Navigating a seller’s market with your clients can be difficult especially when the market is very competitive like it is now.
Home prices continue to be on the rise and inventories are still lagging behind. Mortgages rates are starting to creep up, but they still remain low.
In a seller’s market with houses going on the market and coming off so quickly, you might want to help your client’s change their expectations a little bit. They might not find their exact dream home with everything checked off on their list but, they can still find what they are looking for if you help them set what is truly needed and what is wanted. Talking to your clients about what can be changed and what can’t be is extremely important in these market conditions. Lot size and location cannot be changed but features like the carpet and light fixtures can be.
When showing houses to your clients, try to stay below the top of their budget. In competitive market atmosphere’s, there will be multiple offers on homes which might turn into a bidding war. Your clients might end up well over the top of their budget if this happens. If you show a house in the lower or middle end of their budget, there will be more room for them to bid if a bidding war does happen.
In a competitive seller’s market, situations may happen a lot faster than what is ideal. Make sure your clients know they can trust you if they have to put in an offer sight unseen or within an hour or two of even touring the home. The more they trust you, the more they will be willing to move at a faster pace. Complete research on all the homes you are going to recommend your clients see so that way you can answer any questions they may have.
It may be beneficial to build relationships with certain people in different communities so that you have an “in” when a house enters the market. The more professional relationships, the better for you and your clients.
It may go without saying but stay on top of your research. Houses are coming and going at a record speed so make sure you stay on top of what houses enter the market that fit into your client’s wants and needs. Provide the information the moment you receive it so your clients can have the best chance at getting the house they want.
Guide them in making the right decisions during these tough market conditions. Find the right balance between guiding them but still allowing them to put their input and opinions in on what they truly want and need.