Disclosure statements. Pending offers. Contracts. Escrow. Short sale. Debt-to-income ratio. Fixed-rate mortgage. Prequalification.
For the average citizen looking to buy or sell a house, the real estate market and industry can be a daunting arena filled with complicated terms and enough paperwork to decimate a forest.
Enter the real estate agent, the hero and way-paver for those desiring a home of their own or who need to sell their home for new opportunities elsewhere.
At Trustworthy Title, we’ve seen the invaluable service skilled real estate agents provide their customers. As the friendly face between the transaction goals and logistics that must be worked out, agents have more influence than any other player in this process. Use your superpower to build client confidence and guide them toward their ownership goals.
When the Real Estate Market is Unwell, Agent, Heal Thyself
You are likely wrestling with some very dark fears as an unstable market can foreshadow an unstable career path. The pressure to close transactions is intense when you’ve got bills to pay and your family is counting on you. If your year thus far may have fallen far short of your anticipated sales and goals, you are not alone in this.
However, before you can reassure and inspire confidence in your clients, you must face your own fears. It doesn’t mean you just wave worries away and pretend they no longer exist, but do take the time to face and work through them. These tips may prove valuable to you.
Up Your Skills
Providing clients with a service they can get nowhere else will set you apart from the crowd, especially since unprecedented numbers of new agents joined the melee in 2021. What sets your business apart? What service can you offer that no one else is providing? If you aren’t sure, do a little investigation into local demographics. Look for niche markets or highly desirable (and underrepresented) services you can learn and add to your business. Personal growth and skill development now will pay big dividends as the market stabilizes and you ride out uncertain days.
Expand Your Clientele
Do you have a broad range of clients from different societal demographics? Are you well-connected in the local community? If not, it’s time to network. Look for charitable organizations, civic groups, and related industries with which you can connect and gain referrals and clients.
Make Use of Inexpensive Marketing
Your future clients are looking for houses and real estate agents online. Therefore, you’ve got to build your brand and your presence there. Social media is your inexpensive ally. Posting regular updates about what is happening in the local market, community news and tips for homeowners will convey that you are knowledgeable, engaged, and resourceful. Sharing personal anecdotes and photos will build a connection between you and potential clients before you’ve even met.
Plan your household budget and spending based on a conservative estimate of how your business will go. Should you have a windfall, tuck that money away in a savings account to help carry you through the leaner months. In your business, look at where your money is going. Cut out spending that doesn’t provide you with worthwhile returns, and if an expense can be deferred to a later time, do so.
It’s All About Relationships
With your own worries addressed, it’s time to turn to the needs of your clients, where your confidence and sincere interest in their concerns will calm their fears. They need to see several things from you.
Stay abreast of current and future real estate developments, changes in the market and the causes of them, and the factors impacting the local market.. Research national trends and policies, such as interest rates and government-backed home loans. Share the insights you gain from a layperson’s perspective.
Realize that many pressures and needs are causing your clients worry, uncertainty, and sometimes delays in making decisions. Show how much you care about their situation and meet their concerns with compassion. Take time to listen and volunteer reassurances as often as they need them.
Conduct yourself with impeccable soft skills that will give your clients confidence and trust in you. Know your local market and every factor of the home-buying process. Also, familiarize yourself with real estate history and help your clients see the long-range big picture. Knowing that the real estate market has had uncertain days before- and overcoming them- will help them see an ebb and flow to the market that can be ridden out instead of impending doom.
When something feels overwhelming, taking one step forward can help us regain a sense of control and power in the circumstance. The same is true with real estate. Give both buyers and sellers practical tips they can act on today that will improve their experience in this market.
Sellers need to know that it may take some time to find a qualified buyer. High interest rates have priced many people out of the housing market, so fewer buyers are available, and they are shopping more cautiously. Advise your sellers to keep working to get their home move-in ready before they sell it. They also must be willing to negotiate on the price or offer additional enticements to convince buyers that their house is the right one for them.
Buyers need to understand the impact higher interest rates will have on their monthly mortgage and may need to recalibrate their home-buying budget. With lower inventories available, they also need to demonstrate some flexibility. The “perfect” house is a rare jewel, and they need your help to see the potential in houses that aren’t quite what they had in mind but are still very desirable houses.
Use Your Power
The bottom line, real estate agent, is that you have a profound positive influence on your clients. Your confidence, knowledge, relationships, and vision will allay their fears and help them creatively plan how to best meet their real estate goals in an uncertain market. When your clients are ready to purchase a home, remember to give us a call at Trustworthy Title. We’ll work with you to provide clients peace of mind and the home of their dreams. We look forward to speaking with you soon.