In these times, double down — on your skills, on your knowledge, on you. Join us Aug. 8-10 at Inman Connect Las Vegas to lean into the shift and learn from the best. Get your ticket now for the best price.
Change is hard, especially after we’ve weathered a global pandemic and continue to ride the changing tides of a shifting market. Buyers and sellers tend to get nervous with change, and that’s when your personal touch and expertise comes in.
Often, your clients’ perceptions are more negative than reality, so there’s an opportunity for you to be honest and transparent while also quelling their nerves, dispelling misconceptions and advising them on their transaction. Here are my go-to tips for nurturing your clients through a market shift.
1. Make it a conversation
When fears creep in for clients, it’s a huge opportunity to connect with them on an authentic level, prove your expertise and demonstrate yourself as a calm, cool and collected resource.
They need to have the space and permission to express their emotions while you hold a reliable structure and presence. If they repress their true concerns and don’t have an outlet to talk about them, there could be a panic at the end of the deal or a last-minute stall with cold feet.
It behooves everyone to be real about what they’re feeling and to address any reservations head-on. Have a candid conversation about what they are truly hoping to achieve and what their limitations may be. Then, step in with your keen insight and grounded perspective—it makes all the difference.
I also always advise agents to be the ones to initiate conversations with clients. In a fluctuating market, it is key to get ahead of the downtowns and be prepared for when there is an opportunity or the market activity picks up. Don’t wait for your clients to come to you. Be proactive, pick up the phone and get the conversations going.
2. Give context for the current market conditions
Often when we experience shifts in the market, buyers and sellers can forget the big picture — the ebb and flow of the market, the very natural and expected ups and downs. As a real estate professional (especially if you have a wealth of experience on your side), you can bring the big picture back into the light and put clients at ease.
After all, the market is readjusting, and it is very different than it was several months ago. Tell the story — why the market is shifting the way it is right now and how it impacts them directly.
3. Use numbers and data when you can
Leveraging market data and stats can really help show your clients where we’re at with the market. It’s the proof that backs up your anecdotal information. Do your research and make sure you have your finger on the pulse of what is happening at this moment. Have the information ready when conversations come up with your clientele, and you’ll see how it helps them understand and relax.
4. Clearly set expectations
It’s important not to sugarcoat things — be realistic and transparent as you nurture your clients through a market shift. It’s key to building trust and avoiding alarm when unanticipated things crop up. When your clients have a vision in their head as to how things will likely go — and that can (and should) include a few different scenarios — they can feel confident about their choices and the direction they are heading with their real estate transaction.
5. Relationships are key
It is very important to understand that market shifts are stressful for clients, especially if they are in the highly emotional process of purchasing or selling a home. Be patient, listen to their concerns, and offer support and guidance through every step of the process. Remember that each client’s situation is unique, so provide tailored advice based on their specific needs and circumstances.
It is our job as agents to serve as advisors, and a time of change and uncertainty is one of the most important moments to shed our expertise and knowledge. This business is all about relationships so building long-term ones with clients is the key to navigating this shift. Keep in touch after the transaction is complete, provide regular check-ins, and offer value long after the deal is done.
When you’re confident, your clients are confident. Approach conversations about the shifting market with an energy that puts everyone at ease while also being transparent and realistic. You can achieve both; it just takes self-awareness and preparation. Arm yourself with the numbers, get in the right headspace and don’t forget to listen.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.
