Real AI: AI's sophomore slump, 5 great ChatGPT party tricks, headlines, fast facts and AI quote of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Welcome to AI's sophomore slump Last week, the headlines warned, "It's not just you: ChatGPT is down for many worldwide." For those who rely on ChatGPT for work assistance, having your AI offline can be frightful. It's sort of like misplacing your iPhone: you go into a panic until it is found. How many times do you refresh your browser when this happens? Overloaded AI servers, slow responses, and system errors are becoming more common. Yet these troubles pale compared to what is happening as generative AI enters its "mushy phase" – a term consultant Chetan Sharma used to describe it, according to Axios. AI is in what's akin to a sophomore slump. Remember, ChatGPT has only been around since November 2022. That slump is fueled by the collision of hyperbole and the fact that AI makes mistakes. Sometimes, colossal ones. Generative AI is in its overpromising and underdelivering phase, and people are taking notice. Business Insider reported this week that Goldman Sachs found that more than a third of S&P 500 companies mentioned AI in their fourth-quarter earnings reports. Overpromising can be costly. The SEC charged two investment advisory firms with making false claims about their use of AI. They agreed to pay nearly a half-million dollars in fines. It turns out they were not using AI to predict hot new companies and trends. Many companies are finding that when they try to scale AI, they run into accuracy and reliability problems. AI isn't where they need it to be—yet. But let's be clear. Despite these issues, generative AI is not a fad that will eventually disappear or stall out like Web 3.0. It may get worse before it gets better, but it will get a lot better. Patience pays in the case of Generative AI, and ChatGPT-5 is coming, maybe this summer or by fall. But you can bet that when it does arrive, it will be better—a lot better. 5 Great ChatGPT Party Tricks While Generative AI struggles through its sophomore year, we want to share some cool things you can do with ChatGPT-4 that you may not know about, but should. Here are five party tricks that can help you be more productive now with ChatGPT: Turn a PDF into text: Yes, there are other ways of doing this but using ChatGPT seems faster – and better. Plus, you avoid the bizarre formatting issue that plagues some PDFs when you attempt to cut and paste. Attach your PDF file and give the prompt, "Please turn the attached PDF into a readable text file." It not only perfectly displays the text allowing you to cut and paste, but also creates a downloadable text file. Extract numbers interspersed with text: Let's say you keep track of your expenses in a note file that says, "Thurs. Dinner $54.25, Sat. Lunch $22.71, Taxi to Airport $65, Tip to Bell staff $5, and Tip for Maid $3, etc." You can copy and paste this text into ChatGPT and ask it to give you your total expenses. ChatGPT can also break it down by the expense categories you need. No more entering things into a spreadsheet as ChatGPT can analyze your numbers and run any calculation you need, despite text being interspersed with numbers. Translation wizard: Forget Google Translate, use ChatGPT as you're going to get a better result. Writing an email in French to a GM at a hotel in Paris, the quality of the output was fantastic – according to the GM, who did not know it was created by ChatGPT. Attempts in the past to use Google Translate yield responses of "Did you use Google to write this?" ChatGPT understands the context of the communication and that gives it a huge advantage. Stunning fact: it can assist with translations for more than 100 languages, and is highly efficient and effective with English, Spanish, French, German, Chinese, Japanese, Korean, Russian, Portuguese, Italian, Dutch, Arabic, and many more. Best poems and limericks for celebrations, ever: If you want to have a little fun in recognizing a colleague winning an award, celebrating a milestone, graduation, or retirement, use ChatGPT to help you create a poem, haiku, or limerick for the occasion. The key to a fantastic result is to give it as many details as you can about the person/people you want recognized. The more specific information you provide, the better the verses will be. Data analysis from a survey: You don't have to pay Survey Monkey extra to find statistical trends and interesting data points. Just upload an Excel file of all your survey results and ask ChatGPT to do the analysis. It can do cross-tabulation to find relationships between multiple variables. It's how Delta Media found in its annual brokerage leadership survey that female-led brokerages, particularly those with medium to large agent teams and high transaction volumes, are the most likely to use AI, and that the youngest and oldest male leaders, overseeing smaller brokerages, are less inclined to integrate AI. Let ChatGPT do the hard math for you at no extra charge. We'd love to hear about your ChatGPT party trick. AI Fast Facts 46% of U.S. adults express concerns that AI systems are being developed too quickly – Ipsos 75% of consumers surveyed said they are comfortable with chatbots handling routine customer service tasks. However, only 33% approve of chatbots managing complex inquiries – Authority Hacker More than half of online shoppers in the United States employ voice assistants to aid in product research, and over a third use them to add items to their shopping lists – Oberlo 82% of business leaders surveyed believe AI enhances job satisfaction and performance – Forbes Nearly 80% of CEOs have already made or plan to make changes in how they utilize conversational AI technologies to manage client engagement – Accenture Source: Master of Code Global AI Headlines – Take 5 The next phase of AI is here — and it's not looking pretty | 3/26/24 - Business InsiderCould AI be reaching its era of struggle? ASU in Tempe to begin offering graduate degree in business AI this fall | 3/27/24 - KTAR NewsThis new degree comes in the wake of ASU's collaboration with OpenAI. AI Is Learning the Secret Language of Pipes to Detect Water Leaks | 3/24/24 - PropmodoAI-powered tech is revolutionizing water management, saving money, and reducing environmental impact. As AI booms, land near nuclear power plants becomes hot real estate | 3/25/24 - The RegisterDatacenter operators are taking an interest in nuclear-powered AI. AI is about to change the homebuilding process, from start to finish | 3/25/24 - FortuneCompanies like Compass and JLL are utilizing AI tools that simplify homebuilding for agents. AI Quote of the Week To view the original article, visit the WAV Group blog.

How Smart Home Technology Is Reshaping Real Estate Opportunities for Agents
In the dynamic world of real estate, staying ahead of the curve is not just an advantage; it's a necessity. One of the most significant game-changers in recent years has been the integration of smart home technology. From intelligent thermostats to security systems that rival those in high-security facilities, the impact of these innovations on the real estate market is nothing short of transformative. For savvy real estate agents, this presents a golden opportunity to not only embrace change but to leverage it for success. The Smart Home Advantage Smart homes are no longer the stuff of science fiction; they're a tangible reality, and buyers are taking notice. Imagine walking into a house where the lights adjust to your mood, the temperature is always perfect, and your favorite music plays softly in the background. Smart home technology offers a level of convenience and comfort that resonates with today's homebuyers. Real estate agents who understand and can showcase these features have a distinct advantage. Being able to highlight a property's smart capabilities can set a listing apart in a crowded market, making it more appealing to tech-savvy buyers. Energy Efficiency Sells In an era where sustainability is at the forefront of many minds, smart home technology aligns perfectly with the growing demand for energy-efficient living spaces. Smart thermostats, lighting systems, and appliances can significantly reduce energy consumption, leading to lower utility bills and a smaller carbon footprint. For real estate agents, this is more than just a selling point; it's a compelling story to tell potential buyers. Homes equipped with smart technology not only appeal to environmentally conscious individuals but also to those who appreciate the long-term cost savings associated with energy-efficient living. Agents who can weave these benefits into their property pitches are likely to find a receptive audience. Security and Peace of Mind Safety is a top priority for homebuyers, and smart home technology provides a range of solutions that cater to this concern. From advanced security cameras with real-time monitoring to smart doorbell systems that allow homeowners to see and communicate with visitors remotely, these features enhance the overall sense of security. Real estate agents can use these features as a selling point, emphasizing the peace of mind that comes with a smart home. Knowing that a property is equipped with cutting-edge security measures can tip the scales for potential buyers, especially those with families or a strong focus on personal safety. Simplified Living, Greater Appeal The modern homebuyer values simplicity and efficiency. Smart home technology offers just that – the ability to control various aspects of a home with a single device, often from anywhere in the world. Whether it's adjusting the lighting, setting the thermostat, or monitoring the security system, the convenience of smart living is a powerful draw. Real estate agents can showcase this streamlined lifestyle to prospective buyers, emphasizing the time and effort saved through automation. Highlighting the simplicity of managing a smart home can make a property more attractive, particularly to busy professionals or those looking for a low-maintenance lifestyle. The Rise of the Smart Neighborhood As smart home technology becomes more widespread, a new trend is emerging – the development of smart neighborhoods. These communities are designed with connectivity and automation in mind, offering residents a seamless, integrated living experience. For real estate agents, this opens up a unique niche market with its own set of opportunities. Agents can specialize in these smart neighborhoods, becoming experts in the technology and amenities they offer. This expertise can be a valuable asset in marketing properties within these communities, attracting buyers who specifically seek the benefits of a fully integrated smart living experience. The Future of Real Estate is Smart As smart home technology continues to evolve, its impact on the real estate market will only intensify. Real estate agents who embrace this shift and adapt their strategies to highlight the benefits of smart homes will undoubtedly position themselves for success. In conclusion, the integration of smart home technology presents a myriad of opportunities for real estate agents willing to step into the future. From energy efficiency to enhanced security and simplified living, the advantages are clear. As the smart revolution unfolds, those who leverage these innovations will not only thrive in the competitive real estate market but will also play a pivotal role in shaping the way we define home in the digital age. So, dear agents, it's time to get smart about smart homes and watch your opportunities multiply! To view the original article, visit the Transactly blog.

Beyond the Headlines: Building Trust with RPR's Market Trends Insights
As a real estate pro, distinguishing yourself isn't just about the listings you secure — it's also about the insights you offer. Today's market demands a REALTOR® who can navigate through sensational headlines to present the real, unvarnished truth of localized market conditions. This article will focus on how as a REALTOR® you can leverage RPR's (Realtors Property Resource) Shareable Market Trends and Market Trends ScriptWriter for the data that backs your credentials as a local market expert. Let's explore how you can use these tools to gain a competitive edge and foster trust and credibility with your clients by delivering concrete facts. Identifying Your Geographic Farm: A Precise Approach To help ensure a successful outcome, it's important to begin with precision. Use RPR to determine the specific geographic boundaries of your farm area strategically. Consider factors like turnover rates, median sales price, school districts and other notable trends. This initial step is important for tailoring your strategies to the unique characteristics of your chosen farm area. Analyze the Market: With RPR's Shareable Market Trends, dive deep into key metrics such as median sale prices, list-to-sales price percentage, inventory levels, and days on the market. This analysis isn't just about observing; it's about identifying patterns, opportunities, and challenges. Look for trends others might overlook — this insight will be invaluable to your clients. Customizing Market Insights with RPR: A Step-by-Step Guide Next, use RPR to zero in on market data specific to your geographic farm or ZIP code. Pay close attention to sales trends, price fluctuations and other economic indicators. This data will help form the backbone of your market analysis, enabling you to provide informed, accurate advice to your clients. Imagine you notice the sales trends over the past six months that show a steady increase in the number of homes sold. At the same time, you observe slight price fluctuations with an overall upward trend in median sale prices, indicating a growing demand. Economic indicators, such as a recent decrease in local unemployment rates and the announcement of a new public park, suggest a strengthening economic environment. By analyzing these factors together, you can advise potential sellers that it might be an opportune time to list their property, given the rising demand and improving economic conditions. Similarly, buyers could be informed about the potential for property value appreciation in this neighborhood, making it an attractive purchase opportunity. Print It Out: Leverage RPR's tools to generate customized market trend reports. These should highlight the unique aspects of your area, tailored to the interests and concerns of homeowners and potential buyers. Your ability to provide these personalized insights will set you apart as a knowledgeable and resourceful REALTOR®. Engaging Your Community with Data: Beyond the Basics The Market Trends ScriptWriter is your ally in deciphering the local market for your audience. Create informative videos, blog posts, newsletters and social media content that informs and engages. Focus on how current trends specifically impact buyers and sellers in your area, using language that is accessible and relatable. Visual Storytelling: Incorporate Shareable Market Trends visuals into your presentations and online content. These visuals can simplify complex market dynamics, making your message more engaging and understandable. Remember, a picture is worth a thousand words, especially when it helps clarify the state of the market. Building Trust Through Transparency: The Ethical Use of Data Use RPR data to address and correct common misconceptions about the real estate market in your geographic farm. Your goal is to be the source of truth against sensationalized media narratives, providing balanced and factual insights that help build a foundation of trust with your clients. Consistent Communication: Maintain regular, transparent communication with your farm area. Update your clients on market trends and insights, always focusing on how these trends could impact their property values and real estate decisions. Your consistency and reliability as a source of information will further establish your reputation as a trusted advisor. Becoming the Undeniable Local Expert: Engaging and Personalizing Take your expertise offline by organizing local events or go online with webinars. These gatherings are a great way to present your findings, engage with the community, and answer questions in real-time. Personal interaction can significantly enhance your reputation and client trust. Additionally, embrace the power of visual communication by utilizing the Canva templates we've created specifically for you. These templates help you easily create eye-catching postcards or social media posts highlighting local market trends. By sending these personalized, data-driven visuals to your farm area or sharing them online, you're not just sharing information, but sparking conversations and reinforcing your role as the local market authority. This approach allows you to blend digital engagement with traditional outreach, ensuring your market insights reach your community in the most effective way. Leverage Testimonials: Don't hesitate to share success stories from clients who have benefited from your expertise and the accurate market insights provided. These testimonials serve as powerful endorsements of your skills and knowledge, reinforcing your status as the go-to-market expert. A Call to Action for REALTORS® The role of a trusted, knowledgeable advisor in today's real estate market cannot be overstated. By leveraging RPR's Shareable Market Trends and Market Trends ScriptWriter for your geographic farm area, you can transform your approach to real estate: guiding, informing and reassuring your clients with unparalleled insights. This isn't just about being a REALTOR® — it's about being a trusted partner in your client's real estate journeys. To view the original article, visit the RPR blog.

The Intersection of Technology and Real Estate: A Changing Landscape
In the vast world of real estate, where location has long been considered the golden rule, new technology trends have emerged to redefine the game. The intersection of technology and real estate is a transformative force that's reshaping the landscape of how we buy, sell, and live in our homes. Let's take a journey into the heart of this evolving partnership and explore the exciting changes it brings to the table. 1. Virtual Reality Tours: Step Inside Your Dream Home Gone are the days of scrolling through static images online and imagining the layout of your dream home. With the advent of virtual reality (VR) technology, prospective buyers can now step inside a property without leaving the comfort of their own homes. VR tours provide a 360-degree view, allowing potential buyers to explore every nook and cranny, helping them make more informed decisions. It's like having an open house without actually opening the doors. 2. Artificial Intelligence: Your Personal Real Estate Assistant Meet your new personal assistant, and no, it's not a human. Artificial intelligence (AI) is revolutionizing the real estate industry by providing valuable insights and assistance. AI algorithms analyze vast amounts of data, helping buyers and sellers make informed decisions about pricing, market trends, and investment opportunities. These digital assistants can even predict future trends, giving users a competitive edge in the ever-changing real estate market. 3. Blockchain: Securing Transactions in the Digital Age Say goodbye to mountains of paperwork and endless signatures. Blockchain technology has found its way into real estate transactions, providing a secure and transparent way to handle deals. By using a decentralized and tamper-proof system, blockchain ensures that property records are accurate and cannot be manipulated. This not only speeds up the transaction process but also adds an extra layer of security and trust to real estate dealings. 4. Smart Homes: A Glimpse into the Future Welcome to the era of smart homes, where technology seamlessly integrates with our living spaces. From smart thermostats that learn your temperature preferences to security systems that can be controlled with a swipe on your smartphone, these innovations are making homes more efficient, comfortable, and secure. The Internet of Things (IoT) has transformed houses into intelligent entities that adapt to our needs, making day-to-day living not just convenient but futuristic. 5. Big Data: Decoding the Real Estate Matrix In the world of real estate, information is power. Big Data analytics has become a game-changer by providing real-time insights into market trends, pricing fluctuations, and buyer behavior. With the ability to process massive datasets, real estate professionals can make more accurate predictions and tailor their strategies accordingly. Whether you're a buyer, seller, or agent, harnessing the power of Big Data can give you a strategic advantage in navigating the complex real estate matrix. 6. Online Platforms: Redefining the Brokerage Model Traditional real estate transactions often involved a multitude of middlemen, from agents to brokers. However, online platforms are reshaping the brokerage model, offering a more direct and cost-effective approach. Websites and apps connect buyers directly with sellers, cutting out unnecessary fees and streamlining the process. This democratization of information empowers individuals to take greater control of their real estate transactions. 7. Augmented Reality: Designing Your Space Before It Exists Ever wish you could see how that new couch would look in your living room before making the purchase? Augmented reality (AR) makes it possible. By overlaying digital elements onto the real world, AR enables users to visualize furniture, decor, and even entire renovations within their physical space. This not only aids in the decision-making process but also adds a fun and interactive dimension to the home-buying experience. In conclusion, the intersection of technology and real estate is not just a fleeting trend—it's a dynamic force that's reshaping the way we experience and engage with property. From virtual reality tours that bring homes to life to blockchain technology ensuring secure transactions, the real estate landscape is evolving at a rapid pace. Embracing these technological advancements not only enhances the efficiency of transactions but also empowers buyers and sellers with unprecedented tools and insights. As we navigate this exciting intersection, it's essential to stay informed and open to the possibilities that technology brings. The future of real estate is here, and it's driven by innovation, convenience, and a touch of digital magic. So, whether you're buying your first home or considering an investment property, buckle up and get ready for a tech-infused journey into the ever-changing landscape of real estate. To view the original article, visit the Transactly blog.

How to Spark Real Estate Conversations with Friends, Family, Clients and Prospects
As a REALTOR®, it's vital to keep your finger on the pulse of the housing market. Being knowledgeable about and having keen insights into current market trends (versus not having them) can be a make or break quality. And in this business, you obviously want to be a deal-maker, not a deal-breaker! Use RPR to arm yourself with answers One way to do that is by leveraging the tools and data in RPR (Realtors Property Resource) to your advantage. RPR puts an array of data points and up-to-date market info right at your fingertips. Logging into RPR every day, checking your market stats and keeping the RPR Mobile™ app with you when you're out in the field, or out doing anything, is a smart way to keep up on trends and have a digital "cheat sheet" at your disposal. This is a keen daily habit and can help you: Articulate nuanced market movements Provide data-backed advice amidst market uncertainty Align consumer expectations with market realities Being able to provide these insights and answer real estate questions on the fly is the sign of a true, local market expert. And the ability to simply start conversations out of the blue with confidence, and with data-backed details, is a formula for success. Here are three ways RPR can prep you to be a conversation-into-conversion type of agent. RPR Residential Market Trends Last year, RPR introduced Shareable Market Trends, and now hundreds of thousands of agents are using these hyper-local market stats to keep their clients and prospects aware and in the loop. Shareable Market Trends contain vital market information such as the Market Trends Indicator with key details on Month's Supply of Inventory, List to Sold Price Percentage, Median Days in RPR and Median Sold Price. Conduct a search as macro as a state or county, or drill down to ZIP codes and neighborhood names to define your area. You'll get an up-to-date snapshot of a local market and be able to point out key metrics that can really help position you as a source of truth in all types of real estate conversations. Instead of saying "Not bad," when someone asks you how the market is, you can confidently say, "Inventory is slightly up, but still down overall. While properties are still going for asking price and staying on the market for less than a month." These types of details and insights will set you apart from other agents, and plant seeds in the minds of fence sitters and future customers. And remember, with just a few clicks or taps from the website or the RPR Mobile™ app, you can also share these stats and graphs across all your favorite social media platforms and marketing touchpoints. Pro Tip: To ensure that you're providing the most up-to-date Market Trends information, try gathering Market Trends data at or around the 7th of each month. For example, January 2024 statistics were updated on February 6. AI-powered Market Trends ScriptWriter tool The RPR Market Trends ScriptWriter tool is an extension of the Shareable Market Trends. This ChatGPT and AI-powered integration offers agents a streamlined approach to creating personalized video scripts, engaging social media content and detailed metrics analysis. However, the usable scenarios don't end there. You can also use it to create scripts and blurbs for yourself, to keep in your back pocket when organic conversations about real estate occur out in the world. Simply run a Market Trends search, then hit the "Create Script" button where you'll be presented with options on the audience, tone and type of script. For the purposes of arming yourself to carry and start real estate conversations, we suggest you select the "Conversational" tone, Buyers and Sellers for audience and "Social Campaign." Here's an example of the type of copy the ScriptWriter will generate: Over the last 12 months, we've seen a significant decrease in the Month's Supply of Inventory by -20.69%. This indicates a growing demand for homes in Oceanside, making it a promising market for both buyers and sellers. When it comes to selling your home, you'll be glad to know that the List to Sold Price percentage is a fantastic 99.3%! This shows that properties in Oceanside are fetching close to their listing prices, giving sellers confidence in their investments. Looking to make a quick move? The median days on market is just 15 days! Homes in Oceanside are selling like hotcakes, so buyers need to act fast to secure their dream homes. Now, let's talk numbers. The median sold price in Oceanside is currently at $799,000. This reflects the strong demand and value of properties in our city. It's an exciting time for buyers and sellers alike! Now, these little snippets are originally intended for social media posts as individual shares: Facebook, X (Twitter), Instagram, LinkedIn, etc. Agents can simply cut and paste the words and emojis. However, for the creation of discussion talking points and convo starters, you'll need a slightly different tactic. All you have to do is lose the emojis, and take the statistics, and learn to recite them in your own words. So when someone asks, "How's the market for selling?" you can respond with, "It's actually pretty strong right now, with more buyers entering the market every day. In fact, the List to Sold Price, which is how much you list for compared to how much you actually get, is a healthy 99.3%!" Check out this How-To for a step-by-step on getting started using it. Take the ScriptWriter for a spin today to see how easy it is to use when engaging with potential clients, family or friends. Note: the Market Trends ScriptWriter tool is only available on the website version of RPR… for now. Equity and Mortgage Calculators Here's where the sparks really start to fly! The RPR Mobile™ app is now equipped with two very powerful tools: The Equity Calculator and the Mortgage Calculator. Now, with phone in hand and the RPR app opened up, you can give potential clients a detailed look at the equity their home has built up, or their purchasing power as a buyer. These are things that sellers and buyers really want to know more about! And sometimes, this type of information can even make someone start considering listing their home for sale, or taking a dip as a first-time home buyer. Knowledge is power and you have so much in your hands with the RPR app and these calculators. Picture yourself at a kitchen island during an open house. Or in line at the local coffee shop. Or at your kid's practice. Or eating out, picking up dry cleaning, in a waiting room, etc. Any time you're out and about, working or not, you're basically a living, breathing, walking and talking real estate information kiosk! Whether someone seeks you out, or you happen to overhear a conversation, the RPR app arms you with ice-breaking opportunities to show people important information about their real estate situation. For a step-by-step walkthrough on how to use the calculators, check out this article from our blog: The RPR App Adds new Estimated Equity and Mortgage Calculators. Use RPR to spark real estate conversations anywhere, at anytime As you can see, RPR is much more than just a mere research tool; it serves as a catalyst for engaging and meaningful conversations about properties and housing markets. By leveraging the wealth of data and insights provided by RPR, REALTORS® can elevate their conversations, build stronger relationships with clients, and establish themselves as trusted experts in a competitive market. To view the original article, visit the RPR blog. Related reading How RPR Can Enhance Your Real Estate Marketing Strategy [Podcast] How RPR is Helping Realtors Navigate a Challenging Market, with Reggie Nicolay RPR Announces the Winners of Their 'How's the Market?' Video Contest

