Everywhere I’ve taught this autumn, from South Carolina to Coeur d’Alene, a key topic being discussed is the shifting market. As my Denver market, like many of yours, becomes more confusing everyday, I think it’s imperative to be up on the latest changes LOCALLY.
While it’s one thing for you to be the market expert, more importantly, it’s time for your expertise to go deeper – not wider. What I mean by that is that as your market shifts, there are micro markets where there is still no supply and it continues to act like a seller’s market. Other neighborhoods have made a complete swing. And THEN…… there are the areas where it’s slowly moving towards…… who knows?
Here are some tips to get a handle on this AND help your buyers and sellers adjust.
1. First you have to recognize the change. A few real important things here is that you must, as mentioned dig DEEPER into the markets you work. Focus on the actual changes happening that are not reflecting NAR forecasts or the evening news. The media almost always paints the market with a very broad brush. Write, video, podcast, post about the market. We’re not only trying to share information and create the perception of expertise, we are building trust. If I’m a Seller and you have to tell me my house value dropped 12%, I’d better trust you and what you’re saying.
2. Help your Buyers. Take the time to EDUCATE them. Not every market has flopped to the buyer side. You have to know the areas where your Buyer might be gaining an advantage. In most cases, the market us swinging their way, BUT it’s not time for fun and games just yet. Don’t assume that what they’ve heard about the market is anything close accurate.
3. Help your Sellers. You may have to deliver the news that the past is past. They won’t like it but the more they trust you, the easier the medicine will slide down. Educate them. Know THEIR neighborhood. Many areas are still experience preice growth and multiple offers have yet to completely disappear. Pull your BEST comps. Six month old comps are useless at this point. Newer is a better reflection of what is really happening. AND, beware of emotional blackmail. Many Sellers will try to make you feel to blame that the market has changed (after all, you should have had them list in March).
As an extra note, you may have to educate other agents who are not as dedicated as you. Tiptoe through those tulips carefully. Some agents may not be too fond of you “educating” them (even though they need it).
Want more, attend the ZOOM Pricing Strategy Advisor class listed below.
Pricing Strategy Advisor certification class through the Denver Metro Association of Realtors. December 21. https://www.dmarealtors.com/classes/pricing-strategy-advisor-psa-1
“Change is inevitable. Growth is optional.” John Maxwell.
Thanks