What kinds of products are included in the real estate technology landscape? How much of their funding is invested, and how much of it comes from agents and brokers? Where will we see the most growth in the next few years, and which verticals seem to be simmering down? Inman dug into the numbers, researched the investors, surveyed readers and interviewed the experts. Here are our findings.
Modern consumers love their craft breweries, coffee shops and retail boutiques. But they also can’t say no to the convenience and scale of the robust Amazon Prime. In the real estate industry, you could say there’s a comparable David-and-Goliath competition between the nimble indie brokerages and giants the likes of Keller Williams Realty, Century 21 Real Estate, Coldwell Banker Real Estate, Re/Max and Berkshire Hathaway HomeServices. Though they tend to be smaller, to label indie brokerages as underdogs based on size might be a stretch. As one independent Kentucky broker put it: “Craft is cool right now. We feel that consumers trust independent brokerages more.”
“Why should I pay that commission?” “I was hoping to sell my house for more.” “We want to go FSBO.” Agents may find themselves knocking down these statements like devilish pop-ups in an intense game of Whac-A-Mole. Objections are a part of any sales process, but the job of a real estate professional to advise, guide and work with clients over a long period of time on such a monumental transaction requires the highest level of communication finesse.
A successful North Carolina agent once had a client who, after a two-hour listing presentation, told him that he wanted to think about his decision. The agent said “OK” and went into the client’s living room, sat down and turned on the TV. When the client asked what he was doing, the agent responded: “I’m not leaving here without this listing signed because I know I’m the best agent for you. I’m giving you time to think about it before you sign.”
How many of Facebook’s 1.86 billion users could be a real estate agent’s next lead? The social media top dog is a well-recognized platform for real estate professionals to communicate with consumers, attract buyers and sellers and create their personal and business brand. The key is turning agents’ management of their Facebook advertising from a Wild West scene into a well-oiled machine — without losing that human touch.
Real estate agents want their happily ever after: a post-career life with the stability that a bucket of money or residual income can bring. The road to a secure future isn’t clearly marked in real estate, the paths at agents’ disposal more like winding capillaries — a set of sprawled options realized through careful planning, the earlier the better.
Survey respondents and some of the industry’s top executives were nearly unanimous in believing 2017 will be another strong year for real estate. The first quarter especially is expected to start with a hiss and a roar as buyers and sellers hasten to make a move.
Perhaps there are some days when former executives rue leaving that cushy corporate job for an uncertain career in real estate, where public perception leaves something to be desired. But they have found good reason to stick around. This survey, which asked participants, “How serious are you about your real estate career?” reveals that real estate agents and brokers are no academic slouches, and most love what they do, regardless of how they got here.
For those women who want to leave sales and enter management (and there are plenty of them who participated in this survey), some are unclear as to how they would make the move — they’re not not seeing any routes at their disposal and are intimidated by the “boys’ clubs” they see in some of their firms.
It could be any day. A male client has been down in the basement for just a little too long for comfort. Your potential buyer wants to meet right away at a vacant home, but darkness is falling. It’s probably nothing, you tell yourself, but all it takes is one risk. One person with bad intentions to take advantage of a vulnerable position.
It’s 11 a.m. and brunch is calling your name. But instead of meeting your friends for breakfast tacos, you’ve got to get your game face on — and it’s not to cheer on your favorite football team. Signs and balloons in hand, you’re out the door for this afternoon’s big hoorah: Open House Sunday. Love them or hate them, to many in the business these regular marketing events are a “necessary evil,” while others put a more positive spin on this opportunity to interact with their community.
Recent observers have noted the often-coercive nature of membership in a Realtor association. Real estate agents and brokers want to do business, and in order to do that, most need access to their local MLS. Most of the nation’s 800 or so MLSs are operated by Realtor associations and association membership is often required for MLS access.
Agents and brokers have no doubt that transaction tools have made their lives more efficient and that technology has enabled them to do more deals. However, they still have a long wish list of how the transaction process could be improved, and they would like to see their chosen software interact better with the software preferences of others.
Real estate agents are all over social media, and they’re experiencing varying degrees of success. Some are killing it on Instagram while others struggle to make sense of Snapchat. Inman surveyed readers to better understand how real estate agents and their brokerages are using social media, the pitfalls and the perks. Here’s what we found.