The past two years have had an emotional impact on hopeful homebuyers, and the current increases in interest rates and inflation aren’t helping. The Santiago Arana Agency offers strategies to help your potential buyers manage their expectations and relaunch their property search.
Over the past few years, many buyers have faced challenges in their search for a home. Some have been shut out of their local market or faced stiff competition in listings. As we navigate today’s ever-changing real estate landscape, it’s important for agents to be aware of consumer sentiment – which, at the moment, can be tinged with frustration and exasperation.
Below, I share a few ways agents can play the long game and nurture their relationships with potential buyers in hopes of one day getting them to close on a home they love.
Stay in touch and share market changes, which are happening fast
While buyers today may face high prices, they are also seeing more options as stocks begin to rise. As things continue to change and price growth slows, buyers may finally have opportunities to negotiate.
For example, last June, red fin reported that the number of homes for sale nationwide jumped 2% – the most since July 2019. Additionally, the median home sale price fell 0.4% in June to $428,400 Across the country. These are developments buyers in all markets should be aware of. Stay on top of the market and share helpful updates like these with your customers, either via direct call, email or regular newsletter.
Your content is king. Share it regularly
Sharing regular posts on your social media accounts or sending out regular email communications is a great way to stay in touch with past, current, and potential clients while nurturing those relationships with helpful information and ideas.
The key is to make your content digestible for readers and provide a useful and reasonably upbeat take. For example, you can share a link to a recent article on interest rates or market fluctuations, but be sure to include your own analysis of what this news could mean for buyers in your area.
Do your best to use simple wording so that readers with varying real estate backgrounds can chime in and feel like you’ve provided helpful information. To help build an audience, share snippets of your emails on your social accounts with a link to sign up.
This type of thoughtful content can help build trust between you and your customers. Your constant contact and empowering information will help show that you are in tune with the market and have a grounded prospect they can rely on.
Encourage customers to pre-qualify
Being pre-qualified means a client will have a clear understanding of their buying power – which means you, the agent, can better guide them to the properties they have a better chance of getting with an offer. smart.
Choose wisely when selecting homes to show your buyers
You want your buyers to be energized, inspired and supported by all the private in-person parties you host. Disappointment and frustration are natural responses to challenges or setbacks – and there’s no need to stir up these emotions in your clients by showing them homes that are beyond their buying power.
Be clear on their checklist, be sensitive to their needs and parameters, and do your best to share with them properties that meet the criteria they give. And when they don’t, acknowledge it and provide your reasoning if necessary.
Encourage but don’t rush the process
Remind your customers that the market is clearing and while inventory is still low, this is changing in many areas. Remind them to be patient and prove to them that you’re not giving up on finding their dream home – so neither should they.
Stay in touch to share news and developments on promising listings as you hear about them. Be sure not to submerge them or put them under pressure; just show that you have hope and are still working on their behalf to find the best home to meet their needs. After all, you’re in it for the long haul.