The Shifting Dynamics of Buyer-Agent Relationships in Real Estate
In the ever-evolving realm of real estate, the age-old question of whether to hire a buyer's agent is gaining renewed prominence, fueled by recent lawsuits that seek to shift compensation structures. As aspiring homeowners embark on their journey to property ownership, the necessity of engaging an agent is coming under increased scrutiny. WAV Group's research report, titled "How buyers feel about working with agents," delves into the services homebuyers value most and the imperative for agents to articulate the value they bring to the table in today's dynamic market. The Question of Agent Necessity With recent developments surrounding buyer's agent compensation, prospective homeowners are contemplating the traditional practice of enlisting an agent's services. However, the findings underscore that buyers do appreciate the services provided, emphasizing the enduring role these professionals play in the real estate journey. Unveiling Clarity: Documentation and Paperwork One key revelation from our research is the substantial opportunity for agents to create more clarity surrounding disclosures and paperwork. The intricacies of documentation required to purchase a home often serve as a labyrinth of confusion for buyers. Agents can enhance buyer satisfaction by taking an active role in demystifying this process. Walking buyers through the required paperwork not only streamlines the transaction but also fosters a sense of confidence and understanding, mitigating the stress associated with this significant aspect of home buying. Time Investment Transparency: Bridging the Gap Another noteworthy finding pertains to the lack of clear understanding among buyers regarding the time and effort invested by their agents. The report sheds light on the importance of agents articulating and showcasing the behind-the-scenes work they undertake to support their clients' home purchase endeavors. By transparently communicating the dedication and expertise required to navigate the complexities of real estate transactions, agents can bridge the gap and foster a stronger sense of collaboration and trust with their clients. The Top Three Valued Services Provided by Agents Our research unveils the top three most valued services provided by agents, as ranked by buyers: Negotiating with the Seller: Buyers consistently highlighted the immense value agents bring to the negotiation table. Skilled negotiators can secure favorable terms and pricing on behalf of their clients, a critical aspect that greatly influences the overall satisfaction of buyers. Providing a List of Homes for Sale: The curated selection of potential homes tailored to a buyer's preferences is a service highly appreciated by those navigating the real estate market. Agents who understand their clients' needs and present suitable options significantly contribute to a smoother home-buying experience. Deciding on a Fair Bid Price: The delicate art of determining a fair and competitive bid price is a skill that places agents in a pivotal role. Buyers recognize the expertise required to strike the right balance, ensuring they secure the desired property without overextending their budget. Adapting for Success in a Changing Landscape In a real estate landscape poised for change, the ability of agents to adapt and effectively communicate their value proposition becomes paramount. The findings of our research offer valuable insights for agents looking to navigate the evolving buyer-agent relationship successfully. In an environment where transparency and communication are key, agents who can address buyer concerns and showcase their expertise are positioned for success in the future real estate market. As the real estate narrative continues to unfold, our research serves as a compass, guiding both agents and buyers through the complexities of change and reinforcing the enduring value of a collaborative and informed buyer-agent partnership. Download the full report to see all the details. To view the original article, visit the WAV Group blog. Related reading Buyers Don't Know How Much Time Their Agent Spent on Their Transaction: Survey What Was the Biggest Buyer Pain Point in 2023? The Jury Has Ruled on Commissions: What Are the Next Steps?

Buyers Don't Know How Much Time Their Agent Spent on Their Transaction: Survey
The value of a buyer's agent has never been called into question more than it has in 2023. The class-action lawsuit that alleged real estate organizations collaborated to inflate commissions was ruled on in October, and agents can expect more questions moving forward from buyers about their commission rate and what they do to earn it. They might end up explaining a great deal. A recent research project by WAV Group analyzed responses from more than 300 buyers, asking them whether their agent fully earned their commission and what they felt were the most valuable parts of the process. Here's a sampling of what was uncovered. 'How much time did your agent spend on your transaction?' Agents are not doing a very good job of communicating their efforts and the amount of time they spend to buyers, whose responses were all over the map when asked how many hours their agent spent on their deal. The largest proportion of respondents (21%) said they thought their agent spent between 11 to 15 hours working on their home purchase transaction. Another 21% of buyers collectively said they thought their agent spent at least 26 hours on their home purchase. However, a cumulative one-in-four buyers said that their agent spent 10 or fewer hours on their home sale transaction: 9% said 1 to 5 hours, and 16% said 6 to 10 hours. While it is possible that there is indeed a wide variation in the amount of hours these different buyer's agents worked, a more likely explanation is that many buyers simply were not clear on what their agent did or how much time it took. 'Was your agent fairly paid?' WAV Group asked buyers whether they felt their agent was fairly paid, overpaid, or underpaid. The overwhelming majority said they felt their agent was fairly paid (87%). That's good news! The fact that buyers do not have a clear idea of how much time their agents spend on their needs indicates that they do not completely understand the home purchase process. They don't have a firm grasp on all of the steps required, what their agent will do to assist them, and what work they will need to do. And this presents an opportunity for agents to explain more of the process to their clients. First-time buyers especially do not have a clear grasp of what documents they might need to get a mortgage, what a seller's disclosure is, how appraisals work, and much more. Creating clarity for them around all disclosures and documents is one way agents can show their value to buyers. One way agents can help combat this lack of understanding is to build a presentation that explains each step in the process, and also includes what they will be doing on the buyer's behalf to help complete that step. This can be helpful for setting expectations with buyers. Related reading The Jury Has Ruled on Commissions: What Are the Next Steps? 184 Things You Do for Real Estate Clients (and they don't even know it)

How Critical Will It Be to Renovate Before Selling In 2024?
When a homeowner gets ready to sell, one of the biggest considerations is understanding what price they might reasonably attract for what's likely their largest investment. Depending on how well the home has been maintained or whether it's been upgraded, they might learn that they could capture significantly more profit with a few renovations. The most recent National Association of REALTORS® Profile of Home Buyers and Sellers showcases how important a move-in-ready home can be in certain markets. Here's a closer look at what it showed. Buyers Want to Avoid Problems The homebuying population is already challenged by elevated home prices, high mortgage interest rates, and low inventory. They are making compromises in a lot of different areas, and one place where they might not be as willing to compromise is the quality and livability of the home they purchase. According to NAR's profile, buyers who purchased a new-construction home did so primarily because they wanted to avoid renovations and potential future systemic problems with the house. Of the buyers who purchased new homes, 45% said they were seeking to avoid future home repairs. More Sellers Are Renovating Before Selling In response to this buyer demand, the majority of sellers (60%) are conducting either major or minor repairs on their home before listing it. Almost half of all sellers (48%) did minor renovations before they listed their home, and 12% did major renovations before listing. Why? There are a few reasons. First, because buyers are prioritizing move-in-ready homes, these homes get more attention from qualified buyers and sell faster. Some of the time that sellers spend accommodating those renovations is time that can be regained from the sales process. Second, sellers see potential to make a good return on their investment of renovating the house. According to Revive, the average seller who opts for a presale renovation will make $186,000 more when they sell the house; the average return on investment for presale renovations is more than 200%, per Revive. How Agents Can Support Sellers With Presale Renovations Companies like Revive help to connect sellers with contractors who will help them make the renovations to their home and will collect payment after the home is successfully sold. If your brokerage doesn't currently have an agreement with such a service provider, then there are ways to work with contractors in your area. Make a list of the people who are doing home repair and renovation work in your area and ask them what kind of experience they have with presale renovation and if they've ever considered turning that into a core part of their business. Alternatively, look up details and information about home equity loans or lines of credit, which could be an option for your sellers to help finance any upgrades before they sell the house. Agents can help showcase their value to sellers by offering a wider range of options; in fact, providing presale renovation solutions might even unlock some inventory in your area from homeowners who don't currently have the cash to renovate. By meeting your listing prospects where they are, you can become a go-to specialist for solving this specific real estate problem for clients. Related reading The Dos and Don'ts of Presale Home Renovation How Are Buyers and Sellers Finding Agents in 2023? Unlocking Inventory: Why Retirees Could Be a Good Resource for Listing Leads

How Are Buyers and Sellers Finding Agents in 2023?
When it comes to hiring a real estate agent, there are typically hundreds, if not thousands, of options for consumers to tap. The difficulty of finding a qualified and experienced agent who's familiar with certain types of transactions can be a big challenge for consumers, which is one reason why referral programs and search portals have become so popular (and lucrative). How are buyers and sellers finding their agents in 2023? The latest Profile of Home Buyers and Sellers from the National Association of REALTORS® (NAR) sheds some light on the situation. Where Are Buyers Finding Their Agents? Would it surprise you to learn that a maximum of 14% of homebuyers find their real estate agent through a search portal? According to NAR, that's the reality of the situation. The report indicates that direct referrals (from a friend, a family member, or neighbor) are how the largest proportion of buyers (43%) find their buyer's agent. Repeat business is the second-most-popular way that agents connect with buyers: 13% of homebuyers who responded to the survey said their agent was one they'd worked with in the past. Only 7% of homebuyers found their agent when they inquired about a specific property online. And another 7% of buyers found their agent through a website with no specific reference (such as a specific property listing). The survey doesn't differentiate between leads generated by a broker or agent website and leads generated by a search portal. It's unlikely that the full 14% of buyers who found their agents online are using portals, but it's also impossible to tell how those leads break down between portals and websites managed by a real estate professional. Where Are Sellers Finding Their Agents? Just like buyers, the largest proportion of sellers find their agent through a referral from a personal connection: a friend, a family member, a neighbor. This described 39% of sellers queried for the NAR report, 43% if you include agent and broker referrals, and 44% if you add in employer or relocation company referrals. And just like buyers, repeat business was also an important way that sellers chose their agent: 26% of sellers used the same agent as they had for a previous transaction. Sellers seemed to have more direct in-person contact with their prospective agents than buyers did. While buyers seemed to restrict their search for an agent to referrals and the internet, a total of 10% sellers reported finding agents by way of: Personal contact by agent: 4% Visiting an open house and meeting agent: 3% Direct mail: 2% Walking into an office and the agent was on duty: 1% Sellers also seem more likely to leverage social media than buyers. A total of 5% of sellers found their agent on an (undefined) website, and they also reported finding agents through social media (2% total). A small number of sellers (3% total) said they found an agent through outlets like the Yellow Pages, for-sale and open-house signs, or through some kind of swag-based advertising campaign (such as a fridge magnet or a calendar). What's missing from your own campaigns to attract buyers and sellers? Are you tapping into referrals as much as you could be? Or leveraging your website and social media platforms? If your business plan for 2024 was to pour more money into search portals, it might be time to rethink that strategy. Related Reading 10 Things to Do When you Receive a Referral How Do Real Estate Agents Get Listings?

