some older leads may be blossoming right now while some fresh leads may not be ready for years.
Another myth is that an older lead will never convert and is a dead end. In some cases, it may just need to be nurtured for longer.
Finally, while some agents believe that phone calls turn leads off, statistics show that leads are far more likely to work with you when you call them repeatedly. Although the average agent only calls two or three times, the average lead who’s called six or more times is 90 percent or more likely to work with the agent who calls them. Lazine and White said that’s especially important in this market.
Left, Right, Middle
Known for its communal set up in the Bahamas where teammates work and live side by side, FTX spent $74 million on real estate, buying up residential property near its headquarters before the company lost all of its value earlier this month.
Lazine said that for all the talk of metaverse real estate, when people get money, they spend it on real-life real estate.
Although cryptocurrency transactions remain relatively uncommon, 12 percent of millennial homebuyers sold cryptocurrency to fund their down payments in 2021, according to Redfin. Lazine said that this means there is still a place for crypto in real estate.