Insights

How to Help Buyers and Sellers Take The Next Step

November 24, 2023

Last newsletter we asked the question: “What is the most effective strategy you are using right now to get sellers to move up or down, or to get buyers to take the leap in the market?” We got some great responses, thank you.

As a word of caution, real estate trends are local. That means what works for one person in their area may not work in another. It’s also easy to look at a market area and see exceptions within different areas of it. Take Toronto, for example – even in the current market, certain pockets of Toronto will get multiple offers while others will sit through lower showing activity and aggressive price improvements. Still, there are benefits to examining the activity and strategies of others.

So, let’s take a look at what you can try right now to help your buyers and sellers. 

Market Statistics

It’s critical to identify and update yourself on your market statistics. Big things like economic indicators, interest rates, and rental market data are par for the course.

You should also include:

  • Inventory both new and stale – What is coming on the market, where is it, and what type of property?
  • Showing activity – Look at what is happening with your offices listings. Are showings up or down, what type of listing is getting attention, is there a preferred price point right now. 
  • Days on market – Explain to your clients why this statistic matters. For sellers, they want to avoid their property getting stale and for buyers a longer DOM could provide a negotiating opportunity.
  • Absorption rate – Absorption rate will help, however you should ensure that it’s relevant to their situation. For example, if condos sales and inventory are brisk and your client is looking at single family homes, condo data doesn’t mean much to the client.

Regulations & Policies

It’s also a great idea to update yourself on construction and development trends and Government Policies and Regulations. This last is a big issue in many areas right now with AirBNBs.

Community Input

We wanted to share a couple of responses from our community to that original question about keeping the market moving. Many thanks to those who took a few minutes to answer and we are hoping you have some new ideas or inspiration, or even a reminder of what is critically important in your business to keep sales moving.  

“Ask them: ‘how would you picture yourselves living in this home?’ Don’t say another word; let them answer. If you know they really like the property but are undecided: ‘I understand this is a major life decision for you. I have seen this work for many of my clients in the past. Take the next 24 hours and imagine you have purchased this home and are now living in the home. It is like taking a car home from a dealer to drive it and see if you like it. I will call you tomorrow and see how you feel. If you’re uncomfortable, we will keep looking. If you enjoy the experience of living there in your mind, let’s discuss the next steps.”

“We’ve pivoted to identifying clients with significant life changes that warrant a move – divorce, death, transfers, marriages, babies, etc.”

Knowing more about your market is essential. When you put that data into your own words, it’s magical. DON’T stop there though! Get your words on YouTube and the rest of your social channels. Be the expert YOU know you are. 

Looking for a business consultation? Drop me a note and we’d be happy to spend some time with you.