As the pandemic spread, few industries changed as quickly or as completely as real estate. In many areas, public safety protocols meant real estate was effectively on pause for several weeks. During that time, agents and brokers all over the country worked around the clock to figure out safe and effective ways to continue serving clients. Never before had there been so much risk.
And those professionals rose to the occasion. Real estate transactions have continued at a brisk pace, giving buyers the chance to access historically low interest rates. At the same time, sellers have benefited from rising home prices in some of the most desirable markets. Now, at last, there are optimistic signs of coming out the other end of the pandemic. But things won't simply go back to the way they were.
Many of the real estate trends accelerated by the pandemic were already percolating in the background. Virtual home tours and showings, remote work, marketing automation, and more have gained traction faster than anyone predicted. The benefits of these fresh approaches remain very attractive. Real estate experts often thrive on face-to-face interactions. It will be a relief to see clients in person more frequently. But the top pandemic trends have unlocked ways to get more done and serve more people — all without having to sacrifice the personal touch that makes relationships work.
Let's look at some game-changing real estate trends that have staying power:
Real Estate Is Undergoing a Digital Revolution: The Right Technologies Are Essential to Success
The pandemic has been a challenging time for everyone. It will pass, but the lessons learned will endure.
Today's most effective real estate agents are using technology to adapt, overcome challenges, and add value to their communities. Modern real estate technology is the key to building a practice that lets you deliver sterling customer care while making space for the work-life balance you want in the long term.
To learn more from the real estate digital marketing experts, contact Delta Media Group today.
I wanted to put together a quick, high-level post to share with you what I'm seeing. I feel this will provide some hope as we all prepare for the upcoming recovery. Over the last couple of months, I have been paying close attention to data trends to determine the depth and length that this impact is going to have on our clients' businesses. In analyzing the data, I paid particular attention to organic traffic. The outbreak hit organic traffic the hardest and, in my opinion, is the leading indicator of what is happening in the market. Organic search activity is driven by intent, and in the initial phase of the pandemic, online search activity dropped off significantly for real estate.
On Monday I talked about trending data as we are seeing it now. You can find that article by clicking here, and you may want to read it before reading this article.
Additionally, I did a follow-up article to the one I did on Monday where I discussed Rate of Change analysis methodology that I use from ITR Economics. That article can be found here and I also recommend reviewing that article first before you read this one.
For this article, I want to discuss analyzing the lead flow into your business from your web site. I will caution that you need to consider multiple factors when tracking and analyzing your lead flow. I'll mention some of these below.
Yesterday I talked about trending data as we are seeing it now. You can find that article by clicking here, and you may want to read it before reading this article.
For this article, I want to discuss a tool that I have found to be invaluable in my businesses called Rate of Change. This tool, or methodology, comes from ITR Economics. I was introduced to ITR Economics ten years ago through my Vistage group. What stuck out to me about this methodology of analyzing current data and leading indicators is it provided early insight into trending changes that affected my business.
Specifically, for Delta Media Group, using this methodology, I found early indicators that gave me an eleven-month indication of coming changes, good or bad, happening in the business. Imagine knowing eleven months ahead of time, or even just two or three months ahead of coming changes in your business. For me, it has been a game-changer, and I want to share with you what I see right now as it relates to the residential real estate industry.
Five weeks ago, I was meeting with fifteen business owners, and we were talking about how good business is and how we should be planning for a black swan event. We all agreed that we should as we continued talking about watching our business metrics as all of our businesses were growing at phenomenal rates. Times would be good, and I would have never thought that I would be writing an article just five weeks later in the middle of a black swan event.
But here we are today dealing with the impact of Coronavirus on our lives and businesses.
All of us, while waiting to see what our government will ultimately do in the form of bailouts, are working and planning in our businesses. What I want to draw all of us towards is our business metrics.
Two weeks ago, at the Leading Real Estate Companies of the World (LeadingRE) Conference in Las Vegas, Aaron Geh and I pivoted our speaking session to partially discuss business metrics to pay attention to. In this article, I will attempt to outline what metrics you can pay attention to and how to interpret trending data that you can produce now if you aren't already tracking such data.