In a seller’s market like we are currently in it is a hard day to be an agent. This is not a complaint, it is just a simple fact of life. We are paid for our work in commissions and when we do work without a closing it is unpaid. This means both the seller’s and buyer’s agents are going the extra mile to help their clients.
The clients on the other hand are in the most extremely stressful place they have been in as well. The buyers are scared of overpaying or missing out all the while the sellers are concerned about selling for too little or taking the wrong offer and dealing with a tough transaction. This means everyone is getting a little emotional.
While being emotional is a normal part of life it is something that needs to be removed from business. Now is the time more than ever as the real estate agent and professional to show you know your stuff. Keep explaining the process thoroughly and working your best to smooth out the extra work. Here are two scenarios to help you navigate both a buyer or seller situation.
Situation One Panic Buyer- Buyer is not getting an offer to stick.
Maintain your calm. It is time to help by suggesting properties that their budget would support with the need for possible over asking price offers. Always share sold listings and make sure to highlight the days till offer and the sale price versus list price ratio. The more market data you can give them the more it becomes what the market calls for and not just your opinion. Once your client has that aha moment they then begin to work a lot more practically to the market. Keep in mind as time goes on if you lose out on bids make sure to check back at the closing price to help learn what it takes to get accepted. No matter what, they are stressed and it is your job to help them feel comfortable.
Situation Two- Me First Seller – Seller who got it all and still wants more.
Remember we are our clients fiduciary and should always act as such. That said being a fiduciary is about good financial decisions. In a seller’s market where homes are selling way over asking some sellers are getting a little too bold. The risk to them is the loss of a great buyer. This could lead to missing out on a massive opportunity over a small thing. These things tend to be appraisal misses and home inspection issues that become arguments. When a buyer offers a way over asking price offer and has a home inspection that does not go perfect they think it is reasonable to think the seller who is set to receive way more than they asked for should fix it. The seller then thinks well tough luck I have someone else. Massachusetts is a known disclosure state so as an agent doing so can get you into a legal bind as well. While we can not make the decisions for our clients we can help guide them on what makes the most sense for the safety and legality of the deal.
When working in a crazy seller’s or buyer’s market place it is important to keep your cool. If you always think how can I help my client get what they want and need and is in their best interests. As soon as you put your clients interest first the rest becomes much easier. Thanks for reading and make sure to check out our Podcast, Facebook Group, Newsletter, and www.realfactsonrealestate.com . If you have any questions or comments please leave them below.