Market News August 30

Market Updates

Almost 50% of Listing Inquiries Are Ignored. Ouch.


Real estate tech strategist Mike DelPrete recently conducted a "secret shopper" test to see how many real estate agents responded to online inquiries for property listings. While he only contacted a total of 100 agents at different brokerages, the outcome wasn't good: 47% of the inquiries didn't receive a response, even though up to three inquiries were made before he gave up.

When DelPrete did the math for the 53% of listing agents who responded, the median response time was 39 minutes, although the average response time was considerably longer: over eight hours.

Open houses didn't fare much better, as 42% of the hosting agents never asked visitors for contact information. Of the 58% who did ask for these details, a third of them never followed up.

To standardize the test, inquiries were made on median-priced homes within markets all over the country, and contacts were limited to individual brokerage websites (Zillow wasn't included). The inquiries were made during business hours on weekdays.

If you would like to streamline your management of Open House leads, I can help you create a lead capture site that automates your followup messages.1

Some Big Cities See Home Prices Drop


While home prices across the nation grew by 0.2% last month, fueled by lack of inventory, this number was still one of the smallest month-over-month increases recorded since January 2023.

However, 20 of the 50 biggest metro areas recorded a drop in home prices. Austin, TX saw the biggest decline at -1.6%, followed by San Francisco, CA and Nassau County, NY. Other areas seeing home prices fall: Nashville, TN, Portland, OR, Jacksonville, FL and Denver, CO.2

Become a Convincing Real Estate Thought Leader


If you're an established agent looking for ways to improve your presence on sites like LinkedIn, consider taking on the task of becoming a thought leader. Building a convincing, helpful identity supports your target audience and prospecting campaigns, especially if you're successful in a niche like luxury real estate or vacation homes.

Building an identity as a thought leader requires some introspection. Ask yourself:

  • What topics do you want to be known for?
  • Who do you want to reach, and how can your insights be valuable to them?
  • What unique perspective do you bring to the real estate industry in your area?
  • Are you different from other thought leaders in your field?
Building your personality within those first posts may be easier if you consider your initial career aims. What problems were you trying to solve for buyers and sellers? Did a personal life event or experience contribute to your decision to enter the real estate business? This can help you identify and write about personal experiences that helped you succeed. For example, if you shopped for a vacation home before getting your real estate license, you can reflect on the unexpected difficulties and rewards of the process.3

Lost Your Momentum? Get Back in Overdrive


While some agents fare well in almost any market, some have taken a mental beating due to lack of inventory and higher property prices. If you're looking for a way to get your groove back, or want to help a colleague who's lost momentum, here are some strategies to consider.

Don't skip training sessions. Lack of engagement with your office's resources suggests that you may be chasing leads ineffectively.

Review your time in the office. Your frustrations may be inadvertently causing you to reduce your office hours, either by being habitually tardy or displaying a lack of interest towards new projects.

Revisit your marketing strategies. Agents struggling for income often subscribe to third-party marketing campaigns, as the promoter may be promising a quick fix. It's easy to become overwhelmed by these approaches. Be careful not to lose sight of the fundamental aspects of being an agent.

Other ways some agents unsuccessfully chase success include:

  • Attending real estate events without researching the content that will be provided to attendees.
  • Relying on advice from Google or TikTok influencers and thought leaders.
  • Attending training, but not following through with what they learned.
  • Jumping from one magic strategy to another, rather than focusing on the long-term work it takes to build a business.
For an agent to get unstuck, learning from other agents can be all it takes to regain confidence. This could take the form of inviting a successful agent to speak during a sales meeting or finding a mentor.4

National and State Event Calendar

Ready to get ready for 2025? Here's a list of the national conferences, conventions and expos happening soon.

September 12 to 15: The National Association of Hispanic Real Estate Professionals® (NAHREP) will be hosting nahrep at L'ATTITUDE in San Diego, CA.

September 25 to 27: The LGBTQ+ Real Estate Alliance will be hosting "Experience the Alliance" in Las Vegas, NV.

October 9: Inman Connect, Austin, TX.

November 8 to 10: NXT, the Realtor Experience, will be held in Boston, MA.5

Sources: 1mikedp.com, 2redfin.com, 3buffer.com, 4nar.realtor, 5inman.com