Where Do Crimes Against Agents Take Place? Open Houses, Home Showings Are Two Significant 'Danger Zones'
Meeting with strangers in private locations can be an inherently risky activity, and it's something that real estate agents do every day in order to provide their clients with services. But exactly how dangerous is it, or can it be? A recent WAV Group study examined agent safety topics, asking real estate agents if they have ever been the victim of a crime at work, what type of crime they experienced, who perpetrated the crime, and where it happened. The research indicated that open houses and home showings are two locations where agents tend to experience risky situations. 'Have You Been the Victim of a Crime at Work?' Most respondents (62.5% overall) said that they have not been the victim of any crime at work. However, significantly more women than men have been the subject of some type of criminal behavior at work: 24.8% of men reported being the victim of a crime, compared to 44.6% of women. After determining which respondents had been the victim of a crime at work, the survey asked agents who had experienced a criminal scenario at work to share where it took place. Risky Open Houses, Phone Calls, Home Showings More than half of agents who had experienced a crime at work (55.8%) said that the crime took place in one of three locations: At an open house: 20.9% On the phone: 19.8% At a home showing: 15.1% There were some interesting differences between how male agents and female agents who had been the victim of a crime at work responded to this question. Open houses seem to be more dangerous for female agents than for male agents. Of the agents who had experienced a crime at work, 22.5% of women said the crime took place at an open house, compared to 13.3% of men. And female agents are significantly more likely than male agents to experience a crime such as phone harassment. More than one in five female agents who had experienced a crime said it took place on the phone (22.5%), compared to 6.7% of men. This is almost certainly because female real estate agents are inherently attractive targets for perpetrators of phone harassment; their images and their contact information are widely available in the communities where they work. By contrast, significantly more male agents than female agents who had experienced a crime at work reported that the crime took place at a home showing. More than one in four male agents who had experienced a crime (26.7%) said the crime took place at a home showing, compared to 12.7% of female agents who had experienced a crime. Men were also almost five times more likely to say that the crime took place at a private meeting than women, 13.3% to 2.8%. Tips for Staying Safe at Work While brokerages can (and should) implement protocols to help keep agents safe, there is a lot that agents can do themselves to decrease risk and increase their own personal safety. Check in with friends and family. If you're meeting frequently with people you don't know well, establish a check-in system so that the people in your life know where you are supposed to be and when — and can raise an alarm if you're not. Use the buddy system. Bring a friend when hosting an open house, and consider partnering up with others when meeting prospects in private locations. Pre-verify identity of prospects. Before meeting with someone you don't know well, verify their identity, status as a homeowner, and their ability to buy or sell a home right now. Sign up for an answering service. Using an ISA or a third-party service to help you manage your phone calls (and screen them) can potentially eliminate some of the phone-based crimes that agents experience every day. Stay tuned for the full results of the research report, and stay safe out there!

Are multiple-bidding situations inherently unfair for buyers?
Years ago, multiple bids on a home were not all that common. Certain markets saw them more frequently than others, but most homebuyers were not necessarily competing against dozens of others for the same house. That scenario has changed in recent years. Housing inventory has been low for a long time, and then the coronavirus pandemic sparked a wave of interest in homeownership, which meant that engaging in bidding wars became an everyday occurrence for many would-be buyers. Trying to help a client win in a multiple-bid situation is a big challenge, and it's frustrating for both buyers and agents. Multiple-bid situations can feel inherently unfair to buyers, especially if they've been bidding on homes for weeks or months, and they still are no closer to buying a house of their own. And for agents, crafting an offer that stands out among a crowd isn't always easy, especially when you can't share any personal information about the buyer. Recently, WAV Group conducted a survey of people who tried to buy a house, asking them questions about their experience as it relates to Fair Housing. Here are some early results from the study; the full results will be available soon. 'Did you have a fair chance to win the house?' With multiple-bidding scenarios becoming increasingly common, we wanted to ask how buyers felt about their own experience with multiple bids. Did they feel they got a fair chance to win the house? And why — or why not? Just over half of our respondents said they were involved in a multiple-bid situation (50.94%). The remainder were either not involved in a multiple-bid scenario (38.00%) or were unsure how to answer the question (11.06%). These proportions remained when we broke down the results by race between self-identified white respondents and respondents of color. Almost half of all respondents (46.46%) said that they felt like they had an equal opportunity to win the bid for the house they were trying to buy. This percentage was a bit higher for white respondents (49.33%) than for our respondents of color (45.50%). For those who did not think they had an equal chance to win the bid for a house, we wanted to dig a little deeper and learn why they felt that way. So our next question asked why they felt they did not have an equal opportunity to win the bids they submitted. For the most part, white respondents said they didn't win the bid because they were outbid by buyers who could offer more money. Nearly three-quarters (68%) of white respondents cited finances when asked why the multiple-bidding process was not fair to them. Many respondents also discussed the difficulties of competing against cash offers and investors or "flippers" with deep pockets. The remainder of white respondents either said that the seller already had a favored buyer in mind, or that they got bad advice from their real estate agent. We saw more variation in answers from respondents of color who were involved in multiple-bidding situations, although almost as many of them (62%) cited finances as the reason why they didn't win the bid. About 6% of respondents of color believed that race played a factor in their multiple-bid situation. This group of respondents also mentioned competition against investors or buyers who could pay cash, and they were more likely to say that they felt they were not able to purchase homes in certain neighborhoods due to those areas being "out of their league." They also mentioned reasons other than race that could explain why they might not have won the bid, including marital status and other demographic indicators, such as "I'm not professional enough." Want to learn more about homebuyers' experiences with multiple bids and Fair Housing during the past year? WAV Group's Fair Housing survey report is coming soon!

Your Opinion Wanted: Client Engagement Survey
Help drive meaningful change and innovation in the real estate industry. Participate in the WAV Group Client Engagement Survey for Real Estate Agents. We can't wait to hear from you! As you know, Customer Relationship Management (CRM) technology plays a vital role in managing relationships and interactions with customers and potential clients. Your unique insights and perspectives will greatly contribute to a deeper understanding of CRM adoption and its impact on real estate agents' daily operations, customer engagement, and business performance. By taking just five minutes to complete the survey, you can share your opinions and experiences. But wait, there's more! As a token of our appreciation for your participation, we're giving away three portable speakers to lucky respondents, and you stand a chance to be one of the winners! Simply fill in your email address at the end of the survey, and you'll be eligible for this exciting opportunity. Start Survey Your contribution will not only shape the future of CRM technology, but also benefit the entire real estate community!

Calling All Real Estate Agents: Share Your Insights on CRM!
Are you a real estate agent looking to enhance your business relationships, streamline processes, and improve profitability? We have an exciting opportunity for you! We are conducting a comprehensive survey on Customer Relationship Management (CRM) in the real estate industry, and we need your valuable insights. Read on to learn more about the survey and the chance to win fantastic prizes! CRM technology has become an essential tool for managing relationships and interactions with customers and potential clients. Its goal is simple yet powerful: to improve business relationships. By staying connected, streamlining processes, and leveraging CRM systems, real estate agents can significantly enhance their customer engagement and drive business growth. In our survey, we delve into various aspects of CRM adoption in the real estate industry. We want to understand your experiences, challenges, and the impact of CRM on your day-to-day operations. By participating in the survey, you'll have the opportunity to share your opinions and contribute to valuable research that will shape the future of CRM in real estate. But that's not all! We have an exciting surprise for you. Once you complete the survey, you'll have the chance to enter to win one of three portable speakers we're giving away once the survey closes. To enter, simply include your email address at the end of the survey, and you'll be eligible for this fantastic prize. Your participation is entirely voluntary, and all responses will be kept strictly confidential. The survey will only take a few minutes of your time, and your input is highly appreciated. So, don't miss out on this opportunity to have your voice heard and to potentially win a fantastic prize! Start Survey Now Thank you for your time and contribution to our CRM survey. We look forward to your valuable insights and wish you the best of luck in the giveaway! Note: Giveaway prizes are subject to availability and terms and conditions.

NAR Releases 'Wealth Gains by Income and Racial/Ethnic Group' Report
A new housing report by the National Association of Realtors® reveals middle-income homeowners accumulated $122,100 in wealth as their homes appreciated by 68% in the last 10 years. The report, Wealth Gains by Income and Racial/Ethnic Group, speaks to the value agents and Realtors® bring to consumers when helping buy and sell homes that build generational wealth. NAR released the report during its 2023 Realtor® Broker Summit as the association commemorates Fair Housing Month. While not everyone has the same opportunities for homeownership, data show substantial variations and inequalities in homeownership rates across different income and racial and ethnic groups. For instance, low-income homeowners were able to build $98,900 in wealth in the last decade from home price appreciation only, while upper-income households saw an increase of $150,800. "This analysis shows how homeownership is a catalyst for building wealth for people from all walks of life," said Lawrence Yun, NAR's chief economist. "A monthly mortgage payment is often considered a forced savings account that helps homeowners build a net worth about 40 times higher than that of a renter." Although Black homeowners experienced the smallest wealth gains among any other racial or ethnic group, these owners were able to accumulate over $115,000 in wealth in the last decade. For the first time in this report, NAR identified the top 10 U.S. metro areas which have recorded the largest wealth gains for Black homeowners over the last 10 years. Black households in Bellingham, Washington; Ocala, Florida; Palm Bay, Florida; Modesto, California; Greeley, Colorado; and Charleston, South Carolina were among the areas where more than 60% of Black households own their home. Owners in these areas were able to accumulate more than $125,000 in wealth in the last decade. Along with the wealth gains accumulated in the last decade, homeowners also saw their debt drop by 21%. Many homeowners who were able to refinance and secure a rate lower than 4% in the months following the onset of COVID-19 may have paid off an even larger amount of their mortgage, Yun noted. "Your neighborhood Realtor® is a champion able to help you achieve the dream of homeownership," said NAR President Kenny Parcell, a Realtor® from Spanish Fork, Utah, and a broker-owner of Equity Real Estate, Utah. "Homeownership helps create long-term wealth and financial stability for your family and future generations." No matter the income level, owners who live in expensive metro areas experienced the largest wealth gains. In the San Jose metro area, low-income owners have accumulated nearly $630,000 in the last decade, and middle-income owners gained $643,000. All of the top 10 areas with the largest wealth gains for low-income owners – surpassing $290,000 – were located in California. In the top 10 areas with the highest homeownership rates for middle-income households, owners gained $110,000 in wealth on average in the last 10 years. In Ogden, Utah, for example, with 85% of the middle-income households owning their home, homeowners have built nearly $220,000 in wealth in the last decade. Some significant areas to note include Port St. Lucie, Florida, where homeownership rate for middle-income households was 83%, and middle-income owners gained nearly $200,000 in wealth. The metro areas of Barnstable Town, Massachusetts and Palm Bay, Florida were some other areas where most middle-income households own their home and accumulated a substantial amount of wealth – over $170,000 – in the last decade. Respectively, in the areas with the highest homeownership rates for low-income households, wealth gains were $140,000 on average. In Prescott, Arizona, while more than 2 out of 3 low-income households (68%) own their own home, owners have built more than $200,000 in wealth in the last decade. Barnstable Town, Massachusetts, as well as the Florida metro areas of North Port, Port St. Lucie, Palm Bay and Deltona, were other areas where most low-income households owned their home and accumulated a substantial amount of wealth – over $120,000 – in the last decade.

