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As communities begin to re-open, home sales stabilize
With the exception of 2020, (I wonder how many times that has been said…?) there’s typically a significant month over month increase in home sales in May.
In 2017 there was a 21% increase, in 2018 a 15% increase, and in 2019 a 17% increase.
In 2021? There was a 1% decrease with 554K home sales. So, could the market finally be flattening out a bit after the last few wild months? We have a few theories why this might be happening which has something to do with a formula of:
Low inventory + high velocity + home prices + societal changes = most bizarre year of home sales?
We’ve been discussing this low inventory problem for months, but something else important to consider is the velocity at which homes have been selling. Homes are flying off the market faster than they can be listed, which is great for sellers but makes the buyer’s market rough. Very similar to when the job market is tight and prospective employees finally give up after being turned down after their 8th or 15th interview, prospective home buyers at some point and are going to give up.
Another reason we see for this slight slow down is all the swift societal changes we are experiencing. People are finally able to be out doing things outside of their homes so their focus is no longer on their home nest. Airbnb released a Report on Travel & Living in May that shows that people are traveling more and for longer, and with their families. Having freedom from being stuck inside our homes day in and day out could really make a difference in the number of home sales we see.
June and July Home Sales Predictor
So, what could all of this mean for home sales in the coming months?
We predict the number of home sales to have a slight increase in June at 601K home sales and July 583K home sales.
If these predictions hold this would mean June could potentially be our peak so far this year and would be an 8% increase over the previous month and an 18% increase YOY. For July that would be a 3% decrease to the previous month and a 3% decrease year over year.
Only time will tell if this flattening trend will continue or if we will see a spike later this year. Many of our clients have shared with us they are starting to see more listings in their area so maybe we will still see a spike? What trends are you seeing? Do you think we’ve seen the peak?
See you next month!
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
New Data Reveals Agents Using MoxiPresent in 2020 did 77% More Transactions than Their Peers
2020 analysis shows increased productivity of real estate agents using the MoxiWorks CMA and presentation tool
SEATTLE, Wa. (May 25, 2021) – MoxiWorks, the leading real estate technology platform, released new data this week for their industry-leading CMA and presentation tool, MoxiPresent®. The analysis done by MoxiWorks looked at productivity and MoxiPresent usage in 2020 across 82 brokerages representing nearly 100,000 agents. According to the analysis real estate agents using MoxiPresent did significantly better than their peers who didn’t.
According to the analysis, on average, an agent using MoxiPresent in any capacity saw 17% more transactions and 24% higher sales volume than those not using MoxiPresent. Further, those who fully utilized MoxiPresent in their business saw 77% more transactions and 93% higher sales volume than their peers.
“It’s clear – while 2020 held many challenges for agents, those who used MoxiPresent outperformed their peers by a landslide,” said York Baur, MoxiWorks CEO. “Analyzing this data proves that, despite the uncertainty and unforeseen challenges of 2020, inventory moved and agents found success.”
This data comes after a year when there were 5.65 million home sales despite a pandemic, compared to 5.25 million sold in 2019, and we are tracking to exceed that in 2021 (source). “While we like to fault the market for a lack of listings, inventory is coming and going at exceptional rates, which means there is inventory out there – but only some agents are seeing it,” said Baur. “Those agents are the ones that serve as trusted advisors to their clients, helping them see what’s possible in a difficult market. As a result, they get a disproportionate share of the business.”
MoxiPresent enables agents to create CMAs in addition to buyer tours, open house presentations, relocation presentations, neighborhood tours, and so much more, empowering agents to serve as a true consultant with those in their sphere of influence, facilitating everything from listing presentations and pricing conversations to annual property reviews. “These are the agents outperforming their peers and finding 77% more inventory in the midst of a national ‘shortage,’” said Baur.
“These agents who are seeing leaps and bounds more business are serving as true consultants to their sphere of influence,” added Baur. “They save time, benefiting from the ease-of-use of integrated property data and they deliver a better experience to their clients. These are agents at brokerages that have invested in tools built on improving agent productivity, and that success is being proven time and time again.”
