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Real Estate Big Data

ListTrac wants Realtors to get paid every time their listing is viewed, just like iTunes pays musicians

ListTrac is announcing today a new revenue model for real estate professionals wherein they are paid for the use of their listings to third party syndicators.

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Today, ListTrac is unveiling what they call a “breakthrough,” and we call a potential game changer. Yes, that phrase is abused more than Axe body spray in a middle school hallway, but it applies. You see, they’re rolling out their new revenue model, which is a new revenue model of sorts for real estate professionals who will now be able to monetize their own listing content as it is distributed across the web.

“Just as musicians are compensated each time their song is played on the Internet, ListTrac wants real estate professionals to be rewarded every time their listing is viewed on the Internet,” said Trent Gardner, CEO of ListTrac.

Flipping the flow of money on its head

ListTrac calls themselves the “Google Analytics” of real estate listings, offering a free tool for Realtors to monitor their listing’s online performance across all real estate search sites, the MLS, and IDX feeds. They’ve partnered with many of the largest MLSs and offer listing metrics and reports to over 400,000 agents and monitor over 500K listings. And their next step is to put that data into a revenue stream for the real estate industry.

“For years, companies have taken listing content and assembled multi-billion dollar business models by monetizing the ‘eye-balls’ looking at this valuable content,” Gardner explains. “However, these business models don’t allow brokers to participate – so they have been sidelined watching others make millions of dollars in IPOs off of their content. ListTrac helps change that paradigm with a framework allowing real estate professionals to monitor and monetize their listing content.”

ListTrac is working with MLSs

In a statement, Gardner says the company went through “an arduous process meeting with MLS tech committees, syndication task forces and MLS boards – all populated with agents and brokers – to ensure that no personal information would be shared and that no MLS listing content would be licensed or sold.”

“ListTrac appealed to our leadership for two primary reasons; their commitment to security in guarding personal information and listings content, and their deep bench of analytics,” said James Harrison, CEO of MLSListings Inc. “The real estate professionals in our Silicon Valley marketplace are Google neighbors, so the bar for analytics is a high one. ListTrac and its growing list of participating portals gives our community what it needs to serve their clients,” said Harrison.

Why ListTrac will be the only player in this field

What fascinates us about ListTrac’s announcement is that it comes with real muscle – a U.S. Patent already awarded for not only the method of measuring and monetizing real estate listings, but the business process of sharing this revenue with the real estate professionals that are the content owners.

Said business process is known as “programmatic advertising,” and ListTrac will be working with MLS firms to monetize listing content, which they say “allows brands to reach consumers at the right time with the right product and the right message – better connecting the advertiser and the consumer.” ListTrac’s terms of use prohibits sharing of membership rosters, and no personally identifiable information about the consumer is not shared or sold.

The program is scheduled to be implemented by the end of this year and revenue generation is expected to begin in early 2016.

#ListTrac

Real Estate Big Data

An effortlessly easy way to combat negative reviews from non-customers

(MARKETING) Some reviews are blatantly fallacious, so what should you do when a groundless, nasty comment is left about you?

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reviews Woman seated on ground writing cold email to clients.

Have you ever found a business through Yelp that you wanted to like but just couldn’t make up your mind about because of the contrasting reviews of the place? Like a restaurant with the best service but had cold soup and an unresponsive hostess, or a B&B that was warm and clean but had an owner who did not provide the second B come morning time?

Some of these outlying negative reviews can be telling of the business, and I always make sure to read them in case I set my expectations too high (like I did for the eggs benedict from that diner up north).

However, while most reviews do reflect a genuine experience and are useful to would-be customers, others can be exaggerated or even outright falsified.

One such encounter one of our team members had was when searching for a private firearms trainer. Her online search had taken her to a trainer she liked. However, the comments on Yelp for the trainer were horrible.

Before she ran the other way, she saw comments from the trainer that simply said, “This person is not a verified client of [Company Name].” Apparently, he made a tv news appearance advocating for a specific gun right, and people from all over the globe made negative comments.

The fact that they weren’t his clients made her totally disregard their comments, because those reviews weren’t based on his professional performance. Guess who she hired?

Sites that allow anyone to review an unlimited number of businesses naturally risk exploitation. Such review sites make it possible to communicate quick, personal experiences about any business out there, and that also means an easy dig from a disgruntled customer to the place that hurts a company most.

