2018 NAR Stats Highlight Need For offrs Seller Leads
In a recently-published 2018 NAR (National Association of REALTORS®) report, it was revealed that there was a sharp 6% decline in REALTOR® income from $42,500 in 2016 down to $39,800 in 2017. This decline in income is seen by NAR as being attributable the similar 5-year downward trend in overall housing inventory. Stacking onto these daunting industry trends, NAR revealed that the median number of transactions by REALTORS® dropped from 12 in 2016 to 11 in 2017 (all of this despite record-highs in home pricing). "Limited inventory continues to plague many housing markets in the United States. For the fifth year in a row, the difficulty finding the right property has surpassed the difficulty in obtaining mortgage financing as the most cited reason limiting potential clients..." NAR declared in the report.
Increasing Numbers Of Hard-Working Agents
Unfortunately, the report highlights a few additional points of industry interest, mostly related to ROI and quality of life for REALTORS® in 2017 (and presumably into 2018 and 2019, given the downward, years-long trending slope). The number of REALTORS® rose from 1.22 million in 2017 to 1.3 million in 2018, showing a small (but not diminishing) number of competitive agents in the field (at least within the REALTOR® marketspace). According to the report, the number of hours worked per week remained roughly the same for the past 7 years (40 hours). While this may or may not be a positive read among the other downward numbers, this may reinforce the possibility that the overal trend is headed downward despite a consistent (if nothing else) number of hours input each week.
The Blinking Neon Light: offrs Seller Leads
While these industry-wide trends continue downward, showcasing an end-of-era need for revitalization, offrs continues to demonstrate a sustained 70% national average success rate in predicting future home listings. In fact, offrs just recently received CIO Applications' 2018 Predictive Analytics Solutions Award for Real Estate and looking back, a future historian may see the now blinking neon sign that is the crossroads we're now at as an industry. Indeed, with the need for off-market inventory, round-the-bend business intelligence and accessible (affordable) products that bundle these for the everyday agent, it would seem that offrs' predictions on the state of the real estate industry itself has also come true. While offrs was set up as an innovator in the field, the past 5 years have propelled the company to the forefront in standard real estate operations.
At The Crossroads Of Industry Norms
This all leads to an image of an agent (let's say you), as they find themself at a crossroad between need and capability. While offrs isn't the only generation tool for seller leads, it is leading the way for predictive analytics-based lead generation. And as the market continues to crowd with agents, all whiddling down an already-deminishing catalog of listed housing inventory, it seems apparent that the solution is to leap ahead of the pack and get to the leads before the rest of your competition does. It's simple, really... offrs predicts (with a 70% national average accuracy) which of the homes in your neighborhoods are most likely to list up to 12 months fom now. Does this prevent your competition from reaching out to them? No, but it does give you a significant edge...
How Best To Utilize Real Estate Business Intelligence
For most new offrs users, access to continuously-updated homeowner data (compiled and cross-checked across multiple, top-tier data providers) is in itself worth the convenient, monthly data access plan. But added to this, the highlighted homeowners which have been identified by offrs AI as the most likely to list their homes in the next year... well, your options on how best to utilize this intelligence are vast. Here are some ways you can act on the data provided by your offrs data access:
- Reduce your marketing spend by targeting only those that have been marked as high-value lead targets (those most likely to list within the next 6-12 months).
- Maintain your current marketing presence, but shift your hard-close efforts to the identified, upcoming movers who likely need your services in a more expedient manor.
- Double-down on your marketing efforts by maintaining your existing cold conversion strategies while adding new marketing efforts that target these as hot leads.
- Get creative and leverage your homeowner data to gain regional partner coupons or other incentives that can be used as gifts to your farm and cement you as the region's premiere engager.
As you can see from the last item in this list, we're only just exploring the tip of a very large iceberg when it comes to best practices in lead access, lead gain and ultimately lead conversion strategies possible with the offrs solution. If you haven't yet seen offrs in action or it's been a few months since you've seen the latest version of the platform and algorithm results, then it's time to cross that mental barrier and see what the future of real estate holds for your business. If not you... then who? Set up an appointment with one of our seller lead generation and conversion strategists here.
interested in learning more about lead nurturing best practices? Check out this helpful offrs YouTube video.
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