Social media has undoubtedly changed the way various
business markets operate, including the real estate industry, for buyers,
sellers, and realtors. Customers seeking
to buy homes turn to the online world before ever speaking with a realtor or a broker. Websites like Zillow, Trulia, and Realtor.com
are usually the first place for a potential buyer or seller to search for a
realtor. Realtors are upping their
online game by optimizing on websites such as these. They try to provide the most attractive and
informative profiles and many even pay for upgrades and “pro” versions in
attempt capture the attention of potential clients. Blogs are another popular tool for realtors
due to increase in popularity of blogs and customer reviews. Many realtors will have a professional
Facebook page for their business to retain relationships with past clients,
gain referrals, and to keep friends and family updated on new listings or blog
posts. Linkedin is a great way for
realtors to grow their business and to network with other realtors and
brokers. Buyers and sellers use social
media to try to learn more about realtors on a more personal and professional
level before ever meeting. They want to
see what type of person their potential new realtor is like and what kind of
experiences their past clients had.
Social media and the Internet are the best free source of marketing that
a realtor can take advantage of.
Younger Buyers
Booming in popularity within the real estate industry is the
rising amount of millennials as first-time homebuyers. Rolling over as a growing trend from 2015,
millennials are looking to buy rather than rent. With the rise in rent prices and the improved
availability of finances, millennials rather make the most out of their
finances and investments and try to avoid wasting money on rent.
Other Generations
2016 isn’t just the year for millenials and other first-time
homebuyers but, other generations will be affecting the market. The Gen Xers who are financially recovering
and older boomer who are thinking about or entering retirement with both make
an imprint on the real estate market in 2016.
Both of these generations are already homeowners but, they’re most
likely to play a double role, both boosting the market as both buyers and
sellers. Approaching, or already in,
retirement, older boomers are looking to downsize and obtain a lower cost of
living while Gen Xers are in their prime earning years and seek to relocate to
better neighborhoods for their families.
With the movement of these two generations, the millennials will have a
great suburban inventory to choose from.
Pushing Great Deals
A buyer’s market will emerge in 2016 with the increase of quality
inventory available, especially in single-family homes. Realtors will be getting creative with how
they pitch the best deals. With a
decreasing trend in distressed sales, there will be an increased inventory of
large, high-quality deals for new and experienced buyers. Agents will have to understand the buyers
that they are working with in order to really be successful this year.
More Mortgage Brokers
in the Office
In-house office teams are beginning to have more brokers
available than ever before with the trending lower rates.
Creative Gifting
Realtors love nothing more than building a business upon
referrals. In order to do this, realtors
have sent gift baskets, magnets, calendars, and other traditional gifts. The best realtors know the true importance of
post-sale transactions so they’re getting more creative. Hand-made address stamps featuring clients’
new home address are just one unique way for realtors to make their customers
feel special. Realtors who gift these
tend to notice a boost in social media recognition from their client’s being
happy about their new home. Whatever the
creative gift idea may be, realtors know that they can be critical in securing
referrals and second-home purchases.
Second Tier Cities
Taking Place
Some 24-hour cities like New York, Chicago, San Francisco,
and Dallas, have been popular and ideal for many homeowners but, with a
younger, trendier, and more frugal wave of homebuyers, second-tier cities are
rising in popularity. Some of these
second-tier cities are Nashville, San Antonio, Austin, Portland, and Raleigh. Residents of these cities benefit from lower
cost of living (compared to 24-hour cities), more affordable and available
investment opportunities, the ability to stay connected far from main hubs, and
an increase in sophistication of realtors.
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