I. Learning Objectives. In this session you will learn:
A. How to implement best practices related to key business and technology trends that are reshaping the real estate industry.
B. Seventeen major trends plus 17 opportunities to grow your real estate business by providing better customer service while using the latest technological advances to gain market share.
C. How to use the most recent innovations to keep your business strong.
I. General Trends
A. Trend #1: Economic update—what’s trending this quarter and what to expect.
Is market on track for another 5.5 million-sale year?
Is inventory shortage easing, but are their signs of another downturn?
Why inventory shortage may persist due to “locked-in” owners.
Red-hot rental market may finally slow down.
Institutional investors may liquidate current properties due to a slowdown and increased costs of maintenance as properties age.
Trend #2: The Right Now Economy
Move from “Plan Ahead Economy” to “Right Now Economy.”
76% live paycheck to paycheck.
- Twitter—right now news, Waze.com—real time traffic, Uber—get a ride immediately.
II. Demographic trends
A.Trend #3: International trends including what the latest actions from the Trump administration mean for real estate.
B. Trend #4: Gen Z takes stage, millennials finally commit to homeownership, while Boomers retire in mass. Will multi-generational homeownership continue to increase?
III. Real Estate Marketing Trends
A. Trend #5: Video marketing—where it’s going and how to capitalize on it
Tell your story, but let others do it through video testimonials.
Proven listing lead generator—video testimonials from seller referrals.
More live streaming: Instagram stories, Facebook live, and Snapstorms.
Visual content reigns—85 percent view videos without sound.
Video email boosts open rate by 19 percent, increases click-throughs by 65 percent, and reduces unsubscribes by 26 percent.
- Referencing “video” in your subject line increases open rate by 200-300 percent.
B. Trend #6: Marketing using virtual reality (VR) vs. augmented reality (AR).
Virtual reality caravans.
VR goggles—instant listing converter and great closing gift.
3D VR tours—no drones or fancy photography required.
Augmented reality will allow you to see the views from a highrise before the builders even break ground.
- International clients with be able to signs in English and have the AR translation appear as subtitles.
IV. AI (artificial intelligence) re-inventing real estate as we know it
A. Trend #7: Predictive analytics
We can now know who truly will sell. (Smartzip, Brytecore—review of new companies into this field.)
B.Trend #8: Will technology kill your commission splits?
Open door, SoloPro, Purplebricks—how to avoid having these new players eat away at your listing commission splits.
New pricing tools, more accuracy than you can imagine—you can use comparable sales from decade ago, predict values at the single property level, and present the slickest, listing converter CMA ever—HouseCanary.com and WeissAnalytics.com.
Why value proposition and stellar customer service is more critical than ever.
C.Trend #9: Bedroom, bath, and price is dead: new search tools that are already transforming the search process. (TLCEngine.com, SpatialMatch, and Zillow’s new AI algorithm.
V. Disruptive trends that can turn the business upside down
A. Trend #10: Teams vs. Indie brokers
Virtually every team in the country is violating the independent contractor laws when it comes to managing their agent teams.
Do you really need a team when you can have a text bot?
B. Trend #11: Is TRID and Dodd Frank really going away--ramifications for the business.
VI. Building and conservation trends
A. Trend #12: Water supply and sustainability
Water supply becomes a major issue: suburban and farming needs vs. environmental forces.
- Sustainability Movement—getting off the grid.
VII. General Tech Trends
A. Trend #13: Smart homes
B. Trend #14: Self-driving cars and their potential impact on real estate
C. Trend #15: Wearables replace embeddables
VIII. Close and action steps