MoxiPresent’s efficacy is tried and true, having been around for almost a decade, continually evolving to meet the ever-changing needs of agents and rising expectations of consumers. More than 3 million presentations have been created using MoxiPresent.
To learn more, visit moxiworks.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 150 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Virtuance Partners with MoxiWorks, Bringing Agents an Efficient and Reliable Photo Solution
Through this partnership, MoxiWorks users will have access to Virtuance’s AI-powered HDReal® images, 24/7 online booking services, and their national network of professional photographers
Key Takeaways:
- Virtuance partners with MoxiWorks to bring agents direct access to Virtuance’s photography and virtual tour services
- The new partnership will connect Virtuance’s national network of professional photographers with MoxiWork’s 400,000+ users.
- Full integration will be available soon
SEATTLE, Wa. (May 21, 2021) – MoxiWorks, the leading real estate technology platform, announced today a new partnership with Virtuance, a technology company that provides real estate marketers with professional photography and virtual tours nationwide. Virtuance offers AI-powered HDReal® images among other visual marketing services including virtual tours, 360° panos, and drone photography.
“MoxiWorks and Virtuance are aligned in our goals of using technology to create more effective, simpler solutions for real estate professionals all the way from pre-listing to close. This relationship is a big win for brokerages, agents, and homesellers,” said Jeff Corn, Co-Founder and CEO of Virtuance. “We’re thrilled to partner with MoxiWorks to provide their customers seamless integrations into Virtuance’s suite of visual marketing services.”
Through this partnership, Virtuance will connect MoxiWorks users with professional photographers around the country through scheduling available on their online platform 24/7. Once the shoot is scheduled, Virtuance processes the images through a series of 25 proprietary algorithmic adjustments powered by AI to deliver high quality images the day after the photoshoot.
“In today’s low-inventory market, agents need to compete more intensely, and we’re excited to arm MoxiWorks clients withVirtuance’s advanced technology”, says Krista Thomsen, MoxiWorks’ Senior Manager, Partnerships & Integrations. “Virtuance offers an effective and reliable service that delivers great results to agents allowing them to enhance their listings and generate more success.”
The new partnership will connect Virtuance’s nationwide network of photographers with MoxiWork’s 400,000+ agents.
To learn more about this integration and how it can benefit your business, visit moxiworks.com and virtuance.com.
About Virtuance
Virtuance is a technology company that connects real estate marketers with professional photography and 3D virtual tours nationwide. Founded in 2010, Virtuance empowers real estate brands to efficiently scale by offering consistent images powered by their HDReal® technology, world-class support, and a network of hundreds of photographers, providing a streamlined and delightful experience for selling and renting properties. Learn more at virtuance.com.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 100 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
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MoxiWorks – Let’s sell more homes together
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For more information on this topic and other press inquiries at MoxiWorks, please contact Jordan Barrish at Jordan.barrish@moxiworks.com.
Strong Spring of Home Sales Continue, Stronger Summer Ahead
We are up to our eyeballs in the inventory shortage. You can’t look at one news site without seeing something about the shortage. This has been going on for months and months, so what gives?
A few things.
First of all, we still strongly believe this is not an inventory shortage, but a listings shortage. The homes and sellers are out there, they just need their trusted real estate agent and advisor (you) to help them understand the value of their home, and how to navigate this frothy market.
But there is something even more important than the pandemic that is impacting inventory.
According to a Statista study in September of 2020, there was a 79% decrease in new homes built between 2010 and 2019. Between 2010 and 2019 there were only 5.8 million new homes built while the three decades before it 27 million, 26 million and 25 million new homes were built respectively. The last time we saw such a low amount of new construction was the 1930s.
This stark decrease is certainly a factor in what we are seeing today alongside the pandemic.
But, it doesn’t mean there is a reason to panic.
The fundamentals of why people move (marriage, divorce, new babies, empty nest, new job, retirement, etc) have not changed and will not change. If anything, the new flexibility so many working adults across the US are seeing with remote work is likely to increase and let them move for work, but on their own terms.
And to top this all off, Freddie Mac expects home sales to reach 7.1 million in 2021. 7.1 million homes would be a 25% increase year over year in home sales from 2020 which saw 5.65 million home sales, during a pandemic, while we only say 5.25 million in 2019.
