7 Ways to Help Your Clients Stay Motivated in a Tight Market
For over 30 years, Brian Buffini has been one of the most respected and trusted leaders in the real estate industry. Join his latest Bold Predictions broadcast to learn about the real state of the market and how agents can use that data to increase their listings and win market share. You’ll also hear from Dr. Lawrence Yun, the Chief Economist at the National Association of REALTORS®, for his insight, advice and predictions on what’s ahead.
As a professional real estate agent, you know that the current market is not at all like the 2008 housing crisis, which led to home values dropping and many foreclosures. But your clients, who only hear perspectives from certain media sources, may not feel that way. It’s up to you to support and encourage them, especially if they are eager to buy or sell but are nervous about what they are hearing.
There are many things that you, as an agent, can do to help your clients not only feel more positive about the market but get excited for the year ahead which is anticipated to be a very strong selling season.
- Share information with them on the real state of the real estate market. You don’t want to relay information that is misleading or incomplete. Rather, present statistics and information based on data from trusted sources. Remind your clients that the media is in the business of gaining eyeballs and that sometimes the actual truth is not exciting enough for them. It’s also important to remind your clients that what happens nationally is not always what is happening locally.
- With the market stalled now because of low inventory, it’s a great time to research possibilities. For sellers, that might mean new construction, downsizing to a smaller home, an over-55 development, building an ADU onto a loved one’s home or even a possible relocation to another community or state.
For potential buyers, suggest that they start really thinking about where they want to live. Help them by providing detailed information about the area you service. Include data on schools, taxes, municipal projects, community resources, recreational facilities and proximity to major roads and public transportation.
Having all of this data to share will help establish you as the “go-to” agent as well as ensure that you are also keeping up to date on what is happening in your community.
- Recommend, if needed, names of other professionals your clients can connect with such as retirement advisors, financial planners, developers and mortgage professionals.
- Suggest that they get their budgets in order now. The days of 2 percent mortgages are over but with careful pre-planning a 5 or even 6 percent mortgage doesn’t have to be painful. Suggest they try to reduce major debt as much as possible. Propose that they have a financial plan in place so when they are ready to buy or sell they are in the strongest possible position. And strongly urge buyers to be pre-approved for a mortgage as well.
- Recommend that both buyers and sellers start any decluttering that needs to be done. When the time comes they find their new dream home, it will be one less thing to worry about.
- Even though it is still a strong sellers’ market, homeowners should take this opportunity to make any necessary repairs, especially for major issues such as septic systems, roofs, HVAC systems or pest damage. That way when they decide to put their home on the market, they will be able to show that things are up to date.
- Lastly, tell your clients to take time off from their search on occasion. It can be very draining and debilitating to constantly be on the search, come close and then not win. Remind them that they will find their dream home and that you will be there to support them, no matter how long it takes. And when they finally find that dream home, it will be all worth it.
Interested in learning more ways to be a great real estate agent who can overcome any challenge and be the trusted professional your clients need? We’ve got you! Visit buffiniandcompany.com/bc for a free Business Consultation and we’ll help you get started on creating a business that will help you win the rest of the year and beyond.