Real AI: Combating lazy AI, Bard Art, facts, headlines, and the Quote of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Combating AI laziness How often have you had to "Regenerate" a response in ChatGPT because it did not complete your assigned task? You are not alone. Declining performance became widely reported by users in December. Users labeled ChatGPT's degraded performance with a very human term, calling it lazy. One immediate workaround for ChatGPT laziness was to complete more significant assignments by breaking them into smaller chunks. ChatGPT appears to stall more often with larger tasks. Another workaround was not to attempt larger projects during prime US work hours but to schedule your ChatGPT time to late at night. We've also found success in simply starting a new prompt and asking GPT-4 to finish the unfinished section, but that takes a little more instruction. Press reports suggested simply telling ChatGPT to "take a deep breath" before starting over. Others asked it to perform the task "step-by-step." This week, OpenAI, parent of ChatGPT, announced it released a fix – well, sort of. You see, the fix was solely for its newer enterprise version, GPT-4 Turbo, which is still in limited preview. The expectation is that, eventually, OpenAI will address the same issues in the free GPT 3.5 version and the subscriber GPT-4 version (we have truncated the models as we notice that OpenAI is starting to get rid of the "Chat" part) and make it less lazy. For now, we must keep testing workarounds when ChatGPT stalls out and hope OpenAI moves a little more swiftly in fixing issues. A month in tech time feels like an eternity. Bard Art Google's Gemini is getting a lot of attention – good and bad – but its brother Bard just got an important update. Bard can now generate images, much like ChatGPT can with DALL-E embedded. If you have signed up for Bard access, you can try it out at this link. We asked Bard to "create an image that depicts how real estate agents can use Bard," and it produced these four sorta-lifelike "photos": The people are a little creepy in the montage photo (upper left). For fun, we asked ChatGPT to do the same thing: "Create an image that depicts how real estate agents can use ChatGPT." We asked for four images. Creating four images took four separate prompts because ChatGPT can't count. When we asked for three more images, it said it provided three but only offered one. Then we asked for two more. It said it provided two but only offered one. It delivered these: Notice how much more in-tuned Bard is to what an agent really does and the right environment he/she/they works in? ChatGPT makes it look like real estate agents work at NASA. Real estate is complex, but it is not rocket science, yet somehow ChatGPT thinks it is. AI Fast Facts Top 10 uses of AI by real estate agents today: include blogs, emails and/or letters (67%), social media posts (60%), website content (44%) and writing personal bios (43%), brochures, flyers, postcards (40%), asking questions to understand a topic (35%), marketing or business planning (29%), video scripts (25%) and automating tasks (19%). How do real estate's top brokerage execs plan to use AI in the future for their businesses? The number one answer was digital marketing, selected by nearly three in four leaders (73%), closely followed by social media (72%). Other plans to use AI in 2024? Half of the leaders answered client content (50%), followed by more than one in three planning to use AI for data analysis and reporting (37%) and research (36%). Fear of AI? More than half of the top brokerage execs said they are "worried or very worried" that AI "does not have the appropriate guardrails to limit their risk or liability." Brokerage most likely to use AI: Typically led by a female, aged 31-39 or 50-59, heading up a medium to large brokerage with 101-500 agents or more and managing average annual transactions in the range of $501 million to $1.5 billion or more. Sources: Delta Media 2024 Real Estate Leadership Survey AI Headlines: Take 5 Real Estate and Artificial Intelligence – The Fakes and the Risks | 1/29/24 - ATTOM DataWhile AI is bringing its power to real estate, it's also a double-edged sword with its fair share of fraud. How AI and a changing rental market will shape property management in 2024 | 1/30/24 - HousingWireAI is expected to help property management professionals streamline workflow to save significant amounts of time and eliminate rote tasks. Google Parent Chooses AI Over Real Estate — for Now | 1/29/24 - CoStarAlphabet has spent more than $1.8 billion to end office deals. AI will be huge, is like 'having a summer intern' | 1/29/24 - InmanAdam Goldberg of OpenAI shares at Inman the importance of ensuring that "intern" has the right tools and direction. AI companies will need to start reporting their safety tests to the US government | 1/29/24 - Associated PressThe US government is requiring AI companies share vital information with the Commerce Department, including safety tests. Quote the week To view the original article, visit the WAV Group blog.

Real AI: The magic of the prompt, AI dominates Connect NY, facts, headlines and the Quote of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. The magic of the prompt There's a secret to maximizing the effectiveness of generative AI that every real estate practitioner who uses AI must know above all else: the key to unlocking the best AI has to offer is in your prompts. This is a universal AI truth. It does not matter if you are using ChatGPT, Claude, or any other AI language model. The magic of maximizing AI effectiveness can be found by perfecting your prompts. The principle of "garbage in, garbage out," or GIGO, still applies. If your prompt is poor, you are going to get a poor-quality result. Many real estate professionals, when first using ChatGPT, often provide generic or general prompts that delivers generic answers and content. When crafting your prompts, consider these five Ps: Preparation: Before submitting your prompt, take time to carefully think through what you are trying to achieve. Draft your request in a separate document where you can revise and refine it. Provide the context and provide as much detail as possible. Also, share the goal of your inquiry. Precision: Be specific and clear in your instructions. ChatGPT does its best when given highly detailed, clear prompts. Avoid general queries by specifying the type of information you are seeking as well as the format you need it in. Patience: One of the first rules you will learn to improve your use of ChatGPT is to never accept the first output. Understand that getting your desired response is highly likely to require some back-and-forth interaction. This is one of the best ways to learn how rephrasing or expanding on your initial prompt will unlock more effective results. Probing: Don't hesitate to ask follow-up questions or request elaboration on certain points. If you ask ChatGPT to assist with an 850-word blog post, do a word count: it's likely to be off, often falling significantly short. Push back and ask for a more expansive draft. Don't be afraid to ask it for examples, or request clarification on a specific part of the response. Persistence: If the response you receive isn't what you expected or if it lacks certain details, be persistent. AI also can hallucinate and provide you with a completely inaccurate response. If it does, and the error is obvious, point it out to ChatGPT and ask for a better result. Don't be afraid to start over and rework your prompt, incorporating feedback or additional information from previous interactions where you had better success. Reiterate your request with adjusted wording or additional context, and that can help move ChatGPT closer to delivering the response you need. The bottom line: Well-prepared prompts lead to much better and more original results. AI dominates Inman Connect NY Returning from Inman Connect NY last year was a bit of a bummer. ChatGPT had exploded on the scene two months earlier and our expectation was a slew of AI panels. Or the very least, a hands-on ChatGPT track. Instead, Connect NY was nearly ChatGPT free. What a difference a year makes! AI was everywhere at Connect NY 2024. If it wasn't in the title of a keynote or panel, it was mentioned in nearly every discussion. Sitting in on many of the major AI sessions yielded a mix of the magnificent and mediocre. We'll pass on the mediocre and share a gold nugget that was a magnificent find: a giveaway from Phil Stringer after his deep dive into perfecting prompts. I did not know about Phil and never heard him speak before Connect. As I told him afterwards, I was fully prepared to be seriously disappointed. I've written about how so many real estate conference AI speakers have been complete duds. They all have been spectators, not doers. The title, "Your Custom 2024 AI-Powered Content Plan" made me suspect Phil was a poser. I was wrong, very wrong, thankfully. A former COO of a North Carolina real estate brokerage, Phil created the "The AI Agent Academy," becoming an AI coach and speaker. For his Connect talk, he polled the crowd to vote on one of five presentations – he only had time for one – that included using his highly creating one year's worth of a newsletter campaign, a year of blog posts (100), a year of TikToks or Insta Reels, a year of YouTube videos or a year of ads. The year of ads won. Phil went through his process, providing detailed prompts for ChatGPT to first understand your business and goals, create highly detailed client personas with a list of pain points, create the targeted ads, and then provide the "hooks" needed to make the ads work. Here's the kicker: at the end of his talk, he gave away all his well-crafted, highly detailed prompts for all five marketing programs, not just the ad one he covered at Connect. As long as this link remains alive, you can get your PDF of all five program prompts here. The only big disappointment in Connect NY this time around? No Rabbit R1 giveaways. Next Connect, please. AI Five Fast Facts AI is expected to automate up to 800 million jobs by 2030 and create 97 million new AI-related roles – McKinsey More than one-third (37%) of business leaders said that AI will replace workers in 2024 – CNBC 85.1% of AI users utilize AI-powered CRM (Customer Relationship Management) for content creation and article writing – Authorityhacker Almost half (49%) of employers expect AI to have a positive impact on job growth – Weforum More than one-fourth (26%) of business organizations use AI for marketing and sales – IBM Sources: Various collected by AIMultiple AI Headlines Take 5 AI far too expensive to replace humans in most jobs, MIT study finds | 1/22/24 - Fortune The cost-effectiveness of AI should be considered in job replacement. Bracing against a rising tide of real estate fraud | 1/22/24 - HousingWire Scammers are weaponizing AI to commit fraud. AI Everywhere: The Unmissable Highlights From Davos 2024 | 1/22/24 - Forbes AI takes center stage at this year's World Economic Forum. The generative AI future will not be free | 1/19/24 - Business Insider Consumers should be ready to start paying for new AI models. When Might AI Outsmart Us? It Depends Who You Ask | 1/19/24 - TIME Experts debate if "human-level" AI will be able to surpass the human mind. Quote of the week To view the original article, visit the WAV Group blog.

Real AI: No PR – AI will make you a ghost, facts, headlines and the word of the week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. No PR? AI will make you a ghost While using generative AI, Victor Lund, Founding Partner at WAV Group, uncovered a new vital reason why public relations (PR) is essential for every firm, product, and service. His prompt requested AI to create information on firms that offer MLSs rev share for data aggregation and distribution. Granted, only a couple of firms offer this, but the chatbot response only identified one. Turns out the company that it missed doesn't have a PR program in place. Online, to AI at least, their company is a ghost. To AI, your company does not exist. Why is AI making PR so vital? If there is nothing to train on – if you don't have an online footprint – when someone enters a prompt about your firm, service or product, the chatbot will not return any results. More importantly, look at what Google is doing that's related to AI. The Wall Street Journal headline on Jan. 11, 2024 says it all: "Google Trims Hundreds of Jobs as It Marshals Resources for AI." If the world's No. 1 search engine company is going all-in on AI, here are three words for you: search will change. We are already seeing evidence of that with Google Gemini, the major chatbots all connecting to the Internet, and now Microsoft Bing prompting, "Ask me anything," not "Search." The only way Google stays ahead in the search space is through AI. The value of an ongoing PR campaign has been about establishing an online footprint. News releases are not about SEO (duplicative content rules that out), but they are door openers for conversations with reporters and bloggers, and what is proving to be more crucial than ever is that they add to your digital or online footprint. Now you absolutely need an online footprint to train generative AI tools. Otherwise, you are a ghost. Creating your own content for blogs and social media is great, but news coverage is gold. These are third-party expert information sources. AI will recognize the difference – and the value. Which source do you think will be perceived to have more value? The entire point of having a solid PR program is to help you tell your story with your words. You need to control the narrative of how your company, services, or products are described, or someone else will. And you'll be stuck with whatever moniker someone else comes up with – or spend years trying to unwind a market positioning that someone else labeled you. Finally, a good PR program returns a better ROI than perhaps any other communications or marketing-related tool. Two quotes from innovators to contemplate about the value of PR before AI: "Publicity is absolutely critical. A good PR story is infinitely more effective than a front page ad." –Sir Richard Branson, founder, Virgin Group "If I was down to my last dollar, I would spend it on PR." –Bill Gates, founder, Microsoft Now fast-forward to the next few years and think about how much more essential having an ongoing PR program will be. Every company needs to leverage PR to update key audiences on relevant news stories that not only remind people about the company and its mission, but highlight vital developments that impact customers. Every product should also have its own cadence of releasing meaningful news that customers need to know about. Remember, news releases in and of themselves won't help with SEO, but earned news coverage and wire releases will provide the ingredients that will shape the narrative of how AI will harvest and include information about your company and its products. AI + CES As an early and regular attendee of last week's Consumer Electronics Show or CES, I can confirm firsthand it is the land of what's next in tech. One of the first shows I went to (I was in grad school and working for an LA PR firm part-time), I thought I heard Billy Joel playing live. It was a new technology called a Compact Disc or CD. But it sounded so real! This CES was all AI. Mirrors, rings, cars, TVs, grills, toothbrushes – even mattresses and pillows – are now leveraging AI. CNET does a great job describing some of this in its coverage. Check out this piece: "AI Is Everywhere at CES 2024. Here's the Coolest Tech We've Seen So Far." AI Five Fast Facts OpenAI's website receives nearly 1.8 billion visits per month – Similarweb Around 4 in 5 companies deem AI to be a top priority in their business strategy – Forbes 19 in every 20 customer interactions will be AI-assisted by 2025 – AI Business By next year, nearly 100 million people will be working in the AI sector, as the industry generates 12 million new jobs – World Economic Forum A survey of 1.4k+ sales pros found that 45% felt overwhelmed by the amount of tools in their tech stacks, and 78% said AI makes them more efficient in their roles. – Hubspot Sources: Various collected by AIMultiple AI Headlines Take 5 Alexa just got three new generative AI skills – here's how to try them | 1/10/24 - ZDNetUse Alexa to talk to Winston Churchill (and others), create a song, and even play 20 Questions. GPT Store is OpenAI's most compelling reason to become a ChatGPT Plus subscriber yet | 1/10/24 - ZDNetFrom tools to help you with code to personalized trail recommendations, the store is now open. AI is a vital part of CoreLogic's new Clareity Assure security platform for MLSs | 1/10/24 - WAV GroupClareity Assure can integrate as a front door to all MLS systems regardless of vendor. What's next for AI in 2024 | 1/4/24 - MIT Technology ReviewLearn about the four hot AI trends to watch out for this year. AI-powered misinformation is the world's biggest short-term threat, Davos report says | 1/10/24 - San Diego Union-TribuneAI's dark side can cause catastrophic damage. Word of the week To view the original article, visit the WAV Group blog.

Market Outlook: Real Estate Trends We Will Potentially See in 2024
In the ever-evolving realm of real estate, new trends and innovations are bound to emerge. In 2024, the real estate landscape seems poised for exciting shifts, blending innovation, economic factors, and societal changes. Let's embark on a journey into the potential trends that might shape the real estate market in the coming year. 1. Tech Takes Center Stage 2024 promises to be the year where technology seamlessly integrates with real estate transactions. From virtual reality property tours to blockchain-based smart contracts, the industry is embracing digital innovations to enhance efficiency and transparency. Expect to see an upswing in tech-driven solutions streamlining everything from property searches to closing deals, making the entire process smoother for buyers and sellers alike. 2. Sustainable Living Becomes Non-Negotiable As climate change continues to dominate headlines, the real estate market is responding by embracing sustainability. In 2024, eco-friendly features will become non-negotiable for both commercial and residential properties. Green roofs, energy-efficient appliances, and smart home technologies that minimize environmental impact will not only attract environmentally conscious buyers but also add significant value to properties. 3. The Rise of Co-Living Spaces Urbanization is prompting a shift in living preferences, leading to the rise of co-living spaces. In 2024, expect to witness an increase in developments tailored for communal living. These spaces not only provide affordable housing options but also foster a sense of community, catering to the growing demographic of professionals who prioritize experiences over traditional homeownership. 4. Suburban Renaissance Continues While city living holds its allure, the ongoing remote work revolution has given rise to the suburban renaissance. With remote work becoming a permanent fixture in many industries, homebuyers are looking beyond city limits for spacious properties, well-connected suburbs, and a slower pace of life. This trend is likely to persist in 2024, with suburbs offering a perfect blend of tranquility and accessibility. 5. Affordability Remains a Key Concern Affordability has been a recurring theme in real estate discussions, and 2024 is no exception. With rising construction costs and increasing demand for housing, the challenge of providing affordable homes persists. Creative solutions, such as modular construction and innovative financing options, may emerge to address this concern, ensuring that homeownership remains within reach for a broader spectrum of the population. 6. Shift Towards Flexible Spaces The concept of a dedicated office space is undergoing a metamorphosis, and 2024 is likely to accelerate this transformation. As remote work becomes the norm, homebuyers are prioritizing properties with flexible spaces that can serve as home offices, gyms, or recreational areas. Versatile layouts that adapt to the changing needs of occupants will be a sought-after feature in the coming year. 7. Emphasis on Health and Wellness Amenities The COVID-19 pandemic has heightened awareness about health and wellness, influencing real estate trends in 2024. Properties that prioritize amenities such as fitness centers, outdoor spaces, and wellness-focused designs are expected to gain traction. Homebuyers are seeking spaces that contribute to a healthy lifestyle, reflecting a broader societal shift towards prioritizing well-being. 8. Continued Embrace of Remote Buying and Selling The convenience of buying or selling property without physical presence gained momentum during the pandemic, and it's here to stay. In 2024, expect an even greater emphasis on remote processes, from virtual property tours to digital document signing. Real estate professionals are likely to leverage technology to facilitate seamless transactions, catering to a market that values efficiency and convenience. 9. Market Resilience in the Face of Economic Uncertainty While it's impossible to predict economic downturns with absolute certainty, the real estate market has demonstrated resilience in the face of adversity. In 2024, the industry is likely to weather economic uncertainties, with strategic investments and adaptability playing key roles. Markets that prioritize diversification and respond nimbly to changing conditions are poised to thrive. In conclusion, the real estate market in 2024 is a canvas awaiting the strokes of change. From tech-driven advancements to a renewed focus on sustainability and flexible living spaces, the upcoming year promises innovation and adaptation. Whether you're a first-time homebuyer, a seasoned investor, or a real estate professional, staying attuned to these potential trends will help you navigate the exciting landscape that lies ahead. Here's to riding the waves of change in the dynamic world of real estate! To view the original article, visit the Transactly blog.

Real AI: Evil AI, Holy Gemini, a Great Way for Agents to Use AI, Fast Facts, Top Headlines and Quote of the Week
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. About Evil AI... WAV Group founding partner Victor Lund just published a provocative post called "Evil AI." It's a vital topic to keep at the forefront of AI development. The underlying current is frightening. Evil AI demonstrates the enormous downside that has some of the most brilliant minds of our times warning us about the dark side of AI's future. Victor's piece pulls from a real-world example of how researchers flipped the script when using AI to develop ways to avoid the dangerous side effects of a drug. What if they used AI to generate toxic molecules, e.g., chemical weapons? The result was 40,000 substances, including VX, a notorious nerve gas, and other chemical weapons, including, according to the Scientific American piece Victor sources, "many completely new potentially toxic substances." That's terrifying. However, we've been down this road before. Whenever a new technology lurches into our culture, there is an immediate reaction to change, often fearmongering. Look it up: when bicycles began to become popular in the late 1890s, some people claimed it was causing a rise in insanity cases, especially among women! People feared the telephone because they thought it could talk to the dead and violated the will of God. Passenger trains? Protesters said our bodies could not handle speeds of 50 mph and that "uteruses would fly out" of female bodies. And we are living it now with the Dark Web. Imagine if the internet was never allowed to happen because it would give birth to one of the darkest sides of humanity. We know AI is different; very different. But it is also very different in the most extraordinarily good ways. We cite our Quote of the Week from Victor: "While most people will use AI to do good, others will use AI to do evil" (emphasis ours). For us, that's the bottom line: We still have faith in humanity that it will find a way to do mostly good and, as never before, have the guardrails in place to prevent evil from winning. Call it naïve, but we believe we will live up to the Spiderman credo: "With great power comes great responsibility." Our future headline: AI good triumphs over AI evil. Holy Gemini! Kudos to Greg Robertson at Vendor Alley to be among the first to post a link to Google's somewhat staged demo on Gemini from Google, the newest AI contender challenging OpenAI. Gemini, Google's "multimodal AI," has features that all AI is moving toward: verbal instead of written prompts (let's have a real "chat" with AI, as we have been writing will happen) and leveraging the power of computer vision. The skills you will see in this video confirm why Restb.ai is so wildly successful in carving out its leadership in this part of the AI real estate landscape. Gemini is next level (at least for a while). Just watch this. An excellent way for agents to use AI A real estate agent friend (and client) asked me if AI could help with a data challenge he had relegated to his assistant. The assistant found the task too time-consuming and overwhelming. He had 2.5 years of traffic data in his newsletter and was using a mail service that did not give him the summary data – over time – that he wanted. He had CSV files for each month of open rates and click activity. Over time, he simply wanted to identify his most engaged readers. Were they clients or future clients? Enter Claude.ai and ChatGPT-4. We tested both. We cut and pasted the data into Claude.ai (it can't read a CSV or Excel file). For ChatGPT, we converted the CSV data into an Excel file. And because ChatGPT can read Excel files, it won the tasks assigned to crunch the data and provide the Top 50 clients for opens, clicks, and total engagement, as well as tell us what the most popular URLs were – all over the 2.5 years. ChatGPT took the data-crunching assignment in less than a minute and solved this agent's problem. Yes, he will switch to a mail system that integrates with his CRM. But how many data tasks like this could an agent today benefit from by using AI instead of spending hours fussing with spreadsheets? This is a great way agents can use AI to sift through a lot of data to help them plan better for 2024. AI Five Fast Facts The global AI market is expected to reach $1.81 trillion by 2030. IBM reported that 64% of companies believe that AI will help improve customer relations and increase productivity. In a report by MIT Sloan, nine out of 10 organizations say they are adapting AI to gain an edge over their competitors. How many jobs will be impacted by AI automation: A study estimates about 38% of jobs in the US, 35% in Germany, 30% in the UK, and 21% in Japan. 95% of hiring managers surveyed said AI can help tremendously in shortlisting candidates and reducing screening time. Sources: Demandsage AI Headlines Take 5 1. How scammers are using AI to commit new fraud in real estate | HousingWire - 12/7/23Interview with CertifID cofounder about the latest real estate scams and bad actor activity. 2. AI in real estate: disruptive force or mere transformation? | The Financial Mirror - 12/11/23Exciting ways AI tech can positively impact real estate. 3. AI Enhancing the Borrower Experience | MReport - 12/11/23Sofia Rossato of Floify remains skeptical about AI fully automating loan origination. 4. AI dominates cybersecurity megatrends for 2024: Report | CSO Online - 12/13/23Trust in AI, ethical application of AI, and AI cybersecurity of AI are the hottest AI topics. 5. 20 Important Tips For Leveraging AI In Content Marketing | Forbes - 12/8/23Practicing these basics is vital to all content creation and content marketing. Quote of the week To view the original article, visit the WAV Group blog.

