Digital Real Estate: What It Is & How It Works

Blog ... Real Estate 101 Digital Real Estate: What It Is & How It Works

Digital Real Estate: What It Is & How It Works

Nowadays, people are investing in digital real estate more than ever before. Because of the digitalization of our world, the opportunities to invest in digital assets have increased significantly.

From investing in websites to NFTs, digital real estate offers a broad range of possibilities. If you want to invest in digital real estate, it is crucial to understand what it is and how it works.

Keep reading to learn everything you need about digital real estate, including what it is, the different types of digital real estate, the pros and cons, and more.

What Is Digital Real Estate?

In the past, real estate was always a physical asset. But, with the rise of the internet, a new kind of real estate has emerged: digital real estate.

Like traditional real estate, digital real estate is a property that can be bought, sold, or leased. However, digital real estate is not a physical space, unlike conventional real estate.

Instead, it refers to websites and other online assets. Just as traditional real estate can be used for commercial or residential purposes, digital real estate can be used for business or personal use.

And, just like traditional real estate, the value of digital real estate can fluctuate depending on market conditions. As the internet grows, digital real estate will become even more valuable. So, if you’re looking to invest in property, don’t forget to look online.

Types of Digital Real Estate

Like there are different types of traditional real estate, there are also several types of digital real estate.

Websites

The most common type of digital real estate is websites. When you buy a website, you purchase the domain name and the hosting space.

You can use websites for a variety of purposes, such as e-commerce sites, blogs, or even to showcase your portfolio.

If you’re looking to invest in digital real estate, websites are a great place to start. They are relatively easy to set up and maintain, and there is a lot of growth potential.

NFTs

NFTs or non-fungible tokens are a newer type of digital asset that have become popular in recent years. NFTs are digital files that can represent ownership of digital or physical assets.

Some examples of NFTs include digital art, gaming items, and even real estate. NFTs are stored on the blockchain, a digital ledger that records transactions.

Mobile Applications

Mobile apps are software programs that can be downloaded and used on smartphones and other devices.

Like websites, they can be used for various purposes, such as e-commerce, entertainment, or even to stay connected with friends and family.

Benefits and Drawbacks of Digital Property

A digital real estate investment has several benefits and drawbacks.

Some of the main benefits include:

24/7 Access: You can access your digital property anytime, anywhere in the world.
Low Maintenance Costs: There are no physical spaces to maintain, so digital real estate is relatively low maintenance.
Highly Scalable: Digital real estate can be easily scaled up or down depending on your needs.

Some of the main drawbacks include:

Highly Volatile: The value of digital real estate can fluctuate rapidly, so it is essential to do your research before investing.
Riskier than Traditional Real Estate: Because digital real estate is still a new concept, it is considered riskier than traditional real estate.

Final Thoughts

Investing in digital real estate is a great way to diversify your portfolio and take advantage of the growing importance of the internet.

However, it is essential to remember that digital real estate is a new concept and thus carries more risk than traditional real estate.

Before investing, do your research and understand all the risks involved.

Published on Sep 29, 2022 under Real Estate 101

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Real Leads by Real Geeks is a highly efficient and effective marketing solution for generating, capturing and managing home buyer/seller leads.

One of the best lead generation and management systems available. A fully integrated custom IDX and marketing solution to drive traffic, capture leads, manage-cultivate them and close more transactions.

How well do you know your market?

Well Do You Know Your Market-2

Greg Harrelson & Abe Safa discuss market stats and what information you should know and be able to communicate to clients.

Start off the week with a few stats.

You have to know the data!

You're looked at as an authority when you are the one who brings the data!

The information is not as valuable as our interpretation of it.

How Well Do You Know Your Market?

Generate more business by having a better understanding of your market. Greg Harrelson and Abe Safa discuss the importance of knowing your market statistics, as well as how you can use your market data to improve your business.

As a real estate agent, it’s essential to have a clear understanding of market statistics and trends. Knowing the numbers, how to interpret them, and how to communicate them makes all the difference in helping clients make decisions.

