There is a shift happening and with that comes a new plan of attack on our real estate business. For the past seven years we have had a declining market, and now that is changing. We in Fairfield County, CT saw this change overnight in the first week in January. Buyers were everywhere! A low inventory in listings, and we had a seller's market of sorts. Competitive bids.....
1. How will this shift affect buyer agents vs seller agents?
Buyers agents will have to be very sharp and advise their buyers that if they see a home they like and might pursue, they should place an offer while they think about it. The "good" houses are flying off the shelves here - meaning if they are priced right and presented well, they are selling FAST!!
Listing agents are advised to make sure that listings are priced well and are ready for market. Don't skip taking down the wall paper ("the buyers can take a little off" doesn't work) as the buyers are looking for the house that is Move in ready. There are some out there, and the buyers are ready to pounce on those! Listing agents need to have a little patience, too, as there could be another offer the day after your first offer, and if you rushed to negotiate too quickly, you might miss the full price offer the next day!
2. What marketing strategies will you need to change?
I have increased my direct mail, and am targeting certain areas and price points. EDDM with the USPS is a deal right now! Lots of online efforts, also. I have been increasing my marketing exponentially since I opened my own brokerage, and it is paying off handsomely!
3. What are you already experiencing that is causing you grief in your current efforts?
I knew I needed to have all my systems in place, and I thought I did However, I am not sure that I am ready for the huge push I may experience when my newest website gets launched. Time will tell.
4. What fears, if any, do you have about this change?
I am afraid I do not have enough agents to take care of all of the leads I will be getting ....
5. What are the top three things a buyer's agent or seller's agent must do to be successful in the new market?
They must stay in touch with all contacts, new and old.
They must market themselves.
They must keep incredible records so when it gets really really busy, they don't go off the deep end.
It's a fun time ahead! Be ready!