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Study: Millennials wrestle with the American Dream of homeownership

People talk about how the American Dream of one day owning a house is still something that Millennials want and are actively pursuing, and that still appears to be true, but for many Millennials that dream is dying, dead or undesirable. The recipe for the Millennial American Dream goes something like this: owning a home, being debt-free, retiring comfortably, pursuing passion. But, according to Bank of the West’s annual Millennial Study, only 54% of Millennials believe that the American Dream is attainable, and nearly a quarter of Millennials say they’ve given up on their dreams of homeownership. With prices on the rise, homeownership has become increasingly difficult for Millennials. The majority of Millennials are still renting or staying with friends or family, and only 42% own a home. Although typically seen as wanderlust infected jetsetters, homeownership appears to be something Millennials still want. The report indicates that 69% of Millennials anticipate staying in the same area for the next 10 years as they pursue things like stability, getting out of the rent cycle and having a place to truly call their own. According to the report, these are the top three drivers of Millennial homeownership: stability; homeownership making more financial sense than renting; and wanting a place they can modify and make their own. According to the report, 68% of Millennial homeowners have buyer’s remorse, wishing they had been more prepared, had more money down or had better inspected the home before they bought it. The main complaints Millennials have about their homes is that they are costly to maintain (20% feel this way) or they found damage after moving in (20% of Millennials also feel this way).

Need a New Year’s resolution? Ask your sales team

Ah, the new year… there’s nothing like having a fresh start to inspire ambitious marketing plans, promises to run big campaigns and intentions of testing some of the fancy new technologies all the cool kids are using these days. But when I reflected on the challenges our team faced in 2017, the major missteps really weren’t marketing-related. In fact, I think our shortcoming was being too focused on our marketing programs and not stopping to get input from our second-most important “customer” — the sales team. Now, this isn’t a kumbaya session on “sales-marketing alignment” or a lecture on “breaking silos.” It’s a reality check for those of us marketers who have never asked sales what they could do better. Opinions expressed in this article are those of the guest author and not necessarily Marketing Land. Attend the largest search marketing conference on the West Coast: SMX West! You'll get useful, proven tactics in SEO, SEM, conversion optimization, social media, mobile and more. Register now! About The Author Joe Hyland is the CMO of the leading webinar platform company, ON24, where he is responsible for the company’s global marketing, communication and brand strategy. He has over a decade of experience creating and marketing innovative products in the enterprise and SaaS software markets.

Renters are renewing their leases more than ever before

Despite rents continuing to rise throughout much of 2018, renters are choosing to remain in the same apartment more than they ever have before, even if their rent goes up. In fact, a new report from RealPage shows that apartment resident retention (renters electing to renew their lease after its initial term expires) hit an all-time high last year, with nearly 53% of renters choosing to renew their leases. According to RealPage’s report, apartment resident retention jumped to 52.5% last year, meaning that in the country’s 50 largest markets, when renters’ initial leases came up from renewal, 52.5% of them chose to renew. According to RealPage’s report, the renters who chose to renew their leases did so at rents that were 4.5% higher on average than their initial rent. The figures probably come as a bit of surprise to some in the market, especially considering apartment construction was at a nearly 30-year high last year, but RealPage notes that there a number of factors at work here. “For example, loss of renters to purchase ran below the historical norm, especially when interest rates inched ahead of year-ago levels, making purchase less affordable,” RealPage noted in its report. Apartments in Milwaukee and Newark-Jersey City had the most repeat renters, each registering conversion of expiring leases into renewal leases for 61.9% of the households. Resident retention was also above 60% in Providence, Rhode Island and Miami. The rest of the top ten markets where renters renewed their leases most often consisted of St. Louis, Philadelphia, Cleveland, New York, Minneapolis-St. Paul, and Pittsburgh. According to the report, other areas where resident retention ran well below the national level were San Diego, Charlotte and Phoenix.

