After years of intense competition, cheap mortgage rates, and great buyer demand, the real estate market is changing quickly.
Many buyers are abandoning the real estate market as a result of rising mortgage rates. Then there are the sellers who remain on the sidelines and wait for the market to reach its peak pricing so they may sell for the highest possible price.
Imagine how your clients may be feeling if you're worn out, frustrated, and uncertain about the future. However, you won't survive if you don't change to meet what today's customers want.
Here's how to assist buyers and sellers in navigating the dynamic market of today.
Don’t panic. The first thing you have to realize is that the market we’ve grown so accustomed to in the previous few years has been anything but normal.
The real estate market went into a feeding frenzy as everyone competed for a piece of the action due to historically low inventory and borrowing rates, as well as historically high buyer demand and price appreciation. What we are currently witnessing is simply the market entering a new normal. Additionally, there is a remarkable degree of misunderstanding among both consumers and real estate professionals regarding the state of the industry and its future prospects as of 2022.
Stay ahead of all the gossip. You will always find conflicting headlines about the state of the market if you enter "real estate market news" into a search engine on any given day. While some of it is local, a lot of what surfaces first deals with the entire country. You need to stay ahead of the rumors and consistently impart the most recent information if you're serious about assisting your buyers and sellers through the market transition.
Additionally, you must detail how those insights directly impact your local market and reflect it. This is no simple task. For the average consumer, real estate data can be very challenging to understand and even simpler to misinterpret (see headlines above as proof of this). You can explain to your clients what is actually happening in real estate and have the hard data to support it by first educating yourself on the most recent market data and insights.
Level up your sales strategy. Individuals dislike being sold to. In a field where sales are the main focus, that's a hard pill to take. They do enjoy learning, though. And if you're not flooding your marketing right now with the most recent market data and industry insights, you're missing out on a tremendous chance to stand out from the crowd and support both you and your clients in success in a changing market.
Keep in mind that you need to avoid rumors. The easiest approach to accomplish this is to consistently post content that demonstrates your professionalism, competence, and personability on your blog, social media accounts, emails, and follow-up messages.
This requires real estate agents to discuss national patterns with clients before discussing local market trends.
The market is shifting and there is no doubt about that. How can I best serve my community during this shift? is the only question you should be asking yourself at this time.
You can be sure that many prospective buyers and sellers are just as skeptical and anxious about what lies ahead as you could be, regardless of how big or small your market is.
You will not only survive this industry transition but may even prosper through it if you educate yourself and keep up with the most recent, pertinent market knowledge.
ExpLiMO provides high-quality leads daily and offers a unique opportunity for Manhattan and Brooklyn real estate agents to prospect for expired listing leads and grow their business exponentially.