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All too often in real estate the rush is one for the sales and ringing up the closings on the office board. In real estate many are consumed with their deals, but forget their clients needs and fears. If you haven't noticed, we live in epic times. Many clients have lost jobs, or are afraid they are next on the chopping block. There are those also that lost retirements, 401K's, and much of the equity in their homes or second homes. Many buyers were just in the wrong place in time when they had the misfortune in being relocated by their company for a job that no longer exists. These situations are not new in real estate, we frequently are made to deal with the sale of estates, the death of a spouse, a divorce or major life event changes such as a catastrophic illness. What is different today is that we are in a tsunami of events that we have become numbed to...that we are accepting of all the events on a subliminal level..or at least profess we are. We wonder why sales have slowed, and self doubt creeps in. We feel we have lost our real estate Mojo! We haven't.
We mustn't lose sight of the fact that buyers and sellers are also numbed to the news. They know less about real estate than a full time professional, and on some levels do not know how bad things became in the last few years. The average homeowner that buys a home on the average of 1 every 8 years does not get it. Unlike the real estate agent that does 30-40 deals a year - they cannot comprehend the magnitude of the change. They are still looking at last years sales in the neighborhood, and don't know why you are so negative in pricing. Buyers are no different. They see other workers being laid off, and local retail establishments closing. Perhaps they are the victim of a bank closure and lost some funds. They are paralyzed in place. They read the headlines in the paper and they are reluctant to make a purchase even though mortgage rates are still at historic lows. Can you blame them? Or are you ticked off that the buyer you are working for the last 4 months and showed 140 homes cannot commit? Do you resent the fact your seller is demanding 'open houses' everyweekend and ad placements in useless real estate publications?
The secret in this market is don't rush your clients into making a hasty decision. Do not judge them from your position as their agent. Try putting yourself in their shoes...instead of your next closing.
If you were a buyer:
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Would you buy right now?
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Would you buy the home they are looking at?
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Would you pay the price the seller is asking?
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Would you buy the home in the condition it is in?
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Are their better deals out there?
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Are you buying wholesale or retail?
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Are their better deals in foreclosures?
If you were a seller:
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Is it the right time to sell?
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Will the market come back next year?
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What else are the buyers looking at?
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Will next year be a better time to get your price?
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If you were a buyer, would you buy your home?
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What is the home lacking?
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How does your home compare to the competition?