She Sheds, Steam Ovens Can Help Sell Homes for Up to $17,400 More
Buyers who can afford a home in today's market appear willing to pay even more for luxuries that personalize their space. New research finds that listings touting chef-friendly amenities, such as steam ovens, pizza ovens and professional-grade appliances, can sell for as much as 5.3% more than similar homes without them. That adds up to about $17,400 on a typical U.S. home. Trendy statement features such as terrazzo and she sheds — the female equivalent of the man cave — can contribute to a 2.5% sale premium when mentioned in a listing description. Homes that sell faster than expected — signaling more competing buyers — boast more practical features, such as doorbell cameras, heat pumps and fenced backyards. A doorbell camera and open shelving are relatively affordable upgrades that can improve a home's functionality and boost sale speed by five days and three days, respectively. Zillow looked at 271 features and design terms mentioned in listing descriptions across nearly 2 million home sales in 2022. While there are many factors that contribute to a home selling faster or for more than expected, these features reflect what today's buyers are looking for in a home. Homes get personal "Not every buyer will appreciate a chef's kitchen or a putting green in their backyard, but those who do are willing to pay more for these personalized amenities," said Amanda Pendleton, Zillow's home trends expert. "Post-pandemic home buyers who had plenty of time for self-reflection now have a greater sense of what they want and need in a home." That said, sellers who have invested in personalized features may have to wait a bit longer to find the right buyer. For instance, homes with she sheds can sell for 2.5% more than expected, but spend an extra two days on the market. Similarly, listings that mention wine cellars can command a 1.2% sale premium but take five days longer to sell than similar homes. Buyers just want to have fun Buyers who can not only afford today's higher mortgage rates but also pay above and beyond typical market value appear willing to splurge on fun features designed to impress. Multifunctional homes that offer retreat spaces and features for outdoor entertaining are particularly appealing to post-pandemic buyers, who expect their homes to be a place where they can work and play. "Homeowners looking to make the most of their sale can give their listing a wow factor and a dose of luxury by highlighting its outdoor entertainment areas," said Lily Moore, a Zillow Premier Agent in Westlake, Texas. "Mentioning differentiators like a saltwater pool, pizza oven, outdoor kitchen or putting green in a listing description can set a home apart from other properties for sale nearby and increase its selling potential." Unique materials outshine old favorites Today's buyers are branching out from traditional finishes, favoring trendy terrazzo floors and surfaces, and textured soapstone countertops over marble and granite. Homes with terrazzo can sell for 2.6% more, which amounts to $8,511 on a typical home. Soapstone can help sell homes for 2.5% more and four days faster than similar homes when mentioned in a listing description. Only quartz came close to rivaling these newly popular surfaces, with listings that mention quartz countertops commanding a 2.4% sale premium and selling one day faster than expected. Quartz had been the top-performing surface for two consecutive years. Features that don't sell Certain home features, when mentioned in a listing description, can hurt a home's resale value by potentially signaling to a buyer that a home is dated and needs work. Homes with tile countertops can sell for 1.1% less than expected, while homes with laminate flooring or countertops can sell for 0.6% less than similar homes. Surprisingly, walk-in closets can hurt a home's value by 0.7%, perhaps because buyers no longer view that feature as a selling point and may prefer the space be used for something else. Takeaways for spring sellers Homeowners looking to sell for top dollar this spring will want to highlight these home features if they've got them. But installing a steam oven — or any one of these features — solely for resale may not deliver the ROI they're looking for. These keywords should be viewed instead as signals of perceived quality. These are the features today's buyers associate with a "nice house," along with many other factors that go into that perception. For instance, if a home has a steam oven, the buyer assumes it likely has a lot of other bells and whistles that go into a high-end chef's kitchen. There are also geographic differences. A pool may be a must-have in Arizona, but a nuisance in Indiana. A local real estate agent with extensive market knowledge can help sellers highlight the right features to maximize their sale price. Takeaways for spring buyers Even in a less frenzied housing market, shoppers can expect more competition for homes with these desirable features. This spring, they have a new tool to quickly find and save all the listings that have these unique amenities. A new AI-powered feature on Zillow allows shoppers to enter phrases like "four-bedroom homes in Charlotte with a steam oven" directly into the Zillow search bar, instead of clicking through filters. This technology gives buyers a speed advantage by notifying them the minute that dream home with a chef's kitchen hits the market. Top 10 features that sell for more than expected Top 10 features that sell faster than expected

Gen Z Homebuyers Consider Smart Features, New Builds and Prioritize Sustainable Materials, New Survey Shows
With 2022 having seen a notable increase in mortgage rates compared to historical lows in 2020-21, and with many economic factors to watch based on the first quarter of 2023, many U.S. homebuyers and sellers are rethinking their approach to achieving their real estate goals, according to a study commissioned by RE/MAX. The global real estate franchisor released a comprehensive, current analysis of consumer tendencies and professional strategies around buying, selling, or owning a home. The U.S. Future of Real Estate 2023 Report was developed in partnership with the advertising agency Camp + King and conducted by leading consumer insights agency Canvas8. The research, which included a survey of more than 2,900 American homebuyers or sellers, along with expert interviews with real estate researchers and economists, identified six key themes exploring how people's attitudes and values toward buying, owning, and selling homes are shifting. As a real estate franchisor dedicated to helping real estate professionals deliver a better customer experience, RE/MAX commissioned the report to uncover valuable insights for agents. The six key themes identified in the report as main trends and mindsets impacting homebuying and selling in 2023 are: Information Overload – People want help making better sense of the homebuying and selling process. Real Talk – People want real estate agents to offer more human-centered support. Modern Adaptability – People are making compromises in search of stability. Future-Proofed Properties – People are looking for self-sustaining, resilient homes. New Hubs – People are looking for areas that offer them the opportunity to connect with a community. Curated Control – People want spaces they can optimize for work and play. "The events of the past few years have made homebuyers more deliberate about what a home should offer them," said Nick Bailey, RE/MAX President and CEO. "A home purchase is one of the largest transactions a person will make in their lifetime, so it's important for them to have a clear understanding about what they're seeking in a home. Research like this can help a real estate professional guide them in their search." Highlights from each of the six themes identified in the report include the following: 46% of sellers cite more support in understanding the process as one of the two most important areas of need, compared to just 27% of buyers. 40% of Americans say that terminology/language is a key barrier to homeownership – that's up from 17% in 2020. 54% of Americans think trust and familiarity have become more important factors when choosing a real estate agent in the past 12 months. Just 25% of first-time buyers reported satisfaction with their recent experience, compared to 74% of experienced buyers. Economic concerns prompted 56% of Americans to buy sooner than they expected – in 2020, 29% of Americans said they bought sooner than expected, citing reasons related to the pandemic. 52% of Americans say real estate agents' "years of experience" have become more important in the past 12 months. More than two-thirds of U.S. homeowners (65%) who experienced a problem with their property in 2022 recognize that it could have been prevented with routine maintenance and/or inspections. Gen Z buyers are more interested in smart features (78%), new builds (77%), and sustainable materials (81%) than older cohorts. Vibrant local communities are an important factor for younger generations, with 77% of Gen Z saying they consider this when looking to purchase a home. 64% of U.S. buyers say renovation potential is an important factor when looking for a home to buy, compared to 45% in 2020. Download the full report with detailed stats in each of the six themes HERE. "Times change, and in a fast-paced industry like this one, it's important to stay a step ahead. The research shows consumers are increasingly turning to experienced, full-time professionals – and those are the type of agents who make up the RE/MAX network," added Bailey. The U.S. Future of Real Estate 2023 Report is one of two market reports exploring the future of real estate across North America. The Canada Future of Real Estate 2023 Report can be found HERE. RE/MAX and its agency partners examined the homeownership landscape across the United States and Canada to unpack and explore the trends shaping the future of real estate in these two separate markets as a way to see what's really going on in the business right now – and to build a clearer, more informed sense of what's ahead.

Opinions Wanted: Share Your Thoughts on AI in Real Estate in This Survey
As a valued real estate professional, we're interested in learning about your experiences with AI, specifically OpenAI's ChatGPT, and how it's impacting your work in the industry. Your valuable insights will help us understand the current state of AI usage in real estate and guide future developments. Please take a few minutes to complete our brief survey, and share your thoughts on AI's potential, challenges, and benefits in the real estate industry. Your feedback is crucial in shaping the future of AI for real estate professionals like you. Thank you for your time and contribution to this important research. We appreciate your input and look forward to learning from your experiences. Take the survey now!

WAV Group Releases Homeowners Under Management White Paper
Was it Mark Twain or F. Scott Fitzgerald who originally wrote, At first you go bankrupt slowly, then all at once? I'm not sure, but I often share that quote to illustrate how change happens in culture or in an industry. Today, I believe that we are on the precipice of an all-at-once moment that will have a profound impact on real estate portals. We see the emergence of homeownership portals happening now. We anticipate that homeownership portals will replace or transform property search portals and real estate CRMs. The move in this direction has happened slowly, but this year, we believe that it is happening all at once. We see enterprise brokers, franchise brands, state associations, and large MLSs implementing these tools today. It's a big shift. There are a number of signals in the market that express context that supports the development and adoption of homeownership portals. The first and longest running streak trend among consumer portals is becoming parcel-centric. If you look at the success of Zillow, Trulia, Realtor.com, Redfin and Movoto, the differentiating factor that drives consumers to those sites is that they have data on every property, ergo every parcel. It shocks me that real estate brokers have not woken up to the reality that their IDX website or VOW website will never compete with a portal that has all the listings. Consumers want to know what their home (and their neighbor's home) is worth, when it last sold and for how much. These are table stakes today. The next signal is that consumers do not want to be "leads." This has been a trend for a long time that was epically characterized by 1000watt in their video about becoming a lead. I could not find the video, but Marc Davidson did write a nice piece about the broken experience of being a lead – it simply sucks. When a consumer wants to get information, they desire to look it up. When they have a question, they want to talk to someone that they know or trust. Portals that sell leads to real estate agents are going to die. The consumer experience is unsatisfactory and the real estate agent is overwhelmed from lead fatigue – leads that close 1 out of 100 – or a warm lead that closes 5 out of 100. The next signal is related to concierge services. Like it or not, Compass crushed the competition with their concierge service that allows consumers to get home repairs done before the sale (and proceeds from the sale pay for them). Same is true of moving concierge. Consumers do not want the hassle of moving, so Updater, MooveGuru and MoveEasy have delivered solutions. RESPA crushed the idea of integrated services that consumers want for combining a real estate transaction with a mortgage, title, and insurance transaction. I totally understand the need to dispel the bribe-like revenue sharing between these business services, but geez – haven't we gone too far? The consumer wants these service providers to deliver an integrated service. When you take these signals and you mix them together, you recognize that real estate has emerged beyond search. However, two major problems exist. The first is that there is no one-stop shopping portal where all of my service providers collaborate. The second is that nobody is providing consumers with a portal to help with homeownership. Perhaps the only portal that sees the confluence of services coming together is Zillow. They announced the Super App, but outside of the idea they shared, we do not recognize it as having been executed yet. There are a number of companies that are developing super apps for brokers. There is a race happening right now to get the most consumers on a super app. Only a few contenders are in the race. The finish line is to give consumers an app that supports their entire lifecycle of homeownership – search, transact, move, own, sell. Once a consumer adopts a homeownership portal for their home, it's game over for today's one-dimensional search portals. Much in the same way that we have a portal for managing our health, our car, our education, there will be one app for managing your home. In this white paper, we explore the key steps to breaking away from the transactional cycle and maximizing the lifetime value of each client you work with. Whether you're an individual agent or part of a brokerage, the strategies outlined in this paper will help you establish long-lasting, meaningful connections with your clients. Please download this whitepaper to learn more about homeowners under management. To view the original article, visit the WAV Group blog.

