So let’s get right to it: real estate professionals are staring directly in the face of a sellers’ market in a good chunk of the country this spring.
A recent survey says nearly half of all agents see it this way. And the National Association of Realtors agrees: inventory is down and there are signs of seller confidence.
But what’s exciting is we might see inventory rise and then enjoy a domino effect. As prices rise, more sellers may enter the market. Another survey out this spring says 72 percent of current home owners have thought about selling their house in 2014.
Again, NAR predicts this, too, saying it expects more homes on the market this spring than this time last year.
So here are four tips – two for getting more listings and two for getting more buyers: 2+2=More for you!
To get more listings:
1. Push the urgency. Explain to prospects that in this market, it pays to be ahead of the curve. Sellers can get a jump on the competition of other sellers if they act sooner rather than later. This summer we could see a flood of homes. Acting now can put their homes in the spotlight before inventory increases.
2. Focus on the price. This is the market sellers want because it can bring more money now. Here’s where looking at comps can pay off in your listing presentation. Who doesn’t want to get more money for their home than their neighbor did?
To get (and help) buyers:
1. Be up to date. A lot of buyers in this market will be millennials – the 80 million folks born in the1980s. They’ve been living with their parents or renting – saving money and waiting for a favorable time to buy a home – and now is that time. With them, everything is about their phone. So make sure your listings are loading nicely on mobile devices. They believe in the power of technology, they love efficiency (get to the point but in a fun way – they like to laugh) and they’re smart.
2. Prep them for the market. In a sellers’ market, buyers are going to need to know what to expect. Last summer we saw bidding wars in many cities. But so far in 2014, we’re hearing less about them. Nevertheless, let your buyers’ know they may face some competition and they need to have their mortgage ducks in a row and ready to move on the right home.
No matter who you’re working with, buyers or sellers, remember to think generationally. Consider the generation your prospects come from and then mirror them. If you’re lead comes in on the phone, use the phone to call them back. And when you do, mirror the speed of their conversation — if they’re talking slowly, then talk slowly. If your lead comes in via texts, e-mails or social media – mimic them. Whatever they use, you use. And when you’re meeting them, mirror their body language.
Let me hear from you. What’s the market like where you live? How can you adjust and adapt to capture more business this spring and summer? Do you have a plan? If not, why not? Are you paying attention to your prospects’ body language and mode of communication and mimicking them?