In Case You Missed It: January 2019 Real Estate News

By Jessie Trapp, Marketing Coordinator and Tiana Baur, Marketing Manager

 

MoxiWorks

2019 started with a bang – and no we don’t just mean fireworks. 31 days in and there’s already more than enough new stories, headlines, and goings on in the industry to keep us preoccupied. But don’t worry, we’re sticking to the top five! Someone has to weed through the noise and we’re more than happy to do it.

Without further ado, here are the top five January 2019 real estate news stories to know ( in case you missed it):

1. Ex Keller Williams CEO writes an open letter

The Keller William’s OG, Gary Keller, announced he’s taking the throne back. The outgoing CEO, John Davis, however had some words and he did not like the speculation around his sudden departure – so he wrote an open letter. In this letter he clarifies that he resigned.

P.S. We’re totally into his open letter concept. You could even say this cool company we know might’ve even started the trend last year. #winkwink

2. Inman Connect NY is in full swing

Inman Connect – this month’s biggest event – is happening right now. Brokerage leaders, techies, real estate agents, and more are all getting their connections on in the Big Apple. Did we mention it’s located in Time Square? Not too shabby.

There’s one very important part of this annual trip that is getting extra attention this year: desserts. To all those attending this event, instead of taking your usual coffee/snack break, how about gelato or mini pies instead? Our mantra: Life’s uncertain, eat dessert first.

3. Swanepoel released its annual T3 Power 200

Swanepoel made a list and they checked it twice. Ron Peltier, the CEO of HomeServices of America got the win, making him “the most powerful and influential person in real estate.” T3 Sixty has eight different criteria when making the list, including, “the office leaders hold, their tenure, the size of the company they lead, its financial resources, their significance and impact on the industry, their company’s activities in the previous year, other activities outside their own company and their personal power and influence.” We’re proud to say many of our clients and partners (and even our CEO) made the list!

4. Major companies are making moves and impacting real estate in a big way

According to our friends at RISMedia, “Now, Google and Apple are hopping onboard the expansion train, promising new jobs outside the West Coast which could attract an influx of relocating talent, possibly putting a strain on the local housing markets.” Along with Amazon, Google (adding 7,000 jobs) and Apple (adding 100 jobs) also have their sights set on NYC. All eyes are on how this will continue to impact the housing markets over there.

5. Taylor Swift x real estate drama?

Taylor Swift found herself in the middle of a Douglas Elliman lawsuit with former real estate agent over her Manhattan townhouse. Long story short: Douglas Elliman claimed the agent was wrongfully left out of the deal. They did not win, instead, the case was thrown out by the judge. Swifties everywhere are hoping this inspires another “Bad Blood” original.

6. York Baur (MoxiWorks’ CEO) Jumped into a lake. In a cloud suit. In January.

Okay, so we may have lied. We’re sticking to six notable new stories this month, but only because our CEO did the POLAR PLUNGE. York jumped into some chilly waters to celebrate the fact that the Moxi Fund absolutely CRUSHED its fundraising goal, releasing more than $17,000 to the charities within our local Seattle community in 2018. Thank you to all of our employees, clients, vendors and partners who donated to the Fund and made this epic moment happen. A bet’s a bet!

There you have it! Thanks for reading and stay tuned for another #ICYMI!

Posted on January 31, 2019 at 5:04 pm
Tiana Baur | Category: News | Tagged , , ,

MoxiWorks Partners and Clients Fill 2019 Swanepoel Power 200 List

2019 Swanepoel Power 200MoxiWorks is honored to have York Baur, our CEO, be recognized as an industry leader in the 2019 Swanepoel Power 200, which “ranks the most powerful leaders in the residential real estate brokerage industry,” as published by T360. Along with MoxiWorks, many of our brilliant clients and partners were featured on the list as well. We want to give them all a shout out – it is a privilege to work with all of these amazing people!

