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Expert Update - 06.24.2022

Bull vs. Bear: Gen Z and Metaverse Real Estate

Web users aren't just surfing anymore. Instead, they're entering a metaverse: a graphically rich virtual space where people can work, play, shop and socialize. Members of Gen Z (age 25 and younger) are top metaverse users. But are they bullish or bearish on virtual real estate?

The case for bullish says the sky's the limit because Gen Z will continue to inhabit one or more metaverse. The case for bearish points to the fact that sales volume in better-known metaverses like Sandbox and Decentraland went down every month since last December. However, this may be because volatility in the real-world market has extended to the virtual world instead of decreasing metaverse demand.1


Three Ways to Leverage LinkedIn and Grow Your Business

A LinkedIn account is vital in today's real estate world, so make sure yours stands out. Here are three ways to leverage your LinkedIn relationships, build credibility, and grow your business:

1. Reach "All-Star" status. Make sure you're an "All-Star" on LinkedIn. This means you need to complete all the profile fields. Start by uploading a professional headshot and be sure to include details of your licenses and certifications.

2. Make meaningful connections daily. You need to stay active on LinkedIn. A solid rule of thumb is to take 30 minutes a day to connect with at least 10 new meaningful connections. They should be a mix of fellow real estate agents, businesspeople you admire, and potential clients.

3. Engage, engage, engage. It's not enough to connect with others on LinkedIn. You need to have a strategy to engage with posts regularly. Experts recommend a minimum of two post interactions per business day.2


Three Tips for Breaking Down Language Barriers

Building rapport is critical to success in the real estate industry. However, this can be especially challenging when a buyer or seller isn't fluent in English. Here are three tips for breaking down language barriers to communicate clearly and successfully with all your clients:

1. Partner with another agent. Partnering with an agent fluent in your client's language may help your buyers feel more comfortable and get them to the closing table faster.

2. Understand cultural dos and don'ts. Learning the cultural norms and customs of your new client will help you build genuine goodwill, even though you may not speak their language fluently.

3. Choose the best translation tools. Real-time translation tools like Duolingo and Babylon, and apps such as Translate Me should become your go-to resources for overcoming communication hurdles.3


Be Aware of the New ANSI Square Footage Standards

Fannie Mae has recently adopted new national standards for square footage that were originally developed by the American National Standards Institute (ANSI) for appraisers. This means you'll begin to see differences in the living space reported by appraisers versus the public record.

For example, a Cape Cod-style home with a six-foot second-floor ceiling wouldn't meet ANSI standards for above-grade living space. A minimum seven-foot ceiling is now required. However, the square footage may be included in the public record. The changes apply only to single-family homes.

Fannie Mae stated that these changes were needed because there were multiple regional standards in use. The goal is for the new standards to cause less confusion for everyone in the long run.4


Communication is Key to Online Ads and Earning More

Experts say the best way to maximize your online presence is through Search Engine Optimization (SEO). In fact, there's no better way to drive high-quality leads and reach prospects who are planning to buy or sell a home.

Since a successful SEO strategy is based on getting more search engine "hits" – especially within the first 10-20 search results – you'll need to add the right words and phrases to your site that will result in increased traffic. For example, if you're selling condo units in a certain area, be sure to add words and phrases that potential clients will use during their search. These could include the name of the condo development, their size, price range, amenities, and location. Other SEO improvements: adding your business to Google My Business and other relevant directories, and ensuring your site looks good when viewed on a mobile phone or tablet.5

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