Author: Special Contributor

3 things to do to take advantage of the shifting market

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By Jared James

Unless you’ve been on hiatus for the last six months, you have for sure heard the words “shifting market” more times than you care to count. The problem with this is that it puts the focus on the wrong place. The question is not whether the market is shifting; the real question is how you are shifting in your own business to stay ahead of the market and remain the best option for your consumers moving forward.

Let’s talk about that.

I’m a big believer that there is no such thing as a good market or bad market. There’s just the market you are in and what you do with it. I don’t just run one of the largest coaching and training companies in the industry today; I’m one of those rare breeds that actually sold a lot of real estate before getting into this side of the business, and I can tell you that my best year ever selling was 2008. Not exactly the best time to be selling, according to all reports at the time.

So, here we find ourselves again at a time when the headlines are less than ideal and yet opportunities are everywhere if you know where to look and how to
capitalize.

Here are a couple of tips to help you take advantage of the market we are in while so many of your competitors are just hoping things go OK and waiting to see what happens.

1. Don’t build your business on rented land

Would you build a house on rented land? Of course not. Then why are so many of you building your real estate business on sources that you don’t control? That’s a dangerous game when you consider that any one of them could pull the plug on their leads program and you would be out of luck. Building on rented land has more to do with the intent than it does the source. I’m actually all for pulling business from third-party companies and buying leads or paying referral fees, as long as you understand that the ultimate purpose of that customer is to get them into your database. Your database is only business that you actually own and control and have direct access to whenever you need it. When you understand the lifetime value of a real estate client, and aren’t just looking at them as a one-time sale, you will start to understand that the answer to any market or the next disruptor is sitting right under your nose: it’s your database.

2. Build your content library

Our business has changed, and while none of you got into real estate to be a content creator, that’s what it now takes to be a successful Realtor.
We teach our students that our job every day is to give people in your area the opportunity to KNOW you so that they have a chance to NO you. Most of the people that would have worked with you in the past are not even giving you an at-bat in today’s world, because the first thing they do is go online and decide who to talk to. The agent that answers their questions before they ever even get a chance to meet is more times than not the one they use.

If you aren’t sure what videos belong in your content library, it’s simple … just look at the questions that your clients ask you by text and email, and answer those questions one by one on YouTube, Instagram and Facebook. That will be the start you need to get going.

3. It’s time to be a professional again

We just came through a market that was a fool’s gold market for anyone new in the business. That wasn’t a normal market by any standard. We are now entering a market where pros are going to win and winging it won’t cut it anymore. This means that you will actually need to have specific strategies that you follow every day for results. Not sometimes … every day. It will also mean that the words you use will matter again, because, like it or not, we are in sales and the quality of the answers you get will always be determined by the quality of the questions that you ask. So, practice, practice, practice and commit to being a pro.

The coming market should only be scary for those that aren’t prepared, but for the rest of you, get with your coach, come up with your plan for 2023 and then remember what we tell our students every day: consistency is undefeated. It doesn’t matter what you do tomorrow or three days from now. All that matters is what you will still be doing eight months from now if you want to see results and succeed in any market regardless of the conditions around you.

Jared James is an entrepreneur, speaker, coach and author.

How a coach can help you gain the skills to succeed in a changing real estate market

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by Buffini & Company

As the real estate market continues to shift, it is only natural that buyers and sellers are feeling anxious. Buyers are concerned about rising mortgage rates and how that will impact their ability to purchase a home. Sellers are concerned that they might have missed out on an opportunity to sell their homes for top dollar. And for agents, many of whom have never worked in a so-called “normal market,” it’s a whole new environment, as well.

There is still ample opportunity in the market for buyers and sellers, as well as agents, said David McGhee, vice president of coaching at Buffini & Company. What will be different is the skill set agents need to develop to succeed.

A “pro’s market”

As the market shifts, it will be a ‘pro’s market,’” McGhee said. “It will be the agents that have sharp skills and knowledge in areas like negotiation and leading a client through the ups and downs of a transaction.”

James Bell, a longtime Buffini & Company coach, agreed, noting that newer agents who have not had this type of training should consider it now. In doing so, he said he feels that their business will greatly benefit from it, positioning them for future success.

“I believe that there are probably 10-15% of [those newer agents] who will look back at 2023 and 2024 and say, ‘Those were the years that turned my career around,’” he said.

Allison Oster, another longtime Buffini & Company coach, agreed. “Brian Buffini [the company’s founder and chairman] is reminding everyone about the importance of the ‘three-legged’ business model,” she said. “That includes sales and marketing, customer service and financial management.”

Oster said she also stresses to the agents she works with to “keep in front of your database and take good care of your clients.” She adds, “People don’t buy or sell because of mortgage rates. They buy or sell because of what stage of life they are at, such as having a new baby or becoming empty nesters. Stay in touch with them, because you don’t want to miss out on any opportunities.”

Keeping the right perspective

It’s up to the agent to set and manage their clients’ expectations, McGhee said. For buyers, this is still a good time to purchase a home, because there is less competition. Homes are staying on the market for weeks now instead of just days, which gives buyers a bit more breathing room. It also gives them options to ask sellers for concessions, such as paying for points.

And for those buyers concerned about paying a higher mortgage rate, McGhee said this is another area the agent can advise them on.

“You need to learn all about the different loan products that are out there,” he said. “Reassure buyers if they take out a mortgage now, they can always refinance in a few years.”

“Before, clients were settling for a house because the market was so hot and things were going so fast,” he noted. “And with less competition now, remind them they can really focus on finding a house they love.”
For many sellers, there may be resistance when it comes to pricing their home.

“Sellers need to know if they price their house right, it will sell,” McGhee said. “But they also have to keep perspective on how things have changed over the last few months, too.”

Experienced coaching through every market

McGhee noted that although it’s a new market for many agents now, it’s not for Buffini & Company. “We have been coaching clients for over 26 years, through every type of market, including the Great Recession of 2008,” he said. “And we know that training and coaching gives you the important skills so you can succeed and be the trusted professional that your clients will come to rely on.”

To learn more about Buffini & Company’s coaching programs, visit www.buffiniandcompany.com/coaching.