Oh no, the real estate market’s shifting! Is it a “bubble” about to pop? Will prices come crashing down? How much higher will mortgage rates go? Will they come down again? Is it a buyers’ market, or are sellers still in the driver seat?
All of that may sound custom tailored to the current market, but those are concerns homeowners, buyers, and agents alike all ponder on a recurring basis. The real estate market is constantly changing, and every few years it goes through a fairly significant shift.
Successful agents who stand the test of time don’t rely on a “hot” market or favorable headlines about real estate. They know times can get tough, and the market is never absolutely ideal for every potential buyer, seller, or homeowner. But it’s always a good market for some people to buy or sell a house, and they’re able to keep calm and carry on with business as usual no matter what’s going on. And that’s exactly the type of agent you want to be when the real estate market is shifting…
Let’s look at 5 signs that you have been around to see some serious shift in the market, and know how to handle it:
1. They are calm
Whether the market is heating up and fast-paced, or slower than a snail in snow, an agent who’s been through a shift or two knows how to stay calm. Whether it’s just something they’re naturally good at doing, or it takes some daily meditation—or a few glasses of wine at the end of the day—you won’t see them lose their calm.
2. They don’t get discouraged (or let their clients get discouraged)
Disappointment and frustration is something buyers, sellers, and agents may experience in any market, but when it’s in the middle of shifting it can be a little more common as things are changing. While some buyers, sellers, and agents let it get the best of them, an agent who’s been there and done that a time or two before knows how to keep themselves—and their clients—focused and encouraged when shift happens.
3. They manage expectations
People get used to how things were in life and base their expectations on what’s happened in the past. So when the market is shifting from a hot sellers’ market, where a homeowner could list their house and it would be sold in a matter of days for above asking price, it’s natural for them to hope for and expect that to happen for them. Or, when it’s shifting from a buyers’ market, it can be difficult for a buyer to come to terms with having to offer over asking, knowing that other buyers were recently negotiating money off the price. An agent who’s familiar with shifting markets will help you know what to expect, and not expect, as the market shifts.
4. They’re still doing what they do on a daily basis
While the tempo of the market might change from fast-paced to slower, or vice versa, an agent who survives through shifting markets knows that they need to maintain daily routines. Being an agent isn’t just showing some houses, or sticking a sign on the lawn of a new listing and waiting for offers to roll in. There’s a lot of marketing, follow-up, appointments with inspectors, and administrative tasks they need to do on a daily basis no matter what the market’s doing.
5. They aren’t looking for a new career
Real estate can look and sound super appealing when the market’s “hot”—which leads to a lot of people getting their real estate license. Getting the license is the easy part. Succeeding and surviving in any market is the hard part. Agents who come into the business because it looks fun, exciting, and easy soon find out that it is both fun and exciting…but not easy! So, when the market shifts gears, many agents shift gears and find themselves a new line of work. But not an agent who’s been through some serious shift before and knows how to handle it; they could never give up on their career, or the clients that rely on them no matter what the market is doing!