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Think back over the past 18 months and a lot’s changed in the real estate market. Back then, every listing drew a hoard of prospective buyers, days in the market were low and competition to purchase was fierce.
But that was then, and this is now. While it’s tempting to lament the shift and recount the glory days of the early 2020s, the reality is the state of the market matters little to the best in this business.
The market is what it is. And in all markets, you need to adapt to change.
There’s opportunity in the shift
This time last year, we were overwhelmed with buyer inquiry. Chances are you were grappling with that demand and to cope with that volume you were executing automated messages to filter through those who were “now buyers”, and those who were indecisive.
In this market, every buyer is now a “now buyer”.
Changed market conditions have done the filtering for you. It’s no longer communication by text or perhaps a belated call. It’s direct phone calls to every person you meet and making those calls is a priority.
That creates more opportunity. It’s the chance to make real estate service personal. It’s the time to get back to basics — to learn about your buyer’s needs, follow up with them, then follow through.
Critical conversations
Last year, days on market sat at less than 21 days. This year, we will see that double.
That means you need to be sitting down with your vendors more often and having proactive conversations.
It involves consultative face-to-face vendor meetings and comprehensive vendor reports.
There’s also a good chance you will be more open for inspections with less attendees, and that’s going to require more critical conversations.
The changed market requires you to step up vendor management. It will either make you more valuable or it will require you to sharpen your skillset.
What sellers want
Sellers want agents who are adaptive to change, are resourceful and have a “plan” to get them sold. That’s the case in any market but particularly matters now.
They need agents who demonstrate and have the confidence to make it happen. Sellers want options, but they are desperate for genuine and empathetic guidance.
And here lies an incredible opportunity for you to showcase your skillset and become the go-to person who truly guides them through their selling journey with empathy and expertise.
You’ve got this
In the headlines and around the watercooler there’s a lot of chatter about the state of the market. Don’t be the agent who gets drawn into that debate.
Instead, be that agent who has “got this”. If that requires you to hone your skillset, then commit to doing the work.
If that means you need to be more strategic and innovative, get creative, start making that happen and be the agent with the plan.
If critical conversations are required, be the person who is brave enough to have them. Be honest, be transparent, but above all else, position yourself in your client’s shoes.
The market is the market
The market is the market. Those selling now and those coming to view to buy, they are your market.
The bigger question is … are you the agent who can meet that market and successfully adapt to the shift?
Manos Findikakis is the CEO of Agents’Agency
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