The Significance of Knowing Your Market

The real estate industry is data-driven. In order to compete, you need to know your market inside and out, what’s happening now, and what has happened in the past. This allows you to anticipate changes and better serve your clients.

When consumers are uncertain about market conditions, they tend to be hesitant about making a move. Abe mentions that “It’s imperative to have many data points that you can give to them to help them make a decision.”

It is your job as an agent to be the expert and provide clarity about what is going on in the market, enabling clients to make informed decisions based on solid data.

What Data Should You Focus on When Researching the Market?

Knowing your data differentiates you from other agents who may not be as knowledgeable about the market or who are presenting outdated information.

Some critical data points to focus on include:

Inventory level

Absorption rate

Trends for showings

Mortgage applications

National and local data

It’s not just about knowing the numbers; it’s about understanding what they mean. You need to be able to explain the data in a way that is clear and concise without being overwhelming.

“Be an authority in their eyes. Know the market and then communicate the market,” advised Gabe.

Effectively communicating data means translating it in a way that will not only help your clients understand but will also provide them with insights into how this information will benefit or endanger them.

Simplicity and relevance should be your utmost priority when coaching clients about the real estate market data.

Takeaways

Market data changes daily. In order to keep up, you need to be in the habit of regularly checking your market stats. This way, you can be prepared for whatever comes your way.

Paying attention to the data helps you better understand what is happening and, more importantly, why it is happening. This knowledge gives you an edge over other agents who may not be as informed.

While market data is readily available for consumers, the many conflicting pieces of information can overwhelm them. As an agent, you must establish authority and ensure that you are the resource they can rely on.

By understanding the market, you can help your clients make smarter decisions. When you know what’s going on, you can explain things in a way that makes sense.

This helps build trust and confidence with your clients, which is essential for any successful business relationship.

Coaching Greg Harrelson Real Estate Lead Generation Abe Safa

What To Do If The Real Estate Market Starts To Shift?

A shift in the market may start to worry real estate agents. For one, it can affect their commission rates. Secondly, it can lead to their clients losing interest in a property.

In this episode, Abe and Greg examined what it really means when the market shifts. As a start, Abe defines “shift,” or correction, as a slight change of position, direction, or tendency. Hence, a shift shouldn’t be equated to a market “crash.” Both believe that a shift shouldn’t be a cause of concern in itself. In fact, a shift can even bring benefits to an agent.

Bringing Certainty to the Consumer

Setting Yourself Apart

Current State of the Real Estate Market

“The real estate market has been on fire for about two years now.” - Abe

Abe begins the discussion by distinguishing and defining appreciating and depreciating markets. The former refers to when a particular market rises in value. The latter, meanwhile, is when the market’s value falls.

When a market appreciates, the first market that’ll rise is single-family homes, as it’s more in demand. The second to rise will be condos on “golf courses” or those that are located in a hot area. Then, the final wave of appreciation will affect those that are less in demand or desirable. Even if they’re not in demand, these properties will still be pushed by the market.

In light of the current state of the real estate market, Abe reports that there has been a noticeable and significant appreciation on oceanfront condominiums since April 15. If this trend continues, then it’s a clear sign that a market shift is happening.

3 Things We Do If The Market Shifts:

What If There Is a Market Shift?

An agent’s reaction to market shifts will determine the outcome of their business. So, if ever there’s a market shift, real estate agents should focus on the following things.

Mindset Shift

A mindset shift begins by not panicking or worrying. In fact, some agents/corporations attribute their success to when the market is down. This means that there’s actually an opportunity for grabs when the market is down. Thus, a shift in the market doesn’t necessarily mean that your business will go down, too.

Greg highlights some effects of a changing market:

You gain market share in a declining market
You fight to maintain market share in an increasing market.
The majority of agents lose market share in a hot market since there are a lot of licensees that get into the business.

Shift Conversations

“Approximately 6 million houses are sold every year.” - Abe

With knowledge and real data, you don’t have to worry about what the media presents. Having actual data is important since consumers, who are not experts in the field, need certainty. This means they need to rely on people like you who know the facts.

