What Are the Top Trends Real Estate Agents Should Expect in 2016?
Each year the real estate market shifts, bringing new trends to the industry. Since you’ll be helping your clients through each step of the home purchasing or selling process, learning more about these trends is a worthwhile use of your time, and there’s plenty to be excited about. Here’s what your 2016 clients will be looking for in their next new home.
The Real Estate Market will continue to Rebound
It’s been a tough past few years for the real estate market, but investors remain optimistic about the upswing. Experts are also stating that it’s a great time to be a buyer, seller and real estate professional. Economic factors like low unemployment, increasing rental rates and low interest rates are helping more buyers enter the housing market. This is great news for your business, because more people will be looking to buy and sell.
The Growth of “18-Hour Cities”
Modern home buyers want to feel connected to where they live, and they also want access to the urban amenities found in larger cities like Chicago, L.A. and New York City. This desire has led to the rise of the “18-hour city,” secondary markets that offer big city lifestyles at much more affordable prices. San Antonio, Denver and Austin are all examples of flourishing 18-hour cities that continue to grow year after year.
Marketing to Millennials Remains Important
By 2016, Generation Y (also called millennials) will make up 32% of home buyers. This demographic of home buyers spends a lot of their time online, so reaching them on the web is extremely important. Make sure that clients can easily look for homes online, since that’s where younger buyers generally begin their searches. Keep in mind that agents who are skilled at interacting with clients via social media, blogs and email newsletters will have a distinct advantage when it comes to retaining these buyers.
Real Estate Agents will Feel the Changes from TRID
On October 1, 2015, TRID went into effect. TRID, also known as the TILA-RESPA Integrated Disclosure Rule, intends to make mortgages more transparent and easier to understand. This is great news for consumers, but you will need to learn about how the changes will impact your business.
Creative Gifts at Closing and a Personal Touch are more Important than Ever
Running a successful real estate business isn’t solely about closing deals. It’s also important to show your clients that you appreciate and value their business. Making clients feel valued is a key component to securing referrals and repeat customers, especially with younger generations, who expect to be treated like more than a number.
Traditionally, real estate agents have given clients small gifts at closing, like fruit baskets or calendars, but the 2016 market will reward creativity. Consider gifting your clients unique, useful and personalized gifts that they can use in their new home. Here’s a list of some great closing gifts.
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