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Tech Trends to Embrace in 2017
If you’re looking to increase your company’s tech savvy, then you need to be on board with these innovations.
From big data to virtual reality, technology continues to make huge strides in the real estate space year after year. But, if you’ve ever worried that these advancements will make your brokerage services obsolete, never fear. I’m here to put your mind at ease.
The National Association of REALTORS®’ 2016 Profile of Home Buyers and Sellers survey found that 87 percent of buyers used an agent last year compared to only 81 percent in 1981. You read that right. As technology and internet connectivity have increased, more consumers are turning to agents, rather than fewer.
But that doesn’t mean you should become complacent. We must remain the experts in all things real estate and continue to offer irreplaceable value in our marketing and negotiation skills. That includes incorporating tech trends that will help buyers and sellers achieve their goals.
“Aside from internalizing technology on an everyday basis to run your real estate business … there are some very huge tech trends that literally can change everything as we know it,” said Niraj Ranjan Rout, cofounder and CEO of Hiver, which publishes the Gmail app of the same name, in an email interview about the biggest tech trends of 2017.
Here are a few such trends:
Virtual Reality
Consumers have long been enjoying virtual realty in the gaming industry. Now, many — especially millennial buyers and sellers — have come to expect the VR and 3-D video experiences. Even in my own household, it’s unheard of to go see a movie like “Star Trek” without seeing it in 3-D. VR has seeped into our society’s collective expectations, and that doesn’t turn off when it’s time to house-hunt.
“VR is most certainly one of the most exciting and course-altering tech trends for real estate,” said Rout, who notes many different real estate firms are experimenting with VR headsets such as Oculus Rift and Samsung Gear.
Sotheby’s International Realty, in partnership with Matterport, recently introduced 3-D and VR tours online. John Passerini, the brand’s global vice president of interactive marketing, was recently quoted on Sotheby’s blog as saying, “Distance can present a challenge when looking to buy a home, and virtual reality has provided a provocative solution. This technology is allowing buyers to purchase homes without having to physically travel to view them, which is especially relevant to the global clientele we serve.”
Indeed, as VR continues to grow, it will completely change the real estate customer’s experience by providing buyers the ability to experiment with different home styling options, navigate floor plans, and get a full 360-degree view of the house. Imagine the day when “a prospect can take a slow walk around the garden of the house, experience the wine cellar, [and] stretch their arms to see if the kitchen is spacious enough,” said Rout.
Big Data
You may not be immediately attracted to Facebook posts from friends checking in at restaurants and post about their lunch, but all that data can actually be useful for your business. Well, maybe not exactly the lunch specials, but geographical check-ins and other types of information being shared may help direct you and your agents to the people who will soon be buying and selling.
Facebook and other companies are collecting all that data in order to tailor advertising and digital marketing. “It allows you to access detailed information about a customer and analyze their past behaviors,” said Rout. “Even simple factors such as the life stage of the prospect, their employment status, marital status, number of kids, and demographics can be included to generate a list of rich targets for whom you have the information to provide rich customer experience.”
There are various ways to retrieve such data, including Facebook ads. With more than 1 billion people logging in daily and sharing bits and pieces about their lives, Facebook is a gold mine of data for real estate professionals to help connect with people when they are gearing up for a move. In fact, Facebook allows advertisers to target consumers by categories such as “likely to move” and “For Sale by Owner.” The days of arbitrarily mailing postcards to people who may not be in the market to buy or sell are long over. Now you and your agents can use big data to directly find the ideal client. And it’s affordable — an ad can cost as little as $1 to $5 per day.
Home Technology
If you’ve ever caught an episode of the old cartoon “The Jetsons,” then you’ve likely fantasized about your own smart or fully automated home. Well, what was once reserved for luxury properties is now available to the mass market. Technology such as smart lighting, automated door locks, temperature controls, and more are increasingly in demand among all home buyers. It’s improving energy efficiency, quality of life, home functionality, and more, said Rout.