Real AI: Fannie Mae embraces CV, Claude.ai gets better, AI facts and top headlines
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Fannie Mae embraces computer vision Craig Rowe at Inman News did a solid job with his recent piece on Fannie Mae embracing AI and computer vision or CV. It's important because when Fannie Mae makes a move, the mortgage industry follows. In June, Fannie Mae announced the use of "image recognition" to detect incorrect quality and condition ratings. Fannie Mae and Freddie Mac require appraisal reports to include interior and exterior photos for funded properties. However, the GSEs only require one exterior front photo for each comparable. Fannie's turned to computer vision for condition validation. It's a big swing but one Fannie backs up with research and data to justify. Having worked at Fannie Mae as the Director of its Seattle Affordable Housing Partnership Office in the 1990s, I know first-hand that Fannie doesn't make any major move without dissecting it from every angle. In fact, Fannie analyzed more than a million appraisals using image recognition technology to compare appraisal reports to interior photos of comparables to determine condition ratings. What Fannie discovered was that computer vision technology was able to identify appraisal defects with 98% accuracy. More importantly, the discovered CV found "many defects that were previously impossible" for it to detect. That translates into incorrect condition ratings leading to missing or faulty adjustments to comparable sales, resulting in unsupported, inaccurate appraisals. With the GSE moves, mortgage lenders and appraisal firms are looking to CV for GSE compliance. Real estate's computer vision leader, Restb.ai, is already offering mortgage originators and appraisal management companies (AMCs) a GSE-compliant image validation solution with its computer vision technology. Talk about being in the right place at the right time! Finally, what most people don't realize is Fannie Mae is a technology company. It has been for the last couple of decades. The majority of its ~8,000 employees work in its technology group. As it moves to solidify AI in real estate, the industry will follow. This is just the beginning. Claude.ai is getting better – much better When we first used Claude.ai, it quickly became our No. 2 choice. But it was a distant second to ChatGPT-4. It has closed that gap. We'll dive deeper into Claude vs. ChatGPT in a future issue, but there are some things that Claude does better than ChatGPT and vice-versa. One example, for now at least: Claude can consume a much larger word count of content and is wickedly good at summarizing that content. The betterment of Claude is so striking we signed up for the Pro version – the same price as ChatGPT at $20 a month plus tax. We can see why Google recently invested $2 billion more in this AI tech! AI Five Fast Facts The market size of artificial intelligence is projected to increase at a compound annual growth rate (CAGR) of 37.3% between 2023 to 2030. About 97 million individuals will be working in the AI space by 2025. AI is considered a top priority in business plans by 85% of companies. Globally, 38% of consumers prefer to utilize chatbots. 47% of enterprises have established AI strategies for smartphones. Source: What's the big data AI Headlines Take 5 1. Has Great Potential! Meet Your A.I. Realtor | The New Yorker - 11/27/23The Maya Chatbot uses real estate data to answer home buying questions. 2. Generative AI can change real estate, but the industry must change to reap the benefits | McKinsey & Company - 11/14/23A fantastic deep dive into how multiple real estate sectors can benefit from AI. 3. PropTech Today – Balancing AI innovation with the human touch | EstateAgentToday - 11/29/23Remember "high-tech, high touch?" Rinse and repeat. 4. AI brings transparency to farmland values | Successful Farming - 11/27/23An ag real estate agent in Iowa uses AI to improve farmland valuations. 5. How AI can address the skills gap in CRE | Altus Group - 11/29/23Commercial real estate is looking for new ways to leverage AI. Quote of the week To view the original article, visit the WAV Group blog.

Real AI: Unlocking real estate data, ChatGPT for real estate intel, 5 facts and AI headlines
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Using AI to unlock real estate data Content creation continues to dominate how real estate professionals use AI. AI helps agents create better blogs, website content, flyers, social posts, listing descriptions, property photos, marketing ideas, business plans, video scripts, and more. Using AI to perfect content has become part of many real estate agents' workflow in one way or another. That's not going to change, but in fact, it will accelerate. However, while AI for content is huge, another AI use will have a far more significant impact on agent business today and tomorrow. It's still in its infancy, but using the power of all things AI to unlock real estate data will be massive and could completely alter how agents secure new business. AI lead gen A lot of early use of AI in real estate was lead gen related, then described as predictive analytics. Now, dozens of real estate proptech firms and top brokerages are using AI to identify who in your sphere of influence are most "likely to sell" and "likely to buy." Buyside, now Percy, was an early entry into this space. In June, tech-centric Compass integrated machine learning into its CRM to flag for its agents and clients who are "likely to sell." Localize uses an AI chatbot (Hunter) that engages leads and then alerts agent users when clients are ready to house hunt. All-in-one CRM-centric platforms like Delta Media's DeltaNET 7 are building in behavior tracking tools, leveling the playing field by making AI-powered tech more accessible to more agents. But all these efforts are still scratching the surface because machine learning will help all this tech get better and better. Once we identify why one person buys, it's easy to extrapolate to identify others not in our sphere nearby who are also likely to buy or sell. Much like the story Brad Inman told in 2016 about how Google was rending baby-related ads to his daughter before she found out she was pregnant, AI will empower agents to know when clients will buy or sell before their clients have fully embraced the idea. Vital to using this new tech is finding a way to eliminate what I call the LendingTree problem. When I first tested LendingTree in its early days, I input my data, and in minutes, I was deluged with mortgage lenders pitching me their business. It was a massive, overwhelming, horrible customer experience I would never repeat. If AI delivers to everyone with the same predictive analytics, what is the experience of the seller who is about to buy if they are overloaded with agent inquiries? Data-centric AI for advanced analytics On the bright side, one untapped superpower for real estate is AI's ability to take in disparate data, organize it, summarize it, and then recommend strategic courses of action. Real estate data is sprawling and often siloed, from market trends and demographic characteristics to what real estate clients have purchased and other client information. Data-centric AI thrives by rapidly consuming these diverse data sets and creating a cohesive 360-degree view of the market and your clients. The true power of AI lies in its ability to distill vast amounts of data into actionable insights. By summarizing complex data, AI can provide real estate professionals at every level with clear, strategic recommendations that can drive growth and innovation. More importantly, AI will help real estate pros identify trends early by analyzing patterns and predicting how the market will move, helping to make the right pivots ahead of the curve instead of behind it. Using ChatGPT 4 for real estate intelligence Most people don't realize it, but ChatGPT-4 can read PDFs and Excel files. It also can analyze and provide data from images. This is a window into tapping into advanced analytics, as ChatGPT is excellent at summarizing information. If you give it the proper prompts, it can create strategic recommendations based on this intelligence and provide other analyses, including charts and graphs. While the ChatGPT-4 interface itself does not directly interpret trends from data within PDFs or Excel files, it can use Python and its powerful libraries for data analysis. Employing Pandas and Matplotlib can help decode trends from the data contained in these files. ChatGPT explains here how it works: PDF Files: If you upload a PDF, ChatGPT can extract the text using Python's PDF libraries like PyPDF2 or PDFMiner. If the PDF contains data in a structured form, like tables, it can attempt to parse that data into a format suitable for analysis. Excel Files: If you upload an Excel file, ChatGPT can use Pandas to read the data and put it into a DataFrame. From there, it can perform various analyses to identify trends, including summary statistics, correlation analysis, and visualizations. Data Visualization: Once the data is extracted and structured, ChatGPT can create charts and graphs to visualize the trends using libraries like Matplotlib or Seaborn. You need to upload the PDF or Excel files to ChatGPT and ask it to write and execute Python code to analyze the data. Finally, ChatGPT warns that the effectiveness of trend analysis depends on the quality and structure of the data provided. Or, garbage in, garbage out. If this sounds ridiculously hard for most real estate pros, it probably is. However, there's a ChatGPT plugin or proptech firm ready to simplify this kind of invaluable real estate business intelligence, likely coming soon to an inbox near you. AI Five Fast Facts By 2025, AI might eliminate 85 million jobs but create 97 million new ones: that's a net gain of 12 million jobs. Nine out of 10 leading businesses have invested in AI technologies, but only 14.6% have deployed AI capabilities in their operations. Over 85% of AI users use the technology for article writing and content creation. More than two-thirds of modern consumers are open to AI enhancing customer engagement. 62% of voice search users prefer companies that offer a voice-activated AI assistant. Sources: Various as reported by Authority Hacker. AI Headlines Take 5 1. 6 ways real estate agents can use AI to become the ultimate authority | 11/21/23 - HousingWireHow AI can help agents set themselves apart from their competition. 2. Predictive AI tools to consider in 2023 | 6/5/23 - Boston Agent MagazineA look at how predictive AI tools can help real estate agents. 3. The Tech Trends That Will Shape the World in 2024 | 11/21/23 - TechnopediaGenerative AI is the key trend potentially reshaping how we play and work. 4. Differentiating AI Applications in the Mortgage Space | 11/20/23 - MReportHow generative AI will impact the mortgage industry (which overall is a lagger in deploying AI). 5. Scammers using artificial intelligence and social media to target holiday shoppers | 11/21/23 - CBSThe downside of AI: 'Tis the season for bad actors and it's more difficult to spot when you are being scammed.' Quote of the week To view the original article, visit the WAV Group blog.

Real AI: 2024 the Year of AI, AI fast facts and top headlines
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. 2024: The Year of AI The accelerated growth we are seeing and experiencing in artificial intelligence continues to be unlike any other game-changing technology ever. When it comes to Generative AI and Large Language Models, it's just a baby about to turn into a teenager. If you think AI in 2023 has been incredible, just wait until 2024. Based on its trajectory, 2024 will be the year of AI. Some signs and signals: Investment: Goldman Sachs says AI investment in startups could reach $100 billion in the US and $200 billion globally by 2025. They are probably underestimating it. Research: Industry, not academia, is dominating AI research, says a new MIT study. "70% of individuals with a Ph.D. in artificial intelligence get jobs in private industry, compared with 20% two decades ago." Google alone has invested a reported $30.7 billion in AI. Facebook comes in at $22.1 billion and Microsoft and Amazon at $10 billion each, ExoInsight said in March. And don't forget IBM, one of the earliest pioneers with Watson, so far investing $200 billion. Again, we are seeing just the tip of this research iceberg. Breakthroughs and Milestones: Over time, AI gets smarter. Coupled with the fact that we are putting more brainpower behind AI innovations than ever, we are likely to see a stunning increase in the use of AI, especially in early adopting industries like real estate. If you're shocked that at the RESO meeting last week, the opening recording of the voice of Rebecca Jensen, Chair of RESO and head of MRED, was not Rebecca, wait until you see what will blow you away in 2024. Next year will provide new AI tech even more jarring than the demo Ylopo showed at the T3 Sixty Tech Summit, where agents can create automated, personalized instant videos – digital twins complete with their artificially created voice – to send to a client. Regulation: The regulatory battles are just beginning. Next week, the Biden administration will issue an AI Executive Order, expected to attempt to put guardrails around AI. Governments have done so well regulating social media – not! On the plus side, the order is also likely to unlock immigration barriers for high-skilled workers. Government: The White House is reportedly preparing a website to recruit AI workers, which will include the ability to submit a resume to apply for AI-related jobs in government. Just watch how many AI positions will instantly open up. Remember, the Federal government spent $3.3 billion on AI last year. Impact: Protesters and advocates will marshal forces next year. The Green movement has yet to make a serious dent in the conversation, and that's one area that's prime to be poked. Legal: They take years, but we are likely to see some initial rulings and decisions in 2024 that likely will be landmark rulings for AI. But the legal battles are just beginning, and the path to the US Supreme Court on some of these suits is likely, and that is rarely a fast path. Adoption and affordability: Agents use AI whenever they take a photo on their smartphone. Just watch the adoption rate in tech when AI finally delivers the promise of saving an agent time and money. AI is the Easy Button every agent has been asking for and will now be able to afford. The ROI for a real estate agent when it comes to new AI tech in 2024 should drive adoption to the point that AI next year will be ubiquitous. Hype vs. Table Stakes: If you set your Google Alerts to include all things AI-related to real estate, as I do, you know how your inbox has exploded this year as AI use exploded in the real estate sector. Just wait until 2024. The hype mode is about to hit warp speed. Fortunately, AI will be table stakes in 2024 so in many cases, AI is likely to live up to its hype. I'll stop here, but there are many more reasons that 2024 will be the Year of AI, and the overall benefits for real estate agents could be massive. That's as long as they remember author John Niasbitt's advice: "High tech/High touch." P.S. Time Magazine's "Person of the Year" just might be AI. That could even happen this year. AI Five Fast Facts More than half of all employees (54%) have no idea how their company is using AI. Companies using AI today estimate that 70% of their total workforce will use AI to automate or augment some of their job tasks by 2028. 75% of workers believe AI makes them more efficient, productive, and accurate. Globally, only 44% of employees believe they interact with AI in their personal lives. 62% of executives say they are at least slightly concerned that their company is not moving fast enough with AI. Source: UKG, a human resources and workforce firm AI Headlines Take 5 AI fakes are everywhere: here's how you can spot them | New York Post - 10/25/23How to avoid AI trying to trick you into buying something with a deep fake. AI Is Here To Stay As Real Estate Industry Shows Increased Signs Of Adoption | Realty Biz News - 10/23/23Real estate professionals and consumers are using AI more and more. 20 Jobs Artificial Intelligence Can't Replace | Yahoo! News - 10/23/23Is your job something AI can't do? Take a look at a new study. How Generative AI Will Change the Way You Use the Web, From Search to Shopping | The Wall Street Journal - 10/17/23Tech leaders from companies like OpenAI and Meta gather to discuss how AI will lead to seismic changes and put the $100 billion search industry up for grabs. Inside Apple's Big Plan to Bring Generative AI to All Its Devices | Bloomberg - 10/22/23Current generative AI runs on the cloud; Apple wants it to run on your iPhone. Huge. Quote of the week To view the original article, visit the WAV Group blog.

Is There a Secret to Off-Market Listings?
It's no secret that the housing market in 2023 has been a challenging landscape—and one of the ways that sellers and real estate professionals today have tried to navigate those challenges is with the use of off-market listings. In the past, off-market listings were less common. It made sense to circulate a listing as much as possible, in order to generate interest and, potentially, competition between buyers. Today, the priorities of some sellers have changed—and with consistently increasing demand, rising mortgage rates, and low inventory to be found in many markets, off-market listings have a few distinct advantages. At least, that's certainly what the numbers reflect: in Q3 of 2023, we can see a 7% increase in off-market listings since the previous year's Q3—an increase that pales in comparison to the previous quarter's 40.43% increase, Q1's increase of 64%, and Q4 of 2022's staggering increase of 102%. Sellers and professionals both have cited too-high asking prices as one of the primary reasons for the surge in off-market—and withdrawn—listings. But first, an important question: What is an off-market listing? Sometimes called quiet or pocket listings, off-market listings are listings for properties that are for sale, but haven't been listed on MLS. These listings are circulated by word-of-mouth or within closed networks by the agents who post them. In 2020, the National Association of REALTORS® (NAR) updated their policy on off-market listings, likely to address their surge in popularity. As outlined in the Clear Cooperation Policy, a listing broker must submit a listing to the MLS within one business day of marketing the property to the public. Examples of marketing the property to the public could include flyers, window displays, yard signs, any digital marketing of publicly facing websites, email blasts, and much more. Off-market listings are regulated for compliance by associations like NAR, but it's clear that they're not necessarily endorsed by them. As the numbers go to show, they're still happening in many markets across North America. Why do off-market listings happen? While far from an exhaustive list, here are some amongst the most commonly cited advantages that off-market listings offer: Testing, testing, 1, 2, 3 When sellers decide to list their home using a private network, it might be a test run—to see whether their property, as well as the price they've set, gets interest. There's more than one advantage to this approach: if the price is too high, and the listing doesn't generate buyer interest, the off-market listing can be taken down, and a new listing can be brought to the MLS at a lower price point without a record of that price change becoming available. Further, in a market where homes typically spend more than 40 days on the market (a median number at its lowest in 2023 in May, at 43 days, and at its highest in January, at 72 days), listing off-market can be an effective way to reduce the length of time a listing needs to be made available through MLS. When a price reduction is visible on a listing, especially if the home has been on the market for a while, it can encourage interested buyers to inquire about cutting the price further—or assume that there's a less than desirable reason that the property remains available. Playing things safe Alongside the possibility of testing out a price, without the risk of repercussions if it needs to be lowered to generate interest, there is the issue of privacy to consider. In an increasingly digital world and industry, sellers are less interested in making their address—along with photos of their home's interior, details, and potentially floorplans—available for anyone to see. The closed network in which off-market listings circulate can be an attractive option for sellers who make privacy a priority over pricing. Open house versus office hours With full-market listings comes the expectation of open houses and showings—and in a world where more people than ever are working from home, those interruptions can present more than just an inconvenience. Regardless of whether tenants or owners occupy the property at present, the WFH trend is here to stay. Off-market listings tend to have a lower volume of interest, making showings easier to manage for residents and real estate agents alike. Where does that leave us? It could be any number of these factors, and others, that continues to drive the trend in off-market listings—but there's no question that it is a continuing trend. While less stark than some recent quarters, the latest from BrokerMetrics shows that off-market listings are still on the rise, year over year. When faced with a trend like this one, the best initiative comes from insights—understanding why sellers might opt for an off-market listing, the advantages (and disadvantages) of choosing them, and how to navigate a market in which they've become increasingly more common. To view the original article, visit the Lone Wolf blog.

