It seem real estate professionals — and, by default, their buyers and sellers — are getting used to current interest rates and feeling better about the third quarter than they did the second quarter 2023.
When asked how they felt about the housing market over the next three months, 47% were optimistic, compare to 44% of agents in the Q2 2023 AgentPulse survey. Some 39% were neutral and 14% were pessimistic about the next three months of housing sales.
Tech marketing solutions
RealTrends AgentPulse requests quarterly surveys from some 19,000+ real estate agents around the nation on market trends, opportunities and challenges. Of the 295 completed surveys, 24% were from the Northeast, 17% were from the Southeast, 27% from the Southwest, 13% from the Midwest, and 19% from the Northwest.
Asked in the Q3 2023 RealTrends AgentPulse survey which technology marketing solution is working best for them right now, about 90% of respondents mentioned their CRM. That’s no surprise in today’s market, where sphere of influence marketing is vital to getting listings, repeat and referral business.
Other products mentioned were Follow-up Boss, KVCore, Compass’s tech platform, social media, Constant Contact, Active Pipe, Boomtown, Redfin, Brivity Systems, Keller Williams Command and Zillow.
Where agents are finding listings
Perhaps more interesting, RealTrends asked respondents what creative ways they are using to get listings.
One Coldwell Banker agent has found success working judicial auctions. Others are prospecting absentee owners, FSBOs, expired listings and notice of defaults. However, the majority are going back to basics with community events, social media, sphere of influence marketing, door knocking and direct mail.
One agent with NextHome South Pointe in Florida, said he is using, “community event in my farm areas and over-the-top open house events.” He added, “I am doubling down on my social media and mail campaigns in my farm areas.”
Challenges remain consistent
It’s no surprise that low inventory, getting listings and high interest rates and inflation are the biggest challenges agents are facing in the next three months. Inventory and interest rates have been listed as the biggest challenges for agents consistently in our surveys. However, in last quarter’s survey, “connecting with sphere” was a top five challenge. As you can see by the graph below, it has moved to a much lower position.
Where’s the market going?
While real estate agents are optimistic, sentiment about the direction of home, some 43% of respondents think home sales will be up this quarter, 40% said they will be flat and 19% said they would be down.
Some 56% (up from 46% in Q2 2023) said that home prices in their market will be flat in the next three months, and 21% said that they expect interest rates to rise in the third quarter.
Today’s market requires agents to learn new techniques, consistently prospect and find innovative ways to get buyers off the fence and sellers to list.
RealTrends AgentPulse is a forward-looking survey of real estate agents and team leaders.
If you have questions about AgentPulse or want to be added to the list, email HWMedia’s Senior Director of Data and Content Tracey Velt at tracey@hwmedia.com.
