Our market currently has very low inventory, which can cause a lot of stress for the buyers who are having to fight against multiple offers to buy the home of their dreams. The buyer’s agents on our team have frequently discussed this increased stress on their clients. On the other hand, listing agents are being bombarded with business in many different ways. So how can we show up and do our very best for our clients given these stressful times?
It starts with a key word: communication. Proper communication from the very beginning is key to preparing clients for a challenging market. Sometimes, the kindest thing an agent can do is talk people out of buying or selling a home right now if it won’t be in their best interest or doesn’t fit into their goals or lifestyle.
Recently, a member of our team pointed out that the times we tend to have big challenges, especially when working with buyers, are when we fast-forward through the important step of having a meeting with the client (in person or via Zoom) to discuss some of the key factors involved in the process. You need to explain to clients the role of money in the negotiation, as well as the current state of the market.
Lastly, you also need to educate your clients on how to win in this market. That could mean advising buyers not to ask for concessions, to purchase a home as is, pay with cash, and more. For sellers, new listings are coming on the market with 20 to 35 showings all in a short span, which can be stressful; preparing them for the onslaught of activity they’ll face could include just telling them to go out of town for a few days while you take care of the showings. Additionally, be sure to explain to your sellers that they need to act fast—this isn’t the time to hem and haw. If a buyer’s offer isn’t chosen in this market, they need to move on to have a chance at getting the next home.
Whether you’re working with a seller or buyer, just remember that we’re all in this together. Let’s work cooperatively and stay positive so that we can do the best for our clients.
If you have any questions about helping your clients navigate this difficult market, don’t hesitate to reach out to me. I’d love to have a conversation with you.