In order to build lasting relationships with clients, they need to know that you are a professional they can trust. One great way to achieve this is by sharing your knowledge of the real estate market!
Keeping clients informed accomplishes a few critical things. For starters, you are providing helpful information that will inform clients’ real estate decisions — this is especially significant among millennial and first-time buyers.
At the same time, you’re also developing a foundation of trust with that client while establishing yourself as an expert in your field. Next time that client needs an agent for themselves or their friends and family, you will be the first person they call!
With so much data out there, knowing exactly what to share can be tricky. You don’t want to overwhelm the client, but you also don’t want to provide data that really doesn’t impact them. Keep it simple by sharing these five key data points — and their context — with your clients.
- Inventory Levels — This statistic gives your clients an idea of how many homes are actually out there, and whether it’s a seller’s or buyer’s market. Currently, the market favors sellers, since inventory is low and demand outweighs supply. Share this with your clients and explain what this real estate market means in relation to their journey.
- Home Prices — These days, prices are at record highs, and they just keep going up thanks to a shortage of inventory and high buyer demand. Once new homes hit the market, prices will begin to level off. Your buyers should be prepared to adjust their budget and expectations according to median home prices and real estate trends in your area.
- Days on the Market — Houses are flying off the shelves these days, and buyers in this market must be prepared to compete. With this quick turnaround, they aren’t necessarily going to get the first home they view. Sellers should remember that despite how quickly homes are disappearing, an overpriced property will take longer to sell.
- Home Offers — Home offers indicate how competitive the marketplace is. Multiple offers are the current new normal, giving buyers less flexibility when they put in a bid. Your buyers should be prepared to waive contingencies, forfeit earnest money and offer above asking price in order to secure a home.
- Buyers Search — While things are quick for sellers, buyers have a longer road ahead in this competitive environment. It is unlikely that they will score the first house they visit, and they will have to remain persistent. This should be easy with a great real estate agent by their side!
In this competitive, unique real estate market, it is crucial that your buyers and sellers are informed on the current conditions. Buffini & Company Referral Maker® PRO real estate marketing kit can help make that happen. This membership grants access to well-researched, professionally designed reports, infographics and value-add flyers that educate agent’s clients on the real estate market and trends.