Brr! Despite record heat waves and soaring temperatures across the U.S. this summer, there is a chill in the air. Climbing mortgage rates and home prices have contributed to a cooling effect on the real estate market. According to Zillow, sales of existing homes fell 14.2% in June from a year before and have fallen on an annual basis in each of the last 12 months.
Many real estate agents have already noticed their pipeline of prospective buyers and sellers is slowing. In response, some agents are cutting back on their technology and marketing budgets in anticipation of leaner times. But others are taking a bolder approach: ramping up their investment in their business.
It may seem counterintuitive, but now may be the ideal time to invest in your business and differentiate yourself from those who are cautiously wading back to the shallow end of the pool. Smart agents are taking their business to the next level with technology that can help them deliver intelligence and insights at speed and scale to their sphere of influence.
Here are some key opportunities the latest technologies offer to help agents stay on top of the shifting market dynamics:
List Prices: In 2021, sellers could essentially name their desired price and still expect multiple offers and bidding wars. But today, pricing is a more delicate art. It is important to price a listing correctly. Otherwise, you risk the home lingering on the market, which may result in a very unhappy seller if and when they need to make a price reduction. Using modern property intelligence technology can help you determine a more accurate value estimate based on micro-market analysis.
Offers: While pricing a listing has become more nuanced in this market, the same is true for making an offer. Your buyers may have more negotiating power now than a year ago, but homes are still selling at a record pace, according to homegenius Home Price Index data released in July. A property intelligence engine backed by computer vision artificial intelligence (AI) can help you determine the sweet spot for your buyers to make a competitive offer.
Market Analysis: Pulling comps and creating a client presentation can be an incredibly time-consuming process. In fact, it takes the average agent 40 minutes or longer to complete a single comparative market analysis (CMA). Technology has evolved beyond the traditional CMA. AI and automation can cut the process down to five minutes.
Personalization: Today’s consumers have greater expectations for a personalized, digital experience. Advances in technology allow agents to use time-saving software that can process tons of variables and provide customization for comps and presentations. Search tools powered by AI allow much more granular filters to fine-tune the results to your client’s preferences, including details like flooring, layout, brand of appliances, and more.
In an environment of uncertainty, new technology can be a game-changer for agents who apply it effectively. geniuspriceSM technology, provided by homegenius Real Estate, is a personalized property intelligence platform leveraging advanced technology and the latest developments in data science, machine learning, and AI to provide agents with next-level analytics and insights in a fraction of the time. geniusprice technology empowers your success by enabling more confident pricing decisions, saving valuable time, and personalizing the experience for your clients.
Visit homegenius.com to learn more about the homegenius ecosystem and tools that can provide greater market clarity, direction, and opportunity, and help agents thrive in today’s market.
The homegenius family of companies, a Radian Group Inc. business segment, combines an array of title, valuation, asset management, and other real estate services into a full-service ecosystem. homegenius offers innovative experiences from search to close, enabling lenders, investors, consumers, and agents to benefit from integrated and personalized solutions leveraging advanced technology and the latest developments in data science, machine learning, and artificial intelligence. Learn more at homegenius.com.
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