What Does a Possible Economic Recession Mean for the Housing Market?

By now you’ve likely heard murmurings of an impending economic recession. According to the National Association for Business Economics’ Economic Policy Survey, 3 out of 4 of the business economist panelists expect a recession by 2021. But let’s hold off on the panic button for just a minute, because this does not necessarily mean a downturn in the housing market.

 

In fact, historically, it can mean quite the opposite.

We Aren’t Seeing a Repeat of 2008

Let’s be clear that we’re not going down the same road we went down a decade ago. The infamous 2008 “Great Recession” was caused by the subprime mortgage crisis. Due to overborrowing and flawed lending, the US economy entered a period of intense turmoil and the housing market crashed. If you were in real estate at the time, you remember. Heck, if you were above 18 years old at the time, you remember.

 

But this time around things are different. For one thing, experts are not predicting that the economy will fall anywhere near the levels it dropped to in 2008. Additionally, this downturn has little to do with the housing industry. While it’s too early to say with certainty, trade conflict is a noted contributor to the instability and recession predictions. Additionally, Germany’s economic dip and Britain’s controversial choice to leave the European Union (Brexit) have added insecurity and uncertainty to the global economy as a whole.

 

6 Reasons We Don’t Forsee a Housing Collapse

  • 1. Rates of subprime loans are low (5% in 2015 compared to 20% in 2005)
  • 2. Higher lending standards from banks
  • 3. “Flip” market is under control with tougher lending standards
  • 4. Home prices are outpacing income
  • 5. There is a lower rate of bankruptcy filings (50% lower since the implementation of the Affordable Care Act!)
  • 6. Inventory and demand are relatively balanced

You still with me? Here’s the good news. Most real estate experts predict the housing market will be just fine.

What the Experts are Saying

The numbers below – detailing home price variation during the previous 5 economic recessions have been buzzing around, creating waves on social media over the past few weeks. Real estate expert, Steve Harney, and Keeping Current Matters have been leading the charge to #SpreadTheTruth that an impending recession will not equate to a housing crash. And what we’re seeing is compelling!

 

 

As you can see in the above image, home price actually increased during 3 out the 5 most recent recessions. Home prices dipped just slightly in the 1991 recession (approx. -1.9%), and, of course, in “The Great Recession” of 2008, the housing market crashed (prices dipped -19.7%). What this shows us is that a weak housing market is not correlated with a general economic downturn.

 

The following numbers are from the Zillow Q1 2019 Home Price Expectations Survey. Here you can see that between now and 2023 panelists are predicting increased percentages in home values. Optimistic estimates cap out at about +28.3%, whereas pessimistic predictions still show an increase of +6.6%.

 

 

Proceed with Cautious Optimism

(And arm yourself with data)

 

Of course, for every optimistic prediction you can find a pessimistic one to match. And with data to back it up. So we urge you not to move forward into 2020 thinking that the housing market is indestructible because we all know that is never truly the case.

 

“Constrained home supply, persistent demand, very low unemployment, and steady economic growth have given a jolt to the near-term outlook for U.S. home prices. These conditions are overshadowing concerns that mortgage rate increases expected this year might quash the appetite of prospective home buyers. – Pulsenomics founder Terry Loebs”

 

Clearly, there is still some room for caution. And if you pay attention to headlines, you’ll see chatter surrounding the bursting of the “housing bubble.” But we believe that overall, moving into the end of 2019 and onwards into 2020, agents shouldn’t be running towards the panic button. Stay calm, stay informed, and keep sharing with your clients.

Get In Front of Your Sphere

Remember: Sharing Information is Your Job!

 

You are the expert. The hyper-local “go-to.” So it’s your job to stay in the loop not only with national housing trends but also with granular data about your market. Equip yourself with the right information and then get in front of your clients and prospects. When there is good news and promising data shout it from the rooftops! When there’s troubling news, be forthright and help counsel your clients to make the right choice. Make sure your sphere knows that they can trust YOU to give them the information they need to make one of the biggest decisions of their lives.


