The real estate market is extremely challenging right now, but no matter where you are there are plenty of opportunities. You just have to keep your ear to the ground and your finger on the pulse of your customers, clients, and community.
In my 24 years, I’ve never seen a market as exhausting and potentially frustrating as we are experiencing in the first few months of 2021. I heard a stat the other day that stated there were more members of the National Association of Realtors than there were available listings in the United States. That is sure to cause some anxiety amongst industry members and the clients we serve, so I thought I would share a few simple reminders that might help everyone make it through the next few weeks or months until we return to a more “normal market.”
Begin with the End in Mind – The goal is to assist as many buyers and sellers with their real estate needs. Finding systems and procedures that make that goal happen both effectively and efficiently is what we want to happen. Always stay focused on what you’re doing each and every day and ask yourself, “Is this getting me (and my clients) closer to the closing table.”
The Golden Rule of Real Estate – We control the process. The clients control the decision. If anything ever gets uncomfortable or awkward, remember this rule.
Make your Mother or Grandmother Proud – No matter how crazy and competitive the market can be, it’s always a good time to use your manner. Say “please” and “thank you.” Don’t interrupt people. Make solid eye contact. Wait your turn. It’s always good to remember that this is a relationship business and building, maintaining, and growing relationships with the people we interact with can only help us (and our clients) in the future.
Trust Until You Have a Reason to Distrust – I always try to give the other agent in a transaction or negotiation the benefit of the doubt. In almost every case, they are working hard to represent their client in the best way they know-how. When another agent tells you they have received another offer, don’t doubt them. If every agent started off a future relationship by non trusting the other side, it might be a very uncomfortable transaction.
Negotiations are Between the Buyer and Seller – This one is easy. Leave your ego and brand-pride at home and work in your client’s best interests at all times. Negotiations, by definition, are a “discussion aimed at reaching an agreement.” In real estate, that’s between the buyer and seller, not the listing and selling agents.
It’s Called Co-Operation, not Competition – In most transactions, there is another licensed Realtor on the other side of the deal. While each Realtor has a fiduciary duty to their client, in the end, both sides are working together to achieve a win-win conclusion. In all my years of real estate, the best deals I have ever enjoyed were the ones where the other agent and I worked together to get to the closing table. Make the other agent enjoy the process so much that they want to take you out for drinks afterward, not take you out behind the building and beat you with a “Sold” sign.
Pick Up the Phone – In a fast-inventory market like we are in now, using the telephone to speak “voice to voice” to other Realtors is critical. Calling listing agents before sending offers to ask for any specific details can only help all parties find the best agreement possible. Calling agents to notify them an offer has been submitted is always a good practice. Not every agent has notifications on the phone, and with time being of the essence in most transactions, it is a good practice to call (and text) agents to let them know an offer was sent. And at the end of the negotiation of multiple offers, there will be one winner but many times, multiple losers. Pick up the phone and call the agents whose offer was not accepted. Thank them for their offer and give them some insights to share with their clients on why your Seller went in another direction. Don’t forget, this buyer’s agent you’re calling might end up being the next listing agent you need to present an offer to.
Listen Before You Talk – Listing inventory is at a premium. Make sure your eyes, ears, and “internal real estate radar systems” are operating on full effectiveness to find your next listing. Don’t spend your time talking on social media that you need more homes to sell. Instead, listen for opportunities to engage with people who might be selling and be prepared to show them that you have the competence and confidence to help them solve their problems.
Keep a Sense of Humor – Finding reasons to smile, laugh, and keep the situation from getting “too serious” is a great way to make sure that attitudes stay positive, smart business decisions are made, and the process can be fun from the start to finish. Keep your client upbeat as best you can and don’t be afraid to share your empathy along the way. Perhaps sharing some funny real estate memes or social media posts with your clients will remind them that you are on this journey with them.
Build Relationships, Solve Problems, and Have Fun – No matter how crazy, hectic, or frustrating this market might become, remind yourself that everyone is dealing with the same challenges…and some beyond the world of real estate are dealing with much bigger challenges and obstacles.
So what are you waiting on? Somewhere in your town, there is someone who is thinking “I need to sell my house.” Somewhere in your database or Sphere of Influence is someone who has ideas on buying a new home. Someone is ready to invest, someone is ready to relocate, and somewhere someone knows someone somewhere who just might need your help.
Keep it simple; Build relationships, solve problems, and have fun.