Affluent Consumers Find Value in Agent Expertise and Will Use an Agent Again, Says Study
A recent survey released by Coldwell Banker Real Estate and the Coldwell Banker Global Luxury program indicates that buyers are looking for much more than a transactional relationship when it comes to choosing and staying with their agent. Real estate agents are now financial, wealth and lifestyle ambassadors, and consumers are finding more value in working with a real estate agent than ever before, especially as they face a transitioning market. The survey data conducted by Censuswide, as highlighted in the 2022 Trend Report, showcases the luxury real estate market sentiments of over 2,000 U.S.-based high-net-worth consumers, insight from Coldwell Banker Global Luxury property specialists and data collected by the Institute for Luxury Home Marketing and Wealth-X. Paired with the top trends currently driving the luxury market, the report provides an inside look at how consumers are working with agents and their plans to use a trusted advisor again for their next home purchase. Real estate agents are crucial to any luxury transaction Luxury property specialists are seen as a trusted resource to a community and all that it offers. As that connection point, they are expected to go beyond just sharing market knowledge to providing insights on other factors luxury buyers consider when purchasing a property, like connections to desired schools, introductions to social groups and philanthropy efforts, and much more. The white glove service and world-class expertise of a top agent provides immeasurable value, as evidenced by the survey. Four in five (86%) respondents with a household income of $5 million or more have used a real estate agent to assist them in the purchase of their home and find value in their expertise. The U.S. luxury consumer would use a trusted agent again The advice and service of a luxury real estate agent when buying or selling a home does not go unnoticed, as many affluent consumers would use an agent again for a future home purchase, especially among younger millionaires. 83% of respondents who have used a real estate agent to assist in purchasing a home in the past will use a real estate agent for their next home purchase. Younger respondents, those aged 25-34 (86%) and 35-44 (86%), who have used a real estate agent to assist in purchasing a home in the past, will use an agent in the future. More mature respondents, aged 45-54 (75%) and 55+ (80%), say they will use a real estate agent for their next home purchase. "More than ever, it is necessary for agents to have deep market insight and connections to help their clients navigate in today's environment and set themselves apart from everyone else," said Jade Mills, president, Jade Mills Estates and international ambassador of Coldwell Banker Global Luxury. "Keeping regular touchpoints with clients – past and present – is so essential to our business. By sending little notes on life events or updates on community gatherings, it really shines a light on the value we bring as agents, and the importance of enhancing and deepening those client bonds to keep them coming back."

NAR Finds Share of First-Time Home Buyers Smaller, Older Than Ever Before
When compared to a year ago, the share of first-time home buyers dropped to a record low, while the age of a typical first-time buyer increased to an all-time high. The median distance buyers moved from their previous homes more than tripled from the distance registered the previous four years as the shares of homes purchased in small towns and rural areas reached record highs. Housing affordability and inventory challenges significantly impacted when, where and how consumers purchased homes, according to the National Association of Realtors®' 2022 Profile of Home Buyers and Sellers, an annual report released today and published since 1981, which analyzes the demographics, preferences and experiences of buyers and sellers across America. "It's not surprising that the share of first-time buyers shrank to the lowest level ever recorded given the housing market's combination of historically low inventory, persistently high home prices and rapidly escalating interest rates," said Jessica Lautz, NAR vice president of demographics and behavioral insights. "Those who have housing equity hold the cards and they've fared very well in the current real estate market. First-time buyers are older as a result of saving for down payments for longer periods of time or relying on a generational transfer of wealth to propel them into homeownership." First-time buyers made up only 26% of all buyers, down from 34% last year and a peak of 50% in 2010 during the First-Time Home Buyer Tax Credit. The age of the typical first-time buyer was 36 years – up from 33 years one year ago – and the typical repeat buyer's age climbed to 59 years from 56 years in 2021. Both ages are the highest in the history of the data set. The median expected home tenure for first-time buyers was 18 years, the highest ever recorded and up from 10 years in 2021. The median distance between the home that recent buyers purchased and the home from which they moved was 50 miles, the highest ever recorded. From 2018 through 2021, the median distance moved was just 15 miles. Lautz noted that several reasons were behind the decisions among last year's buyers to seek homes farther distances away from their previous residences. "Family support systems still prevailed as a motivating factor when moving and in neighborhood choice," Lautz said. "For others, housing affordability was a driving factor to seek homes in areas farther away. For many, remote work decisions were formalized in the last year, providing clarity for employees to permanently move to more distant areas." The shares of buyers who purchased homes in small towns (29%) and rural areas (19%) were the highest ever recorded, while the shares of homes purchased in suburban (39%) and urban (10%) locations declined from one year ago. In terms of the share of home buyers by race, White Americans accounted for 88% of all buyers, followed by Hispanic Americans at 8%, Black Americans at 3%, and Asian Americans at 2%. The shares for White and Hispanic Americans increased from a year ago – 82% and 7%, respectively – while the shares of Black and Asian American buyers declined – both down from 6%. "Housing affordability and limited inventory impacted the buying power of all buyers, however, the greatest impact was felt by Black and Asian Americans, as both groups saw a shrinking share of home buyers," Lautz said. "Conversely, White and Hispanic Americans experienced gains in buyer shares. Population growth among Hispanic Americans likely drove the increase, while many White Americans are repeat buyers with housing equity that allows them to make easier trades in today's market." The median number of weeks that buyers searched for a home was 10, an increase from eight weeks in 2020 and 2021. Home buyers typically purchased their homes for 100% of the asking price, with 28% purchasing for more than asking price. Seventy-eight percent of recent buyers financed their home purchase, down from 87% last year and driven by the increased share of repeat buyers who paid all cash. The typical down payments for first-time and repeat buyers were 6% and 17%, respectively. The median age of home sellers was 60 years, up from 56 years one year ago. Sellers typically lived in their home for 10 years before selling. While that was an increase from eight years the previous year, it's the same tenure reported in 2019 and 2020. Continuing a long-standing trend, the overwhelming majority of buyers (86%) and sellers (87%) hired a real estate agent or broker to purchase or sell their homes. Nine in 10 buyers said that they were very satisfied with their agent's knowledge of the purchase process (90%), and their agent's honesty, integrity and knowledge of the real estate market (89%). Eighty-nine percent of buyers and 85% of sellers said that they would recommend their agent to others. "During challenging and changing market conditions, one thing that's calming and constant is the assurance that comes from a Realtor® being in your corner through every step of the home transaction," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "Consumers can rely on Realtors®' unmatched work ethic, trusted guidance and objectivity to help manage the complexities associated with the home buying and selling process."

What Is the Most Valuable Service Buyer Agents Provide?
Recently, WAV Group conducted a national survey of homebuyers to determine attitudes towards buyer agent commissions. One encouraging finding from the Buyer Agent Commission Report was the high percentage of overall buyer satisfaction with the value provided by their agent. Eighty-eight percent of respondents thought that their agent earned the commission that they received on the home purchase. This is good news for an industry that has seen many "industry disruptors" enter the marketplace over the last several decades. In the open end responses, two things related to agent value emerged that can help you train your agents to provide maximum value to the home purchase process. The first insight comes from one respondent who was not completely certain that their agent earned the commission that they were paid: "I found the house and asked him to meet me there." While it is clear that online home search is not threatening to displace agents completely, it has devalued the home touring services provided by agents. What agents want to be careful to avoid is becoming a tour guide or, even worse, an Uber driver for homebuyers. Looking at homes is the fun part of the process and something that apps do very well. If buyers think agents are just there to open the door, then the perceived value will only be realized if the search takes a long time and they open a lot of doors. As another respondent pointed out, "They did organize some things for me, but I chose a home pretty quickly so I don't think they deserved as much as they got." Secondly, the Buyer Agent Commission Report confirmed over and over again that buyers really valued communication with their agent. "They answered all questions and followed through on all aspects of the purchase pre and post sale." Buying a home is a large and emotional transaction, and more than anything else, buyers want agents to be available to listen, support, and provide wisdom from their years of experience over many transactions. As various showing apps make home tours easier and easier, remember to encourage your agents to leverage that technology to smooth the process and free them up to provide the one-to-one communication and advice that buyers are happy to pay for. For more insights, download the full Buyer Agent Commission Report here. It's FREE for a limited time when you use promo code "Commissions" at checkout. To view the original article, visit the WAV Group blog.

New Study Reveals Increased Transparency on Commissions Leads to Increased Value in Consumers' Eyes
WAV Group's new Buyer Agent Commission Study reveals many insights from buyers about their awareness, understanding and appreciation of how commissions work when buying a home. Chief among these insights is the undeniable connection between transparency and perceived value on the part of home buyers. Those who indicated they were "totally clear" about the commission paid were 59% more likely to think their agent "completely earned the commission" than those who were unclear. In general, the large majority of buyers were satisfied with the services they received from their agent (88%). Buying a home in any market can be complicated. No two transactions are exactly the same, and something always comes up right when you think all is clear. With this many moving parts, buyers appreciate clear communication and prompt responses. As one buyer indicated in the open-end questions, "My agent showed me many many houses and answered every phone call and email and text quickly and with answers I was able to understand. She walked me through every step of the process." Buyers recognize how hard it is to successfully purchase a home, especially in the recent housing market. They are appreciative and grateful for the creativity and hard work their agents deliver to help them successfully purchase a home. Agents earn their commission, and home buyers recognize that. Get the full report now. To view the original article, visit the WAV Group blog.

Reduce Buyer Frustration with Effective Financing Education and Preparation
Money may or may not buy happiness, but you for sure need it to buy a house. For most people that means getting a mortgage. Thirty-five percent of frustrated homebuyers in the WAV Group Homebuyer Frustration Report pointed to the mortgage process being a source of their frustration. One respondent in the study suggested, "There needs to be more workers in the mortgage field to make it run faster." Buyers just want a seamless experience from home search to the closing table. This is one of the reasons more brokerages have started offering ancillary services such as title and mortgage. Financing complications or delays are a constant struggle in any market, and when the market is moving fast and is super competitive, like it has been recently, it can get even more stressful. Here are some important points your team should add to their initial buyer education consultation. Review Their Credit Report Even if there is nothing incorrect or alarming to find on the report, it is quite likely that there is something on their report they could clarify or update which may get them a better score and possibly a better rate on the mortgage. So it is certainly worth the effort. Suggest they do this BEFORE trying to qualify for a mortgage. Get Organized Buyers will need to track down their tax returns, print out paystubs, and if they are self-employed, they will want their profit and loss statements for at least two years. There will likely be delays with the mortgage company processing documents. Do not add to that delay by not having the documents ready to submit and re-submit when requested. Get Pre-Approved Even before they find a house to make an offer on, buyers need to know how much they can afford. The pre-approval letter is an important step in the process, but it is not the end of the road. Buyers need to understand that there is still more work to be done once they find the house they want to buy. Put the Mortgage Company on Speed Dial Once a house is selected, there is an entirely different approval process before the mortgage will be ready to fund. Buyers should be prepared to stay in touch with the lender throughout the process, and the agent should be tracking the process as well. They should proactively check on the status of the mortgage consistently once the offer is made until it is ready to fund on closing day. Even the most prepared of buyers can sometimes get frustrated. As another respondent in the WAV Group Homebuyer Frustration Report said, they wish there were "Clearer financial requirements to close." As a neutral third-party, your agents can act as part counselor and part advisor for homebuyers trying to figure out the mortgage process. Sometimes they will just not understand what the mortgage company is asking for, or why they are asking for it. If your team can explain a term or help them get a document, that can help relieve some of the stress. Get all the insights and data from the WAV Group 2022 Homebuyer Frustration Report to see how you can set your next buyer up for a smoother home buying experience. Download now! To view the original article, visit the WAV Group blog.

