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Expert Update - 07.28.2022

Three Reasons Why 5G Will Super-Charge Real Estate

The next generation of 5G wireless internet is up to 600 times faster than our current 4G connections. It's already having a huge impact on real estate agents and their clients, as major carriers all have nationwide 5G deployments covering at least 200 million users. Here are three ways that 5G will impact the real estate industry:

1. Expand market territory. 5G's increased speed and reliability will offer more options for people to live wherever they want. This will lead to rural markets becoming "hotter" because clients can be continuously connected anywhere.

2. Increase real-time VR viewings. Greater bandwidth means your clients can view properties virtually and the environment will be updated in real-time. For example, at a virtual viewing they can say "open that door" and the door will open.

3. Provide better smart home connectivity. More smart home devices can also be used in homes as connectivity increases. Multiple security monitors and complex home thermostats will function simultaneously within a 5G network.1

 

Ups and Downs of the Mortgage Market Explained

Wondering when the current mortgage rate rollercoaster will end? The main explanation for the recent rise in rates is simple: The Federal Reserve is on a mission to combat inflation. That means the Fed plans to raise short-term interest rates in 2022, and mortgage rates generally follow the same path. On the other side of the coin, competing forces are pushing rates lower. For example, investors are taking money out of the stock market and putting it into safer investments like mortgage bonds. This growing demand leads to lower rates. Ultimately, the good news is that rates have a good chance of becoming attractively low in the long-term if a recession doesn't begin to affect the economy.2

 

Three Ways Mentors Matter for Newbie Agents

Real estate mentors can boost a new agent's earnings and success significantly compared to those who go it alone, since seasoned agents offer a wealth of knowledge that green agents can't get anywhere else. Here are three related ways mentorship matters:

1. Avoiding key mistakes early on. A proven track record of success means experienced agents have made some mistakes along the way — mistakes that new agents can learn from and avoid. There's no replacement for this type of knowledge.

2. In-depth knowledge of networking. Seasoned agents have been around the networking block more than a few times. Experienced agents can also vouch for a new agent with their network of clients.

3. Longer mentorships offer even more value. Some new agents have decided to extend their original one-year mentorship with a top agent. They realize that the invaluable skills they've learned already could multiply and mean even greater success in the long run.3

 

How Crypto and Blockchain Are Influencing Real Estate

Digital or cryptocurrency has already become a huge game changer in real estate. Many agents believe buying and selling properties with digital currency and recording transactions on the blockchain "ledger" will transform the market.

 One welcome advantage: buying a home with crypto means the process is ultra-simplified. There's no need for credit scores or background checks. Collateral is the only way eligibility is determined. And some companies will lend crypto users up to 50% of the loan if the collateral is in bitcoin. That means crypto opens the market to a pool of buyers who wouldn't normally qualify because of low credit scores.4

 

Three Answers to Key Questions About Real Estate Referrals

Real estate referrals can become a lucrative part of your business, since a referral fee is usually 25% of the gross commission – but like everything else, it's negotiable. Here are three answers to key questions about real estate referrals:

What are the most common referral reasons?

The most common reasons for a referral include out of area and state transactions — or referring commercial business if you only work residential real estate.

How are referral fees paid?

Referral fees are paid like any other commission. You'll receive a check after closing for the balance you're owed.

How common are referrals?

Simply stated, they can make or break your business. 82% of all real estate transactions are the result of referrals.5

 

 

 

Sources:1nar.realtor; cnet.com; 2realtor.com; 3rismedia.com; 4magazine.realtor; 5 theclose.com; refermeiq.com

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