If Freddie Mac is correct in their predictions, we should feel hopeful. Those listings have to come through an agent, will it be you?
Now let’s dig into April and the upcoming May & June outlook.
April Home Sales
April closed out with 539K home sales across the country. That’s 5% less than our prediction of 565K. This was a 3% increase from the home sales in March, but year over year it was a 48% increase. Not at all surprising as April 2020 was when COVID-19 was really setting in across the US and only 364K homes were sold.
May and June home sales prediction
Our May prediction has been adjusted slightly from last month and we are now predicting there will be 622K home sales which would be a 15% increase month over month and 72% year over year.
Based on the activity inside our MoxiWorks products we predict there will be 650K home sales in June which would be a 5% increase month over month and a 29% increase YOY.
You control the listings
Our rallying cry remains that you and your agents have the control to make the market. 7.1 million homes won’t sell themselves.
So do the thoughtful home property reviews, do the comps analysis, show your clients why selling their home is a good idea. Doing these presentations are proven to make these transactions happen.
Our data team just pulled the stats on agents using MoxiPresent with their clients and the results speak for themselves:
- In 2020, agents fully utilizing MoxiPresent did 77% more transactions and saw 93% higher sales volume than those without MoxiPresent.
There is a lot to shake out in the market, so let’s stay proactive and persistent, and let’s make the market.
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
650K homes sales on the horizon in May
We know what you are thinking. We are thinking it, too. 650K home sales in May?
But this is what our predictor says. Based on the activity inside our products, we predict there will be 650,000 home sales in May.
We know that feels high when inventory is low, but as York Baur and Matthew Ferrara discussed last month inventory isn’t the problem, it’s listings. And from the activity we are seeing in our products it seems like listings are on the climb.
March Recap
In March we ended up with 506K home sales (we predicted 483k so we were within 5% accuracy) which was a 30% increase from the number of home sales in February 2021 and was a 21% increase year-over-year from March 2020. It feels good to see that seasonal increase begin after the strange months we had in January and February. And looking ahead to April and May it looks like we are really back on the upswing.
April & May Predictions
For April we predict there will 565k home sales which will be an 11% increase in home sales from March 2021 and a 57% increase year-over-year from April 2020. In May our prediction of 650k home sales will be a 15% increase from April and an 82% increase YOY from May 2020. Both a 57% and 82% increase may sound extreme, but it’s unfortunately due to what a scary and uncertain time it was this time last year so it makes complete sense we would see that dramatic of an increase YOY.
Source: MoxiWorks Apr-May-21 Home Sales Predictor
But the good news is everything is continuing to trend up in every way when it comes to real estate activity.
As the light at the end of the pandemic tunnel continues to shine brighter more and more homes will be bought and sold as people are starting to re-evaluate how they spend their time, how they work and especially where they live. It’s also clear that the economy “feels” stronger which could be a good sign for home sales and what we are expecting we will see in May.
Let’s continue to all make the market.
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
MoxiWorks partners with CENTURY 21 Canada to bring new technology through HUB21
HUB21, powered by MoxiWorks, gives agents an edge with suite of real estate technology
Key Takeaways
- CENTURY 21 Canada REALTORS® now have access to MoxiWorks’ exclusive real estate technology solutions through HUB21.
- This partnership arms agents with the tools necessary to enhance and elevate their communication and marketing efforts.
SEATTLE, Wa. – MoxiWorks, the leading real estate technology platform announces today their new partnership with CENTURY 21 Canada, the pioneers in Canadian Real Estate franchising. The partnership gives CENTURY 21 Canada REALTORS® access to MoxiWorks’ suite of technology through a new platform called HUB21. This platform, powered by MoxiWorks is now available to all CENTURY 21 Canada Realtors.
HUB21, powered by MoxiWorks, puts the power of easy to use technology in the agent’s hand. MoxiWorks’ technology is built by real estate for real estate with an emphasis on sphere selling, making agents great with the people who already know, like and trust them. Agents can now stay focused on building relationships that drive business instead of having to worry about figuring out cumbersome technology.
