Testing - If you're trying to sell a home, you should know these things before 2022
Nov 13, 2021
The benefits of technological advancements to the real estate industry do not stop here. This year,
At ProgressGuide, we believe in the importance of helping our clients succeed. Us, streamlining your business doesn’t stop in delivering you error-free and high-quality renderings. We would like to step up our service by ensuring that you’re updated with the latest in the real estate industry that’s proven effective in selling properties before 2022 arrives. To be more specific, we’re talking about the latest practices in selling homes for 2021, expert’s way of sourcing home sellers, the listings that are likely to be recommended by clients in 2021, and some tips on how to get an accurate Competitive Market Analysis (CMA) for your business. Hope you’ll appreciate them!
Know these things before 2022
2021 practices in selling homes
- Digital Promotion
Now that online tools are more accessible than ever, more realtors employ digitization, mainly social media, to grow their businesses. In fact, according to reports, 77% of real estate agents directly use it as a marketing and lead generation tool.
Using social media has several advantages:
- Gaining New Clients
Based on a survey conducted by The Close,44% of the agents who responded noted that they gained new clients last year because of their social media posts.
- More Sales
Those using social media advertisements have gained higher chances of selling properties because the said tool has broader businesses and can provide more accurate analytics about their target market.
- Help assess the credibility of the buyer/seller.
By simply reviewing the profile of your prospective buyer/seller, you can easily get an idea if they will be good clients or not. Those freshly created accounts WITHOUT any verified friends/followers that seem to have legit Facebook accounts, are often operated by fraudsters. (Disclaimer: this may not apply to all but better be sure.)
- Virtual tours over Open house
In 2021, more and more companies conducted virtual tours instead of open houses. Reports by Zillow revealed that companies who featured 3D tours were up by 200%, while those who advertised for open houses in April were down by 42% compared to pre-pandemic levels. Some reasons for the changes in conducting house tours are the following:
- 97% of buyers searched for their prospective homes online. (RIS Media)
- Listings that feature virtual tours are clicked more frequently--40% higher than those who are still using photos alone. (Planet Home Study)
- 79% of homebuyers use digital resources. (Meta)
Thanks to the pandemic, conducting house tours has become more convenient to the realtors and their prospects as more clients discovered the ease of virtually visiting the house they wanted at the comfort of their couch.
- Digitize process
The benefits of technological advancements to the real estate industry do not stop here. This year, some realtors started employing software applications that streamline their system of home selling. By using those applications, some realtors were able to add reusable terms in their spec sheets, create digital accurate floor plans with furniture to show scale as a means to standardize what service they can provide to their customers, and track leads using a user-friendly CRM.
If you haven’t tried any of those systems, better check what those applications are and see which one fits best in your organization. Also, don’t forget to try ours! Here at ProgressGuide, our goal is to help realtors like you to streamline your process. Check out our offerings or finish reading this blog to know how we can help you sell more properties in 2022. :)
In the meantime, allow us to share with you how experts creatively find ways to get properties for listings.
Expert’s way of sourcing properties
In an article published by The Guardian last month, it was reported that the median house price in Byron bay, Australia in late 2016 was around $1.1m. As of August 2021, its value jumped to $2.55m. Every year, the increase is computed to be about 70%. While the rise in value looks good to the realtors, the truth is, it can only benefit a few since there are only very few properties to sell which only led to hatred among the agents based on the article. This scenario may also be true in other places. In fact, you could be one of those realtors who competes against the others. So you need to leverage whatever you have to set an edge and source more and better properties where more potential buyers seek. How do you get started? Let’s take a look at some advice made by the experts in a recent article published by Forbes.
- Find major area events using public media sources.
Megan Micco of Compass recommended the use of public media sources to search for trigger events in your market. In addition to this, she said that you need to set up Google alerts for obituaries, retirements, divorces, and marriage in your (target) area. According to her, those major life changes often lead to property sales, and in some cases, sellers will need to move quickly and avoid the cost and hassle of hiring a real estate agent to prepare a home for sale.
