Silver! Despite record highs and highs in the US this summer, there is a chill in the air. Rising mortgage rates and home prices have contributed to a slowdown in the real estate market. According to Zillow, sales of existing homes fell 14.2 percent in June from a year ago and have fallen every year over the past 12 months.
Many real estate agents have noticed that their pipeline of prospective buyers and sellers is shrinking. In response, some agents are reducing their technology and marketing budgets in anticipation of lean times. But others are taking a bolder approach: increasing their investment in their businesses.
It may seem counterintuitive, but now may be the perfect time to invest in your business and separate yourself from those who cautiously retreat to the shallow end of the pool. Smart agents are taking their jobs to the next level with technology that helps them deliver knowledge and insights quickly and at their point of impact.
Here are some key opportunities that the latest technologies offer to help agents stay abreast of ever-changing market dynamics:
Price list: In the year In 2021, sellers can name their desired price and still expect multiple offers and bidding wars. But today, pricing is a more careful art. It is important to value a list correctly. Otherwise, you risk keeping the house on the market, which can result in a very unhappy seller when you want and need a price reduction. Using state-of-the-art property intelligence technology, it helps you determine an accurate value estimate based on detailed market analysis.
Discounts: While pricing in this market is more complicated, so is offering the discount. Home Price Index data released in July showed that buyers may have more bargaining power than a year ago, but homes are still selling at a faster rate. A real estate intelligence engine powered by computer vision artificial intelligence (AI) helps you determine the ideal location to make a competitive offer to your buyers.
Market Analysis: Attracting leads and creating a client approach can be an incredibly time-consuming process. In fact, it takes the average agent 40 minutes or more to complete a single comparative market analysis (CMA). Technology has evolved beyond the traditional CMA. AI and automation can reduce the process to five minutes.
Personalization: Today’s consumers increasingly expect personalized, digital experiences. Advances in technology allow agents to use time-saving software that can handle multiple variables and customize comps and approaches. AI-powered search tools allow you to refine the results to your customer’s preferences, including details such as floor space, layout, appliance brand, and more.
In an uncertain environment, new technology can be a game changer for agents who implement it effectively. IntelligenceSM Technology, powered by HomGenius Real Estate, is a personalized property information platform that provides agents with advanced technology and the latest in data science, machine learning and AI, next-level analytics and insights in less time. geniusprice technology fuels your success by enabling more confident pricing decisions, saving valuable time and personalizing the experience for your customers.
Visit homegenius.com to learn more about the homegenius ecosystem and the tools that can provide greater market clarity, direction and opportunity and help agents thrive in today’s market.
The HomGenius family of companies, Radiant Group Inc. The business unit combines ownership, valuation, property management and other real estate services into a full-service ecosystem. homegenius offers innovative experiences from search to closing, enabling lenders, investors, consumers and agents to benefit from integrated and personalized solutions that leverage advanced technology and the latest advances in data science, machine learning and artificial intelligence. Learn more at homegenius.com.
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