Market Shift? Here’s How to Thrive & Not Just Survive
After years of high buyer demand, low mortgage rates, and insane competition, there’s a change happening in real estate, and it’s happening fast.
Rising mortgage rates have many buyers dropping out of the real estate race. Then there are sellers, who are sitting on the sidelines waiting until the market hits peak prices so they can get the most bang for their buck.
If you’re feeling fatigued, frustrated and uncertain about the future, imagine how your clients feel.
But if you don’t evolve into what today’s consumer demands, you will not survive.
Here is the best way you can help buyers and sellers maneuver today’s shifting market.
First of all, don’t panic
The first thing you have to remember is that the market we’ve grown so accustomed to in the past few years has been anything but normal.
Record low inventory and mortgage rates coupled with record high buyer demand and price appreciation turned the real estate market into a feeding frenzy and everyone wanted a piece of the pie.
What we’re seeing today is that the market is merely reaching a new normal of sorts.
We’re also seeing an extraordinary amount of confusion from consumers and agents about what’s happening in real estate and where it’s headed in 2022.
Get in front of all the gossip
On any given day, if you type “real estate market news” into a search engine you’re going to get bombarded with conflicting headlines about what’s happening in the market.
And while some of it is local, a lot of what pops up first covers the nation as a whole.
If you really want to help your buyers and sellers make it through the market shift, you have to get in front of the gossip and constantly share the latest insights.
Moreover, you have to explain how those insights reflect your local market and affect them directly.
This is no easy feat. Real estate data can be extremely difficult for the average consumer to digest and even easier to misinterpret (see headlines above as proof of this).
By educating yourself first and foremost on the latest market data and insights, you can then explain what’s really happening in real estate to your clients and have the cold hard facts to back it up.
Switch up your sales strategy
People don’t like to be sold to. That’s a tough pill to swallow in a sales-based industry.
What they do love to be is educated.
And if you’re not saturating your marketing with the latest market data and expert insights right now, you’re missing out on a huge opportunity to outshine your competition and help you and your clients succeed in a shifting market.
Remember, you have to get in front of the gossip. And the best way to do that is to fill your social feeds, your blog, your emails, and your follow-up texts with information that shows you’re knowledgeable, personable and professional.
For real estate agents, this means addressing the national trends with clients before talking about the local market trends.
It can be as simple as stating:
“This is what’s happening nationally with real estate …. This is what’s the same and what’s different from that in our local market …”
Taking this approach adds to your credibility and helps buyers and sellers feel not only more confident in the market, but you as their advisor managing them through it.
There is no question that the market is shifting. The only question you should be asking yourself right now is how you can best serve your community during this shift.
No matter how big or small your market is, you can be assured that there are many potential buyers and sellers just as skeptical and scared about what’s ahead as you might be.
However, by educating yourself and staying connected to the latest relevant market insights, you will not only survive this market shift but potentially thrive through it.