5 Emerging Technologies That Will Redefine Real Estate
Emerging technologies are already impacting how real estate professionals can complete daily tasks faster. From automation to computer vision, these game-changing technologies are unlocking new ways to accelerate the day-to-day productivity of real estate professionals. Here are five emerging technologies that are starting to reshape how to attract, engage, and maintain clients: 1. Artificial Intelligence (AI) What is it? Google Cloud defines AI as "a field of science concerned with building computers and machines that can reason, learn, and act in such a way that would normally require human intelligence or that involves data whose scale exceeds what humans can analyze." Current state: Artificial intelligence is on its way to dramatically altering and streamlining some of the most time-consuming tasks real estate professionals routinely perform. From customer relationship management and prospect identification and engagement to property descriptions and valuations, AI can help. AI makes possible predictive analytics, allowing you to find and capture buyers and sellers even before they decide to move. It can determine what content people in your sphere of influence are most interested in. It can then deliver different content to clients and prospects based on monitoring individual behavior. Creating content – SEO optimized for your website, engaging social media posts, and blog subjects and drafts – can be done nearly instantly and accurately with the proper prompts. Leading AI content tools available today include ChatGPT and Bard, and derivative programs like Jasper and Reword. Vastly improved AI chatbots for websites (and soon Facebook) enable immediate responses to inquiries, enhancing customer satisfaction. AI virtual assistant tools like Productive.ai can also supercharge your client and prospect calls. Coming soon: AI-powered tools and algorithms can analyze vast amounts of data. Creating local market reports will be a breeze. Reports that can be generated in seconds will offer deep insights, once nearly impossible to gather manually. Producing videos will be easier than ever. For agents who don't like seeing themselves on video, they can select a professional spokesperson. Soon, agents may even use an AI-generated (and licensed) celebrity spokesperson. 2. Computer Vision What is it? According to IBM, "Computer vision is a field of artificial intelligence (AI) that enables computers and systems to derive meaningful information from digital images, videos and other visual inputs — and take actions or make recommendations based on that information. If AI enables computers to think, computer vision enables them to see, observe and understand." Current state: Computer vision is available today to some degree throughout all the major MLS technology platforms. CoreLogic, Black Knight, FBS, Rapattoni, dynaConnections, Stratus, and others all work with category leader Restb.ai. Computer vision is helping agents make every photo uploaded to the MLS ADA-compliant. It automatically tags and labels objects within property photos. An "alt text" entry is automatically generated for each image. Labeling objects automatically creates detailed information about each room (Wolf or Viking stove, hardwood floors, open floorplan, etc.). Moreover, computer vision-powered tech automatically creates property descriptions. They are Fair Housing-conforming, creative and highly detailed and allow agents to edit these descriptions. It's a groundbreaking technology. Computer vision is fast becoming the most used AI-powered tech in real estate. Coming soon: Computer vision has the potential to forever change search. Instead of the traditional search criteria consumers use today (at least three bedrooms, at least two baths, back yard, etc.) search will be available by specific features. Because computer vision identifies hundreds of objects and features from property photos, consumers will be able to query "homes with white kitchens," "first floor main bedrooms," "homes with a Southern exposure," or "recently renovated homes." The possibilities are endless. 3. 3D Modeling and Virtual Staging What is it? "3D modelling is the process of creating three-dimensional representations of an object or a surface," according to FutureLearn. The Zebra adds, "Virtual home staging is when a graphic editor expertly designs a room using virtual decor, generating a highly realistic photograph for prospective buyers to view online." Current state: While firms like Matterport and BoxBrownie pioneered these technologies, AI is supercharging the capabilities. Also, new firms are entering this space constantly. Not too long ago, only proprietary cameras could render 3D tours and walkthroughs of homes. Now that power is in today's smartphones. Creating floorplans used to be limited to software from firms like FloPlan, but that's changing too. Most importantly for agents, the accessibility is increasing, and the costs are collapsing. Virtual staging is becoming more commonplace. MLS rule changes are helping to manage consumer expectations. New tech tools allow consumers to tour a home, take a photo or point their smartphone camera at an empty room. Software allows them to furniture they like to fill the vacant space. Coming soon: AI is altering home design by creating 3D modeling tools that can create an entire home. With newer, lighter AR or augmented reality devices, remote home tours will be further enhanced by 3D modeling. That, plus automatic virtual staging, will be enriched with data. 4. Augmented Reality What is it? According to Microsoft, "Augmented reality is an enhanced, interactive version of a real-world environment achieved through digital visual elements, sounds, and other sensory stimuli via holographic technology." Augmented reality, or AR, superimposes images, videos, or sounds onto an accurate worldview, creating a "like you are there" perception and allowing one to interact with their environment. Current state: AR advancement is accelerating as giant headsets become smaller. In some cases, headsets are eliminated altogether. With AR, today's tech-savvy real estate agents can create interactive, immersive virtual tours of properties. Potential buyers – in any time zone – can explore every nook and cranny of a home. By overlaying virtual elements onto the real world, AR can enable someone to see a home more personally. Through AR applications, buyers can visualize how they would furnish and personalize a property. This technology saves time and helps clients envision themselves in a prospective home more effectively. Coming soon: Ray-Ban is helping to popularize smart tech in glasses by releasing Smart Glasses (i.e., Google Glass). While these are not AR glasses, they are clearing a path for AR tech to go smaller. They feature a dual 5MP camera, built-in audio, voice control, and touch control and come with their charging case. The movement towards no headset AR and VR is also accelerating, with new software helping to advance this tech. 5. Automation What is it? As UpTech notes, "Real estate automation is a way to reduce manual work and let your instruments do more work for you." Current State: The impact of automation in the real estate industry is growing with new speed. Credit goes to the integration of AI and machine learning. Marketing automation interfacing with CRMs may be today's biggest target. After all, research from the National Association of Realtors shows that just one in four real estate agents use a CRM daily or nearly daily. Yet agents using CRMs are more productive and successful. AI that delivers automation features can make a CRM easy to use – a huge breakthrough. Moreover, agents know that "set and forget" marketing claims are more exaggeration than reality. However, that's changing with AI. One example is the incorporation of machine learning into the largest real estate marketing platforms. An example is Delta Media's recently launched DeltaNET 7. AI-powered automation will be a game changer for real estate agents. Automation can achieve true "set and forget" outreach because content will match the client or prospect's shifting interests. For example, personalizing agent newsletters at this level automatically causes engagement to soar. The same is true when machine learning integrates with social media posts. By tracking interaction and adjusting copy, the effectiveness of each post increases. Agents often struggle with creating compelling content for their emailed newsletters. It can be one of the reasons they experience poor open rates. But emails work much better when machine learning delivers the right content to the right client at the right time. New AI chatbots are also becoming smarter and more effective. When they are used on an agent's website, these new bots can serve prospects 24/7. Chat bots today can help pre-qualify and redirect the hottest leads. Coming soon: Integration is the future for real estate tech automation. Individual apps that don't talk to other agent technology are either going away or will become far less popular. New AI-powered mega-systems are delivering all the solutions in one place. They offer full integration, so every agent tech tool talks to each other. Plus, the movement is towards lowering tech costs as brokerages seek to reduce their tech spend. Brokers still must provide agents the tools they want – and need. Since AI-powered all-in-one systems can save brokerages money, that makes them even more attractive. Faster, Smarter, Cheaper – and potential downsides AI is driving a new evolution in real estate technology. Computer vision, 3D modeling, virtual staging, AR, and automation lead the way. But make no mistake, AI is the common element these emerging technologies share. AI can deliver numerous practical benefits to real estate agents and brokers throughout their daily workflows. More effective property marketing, enhancing client and prospect engagement, improving the customer experience, reducing technology costs, and freeing up more time are just some of the benefits these emerging technologies deliver. And while exciting, applying ethical thinking in technology is important. Every agent and broker should thoughtfully consider these questions before adopting them: What are the potential risks? Can these systems cross an ethical line and therefore not worth adopting? Are there guardrails or can guardrails be put in place? Using new technology initially can be challenging. That's where Tech Helpline can assist. If you are one of the 750,000 Realtors in North America with access to the free tech support services, reach out to Tech Helpline. You can connect with their seasoned, US-based analysts through their app, online, or simply by making a call. Learn more at TechHelpline.com. Other related posts on the Tech Helpline Blog: 3 Best AI Prompts for Real Estate Agents Best practices for AI in Real Estate Today To AI or not to AI: What are the risks and rewards? Tricia Stamper is Director of Technology at Florida Realtors®, which owns both Tech Helpline and Form Simplicity. Thank you to Tech Helpline for sponsoring this article on RE Technology.

Real AI: MBAs vs. ChatGPT, NYT and DALL-E 3, and Crazy-Scary Deepfakes
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Innovation Challenge: MBA students vs. ChatGPT – Who wins? The Wall Street Journal earlier this month featured a terrific story by Christian Terwiesch and Karl Urich, testing how good AI is at creating new ideas. Terwiesch and Ulrich are professors of operations, information and decisions at the Wharton School of the University of Pennsylvania. Their hypothesis: that when it comes to "identifying opportunities for new ventures, generating a solution for an unmet need, or naming a new company," these unstructured tasks appear to be "ill-suited for algorithms." However, they now argue that large language models like ChatGPT are proving these assumptions wrong. They discovered this by creating a competition, randomly polling 200 Wharton graduate students to determine, "Who is better at generating innovative ideas: the human or the machine?" Describing the process of how they determined the quality of the ideas submitted by both students and the 100 ideas created by ChatGPT, they came to a solid conclusion, and it wasn't even close. They write: "ChatGPT isn't only faster but also on average better at idea generation" by a margin of victory that was 35-5, machine over human. I've often described ChatGPT as one of the best ideation, top iteration, and most accessible brainstorming tools I have ever used. Now, thanks to these Wharton professors, there is research to back it up. OpenAI launches DALL-E 3 ChatGPT's cousin, DALL-E 3, the OpenAI tool that creates images from text prompts, started previewing this week. Unfortunately, it is currently limited to a very small test group. But if you read this in the New York Times, you'd think you can use it now: but you can't! The Times (irresponsibly) writes, "DALL-E and ChatGPT were previously separate applications. But with the latest release, people can now use ChatGPT's service to produce digital images simply by describing what they want to see. Or they can create images using descriptions generated by the chatbot, further automating the generation of graphics, art and other media." That may be coming, but it is NOT available to most ChatGPT 4 subscribers. I know this because ChatGPT 4 told me when I asked it to create an image. ChatGPT 4 responded: "I'm currently not able to create or manipulate images or photos. However, you can create this picture using graphic design software like Adobe Photoshop or Illustrator. Here's a simple guide on how you might approach creating such an image," and then gave me instructions on how to use Photoshop (not kidding). DALL-E 3, again not yet available to the masses, is designed to better understand user commands to render images. It also is supposed to improve its ability to include legible text in images, one of its well-known weaknesses, apparently common with AI image generators. These planned improvements are needed. Using DALL-E now can be hit or miss. Sometimes the images are masterful, sometimes they are less than amateurish. This wide range of performance issues are limiting its potential, so hopefully, the new DALL-E 3 will be rolled out to all ChatGPT users and embedded as described by the Times, soon. Examples of the hit-or-miss nature of DALL-E today: Headlines: AI Take 5 3 AI Prompts That Really Work for Real Estate Agents | Tech Helpline (Florida Realtors) - 9/19/23Teach ChatGPT to write like you, organize your input with columns, create stock photos Amazon unveils a 'smarter' Alexa. Its AI has a lot of work to do | The Washington Post - 9/20/23Not ready for prime time, according to the Post, noting Alexa 2.0 kept providing the wrong answers. Highlights From The AI Insight Forum Exploring AI Regulation | Search Engine Journal - 9/14/23Top tech CEOs met with US Senators in Washington, D.C. at an AI Insight Forum Artificial Intelligence And The Boardroom: Immediate Actions Items | Forbes - 9/20/23Lots of advice, including "boards must be realistic, practical, and cautious when it comes to AI. Proceed with caution, but proceed!" How to Use Google Bard AI: 10 Ways It Can Make Your Life Easier | PCMag - 8/13/23Bard's best new feature is the integration with Google search to fact check with one click! Video Bonus: 21 of the best deepfake examples that terrified and amused the internet | Creative Bloq - 9/11/23 Quote of the week To view the original article, visit the WAV Group blog.

Real AI: $300 Billion, Digital Twins and Musk Says He's an Idiot
Real AI is a 100% human-created weekly roundup of all things AI in real estate and emerging AI innovations in other sectors likely to impact real estate. Why Revive Vision AI is a game-changing use of AI Pre-sale renovation leader Revive kicked off their biggest product release – Revive Vision AI – with a huge launch party last week. This is precisely the kind of AI we need right now in real estate. First, a bit of background. The pre-sale renovation category is one of the hottest new modern movements in real estate that can help agents win more listings and unlock new inventory. How does it help agents win more listings? Massively better ROI. For example, the average increased proceeds for Revive renovated homes is $186,000. The average ROI is north of 250%! How can a pre-sale renovation unlock inventory? It can help give a financial incentive to the homeowner who does not want to give up their low 30-year fixed-rate mortgage. A typical $450,000 mortgage at 3% versus 7% is a $1,000 a month higher payment. But if you are going to net $186,000 more with a pre-sale renovation, that's a BIG incentive to sell. You'd have to hold your mortgage over 15% before your total payments are higher on a 7% mortgage loan versus one with 3%. Never, ever move? When someone thinks about their sub-par 3% mortgage today, they swear they'll never, ever move, as they don't want to lose that rate. But life happens – divorce, death, empty nesting, college, grandkids, relocation – a host of life events will cause people to move. They will need to sell if they can't keep the home as a rental. The other side of the moving coin is the invention of new modern products like pre-sale renovation. Flippers have been doing this for decades, right? But Compass Real Estate gave access to non-flippers, average homeowners like you and me, when they launched Compass Concierge in 2018. Although limited in scope and total dollars, it was the first company-wide pre-sale renovation program. That move eventually morphed into companies like Revive, which today fronts tens to sometimes hundreds of thousands of dollars for homeowners to maximize their sales, taking improvement repayment at closing. $300 billion problem or opportunity? At the RISMedia CEO & Leadership Exchange last week in unbearably hot D.C., Dan Weisman, Director of Emerging Technology for the National Association of Realtors, moderated an AI panel. He made this recommendation: Only adopt AI tools that solve a problem. Pre-sale renovation can help solve a $300 billion problem. People who sell a home as-is leave 15-20 percent of extra profits at the closing table. $300 billion is the total equity homeowners walk away from each year when they don't opt to do a pre-sale renovation. The challenge is most real estate agents have yet to work with a company like Revive. But with the launch of this computer-vision-powered mobile app (using computer vision leader Restb.ai tech), Revive can scale rapidly. This wickedly smart tool can dramatically increase the number of agents showing their sellers exactly how much extra they can make with a complete pre-sale renovation plan, with details down to the local contractor costs, at the listing table. Revive Vision AI can do in seconds what used to take hours. If you are an agent who wants more sales sides, you need to have a pre-sale renovation discussion during every listing presentation. Better yet, reach out to your sphere and tell them about the coolest new AI tool you have that may help them. Revive Vision AI empowers you to remain the expert and keeps you the agent at the center of the transaction. Agents can help turn this enormous problem into a $300 billion opportunity. Revive Vision AI is in beta and offers a wait list for agents who want early access. More details are here. Clone Wars: Create your own digital doppelganger Apparently, the speed of generative AI and computer vision creating new applications does not have a limit. At the Florida Realtors annual convention, I mentioned that celebrities already were spending big bucks getting full body scans and having their voice digitized and replicated to control their brand. Read this story in Slate. My presenting colleague Craig Grant from The Real Estate Technology Institute shared that there are new software services that allow anyone to create a digital avatar just by using photos. Now comes this incredible – if not completely scary – story from Venture Beat that takes things to the next level: You can now make an AI clone of yourself — or anyone else, living or dead — with Delphi. Here's a quick summary from the article: Simply upload as few as four documents containing your communications to it — and as many as thousands, including emails, chat transcripts, even YouTube videos or audio files such as podcasts or voicemails — and Delphi will create an AI chatbot that mimics, as closely as it can, your personality, manner of writing, or speaking, audibly, as of today, through a partnership with voice-cloning startup ElevenLabs. You can then deploy your AI clone on a website, in Slack, or even hook it up to a phone number to answer calls and engage in discussions with callers on your behalf. Delphi also tries to recreate your unique thought processes in your clone, to the extent that it can provide what it thinks would be your response to a given prompt. Even if it doesn't work as well as it should now, the Moore's Law nature of all things tech tells us it soon will. Just ask futurist Salim Ismail. Headlines: AI Take 5 Here are five recent AI-related stories worth a read: Artificial Intelligence Is Taking Over Marketing | Forbes - 9/6/23 How Artificial Intelligence is Changing the Real Estate Industry | Medium - 9/5/23 AI could help companies connect with customers like never before | Yahoo! - 9/4/23 How will artificial intelligence change the value of human skillsets? | Financial Times - 9/3/23 How to talk to an AI | The Washington Post - 8/31/23 Quote of the Week To view the original article, visit the WAV Group blog.

Meeting Home Buyer Expectations: Understanding the Millennial HGTV Generation and Their Preferences
Thank you to Revive for sponsoring this article on RE Technology: Millennials, stereotyped for their love of avocado toast and HGTV, are beginning to redefine real estate's landscape. The largest generation, with 72.1 million millennials in the US, also represents 43 percent of homebuyers -- the highest share of any group. But decoding the millennial homebuyer can often feel like navigating through an intricate maze. Born between the early 1980s and mid-1990s, experts had prophesied that these young adults would be content with being urban renters, forever forgoing the suburban white picket fence. Yet, today's data tells a different story. Two-thirds of millennials see homeownership as the quintessential American dream, a Bankrate study found. Now 45% plan to buy a home in the suburbs like their parents, a stark contrast to early predictions. However, their journey to homeownership has not been smooth. High student debt, accelerating housing prices, dwindling inventory, and rising mortgage rates have formed a formidable barrier, especially for millennials. As a result, the dream of homeownership has been delayed for many. But as they step onto the property ladder, what truly drives their home-buying decisions, and how are they shaping the future of real estate? Barriers to Homeownership Despite their deep desires, millennials have not changed the housing markets because many struggle to become homeowners, negatively impacted by affordability issues, including the need for a down payment, the burden of student debt, escalating housing prices, and a lack of entry-level homes. Millennials hold 30.4% of the total debt. In fact, 15 million millennials are grappling with student loan debt, more than any other generation. They carry an average balance of $33,173 per borrower. And research shows over 79% see student debt as a significant issue for their generation. Moreover, personal affordability issues keep 78% of aspiring-homebuying millennials from purchasing a home, while the current housing market and economic conditions hold back 59% of them. A National Association of Realtors report from 2022 revealed that 27% of younger millennials saw accumulating funds for a down payment as the toughest step. A Bankrate.com survey found that many millennial non-homeowners cited limited savings and too-high home prices as reasons for continuing to rent. Over half (53 percent) of the older millennials, who aspire to be homeowners, said they could not afford the down payment and closing costs, higher than any other age group. Younger millennials noted other hurdles, including not having enough income (49 percent), home prices being too high (47 percent), and not being able to afford the down payment and closing costs (42 percent). Why millennials are different Because of the challenges millennials face, their entry into the real estate market has looked different from that of other generations. Overall, millennials are buying their first homes later than their baby-boomer parents. There are many reasons they are delaying homeownership. Still, studies show that high student debt, the enduring effects of career stagnation caused by the Great Recession, and the impact of the pandemic are among the most cited reasons. But it's not only about money. Many millennials also are delaying traditional milestones. In 2020, the median age for a man's first marriage crossed 30; for a woman, it was over 28. Correspondingly, the typical first-time homebuyer age has increased to 36, the oldest ever on record. One of the biggest influencers of changing housing is when a couple starts a family. Compared with earlier eras, people today have their children later in life. That also contributes to delayed homeownership for millennials. According to demographers at Ohio State University and the University of North Carolina at Chapel Hill, despite the recent fall in US birth rates, most young people still plan to become parents but are delaying childbearing. Another Bankrate survey found nearly two-thirds of Americans (64 percent) are willing to sacrifice to find affordable housing. Among millennials, 33 percent would buy a fixer-upper, 32 percent would move out of state, and 31 percent would downsize their living space. Home and design preferences For the first time, in 2022, more than half of millennials (51.5%) owned a home. However, reaching this milestone took millennials longer than any other generation. But their real estate influence continues to grow, as does their impact on home designs and features. Research shows millennials prefer buying a smaller move-in ready home than undertaking a fixer-upper. More than any other demographic group, Millennials prefer move-in ready houses over fixer-uppers. Designers say millennials opt for open spaces, connecting living and dining areas with the kitchen. Millennials also desire outdoor living spaces. Because millennials are digital natives, they expect homes to have technology with smart features such as home security, automated lighting, smart locks, and thermostats. Working from home is driving millennials' desire for home office space and workout space in the house. Pets are also a priority for millennials, influencing their home-buying decisions. For example, 79 percent of pet-owning new homeowners surveyed by Realtor.com said that they would pass on an otherwise perfect home if it didn't meet the needs of their pets. A Harris Poll found that 33 percent of millennial home buyers said their dog influenced their home-buying decision, outranking marriage and kids as the motivation. The study found this true among future millennial home buyers, with 42 percent surveyed saying a dog will be a crucial factor in their home purchasing decision. Renovation and remodeling trends among millennials The post-pandemic home improvement wave also spread to millennials. Although millennials account for less than 10% of homeowners who renovated last year, their renovation spending spiked 33% from the previous year, averaging $20,000. With the median age of the US home approaching 40 years, remodeling and renovation is rising rapidly. Fueled by the fact that more than half of America's homes were built before 1980, 55% of homeowners reported renovating at least part of their homes in the last year. In 2022, Americans spent an estimated $427 billion on home improvement projects. It's an accelerating trend over the last several years and is expected to continue, eclipsing $600 billion in 2025. While kitchen renovations and bathroom remodeling were the most popular home improvement projects, a Houzz study found that millennials did more home system upgrades than any other generation, focusing on automation and security enhancements. Upgrading home offices also were a priority for millennials more than any older generation in 2022. Not surprisingly, older millennials make the most renovations of their homes, but nearly all enjoy the result of home improvement. Researchers found that 93% of all homeowners felt they had a better quality of life after renovating. Interestingly, millennials overall shun taking on significant home improvement debt. Industry research shows that most millennials, nearly 88%, utilize cash savings for renovations. However, 35% also rely on using credit cards, a higher percentage than older generations. A blueprint for tomorrow's real estate As millennials continue to navigate the intricate dance between dreams and financial realities, one thing becomes evident: they are not just participants in the housing market; they are active sculptors. With their tech-savviness, appetite for digital information, and a strong desire to become homebuyers, they offer a fresh perspective on what they want as homeowners. Their journey teaches the real estate industry invaluable lessons about adaptability, resilience, and the undeniable power of understanding consumer needs. In embracing the millennial HGTV generation's unique blueprint, real estate professionals aren't just staying relevant; they're setting the stage for a vibrant, inclusive, and dynamic future in housing. For real estate agents and brokers, understanding and catering to this generation's nuanced needs isn't merely a sales strategy; it's a roadmap to the housing market's future. Jessica Morrow, a seasoned real estate veteran, is Head of Operations for Revive. Revive's mission is to guide home sellers through pre-sale renovations without upfront costs. Working with Revive, home sellers maximize their profit when selling their homes.

Riding the Wave: The Impact of Real Estate Market Cycles on Agents
Today, we're diving headfirst into the exhilarating world of real estate market cycles, where we'll explore how these wild waves impact real estate agents. Just like skilled surfers, agents must learn to ride each wave with finesse, maintaining balance and finding opportunities amidst the peaks and troughs. So, buckle up your seatbelts, grab your boards, and let's ride the four major waves: Recovery, Expansion, Hyper Supply, and Recession! In each section, we'll talk about how each phase directly impacts agents — read on! Recovery: The Resurgence Ride Imagine that the market has reached its lowest point and that everyone is holding their breath in anticipation of a turn in the tide. The Recovery wave suddenly bursts in, rising from the ashes like a phoenix. This is the time to shine for real estate agents! As the market begins to recover, foreclosed homes become easy pickings. It's time to don your detective hats, search the market for undiscovered treasures, and strike deals that will delight your customers. Building trusting relationships with buyers and sellers is the key to success during the Recovery phase. Your best resources as you help homeowners through their financial struggles and match eager buyers with affordable opportunities are empathy and understanding. Remember, this is the time to be patient and strategic as we slowly paddle towards the next wave. Expansion: The Thrilling Surge Welcome to the Expansion wave, where the sun is shining and the waves are getting bigger. Agents are currently in their element, similar to a surfer riding the peak of a massive wave. Property prices are rising as quickly as a seagull eyeing a fisherman's chips due to the soaring demand. In this thrilling phase, agent competition reaches a fever pitch, and must seize the opportunity with vigor. Your magic wand turns into marketing during the expansion phase. Utilize social media, catchy listings, and virtual tours to captivate potential sellers and draw in eager buyers. To avoid getting completely wiped out when the wave crashes down, take care not to get carried away in the excitement and maintain a cautious approach. Hyper Supply: The Tidal Wave The real estate market takes us on a wild ride with the Hyper Supply wave just as we were beginning to believe that the good times would never end. We now find ourselves swimming against the forceful current of competition as the once-abundant properties flood the market. Even seasoned agents find this phase challenging because it necessitates creativity and adaptability to survive. Presenting yourself as a knowledgeable agent is more important than ever during Hyper Supply. Customers want proof that you can steer them through rough waters and negotiate the best deals. Utilize technology to set yourself apart from the competition by providing 3D tours, virtual home staging, and in-depth market analyses. It's time to roll up your sleeves and get creative, turning challenges into opportunities to demonstrate your value. Recession: The Ebb and Flow What goes up must come down, as every surfer is aware of. We then reach the Recession wave. Sales slow down as the market takes a deep breath, putting agents' resilience to the test. Despite the temptation to stay inside and weather the storm, this is the time when true professionals shine the brightest. Maintaining contact with clients is your lifeline during the Recession phase. Maintain open lines of communication while sharing insightful tips and guidance for navigating the choppy waters. Keep in mind that a devoted client today might become a repeat client in the future. Spend money on ongoing education, developing your abilities, and boosting your knowledge base to become stronger and more flexible when the market starts to recover. And there you have it, agents – the four exhilarating waves of the real estate market, each with its unique challenges and opportunities. Just like skilled surfers, you must adapt, innovate, and keep your eyes on the horizon to ride the waves of Recovery, Expansion, Hyper Supply, and Recession with finesse. As the market cycles shift and twist, remember that every wave eventually returns to the shore. Embrace the excitement, learn from the lows, and celebrate the highs! To view the original article, visit the Transactly blog.

