What changes do you need to make in seller & buyer communication when the market starts to shift?
This question is starting to come up in our coaching calls. Some markets are softening. Some price ranges are softening. Some areas are seeing “seasonal” changes. (And for sure many markets are still hot & heavy).
One of the benefits of coaching with a company where the coaches average more than 13 years of real estate operations experience is that we’ve been down this road before. Here are our tips. (The tips actually apply whether the market is changing or not. They’re just good business practices that become even more vital when things start to change!)
TIPS FOR COMMUNICATION IN A SHIFTING MARKET:
Shifting markets require additional layers of communication. Within your team, with your clients, and with your vendors & affiliates. Tweak all your systems to add more communication! The general concepts are twofold:
- “Underpromise, Overdeliver, Overcommunicate”
- “Tell them what you will do. Do more. Tell them what you did.”
Examples:
- Script the listing appt and welcome emails/calls to include telling clients how and when you will communicate. Then communicate more frequently than you tell them. Set expectations, then exceed them. (Example: Tell them you will send a market update every other week, then send one weekly. Tell them you will call with an update every Friday, then call Tuesdays and Fridays.)
- Send regular CMAs. (Bullet point highlights for High D’s)
- Follow up and communicate about all showings and feedback as they happen, plus a weekly recap summary. (Put yourself in the Seller’s shoes. When someone shows your house, you get really excited, hopeful and nervous and you want to know the outcome immediately!)
- Communicate in multiple ways: snail mail, email, text, call, drop by. Send the same information in multiple fashions. Be sure you communicate with each client the way THEY want to be communicated with. (Ask them on your intake form how they’d like to hear from you,)
- Educate the client so expectations are clear. Educate them so much that if a price change is needed, they ask you for it instead of you asking them.
- Expectations of sellers often lag the market. Or are based on National news vs local news. Make sure you adjust listing presentation scripts to adjust for that. Same things with Buyer Consultations. Go over LOCAL stats of the neighborhoods they are looking in and show them how they compare to what they might be hearing in the news.
- If your market is shifting fast, write something into your listing agreements about price changes. You can write it “softly” to prepare the Seller that a price change may be necessary. (Example” Seller agrees to consult with Listing Agent about a price improvement after 10 days on market or 10 showings.”)
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