Category

brokers

How to prepare for the next 2yrs in Real Estate

By | Agents, brokers

As 2019 revs up, we are entering into a new phase of real estate. It’s important for real estate brokers, property owners and investors to know where the market is headed in the coming years. Companies are now beginning to leverage new technologies like virtual reality and machine learning to work smarter and sell like never before. To prepare, we’ve outlined our predictions on the upcoming trends and changes that will forever change the future of the real estate industry.

Technology

The real estate industry has gone years without major disruption by technology. Established systems and processes have remained consistent and even outdated. Recently,  $2.7 billion was invested in real estate technology a month by month increase of 132%. This investment in technology has the ability to alter the landscape on how agents are selling and how buyers are searching and buying their ideal homes. Technology will help you reach thousands of more customers while also giving you tools to show homes like never before.

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The buyer

The real estate buyer is now more informed than ever. Buyers now search online to get better insight into the types of properties they’re interested in as well as the neighborhoods. They can also see a home’s estimated value and use tools that tell them if it’s a good investment or not. The buyer will become more independent of the agent which will result in a different sales process all together. Buyers will even be able to get more information about their agent from online rating platforms which will force agents to build a positive online presence if they want new business from online search.

Virtual Reality

The latest trend of VR will soon hit the real estate market.  Buyers will begin to use VR technology to “view” homes without ever having to step foot inside one. This will change the process of open houses. Sellers can even stage their homes using VR. This will help them cut the cost of staging while begin able to show the potential of a home using updated decor. As an agent, it’s important to familiarize yourself with VR to stay ahead of the trend and ultimately save yourself valuable time and money.

Millennials

According to Danielle Hale, the chief economist at Realtor.com, “Millennials will continue to make up the largest segment of buyers in 2019, accounting for 45% of mortgages, compared to 17% of Boomers, and 37% of Gen Xers.” There will be a surge in millennial demand which will change the market to adjust to the needs of millennials. As an agent, it’s important to start researching not only how millennials will buy, but what they are looking for in their first home. Get to know the future buyers and how they navigate buying a home. We’ve compiled a list of tips on our predictions for how millenials will bring their preferences to the market.

  • Online. For millennials, all searches start online. As an agent, you’ll need to create a powerful online presence for yourself and for your listings. Make the extra effort to invest in good photos and a well designed website.
  • Quality over size. Millennials have shown that they are more concerned about the quality of properties over the size. They prefer open spaces with lots of usable space.
  • Location. Make sure to highlight the location of your properties. Even if you think a home isn’t in the most desirable location, get creative and list some notable local spots close by.
  • Low-maintenance. We live in a day where Amazon Prime, Grubhub and Uber make life easier while saving millennials their valuable time. Homes with energy efficient and smart appliances are more appealing.

At Lofty, we pride ourselves on keeping our agents ahead of the curve through constant proactive research and learning. 2019 offers lots of potential for agents who prepare for the industry changes and use them to their advantage.

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Top 8 Ways to Make a Great First Impression

By | Agents, brokers, first impression, real estate

You've probably heard time and time again the importance of first impressions in career development. In real estate, first impressions are so vital that they can make or break your career and reputation. The customer experience you provide is the one thing in this industry that you have complete control over. Technology will never compare to the human interaction and the value you can bring to the home buying/selling experience.

Prepare

If you have the opportunity to have a call before meeting a client, ask a few quick questions that can give you insights into who they are and what they are looking for. Their answers will help you better prepare for the first in-person meeting. Before your first meeting with potential clients, conduct some brief research on the person you’ll be meeting. With LinkedIn, Facebook, and Instagram you can determine their career and personal interests with a few clicks. Also, it’s not uncommon, that you will find mutual friends which are great for a conversation starter. If they’ve already reached out to you with some information, make sure that you go back and re-read so that you’re prepared and not asking questions that they’ve already given you the answers to. If you’ve had a previous phone call with them, refer to your notes and show that you are an active listener. Try to prepare at least three talking points that you think are important to your client. Top real estate agents never come to meetings empty-handed. Print out ideas, suggestions, information about sites and pricing. This shows you are the expert in the industry and are taking the lead. Without preparation, you can come off as unorganized and unprofessional.

Appearance is also extremely important for first impressions. Dress professional, clean, and polished. Don’t overdo your look with flashy jewelry or accessories that can be distracting. Avoid the fancy attire, and stay true to you. It’s also important to dress for the market. Don’t wear a black suit and tie or a gown to show a beach house.

If clients are coming to your office, create a clean and organized environment that also has character. Local artwork is a great way to get away from the sterile office stigma.

The in-person meeting

It’s game time! You’ve done your prep work and you’re now ready to meet with your client for the first time! Be positive, confident and remember that you are the expert. Always arrive at the location early, because showing up late is a great way to ruin any first impression. Introduce yourself and thank them for taking the time out of their day to meet with you.

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Body language

Some may argue that body language can have more power than words. Try to walk with your chest high and practice sitting up straight without crossing your arms. Be completely open towards them and refrain from closing yourself off.

Build rapport/common ground

Finding common ground is a great way to start off on a positive note. Common ground is something that you both can relate to and can connect on. It could be anything from sports teams, to attending the same college, to kids. This is where your social media research will come in handy! The more information you have on someone, the easier it is to make that initial connection.

Ask the right questions 

By now, you should already know what questions you want to ask your client to ensure that you walk away from the consultation with all the information you need to immediately get started helping them and so that they feel as if you’ve proactively done your part to help them.

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Active listening

If you’re asking the right questions that don’t always end with a yes or no answer, you should be getting your clients to speak with depth on what they need/want. The power of active listening has a positive impact on people. Really listening to what they’re saying and engaging lets them know that you understand them and want to know more. People love talking about themselves and your thought-provoking questions will help you find out more about them on a deeper, mutually beneficial level. Try not to look at your phone or computer unless you are showing them something.

Show how you stand out from the rest

Now that you’ve built rapport and connected with your clients, it’s time to show them your abilities as an agent and the unique experience you bring to the table. Introduce why you’re passionate about real estate and share your background. Highlight your credentials and go into some detail on the markets you’re familiar with and the technology you use to make the buying/selling process easier for them. Clients will pay more for an agent that offers an experience that makes their life easier.

Follow Up 

You should follow up with them almost immediately with a thank you note and outline of next steps. If possible, put in any extra work you can to show that you go above and beyond for your clients. For example, stop by the neighborhood they’re interested in, take pictures and send to them. Anything you can do that shows how you take customer service to the next level is always appreciated.

Great first impressions are a sure way to win more clients and keep them happy. Don’t forget that over 60% of business each year comes from the people you know, past clients, and referrals. One great first impression can lead to countless future clients.

Wondering if a switch might be right for you? Give us a shout and learn more.

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or call

(844) 355-6389