Beacham listings viewed >1.3 million times in 30 days

Beacham & Company, REALTORS® listings for sale were viewed more than 1.3 million times on social media and other marketing outlets over the last 30 days – a record for the firm. In addition, the firm experienced more than 100,000 interactions with consumers who expressed interest in Beacham’s listings which was also a record.

The historic milestones were achieved using a mix of Facebook, Instagram, Pinterest, Twitter, and LinkedIN along with proprietary apps, data mining, cross promotional marketing partnerships, search engine optimization (SEO), affinity databases, and print publications. The firm’s viewership increase was more than 100 percent from the previous 30-day period on one of the firm’s top sources of traffic, Facebook. Historically, increases of such magnitude are a favorable predicter of future sales which isn’t surprising in this case since the housing market is heading into the busiest months of the entire year in May and June.

The analytics for listing viewership were catalogued from a vast number of sources with the lion’s share from Facebook and Beacham marketing partnerships. The data showed that the most popular page on the Beacham website was the firm’s weekly price reduction page which saw a 250% increase in views from a year ago. It is now the single most viewed page on the Beacham website, a sign that the real estate market has become especially value conscious over the last 12 months.

Beacham & Company is enjoying another record sales year; the firm’s closings are up 22.4% in the first quarter of 2018 from the firm’s previous first quarter record. The firm set all-time records for closings in each of the first three months of the year. Conversely, the entire Atlanta market saw no increase in closings in the first quarter compared to the first quarter of 2017 which was primarily blamed on persistently low inventory.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

Zestimate ineffectiveness drives homeowners crazy

The Zestimate. Zillow’s infamous estimator of real estate values doesn’t seem to bother home buyers, but it sure does send many homeowners through the roof with its incongruous home valuations. Even Zillow admits its Zestimate is wrong more than 50% of the time and frequently by as much as 10% of a home’s value. On a home worth $500,000, who doesn’t think $50,000 is a lot of money?

Perhaps the Zillow representative who recently visited Beacham & Company, REALTORS said it best, “the Zestimate will never be right.” Ouch.

What are home owners to do when they list their home for sale and the Zestimate is (significantly) lower than the list price? Beacham has methods that have proven successful in manipulating the Zestimate’s value. Not every attempt is successful, but successes are far more frequent than failures. Example: After Beacham recently took over a listing in Buckhead from another real estate firm, the Zestimate exponentially increased and the home, after sitting idlily for months, went under contract within days.

What is the Zestimate’s deal? Why is it so inaccurate? The Zestimate relies mostly on tax records which can be erratically inaccurate or outdated or both. When bad information is used on a comparison basis to estimate another home’s value, the problem is compounded. Worse, Zillow only has access to about half of the nation’s MLS data.

Sometimes the Zestimate doesn’t appear for a home which pleases many of our clients. Zillow says the only time that happens is when Zillow doesn’t have enough data to render an estimate. However, the Zestimate has been known to appear and not appear depending on the i.p. address used by the consumer. Is anybody feeling jerked around yet?

If you don’t agree with the Zestimate of your home, a homeowner can contest the value. Beacham assists sellers with contesting Zestimates and in manipulation of data to help the Zestimate to a more accurate conclusion. For more information about correcting your Zestimate, contact a Beacham agent or email [email protected]

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

FSBOs hit record low for third straight year

 From Inman News

FSBO sales hovered between 12 percent and 14 percent from 2001 to 2008. In addition, the share of recent homesellers who sold with an agent remained at a record high of 89 percent in the last year.

NAR Managing Director of Survey Research Jessica Lautz says FSBO sales have flattened due to current market conditions where sellers need a competitive edge that only an agent can provide.

“What we do see is that sellers are working with agents to help market their homes to potential buyers, sell it in a specific time frame and price the home competitively,” she said. “Pricing the home competitively is really important for sellers today, especially because everything is rapidly changing with prices.”

“So knowing how to price that home so they can sell quickly is important, and that’s difficult for FSBOs to do,” she added.

According to NAR, the median FSBO sales price rose slightly from $185,000 to $190,000 last year, compared to the median price of a home sold using an agent, which stands at $250,000.

FSBO homes sold more quickly on the market than agent-assisted homes. Fifty-eight percent of FSBO homes sold in less than two weeks — often because these homes are sold to someone the seller knows. The median age for FSBO sellers is 55 years. Seventy-four percent of FSBO sales were by married couples that have a median household income of $103,100.

