DO WE ALREADY KNOW WHAT IS GOING TO HAPPEN IN REAL ESTATE IN THE FUTURE???

By
Real Estate Agent with Douglas Elliman Real Estate

DO WE ALREADY KNOW WHAT IS GOING TO HAPPEN IN REAL ESTATE IN THE FUTURE???

I believe we do--on some level. If we open our minds and "free-associate" our thinking so that we narrow down the probabilities and possibilities we will very often find the seeds that bring the new reality into focus.

That's what I find happens when I blog--The future will pop out of a post that I wrote years before and it makes me feel like a bit of a fortune teller!!

Read on and see what I mean from this post written in May of 2013--I got over 17,500 hits since I wrote it:

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

A MAJOR MARKET SHIFT IS HAPPENING; LOOK AT THE POSSIBILITIES...

I actually wrote this post in late March--Since then some major shifts have already begun and I feel like getting this out there again since it did not get seen by many members (or the public for that matter!) in the first go around.  

Please read this and comment so that we all get a feeling of what is happening nation-wide.

It is more important than ever to make sure we get the jump on these trends that may alter our profession forever!

 

Since September 2008 all real estate agents have been struggling with the worst fiscal crisis in history and the longest housing ONLINE BUSINESS STRATEGIES INCLUDES LOCAL INFORMATIONrecession as well...

I began to see a change beginning in the middle of last year--June 2012 was a record month in home sales in the Hamptons and we watched (and worked) as a return to normal began, with inventories falling and buyers, long at bay as to what to do about buying, began their rush to get the best buy before prices began to escalate.

2013 will be a record year in house sales--at least that is what all projections indicate. I believe that is possible but. Even though I still remain conservative in my approach, I have made some significant changes in my sales strategies and the way I market my listings.

MY PLAN OF ATTACK...

  • I have made a real effort to be different in my "Pitch" package to potential sellers. I am taking the position that we are quickly moving into a sellers market and I have made a commitment to focus on the listing side of my business.
  • I have formulated a new CMA that covers a more personal approach to the Pitch. Instead of a run-on data focused report I use the property itself and build the report around it, giving as many details of the property in comparison to the other properties and explaining why each attribute is important. EXAMPLE: "Wrap around porch is a sought after detail in all new construction and increases the value of the property by approximately 15% to 20%."
  • I get most of my listings from direct calls FROM sellers--they find my blog and they love it!
  • Since I get so many listings this way, I am looking for ways to maximize my efforts--One way is to do more interesting local postings.
  • Market reports on my blog are more effective for my business than anything else I do. Here is one EXAMPLE  NEW HOME CONSTRUCTION, STILL THE "BULWARK" OF THE HAMPTONS MARKET 
  • I take the single topic approach about the market so that I get the point across and I don't dilute the topic. I find this makes for a more interesting blog post than the columns and pie charts.
  • Another way to get the message out there to the public is to inform them about an area like they have never been informed before. EXAMPLE BEST HOUSES FOR SALE, BEST PLACES TO GO IN SOUTHAMPTON VILLAGE, NY
  • My print ad business is where I am getting some activity so I am increasing my budget for magazine ads. Since this is a resort community, there is a lot of down time when the public is apt to pick up glossy magazines to pour over as they sit in the sun or relax with their weekend breakfast.

THE BIGGEST "GRIEF" IN MY MARKETING EFFORTS....

My personal marketing efforts are constantly thwarted by the new agent who hits the floor running! Right out of the financial markets, these Newbies join the real estate business like they have been in it for 20 years---like they know better than any other well established agent out there! They somehow manage to get the sellers attention better than any of the "Old Guard" ever did! They even pretend to be long Hamptons residents when they just moved in last week! They have BIG $$ signs in their eyes!

These Newbies accomplish this "invasion" by PAYING UP on Trulia and Zillow for a space in an area and then they GIVE AWAY their listings, and sometimes mine!

All this is done without a thought as to what they are doing: They are undermining the entire brokerage business and they are GIVING AWAY priceless listing information so these giant sites can build their data bases!! Those sites now own the content and the listings.

AN OPPORTUNITY, NOT A PROBLEM...