Minimize Buyer Frustration with Adequate Education Upfront
The WAV Group's recent study on homebuyer frustration reveals many pain points that homebuyers have been experiencing in the recent seller's market. While some of the frustration is unique to the market conditions of 2020 and 202, like multiple bid situations, there are still many insights that can help agents prepare their clients for the process regardless of market conditions. To download a copy of the report, click HERE. Setting expectations and education about every step of a transaction right from the start is a key opportunity to improve service levels. Certainly first-time home buyers don't know what they don't know yet, but even experienced homebuyers need to know how different the process is in the extreme seller's market we're experiencing today. Embroiled in so many stressful and unsuccessful transactions today, agents may lose the perspective of the average person who purchases just a few homes in their lifetime. When asked about improving the homebuying experience, one respondent said, "It is far too complicated and involved. A regular person can barely grasp all the hoops you have to jump through." With that in mind, agents may want to consider a buyer education session before beginning the process of purchasing a home. Most agents use a listing presentation to win the listings, but few take the time to sit down with their buyers and talk through the entire process from start to finish. What should be in your pre-purchase buyer education presentation? Timeline Under perfect conditions, this would be the relative timeline of events from initial home search online all the way to unpacking the dishes in their new home. Checklists can be very helpful in this section of the presentation. Be sure to cover the common time periods in your local market for appraisals, surveys, and home inspections. This is also the perfect opportunity to set expectations for showing appointments, your availability on nights and weekends, and preferred communication methods. Current Market Conditions Normally, finding a new listing online on a Thursday, then going to see it on Saturday, and then making a reasonably below asking price offer the following Wednesday is a perfectly acceptable timeline. Not in today's market. Are houses selling in weeks, days, or—as we saw recently—in hours? What price range should they be looking in to be able to stay on budget in a bidding situation? Should they get pre-qualified for a mortgage? Do they fully understand homeownership costs BEYOND the mortgage and downpayment? Some respondents said they stretched to buy the home at the top of their price range and now they're struggling to afford maintenance, utilities and general repairs. Common Hurdles You Can Warn Them About Don't shy away from sharing the challenges in today's market, and in any real estate market, that have derailed past clients. Remember, they are hiring you for your experience so that they don't have to learn the hard way. Some of these situations, like lower than expected appraisals or major repairs needed, may not be pleasant to talk about, but your clients need to be prepared for possible scenarios and know that they will have remedies available to them if those situations occur. Many of the frustrations with the homebuying process can be mitigated by education and communication. As another respondent said, "Wish there was more explanation of the timeline for when things happen and what the next steps would be." To see all the insights and data from the WAV Group Homebuyer Frustration Report, download the full report for free by using promo code Frustration at checkout. To view the original article, visit the WAV Group blog.

What Are the Most Popular Listing Photos? How Computer Vision Helped Answer This Question
The positive impacts of technology on our daily lives continues to help us become more productive by saving us time. Think about it. Before the internet, if you wanted to research something, you walked, drove, or biked to a library. Then you asked a librarian for ideas of where to find what you needed. Next, they would send you to the "card catalog," which stored books sorted by Dewey Decimal numbers on index cards. After you find the card with the book title and its number, you meander through aisles of books to hunt down the right one, hopefully, filed in the correct place. Or, at the very least, you had to crack open an encyclopedia: World Book or Encyclopedia Britannica, depending on what information you needed. Today, you just "Google" or ask Alexa for the information you need. Making us more productive Sometimes, technology gets a bad rap, especially when you consider what used to take hours – like the trek to a library – now takes minutes or even seconds. Computer vision is a massive breakthrough in time savings and increased productivity. It takes care of some of the most mundane tasks, freeing resources to do more important things. We discovered the value of computer vision firsthand at HomeJab when we wanted to answer the question, "What are the most popular real estate listing photos?" Now we could have answered this without enlisting the help of artificial intelligence firm Restb.ai. We had the sample data: 14,000 professionally shot photos contracted by listing agents for properties listed for sale in early June 2022. To accomplish this, we would need a team of people to manually go through every photo, look at each one, determine what was in the picture, and sort it into a pile. Later, we would have to count all the photos in each stack to decide which images of homes for sale were the most popular. It would take a team to sort through thousands of photos to accomplish this study. However, Restb.ai did it in a matter of minutes. Compiling the results Using the power of computer vision, Restb.ai explains its founder and CEO, Xavi Hernando, can sort through thousands of photographs from homes currently for sale, use its computer vision technology to identify the type of photo, and then classify and sort the images. It helps that HomeJab can provide them with the highest quality images, as all are by professional real estate photographers. But it is still stunning to watch how fast everything comes together. The process Restb.ai uses also compiles the results, eliminating the need to do the math and figure out the ranking of the most popular photos. The science for all of this is built-in. Admittedly, most experienced agents – and professional real estate photographers – might not find many surprises in the results. But the truth is, before we studied the photos, all we had were assumptions, not facts. Because before the HomeJab study, no one took the time and effort to figure out the most popular photos. And there were a few surprises in the data. But most importantly, perhaps, is we have a new benchmark and can look at photo trends in the future. And we have a fast and smart way to accomplish the task. What are the most popular photos? The new data from HomeJab finds that the most popular real estate listing photo is not the home's front exterior. Instead, bedroom photos were ranked first, barely nudging out kitchen photos. Front exterior shots placed a distant fifth. Living room photos landed third. What's interesting about that is that a couple of decades ago, home builders kept making the living rooms smaller. Some folks believe that the living room, at the time, was headed for extinction; some still do. However, photo popularity shows that's not the most likely outcome. Here's a recap of the HomeJab Top 15 most popular photos used to sell homes: Bedrooms – 11.92% Kitchen – 11.90% Living room – 10.79% Bathroom – 9.75% Front exterior – 8.70% Dining area – 4.48% Aerial – 4.32% Yard – 3.00% Back exterior – 2.48% Patio terrace – 2.10% Home office – 1.84% Laundry room – 1.81% Deck – 1.72% Hallway – 1.39% Foyer – 1.26% The bottom six: Basement – 1.22% Garage – 1.12% Front door – 1.11% Pool – 1.11% Stairs – .93% Walk-In closets – .66% Note: Other miscellaneous photos comprised the remaining 16.38%. It will be interesting to see if – and how – these numbers change over time. The number one trend to watch out for is drone footage for aerial photography and video, especially with the increased accessibility and affordability. And because of the pandemic, will we see more photos of home offices in the future? Time will tell. A summary report on this new HomeJab study is available here. Joe Jesuele is the founder and CEO of HomeJab, America's most popular and reliable on-demand professional real estate photography and video marketplace for real estate pros and architect of the real NFT Marketplace at real.art. HomeJab delivers over 4,000,000 images to help agents sell and rent more than $35 billion in listings.

Realtors See Sharp Increase in Homes with Green Features
The number of Realtors involved with buying or selling a property with green features has significantly increased in the past year, according to a recent study from the National Association of Realtors. The 2022 REALTORS and Sustainability Report surveyed NAR members nationwide regarding sustainability issues currently facing the real estate industry. Half of agents and brokers surveyed said they helped a client buy or sell a property with green features during the past 12 months, a notable jump compared to 32% in 2021. Nearly two out of three respondents – 63% – said that energy efficiency promotion in listings was very or somewhat valuable. Over half of agents and brokers – 51% – found that their clients were somewhat or very interested in sustainability. And 35% reported that their multiple listing service features green data fields. Among those with green data fields in their MLS, the top ways they were used were to promote green features (35%), energy information (24%) and green certifications (13%). "Sustainability continues to play a growing role in consumers' purchasing decisions, and this is becoming even more prevalent in the real estate market," said NAR President Leslie Rouda Smith, a Realtor® from Plano, Texas, and a broker associate at Dave Perry-Miller Real Estate in Dallas. "With the residential property market, in particular, home buyers have expressed increased interest in eco-friendly factors like solar panels and energy efficiency." Roughly three out of four Realtors® – 77% – said that properties with rooftop solar panels were available in their market. These numbers were highest in the West (89%) and Northeast (86%). Thirty-six percent said that homes with solar panels increased the perceived property value, compared to 30% that said they had no effect. Source:  The report also noted rising anxiety among Realtors® about the effect of climate change and extreme weather events on their businesses. More than one out of three respondents – 34% – said they were very or somewhat concerned about the impact of extreme weather events on the housing market. Jessica Lautz, NAR vice president of demographics and behavioral insights, said that the increased focus on sustainability in recent years is a win-win for all homeowners. "More sustainable homes bring benefits to homeowners like cost savings from energy efficiency, health benefits from improved indoor air quality, and increased comfort and durability from material use and construction, and may also increase resale value," Lautz said.

New HomeJab Study Reveals 'Blue vs. Red' State Agent Marketing Spend
After studying more than 43,000 professional real estate photography assignments over the last five years, at HomeJab, we discovered a significant difference in the amount of marketing dollars agents spent for listings before the pandemic and what they spent coming out of the height of the COVID-19 outbreak. First, we found geographic differences in the average listing photography order amount among the nation's five major regions. Second, digging deeper into the state-level data, we found a significant difference in spending by agents in prominent "Blue states" versus "Red states." Prominent "Blue states," including New York, Massachusetts, California, and Illinois, show significant increases in marketing spend for real estate listing photography services since the pandemic. Our research shows the difference is significant: New York: +27.9% Massachusetts: +18.5% California: +9.7% Illinois: +7.7% On the other hand, prominent "Red states," including South Carolina, North Carolina, Texas, and Florida, show either decreases or modest increases in marketing spend for real estate listing photography services since the pandemic began. Again, the differences are significant: South Carolina: -23.4% North Carolina: -16.5% Texas: -0.1% Florida: +6.3% These differences shouldn't be surprising – the fact that these Red states spent less. The banning of open houses happened faster and lasted longer in Blue states. Red states, as a result, were not as dependent on 3D tours and other real estate photography services that help remote buyers make home purchases. Clearly, buyers and sellers in Blue states needed these services and needed them longer than those in Red states, where lockdowns typically ended sooner. A previous HomeJab study looked at the impact of the pandemic on the type of photography services that real estate agents ordered. That study found evidence supporting these spending trends. When the pandemic shutdown almost all open houses, the percentage of video and 3D virtual tours ordered by agents jumped significantly nationwide from 37% to 53% of all photo shoot orders. Last year, as open houses returned, this percentage went down slightly to 48% but remained higher than pre-pandemic levels for 2019. We expect real estate agents using HomeJab to continue to include video and 3D tours as part of their "go-to" photo package for all listings because their reference level has changed. That's also true of the use of aerial photography for listings, and we expect its popularity will continue to grow. It makes sellers happy, and not all buyers are ready for a crowded open house, marking these marketing tools even more valuable for agents. Regional differences The new HomeJab study also found that real estate agents in the West, Northeast, and Midwest are spending more for real estate listing photography services coming out of the pandemic than before the start of the pandemic. Specifically, the numbers show: West: Up nearly 9 percent (8.7%) Northeast: +7.5% Midwest: +5.6% Real estate agents in the Southwest and Southeast either spent more or modestly less for real estate listing photography services since the pandemic began, specifically: Southwest: -0.6% Southeast: +2.8% In terms of average marketing spend for listing photography, we also found that the average real estate listing photography services order was up 5.9% from post-pandemic orders from $216.50 and now averages $229 per order. Regional pricing for average orders also varied. Real estate agents in the West spend the most for real estate listing photography services, averaging $279 per order. Midwest real estate agents spend the least, averaging $200 per order, or nearly 40% less than real estate agents in the West. Northeast real estate agents spend the second least amount, averaging $225 an order. Southeast and Southwest real estate agents' average spend for real estate listing photography services average $229 and $235, respectively. Bottom line Real estate agents' professional real estate listing photography orders proved to be a vital and durable marketing investment in many of the hottest markets during the COVID-19 outbreak. HomeJab research shows that during a time when homes sales struck a frantic pace – and the average number of multiple offers hit a new high – real estate agents still understood the marketing power and client value of visual images for their real estate listings. Post-COVID, we don't expect that to change, and because of COVID, real estate agents may appreciate the value of a professional real estate shoot better than ever. If you are a real estate agent or a professional real estate photographer, you can learn more about HomeJab at homejab.com. Joe Jesuele is the founder and CEO of HomeJab, America's most popular and reliable on-demand professional real estate photography and video marketplace for real estate pros, delivering over 4,000,000 images to help agents sell and rent more than $35 billion in listings.