Greg presents two tips when talking to a client during market shifts.

Future pacing: Assure clients that you’re constantly monitoring the market.
Blame the market: Don’t tell them to change the price without data. In other words, act as an interpreter of the shift, then inform them that the price is suited for the current market shift.

Increase Activities

This involves tracking your numbers, like conversions and ratios. After getting the number, increase your amount of activity/lead generation by 25%. This way, your business can survive despite market shifts.

You can’t control the real estate market or the economy. Hence, don’t sit and whine about the market shifting. Instead, capitalize on what’s going to change and when it’ll change. By doing so, your real estate business will still grow.

Coaching Keeping It Real

Keeping It Real: The Resources To Equip Your Real Estate Team for Success with Sascha Chatman

Keeping It Real: The Resources To Equip Your Real Estate Team for Success

In this episode of Keeping it Real, Sascha Chatman and Frank Klesitz, CEO of Vyral Marketing, break down how you can equip your real estate team for success.

Learn more about the resources needed to manage your own team of real estate agents. Of course, a capable workforce is one thing for generating leads and obtaining success in the real estate world. However, having the right resources available is one of the critical factors needed to equip your real estate team for success.

Recruiting Presentation

1:59

Transforming Your Success into Their Success

1:17

Creating a Schedule

0:59

Buying this Year vs Next Year

1:19

Discovery Phase

The discovery phase is meant to determine whether or not the agents being recruited are the right fit for their real estate team while providing the necessary details for the agents to know what their team is about. Sascha first discusses their team goals and strategies to ensure agents know exactly what they're walking into. He also discusses other matters, such as expectations from the agents themselves and their commissions.

The discovery phase may be one of the most important parts of knowing how to equip your real estate team for success. In order to succeed, you need to have a reliable workforce on your side that shares the same goals and is willing to cooperate with the rest of the team to move forward. Having a compatible and efficient team is one of the best resources you can have in real estate, as it can significantly affect your business' productivity.

Ad Educated Buyer is Easier to Work with!

0:18

0:00

Agent Utility Belt

1:04

0:30

This is the highlight of the entire video. Sascha compares his utility belt of resources to Batman's belt of tools and trinkets. This belt essentially exists to store all resources and keep them within reach. Don't get the wrong idea, though. It's not an actual belt. Instead, it is usually a cloud or a compilation of all your valuable resources, such as videos, links, and other agent tools. Having a utility belt that is curated specifically for your team and your needs could help increase the productivity of your workflow because you won't have to scavenge for resources when you need them.

Not only does it make you more productive within your workplace, but it also gives off the sense that you are reliable and organized. When clients ask for something, you will easily have it within reach.

Clients understandably have many questions before closing the deal, so one of the best ways to answer them is to grab a resource from your utility belt. For example, you're talking to a client about title insurance. Instead of answering their questions yourself, you could take an informative video from your utility belt and ask them to watch it. This makes it easier to understand and relate to.

Having a utility belt is a great way to equip your real estate team for success. It also comes in useful during business transactions. All in all, it's one of the best resources that a real estate team can have.

Having the right resources is essential in equipping your real estate team for success. Create an agent utility belt that caters to your team by signing up for the Real Geeks platform today. We provide valuable resources that you and your team can use to achieve the best possible outcome in every situation. Get started with us today!

Coaching SEO Keeping It Real Real Estate Lead Generation IDX

The Power of SEO and Area Pages w/ Bob McCranie

The Power of SEO and Area Pages With Bob McCranie

The-Power-of-SEO-and-Area-Pages-w-Bob-McCranie

Do you want more lead traffic to your website? In this latest episode of Keeping It Real, we explore the latest SEO best practices with Bob McCranie. Bob is the Broker Associate & Team Owner at Texas Pride Realty Group - HomeSmart Stars and an expert on utilizing SEO best practices and Area pages in his strategies.