  • Windermere Real Estate: OB Jacobi, Jill Jacobi Wood, Geoff Wood – Managing Principals
  • Long & Foster Real Estate: Wesley “Wes” Foster – Chairman & CEO, Jeff Detwiler – President & CEO, and Cindy Ariosa – SVP
  • Hanna Holdings: Howard “Hoddy” Hannah and Helen Hanna Casey – Chairman & CEO
  • Howard Hanna: Howard “Hoby” Hanna IV – President
  • Coldwell Banker Real Estate: Charlie Young – President & CEO
  • Coldwell Banker Residential Brokerage: Jamie Duran – President, Orange County, Desert Region & San Diego Companies
  • William Raveis Real Estate: Christopher “Chris” Raveis and Ryan Raveis – Co-Presidents
  • Lyon Real Estate: Pat Shea – President
  • Realty One Group: Kuba Jewgieniew – Founder & CEO, and Vinnie Tracey – President
  • Crye-Leike Realtors: Harold E. Crye – President & CEO
  • Michael Saunders & Company: Michael Saunders – Founder & CEO
  • Intero Real Estate Services: Tom Tognoli – President & CEO
  • Realty Austin: Jonathan and Yvette Boatwright – Co-Owners

Along with our wonderful clients, we also have some truly amazing partners. In fact, MoxiWorks has a growing list of over 40 integrated partnerships as part of the MoxiCloud open platform. Not surprisingly, many of our world-class partners made the 2019 Swanepoel Power 200 with us:

  • QuantumDigital: Eric Cosway – EVP, and Freddie Baird – President
  • Skyslope: Tyler Smith – Founder & CEO
  • DocuSign: Georg Gerstenfeld – General Manager of Global Real Estate Solutions
  • LeadingRE: Paul Boomsma – CEO
  • Buyside: Charles Williams – CEO
  • RealScout: Andrew Flachner – CEO
Posted on January 15, 2019 at 8:16 pm
Tiana Baur | Category: News | Tagged ,

In Case You Missed It: December 2018 Real Estate News

By Jessie Trapp, Marketing Coordinator & Tiana Baur, Content Marketing Manager

December 2018 Real Estate NewsDoes anyone else feel like they blinked, and an entire year passed? It’s hard to believe another year has come and gone, but we’re excited for all sorts of fun new products and good Moxi stuff to hit the market in 2019! However, we can’t move forward without taking a quick glimpse back at the last month in 2018.

In case you missed it, here are the top five December 2018 real estate news stories to know:

1. Look Who’s Sharing Now: Airbnb Moves Into Construction and Real Estate Markets

Airbnb is coming in hot to the real estate development industry. According to RISMedia, “Airbnb is looking to leave its imprint in a more concrete way: designing, building and sharing homes based on contemporary lifestyles.” They’re gearing up to test prototype units as early as fall 2019. While construction completion dates aren’t exactly set in stone, there’s one thing that’s certain: this initiative is just the beginning for Airbnb.

2. Amazon to Spark Massive Real Estate Shift in NYC and D.C. Markets

Amazon is shaking things up… not that that’s news. However, their new headquarters in NYC and D.C. are sparking fear and anxiety with residents. Why? They’re worried about being priced out of metro areas. If Seattle’s market history is any indication, the outlook is less than ideal. In fact, in our home city of Seattle, the “median home value has increased dramatically by 73 percent to $739,600 over the past five years,” according to Zillow. East Coast friends, we have our fingers crossed for you.

3. Portland real estate offices targeted with violent graffiti

According to Inman News, “Vandals spray-painted threatening words including ‘die,’ ‘gentrification’ and ‘get out’ on the windows of two Portland, Oregon real estate brokerage offices over the holiday weekend.” Apparently, the talk of gentrification in Portland has grown a lot, and unfortunately, someone stooped to this level to be heard.

4. RE/MAX hires Under Armour vet, tech founder as new execs

RE/MAX hired Kerry McGovern, from Under Armour, as its new VP of Communications, overseeing all of RE/MAX and Motto Mortgage’s (their fast-growing franchise) internal and external communications and social media. We’re wondering if the dramatic change has anything to do with Under Armour’s lack of performance this year, but who really knows.

Jerry Modes was hired as RE/MAX’s new Senior VP of Information Technology. He is known for co-founding tech companies Teradata and HyperParallel.