“We deliver the gold standard– to our franchisees, agents and consumers,” said Brian Rushton, Executive Vice President of CENTURY 21 Canada. “Our new HUB21 platform, powered by MoxiWorks is incredible technology. Not only does it have everything an agent needs to be successful, the different segments of the platform work together, meaning our agents can spend time understanding their clients’ needs and delivering an excellent experience.”
HUB21, gives CENTURY 21 Canada Realtors access to MoxiWorks’ best-in-class suite of software solutions and open-cloud network including their productivity dashboard and CRM proven to increase annual GCC by 41% on average, their industry leading presentation tool and CMA, marketing automation center, fully robust and customizable website platform, and company intranet. Access to all of these features and more will arm CENTURY 21 Canada Realtors with the tools necessary to enhance and elevate their communication and marketing efforts with their clients.
“During the pandemic, the need for technology solutions in the real estate industry became more vital than ever before,” said York Baur, CEO of MoxiWorks. “We are thrilled to be able to work with CENTURY 21 Canada and their agents to help further all the great success CENTURY 21 Canada has already seen.”
Currently, MoxiWorks powers over 800 brokerages and more than 400,000 agents across North America, accounting for more than 20% of the transactions in the U.S. Their partnership with CENTURY 21 Canada through HUB21 will further expand their influence and reach.
For more information on partnering with MoxiWorks, visit: moxiworks.com.
About CENTURY 21 Canada™
Century 21 Canada Limited Partnership (century21.ca) is a real estate master franchisor with complete rights to the CENTURY 21® brand in Canada. The CENTURY 21 System is one of the world’s largest residential real estate brokerage franchisors, CENTURY 21 has approximately 13,600 franchise offices and more than 146,000 independent sales associates located in 86 countries and territories. Independently Owned and Operated. ®/™ trademarks owned by Century 21 Real Estate LLC used under license or authorized sub-license. ©2021 Century 21 Canada Limited Partnership. The trademarks REALTOR®, REALTORS® and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA. Used under license.
About MoxiWorks
MoxiWorks is a comprehensive open platform system for large residential real estate brokerages that serves over 800 brokerages and more than 400,000 agents nationwide that account for more than 20% of the transactions in the U.S. MoxiWorks’ customer retention over the past seven years stands proudly at 96%. Their integrated tools are centered on sphere methodology that increases agents’ repeat and referral business by 54%, while lowering overall technology, training, and support costs for the brokerage. The open platform known as the MoxiCloud has tools from more than 50 partners that integrate to create unique brokerage solutions. Find more information at moxiworks.com.
[Watch] The Inventory Shortage w/ York Baur and Matthew Ferrara
It’s been a topic in the news for months, but, is there really an inventory shortage?
And, if so, what can brokers and their agents do to right the ship?
Well, we are thrilled to have a special edition conversation from our resident armchair experts York Baur, MoxiWorks CEO and Matthew Ferrara, Philosopher for their take on this whole inventory shortage.
Here are some of the highlights:
- 2:30 – A lot of things have been building to create a shortage of housing. Now, whether that’s an inventory shortage or not, is a different thing…There’s sort of an economic side to this story, a shortage of housing. But at the same time, you know, we sold more homes last year than any time in a decade in America. And so inventory and housing are kind of similar, but they’re not always the same concept.
- 3:02– You have to focus on what you can control… So what can we control? Well, my opinion, the thing we can most control is what are we as agents and the brokers behind them doing to articulate and keep current that consumer that is either ideally in a house, which is where the listing will come from, or perhaps, you know, on the buy side, but particularly on the listing side, what are you doing to ensure that, that consumer knows what their house is worth, what it would take to transact it? What it’s like to buy another home?
- 4:02 – You know, it’s so funny to me that this industry is so stuck on lead gen when every agent knows people, just go talk to the people you know, do a thoughtful home valuation for them, ideally quarterly, but certainly annually. I mean, it’s the most valuable asset for most consumers. Why are we not helping them understand that? If we did that, by the way, we would have more inventory and more transactions.
