How to Guide Clients Through a Competitive Market
How can real estate professionals help clients navigate a tricky seller’s market?
Although the market is cooling down in some areas, it still favors sellers in most cities. That can mean a long and drawn out — and overall frustrating — homebuying process for buyers. From outlining “must-haves” only to realize their dream home doesn’t exist to bidding on homes over and over without winning, many hopeful homebuyers quickly lose faith in the prospect of purchasing a home. Here are a few ways to set your clients — and your business — up for success while mitigating disappointment.
Give them the numbers
At the beginning of the house hunting process, it’s likely that buyers are feeling excited, hopeful, and ready to go. While all of those feelings are valid and valuable, there’s a difference between hope and false hope. It’s crucial to meet clients where they are and also make sure they have a clear view of the market they’re entering.
To give your clients a realistic idea of your local real estate market, come prepared with numbers and statistics that are specific to your town and the particular neighborhoods they’re interested in. How long are homes sitting on the market? Are listings bringing in bids above the asking price? How high above? You can also share anonymous anecdotes about other buyers’ experiences and how many offers you see most buyers placing before they win a bid for a home.
Communicate clearly
You’re the expert on your local market and the real estate process, so share your thoughts and advice with your clients at every turn! While they have the final say in the amount they want to offer, the inspection items they want to focus on, and the homes they want to see, you can share your honest professional opinion about each of these choices. Although not all news is good news and some of your predictions or concerns may feel negative, you’ll gain trust and help guide your clients when you’re clear and up-front.
Act fast
Today’s market is a speedy one! Often, homes that hit the market on a Thursday are under contract by that Sunday afternoon. That means staying responsive and quick to schedule showings or write offers could be the difference between your clients landing their ideal home or missing out. Because of the lack of wiggle room, many realtors are creating back-up plans for their clients so they can go out of town when needed and leave a colleague in charge of showings and pressing matters.
Show them alternate paths
No matter how quick you are and how hard your clients fight, in this market it’s difficult and expensive to land an existing home. Some people place dozens of offers without ever winning a bid for a home. If your clients are a good fit, make sure they know about all options available to them, including building their own custom home.
Hopeful homebuyers looking for specifications in their new home that you know they simply won’t find in your market are great candidates for custom building. Those who are particular and truly know what they want will likely benefit from the custom building path — and avoid the frustration of tackling the seller’s market.
With Atmos, you can deliver a smooth and simplified version of the homebuilding process for your clients. Get started today!
