New Residential Construction Prices and Sales Dip in U.S.

WORLD PROPERTY JOURNAL | June 10, 2019

According to Redfin, sale prices for newly built homes in the U.S. fell 1 percent year over year to a median of $363,900 in the first quarter of 2019, the first such drop in seven years. Sales of new homes in the U.S. were also down 3.1 percent year over year in the first quarter of 2019, the third consecutive quarter of declines. Supply of new homes was up 4.2 percent in the first quarter, the fourth consecutive period of increases. The small declines in new-home sale prices and sales and the rise in supply were expected. Redfin first reported that demand for new homes was cooling in the second half of 2018 as builders started dropping prices and offering incentives to agents and buyers showing interest in new construction, such as free design upgrades. Connie Durnal, a Redfin agent in Dallas, said builders are now using other methods to lower prices for new homes in her area, such as smaller lot sizes and including fewer upgrades in spec homes (those that are built without a buyer lined up). Lowering prices is part of an effort to sell some of the new-home inventory that's been piling up in Dallas (supply of new homes in the Dallas metro was up 14.7% in the first quarter).

Spotlight

Based in Los Angeles, California, Globl RED is making the real estate transaction as easy as possible for its clients, many of whom are first time home buyers. They're utilizing speed, efficiency, and security to provide clients with the experiences they're looking for.

Real estate agencies can accelerate deals, reduce errors, and allow their agents to spend more time growing their business by simplifying the way they prepare, sign, and manage transactions. Agents can access the latest state and local association forms with pre-placed data fields and auto-fill capabilities to quickly prepare forms and organize by transaction—all within a single digital workspace.

Spotlight

Based in Los Angeles, California, Globl RED is making the real estate transaction as easy as possible for its clients, many of whom are first time home buyers. They're utilizing speed, efficiency, and security to provide clients with the experiences they're looking for.

Real estate agencies can accelerate deals, reduce errors, and allow their agents to spend more time growing their business by simplifying the way they prepare, sign, and manage transactions. Agents can access the latest state and local association forms with pre-placed data fields and auto-fill capabilities to quickly prepare forms and organize by transaction—all within a single digital workspace.

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AGENT,REAL ESTATE ADVICE

RentSpree Offers Insight on How Real Estate Agents Can Capitalize on the Growing Rental Market

RentSpree | December 21, 2022

RentSpree, the industry's premier end-to-end rental management software provider, is dedicated to changing the mindset around the profitability of rental properties. A 2022 RentSpree + RealTrends Rental Power Rankings study made clear that many agents do not view rentals as worthy of their time and resources. Approximately 50% of the surveyed agents claimed that the commission was "too low" for the time and effort required to lease a rental property, and 43% of surveyed agents claim that a lack of knowledge of the rental market keeps them from working in that space. In short, many real estate agents see working with rentals as a poor return on investment (ROI). RentSpree challenges that perception and highlights how rentals can improve agent profitability year-round, especially in an economic downturn. With new insights into the misconceptions of the rental industry, here are some tips on how agents can stay ahead of the economic forecast: Leverage the Right Resources: With the right tools and industry knowledge, real estate agents can increase their cash flow by assisting tenants and working with landlords and property management companies. Depending on their goals, agents could work with buyers and sellers while the market is hot, and renters during a slower part of the year, highlighting how beneficial the malleability of rentals can be. Consider Current Business Expansion: Many agents forget or don't realize that their current business structure might already be set up to work with rental properties. If an agent already works with real estate investors to buy and sell property, they could also offer their services to fill the property with a tenant when it is move-in ready. This can be an excellent option for adding income to your business by establishing yourself as the go-to agent for buying, selling, and renting out properties in the area. As agents, time and resources are invaluable, regardless of the economic situation. Tap Into the Value of PropTech: Agents can lean into property technology (PropTech) tools to simplify working with rentals. PropTech gives power back to agents to work the field rather than handle time-consuming paperwork on a transaction's front or back end. The right solutions also enable real estate agents to: Set up a listing cart to show properties to tenants through the MLS and lets them quickly help renters fill out online applications Facilitate payment of the tenant screening fee Pass on the paperwork to the landlord as soon as it's completed Allow the tenants to be notified of a landlord's decision within 24 to 48 hours of applying (cutting two to five days out of the typical manual application cycle) Boost agents' hourly earnings and return on investment exponentially. With a fresh perspective on the fluid real estate market heading into 2023, and nearly 50 million rental properties across the United States according to numbers from the U.S. Department of Housing and Urban Development and the U.S. Census Bureau, there has never been a better time for agents to consider working with rentals. About RentSpree Los Angeles-based RentSpree is a provider of award-winning rental software that helps seamlessly connect real estate agents, owners, and renters to simplify and automate the entire rental process, from listing to lease. The all-in-one platform is known across all 50 states for its easy and secure interface and suite of rental tools, including tenant screening, rent payments, marketing and renter management. To date, RentSpree has partnered with more than 250 of the most influential MLSs, real estate associations and brokerages to serve over one million users in the U.S. RentSpree is ranked 625th on Inc. 5000's fastest-growing private companies in 2022.