- 4:41 – If we say we have a listing shortage. Well, we [the industry] control listing. Listing comes from having conversations with people who could come into the market. See, we’re not market services, we’re market makers in this business. Right. So it just, as you said, why not reach out to your sphere of influence that has the housing, right? It’s not the housing isn’t there, but it has to be moved into the market. That’s our job. So have conversations with people who have the inventory.
- 7:13 – The thing that I think we so make a mistake of in selling is selling is a noble thing. All we’re trying to do is help educate a consumer so that they can make a decision. They probably would have made on their own sooner and better. And that’s all we’re talking about here.
- 7:57 – Somebody found the inventory to sell last year. Right? That’s the key. Somebody sold five and a half, five and three quarter million homes to sell last year. And so now the question for everybody, I think within the sound of our voices, essentially, could it be you, should it be you? Decide to make it you, but then decide where are you going to find that [inventory].
- 8:31 – An algorithm isn’t going to solve this problem. Right? The most powerful thing that moves homes into the market is a conversation. And we’re in control of the conversations.
- 11:06 – The cool thing is we’re good at this. This is what we do for a living. The definition of real estate is helping people move from uncertainty to calculated risk. Should I sell now? That’s uncertainty. Should I buy now? That’s uncertainty. It’s what we do. The thing is we just have to turn up the volume this year. Turn up the volume on the number of people that you help move from uncertainty to calculated risk. And I think you just do that, one conversation at a time.
All this and more. Please enjoy The Inventory Shortage with York and Matthew.
Strong Spring Season of Real Estate Transactions Ahead
Real estate and Spring have historically had a strong relationship. Just like Mother Nature, each Spring we all come out of our pseudo-hibernation, fresh and energized (maybe we aren’t feeling as fresh this Spring after almost a year of psuedo-hibernation, but I digress). Based on the trends we are seeing this Spring season of real estate transactions is poised to be a stellar showing.
But, before we get to that, let’s take a quick look at what happened in February.
The Wild Winter Storms of February
Last month we predicted there would be 384K US home sales and we ended up very close with 383K US home sales. This means our prediction was within 0.03% of the total number of homes sold in February.
Overall this ended up being a 1% decrease in the number of home sales month over month from January but was still a 13% increase year over year compared to the number of home sales in February of 2020 (which was just before the pandemic started in the US).
While we typically see an increase in home sales between January and February we aren’t concerned about this 1% decrease since it was actually a drastic increase from the 31% decrease in home sales we saw month over month in January.
And, we also have to remember that February was an intense month full of unpredictable Winter weather across the entire country. Texas saw historic low temperatures that had thousands of people without electricity or potable water for days on end just to name one of the drastic storms and its impact.
But as we said Spring is strong and we are seeing a strong climb in our predictions, even with the tight inventory squeeze.
March & April Home Sales Prediction
Looking at the predictions we expect to see a 26% increase month over month of home sales in March with 483K home sales. This might sound like a huge jump, but even in 2020 there was a 24% increase month over month between February and March so this is right in line with the Spring season in the real estate market.
As we look to April and the one-year anniversary of the pandemic begins to set in across the nation, we predict we will see a 46% increase YOY for the number of home sales APR with 532K home sales.
We all remember what it felt like a year ago. When things shut down. Life became completely uncertain and that dip in April and May home sales had us all wondering what would happen to the housing market.
Thankfully as we all know that dip didn’t last for long, and I think it’s important to take a moment and recall the absolute resiliency this industry showed.
Now a year later in April of 2021 things may still be teetering on uncertainty but the good news is there is a lot of hope on the horizon.
Just this week it was announced that all adults in the US will be eligible for the vaccine by May 1st and $1.9 trillion dollars is rolling into the economy. Things are happening that are going to stimulate the economy, save more lives and help people get back to some sort of normalcy.
As we inch back close to some sort of “normal” and life becomes a little less uncertain people are going to become more comfortable making more and more decisions with some certainty about buying or selling their homes.
So, now is the time.
Pick up the phone. Get in touch with your sphere. The inventory is out there.
Cheers to a prosperous Spring for all!
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
Get our Home Sales Predictor Monthly Report delivered to your inbox!
