Boommates - A Growing Trend
It's been said, "When the going gets tough, the tough get going" and today's baby boomers are taking that saying to heart.
Boomers, a term used to describe those who were born from 1946 to 1964, are at the age where they'd typically sell the home they raised their family in and downsize to a more manageable place. Faced though, with record housing prices, and ongoing inventory shortages, the thought of selling has lost its appeal for many. "There's just is no incentive to sell and get saddled with a high rate mortgage at this stage of our lives." says homeowner Dennis Wager.
So what's a Boomer to do? A movement is taking place that finds them staying put in their family homes and renting out extra rooms to younger people in need of affordable housing. Hence the term - Boommates. Done right, it can be a win for the younger renter in need of affordable housing as
well as the homeowner who benefits from pooled resources. "For us, it made more sense to invest in modifying our current home so we could rent out the rooms we weren't using," says Wager. "It's been a win for us and for our tenant who needed a safe and affordable place to stay."
How to Protect Yourself During A Power Outage
Take an inventory of the items you need that rely on electricity. Plan for batteries and other alternative power sources to meet your needs when the power goes out, such as a portable charger or power bank. Have flashlights for every household member. Determine whether your home phone will work in a power outage and how long battery backup will last.
Know Your Medical Needs
Talk to your medical provider about a power outage plan for medical devices powered by electricity and refrigerated medicines. Find out how long medication can be stored at higher temperatures and get specific guidance for any medications that are critical for life.
Using Appliances During Power Outages
Install carbon monoxide detectors with battery backup in central locations on every level of your home. Avoid carbon monoxide poisoning. Generators, camp stoves or charcoal grills should always be used outdoors and at least 20 feet away from windows. Never use a gas stovetop or oven to heat your home. Turn off or disconnect appliances, equipment, or electronics. Power may return with momentary surges or spikes that can cause damage.
Food Storage
Have enough nonperishable food and water. Keep freezers and refrigerators closed. The refrigerator will keep food cold for about four hours. A full freezer will keep the temperature for about 48 hours. Use coolers with ice if necessary. Monitor temperatures with a thermometer. Throw out food if the temperature is 40 degrees or higher. (ready.gov)
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The Rise of Real Estate Video Marketing: Boosting Sales and Branding
A recent study found 73% of homeowners are more likely to list their homes with a realtor who uses video to market their properties( HomeLight). With more than 80% of buyers now using online platforms as their primary tool for house hunting, the role of video in capturing leads and closing deals has never been more critical.
Here are some of the most significant ways video marketing is transforming the industry:
1. Video Tours:
Virtual tours allow buyers to engage with listings in unprecedented ways. A study by Realtor.com revealed that listings with virtual tours receive 87% more views than those without. These tours keep potential buyers on the page longer and provide them with a comprehensive look at the property, increasing the likelihood of setting up inperson visits.
Drone Footage for Enhanced Outdoor Appeal: Drone technology has become a must-have tool, especially for large properties or homes with distinctive landscapes. According to a study by Zillow, listings with drone footage sell 68% faster than those without. The use of aerial views to showcase surrounding neighborhoods, backyards, and nearby amenities provides an enhanced perspective that traditional photography can’t match.
Virtual Staging and Augmented Reality (AR):
Another growing trend is virtual staging, which offers flexibility and cost-efficiency. By digitally furnishing a property, realtors can
show buyers the home's potential, even if it's currently vacant or in need of renovations.
Live Virtual Open Houses:
The ability to host live virtual tours has become a staple for real estate professionals. Not only does this broaden the audience by allowing out-of-town buyers to view homes in real-time, but it also increases engagement. According to Redfin, virtual open houses have a 50% higher conversion rate for serious inquiries than standard listings (Render Atelier)(HomeLight).
SEO for Video Content:
Optimizing video for search engines is crucial to increase its visibility. Realtors who include video in their listings are 53 times more likely to appear on the first page of search results, according to a study by HubSpot. Including keywords, captions, and transcripts not only improves the SEO of the listing but also makes the video accessible to a broader audience.
Real estate professionals are increasingly seeing the need to embrace video marketing as a powerful tool. By incorporating video tours, drone footage, virtual staging, and live virtual open houses, agents can significantly increase their listings' engagement and
shorten the time it takes to sell a property. Additionally, focusing on SEO strategies for video content ensures that the listings get seen by the right buyers at the right time.
