Now that industry experts are openly agreeing that the housing market is turning, market experts are offering advice as to how agents might adjust to this changing reality.
Here are some kernels of wisdom from Inman. Some of these kernels may sound familiar to you or even old hat since Tim and Julie Harris were out front first about changing market conditions and how to deal with them to your advantage.
Where to find buyers…
Inman says that it’s more important than ever for agents to be involved in their respective communities. Volunteer. Go to and participate in school functions. Become a member of a board or a commission. The more people you can meet, come to know and work with, the more people who will come to know you and see first-hand what you have to offer their team, regardless of what team it is.
When hosting an open house in the community, be more than a host. Position yourself as a community expert. Provide community information, market information, networking information. Become the go-to person for locals and newbies alike when it comes to feeling and being at home in the neighborhood.
Pricing…
Inman suggests that agents pay particular attention to properties that are currently pending or contingent in order to get a sense of how buyers are seeing property values. Buyers are highly sensitive to the effect rising interest rates may have on their buying decisions. Sellers may not like that effect but, with your encouragement and expertise, they must be realistic about pricing their property accordingly.
Now is not the time to push price.
Help sellers get off the fence…
Share the facts on home values, interest rate fluctuations, historical data and market predictions.
Put together comps and fact sheets.
Be honest.
Know your client’s needs and timetables.
Use your follow-up skills…
Use your skills to help your clients (and you) scoop up deals.
Inman doesn’t say this but…call Tim and Julie Harris Real Estate Coaching and sign up for coaching. Inman News has given Tim and Julie its stamp of approval by awarding them “Inman’s Best Coaches.”
Tools and resources…
Inman lists several tech and AI tools that may help you and your clients. We are not endorsing any of these tools/resources so do your own research. Determine what makes sense for your specific real estate business and your specific budget.
- OJO – chatbot that talks with buyers via text to help determine what the buyer is looking for and answers questions about listings.
- Kelle – this tech is exclusively available for Keller Williams agents – it fetches contact information, schedules and calendars events/showings, provides sales information about local markets
- IMRE – chatbot via text for buyers who land on an agent’s Facebook or website page
- Struturely – company behind Aisa Homes – chatbot that nurtures and qualifies leads – designed to be a real estate virtual assistant for agents
- Zillow’s Zestimate – now considered to be 15% more accurate in determining housing costs/values
- Restb.ai – scans listing photos of rooms, exteriors, interiors, differentiates between 16 architectural styles, analyzes 100’s of images per second
- Revaluate – AI designed to turn data into leads by cross-referencing database of contexts with search, etc. to build a profile around a prospective client
- Cherre – connects data sets to properties for large clients like banks and insurance companies to help determine risks and pricing.
- Realai – flat-fee service that uses AI to predict sale prices to help give your prospective buyers better their odds at placing winning bids.
Pocket Listings and Coming Soon Listings
Pocket listings are highly useful in sellers’ markets.
Pocket listings are useful with luxury homes as some wealthy clientele may not want their sales prices to be public information.
Coming Soon listings help drum up interest in any market.
With all of these suggestions/tips from Inman, remember there is no substitute for cultivating relationships with your clients that are based upon honesty and trust and for cultivating up-to-date, accurate, expert market expertise.