Atlanta condo prices on unprecedented run over last nine months

The average sales price of condos and townhomes in Atlanta outpaced the increase in the average sales price for single family detached homes over the last nine months – something that almost never happens. Typically, single family detached home sales prices rise faster than those for multi-family primarily due to land value appreciation.

What’s going on?

Condos and townhomes were always a lower priced alternative to detached homes particularly in Atlanta’s most desirable areas like Buckhead. However, the dramatic recovery of single family home prices in recent years made condos and townhomes prices even more attractive. A recent multitude of new townhome projects further enhanced the value in older units.

Millennials and Baby Boomers both value low or no maintenance multi-family living so they can pursue active lifestyles instead of spending time on home repairs and yard upkeep. Since Millennials and Baby Boomers make up more than two-thirds of the home buying market, demand is peaking – to a point. The high-end condo market (more than $750,000) is “not brisk” and some high-priced buildings are seeing sales stall due to long lines for rental permits. Some buildings have wait lists for rental permits that stretch for years which effectively eliminates investors from the marketplace. In some cities like Los Angeles, condo associations are deliberately putting the brakes on investor purchases.

Like the single family detached market, multi-family prices also rose in recent months due to a lack of supply – and maybe even more so. A scarcity of new condo projects – which pass on lower per unit land costs to the consumer than town homes – led multi-family sales growth to trail that of detached. The few multi-family projects planned or are underway mostly cater to the luxury market, not first-time home buyers or most downsizing empty-nesters all of whom want to be in the middle of the city (Buckhead Village, the Westside, and Midtown are the top selling condo markets).

The challenge for developers in bringing affordable mid- and high-rise condos to market are stingy lenders and skyrocketing construction costs. Lenders over the last decade were only lending money for multi-family if the project was apartments – particularly in Buckhead. There was a promising sign late last year when a new Buckhead Village apartment tower converted to condos as construction began and with prices starting in the $500ks.

The need for more affordable condo alternatives and/or apartment conversions would help the single-family market long-term by providing a basis for a move-up market two to five year in the future. At the very least, the rising tide of the condo market is speeding up that timeline for many homeowners.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

The best real estate marketing? A price reduction

Seasoned agents know that if the list price isn’t right on a home for sale, no amount of promotional marketing – regardless of how beautiful – can overcome it. Today’s buyers are more value conscious than ever and a recent look at internet metrics indicates that a price reduction might be the best marketing a seller can do.

Beacham & Company launched a page featuring all of the company’s price reductions more than a year ago. Updated every week with new price reductions, the page became one of the website’s most viewed pages almost immediately. This past month, it was the most viewed page on the entire Beacham website and the number of visitors was up more than 250% from a year ago. This despite the fact that the Beacham price reductions page gets no more advertising or promotion than any other page on the website.

The benefits of a price reduction don’t stop with being promoted on the Beacham website, however. Sellers who reduce the price of their home – even by $100 – expose their listing to every potential home buyer or real estate agent who has a saved search in the seller’s price range and area. If those home buyers have opted to receive email notifications of new listings, price reductions or sales that match the buyer’s criteria, then each price reduction potentially reaches (depending on the price range) more than 50,000 possible home buyers each time the list price is reduced.

The National Association of Realtors has conducted studies that consistently demonstrate that if a home is shown 10 times without an offer, it’s a signal from the market that it’s time to reduce the price. No showings can also indicate a home is overpriced. Often, buyers won’t say that a listing is overpriced when asked why they didn’t want to make an offer. The buyer may say they object to a feature of the home that was known to them before the showing rather than tell a homeowner the price is too high. Waiting to reduce the price can lead to a greater loss in value than pricing a home correctly at the time it goes on the market because the listing gets stale, or buyers think there is something wrong with the house.

Beacham & Company sales were up 8.8% in March compared to the same month a year ago while the rest of the market dropped 10.2% according to the Atlanta Realtors Association. Lack of sufficient housing inventory was blamed; the number of homes are the market was down 26.5% in March from a year ago.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

 

Traffic to Beacham’s new website up 15% in first month

Beacham & Company, REALTORS® unveiled a new look website in early March and the results are in; you like it!

