Change Is Constant
If we’ve learned nothing else over the last two and a half years, we have learned this. To be resilient, in anything, we must be adaptable to change.
During the pandemic, you learned how to video and create a virtual tour. You adapted and still earned your living.
When the inventory was extremely low and each listing had 50-plus offers in a single weekend, you contacted “hard-to-sell” property owners (the 3000 sf with two bedrooms upstairs types) and found a way to support yourself. You thought outside of the box to connect buyers with sellers who didn’t want 1000-plus people parading through their homes.
Now the opposite is true. Two years of insanely fast homes sales driving values higher and faster than we have ever seen, followed by interest rates soaring just as quickly this year have given buyers one shock after another. The last couple of weeks, we’ve seen the rates settle and buyers peaking out their heads as inventory increases. Seller concessions are once again being explored and list prices are being reduced. First -ime homebuyers are cautiously re-entering the market and counting their pennies. They are more particular now. So once again, you adapt to the change and survive this new market trend as well — you will make your living, just as you have done with other market shifts.
While this recent market shift has given us the space to breathe again, some sellers are having a difficult time accepting this change and some buyers are still timid about entering the market again. To attract buyers to your listings takes more ingenuity — think outside the box to make your sellers home stand out from their neighbors. Get creative with your descriptions and add descriptions to the photos. I’ve heard and adopted this saying, “It’s not about the product you sell, it’s about the story you tell.” Create a visual story that attracts buyers to visit. Allow your seller to write a note to their buyer about their experiences in the neighborhood and what they have loved about living in the house — leave it on the counter for every potential buyer to read (note: Make copies. Some buyers like to take the note with them). Agents who have been licensed three years or less are being given the opportunity to learn so many techniques for getting listings sold. Those of us who have been in this profession longer have the opportunity to brush up and adapt some of our “tricks,” because, let’s face it — the world has changed since the last time we had a house on the market longer than one week.
Remember you are a Real Estate Consultant. Your sphere relies on your knowledge of the market to help them navigate so many changes and make the best decisions to reach their goals. Being authentic and realistic will gain their trust and loyalty when change is the only constant. Happy selling!