How agents should respond to concerning news about the market.
If you’re a full-time agent, you might be looking at the economy and wondering what it all means for your business. How will these big changes affect you?
First, you should know that it’s important to take the information about the market and bring it to your business. Research and planning will help you. However, there are a lot of scary headlines out there, so research may sound intimidating. Many people are talking about a coming recession, and we have to work to combat the bad news. Buyers have certainly been affected by rising interest rates, so you need to show them the opportunities that they have. To help you with this, here are three things you need to do in today’s market:
1. Understand the market. There’s plenty of bad news out there, but one thing that a lot of experts have predicted is that interest rates will come back down. Still, that will cause more competition, so buyers need to know how to act today, and you need to educate them on their opportunities. For example, they need to focus more on contract terms than the price of the home. In today’s market, buyers can get a lot of deals they won’t be able to get when competition increases.
"You need to show people the opportunities that they have."
2. Spread the word. Bring the information you’re learning now and during your research to your clients, your pipeline, and the people in your community. You’re the local expert with your boots on the ground, so you need to show that to people. If you don’t do that, you might face challenges later on, like buyers expecting great deals after the market has already heated up.
3. Relax. It’s easy to get caught up in the news of a market crash and all of the bad headlines. Therefore, my advice is to turn off the news for a bit. Focus on doing your job and finding your next lead, then educate them about what’s to come. We all know that inventory and demand are low, but that will change when interest rates go down. We’re in the calm before the storm, so make sure you do your job well now and don’t panic.
I subscribe to a newsletter each week with important, real-time stats about the housing market in Minnesota (how many offers had waived inspections, seller-paid closing costs, types of financing, appraisal gaps, etc.). It's an incredible resource that you can take back to your clients to show them the truth about what the market is really like, I'd love to share with you! Please let me know if that’s something you’re interested in seeing.
As always, call or email me if you have any questions. I would be happy to hear from you and help you, so reach out anytime or book a time to meet in person or via zoom! Have a great day!
Comments