Hey Listing Agents: How Will You Handle the Real Estate Market Transition?
Have you ever had something bad happen to you only to find out later on that the event was actually a blessing in disguise?
Jackie, for instance, was fired from her job. Sure, she panicked during the first few days of unemployment, but a month or so later, she was doing something else for a living. Something she dreamt about but never had the courage to pursue.
Had she not been fired from her previous job, she may have never gone after her dream.
The transitional real estate market is a lot like that. What appears to be a time of challenge or, at the least, discomfort may turn out to be an amazing time for real estate agents.
Coming back down to earth may mean “crashing” for some clients
Home price gains are shrinking, and sellers are starting to come back down to earth. However, coming back down to earth doesn’t happen overnight, as you seasoned listing agents know.
After years of media reports of rapidly escalating home prices, multiple offer situations, and uber-quick sales, those sellers who choose to wait until the tail end of the sellers’ market to jump in are hard to convert.
They’re not going to get that their home is no longer the belle of the local real estate market, that their hoped-for price is now a fantasy, and that it may take longer than 24 hours to get it under contract.
And, those sellers who put big bucks into the house to ready it for the market are going to be more than a bit upset
Especially when buyers start nit-picking them over price, terms, and more.
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Then, there are the buyers
If you’ve been a listing agent for more than a minute, you can recall the last buyers’ market. Newbies, on the other hand, are in for a rude awakening.
No longer can you chuckle over seemingly stupid requests in an offer because you have three others that are cleaner-than-clean. You will actually be expected to negotiate on your client’s behalf.
“Good grief, how do I do that?” you may ask yourself as a new listing agent.
Very carefully.
While price is the typical hot button in a contract, “the devil is in the details”.
Details are important
“Details” when it comes to a real estate purchase agreement are the terms. If this turns into a full-blown buyers’ market, contract terms are where listing agents can work their magic during negotiations.
And, if you have examples of how you’ve done this in the past, use them for all they are worth. From your clients’ testimonials to full-blown case studies, let potential listing clients know how you’ve met with success in the buyers’ market.
Now is the time for all good listing agents to figure out how they are going to deal with the oncoming buyers’ market. Don’t put off your planning. Face it and go for it.
We’ll be with you all the way, so keep checking back.
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