I look at this "invasion" as an opportunity to "up the ante" in my own efforts--I never ignore these agents; I do make mental notes of what they do. Here are the three things I always keep in the front of my mind as I go to work with a client:

EXAMPLE: I never leave a pitch package in the hands of the homeowner. I want them to "need" me again--I always get another call from them. A pitch package like this one has brought me tons of new listings: MY PITCH PACKAGE: This One Was A Home Run For Me!!!

EXAMPLE: I make sure my approach is always on the local side of the business. My focus is always to give the buyer and the seller (I work with both) the awareness that I am not just another "hot shot" agent who comes, hits the big time and then disappears. 

EXAMPLE: Buyers and sellers who want to use my services do so because they know I know what is great and good about the Hamptons ; and not just from a night club or party point of view. They read my informative local posts and that is why they choose me. EXAMPLE TELL ME A STORY....A Story About Real Estate and Local Information..

HOW WILL THIS BUSINESS LOOK if the day comes when all agents who amount to a hill of beans are found by what they say and how they inform the public about what they know and do?

It becomes a whole new way of doing business and in that case you have to put up or shut up. To my way of thinking, that is a very refreshing way for real estate to evolve and for it to overcome the attempts on the part of the syndicated sites to unseat RE agents at every turn.

LOCAL KNOWLEDGE IS THE KEY TO SUCCESSFUL MARKETING"All Real Estate Is Local" is a good motto to have in today's market place! Transparency is also a trending way of doing things and what could be more transparent than a profession that blogs about itself???

SO BRING IT ON.....

...and let all who can sell real estate and talk with knowledge about a location at the same time come to the front of the line and be the area specialists that are needed so desperately in this business---it may even up-level our reputations in the process!

WOULD THAT NOT BE A GREAT THING???

 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Since I wrote this blog post we have seen record housing sales--records that we could not comprehend back in 2013 but the data was already showing us what was going to happen.

2013, 2014 and 2015 were record makers in sales but nothing prepared us for the giant leap forward in 2016!!! Housing sales doubled, tripled and quadrupled here in the Hamptons during the 4 quarters of 2016. Normally we see a slow down in real estate sales during the holidays because people travel so much then.

But to everybody's astonishment , November and December had 400 houses in contract and many slid to closing into the 1st quarter of 2017. In the Southampton office alone we had $96mil in closings in January, 2017 and even more in February of 2017!!! These are records that I think will be difficult to exceed in the near future....

So, I would say we already know what is going to happen in real estate in the future--it just takes a little open minded blogging to stir the juices and create what we already know!!

 

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Re-Blogged 1 time:

Re-Blogged By Re-Blogged At
  1. Ginger Harper 05/24/2017 01:24 PM
Topic:
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Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Pam: Thanks for noticing the way the proccess gets included in my packages--I try not to make it seem that I am making an issue of my time. But this does work without insulting anyone and I have seen people make an effort to make it easier for me to get the things done that are needed because they don't want to "waste" my time! Thanks for reading!

May 25, 2017 09:33 AM #33
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Nick and Trudy: Thanks for reading the post---It can be helpful to hear the things that others do just so you know that you are not alone, if nothing else. I have had so many benefits from blogging here on AR that I find if I stop blogging for any period of time I lose my focus a bit! That includes commenting too! Thanks again!

May 25, 2017 09:36 AM #34
Rainmaker
2,209,354
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

One of the Grey Poupons of Real Estate this Paula is

May 25, 2017 01:57 PM #35
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Richie: I don't know if I should be happy to be a  grey poupon or not---I'm going to go with happy because I know you so well and you are always so kind to me!!

May 25, 2017 02:10 PM #36
Rainmaker
33,395
Shawn Cunningham
RE/MAX Advantage - Las Vegas, NV
Don't Gamble with Your Las Vegas Referrals!

Great article! Thanks for sharing and including an example of a Pitch Package. I really like that idea. 

May 25, 2017 03:55 PM #37
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Shawn: Glad you like the idea--it has worked very well for me over the years and as we proceed, I am tweaking it as I go, according to the owner how I view the property...

May 25, 2017 07:10 PM #38
Rainer
218,660
Matthew O'Hare
F-FPA - Osterville, MA

While the evolution is inevitable, there will always be a need some level of human moderation.

May 26, 2017 05:57 AM #39
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Matthew: Moderation is good! I think most people feel that way...

