Tip 1: Attract the Gen Ys
Say what you will about the younger generation, but they’re proving to be more financially savvy than previously anticipated. According to a report from realtor.org, “Gen Y comprises the largest share of home buyers at 32 percent, which is larger than all baby boomers combined. Gen Y also has the largest share of first-time buyers at 68 percent.”
Tip 2: Get Tech Savvy
In 2016, if you are a buyer or you’re trying to attract them you need to be up on your tech game. Because this is the generation that grew up with the Internet, Realtors will need to rely heavily upon social medias, popular real estate websites, and apps that this generation is savvy on.
Further, though 82 percent of Realtors have a website for their businesses, only 3 percent of their total annual leads come from their website. More agents than ever are working the referral angle, cultivating leads via social media and content marketing to increase their sphere of influence.
Tip 3: Don’t Be Afraid to Bid Low
We rushed out of the gates about a year and half ago, but the frenzy has slowed down across many markets. For buyers, this means you don’t have to be afraid of making a lower offer. It’s not going to insult anyone—unless you go really low.
Of course, this depends on the market you’re in. On the West Coast in the US, sellers often price things low to get more activity and more offers. But in New York, sellers price properties high because they expect someone to come in under the asking price. In general, you don’t see many bids going over asking so if you like the house and neighborhood don’t be afraid to make a lower offer.
Tip 4: Agents Need to Get Creative
Post-sale interaction with the new homeowners will be critical in securing referrals and second-home purchases in the future. With many agents sticking with traditional gifts, such as baskets, magnets and calendars, the best agents will venture onto new creative items.
Making a huge comeback in 2016 are hand-made address stamps, featuring your client’s new home address. Agents giving these as gifts often find a boost in social media exposure because of its uniqueness and the owner’s desire to talk about their new home online. Whatever the gift might be, creative thinking will be key in 2016.
Tip 5: Get in the Know About Your Credit
A few years ago, when people wondered what they needed to buy a house, the answer usually consisted of perfect credit and a rich relative who could plop down cash for a down payment. But as credit standards loosen and competition dies down, would-be buyers are getting more opportunities now than they have in the past.
Though not in the official job description, many agents regularly find that they need to guide their clients where credit is concerned. Often knowing which items to pay off and get removed from a credit report is key. By knowing the nuances that might affect a loan application, agents can quickly become the guiding light many first-time home buyers desperately need.