The site experienced a 15% surge in traffic in March and established new records for site visits last month. The redesign featured greater emphasis on video, real estate-related stories, more interactivity, and a cleaner overall layout. It’s the fourth major iteration of the Beacham website although the site is constantly changing and being upgraded to improve the user experience. Just as the site was launched, Beacham received another in a long line of international award for it’s website, this time from Leading Real Estate Companies of the World.

Visits to the Beacham website come from a variety of sources, but the most come from search engines – an indication of how much Google and others like the content-rich Beacham website. The website also receives a significant amount of traffic from social media outlets such as Facebook, Instagram, and Pinterest. Beacham leads all real estate offices in Atlanta in terms of total social media followers.

The Beacham website receives most of its website traffic from mobile users so extra attention was given to the mobile user experience. The Beacham app was also updated and is achieving a significantly higher adoption rate than previous apps.

Beacham & Company’s website traffic is also up year-to-date which has traditionally translated into record sales and last month was no different. Beacham closings rose 8.8% in March compared to the same month a year ago while the rest of the market dropped 10.2% according to the Atlanta Realtors Association. Lack of sufficient housing inventory was blamed; the number of homes are the market was down 26.5% in March from a year ago.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

The 411 on the 311: How the City of Atlanta cyberattack affects your clients

PHOTO CAPTION: Attorneys Zach McElveen and John Hocutt of Campbell and Brannon closing attorney firm discuss how the cyberattack on the City of Atlanta’s computer systems is affecting water service payments and real estate closings at Beacham & Company’s weekly sales meeting on April 10, 2018.

Story from Campbell and Brannon

On March 22, 2018, the City of Atlanta was hit by a ransomware attack, leaving all city systems paralyzed, including the Department of Watershed Management and the atl311 website. The effect of this ransomware has caused the following problems:

  1. Watershed management is unable to read water meters;
  2. The atl311 customer portals are inaccessible, preventing customers from looking up or paying their accounts online, or establishing new service online; and,
  3. City of Atlanta cannot process any payments made for water.

What does this mean for homeowners?

  • Any current water bills that homeowners have in their possession should be paid by mailing a check to the Department of Watershed Management.

NOTE: Payments cannot be processed at this time. Instead, all checks sent to the city will be stamped upon receipt and processed once the system is back up and running. As a result, there will be no late penalties for water payments received during the system outage.

  • The City of Atlanta will backdate all water bills once they are able to read the water meters

What does this mean for Buyers establishing new service with the City?

  • Buyers can still set up new water accounts, however, the only means of setting up a new water account is by providing the water application, settlement statement, and copy of ID IN PERSON.

Where?

72 Marietta Street NW, Atlanta, GA 30303 OR

55 Trinity Avenue SW, Atlanta, GA 30303

  • If a Buyer attempted to set up water with the City by way of faxing or emailing the application during the system outage, that application was not received! That Buyer must apply in person.
  • Once the system is back up and running, we recommend that all Buyers who purchased during this outage period resubmit their application either in person or online, calling to confirm service. We anticipate that the City may not be able to keep up with the volume of applications being submitted in person once back online and a lapse in service may result following the system coming back online if Buyers don’t double check with the City at that point.

 What does this mean for Sellers terminating service with the City?

  • Sellers will not be able to turn off water service until the system outage is resolved.
  • Final meter read billing statements will be delayed.

What does this mean for Buyers and Sellers for Closings during this time period?

  • Water bills attach as a lien on title just like property taxes and must be paid by the Seller to convey good and marketable title. This holds true even if some bills in the chain of title are from a prior owner.
  • While the outage continues, Campbell & Brannon will ask each Seller to produce the following for all closings:
    • A copy of the Seller’s Owner’s Title Policy if the Seller has owned the Property for less than seven years;
    • A copy of the Seller’s most recent bill with proof of payment.
  • To seek to cover some of the risk that the Buyer will take on from any unpaid water bills which can’t be verified due to the system outage, Campbell & Brannon will hold an escrow if the Seller is unable to produce the two items referenced above. The amount of funds held in escrow will depend on the circumstances of each file.
  • Buyer’s title insurance policies will contain an exception for prior water bills which cannot be verified during this time period. Campbell & Brannon will require all Sellers to sign an indemnity to protect the Buyer for any bills which may be outstanding when the system is back online.

