Communicating with sellers during a shifting market is critical to helping people make the best decisions for themselves and their future. In today’s episode of The Real Estate Sales Podcast, Jimmy shares a local sales meeting discussing how to frame information in the best way to your community.
Signs the market is changing:
- The capital market begins to tighten, whether residential or commercial. When businesses can’t access more capital, business growth stagnates.
- Volatility in the market as a whole. Are new jobs being created? Are stock prices changing?
- Consumer sentiment – Because people use pending and projected numbers to estimate real estate, it is often one of the last elements of the economy to shift. How the people around you are feeling, and the consumer sentiment around the economy can be powerful predictors.
- There are three types of people in a changing market: people who make things happen, watch what happens, and wonder what happens once it’s over. Be the first type.
Discussing market information with clients:
- Know your stats, including average days on the market and average company statistics. Your competitive advantage lies in knowing more about the industry and our communities.
- Gary Keller’s book Shift discussed the market shift earlier in the 2000s. While it doesn’t all pertain now, it does deal with managing prospective sellers and maintaining the relationships through conveying information.
- Maintaining information based on historical data alone wastes time and money because it doesn’t corroborate with the current market information.
- Pull up acting, pending, and sold homes within the last month. If a seller’s comparable home is priced far above that, and you bring that to their attention, they’ll be much more capable of making an informed decision for their future.
Conversations are still the foundation of real estate:
- Whether through phone calls, open houses, or lunch with a prospective client, those conversations fuel the transactions that make real estate possible.
- People like hearing from realtors – we have the information they need to know.
- Make phone calls, have conversations, and use these interactions as seeds to obtain new clients when the market shifts again.
The shift in the market requires a shift in mentality. If you can master that change, you’ll be prepared and ready for success later. Do you have a video or content idea perfect for your business? Share it with Jimmy! Connect with Jimmy Burgess on LinkedIn and Facebook and his YouTube channel. If you like what you heard today, we’d love it if you’d share a rating or review and then subscribe to the podcast and tell others about it. You can find The Real Estate Sales Podcast on Apple Podcasts, Google Podcasts, Spotify, Audible, and our website, The Real Estate Sales Podcast.