Real Estate is Really Hot Right Now! But is it a Good Busy?
Ask anyone in real estate these days “How is the real estate market?”…everyone says “It’s real busy” or “It’s hot!” But is it a good busy? Are you making money or unproductively just spinning your wheels wasting gas? Is the way we conduct our own business the source of the problem? Can we increase the quality of our own lives by implementing a few changes? Seasoned and experienced real estate agents are sharing that there are too few quality listings to show, too many agents to compete against, buyers that are not loyal, buyers fail to get a loan, and multiple offers on mediocre homes that in the end do not appraise can be a real dilemma for all. I concur with that assessment. Busy work is not always productive work. Being busy all hours of the day does not necessarily put money in your pocket or pay your bills. It may indicate that we are the source of the problem. So how can we turn it around?
The first thing we all have to do is make a decision to change those things we have control over. That means no exceptions to the rule. Making that decision means that we will change our own behavior and poor business practices forever. Today will be that new day, and each day forward we repeat the same commitment to these new business practices. We can all come up with a list of lines in the sand we will not cross. The key is to implement it.
A Few Suggestions for to Recoup Some Quality Time:
- Determine if the potential buyer or seller is already working with an agent.
- All buyers must be pre-approved for a loan amount for the type of home they intend to buy.
- Buyers should be warned upfront not come in with super low offers in a really hot market. It is a total waste of everyone’s time. It will only insure the seller will remain firm on their price.
- Buyers need to be educated to the fact they will be competing against multiple offers, and their offer needs to stand out of the pack.
- Buyers should understand that in the real world the home they are buying may still need some work and updating.
- Buyers must sign a buyer agency agreement before they are shown homes.
- Do the buyers have to sell before they can buy a home?
- Home buyers need to understand not every home will have granite countertops and stainless appliances.
- Sellers should be given the facts about homes not appraising.
- Homes need to be prepped, repaired and cleaned before they go on market.
- Pricing a home to sell is still key!
- Home staging does not mean sellers can be grossly overpriced.
- Do not spend hours of your time on the phone to someone that will not commit to work with you.
- Determine the seller’s motivation for selling a home.
- Painting a home and cleaning a home before listing is vital.
- Homes should not go on the market with an idle promise of a seller they will do the work shortly.
- Never, ever list a home when the seller says let’s try this higher price for a few weeks then we will lower.
- Define the hours that you are available for work by setting boundaries on your time.
- Refuse to work with abusive clients or customers.
- Never accept empty promises from anyone. All contract changes and amendments must be in writing.
The thing to remember is “TIME=MONEY!” We are not a free information resource. We are not dogs begging for a treat. Remember we have the power to say “No!”. If persons do not want to listen or follow our advice, pay the commission that we require for our services…the word we should think of is “NEXT!” Fire them! Send them to the competition to waste their time. You can even give those hard to deal with people the contact information of your competitors. Let them deal with them. After all, your new life will have less stress, more free time to pursue quality business. If we waste our day on working an unqualified loser we will be too tired to work the really good deal when they call. The choice for quality of life is always ours. We just have to stick to our goals.
James Crawford ABR, Broker Associate
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