Expert Real Estate Insights! Webinars, Videos, and Free Downloads


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7 To-Dos to Check Off Before 2020

Goal setting season is upon us. Resolutions are looming and the success of your business next year can depend largely on how you wrap up the next few months. It’s a heavy task with all the festivities and subsequent lack of focus, but if you prioritize a few key things, you’ll set yourself up for success.
 

Lead Generation Real Estate Plan

 

Plan Your Gifts and Donations

‘Tis the season! There is no better time of year than the holiday season to add that “personal touch” that will set you apart from your competitors. Make your own nice list and include the people who have been the most important to your business this year. Consider current and past clients, vendors, as well as coworkers. Plan to give out appropriate gifts to thank them for their loyalty and business and consider writing handwritten holiday cards to stay in touch with past clients. (boost your referral business!).

 

It’s also the perfect time to choose a local charity and make a company donation. This is a great thing to do for obvious reasons, but it also doesn’t hurt to get a little brand recognition and a tax reduction!


Your Holiday Real Estate Gift-Giving Guide


 

Real Estate Lead Generation

Audit your Tech Tools

Technology is mission-critical to the success of your business. Do you have everything you need to hit the ground running in 2019? Perhaps there was something you could have benefited from this year? Make sure you’re using vendors that are true business partners. Make sure they’re on the leading edge of innovation, putting you ahead of the competition and helping you deliver unprecedented service to your clients.

 

Lead Generation Plan

Evaluate Your Digital Persona

As an agent, you yourself are a brand. Make sure your personal brand is reflecting your values and the type of service you can offer prospective clients. Now is a great time to spruce up your social media profiles, update your head shot, and skim through all the content to make sure everything is in line with your brand goals.

 

Not sure what to share? Check out our tips in this video:
 

 

Additionally, make sure your consumer website is up to snuff. Your website is your first impression for your online leads (and you know what they say about first impressions!) Here’s an example of a great consumer website.
 
Real Estate Lead Generation

Prioritize Your Education

Did you put a priority on professional development this year? If so, great! Keep doing what worked and re-evaluate things that weren’t that beneficial. If not, make that a focus for 2020. It’s amazing what inspiration the right conference or coach can bring to your business. Research some opportunities that would be a great fit for your 2019 goals, and make some plans!

 


Expert Real Estate Insights! Webinars, Videos, and Free Downloads


 

Real Estate Lead Generation

Assess Your 2019 Business Plan

Too many people create their goals for the new year without taking a long hard look at the past year. Review your critical metrics from 2019. Regardless of if you hit your goals in certain areas or not, what do the numbers say about your performance and priorities? Use this information as a starting point for sales forecasting and building a very realistic and actionable plan for next year.

 

Build That 2020 Business Plan

Now that you have a real understanding of last year’s performance, it’s time to put a plan together. Make sure you cover all aspects of your business: marketing campaigns, potential hires, specific sales metrics, technology investments and events. Associate SMART goals with each aspect and build out timelines to keep yourself accountable.
 

Are you tracking and measure your numbers? You should be accounting for the following:

  • Response Time/Speed-to-Lead
  • Follow-up & Nurture
  • Lead Conversion Rates
  • Close Rates

 

Enjoy Your Holiday Time!

The next two months provide built-in time to celebrate with those you love. Take advantage! Focus on your to-dos before the whirlwind begins and soak in your quality time with family and friends. Disconnect from your business a bit, enjoy yourself, and mentally prepare yourself to hit the ground running in January.

 


Qualified, Transaction-Ready Leads from BoomTown


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Veronica Figueroa // The Figueroa Team

 

Veronica Figueroa knows what she wants.

She’s driven, fearless, and when she sets her sights on something – she’ll get it. It’s why the Figueroa Team has been wildly successful, becoming one of the top real estate teams in Orlando, Florida. It’s why she partnered with BoomTown back in 2012 to help grow her real estate business.

It’s also why in 2017 she decided to play the field and explore other options. Like any good business leader, Veronica wanted to make sure she was using the absolute best technology on the market to empower her agents and to impact her clients’ lives.