May 26, 2017 06:38 AM #40
Rainmaker
510,007
Nathan Gesner
American West Realty & Management - Cody, WY
Broker / Property Manager

Congratulations on the feature, Paula, and on predicting the future! Thank you for sharing your pitch package. It was very well done and a great example for others.

May 27, 2017 05:31 AM #41
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Nathan: Thanks so much for reading it! I don't know how much predicting I can do, intentional predicting that is. But I do think that if one is focused on the current state of affairs in the world and takes the time to write about it with an open mind it is a natural by-product!

May 27, 2017 06:57 AM #42
Ambassador
1,527,839
William Johnson
RE/MAX Associates - La Jolla, CA
San Diego Real Estate Voice, GRI CRS e-Pro CDPE

Hi Paula Hathaway, REALTOR, Sr. LBA,  a superb post and the update does indeed purport that you have ( and had) the vision and insight that makes you a real standout. Well done!

May 27, 2017 02:23 PM #43
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

William: Thank you so much---it means a lot that you got what I was saying--I am not trying to brag--just trying to let everyone know that they too can be a major contributor when it comes to local markets and the activities that take place there---someone is going to report on it. It may as well be you!! You may be the predictor of change just by being there and carefully covering the happenings!

May 27, 2017 07:03 PM #44
Rainer
422,500
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Interesting post, yet, as you stated, real estate is local and its future depends on many factors. especially the economics and demographics of the local marketing area.

That said, pockets of certain marketing areas will adapt to new types of mortgage and buyers assistance in securing real estate. The concept of equity sharing is not new, however, some mortgage companies will explore opportunities and invest in qualified buyers with their purchase of real estate. The increasing cost of real estate and especially the down payment keeps many buyers out of the real estate market. Equity sharing IMO will help by providing a tool to keep the real estate market healthy and strong.  

The increasing cost of real estate and especially the down payment keeps many buyers out of the real estate market. Equity sharing IMO will help by providing a tool to keep the real estate market healthy and strong.  With annual appreciation up to 7%, it seems prudent and beneficial for the buyer and mortgage company, don't you agree? 

May 28, 2017 01:31 AM #45
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Kimo: I do agree; so lets see how that will affect the buying public in the long run. I hope it will make a difference and get those qualified buyers into the important financial position of homeownership!

May 28, 2017 08:52 AM #46
Rainer
254,745
Mick Michaud
Distinctly Texas Lifestyle Properties, LLC Office:682/498-3107 - Granbury, TX
Your Texas Lifestyle is Here!

Interesting post.  I've written  a few that have been prescient.  And I've missed the mark on a few as well.

May 30, 2017 11:12 AM #47
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Mick: I have had my share of "missed" calls as well. The amazing thing to me  is that I am not usually looking to be a fortune teller--I just have a real need to want to help people understand the way real estate ebbs and flows.  However it can be quite enlightening to look back on my former posts and see the future unfold in very startling ways..usually 1-2 years afterward...

May 30, 2017 11:59 AM #48
Rainmaker
849,615
Jan Green
Value Added Service, 602-620-2699 - Scottsdale, AZ
HomeSmart Elite Group, REALTOR®, EcoBroker, GREEN

Great look backward at your post.  I've been wrong on a few, but i was right in 2006 when I downsized, cutting my house in half.  Now if I can just test my next theory!  Great pitch package BTW! 

May 30, 2017 04:08 PM #49
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Jan: Thanks! I have had so many people read that link--maybe it's time to do a re-write of that post! I am certain that if you go back and read your older posts you will find a feast of future predictions that came into being...Subtle as they may be, they are really gratifying if you find them!

May 30, 2017 04:12 PM #50
Rainmaker
341,271
Ann Nguyen
Dickson Realty - Truckee, CA
Lake Tahoe Truckee Homes For Sale

VERY VERY empowering and inspiring post Paula. It was truly worth reading.

Jan 08, 2018 10:56 AM #51
Rainmaker
420,033
Paula Hathaway, REALTOR, Sr. LBA,
Douglas Elliman Real Estate - Southampton, NY
...Finding Your Place In The sun!

Ann: Glad you got to read it--it has been a long while since I wrote the original post and I did not think anyone else would get to see it! Thanks for commenting on it as well!

Jan 08, 2018 12:56 PM #52
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