5. Compass hiring 100 more engineers for Seattle tech hub

Saved the best for last. Compass announced they are launching a Seattle-based campus, hiring 100 more engineers (although, a little birdie told us it was hundreds). Their CTO stated that, “Seattle is home to some of the best visionary technology leaders and engineers in the world,” and honestly, how could we disagree with that?!

We hope you all have an incredible (and safe) New Years! See you in 2019.

Thanks for reading. Stay tuned for another #ICYMI!

Posted on December 28, 2018 at 3:29 pm
Tiana Baur | Category: News | Tagged , , ,

In Case You Missed It: Real Estate News November 2018

By Jessie Trapp, Marketing Coordinator & Tiana Baur, Content Marketing Manager

Real Estate News November 2018 header imageAnother whirlwind month in the world of real estate. Lots of turkey has been had and new trends have emerged. Like always, we want to help you sort through all of the noise and find the news that will impact or has impacted our beloved industry. It’s important to stay in the know for you and your clients!

Here are the top five stories to know for November 2018:

1. It’s official: Amazon HQ2 coming to NYC, Northern VA

Real estate agents are popping bottles all over the greater DC and NYC areas. Amazon has chosen both cities for new headquarters, bringing, “over 25,000 jobs and invest $2.5 billion in each of the two locales.” While potential home buyers and residents might not be stoked about inevitable rising home prices, you can bet the agents are! Like we have experienced in Seattle (the OG Amazon headquarters), the new Amazon HQs are likely to have a direct impact on home prices in both cities.

2. California’s Most Devastating Wildfire Scorches Entire Town

We know you know that these wildfires happened. We also know that Giving Tuesday has come and gone, but we’re putting this in our #ICYMI to remind you that there are many, many people who lost their homes, and no, they’re not all wealthy celebrities. Thousands of acres burned, thousands of homes burned down, hundreds of people are missing, and many lost their lives. Please consider donating to those impacted, including the firefighters that put their lives on the line.

3. Realtor association becomes first in nation to offer health plan

It’s no secret that Real estate agents are independent contractors, and with the territory comes getting to run their own business and set their own schedules, but also comes with lack of benefits, namely healthcare. Yet, that hasn’t stopped an association in Southern Alabama from providing it anyway. According to Inman, “The Baldwin County Association of Realtors says it’s the first in the nation to offer group health, dental and vision insurance plans that treat its 2,300 members, who are largely independent contractors, as employees of the association.” #Winning

4. Inman announces partnership with Sotheby’s International Realty, launches ‘Leading In Luxury’

On November 5, Inman announced their new section, Leading In Luxury, “a new sponsored section of Inman.com which brings Inman readers luxury lifestyle and creative insights into the latest trends from one of the world’s most respected luxury real estate brands, Sotheby’s International Realty. The new section will feature experts from Sotheby’s International Realty discussing trends, best practices and innovations in luxury real estate.” #ICYMI, partnerships are the new normal in real estate (we have over 40 of them). Chances are, headlines like this are going to be on the daily in 2019.

5. Windermere Real Estate acquired 50 percent of West Coast Commercial Realty

If you didn’t know, Windermere Real Estate is a REALLY big deal in the Pacific Northwest/West Coast. So when they announce that they’ve “acquired 50 percent of West Coast Commercial Realty (WCCR) to further expand its commercial real estate presence in the Pacific Northwest,” you bet our ears perked up. P.S. they’re part owner in MoxiWorks as well. Kudos to Windermere for making major moves!

Friendly reminder that 2019 is rapidly approaching and you should be thinking about how you’re going to crush it and boost your biz. First things first though: write down your goals. It’s proven that defining a goal and writing it down is one of the most important aspects of achieving it. As we all know, you can’t achieve a goal if you haven’t set one! Hurry – go grab a pen and paper!

Thanks for reading. Stay tuned for another #ICYMI!

Posted on November 30, 2018 at 4:05 pm
Tiana Baur | Category: News | Tagged ,

In Case You Missed It: September 2018

By Jessie Trapp, Marketing Coordinator & Tiana Baur, Content Marketing Manager

September 2019 real estate newsLadies and gentlemen, it’s finally Fall. That means we can spend more time focusing on hitting our Q4 goals and less time sitting in our own sweat – hooray! September was chalk-full of events and news stories that impacted the real estate industry, so without further ado, here are the top five stories to know:

1. RISMedia’s 2018 Real Estate CEO Exchange

RISMedia held their 2018 Real Estate CEO Exchange. Our CEO had some takeaways. Leading Real Estate Companies of the World® CEO/President, Paul Boomsma, totally rocked the keynote – to say the least.

