Be Strategic in the Adjusting Market
After years of feasting on a hot seller's market, many real estate professionals are now seated at a a buyer's market. How can you survive on such fare?
If your community truly is a buyer's market, know that you're still sitting at a feast. By making smart choices at the table, you won't go hungry. The most critical component to your business success is professionalism. When facing sellers who are accustomed to their property values rising significantly, and who disagree about listing prices, you must remain calm, professional and helpful. Some sales agents feel defensive and disconnected from these homeowners, even if the sellers are longtime clients or potentially strong allies. Educate such clients about the market, share statistics to influence their expectations and offer them options. By doing this, you'll decrease some of your clients' fears of an unpredictable future while helping them realize you cannot control the market without having to be that direct. Truth is king.
Other things to know about sellers:
- As the market slows and listings sit on the market longer, consumers recognize quality and consistency of service.
- Other real estate professionals will cut back on marketing to cut costs, leaving the door open for you to build your brand and market share.
- Listings need maximum exposure online, in flyers and ads, and through your networking connections, but sellers may not immediately recognize this. Make time to explain it.
- Remember that buyers must be able to imagine themselves in the house; present it accordingly.
- Communicate regularly. Your sellers need assurance that they are on the right track, especially if their property isn't attracting the attention they had wanted.
Buyers have access to more information than ever. They are sophisticated, educated and can spot overpriced homes from a mile away. Many hire buyer's agents, who churn out CMAs and make sure clients don't overpay.
Other things to know about buyers:
- Buyers can be choosy in markets with large inventories.
- When representing a buyer, try to negotiate minor property repairs.
- Beat other buyers to the punch by having your buyer clients prequalified for a mortgage.
- Watch the market carefully. Sellers may be willing to trade price for time. Negotiate accordingly.
Competition is heating up in the real estate industry. By maintaining high levels of integrity and service while continuing to build your brand, you will not only survive this market change you'll thrive.
RISMEDIA Margaret Kelly
Now is the time to leverage the power and efficiency of the Internet with the tools and exposure it can provide for your business.
Use of the Internet in real estate has been widely adopted by buyers more so than sellers and offers a myriad of ways to build the trust and confidence of potential buyers.
This can put your real estate organization at the top of the heap in this buyers market. Solutions like the one offered by
1stOnlineRealty.com can afford-ably transition your real estate organization into an true online brokerage that will keep you thriving in any market condition.