Why Is Housing Inventory So Low? Tips for Overcoming Market Challenges
Welcome back to our "Tips and Tricks Tuesday" series, which highlights articles around a monthly theme. August's theme is "Finding more homes for sale." Read on for tips and tricks for finding business even in challenging market: The real estate market continues to grapple with persistent inventory issues, creating a challenging environment for both buyers and sellers. As demand for housing remains strong, the supply of available properties struggles to keep pace, resulting in a highly competitive landscape. In the latest episode of Destination Coaching, TRIBUS coaches Johnny Pfeiffer and Brandon Doyle discuss these inventory issues in real estate today. They go over what it actually is, how it happened and what is to come of it. Find out their thoughts about Zoom Cities, market efficiency, construction and interest rates. For more content like this, head to destcoaching.com and sign up for a free call today.

The Rise of Luxury Apartments During an Affordable Housing Crisis
The demand for luxury apartments has been on the rise in recent years, with cities across the U.S. filling up with high-end rental properties. According to a CNBC report, more and more people are willing to pay top dollar for apartments that offer modern amenities and a prime location. The rise of luxury apartments and their impact In the last two decades, luxury homes went from representing just one-third of new apartments to now more than 50% for this year. One example of the trend is in Austin, Texas, where luxury apartments are growing even more upscale. According to Axios, some of the newest buildings boast features such as rooftop pools and outdoor fireplaces. These amenities come at a cost, with some one-bedroom apartments costing nearly $5,000 per month in rent. While luxury apartments are popping up more and more, the same cannot be said for affordable housing. A report from VICE notes that even though apartment construction has reached a record 50-year-high, the amount of affordable units has decreased. Places like Ohio and Michigan previously had the largest shares of low-rent units are also starting to lose them. This trend has led to concerns about affordable housing and the growing wealth gap in America. Many Americans are struggling to pay rent on even modest apartments, let alone luxury ones, with more than 21 million renters paying over 30% of their income toward rent. While luxury apartments may be in high demand in some areas, it is clear that there is a need for more affordable housing options as well. As cities continue to grow and change, it's important to find ways to balance the needs of all residents. Potential solutions for affordable housing One potential solution to the affordable housing crisis is the implementation of inclusionary housing policies. These policies require developers to set aside a certain percentage of units in new buildings for low- and moderate-income renters. In return, developers may be given incentives such as taxes waived for 10 years. Another solution is the expansion of public housing programs. While public housing has long been stigmatized in the U.S., it can be a critical lifeline for low-income renters who are struggling to find affordable options. By increasing funding for public housing and improving the quality of existing units, cities can help ensure that all residents have access to safe, affordable housing. Finally, there is a growing movement to establish community land trusts. How they work is someone buys a house that sits on land owned by the community land trust, typically a nonprofit organization. The home price is more affordable because the person only buys the home, not the land. If the homeowner sells the place, they agree to do so at a restricted price to keep it affordable in perpetuity. This can help ensure that affordable housing options are available in areas where gentrification may be driving up prices and can also help prevent the displacement of low-income residents. While these solutions are not without challenges, they represent potential paths forward for addressing the affordable housing crisis. To view the original article, visit the Rental Beast blog.

How RPR Metrics Can Help Realtors Predict Market Trends
Predicting the future of the real estate market is no easy feat. However, by utilizing data and market metrics, it is possible to identify trends and make well-informed conclusions. In this article, we will discuss how Market Trends from RPR can help you identify potential inventory and pricing trends, enabling you to better prepare and advise your clients. Mastering Market Analysis with RPR Market Trends A variety of metrics found in RPR can be useful for forecasting future market conditions. By analyzing historical data and patterns, you can make data-driven predictions about the real estate market, enabling you to better serve clients and make more informed decisions. Here's an example of how each metric can be used in forecasting: Month's Supply of Inventory: By observing trends in inventory over time, you can anticipate potential shifts in the market. For instance, a consistent decrease in Month's Supply of Inventory suggests a strengthening seller's market, while an increase could signal a shift toward a buyer's market. Forecasting these changes can help you and your clients make strategic decisions about when to buy or sell properties. List to Sold Price Percentage: Monitoring the list to sold price percentage over time can help you identify trends, such as whether the market is becoming more competitive or not. If the percentage is consistently increasing, it might indicate a stronger seller's market, whereas a decreasing percentage could suggest a more favorable buyer's market. Forecasting these trends can assist clients in making well-timed offers and developing effective negotiation strategies. Median Days in RPR: Analyzing changes in the median days in RPR can help you anticipate fluctuations in market demand. If properties are consistently spending less time on the market, it could indicate an increase in demand and a possible uptick in property prices. Conversely, longer selling times might suggest a decrease in demand and a potential downward trend in property values. Forecasting these trends can help clients make better decisions about when to enter or exit the market. Median Sold Price: Observing trends in median sold prices can provide insights into the overall health of the market and help you identify potential areas of growth or decline. By comparing median sold prices across different neighborhoods and time periods, you can forecast future price trends and advise clients on the best locations and timing for their investments. By combining these metrics and observing trends over time, you can develop a comprehensive understanding of the real estate market and make more accurate forecasts. These forecasts can then be used to inform clients' decision-making, optimize marketing strategies and ultimately lead to more successful transactions. To view the original article, visit the RPR blog.

4 Real Estate Marketing Trends
In every industry, there is always a "next big thing," and keeping up with them can feel overwhelming. As a whole, the real estate sector is not exempt from these shifts. New technologies regularly emerge, as do new trends, but few live up to their hype. However, in recent times, the transition has been towards personalization. Personalizing your real estate marketing helps target the right real estate clients and also helps you understand strategies and trends that work. Today's consumers know exactly what they want, and you want to ensure that you not only match demand but also that what you provide is what they are looking for. Here are key methods or techniques to personalize marketing trends for your target audience. 1. QR Codes and QR Code Generators Develop a content marketing strategy to get inbound leads. Content marketing is today's most effective real estate marketing strategy, allowing organizations to reach out directly to their audience. The introduction of QR code generator apps for real estate professionals has made the process even more accessible and more effective. Now, real estate agents can embed a plethora of marketing information in QR codes, which provides extensive information to users without making it look too chunky to read or understand. In fact, QR codes immediately grab the attention of curious users who will be keen to find out about the information hidden within the code. Realtyna's QR Code generator app is designed to help real estate professionals generate codes for their marketing campaigns without hassle. 2. Use SEO to Boost the Ranking of Your Property Websites To keep your real estate website in search results, it is essential to use SEO to boost your website ranking on popular search engines. With single property websites, you will be able to: Showcase more photos Add videos Include detailed descriptions Properly optimize your listing for search engines Build brand awareness, and more Additionally, using SEO to boost your property website gives you more information about the customer while providing the much needed site traffic. 3. Create Video Tours to Remotely Showcase Real Estate Listings Realtors can now create video tours of their real estate listings and post them on websites, YouTube, TikTok, and other media platforms to capture the attention of potential clients. Video marketing not only provides a more intuitive approach, but videos have been proven to offer better conversion than images. 4. Post on Social Media to Boost Engagement It is no secret that social media is one of the most instrumental solutions to digital marketing. So as real estate professionals, it is vital to effectively create accounts and use all these platforms to market your business or services. You can post videos, photos, infographics, share real estate tips, etc., to draw more leads and engagements to your business profile and, eventually, your website. These are all smart trends to adopt as part of your real estate marketing strategy. To view the original article, visit the Realtyna blog.

Smart Home Technology and Opportunities for Real Estate Agents
Smart home technology has become an increasingly popular trend in recent years, and it is changing the way people live in their homes. This technology has also had a significant impact on the real estate market, providing a wealth of opportunities for agents to differentiate themselves from their competition and provide added value to their clients. In article, we'll be examining the impact that smart home technology has on the market, as well as potential opportunities for real estate agents — read on! Increased demand The increased demand for homes with these technologies is one of the biggest effects of smart home technology on the real estate market. Homeowners who are looking for ways to improve their quality of life will find smart home technology more appealing as it becomes more accessible and affordable. For instance, smart thermostats like Nest and ecobee enable homeowners to remotely control the temperature of their homes, change settings based on their schedule, and even gradually learn their preferred settings. In addition to lowering energy costs for homeowners, this technology also makes daily life more convenient. Other smart home technologies, such as security systems, lighting, and entertainment systems are also in high demand in addition to smart thermostats. Due to the increased safety, convenience, and entertainment options these technologies offer, homeowners are seeking out homes with them. Real estate agents who are able to recognize and market homes fitted with these technologies have a competitive advantage as a result of the rise in demand for smart homes. Agents can set themselves apart from other agents who are not emphasizing this aspect of the home by highlighting the smart home features of a property. Faster sales and higher commissions may follow from this. Added value The potential for agents to offer their clients additional value is another way that smart home technology is changing the real estate market. Agents can offer a higher level of service to their clients by enlightening them on the advantages of smart home technology and assisting them in spotting homes with these features. As a result, there may be an uptick in customer satisfaction and loyalty as well as recommendations for new customers. An agent might, for instance, assist a client in finding a house equipped with a smart security system. The agent may also provide instruction on how to use the system and modify it to suit the client's requirements. This added level of service can be a major selling point for clients, who may be more likely to refer the agent to their friends and family. Streamlined home processes One final impact of smart home technology on the real estate market is the potential for agents to use this technology to streamline their own business operations. For instance, a variety of smart home gadgets, such as security cameras and smart locks, can be used to remotely monitor a property. These technologies allow real estate agents to keep an eye on their listings from a distance, ensuring that the property is safe and secure for prospective buyers. Smart home technologies can also be used to make virtual tours of a house so that potential buyers can see it from a distance. By eliminating the need for open houses and physical showings, this can save agents time and money. Clients may find the convenience of being able to view a property from the comfort of their home appealing, making virtual tours another important selling point. In conclusion, smart home technology has had a significant impact on the real estate market, providing opportunities for agents to differentiate themselves from their competition and provide added value to their clients. By focusing on smart home features when marketing properties, agents can increase their chances of making a sale and earn higher commissions. Additionally, by educating their clients on the benefits of smart home technology and helping them identify homes with these features, agents can provide a higher level of service and increase client satisfaction and loyalty. As smart home technology continues to evolve, it will be interesting to see how it further impacts the real estate market. To view the original article, visit the Transactly blog. Further Reading Your Smart Home Primer Smart Homes Need Smart Realtors Green Home vs. Smart Home (and the Top 9 Features)

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.

Cool New Technologies in the Real Estate Industry
Let's talk about technology! In the modern age, technology has made everything so much easier. Aside from communication, technology has expedited the process of numerous facets of businesses — with real estate and its individual processes being one of them. The introduction of cutting-edge technologies in real estate promises to change the way business forever is conducted in this age-old industry. The real estate market is a major component of the world's economy, with a global value of over $7,196 billion. If you want to learn more about the state of the real estate industry after the pandemic, technology trends in real estate for 2023, and software development trends in real estate, keep reading for three recent trends! Proptech Proptech, which is a term coined from the words "property" and "technology," is the application of information technology and platform economics to the real estate industry. It encompasses the various solutions that are involved in the growth of commercial real estate software. Property technology overlaps with financial technology, including uses like online payment and booking systems. Examples of Proptech include solutions that operate on: Big data Artificial intelligence (AI) Machine learning Virtual reality (VR) Augmented reality (AR) Internet of Things (IoT) 5G The Blockchain As real estate continues to thrive as both a necessity and a form of investment, the Proptech industry shows no signs of slowing down with new generations of consumers and realtors opting for smart solutions that facilitate faster rentals and more convenient living arrangements. Mobile Applications One of the best (and most popular) technologies used in the industry are mobile applications. The ones that are most widely used are rental and home search mobile platforms. Prominent examples of these applications include: Zillow Redfin Realtor Xome Trulia These applications offer numerous advantages to potential homebuyers and renters who are interested in finding out more information about a property. The databases in these applications are frequently updated, meaning that they provide live, up to date information on homes and apartments that are available on the market, and those that are no longer available on the market. Consumers who are also interested in selling or listing a property up for rent may also make use of these applications. Some even expedite the process and put users in touch with a real estate agent. If you are someone looking to be more involved in real estate for the years to come, mobile apps are a must. Real Estate Transaction Management Software Last but not least, we can't forget real estate transaction management software. This software enables agents to create, share and electronically sign forms and contracts. Some popular examples of these include: Northspyre dotloop iHomefinder Agora To view the original article, visit the Transactly blog.

Top 5 Home Trends to Watch in 2023
Move over, chef's kitchens. Functional outdoor space is the new must-have for 2023 home buyers. Zillow data finds backyards are now being mentioned 22% more often in for-sale listings compared to last year, suggesting this once overlooked area will be one of the most sought-after spaces in the coming year. The evolution of the backyard tops Zillow's top five home trends to watch in 2023, based on Zillow's data and analysis. Backyards move to the forefront The humble backyard, once overshadowed by chef's kitchens and walk-in closets, is the new luxury for today's home buyers. Backyards are now highlighted in 1 out of every 5 Zillow listing descriptions. Mentions of patios and pools also surged, up by more than 13% and 11%, respectively, in 2022. "The rising popularity of outdoor features suggests the pandemic has changed the way we want to live for good, priming the backyard for a 2023 evolution," said Amanda Pendleton, Zillow's home trends expert. "When the pandemic forced all entertaining outdoors, homeowners reclaimed their backyards from the kids or the dogs. Now they're rethinking how that space could serve as an extension of their home in new, creative ways." In 2023, look for outdoor home gyms, natural pools alive with plants, edible gardens, and outdoor rooms for dining, lounging and quiet reflection. Kitchen islands get their glow up Today's ideal kitchen now includes a spacious island. This hub can seamlessly flex from breakfast bar to homework headquarters to dinner prep station, which is likely why there was a 19% increase in mentions of this multifunctional feature in listing descriptions on Zillow this year. "As we redefine the spaces in our homes, kitchen islands are being designed to accommodate dining and entertaining activities in the kitchen rather than the formal dining room," said Kerrie Kelly, creative director at Kerrie Kelly Design Studio. "In 2023, we will see a surge of larger and even double kitchen islands using unique colors and materials." Instead of islands blending in with the kitchen, expect to see them stand out in contrasting paint colors or wood stains. Different countertop materials, combination wood and stone worktops, and mixed metal fixtures and hardware will become more common. Look for homeowners to increasingly repurpose unique furniture pieces or vintage tables as islands. Mirrored walls are back A mirrored wall or ceiling might conjure up 1970s flashbacks, but this throwback feature is primed to make a 2023 comeback in a modern way. Mirrored surfaces reflect light and can make tight quarters feel more spacious. Today's mirrored wall is often antiqued and applied in a grid, adding character and an on-trend Parisian feel. Mirrored walls or ceilings are now appearing 12% more often in listing descriptions on Zillow. Privacy, please For nearly three decades, contractors have been taking down walls across America as homeowners and builders embraced open concept living. However, the pandemic exposed the fatal flaw of the open floor plan once everyone was living, working and schooling at home: the lack of privacy. A soundless space for video calls or a quiet sitting room for reading became more desirable than ever. More than a quarter of all Zillow listings now mention privacy or private spaces, a 7% increase over last year. As home buyers and homeowners seek out privacy, calm and quiet, expect the closed floor plan to make a return to style in 2023. Closed floor plans create cozy, comfortable, enclosed spaces within a home, allowing for bold color and design statements in each room. Homeowners who have open floor plans will look to compartmentalize their space through furniture layout and design to create private nooks and corners. The renovation generation The youngest homeowners will lead a new wave of the pandemic-era renovation boom. A new Zillow survey finds 48% of homeowners younger than 40 have tapped the equity in their home in the past two years, most commonly to pay for home improvement projects. However, 90% of those homeowners under 40 who took out a home equity line of credit or second mortgage, or opted for a cash-out refinance, have yet to spend all the money they borrowed, suggesting 2023 may be the year they complete all the renovation projects on their to-do list. Look for this younger generation of renovators to focus on projects that make their homes more sustainable, low-maintenance and high-tech. Investing in drought-resistant landscaping and smart-home systems are energy-efficient projects that can help save money, the environment and boost a home's value when it's time to sell.

Mortgage Rate Trends We Can Expect in 2023
Man, talk about them mortgage rates! Mortgage rates have been on the rise in recent years, but there are signs that they may level off in 2023. The average 30-year, fixed-rate mortgage was 6.42% for the week ending December 29, up from 6.27% in the previous week. While that rate increase broke five consecutive weeks of declines, it's still down from last year's high of 7.08% November 10 and October 27—the highest rate in more than 20 years. Numerous experts are predicting a drop in mortgage rates this year, and in this blog post, we'll explore some of the reasons why mortgage rates could drop, and what it could mean for potential homebuyers. Read on to see the factors and mortgage rate trends that we can expect coming for us this year! The state of the economy is one of the main factors that might result in lower mortgage rates in 2023. The U.S. economy is currently experiencing rapid growth, low unemployment, and rising wages. However, a lot of experts believe that this growth will slow down in the upcoming year, which might cause inflation to fall. When inflation is low, interest rates are pushed lower, which could result in lower mortgage rates. Mortgage rates may be lower in 2023 as a result of the Federal Reserve's monetary policy, which is another factor. Mortgage rates are directly impacted by the interest rates that are set by the Fed for the nation. In order to boost the economy, the Fed has kept interest rates low recently, and they have said that they intend to do so for the foreseeable future. This policy is likely to continue this year which could lead to lower mortgage rates. Mortgage rates may decline in 2023 for a third reason: increased competition among lenders. Due to the increased competition in the mortgage market, lenders will compete for customers by presenting more enticing terms and lower interest rates. Because of the increased competition, mortgage rates may be reduced for borrowers. Finally, the recent modifications to the tax code may also affect mortgage rates in 2023. The amount of interest that homeowners can write off on their taxes has been restricted by the new law. This might result in fewer people applying for mortgages, which would reduce demand and lower rates. Now, don't get on your high horse — it should be noted that these are only predictions and that there is no assurance that mortgage rates will decrease in 2023. But if they do, it might be fantastic news for prospective homebuyers. Less expensive mortgage rates would make it simpler for people to purchase a home, which might encourage more people to do so and strengthen the housing market as a whole. It's important to keep in mind that even if mortgage rates do drop, it's not necessarily the best time for everyone to buy a home. It depends on one's personal financial situation and long-term goals. Before making any decisions about buying a home, it's important for real estate consumers to consult with a financial advisor and consider all of their options. In conclusion, while no one can predict the future with certainty, the signs point to the possibility of mortgage rates dropping in 2023. The state of the economy, the Federal Reserve's monetary policy, increased competition among lenders, and changes to the tax law are all factors that could contribute to this trend. If mortgage rates do drop, it could be a great opportunity for potential homebuyers to take advantage of lower rates and purchase a home. To view the original article, visit the Transactly blog.

Keep Up with These Seasonal Trends for Google and Facebook Ads
'Tis the season — to master your digital ad strategies and scale your real estate business. Marketing your real estate business with paid advertising campaigns on Facebook and Google helps you gain visibility with internet buyers and online leads. However, the paid ad playing field isn't necessarily evenly distributed all year long. Just like the real estate market goes through its market cycles where the environment is determined by the levels of supply and demand, your paid ad experience will fluctuate over time, too. Depending on how many buyers are shopping online and the volume of advertisers at any given time, your cost-per-lead will adjust accordingly—another critical factor that affects your paid ads performance is the time of year. 2 Need-to-Know Trends for Google and Facebook Ads To prepare you for the changes that are going to impact your digital marketing and paid advertising performance, here are two need-to-know trends that real estate teams will be coming up against in the next few months. 1. Search Volume Matches Market Activity Every real estate professional knows that the high season is usually spring. In recent years, the pandemic did influence the sales cycle and disrupt the industry's normal market pattern. However, the holidays do typically slow down as buyers and sellers settle down to enjoy the holly-jolly end of the year. As fewer buyers typically hit the market in the fall, online searches tend to dip, too. Expect to see the demand fall in October and continue to slow down into December. The market begins to regain its momentum at the beginning of the new year, and it continues to pick up into the spring and summer months — kicking off the spring buyer's rush. If you start to see your paid ad performance decline during the holiday months, keep in mind that it's the natural pace of the market. 2. Expect the Expenses for Social Media Advertising to Rise Real estate professionals aren't the only ones who leverage social media ads to boost their businesses. Around the holiday season, retailers invest heavily in advertising on popular social media channels to capture digital consumers. What does this have to do with real estate agents? Since retailers are flooding ads onto social media, the prices increase. This means that agents who are continuing their usual real estate marketing strategy will see their marketing spend raise during the prime holiday gift shopping months. If you notice that the prices go up around October and November, don't be alarmed. They should balance out again at the end of December and into the new year. Pro Tip: If you're a new real estate team that's just getting started with paid digital advertising, keep in mind that the prices are inflated at this time of year. Don't think that these prices are the baseline and abandon this critical avenue for attracting and keeping in touch with your sphere! 2 Ways to Overcome the Seasonal Shifts Do you want to overcome the seasonal hurdles and establish a more solid paid ads performance to keep your real estate business top-of-mind? Follow these two best practices. 1. Diversify Your Marketing Plan to Balance Out Your Performance Since you know that your paid advertising on Google and social media may dip during the holiday months, you can overcome the seasonal cycle by diversifying your marketing efforts. Now is a great time to branch out and expand your marketing strategy to balance out your real estate brand's overall performance. This is a classic pivoting strategy that helps real estate teams stay on their A-game, even as the market takes its annual turns. By expanding into different areas, your business won't take as big of a hit as it would if you were fully relying on one tactic. 4 Digital Marketing Avenues to Explore Over the Holiday Months: Microsoft Bing Facebook Amazon Instagram 2. Don't Follow the Competition and Leave the Arena Many real estate businesses will see the paid digital ad market begin to stall and stop investing in it. Yes, demand may slow, and prices may even hike up. But, that doesn't mean the right strategy is to stop your digital ad campaigns altogether. The top-performing real estate teams know that this seasonal adjustment actually clears out the competition, giving your business and your message more visibility. Let your less strategic competitors leave the arena. Even if you continue to advertise at your usual pace, you'll stand out and get more eyes on your marketing campaigns. The logic is simple. As competitors leave, there's less traffic crowding the platforms you're creating ads for. Pro Tip: One paid ad area you should never surrender is Google. Why? Because Google Ads reward consistency. If you create campaigns that don't pause, Google will actually prioritize your ads — helping them perform better when the demand regains its usual pace. Marketing hack, unlocked. To view the original article, visit the BoomTown blog.