- Source Potential Sales via online
Valon Nikci of Link NY Realty stated that there are websites we use where you can find properties that are delinquent in property tax, have tax liens, are pre-foreclosed, or are distressed properties. Nicki added that those properties most likely will be for sale soon, so contacting the owners of those properties is a big plus.
- Send personalized letters on behalf of your clients.
Jennifer Anderson of Anderson Coastal Group shared what they do when their buyers have a particular neighborhood or even street in mind--they pull a list of homeowners and send them a very specific and personalized letter on their behalf. In their letters, they include personal details and wishlist items that are proven effective. According to her, those efforts don’t only result in a great lead; they also convert to a second client in the seller.
- Connect with people whom you think could be the least source of property listing information.
Adam Redolfi from Barnes International Realty mentioned that keeping good relations with your peers and people who might have precious information is the “golden strategy”. He said that the information about an off-market property could be found after a conversation with the front desk, the building manager, or even the janitor. According to him, many underestimate how much information these people have as they interact daily with potential sellers.
Aside from what the experts said, here are some more tips to help you source more listings:
Look for properties that are owned by:
- Landlords who live out of the state for a very long period and try to send them an email or a personalized letter indicating your listing intention. Be sure to prepare an offer that makes sense to them.
- Landlords who own tax-delinquent multi-family properties and tax-delinquent homeowners.
- Properties of investors who filed for bankruptcy
- Property owners whose assessment went way up on the current year
There are more to these, so make sure to collate as many ways as possible and evaluate which fits your strategy well, and don’t forget to keep the experts’ advice in mind.
Now let’s take a look at the sites most likely recommended by clients in 2021 based on the report published by Comparably.
Listings that are likely to be recommended by clients in 2021
1st - Zillow.com
Zillow has also been hailed as the “Best Overall Real Estate Website of 2021” by Investopedia. In 2021, Zillow won Comparably’s “Best Places to Work in Seattle 2021.”
2nd - Realtor.com in the US or realtor.ca in Canada
Run by the National Association of Realtors, this site is also part of Investopedia’s 7 Best Real Estate Websites of 2021 and hailed as the “Most Accurate” website of 2021 by the same site.
3rd - Redfin
Last but definitely not the least and still considered one of the best websites among real estate websites in 2021.
If you’re from the US, see if you’re listing on sites that customers find most appealing, and make sure to list your properties on these sites next year. If you’re from Canada, use realtor.ca, this site doesn't just provide listings, it also provides free data which you may need to further position your marketing strategy.
Make use of the available reports found in popular real-estate websites like the one we have shared above. Those sites, mainly Zillow and realtor.ca, provide a wide database of all the houses they sold recently and a lot more. Once you are able to gather those data from the sites mentioned, you will be able to identify the value of your properties which helps you prevent incurring unnecessary costs in the future.
Now, if this takes too much effort on your business, offer something else. If you cannot set an edge over your competitors through properly identifying property values, try boosting your negotiation skills by providing better and more appealing 3d renderings and marketing assets that make your buyers pay beyond its market value. Does this sound better and more interesting to you? If yes, allow us to remind you why we’re here.
ProgressGuide is a subscription-based rendering service platform where you can order high-quality floor plans and 3d renderings as much as you want, as long as there are slots! ProgressGuide employs a system where all you have to do is fill out a project wizard (insert a link to project wizard) and wait until your project is ready for approval and delivery.
You want to get as many projects as you want but are too overwhelmed to take care of them all? Get our service and let us take care of your projects for you, so all you have to do is focus on upscaling your business.
Here are samples from our ProgressGuide artists:
Do you think ProgressGuide can help you start your 2022, right? If so, get in touch with us now so we can begin rendering images that achieve your sales target next year.
At ProgressGuide, we help you make progress!
This article was last updated on Jun 14, 2022