One of the biggest challenges for buyer’s agents is trying to help buyers as the housing market continues to shift. And one of the best things you can do is prepare buyers for the journey they are about to embark upon.
Setting realistic expectations
When you meet a buyer for the first time, take the time to explain what current market conditions look and feel like now. Set expectations related to the fact that there may be frustrations and even higher sales prices, especially when dealing with multiple offer situations. That’s not to say that buyers should wait, because right now we know what the market is, interest rates are still favorable, etc. Buying a home should never be about trying to “time” a market. It should be about the desire to buy a home.
The relationship analogy
My son is in his 20s now, and he’s had a few relationships. He’s someone who is very serious about love, so when it hasn’t worked out, he’s felt like he might never find someone right for him. I remind him that while it might feel that way in the moment, finding “your person” in the world is part of the human experience and that his time will come.
This is also true for real estate. Your buyers see a house: “This is it! We have to get this house!” Then, if it doesn’t work out, your buyers feel disappointed. We need to continually remind buyers that it’s like a relationship that doesn’t work out. There are more “fish in the sea” and you’re there to help them find “the one.”
While the market shows signs of slowing down, home prices are still predicted to increase. That means that when your buyers do fall head over heels in love with a home, they should present their very best offer right out of the gate.
If they aren’t committed to making their best offer, they may not love the home as much as they think. If they are truly committed, do everything in your power to get them that home, even if it means presenting the offer yourself, in person. While this might not be the norm in your market, it’s all the more reason to do it. Not only will this help your buyer stand out from the competition, it will also help elevate them from a “number on a contract” to a family that really loves the home and is ready to take care of it.
Buyers need you more than ever. Step up with your best foot forward. We’re here to help.
Darryl Davis has trained and coached more than 100,000 agents globally. He is the best-selling author of “How to Become a Power® Agent in Real Estate,” which tops Amazon’s charts for most-sold book to real estate agents. Davis hosts a weekly webinar to help agents succeed in changing times. Visit www.DarrylSpeaks.com/Online-Training.