12 Startups Utilizing Blockchain Technology in New Ways

However, the technology behind these tokens, blockchain, has far more applications than just cryptocurrencies. Through a network of smart contracts that operate utilizing decentralized information on a ledger, blockchain is able to provide unmatched security and speed for data transfers. This means that blockchain technology has an application in nearly every industry where value is exchanged. A technological descendant of Ethereum, IOST is a blockchain with the purpose of serving as infrastructure for developers to create decentralized applications. ShipChain ShipChain is a freight and logistics platform built on blockchain. Nano Vision Nano Vision is empowering global citizens to step up and lend their efforts to furthering disease-prevention research and development. Equipped with a working product, Inveniam uses Decentralized Ledger Technology (DLT) and "regulated" contracts and tokens to transform structuring, clearing, custody and settlement of fixed-income instruments. It focuses on creating a decentralized social video ecosystem with a full economic cycle and rewards for creating, curating, viewing and sharing videos. Patron Patron is a global influencer marketing platform built with blockchain technology. Photochain Photochain is a decentralized stock photography platform built on the blockchain.

Multifamily volatility drags down housing starts

"Importantly, the trend in starts for single-family construction remains solid. Privately owned housing starts decreased in September to a seasonally adjusted annual rate of 1.201 million down 5.3% from August’s 1.268 million, but is still 3.7% up from the annual rate of 1.158 million in September 2017. Single-family housing starts stood at a rate of 871,000, up nearly 5% from last year. As we look ahead to October, it is likely Hurricane Michael may also impact starts for the South, though the impact should be materially less given the large markets of Jacksonville, Orlando and Miami were unscathed." Building permits, decreased from August both monthly and annually. The number of homes being built slid 0.6% from 1.249 million in August to a seasonally adjusted annual rate of 1.241 million in September, down 1% from 1.254 million one year ago. Privately owned housing completions decreased to a seasonally adjusted annual rate of 1.162 million in September, down 4.1% from August’s 1.212 million. Single-family housing completions decreased 8.7% from 924,000 in August to a rate of just 844,000 completions in September. “A slow pace of home building, home prices rising much faster than wages, and rising mortgages rates - though they are still below historical averages - are acting to depress the market," Frick continued. "If wages rise at a quick pace, and home prices increase at a slower rate - as we've seen recently - there could be a revitalized home market, but likely not for months.”

Home prices are rising faster than wages in 80% of U.S. markets

Climbing home prices and less than significant increases in wage growth have contributed to renting becoming a more affordable option for Americans, according to ATTOM Data Solutions' latest Rental Affordability Report. In 59% of U.S. metros studied, renting a three-bedroom property is less expensive than purchasing a median-priced home. That’s a whopping 442 out of the 755 counties, according to the report. Notably, ATTOM discovered that renting is also a more affordable option in 18 of the nation’s most populated counties and 93% of counties with a population consisting of more than 1 million people. “With home price appreciation increasing annually at an average of 6.7% in those counties analyzed for this report and rental rates increasing an average of 3.5%, coupled with the fact that home prices are outpacing wages in 80% of the counties, renting a home is clearly becoming the more attractive option in this volatile housing market,” ATTOM Data Solutions Director of Content Jennifer von Pohlmann said. In fact, median home prices increased at a faster pace than average weekly wages in 601 of the 755 counties analyzed in its report. Furthermore, home prices outpaced rents in 70% of housing markets, and median home prices rose faster than average fair market rents in 531 counties, according to ATTOM. That being said, 76% of the 469 counties analyzed in ATTOM's Home Affordability Report posted an affordability index below 100 in Q4 of 2018, according to ATTOM’s analysis. “With rental affordability outpacing home affordability in the majority of U.S. housing markets, and home prices rising faster than rental rates, the American dream of owning a home, may be just that — a dream,” Pohlmann concluded. NOTE: The Rental Affordability Report analyzes average rental data for three-bedroom properties in 2018 and early 2019 from the U.S. Department of Housing and Urban Development, along with wage data from the Bureau of Labor Statistics.

