Most markets are currently experiencing extreme inflation and a rise in home prices. Depending on where you live, your market for homebuyers can become increasingly challenging due to low housing stocks and high demand.
Buyers tell stories of bidding wars, bids for 50 houses and still not “bidding” against competing bids. The buyer’s agents use tactics like songs and flower deliveries to make themselves more memorable and attractive to home sellers.
In the meantime, listing agents spend hours creating bid comparison tables and taking calls from buyers and their agents regarding the status of their listing. Sellers fear who to choose if they receive multiple offers that are significantly higher than the asking price.
Despite the soaring prices in today’s crazy real estate market, there are things that real estate agents can do to help clients get the most of their situation. A combination of market knowledge, customer training and the right real estate technology solutions is the key to success for listing and buyer brokers.
Start with buyer and seller training
Alex Hernandez-Bobrow, a Realty Austin agent in Austin, Texas, has special systems in place to train her clients. She takes you on an in-depth look at market conditions and sets realistic expectations in terms of mindset, timing, pricing, dealing with competition, and winning a bidding war.
“Buyers are being trained to change their mindsets to realize that buying a home right now is a marathon, not a sprint,” says Hernandez-Bobrov. “Salespeople are trained in how to prepare their homes for sale and adjust their schedules for demonstrations and open homes. We also promote our various technology solutions and processes that help optimize offers and interest and help them navigate multiple bidding scenarios. “
Aaron Lancaster, a realty Austin real estate agent, points out that proper pricing also makes a big difference in ensuring a quick home purchase.
“The best conversation I can have with salespeople is to let them know that you really can’t price too low in this market, but you can price too high,” he says. “A reasonable price for the property offers the best chance of profit.”
Use technology to streamline the process
Real estate agents also need a way to efficiently present and manage multiple offers and to communicate consistently with everyone involved. Delivering stacks of paper quotes and spending hours creating and entering spreadsheets is no longer enough. Today’s real estate customers expect an optimized process … and they want transparency.
For this reason, a technological solution is essential that allows anyone to easily view and compare offers, as well as receive and send notifications from a central source.
Fortunately, there are several great options online for real estate professionals. Both Hernandez-Bobrow and Lancaster use Propy Offer Manager. They like that the system gives them access to all offers in one place and that customers can easily view and compare them in a standardized format. The program also sends automatic alerts and notifications to everyone when an offer is received or viewed.
Even if the market slows down, effective technology platforms and solutions remain critical to managing and standardizing the buying and selling process. And their ability to provide legal tracking and documentation is becoming a must.
Remember your “why”
Take a deep breath as you navigate today’s demanding real estate market and remember why you chose a career in real estate in the first place: to help people realize their dream of owning a home. While this feels like a hectic time in this business, don’t forget that buying or selling a home for your clients is more than a business transaction. For them, their current and future homes are at stake.
Lisa Fettner is a consultant for real estate marketing and industrial relations. For more information on managing your offers, see propy.com.