A couple key quotes from Boomsma via RISMedia:

“There are 350 languages spoken in the U.S., and 22 percent of the country now speaks something other than English at home,” added Boomsma. “We need to be thinking about inclusivity, and be inclusive of all groups,” citing the growing influence of the Asian American, Hispanic and LGBTQ segments.

“The world, in my opinion, is so filled with noise,” said Boomsma. “I think part of our job is to provide a certain amount of peace. Being gracious is something that’s been overlooked, and I think it’s something we have an opportunity as leaders to instill in our organizations. Gracious people are kind and their behavior is characterized by tact. Graciousness may be superficial, but sometimes what’s on the surface is good enough.”

Paul – thank you.

2. “Hurricane Florence: 42 Deaths, Housing Shortages and Increasing Flooding Dangers”

As we all know, Hurricane Florence hit the Carolinas and wreaked havoc on the entire region. Over 42 people lost their lives to the hurricane. There has been over $22 billion in damage done. RISMedia said that, “According to realtor.com, the hurricane could create a months-long stall in home sales and construction.” If you would like to donate to The South Carolina REALTORS® Foundation for disaster relief efforts, please do so here.

3. “Zillow breaks into lead referral business”

Inman News says that Zillow is “testing a new referral service in Florida that could shake up how it does business, and for the first time in the company’s history, earn a piece of the real estate commission pie.” No word on how big that piece will be, but the program will fall under their Premier Broker lead-gen umbrella.

4. “Compass rolls out ‘Coming Soon’ pre-marketing blitz nationwide”

Compass Coming Soon” allows agents to market their properties before they are listed on the MLS. Some are saying this is shady, others are saying that this is by no means in the same category as whisper listings, especially since they don’t appear to anyone and everyone on the brokerage’s site. Makes sense to us.

According to Inman News, “Indeed, early or exclusive listings are extremely common, particularly among high-end clients who expect to know about a property before it hits the market. Some of the properties currently listed in Compass’ off-market category include a $3.95 million mountain villa in Aspen and a $5.3 million home in the Hamptons.” We’ll let you be the judge.

5. “Hamptons agent serenades buyers with original country song about $2M property”

Capping off this month’s #ICYMI is a story that should give you a bit of laugh. Apparently when life gives you lemons – and a great voice – you write a country song about your listing. Why not, right? After watching that video it’s clear this Douglas Elliman agent, Telly Karoussos, is definitely not afraid to break out the guitar and do something quirky to sell a home. While the Hamptons home has gotten its moment in the spotlight, the listing is still on the market with plenty (too many) photos of said guitar with it.

What do you think October has in store for us? I have a feeling some people out there will make headlines for questionable Halloween costume choices. Which reminds me, take a moment to think before you decide to wear costumes to work! If even a teeny tiny part of you is thinking, “hmm don’t know if this is appropriate,” then it’s not appropriate. I guess what I’m saying is, don’t give us more to write about!

Thanks for reading. Stay tuned for another #ICYMI!

Posted on October 1, 2018 at 3:11 pm
Tiana Baur | Category: News | Tagged , , , , , ,

Examining California’s New Solar Power Requirement and What it Means for Buyers

By Jessie Trapp, Marketing Coordinator

California’s New Solar Power Requirement header image

California has long been known as a trendsetter within the realm of green energy, but it recently had a “mic drop” moment that could set the tone for the future of renewable energy integration in homes.

That moment took place during May of 2018, when the Golden State became the first to pass a requirement for newly built homes to have solar panels on their roofs. The new standards are part of a major step towards California’s goal to make renewable energy the producer of a whopping 50% of its overall electricity by 2030, which was set in 2015.

Although the mandate issued by the California Energy Commission won’t go into effect until 2020, it’s likely at the top of minds of many who are considering buying a house in the not-so-distant future.

