Values are definitely changing !
Most areas have a buyers market, others say the market is going back to a more "normal" market after several very hot and crazy years. One thing agents should agree is RISING in value are showing reports! I know listing agents would definitely agree on that!
providing PROMPT showing reports as something that should be a ROUTINE part of our business as Realtors. Over the past few years, properties sold so darn fast, it didn't seem to be necessary. Did it really matter what the buyer thought of the property when several others wrote offers on it the very first day! Multiple offers would arrive before a showing report would have been requested. (My record was 8 offers on one home on the first day-while I have heard of even more than that) It might not have mattered THEN, but it sure does NOW!
Today the market has changed...a property is listed, and maybe a week or two goes by, and finally the FIRST showing! Sellers have always been anxious to hear what the feed back is. For the first time in a long time, I am just as curious as the seller as to what the buyer and showing agent thought of the property, and even more importantly the pricing! Listing agents NEED that information to help sellers see the reality of this current market. That information helps attain a price change, making it more likely your buyer would make an offer on it!
With longer days on the market, everyone's patience is being tried! Sellers MORE THAN EVER want to know what the buyer thought of the house. Listing agents can't give that information without the co operation of the showing agent. Wouldn't it be great to not only GET a showing report, "it didn't fit their needs", but to get some comparative details!
"They found others in the same price range that were in better condition", "others in the area had more square footage yet were priced the same-or less". Not just "needs work", too small, or overpriced.
Speaking of feedback, wouldn't it be nice if those showing reports came in soon after the showing, without having to be asked (several times)....Some agents are soooo good at that. AS they are driving away, with the buyer's reaction fresh in their mind, they call and leave message! Listing agents sometimes have to call several times to get one showing report, all the while leaving the seller hanging as to what happened.
The value of showing reports today is higher than ever. It helps both agent and seller know if it is a problem with the property, a problem with the price, or just a larger number of active properties that is the reason a property is not selling. While we may have fallen away from this practice over the last few years, this challenging market makes it necessary once again...I know all listing agents will agree! And we all benefit from this professional courtesy!
{Should a listing agent or their paid assistant really have to call multiple times to get this courtesy?}
If you are in a BNI group you will already know the value of "givers gain". If not, check out a Business Networking INternational group, or another type of networking group. It may feed you during tough times...and the committment is just 1 hour per week!
The bailout was signed by the president today, but there is no bailout for the everyday "little person". If it is to be, it is up to me! So lets support each other, and find ways to get through this tough market. After l0 months in a networking group, I have closed my 4th sale. I am sure I have made money for others in my group, that I have sent referrals to.
Yes, it may be tough committing to a meeting once EVERY week, same time, same place....but it will make you money. You develop relationships with other professionals, come to trust them and then the referrals will start to flow. Everyone gains! You have trusted professionals you know will take care of people you send to them. And, you will become the trusted real estate professional of the group, and other members will feel confident sending leads to you! Becoming an active member of your group and recruiting other strong members, will only grow and strengthen your group. The result: everyone gets more out of the group.
Since we do have more time on our hands now, why not try it? It is a positive supportive environment that can help you get through some slow markets.
SO IF YOU ARE NOT IN A NETWORKING GROUP, I RECOMMEND YOU FIND ONE!
I had a chance to tour Abraham Lincolns home in Springfield IL today! He lived in this house at the time he was asked by the party leaders to run for President in 1860. He did win that election, and when the family moved to Washington, they kept the home. They planned to come back after his presidency, which sadly did'nt end the way they envisioned. But what does a family do? Not unlike today, they rented it out! They did leave behind many pieces of furniture and family posessions, sold to the tenat. Mary Lincoln planned to redecorate upon their return. When the rented moved years later, many of the Lincoln pieces were taken with that tenant to Chicago. They were lost then in the great fire of 1871.
The home is in very good condition, and surprisingly they let you take photos inside. Even more of a surprise is that the tour is FREE!
Waiting for a sign to buy? This past week mortgage interest rates dipped below 6% for the first time in quite awhile. Due to the federal government intervening in the Freddie Mac & Fannie Mae situation, investors are less worried, and thus rates are coming down, and expected to hit mid 5%!! With a great selection out there in property inventory, and some very motivated sellers-NOW IS THE TIME TO BUY!
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