The 7 Types of Realtors This Market Will Crush
Rising mortgage rates have caused many buyers to put the brakes on their home purchasing plans. That means there's less business to go around these days—and not every agent is going to make it. We believe, however, that there's not only room to survive this market shift, but to thrive. That belief comes with a caveat, though: if you're one of the seven types of agents in this video, your chances of making through are... not great. Do you fall into one of these seven categories? Watch the video above to find out. (Spoiler alert: if you're disciplined and organized, you'll probably weather this shift just fine.)

5 Reasons Why the Sky Is Not Falling: By the Numbers
The spike in home sales during the middle of the pandemic took nearly everyone by surprise. Previous housing predictions had been dire. The March 19, 2020, headline from CNBC recapped the initial universal sentiment among industry experts: "Home sales could fall 35%, as coronavirus stalls spring housing market, new analysis says." Money magazine reported on April 30, 2020, "Four out of five agents surveyed in early April by the National Association of Realtors said they saw fewer houses on the market. Only half of Americans said they think that now is a good time to buy a home, according to a recent Gallup survey — the lowest share since Gallup began tracking people's sentiments on real estate in 1978." With hindsight, we know the exact opposite happened: We saw record home sales and homes flying off the shelves at an unprecedented speed. It shouldn't be surprising for anyone who has been in real estate for more than a decade that we're hearing the same doom and gloom forecasts today. This time, the catalyst is not a virus, but an unprecedented rise in mortgage rates. Current headlines forecast more bad news for housing: CBS News reports, "U.S. home prices could fall as much as 20% next year," with the New York Times adding, "The Housing Market Is Worse Than You Think." One of the most recent negative headlines buries the news for doom and gloom, leading with: "More than $1 trillion in equity shed during third quarter." The same story notes that "tappable equity at the end of September was at $10.5 trillion," and that "home prices remain up 45% from the start of the COVID-19 crisis. Median home prices are still at least 19% above their February 2020 levels in every major market in the country." It is the headlines that are causing an overreaction among many real estate agents, resulting frequently in panic. The good news is that 2023 is not 2008. The numbers prove the difference. So, let's stop talking about single-source predictions and economic forecasts and instead focus on what the data tells us about today's real estate market compared to 2008. 1. Massive versus little equity: In 2008, "homes were underwater." That was the dominant buzz phrase to describe the chaos that followed when the financial markets collapsed. But the rapid rise in home values during the pandemic has created a completely different real estate market in 2023. Homeowner equity keeps growing, even today despite recent market turndown, reports real estate data guru ATTOM. Only one in 35 homes are seriously underwater. In 2008, nearly one in five homeowners were underwater, CNN Money said on October 31, 2008. 2. Highest FICO scores ever: Between 2004 and 2013, which included the mortgage crisis, average credit scores were at their lowest recorded level at 686. From 2018 to 2020, the average rose to 710, a record high according to a report from credit firm Experian. Others find the average score is even higher, hitting a record high of 788 in the first quarter of 2022, the Federal Reserve Bank of New York reported. Between 2001 and 2009, nearly a third of all home loans were made with a FICO score below 660. Today, few new mortgage loans are made for borrowers with credit scores below 670. What drove the last housing crisis to the brink was the wide availability of no-doc and subprime mortgage loans (below 600 FICO scores). We know that lower FICO scores resulted in more loans that were seriously delinquent in 2005 through 2007. Subprime loans today are but a small fraction of mortgages originated: just 3 percent, according to the N.Y. Fed, versus about 1 in 8 loans from 2003 to 2007. 3. Lower foreclosure rates: In January 2009, the MarketWatch headline said, "2009 foreclosures hit a record high: No relief in sight as delinquent loans continue to pile up." That month, foreclosure filings jumped 21%, comprising 2.21% of all U.S. housing units. A stunning 2.82 million housing units, or one in 45, were in foreclosure. In September, 31,836 properties had foreclosure filings, according to ATTOM, saying they are still lagging at pre-pandemic levels. 4. Inventory shortage of homes needed for population growth: Between 2007 and 2020, homebuilders started at nearly 400,000 homes fewer than their historical average. As the No. 1 ranked real estate agent Ben Caballero expertly detailed for Inman News in May 2020, even if homebuilders can increase production to 1.5 million new homes a year, it will take at least six years to catch up. We have a major housing shortage. Supply and demand drive U.S. markets, including real estate. Keep in mind that the U.S. population in 1980 was 226.5 million people. Today, we have 100 million more people: the population is 331.9 million. While we will see many markets have more home inventory coming online, we have a systemic national shortage and will continue to need more homes. 5. 4 million to 5 million homes are sold each year, regardless of interest rates: From 1998 until 2022, over 4 million homes have been sold annually. When interest rates were below 3%, more than 6 million existing homes were sold. But when interest rates were close to 6% in 2005, 7.1 million existing home sales were made. Interest rates are not the only driver in a home-selling decision. If they were, home sales would completely collapse when interest rates are higher. But they don't — because life happens. People marry, have children, kids move out, divorces happen, families relocate to retire, careerists move for a new job, family members die, Americans want a bigger or smaller home, to move closer to family — those are just some of the reasons driving home selling decisions. Also, remember the adage that you "marry the home but date the rate." This is as true today as in October of 1981, when mortgage rates exceeded 18%. Rates go up, and they also come down. People refinance. How many people do you know have had the same home mortgage for 30 years? No one can predict interest rates — but historically, we know they do not remain high forever. 2023 is not 2008 As you can see, the sky is not falling. But will the housing market experience a correction? Yes. Prices cannot go up forever without wages keeping pace: History shows us that. But will we have a collapse in pricing? The data says, "no." 2023 is a year with homeowners having more home equity because of the run-up in home values. FICO scores will remain high, and the activity in subprime loans and foreclosures remain far below anything like we saw in 2008. While we will likely see more inventory in many markets, it won't be enough to fix our housing shortage problem. Life happens regardless of the news. People will still move whatever interest rates are doing. Of course, some may pause — just like people paused when the pandemic first struck — but history shows buyers adjust and come back into the market. Jessica Morrow, a founding team member at Revive, is the Chief of Staff and oversees company-wide operations. A real estate industry leader, Jessica's background includes real estate brokerage management and ground-up construction. Learn more about Jessica and Revive at revive.realestate.com.

Matterport Releases Survey Results of U.S. Residential Real Estate Buying Trends
In June of 2022, Matterport issued a global survey to check the pulse on consumer preferences in seven key global markets in the face of a shifting post-pandemic residential real estate market. With interest rates in the United States hovering around 7%, combined with economic uncertainty, buyers have become a bit more hesitant with many taking a wait-and-see approach on purchasing a home. Some homeowners have also expressed a hesitation to sell as prices are decreasing and the prospect of obtaining a new mortgage loan for themselves would likely entail a higher interest rate. As a byproduct, the residential real estate market has slowed with listing prices dropping in some markets and buyer activity returning to pre-pandemic levels. Despite a slowing in the market, the Matterport survey did find that many of the market shifts and consumer preferences that took place as a result of the pandemic have retained their importance in the buying process. To navigate this changing market landscape, residential real estate professionals are seeking strategies and adopting tools that increase visibility for their properties to buyers, accelerate sales cycles, and provide a competitive advantage for the entire sales cycle including winning listings, marketing those homes, then closing those sales. Here are our findings for the residential real estate market in the United States: Remote Work Isn't Going Away In a post-pandemic market, buying trends are still strongly influenced by making accommodations for remote work 41% of home purchases were driven by the need for more space 35% of home purchases were inspired by the need to support remote work 34% of buyers who purchased a home in the last two years relocated more than 50 miles from their previous home Digital Twins Engage Buyers For real estate professionals, these trends present an opportunity to close sales with the adoption of technology that casts a wider net to attract and accommodate a larger amount of buyers from a wider geographical radius: 31% of buyers spent more time viewing listings with virtual tours 30% of respondents made an offer on the property sight unseen 62% of buyers surveyed stated that virtual tools would be an essential resource for future purchases Digital Twins Close Sales 89% of respondents stated that virtual property tours were an important part of their purchase decision 52% of respondents indicated that there was a virtual tour of the listing they ended up purchasing 33% of buyers made their purchase sight-unseen Maintain a Competitive Advantage As the real estate market tightens and becomes more competitive it is essential to leverage tools and processes available to ensure your business remains competitive. Matterport digital twins are proven to shorten sales cycles by reaching a broader range of buyers and providing buyers with the data they need to make a confident and informed buying decision. To view the original article, visit the Matterport blog.

[Podcast] Decoding Real Estate: Deliver Clarity to Clients Amongst Shifting Market Concerns
What's everyone in real estate talking about these days? The shifting market and how it will affect inventory, sales and consumer confidence. This month's Decoding Real Estate is talking about it too, but we've got a much more positive spin than the doom and gloom media narrative. That's because RPR (Realtors Property Resource®) has recently introduced new charts and graphs that can help REALTORS® deliver local market stats to their clients and prospects. Hyperlocal data can ease fears and cut through the confusion. And there's no better expert on the subject than DRE's own host, Reggie Nicolay. Listen in as Genie Willett asks Reggie to explain what the new housing Market Trends charts and graphs contain, including definitions of the type of market areas are in, months supply of inventory, days on market, median prices, and much more. Reggie also offers up a slew of tips on how agents can use, share and promote these crucial stats, and he lists a handful of other impactful ways agents can promote their business (using free RPR tools and data!). Plus, a sneak preview of RPR's next big product release. Decoding Real Estate is hosted by Reggie Nicolay and Genie Willett. Subscribe/Follow Click here for a complete transcript of the episode. And be sure to check out these helpful and relevant links: RPR Unveils New Charts and Graphs in its Neighborhood Pages Shifting Real Estate Market: How to Create a Video That Clears up Confusion Free Templates to Help you Create Social Media Market Updates Printable guide: How's the Market? How to Build Your Neighborhood Database from Scratch Realtors Property Resource® Listen on: Apple Podcasts Google Podcasts Spotify Stitcher To view the original article, visit the RPR blog.

Consumers' Housing Sentiment Is Plunging. Is the Real Estate Market Imploding?
Last week's Home Purchase Sentiment Index (HPSI) update from Fannie Mae told a clear, concerning story: Homebuyers and sellers are concerned about the real estate market. In fact, consumer housing sentiment has fallen to its lowest level in over a decade. Only 17% of consumers Fannie Mae surveyed said they believe it a good time to buy a home. Sixty-seven percent of consumers think it's a good time to sell, but that's down from 76% just a few months ago. What's going on? Why are consumers so concerned about the housing market? Does dropping consumer housing sentiment mean the real estate market is collapsing? Buyers Face Low Inventory, Higher Mortgage Rates, High Prices Prospective buyers have reason for pessimism. For one, housing inventory remains below pre-COVID-19 pandemic levels. There simply are not as many homes as the market as interested buyers, and this pumps up demand for and the price of every listed property. In 2022, listing inventory has actually trended upwards, but this is mostly due to another trouble spot for buyers: higher mortgage rates. Higher mortgage rates are a side effect of the Federal Reserve raising interest rates to combat inflation. Mortgage rates have dropped this month, but the 30-year fixed average rate this week is still above 5%, around double what it was during parts of 2021. The result is buyers who must agree to more expensive monthly payments than they would have a year ago. Finally, persistently high home prices have dampened buyer enthusiasm about the housing market. Over the past 12 months, home prices grew by 19.7%. While some predict that home prices will remain stagnant – or perhaps even drop – in the next year, buyers are still feeling the sting of home prices that have risen rapidly over the past two years. Sellers Encounter Tapering Home Price Growth, Price Cuts, and Difficulty Finding a New Home The current housing market has a reputation for being inhospitable to buyers. So what reasons do sellers have to complain? At a glance, the market is still much better for sellers than buyers. But seller sentiment is dropping for a few reasons, most notably: More homes on the market are getting a price cut: This summer, roughly 1 in 7 homes on the market had their prices lowered. That's nearly twice the frequency of last summer, when only 1 in 13 homes lowered their initial listing price. Speculation about home prices tapering or dropping: Just as buyers feel stung by two years of rising home prices, sellers feel anxious about expert predictions that home prices are on the verge of tapering or dropping. People hate to feel they missed the moment, and some sellers have expressed frustration at the possibility that they would have been better off selling in the recent past. Sellers usually become buyers: All the problems afflicting homebuyers? Sellers feel them, too. Remember that sellers typically become buyers – getting rid of one place to live comes with the necessity of finding a new home. Rising mortgage rates, in particular, make sellers pessimistic about re-entering the market, and more likely to delay selling until inflation abates. It still may be a seller's market, but it's not the seller's market it was 3, 6, or 12 months ago. Buyers and Sellers Still Have Options Dealing with anxious consumers is part of your job as an agent. But even if their concerns are founded, you can assure them that their ambitions to buy or sell a home aren't melting down. Remind buyers that mortgage rates haven't risen as quickly in the past two months, and may not rise significantly for the rest of the year. You can also make sure buyers are aware of options such as adjustable-rate mortgages (ARMs) and buying down points on a mortgage rate. For sellers, your best bet is to reiterate that demand for homes still outstrips supply. Getting the best possible offer on a home listing takes more effort and advertising than it may have a year or two ago, but it's still possible to sell a home and re-enter the market in a strong position. To view the original article, visit the Homesnap blog.

NFTs in Real Estate: Temporary phase or an enduring fixture?
Are the crypto world and NFTs sunsetting? Or is what's happening simply a reset shaking out the con artists, scams, and the hyperbole that had run amok? If you ask Joe Jesuele, he will tell you it's the latter. And Joe knows crypto and NFTs. Joe is a real estate entrepreneur, a tech innovator, a passionate problem solver, and a remarkably humble leader. Yet, he's purposefully remained an under-the-radar type of guy – until recently. As the Founder and CEO of HomeJab, the leading on-demand professional real estate photography and video marketplace for real estate pros, Joe is one of the foremost experts on visual real estate content. From standard to 3D video home tours, floorplans, aerial footage, virtual staging, and more – he's remained at the forefront of evangelizing the importance of real estate imagery. He was an early real estate video pioneer, and his penchant to innovate manifested most recently in the debut of the first NFT platform for real estate images. Powered by HomeJab, Joe created an innovative alternative to stock photo services. Most importantly, and crypto world enthusiasts will understand this, the platform gives participating professional real estate photographers 96 percent of all sales proceeds – the highest compensation available from a major stock photo platform. People don't realize that the big stock imaging firms only pay photographers pennies in royalties on their images. The NFT marketplace for professional real estate photography images is now at real.art. The next phase of NFTs in real estate Because Joe knows crypto, he can see the forest for the trees. In March, he wrote a blog about real estate photography and the need for NFTs. It's an excellent primer for many real estate pros trying to wrap their heads around this industry. Most recently, he began another NFT-related effort in real estate. HomeJab launched a novel real estate agent marketing method that uses a real estate-backed NFT to promote the sale of a home. Unlike many blockchain efforts, Joe isn't trying to displace real estate agents. On the contrary, his approach keeps agents at the center of the transaction – and enhances the need for outstanding professional real estate photography. He's just creating a new way to reach crypto enthusiasts who want to buy a home with crypto. You can see the first NFT listing at nft.homejab.com. The cream is rising to the top The shakeout in the crypto world has not deterred enthusiasts like Joe. On the contrary, what is happening benefits efforts like the ones Joe is undertaking. That's because the NFT-related innovations he is creating offer practical value. As a pragmatist, Joe is looking for ways that NFTs could be used in real estate to provide real-world benefits. With his latest effort, for example, he is not trying to change the primary path of how real estate is sold. Instead, through the new HomeJab NFT platform, Joe explains that rather than change the legal ownership of the property, the title is still transferred into the buyer's name by a title company, just like a normal transaction. "Purchasing the NFT is like sending in an instant offer," Joe explains. "It doesn't change the title; it gives you an option to purchase." HomeJab sends the funds used for the NFT purchase to a title company, and then the transaction is completed in the usual way – and it also gets recorded on the Ethereum blockchain. Joe says, "I think it makes sense to do both. It's not feasible right now to remove the government entirely from the transaction (considering current security issues we've seen in crypto). But I also think it does not make sense to rely entirely on the government and solely on the traditional way. Our approach is a step toward decentralization: Not an overhaul of the entire system." Joe adds that the overarching goal of HomeJab and its NFT platform was to keep the process similar to how it is now. "We want to add a new way for crypto enthusiasts to use their portfolio to submit quick offers. I think this is the most scalable way to onboard as many real estate professionals and homeowners as possible to the blockchain. Setting up LLCs for each property does not appear to be as practical with large volumes," noting his firm shoots thousands of homes every month. The one thing Joe wants to make crystal clear is the new NFT platform is a service for real estate agents, not a FSBO site. "We're promoting NFTs from the photo shoots we complete for the real estate agents that hire us. Therefore, our service becomes a way for the traditional real estate industry to engage with the crypto community. Anyone who hires us for a photo shoot can get a free NFT listing," he added. Joe sees what he is doing now as a possible bridge to the future. Finally, it's worth taking a minute to review the "How it Works" section at the bottom of nft.homejab.com and the FAQ page. Then you can decide for yourself: Is crypto dead? Or is this a Mark Twain moment, and the reports of its death are greatly exaggerated? Decide where you find yourself on this question, but time will tell. To view the original article, visit the WAV Group blog.

Mortgage Rates Are Soaring. So Are Home Prices. How?
As Americans sour on the economy and the Federal Reserve continues to fight inflation with interest rate hikes, a strange aspect of the housing market is attracting attention: Mortgage rates are increasing – but so are home prices. How is this possible? Why are home prices higher than they were a few months ago, even though the cost of borrowing has skyrocketed? Basically, we are still living through a mismatch of housing supply and demand. But be aware that signs point to this leveling out soon, and to the housing market approaching something close to a pre-COVID normal. 1. Home Supply Remains Low If the housing market seems distorted, or at least strangely resilient, much of the responsibility lies in persistently low housing supply. Quite simply, the supply of available housing remains historically low. Supply-chain slowdowns, challenges finding laborers, and the high cost of building supplies mean that new home building remains low, too. Such low supply means that there is still more buyer demand for homes than available properties to purchase. Prices may not rise as rapidly as they did one or two years ago, but homes are still so scarce that they are still inching upwards. 2. Demand for Homes Remains High With mortgage rates having gone up a startling 3% in the past year, why do people still want to buy homes? For one, mortgage rates only seem primed to increase further. The Federal Reserve has promised more interest rate increases over the course of 2022. And if inflation doesn’t drop soon, the rate a buyer gets now might be the best they’ll see for years. Additionally, a large swath of millennials are entering the first-time home buying market. Those with the means to navigate higher rates still indicate the desire to buy a home. Finally, people concerned about a substantial housing market correction have expressed motivation to sell now, while prices are still high. The flip side: People who sell a home usually also need to buy one, ensuring that there is still demand in the housing market. 3. The Party May Be Winding Down The past two years have been historic and hard to process – for real estate and society at large. But just as other aspects of business, finance, and daily life have slowly moved past the COVID-19 pandemic, simultaneously rising mortgage rates and home prices may be the last gasps of a turbocharged real estate scene. Consider that applications for new mortgages have dropped significantly. Even amid low demand, so many fewer new prospective buyers will, over the course of months and years, cool the market to some extent. Consider, too, that inflation is increasing the price of everything. If home price spikes in the recent past were tied to high demand and low supply, home cost jumps now may be more attributable to the higher cost of building new homes. Inflation has also contributed to higher wages, which means buyers may be able to afford a $400,000 home, whereas last year they were only willing to spend $350,000. Overall, the Federal Reserve seems intent on bringing inflation under control – even if it means increasing unemployment. If rates continue to rise, mortgages will become harder to afford, and the housing market will be due for a correction to normalcy. To view the original article, visit the Homesnap blog.