New HomeJab Real Estate Photo Study: NFTs, Unprepared Sellers, Drones and Automation
More than 300 professional real estate photographers were asked, "How often are homeowners prepared for a shoot?" Surprisingly, more than half of the photographers polled said that most of the time -- half to more than half -- homeowners are unprepared. The likely disconnect is that agents may be assuming their sellers know what they need to do to have their homes ready for a listing shoot. The data says otherwise. That's just one of the fascinating facts emerging from our latest HomeJab Real Estate Photography Study, available for free to download. Another highlight from the study came when we turned the table on agents and asked real estate photographers, "How professional is the typical real estate agent who hires you?" Overall, photographers gave agents an average rating of 7.6 on a scale of 1-10, 10 being highly professional. Those are solid marks endorsing that most agents who hire real estate photographers are also "professional." This HomeJab Professional Real Estate Photographer Survey collected responses from 310 professional real estate photographers nationwide. These are primarily seasoned professionals. Fifty percent of the photographers surveyed shoot more than 100 property listings annually. Nearly one-in-three photographers surveyed shoot more than 200 property listings annually, with 40% of the participants being professional photographers for at least six years. Future Tech: NFTs We also asked professional real estate photographers to select two business-related technologies that they are "most excited about." Drones topped the list, with most photographers – 68% – selecting a tech tool that can deliver 4K high-resolution aerial video and images. 360° cameras took the second spot with 54%, and automated editing technology was third, with 35% of photographers saying they are most excited about this new tech. Two more surprises emerged in future tech as well. First, we have heard a ton of praise for the new iPhone camera technology, but only 18% of photographers surveyed say they are excited about new mobile phone cameras. Second, the biggest surprise, at least for me, was with NFTs: nearly one-in-five photographers picked NFTs (blockchain) as the No. 5 top future tech about which they are most excited for. Just five years ago, NFTs didn't even exist. Now it's landing for many as a top 5 future tech pick. What are NFTs, and why is there a growing interest among real estate photographers? NFT means non-fungible token. When something is non-fungible, it can't be replaced with something. There is only one, like a one-of-a-kind trading card. This makes NFTs different than cryptocurrencies, like Bitcoin, which are fungible as they can be traded one for another. And NFTs are anything that's digital – drawings, music, a ticket that gives you access to an event (virtual and/or physical), or other digital collectives. Today, the biggest excitement is around using the tech to sell digital art. NFTs may offer real estate photographers a new way to monetize their creative talent. Time will tell, but NFTs are clearly an emerging hot topic for real estate insiders today. Drones dominate But right now, drones are dominating the future tech discussion about the most exciting new tech among real estate photographers. It makes sense because of the "wow" factor that aerial footage can add to just about any real estate listing. Aerial footage also gives home shoppers something hard to get without visiting the property in person: location perspective. Where does the property sit in relation to other properties and local amenities? How far away are local parks, schools, or retail? What is the property's proximity to local waterways: lakes, rivers, or the ocean? And there is a potential downside to drones. In fact, because of the explosion in the popularity of using aerial photography to market homes over the last few years, we asked professional real estate photographers if they have been harassed by someone when flying a drone to shoot aerial footage of a listing. Our HomeJab survey found that one-in-three photographers experienced harassment when flying a drone. One more interesting fact: 85% of all professional photographers use a drone. Just 15% of photographers surveyed said they had never flown a drone. Again, you can download a free copy of this new report, as well as our first HomeJab Survey we released in the fall, on our website here. Joe Jesuele is the founder and CEO of HomeJab, America's most popular and reliable on-demand professional real estate photography and video marketplace for real estate pros, delivering over 4,000,000 images to help agents sell and rent more than $35 billion in listings.

New HomeJab Survey Says Agents Prefer Video Over 3D Interactive Tours
While immersive 3D interactive tours are soaring in popularity, more real estate agents today still prefer video tours, according to a new survey we recently completed at HomeJab. More than one in three real estate agents – 36 percent – said they preferred video tours versus 21 percent for 3D interactive tours. Nearly one-third of agents said they use both video and 3D tours, depending on the seller. Real estate agents know that use of high-quality images and video drives online traffic and engagement. Great photos and videos also raise active real estate agents' local visibility while enhancing their reputation. As a result, professional photographers play an essential role in today's real estate market as they fuel better promotion of property listings. According to the National Association of Realtors, with 97 percent of home buyers using the internet when searching for homes, professional photos, video, and other advanced imaging tools are more important than ever. Using professional imaging can mean a faster home sale and enhance a real estate agent's reputation in the marketplace. At HomeJab.com, we provide on-demand professional real estate photography and other visual production services nationwide for real estate agents and brokers. We are watching new imaging technologies, including virtual staging, virtual twilight photos, and aerial photography, rapidly adopted and used to sell homes faster. Hot new trends One of the hottest trends is virtual staging, which agents prefer slightly more than traditional staging, 30 percent versus 29 percent, respectively. Aerial photography also is one of the fastest-growing trends, being used by agents to elevate their online listings and sell homes faster. More than two out of three (67 percent) real estate agents surveyed said they used aerial photography with their listings. However, the majority (55%) said their use depends on the property. And 12 percent said they use aerial photography with every property listing. While virtual staging showcases a home's interior features, twilight photos grab the viewer's attention. Think about it: how sweet is life during a sunset? It's one of those moments in which everything looks its best, including your home. We know from other research we've done that property listings with twilight photos get three times more engagement from buyers. Most agents – over 76 percent – told us they have either used twilight photos to promote their property listings or are interested in using them. Currently, 40 percent of agents said they use twilight photos, with 35 percent saying they love them. And 5 percent of agents said they use them but don't love them. The more (photos), the merrier We also polled real estate agents on the average number of photos they provide to consumers via their local Multiple Listing Service. We found that for a typical listing, 79 percent of agents surveyed said they upload at least 30 images to the MLS. A breakdown of responses shows that 51 percent of real estate agents upload 30 photos to the MLS for an average-sized home. Nearly 20 percent of real estate agents upload 40 photos. Almost one out of 10 agents upload 50 or more images. Some MLSs limit the number of photos per listing, or this number would likely be much higher. Every day, we work with thousands of professional real estate photographers coast-to-coast who provide real estate agents with a full range of imaging services, edited, and delivered within 24 hours. Accessible through our one-stop-shop for real estate listings at HomeJab.com, every listing comes with a property landing page and full ownership rights. Having easy access to professional real estate photography allows agents to do their jobs better and more efficiently. Professional photography helps agents win more listings and sell homes faster. You can learn more about how we can provide fast and affordable shoots for any sized brokerage, individual agent, or team at HomeJab.com. Joe Jesuele, founder and CEO of HomeJab, America's most popular and reliable on-demand professional real estate photography and video service for real estate pros, is a leading expert on real estate photography and emerging visual technologies for real estate.

BoxBrownie Releases Its 2021 Listing Visual Marketing Analysis
Here's a terrific report from BoxBrownie about the best ways to visually promote your listings for all ages. You can read an excerpt from the Preface below and then download the full report here. I have heard a lot of criticism of the National Association of Realtors over the past five years in the USA. Of the many countries I have travelled to, the NAR would have to be the organisation providing the greatest benefit to its members that I have ever seen. One of the most under-rated pieces of information the NAR dutifully release annually is the Home Buyers and Sellers Generational Trends report. I cannot speak highly enough of the value of the data released in this report and I personally wished my home country had equivalent data available to agents in order to assist us in sculpting business direction. Staggeringly, I would estimate the members who would know about this report and understand its value to be in the minority. Since 2013, annually this report has shone a light on the website features a purchaser would want to see in their efforts to purchase a property (page 59). Even at the quickest glance, the report tells us a few things: 89% of all purchasers regardless of age wish to see Photos of a listing 67% of all purchasers regardless of age wish to see Floor Plans of a listing 58% of all purchasers regardless of age wish to see a Virtual Tour of a listing These three figures are slightly higher than they have been over the past years, which I could argue might be the influence of being in a year of lockdowns and more difficult access to properties for inspection. However, none of them are out of order with the previous five years and more worth of data this annual survey has collected. If you look at the entire list there are some categories that I have always found humorous, for example, "Real Estate Agent Contact Information." I would assume for this to be on the list, at number 4, there is conceivably some agents not handing out their information to purchasers? Where I come from that person is unlikely to be an agent for very long. A Marketing Plan Over a period of time, I took the NAR report and paraphrased page 59 to formulate a plan for agents to follow in order to maintain consistency or marketing/brand and to sell a property for more, faster. In order of priority, relating to what the purchaser wishes to see, it is our belief at BoxBrownie.com that "best practice" agents have a marketing plan that looks like this: Good imagery Copy with all essential detail A floor plan 360°/virtual tour Video footage The research conducted investigates only three of the above aspects of visual marketing for a listing; Good Imagery, Floor Plans, and 360°/Virtual Tours. This research report is not to point people to BoxBrownie.com’s services. However, through the services we offer, I believe we are best positioned to shine a light on these practices. And whilst it is true that we have a solution for some of these issues, other companies do as well. Our message to the agent, broker, franchise, association, and MLSs is that marketing matters· and our challenge to you is to improve your property marketing to better serve the purchasers and sellers within the industry you operate. So BoxBrownie.com, as a company, and I, as a bullish, inquisitive, now non-practising listing agent (genuinely interested in the USA property industry and equally in love with the fabric and people who make the industry be who it is) are excited to offer this first research report to the American property industry. It is a way of saying thank-you for the way you have accepted this Australian start-up (now scale-up) and the love and support you have shown us over the past four years. Download the full BoxBrownie.com 2021 Listing Visual Marketing Analysis report here.