Are your agents ready to market smart-home features or advise buyers on the technology that’s available? Do they know the price points and the best local vendors? Do they know what smart-home upgrades can help a home sell faster? “Dismissing technology as some overrated unnecessary luxury can be a not-so-smart thing to do, and so is being a late adopter of new tech trends,” Rout said.
Technology is changing, and it’s enhancing our ability to market to and connect with prospects. Start embracing these trends at your brokerage now to keep your business in tune with what buyers and sellers want, while ensuring that your services continue to be irreplaceable.
Credit to Lee Davenport
Lee Davenport is a real estate broker and business doctoral candidate who trains real estate agents and brokerages on how to work smarter in real estate. Join Lee’s free RE Tech Insider’s Club at LearnWithLee.REALTOR for tips and tools to help your business thrive.
Best Technology for Your Brokerage in 2017
Don’t fall by the wayside while your competitors take the reins. Learn about seven tech trends that will truly bring your marketing into the new year.
Staying at the forefront of your market means leading with technology. Equipping your brokerage with quality tools will allow you to be faster, smarter, and, well, cooler than your competition.
In 2016, the industry focus was on social trends, including Snapchat, Instagram stories, and Facebook Messenger bots. Heading into 2017, there are seven technology assets that can set brokerages and individual agents apart.
1. Accessible Virtual Reality
When the Google Cardboard VR viewer was launched in 2014, virtual reality started to take off because suddenly, all the VR videos on YouTube became more accessible to smartphone users. For real estate, we’ve had to rely on expensive equipment or outside companies to make VR property videos, but that’s changing. The new Giroptic iO is a 360-degree camera you can attach to your iPhone. For $249, you can take photos, record videos, and even livestream videos in 360 degrees of real estate bliss. They’re available for presale now, with the first units scheduled to be released Jan. 17.
2. Snapchat Marketing
Snapchat continues to be an excellent tool for agents to engage with millennials — all 150 million of them — and other tech-savvy clients in real time. You can boost visibility and brand loyalty by sharing properties and neighborhoods, creating buzz with contests, and offering personal advice. Show followers the real you (within reason), behind-the-scenes action, or silliness at your office. It’s an easy tech tool that makes you real, timely, and approachable.
Additionally, the click-through rates for Snap Ads are five times than for comparable social media platforms, according to Hootsuite. The key to local engagement is to take advantage of geofilters, an illustrative overlay for images based on a geographical location and selected time frame. Snapchat’s On-Demand Geofilters start at just $5. You can build your own artwork using an app like Canva.
Here’s a real-life situation where it makes sense to try Snapchat geofilter marketing: Say your target neighborhood hosts an annual parade. You could build a geofilter for that date and location that all users in the area could access. You could reach thousands of people and it could cost you as little as $20.
3. Social Media Live Video
According to the Web Video Marketing Council’s annual survey, 73 percent of marketers said that online video had a positive impact on their business. With live streaming, expect to see an even larger impact. Here are some platforms to consider:
- The Facebook Live streaming tool is built right into your news feed. Simply click on the live button in the new post field and your followers can see what you’re recording and respond as it happens. Plus, you can save the video for users to watch later.
- Once available only through its Periscope app, live video is now integrated into Twitter itself. Instead of posting a text tweet, you can go live for up to 2 minutes and 20 seconds. Like tweets, your videos are saved and are searchable by the public (so think carefully about what you say on air). Maximize this feature for revealing new listings or promoting upcoming Facebook Live events, videos, or Q&As. If you’re already invested in Periscope, you might want to start letting your followers know you’re on Twitter.
- Instagram live videos can be up to to 60 seconds long. Because it’s a strictly a live feed that disappears immediately with no replay function, this tool offers a serious “sense of urgency,” which is why it could be a great property preview tool. You can still upload a recorded video to Instagram that can be replayed without limits, and Instagram’s direct ephemeral messages lets you privately share images and videos with a maximum of two views.