Why Pre-Sale Renovation Is the Hottest Tool in Real Estate
Americans spent $420 million in 2020 remodeling their homes, according to the Joint Center for Housing Studies at Harvard University. While you may think the pandemic was the catalyst, according to the National Association of Realtors, most consumers who remodeled – 83% – said they would have remodeled regardless of the pandemic. Consumers are accustomed to upgrading their current homes. Research tells us that the most common motivation for nearly one in three consumers (30%) is to replace worn-out finishes, surfaces, and materials. About one in five renovation projects add features and improve livability. A majority are pleased with the result. Renovating a home increases one's desire for a home significantly, a recent NAR study reports. Renovating a home before you list it for sale is arguably the hottest and one of the fastest-growing trends in real estate today. Why? Because a pre-sale renovation increases wealth. With a marketplace of 5-7 million homes sold every year, the pre-sale renovation sector has the potential to generate billions – yes, billions with a "B" – of increased wealth for home sellers by maximizing the return on their most significant asset: their home. What does pre-sale renovation offer real estate brokers and agents? Potentially billions of dollars increase revenue, both company dollar and gross commission income. Understanding the individual impact Before they go on the market, most homes need a little love. Sellers often rush to list their homes in a hot market, but that's often not the best choice. Revive found that most homeowners who put their home on the market as-is are missing out on between 15% and 20% of the value. When sellers take a little more time and make smart renovations, they maximize their profit. Digging into Revive data, we found that sellers who choose a smart renovation path typically earn $186,000 more when they sell. Remarkably, the average return on a seller's renovation investment (or ROI) is an incredible 257%. Most importantly, using Revive, sellers renovate now and pay later. Remember that the ROI they achieve doesn't come from their funds, as Revive fronts the dollars needed for the pre-sale renovation. Moreover, Revive also found that renovated homes sell 72% faster. When you think about how the financial benefits of a pre-sale renovation could impact the overall marketplace, you can better understand its burgeoning growth and vast potential. Measuring market potential According to a recent report by Redfin, the number of US homes now worth $1 million or more is at a record high of 6 million properties as of February. That's just under 10% of all homes in the US, nearly doubling from 4.8% or 3.5 million homes in 2019. With about one in ten home sales nationwide, California also has the most million-dollar-plus property markets: 7 of the Top 10 Metro markets with the highest percentage of homes worth $1 million or more are in the Golden State. Last month, the average price of a new home in Orange County eclipsed the $1 million threshold. In San Francisco, 89% of all homes are worth $1 million or more. In San Jose, it's 86%, and more than half the homes – 55% – in Oakland. If just one in 10 sellers of all homes worth $1 million or more opted for a pre-sale renovation, sellers could potentially gain tens of billions of dollars in additional net proceeds from their sale, when you consider the average ROI at Revive is 257%. Pre-sale renovation is a massive wealth-builder. Consider the overall US real estate market annually. Between 5 million and 6 million total existing-home sales occur in a typical year. Revive data reveals that if just 5% of these homes chose to perform a pre-sale renovation, sellers would net an additional $56 billion from their home sales. Real estate agents collectively would earn more than $1.4 billion in additional real estate commissions. If the brokerage nets .5% of the sale, that's an additional $280 million in revenue. Impact on personal lives While the market potential of listing concierge companies that can scale like Revive will be attractive to investors, pre-sale renovations are creating something profound. People's lives are changing for the better. As a former highly successful home-flipper in Southern California, I turned over 1,000 homes. It was gratifying to see a renovated home's impact on an entire neighborhood. Yes, it was financially rewarding because I created a process and system that could scale. But the greatest pleasure came from watching surrounding homeowners improve their homes. It often seemed to have a chain effect. Pre-sale renovations make a more direct impact on people’s lives because it increases their wealth. I remember helping my parents complete a pre-sale renovation and the difference it made. For my father, the windfall created was the difference between retiring with dignity or not retiring at all. Revenue generated from a pre-sale renovation does more than creates a business that lifts all boats – agents, brokers, and sellers – it gives lives a lift. Learn more about pre-sale renovation and Revive at revive.realestate. Michael Alladawi, CEO and Founder of Revive, is a Southern California real estate veteran with a proven track record as a builder, investor, and respected home flipper. Michael created Revive to share his spectrum of knowledge and help homeowners maximize their profits when selling their homes.

Booming Marketing Trends in Real Estate
Real estate marketing is evolving at a rapid pace, and in such a competitive environment, real estate agents need to be at the forefront of cutting-edge trends to appeal to the needs of their evolving clientele. Hot markets, fluctuating demand, evolving technology, and new generations of homeowners all play a role in shaping the real estate market – and how agents approach it. Competition forces creativity The housing market has made global headlines with its scorching hot listings – but it has also shown how aggressive the space can be for Realtors to compete in, and is forcing them to get really creative with listings. Using this market as an example, some agents have started to offer a night out as a thank you to clients, a membership for a year at a local gym or fitness club, the free use of a drone for showing the property, complimentary staging – even going as far as slashing their commissions. While this isn't always displayed as a best practice, it just goes to show some of the extreme examples real estate sales professionals have to deal with in order to get new business in a very competitive arena. While some of these can serve as good value propositions, especially to the Millennial buyers who enjoy the perks, they can sometimes appear more as a cosmetic perk rather than reflecting the true value you offer as an agent. These four marketing trends are defining the real estate space – and agents should take note: The discovery process is digital Have you ever heard the mantra, "Content is King?" Content is at the heart of all marketing strategies as one of the most effective methods of getting more eyes to your website. It generates low-cost leads, organic traffic and helps qualify your prospects. If there isn't enough compelling content online that signifies why you stand out from the competition and what you offer – you'll be passed by in a few clicks. Facebook advertising is growing Real estate professionals are realizing the benefits of devoting a portion of their budget to Facebook Ads to run individualized ad campaigns targeting their specific segments. This approach is proving to be a powerful return on quality leads and conversions. Real estate professionals must master content marketing Generic content won't cut it nowadays – it has to be hyper-focused to tailor to the clients' specific needs. And with Google sharpening their algorithm every year, it places a very high emphasis on quality and useful content, and how to target it properly to address the needs of your audience. Ebooks, infographics, video series, webinars and blogs have become the Holy Grail in terms of effectively communicating your value and using them as pieces to help nurture prospects along. That goes back to the reason why a "one-size-fits-all" content solution won't work, because a twentysomething first-time homeowner isn't looking for content that relates more to an empty nester edging towards retirement – it has to be hyper-focused. More agents will turn to marketing automation Wise Realtors learned long ago that they can't manually contact every single lead consistently – but they knew they could rely on technology to do that for them. The fact of the matter is you can spend zero time transferring a new lead to your CRM and email marketing software and have them added to an ongoing lead drip system. Another misconception that many agents have is they believe that premium real estate marketing software will break the bank – which is not true at all. It's time to debunk this myth once and for all. To view the original article, visit the IXACT Contact blog.

[WATCH] Blockchain and Its Impact on Real Estate 2.0: Knowledge Is Power
Elm Street Academy recently gathered a few incredibly bright minds to share their diverse set of perspectives on the current impact that blockchain technology is making on the real estate industry, as well as how to be prepared for what's to come next. Become part of the conversation by tuning into this 1-hour, FREE on-demand webinar where Matt Fagiolio, moderator (Operating Partner, BKG™), spoke with Teresa Grobecker (CEO, Real Estate Consortia ), Chris Tamm (CEO, Ownership Financial and Managing Partner, Cast Services), Sam DeBord (CEO, Real Estate Standards Organization), and Mark Thomas (Co-Founder and CEO, Zen Sports). These digital transaction experts addressed questions such as: What is Web3 and how will it impact the world? Do NFTs play a role in the future of real estate? How does blockchain technology impact security and data storage? What are the potential hurdles of incorporating blockchain technology? And much, much more! [VIEW THE ON-DEMAND WEBINAR]

What Should You Expect from the 2022 Real Estate Busy Season?
It's almost showtime. April, May, June, July and August are the busiest months in real estate. What should you expect from 2022's busy season? Here are four likely trends for the 2022 real estate busy season: 1. Homes Will Go Off the Market Quickly If there's one undebatable truth about the present housing market, it's that there are fewer homes than would-be buyers. So, in 2022's busy season, you should expect at least one constant: Homes will be going off the market quickly. Home listings are presently at a record low. When buyers see a home they're interested in, they are likely to act fast to secure the property. What are the consequences of homes going off the market so quickly? For one, it means that busy season 2022 is likely to remain a seller's market. Most sellers should be able to get their homes off the market fast, at or above their listing price. Also, a tight, fast-moving housing market means that buyers in 2022 are going to be looking for a high-performing, well-regarded local agent. If the competition to buy a house is going to be fierce, then you should expect buyers to have strong expectations for the agent they hire to help them secure a home. 2. Buyers and Sellers Will Ask About Mortgage Rates Mortgage rates were a major accelerant of the red-hot housing market of 2020 and 2021. Low mortgage rates incentivized people to borrow in order to buy homes, and ultimately contributed to high home prices and low home inventory. But rates are rising, and you should expect your clients and leads to have questions about how mortgage rates stand to affect their home buying or selling journey. In January 2021, a 30-year fixed mortgage rate was at 2.65%; in March 2022, the fixed rate topped 4% multiple times. In short, it's becoming more expensive to borrow, and by extension, to buy a home. That doesn't necessarily mean that the housing market is going to cool or that people won't be interested in buying homes. Some indications are that rising rates could, in the short term, actually push even more buyers into the market. If the Federal Reserve raises interest rates to curb inflation, then busy season 2022 may be the last time in the next few years that consumers can lock in relatively low borrowing rates. Overall, you should expect buyers and sellers to ask about interest rates, and you should be able to give them intelligent, informed insight about how mortgage rates are and will affect their local market and buying or selling experience. 3. Tours Will Happen In-Person and Virtually Not long ago, agents only conducted in-person property tours for prospective buyers. About two years ago, the outbreak of the COVID-19 pandemic put home tours on pause, and agents had to learn how to conduct virtual home showings exclusively. This busy season, agents should expect to execute both in-person and virtual home tours. Loosening CDC guidelines regarding COVID-19 are spurring business to bring employees back to the office, schools to drop mask requirements, and, possibly, home buyers and sellers to return en masse to in-person tours. But not everyone will prefer to tour in-person. For one, some home buyers may have lingering concerns about COVID-19. Also, the price of gas continues to rise, and budget-conscious buyers may be wary of guzzling fuel by driving to different viewings. Most importantly, buyers are at this point likely to expect some sort of virtual touring option when they inquire about your property. For example, out of state buyers have for two years been able to tour properties remotely – they aren't going to want to lose that capability, and you want to give your clients the most competitive offer possible, whether the buyer comes to see the home in-person or not. Being the best agent possible means having an option for virtual tours, so in 2022, expect to conduct home showings in-person and virtually. 4. Home Prices Will Continue to Rise It's the question that buyers, sellers, and agents have all been asking themselves: Are housing prices going to keep rising? In general, experts don't think that housing prices are going to increase at the unprecedented rates of 2020 and 2021. But that doesn't mean that housing prices won't continue to rise throughout 2022's busy season. In January, we encouraged agents to track three indicators when gauging whether housing prices would continue to rise: Mortgage rates Inflation New home construction As we've discussed, mortgage rates are rising but have not yet cooled the market. Higher inflation has persisted, raising the price of everything, including homes. And new home construction is up year-over-year, but is being constrained by the high cost of construction materials, which has resulted in an enduringly low supply of homes. Taken together, the best bet is that demand will continue to outstrip supply, and that home prices will continue to rise throughout 2022's real estate busy season. To view the original article, visit the Homesnap blog.

Are Rising Mortgage Rates Actually Making the Real Estate Market Even Hotter?
Early this year, we provided agents three benchmarks to consider when answering client questions about the explosive rise of housing prices over the past two years. The first housing market factor we encouraged agents to track were mortgage rates. Low mortgage rates in the early days of the COVID-19 pandemic helped supercharge real estate sales in 2020 and 2021. If the 30-year fixed mortgage rate rose as expected and approached its pre-pandemic level of around 4%, it might indicate a taper in home prices. Mortgage rates have risen, but housing prices have not fallen. Why? What is the present state of the housing market and mortgage rates? Is there reason to believe that rising mortgage rates are actually causing even more home buyers to get into the market? We have an update for agents about the state of mortgage rates and the housing market, and believe that this information will help you feel comfortable explaining to buyers and sellers about how rising mortgage rates are likely to affect the real estate market in the short- and long-run. The State of Mortgage Rates and the Housing Market Over the past 14 months, mortgage rates have risen steadily. Just consider that in January 2021, a 30-year fixed mortgage rate was at 2.65%; in early March 2022, the fixed rate is 3.75%, and has topped 4% multiple times. Taken alone, this mortgage rates trend should predict a cooling housing market. Higher mortgage rates mean that people have to pay more over the course of a loan and should, theoretically, dissuade them from paying a hefty sticker price for a home. Still, in spite of rising mortgage rates, the cost of homes has continued to rise in early stages of 2022. Why? To start, remember the two other trends we suggested you monitor at the beginning of the year: Overall inflation has not fallen, and the highest consumer prices in decades are being felt across industries, including the price of homes. New home construction has increased in recent months, but the supply of new homes is still far from reaching pre-pandemic levels. If inflation persists and housing inventory remains low, rising mortgage rates may not be enough to slow the increase in home costs. But so far in 2022, the hot real estate market may not be occurring in spite of rising mortgage rates. Instead, rising mortgage rates are possibly motivating even more consumers to apply for mortgages and buy homes at or above their listing price. How Can Higher Mortgage Rates Heat Up the Real Estate Market? Why might rising mortgage rates be driving buyers into the market? Because rising mortgage rates today may indicate sky-high mortgage rates tomorrow. The Federal Reserve has indicated since the beginning of the year that it plans to raise interest rates this year in response to persistent inflation. Rate hikes may start as soon as the early spring, and if the Fed raises the cost of borrowing, mortgage rates may rise substantially, too. For buyers, then, the prospect of even higher mortgage rates may be a motivator to jump into the market. If mortgage rates are rising now, before rate hikes start, how fast are they going to rise once central banking policy actually changes? It's no wonder that buyers want to buy a home before the Fed raises rates. As an agent, you should remind would-be buyers that now may be the last time in the foreseeable future to capitalize on lower mortgage rates. Also, homeowners may see rising mortgage rates as an indication that selling conditions are likely to be better now than in a year. After all, Fannie Mae is predicting that rapidly rising mortgage rates and a larger inventory of homes will start to cool the price of homes later in 2022 and in 2023. When you talk to potential sellers, remind them that rising mortgage rates could be a sign that the booming market is coming to end, and that now may be the time to sell. Having a handle on the ever-changing housing market requires the ability to identify market shifts and trends as they happen. Clients are going to continue to ask questions about the unprecedented housing market. Make sure you can give compelling, informed, and helpful answers about mortgage rates, home prices, and all other market information by using Homesnap Pro. To view the original article, visit the Homesnap blog.

NFTs and Real Estate Images: What's Next?
The world of real estate continues to evolve rapidly, and real estate professionals and photographers need to stay up to date on the technological advancements in our industry. One exciting innovation is creating and using non-fungible tokens (NFTs). This emerging digital technology allows professional photographers to solve several crucial real estate image ownership issues. Let's examine the real estate industry's challenges regarding photography and how NFTs can help. What are NFTs? Non-fungible tokens, popularly known as NFTs, are digital tokens created on the blockchain, just like cryptocurrencies. However, unlike cryptocurrency, each NFT is non-fungible, meaning each token is unique or one-of-a-kind in the world. Each token represents the ownership of a specific digital file like a photo, video, or illustration. Ownership of the token is publicly verifiable in the most secure database known on planet Earth—the blockchain. This means that once an individual buys an NFT, it becomes the individual's unique asset, and only that person can claim ownership of it. Think of the blockchain as a network of servers that each store a digital ledger. This ledger keeps track of transactions on the network, including who has bought and sold each NFT. Blockchain technology is decentralized and distributed, making it incredibly difficult to hack into because no one person or company controls the ledgers. Hacking into one part of the system does not affect the other parts. Each ledger in the network must match and be validated by the others before a transaction can be recorded. Examples of NFTs The Bored Ape Yacht Club is one of the most well-known digital art collections available as NFTs. Other examples include CryptoPunks and CryptoKitties, early projects typically credited with starting the NFT craze. You may wonder what is stopping someone from right-clicking on these images to download the file or taking a screenshot? The simple answer: nothing. Anyone can steal an image online. But it's impossible to steal the NFT recorded on the blockchain that proves rightful ownership of that image. This means there is no resale value for a stolen image. Moreover, the perpetrator has no usage rights. AI-powered apps like Pixsy.com, which helps find online image theft, can further protect the rights of artists and NFT owners. Ultimately, as NFTs become more mainstream, social pressure will discourage those who steal images and encourage everyone to acquire their digital assets properly. Also, what makes NFT different, in addition to owning the art itself, is that they are often tied to projects that include other utilities for their NFT owners. For example, some NFTs are being used as content inside a game (known as "in-game" assets). In some cases, buyers can stake an NFT in exchange for an associated cryptocurrency. The Bored Ape Yacht Club has even organized real-world meetups for its members. Community building and social status symbols certainly play a role in the new NFT culture. Real estate photography and NFTs: Who owns the photos? There are several challenges in the real estate photography industry that NFTs can help solve. Let's explore it further. Ownership of photos in real estate has been a burning question for a while now. A few years back, Zillow was sued for $81 million by a real estate photographer for using real estate images without authorization. Recently, Zillow was ordered to pay nearly $2 million because of a copyright infringement case involving real estate photography. Similarly, other court rulings say photographers own the copyrights for their artwork and only provide usage rights to the listing agents. As a result, lawyers are now asking photographers to sign contracts forfeiting their rights to the photos. NFTs can help resolve this issue by providing a clear transfer of photograph ownership. But lawyers do not need to get involved. By using NFTs, real estate photographers can deliberately and transparently deliver digital usage rights to their customers without the need for any legal contracts. Buyers will then use the image exclusively for their marketing without legal or licensing issues. A secondary market emerges Another issue faced by real estate photographers is having no passive or recurring income stream. If you are a photographer working in the real estate industry, you will only get a one-time payment for a photoshoot, and that is it. However, NFTs provide a perfect solution to this problem. Real estate photographers can monetize their portfolios and create a passive income stream by receiving royalties when their images are sold to new buyers. There is no limit on how many times you can sell an NFT. Photographers will solely decide the amount of royalty (1-10%) when creating an NFT, and then a smart contract will execute the instructions automatically. Think of a business owner who needs an image of downtown Chicago for a new marketing campaign. They can purchase an NFT, use the image for a specific period, and then resell it to another buyer after their marketing campaign is complete. In this example, the photographer would get paid for the original sale. The photographer also would receive a royalty of up to 10 percent of the second sale. Recurring revenue is a new pathway for real estate photographers to access the pool of wealth locked in their digital assets. Now, photographers can get paid every time someone sells their images. What are the best images to sell as NFTs? The best photos to sell as NFTs are expected to be destinations in the public domain, such as historical landmarks, streetscapes, downtown areas, commercial hot spots, parks, and beaches. Ask yourself this question: If someone lives in a city or a town and can own one single image that best describes where they live, what image would that be? In the existing model, these types of images would typically get sold by large, centralized corporations (e.g., Shutterstock, Getty Images) in the form of "stock images." The problem is stock images are not unique in any way. The same image is sold repeatedly to many different people. The money earned from these sales most often goes to the corporation, and the photographer does not receive any income after the initial shoot. NFTs provide an alternative to stock images since each is unique and sold to one buyer. If the NFT is resold, royalties flow back to the original photographer. The old, legacy stock image model can change to become a completely decentralized "Web3" solution powered by NFTs with all financial benefits going back to the photographers. Next step: Selling NFTs of real estate photos Real estate photographers we work with have told us they are highly interested in converting photos into NFTs. But they need help. That's why we have an effort underway at HomeJab to help real estate photographers create and sell NFTs. We even believe consumers will be interested in hiring photographers to shoot a specific location as an NFT. We want to assist in filling this need as well. If you are interested in NFTs for real estate photographers, drop us a line at [email protected], and we will keep you posted on the work we are doing with NFTs. 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.

Will Housing Prices Ever Stop Rising?
Ask people about how real estate was affected by the COVID-19 pandemic, and they tend to give the same answer: buying a house got way more expensive. Now, after nearly two years of soaring prices, buyers, sellers, and agents all may be wondering whether the price of homes will ever drop or even level off. There are signs that the market is cooling, but also broad economic trends indicating that the price of homes, along with the price of everything else, isn't likely to plunge anytime soon. Here, we take a look at some of the factors affecting housing prices. Agents can use this guide to plan for this year and to answer inevitable client questions about how expensive buying a home will be in 2022. Why Are Homes So Expensive? It's natural for clients to wonder: Why have home prices risen sharply over the past two years? In short, the answer is classic supply and demand. Demand for buying was turbocharged by lower mortgage rates that incentivized buyers to borrow and COVID-related changes to how we live and work that left people yearning for more space. Supply was constrained by a slowdown that made it hard for home builders to get the materials necessary to build new homes. This glut of eager homebuyers and a limited supply of homes led to the hottest housing market on record, with the average American home price increasing by 25% since March 2020. Add in burgeoning iBuying technology and the trend of real estate investors snapping up homes, and it's no wonder that many would-be first-time home buyers have found themselves priced out of the market. Conversely, high prices have been a boon to home sellers, who have been able to sell their homes quickly and often above the original listing price. What Factors Will Affect Home Prices in 2022? Clearly, the high price of homes affects your clients, whether they're buyers or sellers. As you counsel your clients about home prices this year, keep an eye on these three market factors. 1. Mortgage rates Ultralow mortgage interest rates fueled much of the recent housing boom. For people who kept their jobs throughout the pandemic and saved money, low interest rates meant low borrowing costs, which helped drive up the price of homes. These ultralow rates appear to be coming to an end. The average rate for a 30-year fixed-rate loan is now 3.22%, up from a year ago, when the rate was at 2.65%. Plus, the Federal Reserve plans to raise short-term interest rates this year, which will likely cause mortgage rates to rise further. In January 2020, the average mortgage rate was 3.7%, and the National Association of Realtors expects that rate to return by the end of 2022. While that rate is unlikely to crater the housing market, it would likely result in a slower rise in home prices. Overall, you should keep an eye on mortgage rates. If the 30-year fixed mortgage rate approaches 4%, it's a sign that the market is cooling, and that home prices are likely to stabilize. 2. Inflation If you've shopped for groceries or tried to buy a car, it's been obvious: things are getting more expensive. In 2021, the U.S. inflation rate rose the fastest it has in 40 years, to 6.8%. Whether inflation is likely to be temporary or persistent is unclear, but if history serves as a guide, inflation will affect the price of homes and the real estate strategies of buyers and sellers. Traditionally, real estate has been a "safe haven" for investors, because home prices rise relative to the size of the economy. When inflation surges, homeowners are in a stronger position because the cost of homes rises alongside everything else. For home buyers, especially first-time buyers, high inflation is bad news because it's more expensive to buy a home and harder to save for a down payment. The opposite is true for sellers, who can jack up their asking price and still receive offers. We recommend that you monitor the rate of inflation. If inflation rises, your clients should expect higher home prices. If, as some economists predict, inflation falls, the price of homes is less likely to rise, making for a more buyer-friendly market. 3. New home construction Among the most influential accelerants of home prices in 2020 and 2021 was a dearth of available homes. During the past two years, home building suffered alongside many other industries, as pandemic-induced manufacturing shutdowns and slowdowns made it hard for builders to get the materials necessary to build a home. Those issues haven't entirely gone away, but new housing permits and construction starts have recently risen above pre-pandemic levels. Monitor the rate of new home construction in your region. If new home construction skyrockets, the price of homes will likely be held in check. If there is minimal new construction and development, expect more buyers than available homes, and a rise in prices. As an agent, giving clients an honest and accurate perspective about trends in the housing markets is important. Overall, signs point to home prices that will continue to rise in 2022, but not as rapidly as in the two preceding years. But indications are only that, and the best way to give clients the best perspective on their market is to follow it closely. To view the original article, visit the Homesnap blog.