Spring 2018 issue of The Beacham Series magazine publishing early April

The Spring 2018 issue of The Beacham Series magazine publishes in early April with a fresh look, features and editorial content. The new issue will include a first-ever editorial section including interviews with local Atlanta lifestyle celebrities.

The magazine cover features the home at 555 Argonne Drive, known as Spotswood Hall, in Buckhead. Spotswood Hall is celebrated as one of Atlanta’s most architecturally significant residences. The neo-Classical Revival style home was built in 1913 under the direction of architect A. Ten Eyck Brown, then redesigned by Phillip Shutze in 1933. Most recently, Norman Askins designed an expansion. It is currently on the market for $3,995,000.

The Beacham Series, now in its twelfth year, showcases approximately $150 million in Atlanta real estate for sale. The spring issue is the first of two issues to be published each year and more than 75% of the homes featured in each issue sell before the next issue is published. More than 25,000 of the magazines are distributed to high-net worth Atlantans and relocation executives all over the world.

To reserve your copy, contact Beacham & Company, REALTORS at 404.261.6300 or [email protected]

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

 

‘Paradox’ best describes current real estate market

On one hand, we’ve seen record low housing inventory, multiple offer mania, and year-over-year average home sales price increases approaching double digits. On the other hand, we saw 2,000 listings expire on Jan. 1, single family detached home sales in Atlanta down to start 2018, and year-over-year average home sales price declines in some of Atlanta’s most desirable areas (Chastain Park, Garden Hills, and Ashford Park, for instance).

What’s going on? It’s complicated. Here are just a few things we see playing out:

• Demographics are weighing heavy on the market. The “ends of the barbell” generations of Baby Boomers and Millennials are not good buyer/seller matches for each other in real estate. And both want the same thing: smaller lots and living quarters in walkable, lifestyle-oriented neighborhoods. Atlanta did not build much of that in the post-war 20th century.

• The vast majority of buyers today are not willing to take on a home that is a project. Builders willing to renovate will not pay top dollar because they must meet profit goals.

• Buyers are looking for value because rising home prices and interest rates are squeezing them. In our quarter Beacham Insider report, you can see that the real estate market darlings are changing in favor of areas where you can be close to live-work-play environments without breaking the bank. Areas such as Smyrna, Old Fourth Ward, and Alpharetta near Avalon all have average sales prices below $500,000 but home prices are increasing by double digits. Even areas of Buckhead that traditionally don’t have average sales prices of more than $1 million are crossing that threshold for the first time including Buckhead west of I-75 in the top-rated Morris Brandon school district and Buckhead Central in the vastly improved E. Rivers school district have become havens for value seekers.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.

 

Negotiating multiple offer situations like navigating Spaghetti Junction without GPS

We are officially in the season of multiple offers for many properties, especially those below $750,000. Navigating multiple offers is best done by one of our Beacham agents. Here’s why:

• Escalation clauses often come into play and have both positives and negatives for buyers (and sellers). Even some agents aren’t comfortable with them. Our agents are.

• Unrepresented buyers are at a disadvantage even if they are the high bid on a property listed by an agent because the listing agent has to do more work. And forget about getting “a deal” if you are unrepresented. A strong listing agent won’t let unrepresented buyers negotiate their commission which has already been set by a separate agreement with the seller.

• The best offers aren’t always the offers with the highest price (this is one of many reasons why you need a buyer’s agent). Option money is common in other states but not in Georgia.

• A seller may call for “highest and best” offers. Like with escalation clauses, making an educated decision on what to offer is hard to do without taking into consideration many factors often that are property-specific. And agents often know about obscure off-MLS sales that can influence price.

• Appraisals in highest and best scenarios can derail a deal unless you have an experienced agent who can justify the contract price to an appraiser. Only MLS sales can be considered by an appraiser.

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Beacham & Company, REALTORS® is Atlanta’s top-selling luxury real estate office. The firm was founded by Glennis Beacham, one of Atlanta’s most celebrated real estate agents and the only agent in Georgia to sell nearly $2 billion in real estate. The firm has 100 agents who average $7 million in sales per agent, more than any other Atlanta real estate firm. In 2017, the firm achieved record sales for the 11th consecutive year and remained the top-selling office in the city for single family listings sold for more than $1 million. The firm was also donated nearly $1,000 per agent to local charities over the course of the year.