Real estate is heading into the bear market territory. After a couple of years of “go, go, go!”, home sales are beginning to decline. A bear real estate market doesn’t mean you have to look for another job, it means you must look for ways to improve on your marketing to keep your leads up. Using proptech tools is key to getting top dollar for your seller and everyone knows a happy seller generates leads. It’s time to focus on getting back to the new normal by capturing leads and nurturing them through the awareness stage and into the customer stage. Virtual 3D tours are now more critical than ever to stay connected.
What’s with the bear
Typically, a bear market is used to describe a drop of more than 20% from recent highs. Though, primarily, the term is used when speaking of the stock market, however, it is now creeping into the conversation about real estate. NAR recently reported that home sales were down 20.2% year over year with a continual downward trend in the past six months. This can trigger a whole new set of buyers and sellers who have been waiting for the bubble to deflate. It is time to use analytics to help your real estate lead generation when doing a listing presentation. You can showcase important data about the duration of every 3D virtual tour visit or the number of days on the market. Demonstrating your marketing ability helps potential sellers recognize the well-thought-out strategy you use to get properties sold.
Real estate is cyclical
Whether it’s a bear real estate market or breaking record sales, ups and downs are inevitable. Reasons for selling a home can range from losing a job or getting promoted to a different city to wanting more space or downsizing. It’s about satisfying the needs of the consumer. The changing needs of the consumer have given rise to the demand for 3D tour technology, immersive floor plans and virtual showings. The best way to keep your leads up is to make sure the consumer is satisfied. Sellers want their homes sold in the least amount of time with minimal interruption. This can be achieved by using easily accessible online marketing tools. Visual content generates interest. The most helpful technology for buyers according to Realtor.com are virtual tours and accurate property information. Not only do virtual tours engage the buyer, but more than half of sellers prefer this method of showcasing their homes.
Credibility
A sharp correction in the market is coming. According to a recent Forbes article home prices are 27% overvalued and that translates to some big bucks! Focus your real estate lead generation on real value like a property’s floor plans with advanced measurements and accurate details. Your property listings exude value when the consumer can correlate size with the price. By using a consistent measurement standard like that offered by iGUIDE, you give credibility to all the information needed to list and sell a house. Communicating value through accurately measured rooms in 2D and 3D gives both the seller and the buyer confidence in your real estate agent’s abilities.
Trending now
Interest rates are up and that means two things for qualified buyers. They either have to buy a less expensive home or put in a higher down payment. Listings are also trending upwards according to the National Association of Realtors.
What that means is competition in the seller’s market. Give your listings a boost by offering ways for potential buyers to engage. Make it easy for the buyer to understand the fit and flow of a property through interactive 3D virtual tours. Why do you want to increase engagement with a property? Interacting with a property sparks interest and it allows you to check for further signs that your buyer leads are ready to move forward. Don’t forget to share your contact details to elevate your brand’s visibility. When the buyer is prepared it is easy for them to reach out to you.
The time is always right
Adjust the mindset of the seller. Whether they think they have “missed the boat” or want to wait for the next wave, a bear real estate market doesn’t mean no one is buying. Reports from major news feeds indicate home prices could continue the downward trend into 2023 but conversely, some areas are forecasted to see increases. Either way, stay focused on why buyers need a new home. That stash of cash they have accumulated during the pandemic and the need for a larger floor plan are just a few reasons for them to buy. Show the seller the best ways to sell their home quickly by using the marketing advantage of a 3D virtual tour on your website, links to MLS and social media channels.
Whether the market is trending towards a bear or a bull situation, keeping your real estate leads up means keeping up with technology. Stay in touch and connect to the needs of the consumer by setting the stage, sharing information and showcasing value – iGUIDE.