How Are Sellers in the Current Market REALLY Doing?
We've all heard about the on-fire housing market and how it's positioned sellers to ask for much while conceding little. But just how much are sellers in the current market really reaping hefty benefits? How are they feeling about the selling process? What desired outcomes are guiding their selling decisions? Homes.com surveyed 1,600 respondents from across the country to find out. Survey Findings Snapshot The current market is paying hefty dividends for sellers, prompting many homeowners to put their homes up for sale sooner than planned to take advantage of market conditions. Our survey found that 82% of homeowners who sold in the last six months accepted offers at listing price (33%) or above (49%), nearly half of them sold in less than a month, and a quarter of them had five or fewer showings before finding a buyer — reflecting both the low supply of available homes and the rush to buy when new listings hit the market. Shortage? What Inventory Shortage? One of the major hesitancies homeowners have in today's market is a concern about low inventory — and for good reason! Who wants to sell their home without the guarantee of finding another home to buy? But, as our survey found out, this wasn't as big a problem as might be expected. Significantly, of the sellers we surveyed who intended to sell and immediately buy a new home to move into, 86% were able to do just that, despite limited inventory. The rest cited a move into rentership while continuing to house shop. Of the sellers who didn't have any plans to buy after selling, 24% said they moved into their secondary home, 19% had already purchased a new home build and rented while waiting for construction to complete, 11% began renting simply because they wanted to, and 9% decided to move in with family or friends. Smooth Sailing Sellers haven't just enjoyed the success of buying new property; they've also reaped the benefits of smooth selling processes. Looking at finances, our survey found that 49% sold above listing price, while 33% of sellers sold at their original listing price. In fact, 27% wound up accepting offers $10,000, even $20,000+ higher than their requested sale price. Cha-ching! Glancing at the process between listing and offer acceptance, 27% of sellers said they had five or fewer in-person showings before selling, while 26% had between six and ten. Amazingly, nearly 10% had no in-person showings at all. But, this is perhaps not as surprising as it might be in previous years; thanks to the growing prevalence of virtual tours, there's been an upward trend in buyers' openness to purchase a home sight unseen. We also found a strong correlation between the number of showings sellers' homes had, and the number of offers they received. A third of sellers said they sold their homes within the first five offers received, and nearly two-thirds wound up selling within the first 10. This roughly correlates to the number of showings, indicating that sellers received bids after virtually every walkthrough. It also offers a glance into why homes are flying so quickly off the market so soon after being listed! If you've been helping clients on the hunt for a new home, you've likely encountered this scenario: your buyers find a home they love, you schedule a tour for as soon as you can, but by the time you get there, the home has already been sold. You're in good company; this blink-and-you-miss-it issue has been plaguing buyers across the country for months, and doesn't show signs of slowing down! When we asked sellers how long their homes were listed before they sold, 22% said the process took less than two weeks, 25% were on the market between two and four weeks, and 27% for between one and two months. In other words, only less than a third of sellers' listings were on the market for longer than two months. Calling the Shots Another story dominating headlines in the real estate sphere lately has been just how much power sellers have over the purchase process. A mix of sharp demand and low inventory have left sellers holding all the cards, and our survey found they're using them to their full advantage! Many of the sellers surveyed indicated they refused consideration of contingencies and other strings-attached offers; 28% of them required all-cash payments, no contingencies and/or less than 30 days to close, while 14% opted for selling their homes completely "as is," leaving buyers without the flexibility available in less competitive markets. Interestingly, we found that they were more amenable to making repairs requested after showings or home inspections, with 56% agreeing to perform repairs, upgrades or replacement requested by buyers as a condition of sale. Of those who made those adjustments, 34% spent $10,000 or more, but one in four were able to recoup those costs by selling for $10,000 or more over listing price. Why Did They Sell in the First Place? As if the initial adjustments to pandemic life weren't stressful enough, our survey found that COVID-19 challenges were major drivers for homeowners deciding to sell; 43% cited financial impacts from the pandemic as their primary reason for selling. Other reasons included job relocation (14%), upsizing or downsizing needs (14%), a desire to move to another neighborhood (8%), retirement (4%) or a transition to remote working providing the option to relocate (4%). For many sellers, the market itself was influential in their process, with one in three entering the market only because they saw the opportunity to sell quickly and profitably. Twenty-three percent said their local market opportunities sped up their planned timeline to sell, while a surprising 11% actually hadn't planned to sell at all, but changed their minds in hopes of cashing in on the booming demand. And yes, this did happen; 5% actually received unsolicited offers on their homes, and they wound up selling them! What Can We Expect Moving Forward? It's not likely we'll see immediate relief from this blistering market any time soon; however, Homes.com will continue this survey series with a focus on homeowners who are planning to sell in the coming months. What types of homes will they be listing? At what price will their homes be listed? Will they be more willing to negotiate terms? Stay tuned to find out! To view the original article, visit the Homes.com blog.

Nearly 8 in 10 Home Buyers are Taking More 3D Home Tours During the Pandemic, Citing Safety Concerns
For residential real estate, touring homes virtually has become increasingly important since the coronavirus outbreak. Over the last seven months, home sellers, buyers and real estate professionals have had to work around restrictions preventing in-person property showings and grapple with safety concerns over potential exposure to COVID-19. Last January, Matterport conducted a survey to learn about buyer and seller preferences for home listings. We found that static photos are no longer enough and that both sellers and buyers overwhelmingly preferred a more immersive experience with 3D tours. In September, we partnered with Redfin, the technology-powered real estate brokerage, to poll 1,000 U.S. home buyers and 1,000 U.S. home sellers to see how these preferences have shifted since the onset of the pandemic.

Why the Census Counts: RPR and REALTORS Rely on Accurate Data
With everything going on in our country right now, it's easy to understand why filling out the Census form may slip your mind. However, it's a crucial process that can potentially affect everyone in the U.S. RPR uses Census data every day, and every REALTOR does, too. Access to accurate, up-to-date data about population and geographies is key to the real estate industry and real estate professionals.

How Is Your Business Doing During COVID-19? Share Your Thoughts to Win $100
What's happening in the real estate market? If someone wants to know, it's best to ask a real estate agent. That's exactly what Homes.com is doing a new, nationwide survey of real estate agents. And they want YOUR opinion—and in exchange, you could win a $100 Amazon gift card! It's been four months since the start of the COVID-19 shutdowns. How has the pandemic affected your real estate business? Take the survey to to share your experiences and opinions on: New listings and listing cancellations Changing buyer wants, needs, and budgets The impact of low mortgage rates on buyers Using real estate tech during the pandemic Your feelings on the current and future housing markets And more! Take the Business Sentiment Survey for Real Estate Professionals from Homes.com today for the chance to win a $100 Amazon gift card!

What Homebuyers and Sellers Think About COVID-19
We read a lot about what the so-called 'experts' think will happen to the real estate market as a result of COVID-19, but what do homebuyers and sellers think? Transactly conducted a market survey of 400 homebuyers and 400 home sellers who planned on buying or selling a home in 2020, prior to COVID-19, to hear their opinions. Here's what we learned.

With 3D Tours, Properties Sell Up to 31% Faster and at a Higher Price
For the past five years, agents and brokers worldwide have used the Matterport 3D virtual walkthrough to differentiate their real estate services and bring the concept of a 24/7 virtual open house into the mainstream. Now, preliminary results from two separate studies indicate that listings with a Matterport 3D virtual walkthrough sell for a higher price and can spend less time on market than homes listed using a traditional marketing package.

Is the Square Footage of Your Listing Fake News or Are You Selling Properties Using Accurate Square Footage?
Agents say they will do anything possible to represent the best interests of their sellers. However, some are missing one really important aspect of selling a house: the square footage. Many agents assume the square footage information from an old listing in the MLS or found in public tax records is accurate. But is it really? No, it is not. It is what we call unverified square footage. To successfully represent the best interest of their sellers, agents should always be using verified square footage of a property. Verified square footage comes in three different forms: appraisers or agents measure the home themselves (if they are knowledgeable of the local rules on what should be counted as square footage), or they use technology. Technology can be a powerful tool because there are several companies in the market that don't just measure the seller's home, they also provide ways of promoting the home. In just a couple of paragraphs, we have just scratched the surface as to what an agent needs to know to understand how verified square footage can improve their level of professionalism. Download the case study written by WAV Group to get a full understanding of improving your professionalism using square footage.

Gen Z is Buying Their First Homes! Here's What You Need to Know
Millennials and their buying habits have been under the scrutiny of the real estate industry for years. We've watched them go from a minority to the largest group of buyers in the market, but now Generation Z is taking its first steps into the housing market, and it's time we learned more about this new group of first time buyers. In an effort to do just that, Homes.com polled more than 1000 adults from Generation Z aged 18 to 24 years old. Questions focused on Generation Z's expectations about the home buying experience and their home buying plans.

Study Reveals How Long It Really Takes for Each Step of the Home Buying Process
On average, it takes just over half a year for a home buyer to move into their new home. The research that revealed this also broke down the time spent on individual steps -- and pain points experienced -- along the way to closing a deal. The results are in, and a poll consisting of 2000 homebuyers has now determined that the average amount of time spent, from beginning a search to collecting the keys for a new home, is six months and 24 days. In completing that process, the exchange of contracts was shown to be the longest step, taking an average of five months and ten days, but ranging all the way up to 25 months in some unlucky instances. The study, conducted by OnePoll, also found that, on average, homebuyers spend 20 hours looking at 16 homes online before even scheduling a visit. In what's becoming an increasingly online experience, this finding emphasizes a trend where those marketing home listings are taking advantage of new opportunities to reach potential clients. After narrowing down their choices online, the average homebuyer will view a home three times before putting in an offer. The time between a final visit and eventual offer comes out to around four-and-a-half days. A recent article featuring the study notes that, in conducting the research, experts took into account various aspects of the home buying experience. This includes insight into common homebuyer expectations and frustrations. The amount of time involved in the process led to 14 percent of respondents coming to a compromise on some aspect of their ideal home when ultimately choosing a property. "While the idea of moving somewhere new is thrilling, the reality can be very different," says James Morris-Manuel, VP of Matterport EMEA. House hunting can be tough and time-consuming, especially for those who are juggling working full time, families, and those who may not necessarily be living in the area in which they want to buy. According to the poll, three in 10 respondents reported finding a property with everything they were looking for to be the most difficult aspect, while a fifth of home buyers found choosing a property to be the most time-consuming. "Even viewing a home can be irritating – having to fit in with the owner's timing and requirements, not being close enough to view a property as often as you'd wish, and then wanting to revisit when a decision has been made," says Morris-Manuel. One third of respondents said that, after finally buying a home, they found the process to have taken longer than they expected. To make matters worse, one quarter experienced an unsuccessful offer on a home, while 12 percent faced three or more such instances, prolonging their search. This study offers not only an in-depth look into the timeline of the home buyer's process, but also insight into areas that are found to be the most burdensome parts of that process. Real estate agents providing the most complete and informative experience for their clients are in the best position to be the resource today's homebuyer values. To view the original article, visit the Matterport blog.

A Google Study on Team Efficiency: 5 Takeaways for Your Real Estate Business
Project Aristotle A team at Google wanted to explore what types of people and qualities make up the "perfect" team. They studied 180 teams (115 project teams in engineering, and 65 sales pods), and ultimately defined five aspects of effective teams. We will explore these five dynamics, what they mean for a real estate team, and how you can implement them to improve your team efficiency.