 

Shiny Objects

There’s a delicate balance you have to achieve in today’s real estate market. You have to make sure you’re using the best technology without getting distracted by “shiny objects” and empty promises. The newest trick or feature might lure you in – but at the end of the day, what really matters? Real ROI and real results.

Veronica left BoomTown in 2017, after five years on the system, to test out a few other platforms. Ultimately, the disruption it caused her business gave her the answer that she was looking for.

“We should have sold 600 homes last year. We’ve been at a plateau of about 300, 350. But looking back, it wasn’t the market. It wasn’t the agents. It was the changes that we self-inflicted by leaving BoomTown.”

Demanding Excellence

This isn’t a story about a perfect system, because the truth is, the perfect system doesn’t exist! This is a story about trust, experience, and finding a technology partner who listens. Veronica was seeing new features and advancements pop up in other places – features that BoomTown would build (and build properly) in due time.

“At the time, text features were really important and all these features that we’re seeing evolve between CRMs across the industry. So if one didn’t have something, it was like, ‘Well, we don’t have that here.

But I didn’t dive deep enough to say, ‘When is it coming? How do we make this still a part of our future even though we don’t have it now?’ I was impatient. I fell victim to just chasing that shiny object.”

Since Veronica’s brief departure in 2017, BoomTown has rolled out countless updates, such as bulk texting, advanced accountability dashboards/leaderboards, intuitive qualification questions, new integration partners, etc.

Additionally, in 2019 BoomTown released a new package called Success Assurance, which delivers transaction-ready leads right to you. Handling the lead generation and qualification, and allowing you to get back to closing deals.


Explore the Power of BoomTown’s CRM


Finding a True Technology Partner

Even through the disruption and transaction plateau, Veronica still managed to build a strong foundation for the years to come. She switched to eXp Realty and took a 10,000-ft view of her business. During that time she knew she needed to switch back to BoomTown because BoomTown isn’t just a platform, it’s a success partner.

BoomTown is known for legendary support services, success management, coaching, and 1-on-1 hand-holding. It’s the security you just can’t find with another system.

“That’s why we chose to go back to BoomTown. We knew we needed a system we trusted. We needed to feel protected and safe in that area of our business with our team, making sure that business was just flowing naturally, organically with the new changes that we were going to make.

We know that there’s going to be a little disruption in our world, but the one thing we wanted was a really strong database.”

So what matters in a technology partner in 2019? Robust, cutting-edge technology. Unparalleled support from real humans (who really care).

 

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BoomTown Announces New Consumer-Facing Mobile App for Clients

CHARLESTON, S.C., August 13, 2019 — BoomTown, the leading sales and marketing platform for real estate professionals, is excited to announce a consumer-facing mobile app, to help clients provide a best-in-class mobile search experience for their prospects and clients, and empower them to better serve them in the home-buying process. The news continues the momentum of several recently announced innovations from BoomTown including Success Assurance, Real Contact lead qualification, and Marketing Central self-serve advertising.

 

The app, currently in development, will offer an unparalleled search experience that the company is already known for, optimized for the best mobile experience. With technology that encourages consumer engagement and spurs action, the app will offer insights on user behavior to help agents provide even more value to their customers.

 

“Numerous studies have shown, and internet giants like Amazon have proven, that time on site is the most valuable metric in judging buyer behavior, so we’re very excited to build the app on our existing addictive search experience that we’ve spent over a decade optimizing,” said Grier Allen, CEO & President of BoomTown. “Not only will this app allow our clients to offer an incredible search experience to their clients, but it will also encourage prospects to take action and engage with agents on their mobile device, with the help of push notifications, further empowering agents to communicate effectively throughout the buying journey.”

 

About BoomTown
BoomTown exists to make real estate agents successful. 40k+ of the industry’s top professionals, and 40% of the Real Trends Top 250 teams, trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown’s service offerings extend far beyond technology with coaching services from peers who have catapulted their growth with the system, lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA, San Diego, CA, and San Francisco, CA. For more about BoomTown visit boomtownroi.com.

