On this episode of The Walk Thru, Byron Lazine and The Broke Agent sit down with Katie Day of Real Brokerage and Taya DiCarlo of Compass to discuss buyer cancellations, Million Dollar Listing, and the most important Instagram metric.
After briefly discussing last week’s lively episode with eXp’s Dustin Brohm and Real’s Jeremy Knight, they dug right into this week’s hot topics.
How buyer cancellations impact housing prices
While the rate of appreciation has slowed, and some areas are seeing price drops, housing prices, on the whole, are still going up, showcased in this Keeping Current Matters chart.
What’s happening in areas that are seeing price reductions has more to do with unrealistic asking prices and voluntary price adjustments to attract more offers.
Two of the reasons I think we’re not gonna see a crash, and we’re gonna see more of a correction is that vacancy rates are at a historical low… Secondly, we have much better underwriting…. I know what’s happening in California, but there are economists out there saying that some micro-markets across the country are going to be more vulnerable to a major correction than others.
Million Dollar Listing
Speaking of cancellations, the next topic is Bravo’s decision to “pause” Million Dollar Listing New York (MDLNY). How do shows like this impact the real estate industry?
While it may not be a fully accurate representation of our industry and the things we go through on a regular basis – and maybe more dramatic than your day-to-day negotiations, and the transactions may run a little bit faster – but… I definitely think it’s had a generally positive impact on the real estate industry.
All it does is it creates consistent conversation around it, and from a content perspective, I love it, because I get to make fun of these shows. I get to have these people on our podcasts. It creates more content. So, for the content ecosystem, it’s a huge positive.… A lot of these people have done an incredible job with their brands outside of reality TV… It also ushered in the era of the celebrity agent.
The most important Instagram metric
The Broke Agent called attention to the most important Instagram metric everyone building their brand on the platform needs to know.
Viewer retention – how long people watch your videos – is the number one thing the Instagram algorithm is looking at right now. Your viewers have to watch your videos all the way through. If they watch it more than once, even better!
So, it’s worth asking the question: what are you doing to keep your audience watching?
The best tactic that has worked for me and my style is having such an aggressive three-second hook that people are stunned that I just said it… they’re literally like, ‘Did he just say that?’… and then what happens is they rewatch the whole video a second time to say, ‘Did he really say that?’ and then you get the double retention because you get the second view.
Watch the full episode for more.
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