What does solar power currently look like in California? An article by The New York Times regarding the new requirement states that, as of the end of 2017, solar power makes up “almost 16 percent of the state’s electricity, and the industry employs more than 86,000 workers”. This makes California the undisputed leader in the realm of solar power energy in the US.

How will the requirement affect home prices? The addition of solar panels is expected to add $8,000 to $12,000 to the initial cost of participating homes. Not to worry – the California Energy Commission claims that “based on a 30-year mortgage, (it is estimated that) the standards will add about $40 to an average monthly payment, but save consumers $80 on monthly heating, cooling and lighting bills”. That being said, what may seem like a hefty chunk of change in the minds of your clients at first is really a massive money saver in the long-run.

How does this affect you, the agent? As renewable energy sources such as solar power slowly become the norm, they will likely become increasingly expected by homeowners. For now, you can utilize the coming changes as an opportunity to highlight existing solar power features in homes as being ahead of the game. If you want to emphasize the cost saving benefits they can provide to clients, visit a site like Project Sunroof to get accurate estimates of their solar power savings potential.

What about the other states? California may be the first to make groundbreaking moves when it comes to solar power, but it is unlikely to be the last. California will serve an experiment for other states to observe and study before they attempt to implement rules and requirements of their own towards the adoption of renewable energy.

Want to see how your state stacks up in the ranks of solar power integration ranks? Find the rankings here.

Posted on September 17, 2018 at 4:54 pm
Tiana Baur | Category: Meeting with Clients, News | Tagged , ,

In Case You Missed It: August 2018

By Jessie Trapp, Marketing Coordinator & Tiana Baur, Content Marketing Manager 

virtual brokerages header imageSummer is coming to an end and I think most of us are excited for it to cool down (but also for the holidays, sweaters, and an excuse to go to bed a little bit earlier). August was another exciting month for all of us at MoxiWorks and for the industry as a whole. So as per usual, we wanted to sort through the weeds and deliver the most notable headline summaries for this month.

Here are the top five real estate news stories to know:

1. “Talk of the inventory drought easing up”

Pop a bottle of bubbly because apparently there’s some easing up on inventory shortages. However, on the unfortunate side of things, it’s mostly in the higher-priced tier of homes. According to RISMedia, “In July, the inventory of listings priced $350,000-plus was up 5.7 percent but inverted in the lower segment—dropping 15.6 percent at $200,000 and under. Inventory in the $200,000-$350,000 range slipped 0.6 percent.” Plus, they said that, “inventory is down 4 percent year-over-year, which is half the average 8 percent observed in the past year, and inventory in 16 of the largest markets has risen year-over-year.” That’s some good news.

2. “KW to launch virtual brokerages for expansion business owners”

Keller Williams is diving into virtual brokerages. When was this decided you ask? Keller Williams had a Mega Camp aka business retreat and announced it there. According to Inman, the “new business model will be available to 166 expansion businesses, representing 509 locations and 3,433 real estate agents.” Alright, alright, alright.

3. “NAHB: Affordability Hits Lowest in 10 Years”

In less thrilling news, things are getting seriously expensive and many of us can’t afford to hop into the housing market just yet. In fact, according to the National Association of Home Builders, affordability has hit its lowest in 10 years. And only “57 percent of homes sold in the second quarter were affordable based on income, down from roughly 62 percent in the first quarter.” #WhyTho

The most affordable major metro in the second quarter, based on income and local median price was Syracuse, New York.

4. “Deadly California Wildfires Claim Lives and Real Estate”

On a serious note, our heart goes out to all those in California who have had to deal with the wrath of the many fires burning, destroying, and devastating communities across the State. Just one fire in California alone burned “160,049 acres across Shasta and Trinity counties (at press time), as well as destroyed over 1,000 homes, 24 commercial buildings and 500 other structures.” To all the insanely brave firefighters out there, we salute you and thank you.

5. “Compass to acquire Pacific Union in blockbuster deal”

Compass is acquiring Pacific Union International Realty (who is based in San Fran and did a casual $14 billion in sales last year) and the announcement was a bit of a plot twist

P.S. In other random real estate news, there’s a Men of Real Estate shirtless swimsuit calendar featuring Keller Williams agents in Chicago. Did not see that one coming. 