Join host Frank Klesitz, CEO of Vyral Marketing, in breaking down the strategies and best practices behind a robust, high-conversion online presence in today's evolving digital landscape.

Bob on Why Real Geeks:

1:52

Bob on Organic VS Paid Advertising:

If you need some help optimizing your site, tips on how to turn up the volume on your current lead flow, insight into different strategies that have provided wins for agents across various markets, -- Check out Bob's Area Page lead generation strategy!

Bob on Optimizing Your Real Geek's IDX Website:

0:31

Bob on Attitude & SEO:

0:34

Bob on virtual companies & online work:

0:54

Top 3 Ways to Generate Lead Traffic & Boost Your Sale Funnels' Visibility in Your Market

Bob, a Brokerage Associate & Team Owner at Texas Pride Realty Group - HomeSmart Stars, shares the techniques and strategies he deploys to increase overall visibility to prospective clients in his market.

According to Bob, he deploys three unique strategies to get leads. These strategies roughly refer to attraction marketing, SEO & optimizing his website based on popular search engine optimization guidelines, and demographic farming/cultivating his existing audience.

Let's dive more into these strategies and find out how Bob executes them to get as many leads as possible.

Bob on Attraction Marketing:

1:07

Attraction Marketing

Attraction marketing, also called event marketing, is Bob's number one strategy. This strategy is based on the idea is that you don't have to run Ads all the time or cold calls but have people gravitate towards you because of who you are in the community. In the case of Bob, he's a well-known Broker Associate with long years in the industry. Newer agents can begin working on their community visibility by hosting events.

Bob on the fun of event marketing:

0:19

You can draw people to you by hosting events, posting about them on social media, and generally being a social connector. It doesn't have to be a real estate event, but any event that serves as a lure to connect with people.

Bob on marketing his events:

0:28

Some of the events you can host include:

Kite Flying, BBQs, & Outdoor Events
Theater Events, Movie Nights, DriveIns, Concert in the Parks, etc.
Recycling Events, Food Drives, Community Service Events, etc.

Bob on building collaborative events:

0:56

Starting successful community events takes consistency and patience. Make a schedule and stick to it when promoting your events. You can put up physical signs around your area. Put up flyers at your local coffee shops and gyms, and utilize social media ads. These have proven very effective no matter which markets you are located in.

Bob on using creative postcards for marketing:

0:25

Putting in a constant effort will build attendance over time, and before you know it, you will have collected a community of regulars at your events that can also serve as a potential client base. Networking greatly helps get leads, even if not by a massive count at first.

Your Website

Bob on the importance of having your own IDX website:

1:14

Bob on making IDX websites work for you:

0:54

The second and perhaps most important is internet marketing, specifically SEO. Your primary medium is your Reel Geeks website, which helps you draw in more organic leads. You still run Google ads, which brings you steady business.

However, you must have a website to lead your potential leads and provide them with the information they need.

Of course, just having a website is not enough – you need area pages. Bob stresses the importance of area pages and being specific about where you want your leads to go. He combines social media and SEO, focusing locally on his pages.

No one looks for real estate in the main city. People always look for the suburb or neighborhood they are looking into.

You create business pages for each suburb of the city you're covering. Each page must have a call to action that takes the reader to the actual area page on your website. It has to lead to the direct page for the city or suburb, not the homepage. It helps to pre-fine all searches as much as possible, directing leads where they want and giving them satisfaction.

Bob's Take on Ads & Real Leads

0:39

How Bob Determines His Area Pages

1:35

Building a Backlink Strategy

0:44

Backlinks & Area Pages

1:14

Demographic Farming

Bob's last strategy has to do with demographic farming, which is about cultivating or nurturing your lists.

Using Funny Postcards in Demographic Farming:

0:55

In this example, he developed his holiday list using postcards sent creatively and in good fun. For instance, he would send a holiday postcard in June or Valentine's Card with a humorous caption. Of the many postcards he sent, the most creative and successful is the tagline, "No, I don't want to buy your house." Bob doesn't want to buy your house, but he can sell it at a 30 to 40% better price than others in the market. The idea is to keep it fun, so people will look at the cards or mail and know what Bob has to offer.

