How to Help Buyers in a Competitive Real Estate Market
There is no denying that we are still in a seller’s market, and that can be very discouraging for your buyers. With increased prices and supply shortages, it is definitely one of the most challenging times for home buyers. But this is when agents can show their worth and help their clients in the process of buying a house, demonstrating the value of a good agent in a tough market.
Make Sure Your Buyers are Pre Approved
In other markets, it was possible for buyers to make an offer with only a pre-qualification and get their pre approval after making an offer. Today, that won’t cut it. If sellers are juggling multiple offers, they will go for a sure thing, not an offer dependent on financing. Mortgage pre approval shows that your client is a serious buyer with their financing in place. Let your buyers know that they may need to offer over the asking price and will need to be ready to act fast. Make sure they have all their financing in order so there are no questions when they make the offer.
Talk to Your Buyers So You Know What They Want
In a competitive market, speed is important. Your buyers may not have the time to go back and forth between homes and look for the perfect house. As an agent, you know that flexibility is important in the process of buying a house. Help your buyers rank their “must-haves” with their “nice-to-haves” and determine how to shop for a home when the prices are high and the inventory is low. Help your buyers stay focused on the main priorities and what they can’t live without.
Focus Their Attention During Showings
In a seller’s market, not every seller will invest in staging their home, and even those who do may not be to everyone’s taste. Your job is to help your buyers look beyond the superficial and focus on the “bones” of the home and not the color choices or furniture layout. Don’t let a dream home get away because it needs minor upgrades. Help your buyers with visualization and focus on the important things – size, layout, the must-have list – when they are in the process of buying a house. Sometimes a listing that is a bit “stale” doesn’t have anything wrong with it and simply isn’t staged well, and a good agent can help their clients visualize what the house will look like once they are in it.
Help Your Buyers Stay Patient
Competitive seller’s markets are tough for buyers. They can get discouraged quickly after losing a house – or a few houses – that they were hoping to get. Help them see that you are working together as a team and you will get them into the right house.
Demonstrate Your Creativity
Just waiting for a listing isn’t enough in a competitive market. By the time a home comes on the market, it may have several offers within the day. Use your connections and prove your value. Are there any homes your connections have coming on the market where they are willing to give you a heads up? It may be worth adding some human interest to help your buyers stand out, whether they are a young family, empty nesters, have fallen in love with the neighborhood, or whatever will appeal to the seller’s humanity. Let buyers know they can offer “perks” along with their offer (although make sure they don’t waive the inspection) to sweeten the deal.
The process of buying a house can be tough on your clients right now, but this is also the time to demonstrate your value as an agent. By walking your buyers through their options, you can demonstrate why using an agent is the right choice. We are always looking for talented, passionate agents to join our team. If you’d like to learn more about agent opportunities, contact Amberwood Real Estate today!