How Instagram Analytics Can Help Boost ROI in 2019

To help you strategize for 2019, we’re looking at three key Instagram analytics that can help you improve and develop your overall marketing strategy and drive more traffic your business. Engagement rates Knowing what kind of Instagram content resonates best with your audience could help you plan your content calendar and marketing strategy for the future. There’s no hard-and-fast rule when it comes to measuring your engagement rate, but most marketers will agree that it’s usually based around this calculation: divide the total number of likes and comments by your follower count, which will give you a percentage. Or you can use tools or apps dedicated to deciphering your Instagram Analytics, which will automatically calculate your engagement rate for each post so you can get a snapshot of what content ranks top of the list month after month. Your exposure on Instagram is linked to your post’s engagement levels. By paying particular attention to your engagement rate and the content themes that performed the best, you’ll find strong indicators from your target audience of where you should be investing your time, energy and budget. But with Instagram Analytics, you can focus on your click-through rate and the effectiveness of your link placement with Instagram Stories’ swipe-up feature and your link in bio if you want to drive traffic to your business’ site. Small changes to how you present your bio link will help drive your audience from your Instagram feed to your business website, where they can get more information, make a purchase or browse your brand in more detail. Monitoring the click-through rates of your Instagram Stories helps determine what content works best for driving sales to your website. By focusing on identifying your audience’s behavior patterns, gathering customer feedback and pinpointing what content resonates most with your followers, you’ll be armed with the best information to strategically invest in the future.

What Is Influencer Marketing And How Can I Find An Influencer?

In an online world of thousands of shouting voices, influencer marketing has become the next big buzzword. First things first: influencer marketing is not new. What makes influencer marketing especially important right now is the ever-growing importance of social media. How influencer marketing can increase your ROI Consumers have always valued word of mouth over any other form of marketing. Thanks to their reach and following, influencers can talk directly to thousands more consumers than you are able to on your own. Their voice will increase the credibility and awareness of your brand and drive more and more traffic to your website. Followers are of course important when you’re trying to reach new consumers, but the key thing when selecting your influencer is that they fit with your brand. According to a survey by Collective Bias, only 3% of consumers would consider buying a product endorsed by a celebrity, but 30% would be more likely to buy if a product was recommended by a non-celebrity influencer. Rather than just paying your influencer to say nice things about your products, here are some easy suggestions to create a mutually beneficial relationship that will help and inform their audience, and drive consumers towards your brand. Visit the Online Marketing Institute to browse over 400 classes in the digital and social media marketing space.

How to Go From Coffee Fetcher to Corner Office Exec

The buzzy brand isn't the only company with a success story, though. Have a professional attitude at work. The Blue Fountain Media employee I mentioned above exhibited several qualities that made him a great professional fit: He would come to work early in the morning, and he would listen throughout the day to learn. Another way to learn more about your industry is to surround yourself with experts or, better yet, find a mentor. Don't know anyone outside of work or in your new office that you think can help you? If you're going to put in the hard work, you should be able to promote the hard-earned results. Managing yourself is, in many ways, the first thing you have to learn before you can start making big strides in your professional career. Learning how to manage your own time is not just a professional necessity, it's a personal favor you can do yourself. learning everything he could about marketing -- which, as I discussed above, is very important. After over five years with Blue Fountain Media, he was leading marketing at a Fortune 500 company.

Why Your Website Isn’t Getting You the Sales You Need

If it's optimized, it's working like a well-trained salesman -- attracting leads, inviting potential clients to see your products, conversing with them, setting appointments and closing sales. They are in the lead generation business and the closing business. The best salesman knows how to generate their leads and how to close sales. In other words, if you have an optimized site, you can consistently generate leads and thus close more sales. Collect data; it's your website's most important job. After all, we all know: "The sale is in the follow-up." Here's what you need to create a high converting website. Most websites don't convert because business owners don't know a site's primary roles, so they ignore implementing the mechanisms that would optimize their site. A Facebook Pixel can easily be installed, no expertise needed, and once that happens every single visitor to your site has their data collected by Facebook, which will allow you to run low-cost ads to those visitors. Next, to assure your site is set up to convert as it should, you need to collect emails from visitors.

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The Problem With Real Estate Agents

What makes the profession such a big target for headlines, reality TV and venture capitalists? Let’s start with how the real estate industry has put a target on its own back. The 90/10 rule is true in this profession, and in my observation: 10% of real estate agents do 90% of the business. In order to protect the public, a licensed broker is required to hold the license of the salesperson and supervise them for at least three years before they can become a broker themselves. Uncle Bob ends up doing all the work and feels like Stan left him in the lurch. At closing, when he sees the commission that will be paid to Stan, he is furious — Stan didn’t earn that! Now the holidays are awkward anyway, Uncle Bob thinks all real estate agents are chumps and, in the end, Stan lets his license lapse and gets out of the business. The majority of the licensed agents a typical consumer knows are non-practicing. And so, our industry gets downgraded from a respectable profession to a pastime. Mentor and train the agents who are serious, and dump the agents who are not.