For agents in Upstate NY, where properties vary from rural homes to suburban developments, leveraging these video marketing tools can be the difference between a stagnant listing and a quick sale. Adopting video marketing not only boosts sales but also strengthens a realtor’s brand, showcasing their tech-savvy approach to meeting buyers' evolving expectations.
By investing in video, real estate agents can provide their clients with a richer, more interactive experience, making properties stand out in a crowded market. The statistics speak for themselves: properties marketed with video sell faster, for more money, and with greater buyer satisfaction.
Contact LifeandHomes to learn how adopting our video marketing platform solutions can boost sales, strengthen your brand, and showcase your tech-savvy approach to meeting buyers' expectations. LifeandHomes 315-865-5845
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The Impact of New NAR Regulations on Real Estate Agents
The real estate sector is bracing for substantial shifts as the National Association of Realtors (NAR) introduces new regulations this fall. These changes are set to redefine industry practices, creating new opportunities while challenging long-established norms. For real estate agents, particularly those operating in Upstate New York, the evolving landscape brings both complexities and potential benefits, especially with the rise of non-NAR MLS platforms like LifeandHomes MLS.
Increased Commission Transparency and BuyerSide Fees
One of the most significant regulatory changes is the enhanced transparency around commission fees, particularly regarding the buyer's side. Historically, sellers have borne the cost of both their own agent's commission and the buyer's agent’s fee, often leaving buyers unaware of the full financial picture. The new regulations aim to address this by mandating clear disclosure of commission fees, ensuring that buyers are informed about how much their agent stands to earn.
According to a Redfin survey, 73% of buyers expressed a desire to negotiate commission rates once given more detailed information. This development may prompt real estate agents to defend their commission structures more vigorously, potentially losing clients to more flexible competitors. However, agents who can clearly communicate their value proposition through market expertise and advanced marketing strategies are likely to fare well in this new environment.
The Rise of Non-NAR MLS Platforms
The increasing appeal of non-NAR MLS platforms is another consequence of the regulatory changes. These platforms offer real estate agents greater operational flexibility, often at a reduced cost compared to their NAR-affiliated counterparts. LifeandHomes MLS, for example, has gained traction in Upstate New York by providing agents with an affordable alternative that offers digital marketing tools like video listings and magazine features.
A report from T3 Sixty reveals that 25% of real
estate agents are now considering non-NAR MLS platforms as part of their listing strategy. For agents in smaller markets or those working independently, these alternatives offer critical cost-saving opportunities and allow for greater customization in listing management.
Legal Scrutiny on Traditional Commission Structures
The traditional commission structure, in which sellers pay both the buyer’s and seller’s agent fees, is also facing legal challenges. Class-action lawsuits have argued that this practice inflates home prices, leading to increased scrutiny of the NAR’s model. In response, the NAR is implementing reforms to provide more flexibility in commission negotiations.
A study by the Consumer Federation of America found that 80% of sellers are unaware they are paying the buyer’s agent commission—a practice increasingly criticized as lacking transparency. Should these lawsuits succeed, agents may find themselves renegotiating commissions with buyers and sellers separately, with potentially lower fees unless they can substantiate the value they bring to the table.
Navigating the New Market in Upstate New York
In Upstate New York, where the market is already competitive, real estate agents must adjust their business models to align with the new commission transparency requirements. Offering distinct services, such as video marketing and in-depth market analysis, will be crucial in demonstrating value to clients.
The adoption of non-NAR MLS platforms like LifeandHomes MLS presents an additional
opportunity for agents to reach broader audiences while avoiding the higher costs of NAR-affiliated systems. Digital marketing tools, including virtual tours and video content, are becoming indispensable as more homebuyers turn to online searches to begin their buying journey.
Looking Ahead: Growth of Non-NAR MLS and Agent Adaptation
As the real estate landscape continues to evolve, it is expected that more agents will turn to non-NAR MLS platforms to reduce costs and gain flexibility. These alternatives, such as LifeandHomes MLS, provide powerful marketing tools while allowing agents to circumvent some of the restrictions imposed by NAR membership.
The ongoing legal challenges and new commission transparency requirements will necessitate a more transparent and creative approach from agents. Those who adapt by leveraging both traditional and innovative platforms, offering superior service, and maintaining open communication with clients, will be well-positioned for future success.
Real estate professionals in Upstate New York are facing a dynamic regulatory environment. New NAR regulations, increasing commission transparency, and the rise of non-NAR MLS platforms require agents to rethink their strategies. By embracing technology, focusing on transparency, and exploring alternative MLS platforms like LifeandHomes MLS, agents can stay competitive in a rapidly changing market.
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