How do you think the 2018 real estate market will compare to 2017?
2017 was a terrific year for the Gary Lanham Group. We were involved in 68 real estate transactions and we beat 2016 goals by over $25,000 in earned income.
Our market continues to be referral based. In fact, 37 of our deals were the result of our referral partners. 5 of our deals were past clients. 23 of our deals were obtained the old fashioned way, blocking and tackling through open houses, cold calling, and advertising on Facebook and in neighborhood newsletters.
The neighborhood where we had the strongest impact was South Middle River. Out of 75 total listings in that area in 2017, we had 7, 9.3% market share. This is an area where we need to refocus on for 2018.
We changed some of our marketing strategies during 2017. We aggressively used videos to help us farm our neighborhoods. We used videos to highlight the features in our listings, interview businesses in our farm areas. We also created several "educational moments" videos to alert and educate the consumer, to understand the various problems in some of our trickier transactions and how the customer solved the problem.
Paul Owers, former real estate writer for the Sun Sentinel, solicited our video participation in 4 real estate articles. Paul brought us the idea that videos needed to be formatted and delivered in less than 60 seconds.
We hired real estate coach, Mark Kaminsky, for 9 months. We contracted with social media expert Chetachi Egwu, Ph.D., and we started utilizing video for the entire team as a better way to place a face on our group, who we are and how we do business.
In the Spring, 2017 we held a social media skills building event at 100 Las Olas and we invited the Tim Singer Group and the Mark Kaminsky Group to hear featured speaker Dr. Chetachi Egwu. Nancy Corey, new regional Vice President, Southeast Coldwell Banker attended.
In August, 2017, the Gary Lanham Group took on the role as video marketing realtors. We have an ongoing education program for Real Estate Brokers and their agents throughout Southeast Florida. In January, 2018, we will embark on a training program for all Coldwell Banker agents, Southeast Florida.
At the end of the year 2017, we contracted with Lost Imagination to set up and manage our Instagram account. We are in the second month of that contract so it is too soon to see what impact if any will accrue, but we do have celebrity realtor Brian Reams following us.
These are building block efforts to prepare us for 2018 and this will allow us to support our team first, and Coldwell Banker second, as we enter a rapid transaction driven market in 2018.
I believe the real estate market will continue to be strong throughout 2018 despite a continued rise in interest rates. Unemployment is down, the stock market is at record highs, and business and consumer confidence is booming. Millennials, who were expected to outperform with real estate in 2017 but didn’t, have come of age -- with a twist!
At the close of 2017, we had the privilege to work with a millennial buyer and his family. This young customer, a 27 year old man, saved up $150,000 as a result of living at home so he could start investing in his real estate portfolio.
This buyer knows the value of starting his real estate portfolio with multi-family homes. A place where he can reside, gain income and possibly provide shelter for his aging parents. Clearly, there are many millennials who save, want to invest, and have no problem with multigenerational living arrangements.
In 2018, Millennials will drive more home projects where multigenerational families will live together yet still have privacy: two homes, one price.