Real estate is generally a fast-paced market that is always changing and evolving based on market trends and consumer demands. Expert Joseph Pingaro has some helpful advice on how the market is changing this year and beyond, and what you can expect from real estate consumers in the years to come. Keep reading to learn more from an expert real estate developer.
Patience Is Key
In an ever-changing market, patience is the key to success. Sometimes, the right buyer is only an Instagram or radio ad away, and other times, you won’t meet the right person for months. Patience can help you make it through those times when it feels like no one is buying and help you avoid situations that won’t help your selling efforts.
Rehabbing Is a Good Idea
Rehabbing houses has become one of the biggest real estate trends in recent years, and is certainly something that shows no signs of stopping. With so many cheap properties available on the market, consumers are looking to get their hands on fix-em-up properties and start dipping into the vast money pool that rental properties and flipped houses can offer.
Rehabbing a property is a great idea if you have the time, money, and knowledge to do so. Rehabbing usually requires no small amount of contractor work, so if you’re not much of a handyman, you’ll want to hire someone that can help you handle the repairs and upgrades necessary to warrant a profit from your purchase.
House flipping is on the rise, as more and more people look to supplement or completely replace their income by renting out or selling rehabbed houses. In the first quarter of this year alone, over $6 billion in profits were made from flipping houses; up from around $4 billion from last year. Not only is the market growing, but it’s also becoming profitable for those with the means to do it efficiently.
Understand that flipping houses isn’t for everyone, and does require some technical knowledge of the real estate market and more than a little contractor knowledge for repairs and upgrades.
Faster Transaction Times
Now more than ever, the process of buying a house or other property is quick and simple (for the most part). With modern platforms, agents aren’t needed for the entirety of the process, whereas before, an agent may sit on a deal for weeks on end before the client makes an offer. Research is easier than ever thanks to technology, and even the home-buying process is easily researched with a simple internet search.
Faster transaction times means less money lost. The longer you sit on a deal waiting for a client, the more money you’re losing each day. It’s important to close out deals as soon as possible and move on to the next thing (although not so quickly that there are errors in the first deal).
Lower Closing Costs
Closing costs are predicted to fall as less time is spent in offices and less paperwork is needed to close on a home purchase. The digital evolution of the home-buying process is set to revolutionize the entire process, making it more convenient, faster, and less costly for first-time home-buyers and seasoned veterans alike.
Digital Marketing Is More Important Than Ever
Along with lower closing costs, you can expect the cost of things like marketing to drop as well. With free platforms like Instagram and other social media sites, advertising and sharing listings with a large audience has never been easier; making using these digital platforms a necessity.
If you’re still pushing the old ways of real estate marketing, you’re already falling behind the curve. Agents and real estate companies all over the country are turning to a more digital-focused approach to their marketing efforts. If you want to reach a younger audience, this is an absolute necessity, as most Millennials spend a lot of their time online. You won’t want to miss out on half of your market by not including online marketing in your plan!
Take advantage of free marketing on social media. Not only will you be saving plenty of money by utilizing free advertising platforms, but you’ll also be able to reach more people than you ever could via newspaper, radio, or even TV ads. Online ads are quick to create and can be directed at specific demographics of people. Targeted marketing has truly never been more easy or convenient.
Real estate is always changing, but these are the changes you can expect in the coming months and well into the 2020 decade. Digital technology has truly proven an asset in terms of reducing costs and helping agents reach a wider audience, and there’s no doubt that future technology will further speed up and streamline the overall process.