Strategic Success for Brokerages Adopting Open Technology Platforms
(Image source: RealScout) Case study originally appeared on RealScout.com.*
Long & Foster Real Estate and Intero Real Estate Services’ decision to work with open-architecture tech MoxiWorks and RealScout pays dividends.
Technology is too often a headache for real estate brokerages, rife with buyer’s remorse, implementation disasters, and chronic low agent and consumer adoption. This directly contradicts the purpose of introducing new technology platforms to a business, yet it’s a story that’s far too common.
Two brokerages, Long & Foster Real Estate, a dominant brokerage in the Mid-Atlantic and Northeast, and Intero Real Estate Services, a similarly market-leading brokerage in the San Francisco Bay Area, avoided these issues, in part, by partnering with technology companies committed to an open ecosystem.
An open tech platform is one that champions the idea that relevant software platforms should work seamlessly with one another, and data should move freely as the customer wants. A closed tech platform, either in the name of an “all-inclusive” approach or even competitive considerations, creates barriers that prevent seamless feature integrations and data transportability.
Strategically, both Long & Foster and Intero Real Estate Services recognized the value of open ecosystems, and they have made technology procurement decisions accordingly. No two tech companies better represent the success of this strategy than MoxiWorks, the leading real estate technology system with the first and only true open network platform, and RealScout, the leading solution for brokerages and agents to generate more business from their “sphere of influence.”
Both MoxiWorks and RealScout have designed their platforms from the bottom-up to enable integrations with 3rd party technologies and transportability of customer-owned data. Customers that adopt either MoxiWorks or RealScout, and especially those who have adopted both solutions, have reaped the benefits of partnering with open platforms.
- Simple, minimally disruptive implementation
Although some heavy-lifting is inevitable, open platforms like MoxiWorks and RealScout are best equipped to provide a seamless transition for both admins and users alike. When Long & Foster adopted MoxiWorks, MoxiWorks’ dedicated account management team developed a customized plan for implementation and training, leading to a smooth and successful onboarding process. Later, when Long & Foster adopted RealScout, thanks to the open 2-way integration between the 2 vendors, implementation was as simple as setting up a roster sync between MoxiWorks and RealScout, which automatically provisioned accounts, set-up basic profiles, and provided for automated maintenance of the accounts.
The positive effects of an easy implementation can be seen in overall cost reductions, higher adoption, and better user account management through integrated tools.
- Increased user value from feature interoperability
Like most markets, agents at Intero generate a vast majority of their business via their “sphere of influence.” Engaging this audience is a multi-faceted effort that requires both CRM functionality as well as client collaboration functionality. Although all-inclusive solutions exist, MoxiWorks and RealScout are best-in-class solutions in their respective category. Thanks to their open platforms, instead of compromising on a particular solution, Intero could simply use both.
With MoxiEngage as the central source of client records, agents can easily SSO into RealScout to collaborate and convert their agents, knowing that incremental data is synced back into MoxiEngage. This seamless experience not only increases productivity for agents, it means clients receive more consistent and attentive customer service.
- Opportunities created by data transportability
It’s no secret that every agent, team, and even office have their own operational playbook, and especially for a brokerage as large and diverse as Long & Foster, there is no one-size-fits-all solution. One of the core benefits of an open-platform approach is the ability for it to accommodate a variety of lead-sources, marketing tools, and reporting outputs.
For Long & Foster, this means that MoxiWorks and RealScout, either directly or by pass-through, are connected with systems as diverse as: Zillow Connect, Realtor.com, Spacio, Buyside, ActivePipe, and more. This ability to accommodate a diversity of tools allows brokerages to empower their agents without reducing flexibility.
- Inherent future-proofing
One of the key concerns many brokerages have about technology procurement is the speed with which technology becomes outdated. Even the most cutting-edge systems, without constant iterations, can get left behind by more innovative companies.
The benefit of partnering with open platforms is that by integrating with innovative 3rd parties, brokerages can ensure that they aren’t getting left behind. Users, data, and workflows can be adapted to work with the latest tools, without completely abandoning legacy systems. Furthermore, since open platform companies can’t rely on high switching costs for customer loyalty, they continue to compete on innovation and value-delivery, as evidenced by both MoxiWorks’ and RealScout’s rapidly evolving offerings.