[Best of 2021] Low Inventory Won't Last Forever. Two Reasons to Be Optimistic
There are just 10 publishing days left in 2021, and we're continuing an annual tradition of counting down our top 10 articles of the year. The following article was originally published back in April and is #10 in our countdown. Stay tuned tomorrow for #9! By now, you've probably seen the report in the Wall Street Journal that there were more active real agents than homes for sale in January. It's certainly a sobering statistic, and it plainly and succinctly illustrates the unprecedented level of competitiveness facing professionals in today's housing market. But it's not all doom and gloom. Yes, a lack of inventory is anxiety-inducing—without a doubt. And yes, you're right to wonder if things will settle down anytime in the near future. But we believe there are two reasons why agents should be optimistic for the coming months. Reason for Optimism Number One First, we expect the number of active real estate agents to decrease. Back in September, we wrote about the surge of newly registered agents. We pointed to a depressed job market and rising home values as the two central factors driving soaring interest in a real estate career. At the time, though, we didn't know whether this was a temporary response to a once-in-a-century pandemic or the first warning sign of an industry teetering on oversaturation. Now, in April, we have some more clarity. As the vaccine rollout continues and the job market bounces back, we believe that the majority of new agents will exit the industry as quickly as they came. Many were likely never as interested in a long-term real estate career so much as they were an alternative income stream, and now, facing one of the roughest-ever markets for rookie agents, the allure of a secure paycheck elsewhere will almost certainly be too strong for many. Furthermore, we believe the pace of licensed real estate agents exiting the market will far exceed those entering it. Last year, record-setting home prices offered the potential of a quick buck. This year, the sentiment has flipped—and the entire world knows depressed inventory means a new agent is more likely to be eking out a living than striking gold. Compounded, these two factors should bring market competitiveness back to pre-pandemic levels (or close to it) in the coming few months. Reason for Optimism Number Two Lost in the sensationalism of the Wall Street Journal article is the fact that the number of agents outpaced listings in January. It's unusual for that to happen, sure. That's why it made headlines. But is it really as much a cause for concern as it seems? According to Homesnap internal data, in a typical year, January marks the first time the volume of listings increases after falling from October to December. This year, the rate of growth was about half of last year—but it still reflected the same predictable pattern; listings did trend in a positive direction. Of course, in 2021, listings flatlined in February compared to January, which is atypical—but not altogether unexplainable. Many would-be sellers have been riding out the winter months, waiting for vaccinations and repealed mandates just around the corner, and the flat trajectory points just as much to the rate at which homes are going under contract as it does to the lack of new properties brought to market. Wouldn't it be reasonable, then, to predict that we've simply extended the normally depressed winter months into the spring? Aren't we seeing something akin to slightly more busy November and December? Only this time, instead of people waiting for after the holidays to go to market, they're waiting until they're vaccinated? It's no guarantee, for sure. Inventory may stay sub-normal for the whole year. But would-be sellers can only hold out against record-setting home prices for too long before they're tempted to capitalize. Simple supply and demand, right? That's reason enough for optimism for us. To view the original article, visit the Homesnap blog.

Latinx as the New and Emerging Market for Real Estate
As National Hispanic Heritage Month comes to a close, it's imperative to highlight the rising Latinx homebuying market. Over the past 10 years, the Latinx population has comprised more than half of the total homeownership growth in the United States. This trend is expected to continue over the next 20 years. According to Urban Institute, the Latinx population will make up around 70% of growth in the years between 2020 and 2040. This study conducted by Urban Institute also forecasts that Latinx will be the only demographic that will see an increase in homeownership in the following decades. How and Why? This sudden increase is largely due to a large demographic of Latinx youth entering the home buying market. The Wall Street Journal states that in 2019, Hispanics in the United States had a median age of 30, compared to an average age of 44 for non-Hispanic white Americans. With a younger presence, the timing of this sudden uptick in homeownership is understandable. There are still certain hurdles when it comes to home buying that remain for Latinx individuals. For example, the Bureau of Labor Statistics reported that since the start of the COVID-19 pandemic, the unemployment rate has been 1.9% higher for Hispanics than for white Americans, potentially making it harder to have enough for a down payment. Additionally, many Latinx citizens work restaurant, hospitality, and construction jobs that were negatively impacted by COVID-19. How to Accommodate One potential way to navigate and grow with this up and coming market is to provide sales and marketing materials that cater to the lifestyle and culture of the Latinx demographic. Hiring bilingual employees or members of the Latinx community and also translating collateral is also a great opportunity to connect with this growing market. A good example of an accommodation for the growing Latinx market is Transactly. Transactly offers several bilingual Transactly Coordinators that can help in any market and on a variety of tasks. As the Growth Continues Despite the roadblocks that might be in the way, the Latinx homebuying market is expected to continue to rise. The Urban Institute projects that by 2040, 70% of the net new homes purchased will be attributed to Hispanics. With that kind of figure, and especially with the current market, it's vital for agents to pay attention to the Latinx pool of homebuyers as it continues to grow. To view the original article, visit the Transactly blog.

What Are the Most Requested Home Qualities that Buyers and Sellers Are Looking for?
Welcome to the latest installment of "Ask the Industry," where we ask real estate professionals their thoughts about timely topics related to the real estate industry. Today's post features: Marian Cooper, Realtor with Comey & Shepherd Randall Graham, Chief Marketing Officer with Michael Saunders & Company Stacey Burnett, Agent with RE/MAX Crossroads Properties What are the most frequently requested qualities that buyers and sellers are looking for in a home right now? Buyers want updated homes and turnkey properties Marian Cooper, Realtor, Comey & Shepherd, Greater Cincinnati, OH The most requested qualities my homebuyers are looking for right now include: 2+ bathrooms Finished basement Open floor plan Garage Swimming pool or enough space for a pool to eventually be added Also, overwhelmingly my buyers seem to prefer updated homes at the moment. They seem to be OK with some small cosmetic changes, but most of my clients right now want a turnkey property. Buyers are looking for homes with great outdoor spaces Randall Graham, Chief Marketing Officer, Michael Saunders & Company, Sarasota, FL At Michael Saunders & Company, we are seeing buyers on Southwest Florida's Gulf Coast looking for homes with great outdoor spaces and water views, which is the unique beauty of our area. We've also seen a shift from wanting turnkey properties to buyers returning to the idea of making updates as lumber and other building materials are becoming more available. Newer construction, privacy and safety remain our top requests as well. It's all about the location – Buyers are starting to look at areas that they may not normally look Stacey Burnett, Agent, RE/MAX Crossroads Properties, Cleveland, OH I would have to say that in the current market, the qualities a buyer is searching for most include an updated kitchen and bathroom, an open floor plan, and flex/bonus space for a possible office. Outdoor space is a plus as well for those fur babies. Since our inventory is so low, buyers are starting to look into areas that they may not normally look at but are just as nice. It's about the location! Last, but not least, is a garage! We are in Cleveland and this is a must-have for some buyers. To view the original article, visit the Homesnap blog.

Online Home Buying: A New Beginning for the Home Buying Process
Consumer goods are being sold online at record paces. Ever since the launch of platforms like Amazon, eBay and Shopify, sales are booming for e-commerce businesses. You can purchase everything from clothing and household goods to big-ticket items like vehicles. The ease and speed at which these transactions occur is one reason online buying is so popular, but what about buying real estate online? Purchasing a home is a little more complicated than reading a couple of reviews and clicking on the top-rated item. Influencing factors Several things have influenced the way consumers purchase a home. It's no news that online buying has skyrocketed in the past year and a half. With the pandemic driving prop-tech trends by increasing the demand for socially distanced open houses, virtual tours and drone footage, these home buying tools have now become the norm. Online property purchases are happening through platforms like "Zoom" and "Google Meet" because your buyer is comfortable using video conferencing as an everyday way to communicate. Then there is time. Homes are selling fast, leaving many buyers scrambling to make an offer quickly before there are multiple competing offers. To save time, you are compelled to complete the purchase contract as quickly as possible to secure your buyer's offer and the fastest way to do that is to submit documents online. When the home seller wants to know "how to sell my home fast," you use everything at your disposal to facilitate the process from start to finish. You are no stranger to employing proptech tools like virtual tours and interactive floor plans to help sell a home. Contracts and brochures are transmitted regularly through email, DocuSign, and a host of other online methods. Selling a home quickly at the best possible price is the goal for your seller and you can do it all online without any physical contact with the property or in-person meetings with the buyer. Technology has made it easier for buying real estate online—but the question is, has it made it faster? Online home buying – faster or not? "How can I sell my home fast?" is one of the first things every home seller asks their Realtor. The answer may seem simple. List the home at a competitive price, make sure it is clean and tidy, and advertise the home's features using virtual tours. But you know it is not quite as easy as one, two, three. Selling a home online quickly requires prop-tech tools that have led to a dramatic increase in agents using virtual tours. According to the National Association of Realtors (NAR), the typical home seller is 56 years old, has been living in their home for about 10 years and an overwhelming majority want a real estate agent who uses virtual tours. You are a master at providing 3D tours, interactive floorplans, and digital brochures to capture the eye of potential buyers. Getting that online offer happens quickly. But there is more to the entire process than a few digital signatures. Most homebuyers need about four months to complete all the stages of the purchase. From initial inquiries to mortgage qualification, house hunting, offer and closing, some things just can't be rushed. But buying real estate online has certainly made things easier in terms of access. You will not likely find a buyer who views a property, makes an offer, and completes the entire transaction from start to finish all in a day or two. It just can't be done. This is not Amazon. There are processes and protocols involved. Online transactions certainly make things more convenient, but not necessarily faster. You can help the buyer "save" time by looking at properties digitally and making an online purchase, but you cannot speed up time. There are a lot of steps involved in buying a home. Additional steps in the home buying process You are successful in living up to your seller's wishes of "how to sell my home fast" by using virtual tours, interactive floorplans and real estate marketing tools to showcase the property's layout. However, the process does not stop at the purchase contract. Your buyer will be required to follow through and obtain credit approvals, home inspections and property appraisals, and hire a lawyer to complete closing documents required for property registration. There are other necessities like real property reports/survey certificates, insurance, and discharging liens and encumbrances that may be registered against the title. Into the future What lies ahead of you requires adaptation and the ability to manage the changing landscape of buying real estate online. When it comes to closing time, proptech will continue to drive the way consumers buy and sell homes—because, as Dan Wilson contemplated, "Every new beginning comes from some other beginning's end." Of course, you never know when the next shock wave will hit the world, so it's best to be prepared and use the tools available now. The only thing about buying a home online is that the return policy is not like Amazon. You can't simply send it back if you don't like it once you see it. Buyer beware caveat emptor.

Tech and Mental Health: It's been a long pandemic
Do you remember the moment you went into pandemic lockdown? No one had any idea how long it would last. A few weeks? A couple of months? In Florida, the first detection of the coronavirus came on March 1. Soon, Disney World announced that that it would close on March 15. Bars and nightclubs started closing two days later, and by April 1, the Sunshine State was under statewide stay-at-home orders. After more than a year, the impact on our mental health is undoubtedly on many Realtors' minds. Many are parents, and the effect of the pandemic on their kids and remote learning certainly is taking the spotlight as students finally return to part-time and full-time in-person classes. While tech stress and Zoom gloom are real, some positive tech improvements have emerged related to mental health. The National Institute of Mental Health notes that mobile devices have provided a new gateway for doctors and researchers. Mobile mental health support rapidly emerged during the pandemic, providing better and swifter access to health support. New mobile apps appeared to allow Telehealth medical appointments, monitor physical activity, track dietary consumption, digitally record weight changes with smart scales, and more. This is the upside of technology during the pandemic. Today, anyone needing mental health support can send a text message to contact a crisis center. New apps are promising to improve memory and thinking skills. Apps even use built-in sensors to collect information on our behavior patterns. All of this new technology brings pros and cons, which need individual evaluation. New Telehealth tools increase access and convenience to medical care and mental health support. For those who put off seeing a medical professional – such as a real estate agent with an insanely busy schedule – using an app might help overcome that hurdle. With more than 10,000 mobile medical apps in the market, the biggest concern with these new apps is their effectiveness. Obtaining supporting science takes time, and how well they work and whom they work best for are questions that loom. Privacy is another primary concern, as these apps tap into highly sensitive and personal information. Yet, the mobile medical movement is creating new partnerships between clinicians and engineers. Apps based on science and powered by exceptional technology are emerging that can help someone stop smoking or assist with post-traumatic stress disorder (PTSD). For real estate agents who thrive on face-to-face interaction, the pandemic has been particularly brutal. Reducing stress levels has become more crucial than ever, and there are some great apps to help agents do just that. Here's a link to more than a dozen. One of the most popular stress management apps is Calm, available in the App Store and Google Play. With 100 million downloads and 1.5 million 5-star reviews, it has become the top-ranked app for mediation, relaxation, and sleep. Calm features music and the sounds of nature to help you "focus, relax, and sleep." Video lessons focus on movement and stretching. Masterclass audio programs help strengthen mental fitness, addressing topics including stress, depression, insomnia and anxiety. The prevalence of Telehealth also has soared in use during the COVID outbreak. With more and more doctors and therapists offering Telehealth appointments, accessibility has never been greater. Telehealth also is making care more affordable. Offering live, highly secure (no Zoom bombing issues here) video conferencing, getting an appointment with your doctor for consultations and treatment is more accessible and often faster than scheduling an in-person meeting. New technology is extending the benefits of Telehealth with remote patient monitoring. RPM tools electronically record personal health and medical data and send it digitally and securely to your health professional. With these new tech tools do come new tech challenges. Fortunately, if your association or MLS provides Tech Helpline as a member benefit, analysts are available to help you with your technology challenges – even non-real estate related ones! If you are trying to set up one of these new apps and need assistance in trying to figure out how to install it or configure your settings, you can call, click or text to reach a Tech Helpline analyst for support. Tricia Stamper is Director of Technology at Florida Realtors®, which owns and operates Tech Helpline and Form Simplicity.

3 Problems and Solutions Trending in the New Housing Market
Are you worried about lead generation in the new housing market? Real estate agents can prepare for the new normal by understanding the preferences of potential buyers and their perspectives amid the pandemic. At the start of the Coronavirus pandemic, the turn to remote-first work and stay-at-home orders made some homeowners, buyers, and real estate professionals apprehensive about the future of the housing market. However, according to CoreLogic, recent data shows that not only are home prices steadily increasing, home ownership is on the rise for opportunistic buyers. Use the following list of problems and solutions we are seeing in the current housing market to learn how you can get more real estate leads now and into the foreseeable future. Problem #1: You are renting intellectual property. When you can help potential buyers visualize a new home, you are doing a lot more than providing a straightforward look at a property. Buyers want a look at their potential future from an individualized point of view. One of the easiest ways to accomplish this is with virtual tours and professional real estate photography to highlight the unique features of each property you want to sell. With this in mind, real estate photography reveals itself as more of an art form than a bare necessity. Unfortunately, when you work with real estate software companies like Matterport, you pay the artisanal real estate photography price, without most of the benefits. Real estate agents accrue hosting fees without ownership of media content. Companies like Matterport keep a tight grip on virtual tour hosting, with restrictive and limited copyright. Solution #1: Take ownership of your content by working with media producers with flexible contracts. You'll save money and stay in charge of your listings. Do not hand over your listing to Silicon Valley. Files from HomeJab's 360 cameras are common JPEG files that you can download and control, unlike with those of Matterport. Most people who enlisted the help of a real estate agent—87% of sellers in 2019— used a Multiple Listing Service (MLS) website for listing their homes. It's true that MLS photo rules were changed to mitigate "frivolous and expensive copyright infringement lawsuits," but the team at HomeJab would like to ease the burden further by transferring all content rights to you with a flexible contract. Our team can help you make real estate 3D virtual tours with 360° cameras and open source code for virtual tour and floor plan creation that is just as persuasive as Matterport. Here's a look at how content ownership benefits you: You can host photos on your own terms. You will save money, while retaining and maximizing the value of your listing. You can tailor individual listings that speak to potential buyers in a way that limited restriction listings cannot. Problem #2: You are going nowhere fast with only using virtual tours. Virtual tours are an important component of the online real estate industry, but the effectiveness of virtual tours depends on a good multimedia presentation strategy. Your content should be optimized for mobile and tablet devices too—not just computers—73 percent of all buyers seek information about properties from a mobile or tablet search, according to the National Association of Realtors. Solution: Turn lackluster virtual tours into inclusive, virtual experiences. Consider multimedia formats for your listings, like real estate listing videos and real estate drone video technology with HomeJab. When you work with HomeJab to create video content, we can increase the wow-factor of your virtual tours. Here's what we know video can accomplish that still photos cannot do alone: Communicate depth perception and space: A new report from Time says that homeowners are looking to depart from condensed city living, in favor of more open-space residencies. They want to see and feel the impact of space around their new lives. Leave a lasting impression: 35% of all buyers in 2019 relied on a real estate agent's online videos to learn more about a home, according to the National Association of Realtors. Beyond the pandemic, we are facing a permanent culture shift towards remote work and lifestyles. Consumers are shifting to virtual resources first, and it will stay this way—even after the vaccine. To capture the attention of virtual audiences, you will need to provide content that brings mindless scrolling to a screeching halt. Problem #3: You don't offer extra value. For buyers, navigating massive real estate listings on websites like Zillow, Trulia, and RE/MAX can be overwhelming. If any of these websites have the same content as a broker's website, the corporate website will often outrank the local agent in real estate search engines. Solution: Add value to your listings by adapting to future-forward real estate technology. Extra value for buyers and sellers comes in two forms: technical and personal. Use this knowledge as your leg-up in the impending battle between big real estate corporations and independent agents. On a technical level, if you send photos to Zillow but maintain ownership of the virtual tour and/or video, then consumers seek out your media first. This maximizes the chances of lead generation and conversion. On a personal level, qualified content generates leads that are a good match for your home listing and your business model. Buyers and sellers want to work with a real estate agent who puts their needs first, while keeping track of the latest technology and trends. You can use HomeJab property pages at no extra cost: We offer free leads to listing agents. We don't sell leads, and we don't sell advertising. Hosting your files on HomeJab is completely free for the listing agent and the consumer. If buyers are interested in your listing, leads get automatically forwarded to your inbox. Our goal is to work with you to produce the content at the highest quality, while turning over all ownership and revenue to you. Make Your Real Estate Marketing Recession-Proof Your business can be more resilient when you act on the likely uncertainty that lies ahead. The pandemic situation continues to unfold, and changes in the economy seem unpredictable. Secure your place in the future economy by anticipating the ups and downs yet to come. Understanding how to get real estate leads in an uncertain market simply requires a bit of flexibility. Like all good real estate professionals, you must prepare for the worst, and hope for the best. To view the original article, visit the HomeJab blog.

3D Tour Videos Will Replace Still Photos in Property Search
A revolution is about to hit the real estate industry. We've reached an inflection point that will create a major change for property search websites. WAV Group expects that sites will feature 3D tours instead of still photos as the primary display in the next three to five years. 3D tours create digital scans of a property, and the best part is that you do not need to put on one of those goofy headsets to make you feel like you are walking around in the actual home. The experience provides a perspective that flipping through still photos will never provide, such as walking down a hallway. One of the greatest innovations in 3D tours is the combination of interior home scans with exterior drone footage. This gives the consumer the ability to walk out the door into the back yard (or front yard) and take a good look at the house and the neighborhood—or the ocean views, if you are l3D tours are made of 360° scans and create a virtual rey experience that is immeasurably better than still photos. Brokers and agents who get 3D tours on every property are going to jump out ahead of those that do not. Moreover, those that convert their websites to 3D tours first have a chance to beat the portals and regain market share from consumers. Rich Barton, CEO of Zillow Group, indicates that the 3D experience is going to be "the next big thing" in property marketing. But I feel they will struggle to take advantage of the trend. Zillow's problem is that they are not listing agents (at least not yet). Zillow tried to put out software for free to anyone to capture home scans on their phone, but the product is not anywhere close to the experience that you get from a Matterport, iGuide or Asteroom scan. If agents do not pay for these scans and send the content to Zillow Group, it will be difficult for them to take the lead as a portal. The best part of these 360° scans is the production of floor plans. Michael Vervena from iGuide says that the accuracy of these scans from equipment like the Ricoh Theta Z1 360° camera placed on the iGuide Planix base will capture room dimensions to an accuracy of 0.5% or greater. When you look at the research performed by the National Association of REALTORS®, consumers list photos as the No. 1 most important information along with property details and then floorplans at No. 3. Zillow research puts floor plans at the No. 2 most important information consumers seek. Another big advantage of 3D tours with floor plans is engagement. Consumers spend a lot more time on the site and are more likely to inquire about a listing. Moreover, lead quality goes way up. The home buyer starts with location, beds and baths. From there, the process is about taking properties off the list. It takes less time to tour a property using this new technology than it does to find your keys and hop in your car. Floor plans are also incredibly helpful at understanding if you will fit in with a specific house; people want to know if their furniture will fit. This is where virtual staging from BoxBrownie comes in handy. It also helps solve the other problem of showing the home seller's old-and-outdated furniture handed down from their step-grandmother. Some of the details that the industry has not worked out yet include cost of the tours, ownership of the data, and hosting fees. The cost of the tours has come down a significant amount. Compare the $3000 cost of a Matterport tour plus monthly hosting with iGuide's $299 tour tour and no hosting fee. In fact, iGuide even provides the agent with a downloadable version that can be played from their phone, computer, tablet or even sent via text. Asteroom is considered less expensive in comparison, but it is more of a DIY solution. Most of the tours today include the professional photographer, causing data ownership to be all over the board. For instance, Matterport and Asteroom claim ownership of the data. iGuide does not. As for the hosting fees – not a fan. I am sure that the vulture capitalists backing these startups want the recurring revenue from hosting, but it is really just an egregious tax on the Realtor. If MLSs want to do something great for their members, hosting these 3D scans is a future member benefit that would be adored by their customers. In addition to these 3D tours being pushed front and center on property search sites in the future, I believe that they will become the first engagement experience between an agent and a buyer. If you have not checked out Urban Immersive's experience of a home walkthrough or a Virtual Showing by iGuide, try it. The agent can literally meet the customer online and show the home, pointing out features and answering questions for the client's convenience. These are bold predictions; feel free to disagree. But if you want to take a moonshot in your business and grow market share through investing in developing a better experience for consumers, then this is definitely it. Here is a virtual showing sample from iGuide: