By Gregory Straus
Transactions have been declining in our market today. April of ’21 vs. April of ’22 is down nearly 15% per the Buffalo MLS. Want to avoid this? Want to be the agent that can sail through anything the market throws at you?
We need to adapt to our today and avoid becoming stagnant in this rollercoaster of a market. How do we do this? Slow down the process, do your research, and want to understand your client and their own beliefs.
Here are 4 steps that will guide you in reaching your maximum potential as a real estate agent today.
Step 1: Stay Up to Date with the Market
It’s no secret that as a real estate agent, you must know your market stats. Education is key. However, what is most important is that you are sharing recent and factual data to your clients..
When you are sharing your market knowledge, ensure that it is relevant to today’s market and/or is historically accurate when put into context. Never share outdated information, it is simply a waste of time and breath, and will decrease your clients’ trust in you as their agent.
There are multiple different platforms for agents to use in order to find present-day market statistics. In the Buffalo Niagara Association of Realtors “MarketStats” and “Matrix” do a really good job of sharing the data, and there are also great reports on their website. It is up to you to time-block to go looking for it. I also highly recommend Keeping Current Matters, which “provides agents with the most recent and relevant market insights.” Another way is simply by talking to other professionals in our field about Real Estate. Engage in conversations both in and out of the office, and exchange relevant experiences with other agents, while hearing them out as well.
Step 2: Utilize Visual Aids
Anyone can say anything and allow people to believe it is truthful and factual. With that being said, sources matter. When you are informing your client about today’s market, preparing a visual aid or two beforehand can make a world of difference.
This serves two purposes. 1. Most people are visual learners. The majority of clients will listen to your data in one ear and out the other it goes. 2. It shows your clients that you are “connected to something bigger than your own voice.” It proves you are not just pulling these statistics out of nowhere, and it provides your client with reassurance as to how knowledgeable of an agent you truly are.
Not to mention, seeing stats on paper will make your client feel more at ease. Additionally, it will be less challenging for them to fully understand the market and what they will be faced with during this process.
Step 3: Get On the Same Page with Your Client
Now that you are prepared, it is time to sit down with your client.
First things first, get an understanding of your clients’ beliefs about the current market. How do you accomplish this? Easy. Ask them!
After you are able to get a grasp on what your clients’ perspective is, you will be able to address them accordingly. This will enable you to have an interactive conversation with your clients, as well as addressing them in a way they will be receptive to your knowledge.
If you need further help understanding completely your clients’ point of view, simply ask them why they believe the information they know to be true currently. Do not be afraid to engage in productive conversations with your clients ever!
Step 4: Share the Factual Data
Once you are fully able to understand and comprehend your clients point of views, you will be able to address what they are hesitant or unsure about while going through this process.
For example, if your clients are worried about purchasing a home now, explain to them the equity they could build in the upcoming years. Explain to them that they are not just buying a home, they are investing in themselves.
Be sure to always address your clients’ top concerns or issues before moving forward with anything else. Make certain that your clients are comfortable with you, trust you, and you share an open line of communication with one another.
Stay up to date with the market! Be sure to constantly improve your skills and want to be better than you were yesterday. There is always room for growth!
Will you sink or swim? The answer is 100% up to you.
About the Author and Broker:
Gregory Straus started building his real estate business in 2013, trademarked 716 Realty Group in 2017, and is the Real Estate Broker and CEO of 716 Realty Group WNY, which is the fastest growing brokerage in WNY and also the most supportive for its 55+ people that work at 716 across 7 office locations all around WNY.
Additional Article Source: TomFerry