Phew – what a month. Any guesses for the biggest headlines in September? Stay tuned for another #ICYMI!

Posted on August 31, 2018 at 3:32 pm
Tam Nguyen | Category: News | Tagged , , ,

The July Roundup: News to Know

By Jessie Trapp, Marketing Coordinator & Tiana Baur, Content Marketing Manager 

This month has been a bit of a whirlwind. In just several weeks we’ve had Inman Connect, tons of tech news, and some announcements that continue to elevate industry pressures on a very real level. A lot of the news has been “hype” and had enough fluff to fill a million build-a-bears, but what are the main headlines we should all be focusing on? We put a little list together of the important news stories that came out in July and recapped them for you.

Here are the top five bites to know in the July Roundup:

1. “Cryptocurrency, Cyber Fraud Focus of Trump Task Force”

Don’t worry, we’re not getting all political. With a new-found focus on cyber fraud in the U.S., real estate will hopefully see less cyber-crime events, especially with cryptocurrency coming into the industry from all angles. Fraud in general, whether that be banks or cyber-related, has heavily impacted the industry. “According to an RISMedia survey, 27 percent of agents and brokers are ‘not sure’ if their brokerage has a cybersecurity policy, and 19 percent have no policy at all. The most common crime is phishing/wire fraud, in which buyers are duped out of their funds.” Hopefully this new focus will find a way to combat it.

2. “Gary Keller Slams Real Estate Startups, Refuses to Sit Down”

Gary Keller made moves at this year’s Inman Connect and made his agents across the nation extremely proud to be with his brokerage. He argued that many real estate tech companies, such as Redfin, Opendoor, etc. would get rid of agents if they could. Agree with his stance or not, he made it very clear and now everyone knows about it. Well played, sir.

3. “The ‘For Sale’ sign gets a modern update”

Well, it’s pretty obvious how we feel about Compass, but putting all that aside for a few moments, they had a major-ish announcement at Inman Connect and it deserves a spot as a top headline. Not only did they turn a rectangle into a circle, but they also illuminated the sign and added a connection to the internet so smart phones can connect. Sort of feels unnecessary for our industry, sort of feels like teenagers are going to go around vandalizing them, but who knows. To each their own.

4. “Overstock is making a push into real estate”

So, this is one we might have all overlooked. While July mostly focused on Inman, Compass, and other industry related news, this should’ve been a main discussion topic. The big boys are getting into real estate. Overstock announced they they’re relaunching Houserie, a property management website focusing on background checks, that basically helps landlords out. The juicy plot twist? It’s going to become a giant real estate platform in September for buying, renting, and managing properties. Alright, alright, alright Overstock.

5. Redfin announces $240M stock offering for potential acquisitions

Looks like Redfin has hopped into the dating pool. In their press release, the company stated that “it may choose to use a portion of the proceeds to invest in or acquire third-party businesses, products, services, technologies or other assets.” With this news, they’ll be looking for potential acquisitions, swiping right on dime piece businesses that catch their eye.

Posted on August 1, 2018 at 4:01 pm
Tam Nguyen | Category: News | Tagged , , , , , ,

Doomsday Preppers: How to Get Ready for Future Tech Changes

By Jessie Trapp, Marketing Coordinator

tech changes article imageTechnology is advancing at a rate that can be overwhelming, confusing, and downright scary. As an agent, you need to be able to keep up with the technology changes happening around you in order to be competitive and grow your business. There are massive shifts happening in real estate, some of which seem to be looming, ready to take over any moment.

For those of you who are worried about what the future holds, here are a few things you should be aware of and what you can do to prepare.

What’s happening:

AI technology is getting personal. Almost too personal. AI (Artificial Intelligence) technology now enables users in the real estate market to evaluate communities based on a broad range of data and draw insights that allow them to pin-point potential buyers. The data itself, which is often related to things like purchasing behavior, home buying history, and internet activity, digs deep into who buyers are and what stage in life they are in. Once AI is used to identify these prospects, the systems then take it a step further and actually market to those individuals directly. This process can be performed on a massive scale and in record time, giving users a major advantage. According to NAR, 51% of last year’s homebuyers found the home they chose to purchase online- an unsurprising statistic based on the direction this technology is headed.