How Referrals Can Help Take Your Business to the Next Level
"A lead is simply an inquiry on a property. A referral is a lead that's been qualified: The person giving the referral has taken time to ask specific questions that qualify that lead." — An agent quoted in the 2018 Agent-to-Agent Economy study by ReferralExchange. For newer agents entering the industry, leads are an important part of how they grow their business. However, for more established agents, referrals represent a real opportunity not just in business coming in, but in creating a network where they can refer clients out. Many clients may need an agent outside their main agent's geographic area or service parameters. When that occurs, some clients may feel they have to go it alone. However, having a referral system that supports their sphere doesn't just provide the agent with additional income, it delivers peace of mind for agents and their clients. What does a strong referral business look like and how can this be a potential "side hustle" for agents, providing a secondary income stream?

Profile of Today's Real Estate Pro: Insights from the 2017 NAR Member Profile
Each year, the National Association of REALTORS® randomly samples their members to answer questions about who today's real estate pros are. It examines everything from their demographics and economic preferences to their business activity and practices. The newest report shows that membership within the National Association of REALTORS® has increased from 1.16 million in March 2016 to 1.22 million in March 2017, with 82 percent of those sampled very sure they'll maintain their profession for at least two more years. Here are a few deeper insights from the report:

The Battle of Consumer Profiles
Long the bible of consumer data in residential real estate, NAR's venerable Profile of Home Buyers and Sellers now has competition. With the 2016 Profile, which was released on Halloween and is based on a massive survey of both buyers who have participated in recent residential transactions, NAR celebrated 35 years of annual publication. When the Profile was launched in 1981, Ronald Reagan was inaugurated for his first term, "Raiders of the Lost Ark" opened in theaters and the median value of a home was $55,300. in recent years, the Profile has been the source of information that defines residential real estate today, such as these often-cited findings: The percentage of home buyers who used the internet to search for a home increased to 95 percent in 2016 after holding steady at 92 percent for three years in a row. Sixty-four percent of sellers found their agent through a referral from a friend, neighbor, or relative or used an agent they had worked with before to buy or sell a home. FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $185,000 last year (down from $210,000 the year prior), and significantly lower than the median of agent-assisted homes at $245,000. While the venerable NAR Profile set the standard for years as the "go to" source of consumer data, now it has a competitor with some different ideas about what measure and how to present its results. Just a a few weeks before NAR releases its 35th edition, Zillow introduced the first Zillow Group Report on Consumer Housing Trends.

"Move-In Ready" Increasingly Means Smart Home Technology for US Consumers
Sellers looking to upgrade their home before putting it on the market may be wise to install smart home technology. According to a new survey from Coldwell Banker, 44 percent of US consumers believe a house that's "move-in ready" has smart home technology. In fact, 54 percent of survey respondents would choose the home with smart technology when faced with two houses that are exactly the same, and 26 percent believe the technology is a major selling point. So What Is Smart Home Technology? Speaking of "defining," what exactly is smart home technology? Coldwell Banker teamed up with CNET in May to clarify the term. The two companies settled on a mutual definition to "provide a clear and unified designation to keep up with rapidly evolving technology." To start, a home must have a reliable internet connection and one of two base "smart" systems: 1) security features that control access via smart locks or monitors the home through, say, networked security cameras; or, 2) smart temperature controls. Additionally, a property must have two other systems from the following list to qualify as a smart home: Appliances (smart refrigerators and smart washer / dryers) Entertainment (smart TVs and TV streaming services) Heating / Cooling (smart HVAC system, smart fans or vents) Lighting (smart light bulbs and lighting systems) Outdoors (smart plant sensors and watering systems) Safety (smart fire / carbon monoxide detectors and nightlights)

Two-thirds of Buyers Are 'Addicted' to Online Property Listings
Online property listings are the new crack. At least, that's what a new poll commissioned by Discover Home Loans suggests. According to the poll, 67 percent of home buyers report feeling addicted to looking at online listings, and 78 percent admit to looking at listings while at work. The revelation of this fairly benign addiction was just one part of the poll that looked more broadly at consumers' use of online technology during the home buying process. Overall, 76 percent of buyers said technology made them smarter home buyers and 69 percent said it made them more confident. Here are a few more interesting results from the poll: 72% of buyers explore a neighborhood using online maps or map apps 55% research a neighborhood using local websites Social media wasn't a big player in the buying process, with only 25% using it to "collect ideas" and just 29% soliciting opinions from friends and family on social networks The Internet played a large role in submitting paperwork, however. 71% of buyers submitted docs to their lenders online, while 68% used the Web to submit documents to their agents Online calculators are an important tool: 70% used them to estimate their monthly mortgage payments, 61% to discover how much home they could afford, and 52% to see if they were financially ready to buy a home A whopping 92% of buyers said technology saved them time, with 93% stating that technology allowed them to do things remotely that they would otherwise have to do in person

Do Luxury Clients Prefer iPhones?
I'm captivated by this map of iPhone users in New York City. It shows where Android and iOS users are concentrated geographically. And, surprise (or not?), the lines appear to be drawn along economic lines. iPhones users (in red) coat affluent Manhattan, while Android dominates the poorer outer boroughs. The trend stays true in other locales, as well--San Francisco, Los Angeles, and London all map out according to the same income pattern. Does this mean that luxury clients prefer premium-priced iPhones over lower cost Androids? The data seem to suggest that. If you serve the luxury market, consider switching to an iPhone to better reflect the values of your client base. And be sure that your website looks good and functions properly on the platform. Similarly, any apps you offer to clients (like branded search apps, eSign, etc.) need to work flawlessly on iOS.

The Happiest Agent on the Block
This article comes to us from the Market Leader blog: Market Leader recently surveyed over 3,000 real estate professionals to determine how happy they are. The goal was to find out how various aspects of their careers and lives – like their marital status and commission splits – can impact their happiness. The "Happiest Agent on the Block" survey assessed agent happiness using the following four important metrics: happiness with their real estate careers, incomes, the tasks they complete on a day-to-day basis (e.g., following up with leads and attending client appointments), and life in general. The results of the "Happiest Agent on the Block" survey contained many surprises tidbits which have significantly increased Market Leader's understanding of who real estate agents are as people, not just professionals. An infographic featuring some of the most compelling survey findings can be found below. Our general survey findings about agent happiness are listed on the next page.

A Portrait of the Agent – Realtor® Habit Survey
This post comes to us from the Market Leader blog: Market Leader surveyed 1,967 Realtors® in August 2013 to learn about their habits. We asked questions about offbeat topics not covered in NAR's Annual Member Profile or similar studies. Questions touched on topics as diverse as their procrastination habits, cell phone usage while driving, and favorite cuisine. Read on to discover what Market Leader's survey uncovered about Realtors® – from habits common across the profession to the differences in habits between the most and least successful Realtors®!

Monthly Real Estate Showings Data: March Shows Steady Increase for 2012
Guest contributor Showing Suite shares the following article on their blog. We've compiled our real estate showings statistics for the month of March, and compared the data against the last six years. So far, in 2012, our data is proving a continuous rise in overall real estate showings with the highest amount of home showings since 2007; and our data for the month of March is no different. According to Showing Suite's CBSA reports, we've found that in 2012, home showings in March continue to rise, at a 6% increase compared to March of 2011.

Mastering Your Blog Timing
How many times a day or week should you blog to keep people interested? Do you know what time of day is best for blogging? Does it matter? The answer is simple: there is a science to blogging. With millions of bloggers, how do you make your message rise above the digital noise and gain traction within your industry? When are people listening? Don't worry, there are answers to this based on scientific research. Modern day blogging has evolved into a science. If you are interested in keeping a client and subscriber base informed and engaged with you and your message, it is well worth your time to invest in learning some of the research behind the science of blog timing. HubSpot social media scientist Dan Zarrella discussed his research on timing. He has conducted research on the Internet for the last 2-3 years. Of all the subjects he researches, the science of timing is the number one piece of data consumers want to know. He researches and identifies best practices. This webinar presents all the data to date that Zarrella has studied. It covers three marketing mediums businesses use for inbound marketing: social media, email and blogging. This article focuses on blogging specifically.

The Science of Timing: Blogging
How many times a day or week should you blog to keep people interested? Do you know what time of day is best for blogging? Does it matter? The answer is simple: there is a science to blogging. With millions of bloggers, how do you make your message rise above the digital noise and gain traction within your industry? When are people listening? Don't worry, there are answers to this based on scientific research. Modern day blogging has evolved into a science. If you are interested in keeping a client and subscriber base informed and engaged with you and your message, it is well worth your time to invest in learning some of the research behind the science of blog timing. HubSpot social media scientist Dan Zarrella discussed his research on timing. He has conducted research on the Internet for the last 2-3 years. Of all the subjects he researches, the science of timing is the number one piece of data consumers want to know. He researches and identifies best practices. This webinar presents all the data to date that Zarrella has studied. It covers three marketing mediums businesses use for inbound marketing: social media, email and blogging. This article focuses on blogging specifically.

The Science of Timing: Social Media
How many times a day or week should you tweet? Do you know what time of day is best for tweeting? What about posting on Facebook? Does it matter? The answer is simple: social media is not a haphazard activity anymore. It has evolved into a science. If you are interested in promoting yourself and your business online, it is well worth your time to invest in learning some of the research behind what social media gurus are calling the "science of timing." HubSpot social media scientist Dan Zarrella discussed his research on timing. He has conducted research on the Internet for the last 2-3 years. Of all the subjects he researches, the science of timing is the number one piece of data consumers want to know. He researches and identifies best practices. This webinar presents all the data to date that Zarrella has studied. It covers three marketing mediums businesses use for inbound marketing: social media, email, and blogging. This article focuses on social media specifically.

Meeting Gen Y's Demand for Online Transparency and Information
I interviewed a top-producing agent in San Francisco a few days ago. We were talking about the role of technology in the real estate process. It was a fascinating discussion. She is on the top of her game. Many listings, many successful transactions with buyers this year and yet she struggles with how to stay relevant with her younger clients. She told me:   “I am absolutely frightened of new technologies, and yet I KNOW I need to communicate and provide information differently than I used to. I believe it is much more difficult to create a deep personal relationship with younger consumers because they don’t want to sit down and talk about what their real needs are. They want me to provide information on my website so they can do their own research and then tell me what they’ve found. They require that the agent provide as much information as they can to empower the consumer to get comfortable with the information themselves.”

Idaho Valley Foreclosures Down 25% in October!
The peaks and valleys of local NOD filings continue. After a 21% increase in September with775 filings in Ada and Canyon Counties, defaults are back down 25% for the month of Octoberwith 582 filings. The 582 filings is the second lowest monthly total in 2010 only behind June when 557 defaults were recorded.Since January of 2010 Ada County has averaged 418 default starts a month and Canyon County has averaged a total of 280 default starts. Together Ada and Canyon Counties have averaged 697 foreclosure filings a month to date in 2010.

Confused by Social Media Lingo?
By 2010 Generation Y has come to outnumber Baby Boomers and 96% of them have not only joined a social network, but also spend considerable time using it. We also wanted to share some of our thoughts and experiences in using social media for our business. As you read through this guide, we hope that you will find the information useful in forming your business's social media plan. Why do I take the time to use social media like Twitter and Facebook? Because after spending considerable time learning and using social media, I can safely say that we should expect our lives to radically and exponentially be changed by social media and social networks over the next few years. Many traditional forms of media that we have been using for decades are being eclipsed with a growth in membership numbers and adoption rates that we have never experienced before. Consumers no longer want or trust advertising to the same levels they did a decade ago.