October 27, 2022

Top Listing Agent Traits For The New Market Part 1: Presenting The 5 Economic Indicators Of The New Market

33 minutes

In today’s episode of the podcast, we’re talking about one of the most important topics for listing agents in today’s market - the conversations we need to be having with sellers right now. As agents, we might be well aware that the market we’re operating is different to what it was earlier this year, but sellers don’t know specifically what’s happening.

We can’t just tell them that things have changed - that’s what average agents are doing. Our conversations have to be specific and granular in order to paint an accurate picture of the market, set them up for success and set us apart from the rest.

Any agent can pull the comps of the market and share them with the seller - what’s really needed is the market data that will help them make an informed decision for themselves. In this episode of the podcast, Jeff shares how to present the data, and why this will give you the leg up against your competitors.

We also discussed:

How to demonstrate your expertise

The key indicators of how the market is actually doing

The timing analysis (with a twist) to empower clients with information that drives action

What sellers aren’t fully buying into the idea that something has changed

Quotes

The number 1 thing we’re missing in our conversations and dialogues with sellers is the specifics of what’s happening. -Jeff Glover

In a softer market, more listings are won and lost based on how well you help them understand their home’s value. -Jeff Glover

Key Points

5 economic indicators we should be tracking daily

Showing activity slowing

New listings rising

Price reductions increasing

Expired listings increasing

New purchase loan applications last year vs. this year

Prepare for a slower transaction process

Once you have a listing inventory, and it’s not selling, you’ll have a customer service issue fielding all their complaints and concerns. That’s why it’s so important to prepare the seller for the fact that the market has softened, and that a home won’t sell as soon as it lists anymore.

Take action sooner than later

The market data hasn’t actually caught up with what’s taking place, we won’t see the price reductions in the moment, but rather when those homes close later. Price reductions will show up as solds at a later date, and we need to be able to demonstrate this in our numbers. If they are asking about doing home renovations before listing, they only have about 2 weeks to do it. If they can’t do it in that timeframe, it’s better to get the home on the market now before the numbers change again.

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