Hold on tight. As you know, today’s seller-powered real estate market is fast paced and the need for quick response and follow-up times is higher than ever. Brace yourself – AI technology is taking it to a whole new level with the creation of chatbots. These bots are preprogrammed with answers to questions frequently asked by homebuyers and can provide them with in-depth information that likely surpasses what agents themselves may have knowledge of. The way in which agents are actually incorporating bots into their businesses varies. From engaging with clients online to physically bringing chatbots to open houses to greet and service the buyers directly – this technology is clearly changing the way agents interact with their clients in a massive way.

Changing the game. You’re likely somewhat familiar, but Instant Offers is a program developed by Zillow that uses technology to re-shape the home selling process while embracing ultimate levels of usability and efficiency.

How it works – Homeowners who are interested in selling their home provide Zillow with basic information and snap shots of the home, which has not yet been listed. If Zillow is interested they will quickly make a cash offer (it only takes a few days) which the seller can then choose to accept or decline, after receiving a CMA estimate provided by a Zillow Agent. Instant Offers claims that if the seller accepts an offer, they have control over the timeline of the sale and the ability to choose the closing date, a major selling point of the program. Once Zillow buys a home they may make renovations to increase its value before assigning it to a Zillow Agent and listing it.

Intriguing, but completely frightening, am I right? Not to worry.

What you can do:

Step up your technology game. It’s clear that technology is the way of the future, so it’s time to stop fighting it and discover how it can help you gain a competitive edge. If you aren’t already using one, it’s time to consider switching to an open platform for your real estate tech. This will allow you to seamlessly translate data from one part of your business to the next while maximizing efficiency and increasing your likelihood of keeping up. Dig deep into your methodology for areas that could benefit from incorporating new technology – getting your data and business set up to eventually get a chatbot of your own, for instance, would likely be a worthy investment. Not only would it take care of initial lead nurturing, freeing you up to focus on more pressing needs, but you can also employ it to gather more information about what your clients are looking for before you actually interact with them. An estimated 80% of businesses have already implemented, or plan to implement chatbots into their businesses, so the move should definitely be on the table.

Look beyond the numbers. I know, I know – staring at numbers may not always be thrilling, but the stories behind them will make or break your business. There are tools available to you today that allow you to skip the math and let computers do the work – so no excuses. Essential, you need to actually utilize the data you have to differentiate and target your marketing efforts. Take time to examine what marketing channels are generating leads and creating an ROI and which ones could use some improvements. AI is already steps ahead of you, so using your resources wisely is a must in order to remain competitive and stand a chance in winning over the leads you have your eye on.

Make it personal. The appeal created by the efficient and user-friendly experience offered by AI technology makes it all the more important for Agents to nurture their sphere – before, during, and after a sale. Similarly, chatbots may be flashy and helpful for the beginning stages of a relationship – but they aren’t humans. Emphasizing the personal and comfortable buying experience that you offer is important – it’s really one of the only aspects of real estate that AI can’t compete with. Instant Offers is all about simplifying and creating a predictable experience for sellers. This means that Agents need to be transparent and make sure that sellers are well prepared for what going through the process with you will look like. Keeping your CRM updated will help you remember the details and celebrate the little things like house-iversaries, which lets clients know you are invested and will likely keep them coming back.

Keep it fresh. Fantastic, you’re ready to have a chatbot do the dirty work and your marketing efforts are on-point. Although these currently might be vital to your success, technology is constantly evolving so you must evolve too. Make sure not to get too stuck in your ways and stay in-touch with the happenings and advances in the real estate market. Pay attention to the information that your tech providers give you, and make sure that you are optimizing your use of the newest tools and features they provide you with.

Become their go-to consultant. The process for buying and selling homes that Instant Offers has created eliminates several of the steps that have traditionally been left up to the agent. This means it is vital that you articulate to the client what role you play in the process and the advantages that you specifically bring to the table. For most clients, especially those who are not well-versed in home selling, the decision of whether or not to accept an offer is likely something that they will want to get an expert’s two-sense on. As the agent you must emphasize the value that your experience and knowledge of the industry has in evaluating whether it is in the seller’s best interest to actually accept the offers that they receive. 89% of successful home buyers say that they would use their agent again. You are irreplaceable – don’t forget it.