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REAL ESTATE TECHNOLOGY,INVESTMENTS

Best Egg Teams up with MRI Software to Provide Flexible Rental Options

MRI Software | December 29, 2022

Marlette Holdings, Inc., one of the leading financial technology companies that operate the Best Egg platform, recently announced a partnership with MRI Software, a global leader in real estate solutions. The Best Egg Flexible Rent platform allows tenants to customize their monthly rental payments by dividing the total amount into several smaller, more manageable installments that can be paid at any time during the month. Due to the integration of this technology within MRI's RentPayment service, residents can now choose Flexible Rent as a payment option without leaving the MRI portal. In addition, millions of renters are managed nationwide by the open and linked software created by MRI, which is used by thousands of multifamily property managers. Best Egg is committed to giving its clients the resources they need to manage their daily finances while fostering financial confidence. Therefore, the company is happy to collaborate with MRI to give payment flexibility to the renters who use its software. The company's new Flexible Rent platform is a natural extension of that aim. Flexible Rent gives tenants more control over how and when they pay bills and guarantees timely and full rent payments to property managers. As part of the Partner Connect program, MRI Software is pleased to welcome the Best Egg Flexible Rent platform since it believes the combined technology will provide tenants greater freedom to manage their rent responsibilities while lessening the administrative burden on property managers. Flexible Rent will be offered to multifamily property managers and tenants via MRI RentPayment beginning in the first quarter of 2023 and will be rolled out to additional properties over time. About MRI Software MRI Software transforms how communities live, work, and play. Its flexible, open, and connected platform empowers commercial and residential property owners, operators, and occupiers to innovate in changing markets. MRI has been a PropTech pioneer for over 50 years, serving over 2 million consumers. MRI's leading technologies and partner ecosystem help real estate companies grow and compete.

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REAL ESTATE INVESTMENT

World’s First and Largest Commercial Property Online Marketplace Launches in the UK

CoStar Group | November 15, 2022

CoStar Group, Inc. (NASDAQ: CSGP), a leading provider of online real estate marketplaces, information and analytics in the commercial and residential property markets, has launched LoopNet, the world’s largest commercial property marketplace, in the UK market. The launch marks the creation of the world’s first international commercial real estate online marketplace, allowing tenants, brokers and investors to access properties available for sale and lease across multiple countries on a single platform. Prior to its launch in the UK, LoopNet marketed exclusively US and Canadian commercial properties to an international community of buyers and tenants. The integration of tens of thousands of UK property listings into the marketplace will unlock global access to the UK commercial real estate market, worth an estimated £1.5 trillion, benefitting brokers, investors, would-be occupiers, and owners of commercial real estate. With over 11m monthly unique visitors, LoopNet will provide UK users with unprecedented exposure to potential investors and tenants, significantly broadening the reach of every listing by successfully capturing relevant local and global audiences. Used by 93% of Fortune 100 companies, LoopNet has made significant investment into Google search engine marketing (SEM) as well as other types of marketing, resulting in superior volumes of traffic to the platform and more efficient outcomes for the end-user. Prior to the launch of LoopNet, the UK market was served by Realla, a CoStar Group company and the UK’s leading dedicated commercial property marketplace, which has now been integrated into LoopNet, unlocking access to additional pools of capital, a greater number of listings and a high-quality international audience. Prior to the integration, Realla had an average of 734,000 unique monthly visitors, which will now be significantly boosted by the additional traffic generated by LoopNet, bringing the total expected LoopNet traffic to nearly 12m unique monthly users from the first day of the launch. With 88% of commercial property searches currently being initiated online as market participants aim to save time and money, LoopNet provides sophisticated technology allowing brokers, tenants and investors to conduct viewings online and benefit from up-to-date pricing and information. 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