Keeping up with important industry news and trends isn’t always easy for real estate professionals. That’s why we’ve compiled this roundup of stories and reports that will likely affect your business.
Whether you’re focusing on generating more leads, making a name for your business, or just want to keep up with your competitors, knowing the following news items will help you stay ahead of the curve.
Read on for all the important real estate news that your customers will be talking (and asking you) about!
NAR Study Finds Housing Prices Remain on the Rise
The National Association of Realtors® shared its 1-minute roundup of the February housing market. There was a lot to report on in that one minute, including a 5.3% year-over-year increase in the median single-family sales price.
Rising prices was a trend overall, with increases seen in 92% of markets. Even with these booming prices, NAR reports that there were 1.52 active listings in February, a 9.5% increase from last year.
Despite all this, tight inventory conditions and weakening affordability caused existing-home sales and pending sales to decline in the earlier part of 2018.
Inman Analyzes Areas Where Home Prices Are Increasing the Most
Meanwhile, Inman shared a breakdown of where in the U.S. home prices are rising. Inman’s overview of S&P’s CoreLogic Case-Shiller Index shows December 2017’s national index coming in at 196.23, which is a 6.3% year-over-year increase.
The report also names which cities are seeing the greatest price gains. Those leaders include Seattle, Las Vegas, and San Francisco.
RE/MAX Reports Unseasonably High Sales
RE/MAX released its National Housing Report for February. The main takeaway:
Home sales in the beginning of 2018 were so quick that it resembled the busier spring selling season. In fact, median sales prices were up 6.7% year-over-year.
Report Finds Responding to Customer Reviews Matters
Receiving positive reviews from clients is a goal many real estate agents have. However, according to a report from the Harvard Business Review, replying to those reviews is also very important for your image.
According to HBR’s study of hotel reviews on TripAdvisor, businesses that replied to reviews received 12% more reviews, and their ratings increased on average by 0.12 stars.
The study found that it was beneficial when businesses replied to both positive and negative reviews. It also theorized that having this public dialogue with past customers helped improve brand image – and possibly helped generate future business as well.
Aside from being present and attentive to clients’ complaints and raves, there are many ways you can use positive ratings to boost business.
Facebook Announces Changes to Paid Ad Performance Reports
If you run paid ads to promote your real estate business, you may see some tweaks to how Facebook reports on ad performance.
According to Facebook, advertisers will now see new labels on some of the metrics showing how they were calculated. Additionally, the social media site has removed redundant metrics to help users focus on more meaningful data.
Still not sure which metrics will give you the best insight and understanding into the performance of your ad campaigns?
Facebook is also launching a program to help educate advertisers. “Measure What Matters” will roll out later this month to help you determine which metrics are best to focus on.
Infographic Covers Best Digital Marketing Channels for your Business
Still evaluating which digital channel is the best fit for your real estate marketing? Social Media Today recently published an infographic to help professionals figure out where they should invest their time and money.
Before you begin planning out your campaigns, it’s important to decide on your business objectives. Other factors, such as your budget, your audience, and your competitors’ marketing strategies, are all important to consider when embarking on your digital marketing journey.