Posted on June 26, 2018 at 4:14 pm
Tam Nguyen | Category: News | Tagged , , , , , , ,

To Worry or Not to Worry: Blockchain’s Role in Real Estate

By Tiana Baur, Content Marketing Manager 

blockchain Blockchain, Bitcoin, cryptocurrencies…what’s the difference? Why does it matter? What does it mean for our future? It feels like the topic of the year regardless of the industry you’re in. Earlier in the year we wrote an article on cryptocurrencies in the real estate world; buying homes and paying rent with digital currency. While some are splitting up a transaction to use some cryptocurrencies, others are doing the entire transaction via cryptocurrency. There’s even a “Blockchain real estate platform” called ShelterZoom that just announced their application is live in over 10 states.

It’s all happening very quickly, but it’s important to make sure we’re all caught up on the basics. Let’s start here:

 

Cryptocurrency: Digital currency, exchanged and traded over the internet. They’re designed to create a more secure route for trading, and more secure documentation of who traded what, when.

Bitcoin: A decentralized cryptocurrency, that works without a central bank, allowing for less restrictions. It’s the most well-known cryptocurrency.

Blockchain: The network and ecosystem in which bitcoin sends and transfers money on. It’s the foundation that powers Bitcoin and the other cryptocurrencies.

The gist, is that this network is public and can be used to transact anywhere in the world without a bank or “middleman.” It’s also cheaper to do the transaction on Blockchain compared to the traditional way. Our favorite way description of how it all works:

“Imagine that you and your best friend Bob are standing on a stage in an auditorium, and there are 1,000 people in the audience. In front of these 1,000 people, you hand your car keys to Bob, and Bob hands you his Rolex. You declare, “Bob, you now own my car.”

Bob declares back to you, “You now own my Rolex.” There are 1,000 witnesses who can each declare, without doubt, that your car now belongs to Bob, and the Rolex belongs to you. If anyone in the audience later tells a conflicting account of who owns the car or the Rolex, the other 999 people will refute it. And, if you take a spare set of your keys and try to give that same car to someone else, the 1,000 audience members will confirm that Bob owns the car, as each of them witnessed the “transaction.”’ (Forbes, 2018)

While some may say they don’t feel comfortable using Bitcoin or other cryptocurrencies, or don’t trust the network Blockchain itself, others will swear by its innovation in security. The thing is, if you buy a house with bitcoin, you’re technically still buying it in cash, it’s just being converted into a cryptocurrency first. So, how will Blockchain affect the industry as we know it?

Buying/Selling
Before you write it off, real estate transactions could get a whole lot easier. Not only that, but they could get a lot more secure as well. With accurate data and efficiency as its strengths, Blockchain will eliminate the need for a third party; no more waiting for bank wires and checks to clear. On Blockchain, every user has a unique identity via cryptocurrency, meaning financial info can be shared securely to other parties, making the Escrow process a walk in the park.

MLS
As we all know, the MLSs across the nation are tremendously scattered and fragmented. Each one has different restrictions, making it hard to compare data and find trends. While others in the industry, such as Upstream, are trying to solve this issue, Blockchain technology could be the single point of truth that fixes the MLS problem. Secure, nationwide data, with real-time access to property information, what’s not to love?

Records
Titles can be hard to access. Blockchain is starting to change this, with its ability to be a record-keeper for any kind of transaction out there. Smart contracts, personal records and credit history, trademarks, elections, titles – you name it. That means it could also provide a central database for all property titles, saying goodbye to paper titles for good.

In the future where Blockchain rules the land, real estate professionals will actually thrive in it. This technology will only improve the industry and lives of those in it; it’s not a technology you need to be afraid of. We say, learn as much as you can on the topic, stay up-to-date, and get involved hands-on as early as you can. For every one person who is against a decentralized currency, there are two more who are about to hop on the bandwagon.

Posted on June 12, 2018 at 3:09 pm
Tam Nguyen | Category: MoxiWorks, News | Tagged , , , , ,