3. Programming Alexa and Google Assistant
The advent of smart-home devices and hubs has created a huge opportunity for real estate companies. Finding a home value or researching the cost of homes in a certain neighborhood is just a question away.
- For Amazon Echo and devices like the Fire TV stick, more people will be asking their virtual assistant Alexa a wide range of questions. The race is on for real estate companies and individuals to develop custom skills under unique invocation names (and get people to use them). For instance, you could program a response for when users say something like “Alexa, ask Redefy Real Estate how much my home is worth.”
- The Google Assistant can be used to make similar queries through the Google Home or Google Allo apps. Google breaks down these questions into patterns of components that include a trigger phrase (such as “ask”), invocation name (such as “Redefy Real Estate”), action preposition (such as “about”), and action phrase or deep link invocation (such as “my home value”).
Yes, you’ll need a web developer to create these services. And yes, it’s probably costly. But as the number of homeowners who employ this technology continues to grow, eventually it’ll be something you wish you’d done sooner.
4. Virtual Spaces
Brick-and-mortar brokerages may persist for some time, but more companies and individuals will explore and possibly transition to a virtual office model. Between technology and meeting spaces like Regus suites, more walls will fall in 2017. While saving overhead, budgets can be put toward more tech. Also expect to see more virtual transactions in 2017.
5. Data on Tap
Evaluate how well you’re using the data you have access to. Can you provide an instant, accurate market valuation? Can you become a thought leader in the industry based on your own ability to mine data? Big, smart data is also essential for predictive analytics. Though they’ve long been staples for lead generation in the business world, data and algorithms are finally being used to drive marketing in real estate.
6. AI Chatbots
Artificial intelligence has been refined to the point that it’s now a viable and affordable option for customer service. Chatbots provide an incredible opportunity to meet customers where they are, provide instant service, and initiate conversation that converts to leads. For shy or hesitant customers, this provides a neutral platform for conversation. The AI portion can respond and adapt based on what the customer asks to hone in on their real motivation (such as I need to sell now, I’m just curious, I’m lonely and will waste your time talking about nothing).
7. UX
UX — or user experience — is the key to encouraging customers to embrace your technology. If you’re not making it easy and fun for prospects and clients to use all the aforementioned technology, they will disengage. Apps, websites, and other touch points need to be designed for visually pleasing and ridiculously simple navigation. Ask your grandma to “drive” your site or app and you’ll quickly realize how cumbersome it is. Now go test out some of the 2016 Webby Award winners, such as Virgin America. You’ve got some work to do, don’t you?
The landscape is changing in front of you, and the longer you wait to employ new technology to market your business, the less relevant you will become. As an agent or a brokerage, getting ahead in this business depends on your ability to get ahead of technology. So whether you throw yourself into all seven of these assets or utilize a few, you’ll be taking definitive steps to a stronger 2017 and beyond.
Credit to Chris Rediger
Chris Rediger is president and co-founder of Redefy Real Estate, heading all operations since its inception. Chris also oversees Redefy’s rapid expansion and continues to develop and deploy its software infrastructure. He has been in finance and real estate for the last 10 years. As an agent and investor, he has been involved in over 500 real estate investment projects.
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5 Landlord Tips for the Holiday Season
In many parts of the U.S., winter has arrived. Are you and your tenants prepared?
As cold weather sets in, it’s time to winterize your rental properties. This article discusses five ways to keep things running smoothly, avoid expensive surprises, and keep your renters happy.
Roofs, windows, and electrical and plumbing systems are all vulnerable to the ravages of freezing temperatures. When it comes to winterizing, an ounce of prevention is worth a pound of expensive sub-zero repairs.
In addition, the holiday season presents an opportunity for landlords to thank their renters with small gifts. Let’s get started.
