Realtors face a challenging housing market today. Economic conditions are such that home sales have stagnated. Meanwhile, home builders are still working through backlogs due to supply chain issues, meaning that housing supply isn’t catching up to demand. Despite a strong job market, many homeowners are staying put. Real estate software can provide useful solutions. When you combine the right real estate technology, your agency or brokerage can grow in spite of the market’s headwinds.
Current Real Estate Challenges Require Modern Real Estate Technology
2023 was not a great year for realtors. Even though prices rose, home sales hardly grew as many people chose to hold on to their properties. Fortunately, 2024 is projected to be a better year for the housing market. That makes it a great time for realtors and brokers to get ahead of the market and start implementing the latest real estate technology. By taking the time to implement software now, you’ll be ready to capitalize on the next peak season.
For realtors, success is a simple formula: more home sales equals more profit. Traditionally, however, realtors were always held hostage by market conditions. Gains from boom years had to be saved to cover lean years in the economic cycle. With technology at your side, you can minimize the impact of downturns and exploit growth years to the fullest. Consider how modern real estate tech can help you secure more sales despite two of the market’s biggest obstacles.
Limited Housing Inventory
While estimates vary, data shows that there simply aren’t enough homes to meet demand right now, with a shortage in the millions. When inventory is tight, homes sell quickly. That can be discouraging for potential buyers as they may find a home they love, only to see it unlisted a day or two later. Customers need live data that can help them find homes and secure a sale before missing out on opportunities. Realtor software can help.
Homebot, for example, is an AI-driven tool that keeps customers engaged with their home. Most people don’t have an app to keep track of their home’s equity or local housing market conditions. Homebot fills that void. Users can see how home sales in their local area unfold, with an average time listed and an estimate of how hot their local market is. When your clients use these tools, they’ll be more likely to react in time to secure sales.
Less Frequent Home Turnover
Another issue keeping real estate agents at bay is high interest rates. Homeowners who locked in a great rate several years ago are unlikely to budge as a new loan would result in higher payments. Nevertheless, interest rates are poised to start falling. By taking live interest rate data and contrasting it with the user’s current mortgage and home value, Homebot can project possible monthly payments for homeowners. This data can spark interest in changing homes, offsetting today’s limited turnover.
By keeping your clients engaged with their home equity, they’re more likely to be aware of opportunities. Instead of waiting several years for market conditions to be just right, they may find that they’re able to upgrade their home sooner or acquire a second property earlier than anticipated. The key is to feed your clients data that they can act on. Modern realtor software like Homebot accomplishes exactly that.
Modernizing Realtor Relationships
Another advantage of using realtor software is that you can brand your software to feature your name, image, and more. Clients will perceive you, the realtor, as a vital source of information. The app itself will be perceived as an extension of your real estate service. These programs also encourage homeowners to reach out with questions as they examine their data. By keeping in touch with clients far beyond closing, you build a relationship that lasts.
That relationship translates to repeat business and more home sales. And most importantly, clients who feel supported and develop a trusting relationship with you are far more likely to refer you to friends and family. Word-of-mouth referrals are crucial to driving business growth. Integrated social media sharing tools facilitate this by letting homeowners share insights about their homes with others. So, besides improving existing customer relationships, what else can the right real estate software do for you?
How Can Real Estate Software Expand Your Outreach?
As we’ve seen, the best software for realtors can help you secure more sales from existing clients and encourage them to recommend you to others, even when market conditions aren’t ideal. However, to truly grow your business, you also have to get your brand in front of more potential buyers and sellers. Tools like Homebot work best when they’re part of a “stack” of programs that complement one another. There are other software tools for real estate agents to consider.
Even though many people today start their home search by going straight to online listings, the majority will still end up working with an agent. Nearly half of those people will find their agent online. Recent data shows that around 43% rely on referrals, and another 13% are repeat business; we can infer that the remaining 44% simply searched for an agent nearby. How do you make sure those searches turn into leads for you?
Social Media Presence
Your social media presence is essential. In particular, Instagram and TikTok are the two main platforms that home buyers and sellers are using. TikTok can be a great platform to use to highlight homes that you represent so that interested buyers can find them. Instagram, on the other hand, can represent your business in general, with a mixture of personal and professional posts. Highlighting success stories on Instagram can prove very useful.
To better understand the impact of your social media, use technology for real estate social media accounts. Metricool is an application that can track activity on your social media accounts and give you insights as to what kind of people are engaging with your content. You can tailor your posts in the future to these specific market segments. For instance, wealthier homeowners might be interested in vacation properties. If you appeal to that demographic, show them what they’re looking for.
Website Search Positioning
Social media is just one route that clients can take to find you. Your website is also extremely important. Many people will search for you online using casual terms like “real estate agent near me.” The phrase “near me” changes how search engines respond. Instead of generic search results, users get a local search that finds the top 3 results nearby. You need to ensure that your business is clearly visible on Google Maps to be found in local searches.
Similarly, it’s important to boost your website’s SEO for regular searches too. If users don’t specify any specific location, they’ll get a generic search that will slightly favor websites in the user’s general area. Apps for Local SEO and website positioning through content generation will help your site rise in the rankings and become everyone’s first choice.
Implementing Modern Realtor Technology
You don’t need to invest in powerful servers to run modern realtor applications, nor do you need to hire a programmer. Tools like the ones we’ve covered here run in the cloud and are provided as a service to your agency or brokerage. You can access your software from any device as long as you have an internet connection. In the end, implementing these tools is easy.
Contact BrokerAppStack to learn about the realtor apps that we’ve stacked together to form a perfect comprehensive solution for your real estate needs.
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