In this article, we delve into the strategies of top real estate professionals, including CEOs and Managing Brokers, to understand how they have adapted their businesses to align with recent market trends. From enhancing home appeal on a budget to catering to digital nomads and remote workers, we present ten insightful answers that showcase their adaptability and success in real estate. Here are 10 real estate insights when adapting to market shifts:
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- Enhancing Home Appeal on a Budget
- Looking into a Cash Offers and Lead Referrals Strategy
- Investing in Secondary Cities
- Marketing Sustainable Living Features
- Leveraging 3D Floor Plans for Virtual Tours
- Expanding Guaranteed-Rent Program
- Sourcing Multi-Generational Living Spaces
- Focusing on Non-Buyers Post-Sale
- Embracing AI and Data Analytics in Real Estate
- Catering to Digital Nomads and Remote Workers
Enhancing Home Appeal on a Budget
The real estate market has shifted due to high interest rates, leading to clients looking to sell their homes often working with smaller margins and not being able to invest as much up front in preparing their home to list. The approach has shifted to supporting sellers who may not wish to or be able to afford professional staging by augmenting their existing furniture with strategic accessories.
For instance, a stunning outdoor space was highlighted by engaging a friend who works in retail merchandising to create a dining table display for that specific area. This was cost-effective and, in combination with a twilight photo shoot, created an image that was evocative of the lifestyle future buyers would see themselves living in that home. Finding creative ways to celebrate the appealing features of homes for sale (and downplay the challenging components) will help listings stand out in this market.
Jessie Culbert Boucher, Managing Broker, Compass
Looking into a Cash Offers and Lead Referrals Strategy
We have adapted several strategies in my real estate business to align with the current market trends and shifts. One such strategy is focusing on buying houses for cash and adding another revenue stream by referring leads to real estate agents.
In our market, there are many properties which are over-leveraged due to the market value of properties falling significantly over the last year. This means that many cash offers simply don’t work because there is no equity in the property.
Our market is known for people refinancing frequently because of the rapid appreciation over the last few years, resulting in many over-leveraged properties. By adding referrals to real estate agents, expenses have been offset, and we have made a shift to some more expensive lead generation, but one that attracts more properties with equity.
Sebastian Jania, CEO, Alberta Property Buyers
Investing in Secondary Cities
The real estate market constantly evolves, and Awning.com adapts accordingly. Recently, there’s been a surge in interest in secondary cities as people seek affordability, quality of life, and community—often missing in larger cities.
This trend emerged in data from our platform, showing increased searches for properties in unexpected areas, attracting residents and investors alike. We promptly refocused our resources on these markets, forging local partnerships, and striving to understand community needs, not just to transact real estate but to contribute to these cities’ growth.
One project, a neglected property in a Midwest secondary city, exemplifies this. We collaborated with local investors, transforming it into a thriving mixed-use community hub. This success underscores our business’s adaptability, listening to societal needs, and sometimes taking leaps of faith on overlooked properties. Our decisions impact more than our bottom line; they influence lives and shape communities.
Shri Ganeshram, CEO and Founder, Awning.com
Marketing Sustainable Living Features
With the rise of eco-conscious buyers, I integrated green and sustainable-living features into my property listings. I collaborated with experts to assess and certify properties for energy efficiency and sustainable design.
One particular property, retrofitted with solar panels and a rainwater-harvesting system, was marketed emphasizing these features. It caught the attention of a young couple passionate about sustainability, leading to a swift sale. This experience underscored the significance of staying attuned to evolving buyer values and preferences in the real estate market.
Alexander Capozzolo, CEO, SD House Guys
Leveraging 3D Floor Plans for Virtual Tours
Almost everything can be done virtually now, and real estate has to adapt to this shift. The current clients are those who have lived in an era of digital technology, so of course, we have to present our services in a way that will reach them. Increasing our social media presence is one way; another is to present the properties we offer virtually so that they will have little need to seek the property in person.
Using 3D floor plans has really helped in this aspect. 3D floor plans would also help get a wider reach of potential buyers. Some far-flung buyers don’t need to be there physically for home shows, and seeing a 3D floor plan would suffice for them and help them make an informed decision.
Stephen Keighery, CEO and Founder, Home Buyer Louisiana
Expanding Guaranteed-Rent Program
In the world of real estate, adaptability is key to staying competitive and seizing new opportunities. At UpperKey, we’ve refined our property management strategies to align with evolving market trends, exemplified by the expansion of our guaranteed-rent program. Recognizing the growing demand for secure rental income, we tailored our services to offer property owners a reliable income stream, ensuring consistent cash flow and substantial portfolio growth.
Our global reach and remote-team infrastructure have been instrumental in adapting to market shifts. By harnessing data analytics and market insights, we’ve identified emerging markets with strong investment potential. Our ability to swiftly pivot and manage properties internationally allowed us to capitalize on the surge in demand for short-term rentals during peak tourist seasons. This adaptability, along with our commitment to maintaining high standards in property management, has enabled us to thrive in a dynamic landscape.
Johan Hajji, CEO and Founder, UpperKey
Sourcing Multi-Generational Living Spaces
Noticing the increasing demand for multi-generational living spaces, I began sourcing properties that offered separate living quarters or adaptable spaces. I also provided resources for potential modifications. A standout moment was when I listed a property with a detached guesthouse.
By marketing it as an ideal space for elderly parents or adult children, it resonated with a family seeking such a setup. The property was snapped up in days, highlighting the importance of catering to evolving family dynamics in the housing market.
Erik Wright, CEO, New Horizon Home Buyers
Focusing on Non-Buyers Post-Sale
The shift is towards working with clients who are NOT looking to buy a house after selling. The major concern right now for sellers is how they are going to afford the next house due to high rates.
However, the people who aren’t concerned about that (moving out of state, downsizing to a rental, moving in with someone else) are prime candidates. For example, the last client was moving in with his significant other in a property she already owned.
Mark Severino, Real Estate Investor, Best Texas House Buyers, LLC
Embracing AI and Data Analytics in Real Estate
With the digital revolution transforming every industry, I embraced technology wholeheartedly in my real estate business. I integrated AI-driven tools to match buyers with suitable properties and used data analytics to predict market trends.
One instance where this paid off was when the data indicated a rising demand for properties near green spaces in a specific neighborhood. Capitalizing on this insight, I focused my efforts there and secured multiple successful deals in a short span. This tech-driven approach reinforced the value of leveraging data in staying ahead of market trends.
Gagan Saini, CEO, JIT Home Buyers
Catering to Digital Nomads and Remote Workers
Considering the growing trend toward remote work and flexible living arrangements, we pivoted our real estate and relocation services to cater to digital nomads and remote workers. We partnered with co-living spaces and negotiated exclusive deals for our clients—many of whom were digital nomads making the most of the reasonable cost of living in Andorra.
One notable achievement during this process was securing a partnership with a renowned co-living brand. This partnership opened up a new avenue for us, attracting a steady stream of remote workers and freelancers seeking flexible living solutions. Our adaptability in embracing the digital nomad trends and requirements paid off tremendously and helped us grow while meeting the specific needs of this segment.
Peter Lucas, Owner, Relocate to Andorra