Per Bob's experience, the strategies that can help you bring in leads are – attraction marketing/events marketing, SEO and area pages, and demographic farming. Add them to your process, and you can turn up your current lead flow to the highest volume.

Keeping It Real Real Estate Lead Generation

How To Generate Seller Leads in Low Inventory Market w/ Lisa Chinatti & Jason Posnick.

How-to-Generate-Seller-Leads-in-Low-Inventory-Market-w-Lisa-Chinatti-1

We are excited to welcome back one of our favorite guests, Lisa Chinatti, for this episode of Keeping It Real. Lisa is a top producer based in Westford, MA, with over ten years of Real Estate experience.

Jason Posnick, the Sales Manager for the Chinatti Realty Group, also joined and has an enormous passion for developing others, solving problems, and conveying positivity into people’s lives.

The market is hot right now. A shortage in housing inventory has been a problem faced by real estate agents for years. As times change, you also need to adapt and learn how to generate seller leads even in low inventory areas. Lisa gives you her tips and shares what she and her team are doing to maintain their seller lead flow.

Lisa and Jason break down the most effective approaches to 5 different lead sources and how to create a plan that meets your needs regardless of which market you are in.

Online Home Value Leads

People want to know what their home is worth. For this, they usually go to a landing page or web form where they have to input information that will help them discover just how much their home is worth in the market. How do you lead traffic to this page?

Lisa shares that the best way to get online home value leads is to be diligent with retargeting and email work. Some strategies you can do to approach this lead source is to also take advantage of Google Pay-per-Click (PPC) and Google My Business.

Having a lot of photos and geotagging them will increase your visibility as Google tends to favor local experts. Google reviews will also help drive traction, as well as links to your other content or social media pages.

Circle Prospecting/Door Knocking

While circle prospecting or door knocking are considered older, traditional techniques, they will never die. How to generate seller leads through this lead source requires some timing and knowing the five touchpoints for circle prospecting. These five touchpoints include:

On the day of signing the listing
Before the listing goes to the market
Once the offer is accepted
On the day of the inspection
When the deal closes

Each of these five touch points necessitates a different message from which you could build your business. Instead of feeling like they’re talking to a company, which may be off-putting, consumers can view you with trust, which will convince them to do business with you.

Buyer Leads From Buyers Who Have a Home To Sell

Using ads strategically in your follow-ups can lead you to discover that a lot of buyers have a home to sell before they can make any purchase. There’s a big chance you can get buyer leads who have homes to sell by marketing Facebook posts towards listings and open houses.

In a low inventory market, it can be effective to market every new listing as a “coming soon.”

However, there are some workarounds that won’t get you in trouble with laws concerning coming-soon marketing. Along with Google PPC, this can prove to be an effective way to generate seller leads.

Google Local Services

When using Google services to generate seller leads, reviews are crucial. Reviews don’t just get you credibility, but they also tell Google that you’re a local business or service, which is more favored by their algorithm. Many potential seller leads also rely on Google reviews to see if an agent is right for them.

That said, building reviews increase your chances of being more visible while also convincing seller leads to contact you directly — especially when they want to know the value of their home.

Agent-to-agent Referrals

Agent-to-agent referrals are all about nurturing relationships with other agents regardless of your industry. Usually, people who want to sell their house will be moving to a different state, so they contact an agent in the state they’re moving to.

This agent can then send you a referral, so you can help them give the client a smooth transition and experience. This is only possible if you build relationships with other agents by giving value and sharing knowledge.

Put Yourself Out There

Learning how to generate seller leads in a low inventory market can take some time, but the effort is well worth it when you start generating an incredible amount of leads.

Begin by putting yourself out there and taking advantage of online tools like Google PPC, Google My Business, social media marketing, and email marketing.

Powerful, simple & easy-to-use, sign up for Real Geeks today.

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