It seems like it always gets more difficult to carve out time for reading the news. With so
much noise out there, it’s tempting to just glaze over headlines–but those don’t tell you the whole story. Only diving into the full stories will keep you informed. But as a real estate professional, which stories should you prioritize? And which will help your bottom line? Here are five timely industry news topics you should keep your eye on…
Are we in a recession or not?
Ever since the Federal Reserve first raised interest rates a year ago, there have been alarm bells sounding for a recession. As recently as February 2023, some economic indicators have been pointing to such a downturn.
Now, as a business person, you may be experiencing the effects of this potential recession firsthand. However, before people make a major financial decision, they’re likely to assess if now is the right time. That means you should be following along with the economic news, as that will shape the decision-making of your potential clients.
Mortgage rate activity
Here’s an evergreen topic you should always stay apprised of. Mortgage rates and purchase applications are indicators of housing market activity, which helps you be more prepared for the level of business you can expect.
Freddie Mac’s Primary Mortgage Market Survey® keeps track of how the average 15- and 30-year mortgage rates rise and fall, week by week. The Mortgage Bankers’ Association (MBA) also maintains a Weekly Mortgage Applications Survey. For a more cumulative picture, there’s also RISMedia’s own weekly Mortgage Mix.
It’s easy to dismiss lawsuits as someone else’s problems, but those being levied in the real estate industry could have ripple effects industry-wide. The Department of Justice has been intervening in antitrust suits against NAR. Meanwhile, smaller scale lawsuits against real estate professionals have increased. Learning about these cases and following their progression is important to stay abreast of issues that can affect practitioners industry-wide.
In another recent case we reported on, eXp has been named in a civil suit alleging associated agents drugged and assaulted recruits. Whether this will cause a policy code rewrite for real estate professionals remains unclear, but there’s no reason you can’t jumpstart that at your own business.
Like the economy, technology shapes how you business and is always changing. That means paying attention to new developments is a necessity. In particular, AI text response tool ChatGPT (developed by OpenAI) has been dominating the airwaves. Following stories about the development of this tool, and how it can become a business resource, should be high on your media diet priority list.
That’s Who We R
If you’re a REALTOR®, you’re never alone. That’s the purpose behind NAR’s national advertising campaign, “That’s Who We R.” The fifth iteration of this campaign, the theme for 2023 is service, highlighting underseen ways agents assist their clients. If you’re in need of some inspiration for your own marketing, this campaign is a great source for ideas.