As a real estate professional, you certainly know that real estate is local, and in many cases hyper-local. However, today’s clients, whether they are buyers or sellers, are getting real estate information from highly-respected national sources, such as Bloomberg Radio, CNBC, and the Wall Street Journal almost every day. As a result, your clients’ perspective on “the truth about real estate” may not be local at all.
How do we know this is happening? It’s a phenomenon known as a hypersensitive state of awareness. Because your clients are considering a move, they’re paying more attention to any report or news piece they see about real estate. Think about the last time you bought a new car. Did you all of a sudden start noticing that SAME car all over the road?
Here’s the challenge though: These national sources mostly report on the greater real estate market as a whole and not on your specific local area. And due to their credibility, your clients will assume that what they report is true across the board.
Adding to this challenge is the lack of trusted, third-party reporting on specific local markets. Think about it: How easy is it for you—the seasoned real estate professional—to find great studies and news reports about your local housing market? How quickly can you find reports that are well written and easy for the consumer to understand? If you have a hard time accessing this sort of information, imagine how difficult it is for your clients to find it.
By the time you sit with your clients, they will already have an opinion about the market, based on what they believe to be very reliable sources. Unfortunately, readily available information (without context, understanding, or expert local analysis) can cause confusion in your clients. To be successful, you need to help them understand all the facts. Here’s how: