TIPS FOR BUYER AGENTS TO NAVIGATE THROUGH A SELLER’S MARKET
Real estate is a hot seller’s market right now as sales rose by 21 percent with unsold inventory shrinking to approximately a three month supply. A strong seller’s market can potentially pose a challenge to buyer agents. Here are five proven ways to help your buyers navigate through a seller’s market.
1. Pre-qualification
Having the pre-approval in hand will speed up the offer submission process and show the seller your buyer is serious. Using a known local lender is a great way to ensure that the listing agent will feel comfortable and confident in presenting the seller’s offer as a qualified buyer.
2. Educate the Buyer
An educated buyer is a better buyer. Take the time to explain the home buying process and steps to them, do not assume they know! It is imperative to set realistic expectations; it is your responsibility to educate them about the market and availability of the homes. When discussing the buyer’s expectations; explain that it is sometimes better to buy a right home, and make it perfect than waiting for an ideal home to hit the market. Let the buyer know the chances of them losing a home they put an offer on is likely, it is still tough, but this will soften the blow, hopefully keeping the buyer from blaming you as the agent.
3. Be Available and Be First
Being first can sometimes provide the upper hand in a winning bid. Time is precious in a seller’s market; therefore, the importance of being available to show your buyer homes as soon as they become available is imperative.
4. Professional, Complete, Offer
As an agent, this is where you can assist the buyer in shining in single or multiple bid situations. Offer to purchase, disclosures, pre-qualifications, proof of assets, and an introductory/bio letter are all documents that should be completed and submitted with an offer. If the buyer is selling property, include their listing showing status, if in contract, a copy of their agreement, and their buyer’s pre-qualification.
5. Be Gracious
The most crucial attribute to express throughout the entire process of assisting your clients is to be gracious. Some offers will be successful, and some may not be. If you want your real estate business to flourish, it is always a good idea to remember that you inevitably will deal with the listing agent again sometime, maybe even on the same listing, if the other accepted offer does not come to fruition. You also need to understand the disappointment and frustration of your buyer. Never underestimate the power of altruism and compassion, even in an unsuccessful offer. Customer service is still the heart of the real estate industry, and one unsuccessful offer completed graciously can open many unexpected doors.
In conclusion, a strong seller’s market can be challenging for a buyer’s agent but it will also provide you with great experiences. Hopefully, using these strategies will guide you to be successful in a competitive market.
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