Although each area of the country is different regarding short sales and REO properties for sale there are a lot of "good deals" out there for buyers to purchase. That's the professional statement, the personal one is "Are you kidding me, you can's stand on a street corner, throw a rock and not hit a home you can buy for a fantastic price in todays' market"... Buyers are getting more and more greedy and losing out on the best deals the market has to offer and investors are scooping them up as quickly as they hit the market.
I'm sure we all know a good deal when we show a property based on condition, location, upgrades, pool, ammenities so on and so forth. Buyers who can be in the "lucky few" group to obtain financing in this market are so worried about getting the lowest, rock bottom, steal of a deal that they've missed the bigger picture, that picture being that the property is already priced at or below the lowest real estate prices most of us have ever seen. If I had the liquidity I'd buy everything in sight and laugh all the way to the bank over the next ten years of appreciation which will, as circular markets repeat themselves most likely occur at about 3-5% per year.
As market experts (or at least we should be market experts) we can only educate the buyers BEFORE we show them listings in the office and put them in the car. Let's set some clear expectations about our local markets, have them define what a "good deal" or "steal a house" means to them. You'll find some vast differences in what you hear from buyers, I've tried this; the perception and definition vari's so much.
Also, do yourself a big favor and here's what it is: Take an average sale priced home in your area, calculate a buyer obtaining that home for 5% under list price and then calculate how much it will cost them if their interest rate goes up just .5 points... You'll be amazed at how much more that house will cost them over time if the interest rate goes up just half a point. This simple little tool is a game changer for us and once you make sense to the buyers they'll trust your judgement and maybe you'll close more sales.
Let's educate those buyers when they first come to us; there's too many good deals to miss out on right now. There's no need for buyers remorse.
Since the turn of the new-year I've noticed that many of the realtors in our area, both those at my office and others have very similar comments regarding their business. "I'm not sure what to do next"... This could be simply because the new year inspired people to reevaluate their businesses or it could be a tad of trepidation due to the uncertainty of the market. In either case it seems to be a universal questions I've noticed coming into daily dialogue, much more frequently than past years.
If you're reading this from the broker position I'm sure you've heard this before and if you're in the shoes of a realtor currently in production (or wishing you were) you may have felt this very way about your own business or heard it from your colleagues. I've read and heard all manner of nonsense regarding this issue. The guru's speaking and chattering away for the thousands of dollars you need to invest in them to get you to take the magic pill that's going to change your luck, your business and by extension your future.
Let's not confuse two things based on my previous comment/s. When I say "The guru's" I mean the disingenuous program sellers with no experience or knowledge in this area preaching a false gospel of success hoping to entice you into purchasing their snake oil to heal all of your business and income woes. I'm not speaking of the many coaching programs out there that hold you accountable to actively make changes in your business by guiding you into a position of authority over your circumstances and through edification and information assist you to generate enough confidence to take action, make changes and prosper. In fact, that's exactly what I'm suggesting you do.
Listen up, there's no magic potion, drink, DVD or CD kit that's going to set you free; there's plenty for you to listen to and to gain nuggets of gold from however you have to be able to make the changes in your business. My advice is to find a coach, get involved and stick with it for a minimum of a 1 year commitment. Find out what the most successful realtors around you are doing and duplicate it then; earn the right to modify it. For instance, if you have a great high producing agent in your office or worse yet, in your competitors office and you want to do the volume they do find out what they do and implement it into your business. I can however virtually guarantee you'll save a lot of time and energy if you had a coach working with you day by day, holding you accountable and keeping you focused on your goal without distraction.
The second piece of advice to which I alluded is this.... "prospecting"... Do that and you'll not have to worry about what comes next because you just generated the next deal whether buyer or seller because your prospected. I think this is the most repeated statement when giving advice with the absolute least impact. Here's how the two tie together....
If you're not prospecting get a coach and have that coach help you refine your prospecting skills; if you are prospecting but not prospecting enough get a coach to help you refine and perfect your scripts and dialogues that match your natural speech patterns and then get back to prospecting. If you're afraid of prospecting get a coach to help you overcome the fear or one that will work one to one with you to get you past that road block to being successful.
In short don't let your circumstances dictate to you, you dictate to them. If you don't know what to do in today's climate get with someone who does, email me and I'll help find you a coach so you can get back on track and refine your business practices. Just be accountable to whomever you decide to station over you and give them the authority from you to teach you.
Don't let it go another day, get the accountability you need to go to the next level with help.
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Operating Principal for Charlotte County's Keller Williams franchised location; Realtor, public speaker, motivator, leader and coach.
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