Media Contact:
Lee Bressan
843-300-4604
lee@boomtownroi.com

The post BoomTown Announces New Consumer-Facing Mobile App for Clients appeared first on BoomTown!.

What Sets Real Estate Technology Apart in 2019?

Success in real estate is nearly impossible in 2019 without the support of a robust technology platform, this much is clear. But how do you know what is the right tool for you? In the end, it comes down to your return on investment. Is your real estate CRM empowering you to generate as much business as possible?

BoomTown Named Real Estate CRM Market Leader, Summer 2019

G2 Crowd recently announced their top picks (based on real user reviews) of the highest performing real estate CRMs on the market, and BoomTown was a clear winner. Users reviewed the CRMs based on things like; ease-of-use, automation, integration with other systems, database organization, mobility and accessibility, etc.

 

 
Choosing the best real estate CRM starts with 4 main categories. These should be the checkboxes you cross off as you shop for a CRM.

 

1Does it Create Tech-Enabled Agents?

The best real estate CRMs enable agents. Think in broad terms here. Enable agents to contact hundreds of leads in an hour. Enable agents to find ready-to-close opportunities. Enable agents to prioritize based on ROI (i.e. tasks more likely to generate $$$).
 
Tech-enabled agents are able to close 183% more deals. They see more responses from leads and convert on a faster timeline. Imagine taking a homebuyer from a 6-month window to 3 months. Go from getting 5 responses to 22 responses (from unconverted leads).

 

 

As you look at real estate CRMs, ask if they:

  • Handle all aspects of lead nurture. Can the CRM automate communication? That way, you don’t have to email and call every single lead yourself.
  • Filter and categorize leads based on readiness (or likelihood to close). A good real estate CRM can match leads to properties and suggest they look at it.
  • Give insights into website visitors. Can the CRM tell you which leads have visited the website in the last 30 days? Those could be hot opportunities to prioritize.

 

2Is Workload Reduced?

Technology like a real estate CRM should reduce work. Not add to it.
 
Yes, it might be a new process. In the beginning, it’ll take time getting acclimated. But in the end, you should be able to reduce the work that’s not dollar-productive. Example: Responding to new leads. A CRM can automatically send an email you’ve programmed (versus you doing manually). Think about the time saved.
 
In real estate, time is money. Look for communication tools and the CRM’s ability to organize leads/tasks. Agents should be sharing their knowledge, not finding people to share their knowledge with.
 

 
Beware! Some real estate CRMs will have lots of features. “Bells and whistles.” They’ll promise to save time. But you need to examine how easy the system is to use. Does it take 20 minutes setting up CRM tools? Or does it take 2 minutes? How is their support? If you can’t get someone on the phone to walk you through something, you’ve got a problem. BoomTown’s support is unparalleled.
 
If the CRM isn’t easy to use, you’ll only add work for yourself. You’ll be busy trying to figure out new software. (No thank you!)

 

3Can It Work with Other Tools?

There’s no “all-in-one” tool for a real estate business. Anyone promising it is fooling you. A real estate CRM can do a lot, but you’ll still be using other software like showing apps and office management tools.
 
This is where you’ll want to ask about integrations. Can the real estate CRM work in sync with other tools? If so, which ones? A good example: BoomTown integrates with dotloop. A real estate CRM with transaction management software.
 
You’ll want to make sure the CRM is flexible to your business. Not the other way around.


Explore the Power of BoomTown’s CRM


4Does the CRM Go Beyond Organizing Leads?

For real estate agents looking to move beyond spreadsheets and rolodexes of leads, a CRM is a natural next-step. But we’re past 1999.
 
The best real estate CRMs do more than organize leads. They match leads to properties. A CRM should recognize that Jack Catterton is looking for colonial-style homes around ~$300k. It should see Jack is interested in San Diego properties. Then it should take that data and see what homes are available, and tell you: “Jack would be a good fit for these 27 properties.”
 
This allows you to look like an expert without having to ask homebuyers 20 questions. When a new property hits the market, it allows you to instantly find homebuyers who would like it. That’s something especially helpful for large MLS markets.
 