1. Keep Your Tenants Safe
The holiday season means Christmas trees, and they can be an accident waiting to happen. A safety reminder to your renters—in the form of a holiday notice—could help avoid an expensive and dangerous catastrophe. The National Fire Protection Association says that one-quarter of the 210 Christmas tree fires that occur each year are caused by the presence of a flame or other heat source, and 35% are caused by electrical equipment.
Install GFCI Outlets or Breakers
Even if you’re not required to have a GFCI outlet in the living room, it’s prudent to install at least one and encourage tenants to plug the Christmas tree lights into that outlet.
The outlet trips when a short occurs, which greatly reduces the chances of a fire from electrical arcing. As an alternative, replace the living room breaker with a GFCI breaker. That way, all the outlets on the circuit are protected.
If your renters plan to hang outdoor lights, make sure they have an outdoor GFCI outlet. Also, it doesn’t hurt to advise your renters in the holiday notice to use new—or at least undamaged—cords and light strings. If you opt for a GFCI breaker for the living room circuit, you might as well install one for the outdoor circuit(s) as well.
Don’t Forget the Smoke Alarms
The NFPA recommends that you replace smoke alarms every 10 years, and the fire marshals in many states, including California, require it. Check the installation dates on the smoke alarms in all your rentals, and replace the ones that have expired.
2. Keep the Gutters Clean
Debris on the roof slides into the gutters and eventually clogs them. As snow melts during the day, it can back up onto the roof and form pools that refreeze at night to form ice dams. Nothing is worse for the roof, which can leak or sag as a result. Prevent this kind of damage by blowing off the roof and cleaning out the gutters before the cold weather sets in and the snow starts.
While your maintenance crew is on the roof, they should also look for and remove overhanging branches. Limbs routinely break during ice storms, and if they don’t cause damage immediately, they can contribute to ice dam formation.
3. Prepare for Frozen Pipes
Exposed water pipes can easily freeze in the winter, and when the weather warms up, you may need an expensive emergency plumbing call to stop the resulting leak. The pipes inside the walls are usually safe, but any pipes that run through crawl spaces and attics are vulnerable.
Insulate outdoor pipes before the cold weather comes.
It’s common to overlook pipes that may be part of a sprinkler system or network of outdoor faucets. The best way to prevent an outdoor burst is to shut off the water to the outdoor system and drain all the faucets. Even if you do that, some water may remain in risers and exposed horizontal runs. Insulate those runs as well.
Clean the Vent Stack
While your maintenance crew is cleaning the roof, have them clean out the sewer vent stack. It may be a nasty job, but if debris is partially blocking this vital component of the plumbing system, ice can destroy it. Then the toilets and sinks won’t drain properly.
4. Ensure the Heat is Working
When temperatures drop, it’s the landlord’s responsibility to ensure that everyone stays warm. In some places, such as Massachusetts or the City of San Francisco, the furnace must be able to maintain a minimum temperature of 68 degrees Fahrenheit. Even if there is no specific temperature requirement, though, the heater—whether it’s a furnace or wood stove—must be maintained in good working order.
A Short Checklist
You should inspect and maintain the furnace and fireplace yearly. Here are three important things to do:
- Check the thermostat—Start by replacing the batteries, then turn on the heat and wait for the blower to come on. Make sure the air coming from the blowers is hot.
- Replace filters—Air return filters aren’t expensive, and you should change them on a yearly basis. This not only guarantees efficient heating, it prolongs the life of the furnace.
- Inspect and clean the chimney—If your rental unit has a fireplace or wood stove, you need to regularly remove creosote from the chimney and chimney cap to ensure proper updraft. Besides improving performance, cleaning also reduces the possibility of spark emission from the chimney.
5. Spread Some Holiday Cheer
Lawyers and shopkeepers understand the value of keeping their clients and customers happy with gifts during the holiday season, and so should you. Foster good relations with your renters (at least the ones you want to keep) with a small gift. The good feelings can last throughout the year. For example, if you’re firmly in the black and feeling generous, consider a modest end-of-year rent reduction. It’s a gift that any renter appreciates.
