Share
Much has changed in the industry in recent years for real estate professionals and or buyers and sellers. Fortunately, this market also provides a plethora of opportunities for agents who are ready to put in the work to grow their business. The same holds true for buyers. Buyers are faced with high interest rates, low inventory in some places and high prices, but there are still opportunities to work within, especially as inventory rises.
This is where buyers should look to their real estate agents for the knowledge they possess and begin having conversations to set up a plan. Likewise, this is where agents can look to their brokers for guidance on how and where to gain the knowledge they need to stay competitive as the market continues its shift. I’m encouraging my family of relentless sales professionals to follow a series of action items to help them identify inventory and assist buyers with developing a winning strategy.
Focus on Your Sphere
First, and most importantly, I’m counseling my agents to start conversations with people in their sphere of influence. Even if they're uncomfortable doing so, I urge them to make phone calls. They can start off the conversation by simply asking if the homeowner wants to sell or if they have been thinking about selling. Even if the homeowner objects or says no, a series of follow-up questions can set the agent up for a possible future listing. Bottom line: A conversation, especially one that addresses today’s buyers’ concerns around managing the current market, is critical to building a relationship, establishing trust and closing more deals.
Do Research on Potential Sellers
The second action item I have for agents is to look at owners who’ve been in their homes for more than 15 to 20 years. Again, it's about starting a conversation. The agents should inquire about lifestyle or familial changes. This isn't a new tactic, but it is a fundamental practice that works in any market, especially the current one.
In the past few years, investors bought up up hundreds, if not thousands, of properties. With the market changing course, investors could be potential sellers. It is time for agents to do research, find information about investors' portfolios and then call them to see if they’re looking to leave property management behind or trade up to a like-kind property through a 1031 tax-deferred exchange.
Focus on the Online Experience
Lastly, in an age where the majority of buyers and sellers begin their real estate experience online, it is critically important that agents audit their social media accounts and landing pages, ensuring that the content is relevant, reflects today's landscape and will influence viewers to start a conversation offline.
The counsel I give agents on these action items depends on their level of experience, but all our agents are encouraged to start conversations. What we have seen is that most everyone in the Century 21 Hansen Realty family is having success starting conversations, explaining the current market to buyers, and offering ways to win and get to the closing table. What they’re learning firsthand is that a lead without a conversation is simply data. A lead with a conversation is a relationship.
Like we all know, real estate is a relationship business, and lifelong clients who value and trust you only come as the result of conversations.
