Business Trends That Agents Need in 2024

NEW YORK – To grow a real-estate business, experts need to identify emerging trends in the market and act. The following up-and-coming professional trends can help real estate professionals move forward:

1. Build a personal brand that showcases experience, skills and know-how in real estate.
2. Increase transactions by incentivizing referrals. Buyers between ages 24 and 42 are becoming more active in the market, and the 2023 NAR Home Buyers and Sellers Generation Trends shows that the overall average percentage of homebuyers surveyed who were referred to an agent by a friend, neighbor, or relative was 38%, compared to 6% who were referred by an agent to another agent.
3. Before purchasing online leads, go in knowing the challenges involved in conversion. Engage in a streamlined and standardized follow-up program aimed at converting these leads into closed transactions.
4. Embrace the power of reviews. A recent survey found 79% of respondents trust personal recommendations. Consumers trust peer recommendations, like online reviews, 6.5 times more than traditional advertising. Real-estate professionals can capitalize on this trend by investing the time and effort into gathering more reviews.
5. Leverage artificial intelligence for efficiencies and build a listing-based business, which entails training, technology and tool investments.
6. Rely on video in marketing because consumers prefer short videos to reading text. Short-form video delivers the highest ROI compared to other marketing trends and will secure more investment in 2024 than any other format.
    

Source: Inman (05/10/24) Burgess, Jimmy

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