No one can predict the future, but you can prepare. Find out what to prepare for and pick up the tools you’ll need at the immersive Virtual Inman Connect on Nov. 1-2, 2023. And don’t miss Inman Connect New York on Jan. 23-25, 2024, where AI, capital, and more will be center stage. Bet big on the roaring future, and join us at Connect.
One thing remains the same in the real estate market: It’s always changing. So, it’s up to us as real estate professionals to stay on top of the current pulse of market conditions and adapt to the ever-changing landscape.
In today’s market, you may be coming up against buyer hesitation as interest rates remain elevated. Your challenge is to inspire buyers — compel them to buy and convey the advantages. Here are my tips for doing just that.
1. Understand what your buyers are looking for (and deliver)
To be a great home matchmaker, you have to be a good listener. To minimize any hesitation or doubt among your buyers, show them homes that check all (or most of) their boxes. Seeing strong properties that meet their needs will incentivize them to make a move.
2. Take advantage of off-market opportunities
One advantage of working with a skilled buyer’s agent is gaining access to off-market opportunities. Networking within the real estate community allows us to discover properties not yet listed on the market. These off-market deals can be advantageous, as they may offer better terms and less competition. I make sure to get these exclusive opportunities in front of my clients as options if and when they are a good fit.
3. Flex your negotiation skills
Get your negotiation game on. My priority is always to advocate fiercely for my clients’ interests. And when higher interest rates may be discouraging them from making a move, there is an opportunity to bring down the cost in other ways. Get creative. Craft strategic offers and negotiate with sellers to achieve the best possible price and terms.
4. Highlight investment potential
For many buyers, real estate is an investment, and they seek properties with potential for appreciation. Showcase the long-term benefits of owning the property, highlighting any nearby developments, planned infrastructure improvements, or areas experiencing gentrification. Providing data-backed insights into the property’s potential growth can attract serious buyers looking to make a smart investment.
5. Practice patience
At the end of the day, it may be a bit of a waiting game, so get comfortable with discomfort and don’t give up. To stay motivated, it’s essential for buyers to maintain patience and put trust in the right timing — which means you have to lead by example with a patient, confident attitude.
Feeling pressure to rush into something can lead buyers to abandon ship altogether. I advise my clients to take their time and hop on the right opportunity when it arrives. Throughout the journey, I keep them informed about market fluctuations and always stay in touch.
In every market, there is an advantage and a challenge. Always be aware of what those are at any given moment in order to navigate them strategically and to your clients’ benefit.
Dial in your messaging, be smart and always put your clients first, no matter how long or arduous the buying process may be. If you come from a place of doing good for them and being highly aware of the market context, the results will unfold.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.