 

(Pssst. Want to go even further? How about qualified, transaction-ready leads?)

Good news. BoomTown recently announced a new solution, Success Assurance.
 
Success Assurance offers the perfect mix of tools and services to handle lead generation, lead qualification, and lead management, serving transaction-ready prospects to agents. Specifically, Success Assurance:

  • Combines BoomTown’s CRM technology with RealContact’s texting capabilities and a new calling service
  • Acts as an extension of a real estate team, with an ISA-like concierge responding to new leads 24/7, within 90 seconds
  • Enables agents to work with transaction-ready leads
  • Leads are engaged and nurtured for up to one year from registration
  • Clients can customize scripts, monitor conversations and jump in at any time
  •  

    “In just ninety days we’ve already seen 170% ROI,” said Joe Garafolo of Waterfront Realty Group. “Knowing someone is reaching out right away is a huge relief and not having to waste time with bogus leads is very important for top-producing agents.”


    Start Working with Transaction-Ready Leads


    The post What Sets Real Estate Technology Apart in 2019? appeared first on BoomTown!.

BoomTown Announces Two New Solutions: Success Assurance and Marketing Central

CHARLESTON, S.C., July, 24, 2019 — BoomTown, the leading sales and marketing platform for real estate professionals, is excited to announce two new solutions, Success Assurance and Marketing Central self-service advertising.

Success Assurance offers the perfect mix of tools and services to handle lead generation, lead qualification, and lead management, serving transaction-ready prospects to agents. Specifically, Success Assurance:

 

  • Combines BoomTown’s CRM technology with RealContact’s texting capabilities, and a new calling service
  • Acts as an extension of a real estate team, with an ISA-like concierge responding to new leads 24/7, within 90 seconds
  • Enables agents to work with transaction-ready leads
  • Leads are engaged and nurtured for up to one year from registration
  • Clients can customize scripts, monitor conversations and jump in at any time.

 

“In just ninety days we’ve already seen 170% ROI,” said Joe Garafolo of Waterfront Realty Group. “Knowing someone is reaching out right away is a huge relief and not having to waste time with bogus leads is very important for top-producing agents.”

 

BoomTown is also introducing Marketing Central, allowing clients to generate more leads and listing opportunities through a self-serve advertising portal. Marketing Central offers clients the ability to:

  • Build advertising campaigns through channels such as Instagram and Facebook to highlight active listings, promote open houses, and showcase successfully sold properties
  • Create dynamic ads for real estate (DARE) to generate content that a lead would be most interested in
  • Prove value to seller clients by showing how many prospects have viewed a listing

 

“Marketing Central allows brokers to easily leverage ads to generate more listings and increase lead volume, and Success Assurance provides the teams and tools to handle lead generation, initial lead response, qualification, and nurturing for up to one year, maximizing ROI from lead generation efforts”, said Grier Allen, CEO & President of BoomTown. “Success is seen by both growing your database and ensuring your leads are responded to quickly and nurtured effectively, so we’re excited to support our clients’ growth with these powerful new solutions.”

Learn More.

 

About BoomTown
BoomTown exists to make real estate agents successful. 40k+ of the industry’s top professionals trust BoomTown to grow their real estate business with easy-to-use technology that creates opportunities and turns them into closings. Capabilities include a customizable real estate website integrated with local MLS data, client success management, a cutting-edge CRM (Customer Relationship Management) system with custom marketing automation, personalized advertising and lead generation services, and a mobile app for agents on the go. BoomTown’s service offerings extend far beyond technology with coaching services from peers who have catapulted their growth with the system, lead qualification services to contact, qualify, and nurture leads, and dedicated advisors to offer personalized support at every step from onboarding and training to optimizing your business and planning for strategic growth. Founded in 2006 and headquartered in Charleston, SC, BoomTown has additional offices in Atlanta, GA, San Diego, CA, and San Francisco, CA. For more about BoomTown visit boomtownroi.com.

 

Media Contact:
Lee Bressan
843-300-4604
lee@boomtownroi.com

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