In summary, it’s easy to keep your renters safe, dry, and warm inside and out, and the rewards are well worth the small output of effort.
Credit to Chris Deziel
Chris has owned and managed 4 rental properties in Santa Cruz, CA, and Salida, CO. He is a DIY handyman expert for popular sites like Pro Referral.
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5 Easy Holiday Decoration Tips for Renters
You don’t have to limit your holiday decorations to a plastic tree or fake candles just because you live in a rental unit.
Here are five ways to decorate for the holidays without violating the terms of your lease.
1. Suction Solutions
Putting lights around the perimeter of a window allows you to share a little illumination with the outside world.
Instead of putting screw hooks in the frame around the window, use suction-based hooks or clips designed to stick to glass or any flat, smooth, and clean surface. Suction hooks have a standard, clear suction cup on one side and a small hook on the other; simply press one every 8 to 10 inches around the perimeter of a window to hold a strand of mini lights in place.
Suction clips work just like suction hooks. The difference is a swiveling clip mounted on the non-suction side. These clips are ideal for adding light strands to a window.
You can use both the suction hooks and clips to hold other lightweight decorations against the window, such as small flat wreaths, snowflake ornaments, and other nearly flat decorations. Some companies even offer suction hooks designed specifically for wreaths.
2. Temporary Adhesive Hooks
Temporary adhesive hooks are good ways to hold items onto surfaces. Look for brands such as Command Decorating Clips. They’re designed to work on almost any smooth, clean surface and they can be peeled away without leaving a mark when it’s time to pack away the holiday decorations. These hooks work equally well for strands of lights, wreaths, stockings, and almost any decoration that can be hung.
Read the package to ensure the clips you buy are strong enough to hold the items you intend to display. While temporary adhesive hooks are designed to peel away without damaging walls, check with your landlord, or read the terms of your lease to ensure they’re allowed.
3. Frames for Festive Lights
At least one manufacturer has recognized the need for hanging lights around a window without tape, tacks, or hooks. The “Window Wonder Frame Kit” is a customizable plastic frame system that you can press in place between the windowsill and top window jamb. Add-on pieces are sold to fit windows of larger sizes so you can customize the fit for just about any window.
Clips on the plastic frame hold incandescent mini-lights in place, but they’re not designed to hold LED lights. Once installed, the lights are visible from inside or outside, and they’ll be perfectly aligned around the perimeter of the window.
4. Brick Clips
If your apartment has a brick wall or fireplace, you can use brick clips, which snap in place vertically over bricks. They can even hold weighty decorations such as wreaths. The metal clips work on any brick that juts out a bit from the masonry, and they grab the top and bottom portions of the brick without harming the facade in any way. Two small hooks in each clip offer flexibility when hanging items such as stockings or wreaths.
The clips come in different sizes based on the most common brick heights, so be sure to measure a brick before purchasing the clips. Many of the clips are designed for indoor or outdoor use, so you can decorate your patio or balcony, too.
5. Window Clings
Window clings offer an excellent way to decorate windows and mirrors without leaving any marks or residue. Static electricity holds the clings in place. When you no longer need them, you simply peel them off the window and place them back on the original backing paper.
For even more fun—especially for kids—make your own clings out of puffy paint.
- Draw or print out a simple design such as a snowflake, ornament, or Santa.
- Place it beneath a sheet of plastic wrap or a clear plastic storage bag.
- Trace the design with any color of puffy paint (or even several colors).
- Let the paint dry overnight.
- Peel it off the plastic.
- Stick it on the window.
Any of the above decorating ideas can be applied to other holidays—and they help keep homes in their best shape.
Credit to Kathy Adams
Kathy is an award-winning investigative journalist, not to mention a writer, brand blogger, decor/DIY expert, renter, commercial landlord. She also writes for brands such as Behr, Kroger, Canon and Black+Decker on topics pertaining to home and apartment decorating and maintenance.