“Being an all-inclusive solution is never going to truly give a brokerage everything they need,” said York Baur, CEO of MoxiWorks. “This is why we decided early on that having a platform that lets our customers plugin the best solutions would be the ultimate route to success for each brokerage’s unique needs. RealScout is a great example of a great long-term partner that continues to help us fulfill the promise of this open platform strategy.”
RealScout Co-Founder and President Andrew Flachner added, “We share a strong conviction with MoxiWorks that brokerages should have meaningful control over their tech tools and data. While a walled-garden architecture might offer control, only when users and data can move freely between various platforms of choice, does control generate value. Our partnership with MoxiWorks exemplifies how brokerages are empowering their agents, clients, and themselves by building strategic value around their sphere of influence and data.”
The benefits discussed above are some of the most basic ones that brokerages, agents, and clients experience by partnering with open tech platforms. By rejecting the notion that software generates long-term value by locking-in their customers, open platforms empower their customers by embracing a diverse set of tools, users, and the opportunities they create.
For these reasons, Long & Foster and Intero’s decision to build their technology offering around MoxiWorks and RealScout was not only a tactical win driven by the immediate benefits of the two solutions but a strategic one that will continue to pay dividends in the future as the platforms continue to integrate and innovate, through open, transparent partnerships.
January home sales dip, but signs of resilience abound
Last month we predicted that home sales in January would see a dramatic dip. It’s common in January to see a decrease in home sales after the holiday months and turn of the new year (between December 2019 and January 2020 there was a 24% decrease) and our model predicted we would see that again this month.
But then, on top of all the usual reasons for a dip, the now historic month of January 2021 happened.
Before you roll your eyes and say ‘yes, every month has been unprecedented,’ ‘every month has been unpredictable,’ January was an entirely different animal.
January was the worst month on record for the pandemic. As of January 27, 2021, we lost nearly 80,000 people in the U.S. to the coronavirus, just in January.
That is an unimaginable loss.
Then, there was also an insurrection, an impeachment, and an inauguration like we’ve never seen before. It was not your typical month, even by 2020 standards.
So, it’s really no surprise that the result was home sales dropping more month-over-month than they ever dropped during any month of the pandemic. During the pandemic, the biggest drop we saw was a decrease of 14% between March and April of 2020.
Source: MoxiWorks Month-Over-Month Sold Listings (February and March are predictions*)
The good news is though, that we are not worried. As we have said time and again during all of this, we are resilient. This industry is resilient.
We’re confident and still hopeful that sales will pick back up very soon. Our predictor has remained directionally accurate each month, and we predict home sales to pick back up in February and in March with a 2% and 25% increase month-over-month respectively.
February and March Home Sales Prediction
Based on activity inside our products in February we predict there will be 385K home sales and in March there will be 483K. You can see the full scope of these predictions below.
With our predictions that means the number of home sales in February would be 13% higher than they were a year ago and for March there would be 15% more home sales than there was this time in 2020.
All signs pointing to recovery from the last few months.
Brokers and Agents. This is your time.
January proved once again the absolutely crucial role real estate agents play in helping their clients buy or sell a home.
Agents have always had an enormous role to play when it comes to the sale of a home, but right now, as the level of stress people are under continues to tighten its grasp, a professional and quality real estate agent is crucial to keep our ecosystem running. High-quality brokers and agents are needed to advise, mentor, and guide their clients during the buying and selling process, now more than ever.
Our communities have always and will always need you. Hear us as a technology company when we say, let the computers do the things computers are good at so that you can continue to do the things that humans, and only humans, are good at. Building relationships, showing compassion, and helping people buy and sell their homes to continue to build a better life for themselves.
We look forward to hopefully reporting back some positive outcomes for February, March, and beyond!
The Home Sales Predictor is a brand-new set of prediction data that dives into the number of presentations created and the correlated number of U.S. home sales. This data is provided by MoxiWorks with insights from their MoxiPresent product.
