Here's this week's roundup of news and resources, just for you.
Quick takeaways:
New construction starts break records during 2021.
Find out which digital ads are bringing you more sales.
Get the picture on real estate agents' photo and video budgets.
Why some millennials are postponing their next home purchase.
Three strategies for writing prospect-pulling marketing copy.
Read on for our coverage.
New Construction Starts Hit Record Highs
The number of privately-owned housing starts hit nearly 1.77 million in February, up 22.3% year-over-year. The latest data from the U.S. Department of Housing and Urban Development showed 1.2 million of these were single-family homes, while multi-unit starts came in at 501,000. These numbers beat the previous records reached in December 2021, with the pace of growth the fastest since mid-2006. 1
Tracking Offline Sales with Google Ads
If digital advertising is part of your marketing mix, you may be wondering which ones are pulling in the most prospects. Now you can identify your high performers with the help of a new service by Google Ads called enhanced conversions for leads. This new service enables you to track results each time a prospective client responds to one of your ads.
Here's how it works: When potential clients click on your ad, they're taken directly to your website to learn about your services. If they complete a request for more information, your website sends the lead's details to Google while you store this data in your CRM system. After a sale occurs, Google will use the prospect's email address to determine which online ad helped reel them in. 2
Pandemic Changed Real Estate Agents' Spending
Real estate photography and video provider HomeJab recently released data with details of agents' photo, video and 3D tour costs pre- and post-pandemic.
Those in the West, Northeast, and Midwest spent 9%, 7.5%, and 5.6% more, respectively.
Real estate agents in the Southwest stayed mostly flat, while those in the Southeast paid 2.8% more.
Currently, the average real estate listing photography package costs $229 per order. 3
Millennials Delay Home Purchases, Prioritize Managing Debt
More millennials say they are waiting to buy a home because they don't want to take on debt, according to a recent survey. Many respondents quoted the high cost of housing, together with plans to save a bigger down payment, as their primary reasons for putting off a purchase.
While millennials also tend to carry less unsecured debt than other groups, their overall student loan debt is higher than for Generation X and Boomers, making it more difficult to save for a home. Rising prices, low inventories, and intense competition for available homes are also preventing more millennials from pursuing homeownership. 4
Three Tips for Writing Copy That Sells
Want to draw in more potential buyers with your listings and marketing copy? Here are three tips for creating listings that catch and hold your prospects' attention:
Focus on benefits
Instead of simply listing a home's features, mention the location's benefits as well. For example, is the listing close to major highways? If so, mention shorter commuting times and easier access to the area's big draws, such as business centers and sports arenas.Share your problem-solving skills
By focusing on your readers' problems, you can create a bond that draws them in. For example, potential buyers who are missing out on new listings want to learn how to be the first to see them. Tell them you can solve this problem with a newsletter opt-in or email subject line that says, "How to be first in line to view new listings."
Write several versions of subject lines and titles
A great subject line, headline, or lead-in is the best way to grab attention. Create multiple versions, then pick the punchiest one (or ask a colleague to choose) for maximum impact. 5
Have any questions? Reach out to us. We are your home loan experts and are up to date with all the market industry information. kevnik@kevnikmortgage.com
Positively Changing Your Home Finance Experience. 🏠
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Sources: 1 themreport.com; 2 realtybiznews.com; 3 realtytimes.com; 4 magazine.realtor; 5 theclose.com.
