187: Navigating Through The Crazy Real Estate Market

Real Estate Survival Guide
Real Estate Survival Guide
187: Navigating Through The Crazy Real Estate Market
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SHOW NOTES

The real estate market is crazy right now. I get ideas from all sorts of different things in the real estate business that later become podcast episode. Some of those are interactions with my clients. Some of those are things I hear from other realtors and other podcasts. I get wisdom and ideas I want to pass along.

A Realtor I know asked me about how I felt and navigating the crazy that is the current real estate market. Even people out there that are not realtors have seen the craziness that is going on in the real estate market.

How do you encourage your clients to put in aggressive offers? This person had seen that I had had six clients go under contract recently. We just had an open and honest conversation about what I do. So I wanted to bring it to you guys.

There’s kind of two main pieces to this. One is the client side and how I coach and instruct them. The other is the building relationship side and what I try to do with agents.

The piece we’ll start with is talking about building the relationships with other agents.

I recently had an offer in with an agent, and they actually took another offer. I was helping an extended family member buy a house. And this agent who works within my company, he actually took another offer. But then two days later, he called me. He says, “Hey, look, this buyer got cold feet. Your offer was like in third place, but I would rather work with someone that we know and trust and have built a relationship with rather than some, no-name agent that we don’t know if they’re gonna get the deal to the settlement table.”

So I was able to go to my client, adjust a few things, basically a couple thousand dollars, which in the grand scheme of the $300,000 house was absolutely nothing.

That’s just a small example of how I navigate the crazy by communicating with other agents. Every single time I show a property, I ask the agent, “Hey, what’s gonna get this done? What is most interesting to your seller?” I sort of joke with them and we’ll kind of laugh.

We often think in the real estate business that all these other agents out there are our competition. I don’t see it that way at all. In fact, if I can create a good relationship with you and vice versa, that helps my client and that helps your client, and we all get what we want.

When you build a relationship with the agents, they’ll give you some information about what offers they have, what those offers look like, and so on.

And so I just communicate well and set expectations. My clients are not shocked by everything going on in today’s market. When we meet the very first time, I tell them about the insane market I set proper expectations that we might have to make up to 20 offers over the period of sometimes up to nine months. The market is crazy, but if my clients already expect that they’re going to have to put in multiple aggressive offers above list price, the crazy isn’t actually that crazy.

Things are starting to shift a little. Where we’re not seeing 50 showings and 20 offers on every house, but I feel like this helps.

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