It is up to the business to stay vigilant about what is being said out there and seek out ratings and review platforms that verify customers.

Since customers rely on sites like Yelp, businesses need to maintain their profile in the same way they would maintain their storefront. Just as they would fix the broken lighting in their lobby, they need to acknowledge any unreliable reviews a cranky customer may write about them. By having a human presence on these sites, businesses can breed a sense of integrity and accountability that others will pick up on.

If those scathing and seemingly random reviews had been acknowledged by the supposed perpetrators, I would have had an easier time overlooking the more exaggerated claims, just like my team member did.

By responding, the business provides context for the incident, but more importantly, it shows that they care.

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Real Estate Big Data

Fall has brought record rent prices and they’re not slowing down

(REAL ESTATE DATA) A market saturated with buyers and fewer homes, along with current job growth, is causing just as much demand for rent as to own.

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for rent sign in front of house yard

September 2021 reported an increase in rent for single-family homes from 2.6% in 2020 to 10.2% in 2021. A market saturated with buyers and little homes to choose from, along with current job growth, is causing just as much demand for rent as to own.

93% of people surveyed believe owning a home is a good investment, but many are being forced to rent even with sky-high prices due to the current state of homebuying. Buyers feel like the competition is too fierce or that a market crash resembling the 2008 crisis is looming in the near future.

Even more so than apartment complexes, private rentals of single-family homes are being scouted as they provide more room for multiple roommates or a family. Millennials aging into marriage and adulthood that would like to buy a home, but don’t feel it is the right time, are settling for paying double the mortgage of a single-family home in order to wait out the market.

“Single-family rental vacancy rates remained near 25-year lows in the third quarter of 2021, pushing annual rent growth to double digits in September,” said Molly Boesel, principal economist at CoreLogic. “Rent growth should continue to be robust in the near term, especially as the labor market improves and the demand for larger homes continues.”

Some particular markets are heating up while others are cooling off. Miami, FL saw a 25.7% gain year-over-year with the highest median rent prices across the entire US. Phoenix, AZ, and Las Vegas, NV take the second and third spots at 19.8% and 15.9%.

“Austin, Texas, and San Diego rounded out the top five markets for rent growth.”

On the other hand, major metro cities such as Chicago, Boston, Philadelphia, Washington D.C., and New York City are seeing lower rent growth, still 5% above mid-pandemic rates.

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Real Estate Big Data

Cities and states where renters eviction protection policies are still in place

(REAL ESTATE BIG DATA) Even though the national eviction ban has lapsed, 7 states and over 20 cities still have policies in place for renters eviction protection.

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UnTil Debt Do Us Part representing renters debt

Half of the renters in the United States still have some protections available due to the coronavirus pandemic.

Many of these renters were those who were tenants before, during, and “after” the pandemic though the effects are still lingering. Some new renters have had to enter the expensive rental market scene after being discouraged when attempting to buy a home. Those that are over the bidding wars, rising prices, and dwindling options are stepping out of the home buying process and are opting to rent instead, driving rental prices sky-high. It’s a lose-lose situation either way.

The Supreme Court ruled in August 2021 that the national moratorium on evictions was overreaching, even though the policy had been in place since September 2020. In response, many states and cities are setting their own limits.

Even though the national eviction ban has lapsed, 7 states and over 20 cities still have policies in place for protection. More than 15% of renters are behind on payments with the average debt owed is $3,700. Though in some areas, the debts amount to $10,000 per household.

New Jersey and New York tenants can’t be evicted until the new year in most counties. In New Mexico, renters also can’t be pushed out for late payments, but the end date for that protection has not been established.

In Connecticut and Virginia, landlords can’t evict tenants who have applied for federal aid. In LA, the eviction protection ends January 31, 2022, in Austin, TX, December 31, 2021, and in Seattle, January 16, 2022.

In Oregon, Massachusetts, Michigan, Minnesota, and Washington D.C., eviction proceedings are paused for those that have their renter’s federal assistance application pending. In Nevada, showing that you’ve applied for rental assistance is considered a defense against eviction until June 2023.

$45 billion in aid is allocated by Congress for federal rental assistance, but less than $13 billion has been used so far.

If you are still in need of assistance and don’t reside in any of the areas above, consult location advocates and learn your rights to see what protections are available to you.

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