This article was originally published in Real Estate Agent Magazine Twin Cities, written by Charity Malmberg, Founder and President of Trademark Title
With this early bout of good weather and the feeling of spring in the air, there just happens to be a ripe market for homeowners looking to sell. In fact, according to the National Association of REALTORS®, existing home sales hit the highest annual rate in six months, with the low inventory causing the fastest increase in prices since April 2015.
As you know, when inventory is low, sellers win out and buyers look for guidance in Finding a home when the pickings are slim. Where does all this leave you? As an agent, you want to help your clients navigate the present market atmosphere while also making sure you’re capitalizing on the opportunities for your own business.
5 Tips to Stay on Top of the Seller’s Market
Here are Five foolproof tips to help you stay on top of the seller’s market, assisting both your buyers and sellers and making sure you’re at the top of your real estate game.
1. Brush up on the market before a listing appointment. You want to be prepared for sellers who are interviewing between three-Five agents to Find their best Fit. Set yourself apart from those other agents by knowing what is happening in the market, where a seller should be pricing their home and facts about their specific neighborhood. Be prepared to “translate” industry speak into practical suggestions that your clients can comprehend and articulate why and how a seller’s market can benefit them.
2. Don’t be surprised (be prepared!) if they try to sell on their own. Often, sellers may think they have the know-how to sell a home without an agent, especially in a market that is tilted in their favor. Be prepared for questions about what you, as an agent, can bring to the table. Come equipped with facts on how agents really do help homes sell and bring your own personal insights into the industry to demonstrate your expertise. Don’t just tell them, show them, how working with you will ultimately help them have the best experience and end result.
3. Be sure your sellers are looking for their next place. When all your sellers have on their mind is the sale of their current residence, you know that you can offer them at least one service: reminding them to be actively searching for their next home. Though the seller’s market puts them at an advantage while they’re selling, soon they will be in the buyer’s shoes, looking for their next home. For sellers who get offers quick, present different suggestions, such as renting before Finding their new permanent address or even consider building. Finding the best Fit for a client will depend on the client, but be sure to cite the low interest rates as yet another reason to buy.
4. Make sure your buyers are pre-qualified. As you know, in a seller’s market, homes go quick. It can be mere days, even hours between a house being posted, getting an offer and the offer being accepted. This quick turnaround can be what makes or breaks the home-buying experience for your buyer, just as it can be what solidifies you as their REALTOR® for life instead of just someone they’re working with this time. Encourage your buyers to get prequalified by a reputable lender and have all their Finances in order First. This way, when they Find their perfect home, they will be prepared to act fast and make a solid offer. This will help your buyers leave their home-buying experience feeling satisfied. Plus, it can establish what could be a life-long REALTOR®/client relationship.
5. Make sure your properties are in shape to sell. Just because it’s a seller’s market, doesn’t mean you can slack on making sure your selling properties are in excellent shape. Both you and your seller want to see top-dollar offers, so put in the work to make the property really stand out. If necessary, have a stager come in, update appliances and make sure the property has curb appeal. Have carpets cleaned and light a candle to make sure the house is smelling fresh and clean for potential buyers. It may seem like a lot of work for your seller, but they’ll be thanking you when they see the top-notch offers rolling in.
Now that you have a few tips for moving forward this spring, be sure you stay educated as the market shifts and changes throughout the warmer months. Keep up with our articles and follow other relevant sources online and in print to be sure you’re giving all your clients up-to-date industry insights and winning over new clients with your expertise.
Lastly, when the day’s work is done, don’t forget to go out and enjoy the warmer weather and make the most of a new season personally and professionally!