Here’s the deal: home inventory is low, mortgage rates are still amazing and consumer confidence is looking up. Mix ‘em all together and you have a sizzling hot seller’s market.
In fact, the National Association of Realtors says that multiple offers are happening in more markets. Meanwhile, Freddie Mac predicts that interest rates will stay low this spring, and that home sales in 2013 could be 10 percent higher than 2012.
This is a market that screams for help from experts like you! You need to help sellers manage the onslaught of buyers – and help buyers get their bids accepted in this competitive market!
How can you capitalize on this market right now? Here are some tips!
Tips for Seller Agents:
Network like you’ve never networked before, but be strategic. Many agents network, but do it poorly, by bouncing aimlessly from group to group. Get focused on your farm area and get close to your target audience via community meetings, school functions, special events, etc.
Call past clients for referrals. Now is not the time to be shy! Be proactive and don’t assume past clients will automatically refer someone to you. Be bold and ask directly for referrals. Remember, real estate is a contact sport – the more you contact, the more you’ll succeed.
Cold call. It may not be your favorite pastime, but if you stay focused in your farm area with relevant information, cold calls can heat up quickly. Scour neighborhoods with free, important information that potential sellers appreciate. Who doesn’t want to get a higher price for their home? Shout from the rooftops that this is the perfect market to sell.
Create a sense of urgency with potential sellers. When you reach your target audience, focus on creating urgency with your message. Buyers are out there waiting and sellers need to understand that now is the time they’ve been waiting for – a time when they can get the maximum value from their homes.
Update your seller’s presentation. This is a unique market and your seller’s presentation needs to reflect today’s market characteristics. Talk about your strategy for attracting multiple offers, and how you can negotiate for success.
Tips for Buyer Agents:
Educate buyers about this market and what they can expect. When sellers have five offers to choose from, which is happening in many markets, sellers call the shots. Buyers need to know how you can help them!
Be flexible. Because sellers have the upper hand, you must find strategies for your buyers, such as offering higher down payments, and knowing what contingencies should be negotiable.
Get buyers pre-approved. This is a no-brainer. Pre-approval from a respected lender tells sellers that your buyers are serious. And in this market, you have to be serious! Work within the buyer’s price range and keep the home searches in realistic bounds.
Consider creating a buyer presentation. We’re all very familiar with listing presentations for sellers. I give my clients a buyer’s guide they can customize. The buyer presentation usually lasts between 30 and 45 minutes, just like a listing presentation. It helps make any buyer stand out in a seller’s market.
Looking for more tips? E-mail me today at email@example.com and I’ll send you free of charge, “10 Ways to Get Listings” filled with strategies you can use now!
Let me hear from you! Is your market showing signs of a seller’s market? How are you responding to your current market? How can you capitalize immediately? How can you stand out among other agents in this market? What do you need to do today to improve your business? Please send any comments or questions you have to Article@CorcoranCoaching.com or http://www.facebook.com/CorcoranCoaching.
Bob Corcoran is a nationally recognized speaker and author, and the founder and president of Corcoran Consulting Inc., an international consulting and coaching company. Corcoran Consulting Inc. specializes in performance coaching and business systems for residential and commercial brokers and agents.
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