Usually, rising interest rates and market inflation equate to fewer closings and wins for your clients. However, we offer an alternative perspective: the recent slowdown in the housing market has created an opportunity for savvy shoppers and sellers. Here’s how you can get a better deal for your clients and your listings.
When the real estate market slows down, you can take advantage of the downtime to review your communication and best practices so that you can provide the best possible service to your clients. A slowdown also provides more time for strategy, communication, and intentional action for both you and your clients.
Buyer Strategies During Market Slowdowns
As an expert and their guide throughout this process, we recommend you remind your buyers that a new home can improve their quality of life by living near family, being to work and outdoor space, and so on. During a broader market slowdown when everything is up the air is typically when clients tend to re-examine what is truly important to them, and that often beings with ensuring an excellent quality of life. Zero in on what matters for your client and think creatively about alternative homes that may work: an end-unit townhome may work for a single-family homebuyer or a home in a slightly different neighborhood. During this creative brainstorming process, you may also save your buyer on the purchase price significantly.
Seller Strategies During Market Slowdowns
While sellers love receiving excessive amounts of offers, remind them that it only takes one buyer to sell a home. This is where price adjusting comes in. It is a powerful tool that can help a seller find a buyer and close a deal if a property has not sold in three to four weeks, it is time to consider a price adjustment of the recommended two percent or more, depending on the particular situation. At that rate, a new audience of buyers may be exposed to the property, which is the ultimate goal of a price adjustment.
In “quieter” times, a good way to make your listings more presentable is to hire a professional photographer/videographer who captures every angle and detail of the property as well as its surroundings. This can require taking 15 – 40 photos from different angles to showcase the various buying and selling points of the property… By doing so, you can ensure that potential buyers have all the information they need to make a decision.
Warren Buffet once said, “Never count on making a good sale. Have the purchase price be so attractive that even a mediocre sale gives good results.”
At FairLead, our agents have access to a wealth of technological features that allow them to present their clients’ properties in the best light, including virtual staging, targeted email communications, and more.
How do you turn a market slump into an opportunity to advise clients? Let us know by commenting below.
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