Real Estate Economics: Key to Wowing Your Clients
In today’s market, all a person has to do is a quick Google search to find a real estate agent. It is more important to have good reviews online than just about anything else in your business.
So how you do become that real estate agent that people are breaking down the door to get a hold of?
You need to WOW them. Really WOW them. Give them the type of service and make their life so much easier that they want to tell everyone about it.
The Informed Buyer
Homebuyers are more informed than ever in the buying process due to the access to information, thanks to companies like Zillow and Realtor.com.
Every literate person can read what Zillow is telling them. But what isn’t it able to tell them?
That is where the realtor comes in. They are the one that is able to provide the expertise that will help a buyer walk away from a home buying experience with a smile on their face thinking, “Man, we got a great deal!”
A good real estate agent can read the reports and information about the current market.
A great agent can interpret and analyze data that the technology programs provide and use that to give valuable and insightful advice to their client.
The type of advice that Zillow can’t tell you.
Be the Expert
When you take the data provided to the public and use your experience and expertise to add valuable information to your buyers’ decisions, you have just started building a foundation of trust.
Home buying is often the biggest purchase a family will make, and people feel safer with an agent that they can trust.
The internet is flooded with websites that can do many things, but one thing that is difficult to automate is interpreting intention. Really listen to the buyers and understand what they want from a home.
Read between the lines with their needs.
Then use that information to help them make the best overall decision. Zillow can only look at the data that it has access to, not an individual families’ needs.
Where Can a Real Estate Agent stand out?
The economy can be one major area of focus. This is a great topic to get smart on, in order to provide valuable insight to your clients.
Information about current interest rates is knowledge that most homebuyers could manage to look up themselves, but to show your value, prove to the buyer that you can connect the dots. Look at both the large and small pictures using the information provided and give them insight from the data that they can’t read themselves from a website.
Collect all the facts and stand out by providing an educated opinion that can be backed up by numbers and data.
Many factors can influence a market, like technology and community, but what about macroeconomic variables?
Become an expert in everything you can think of that can affect home prices. What about student debt, urbanization, the aging workforce, oil prices, the GDP? And that is just to name a few.
Study data from economic reports from the NAR and understand major real estate syndications. There are both local and national publications that put out economic-related reports on this subject. Figure out how they compare and how they differ.
In addition, and maybe most importantly, what trends do they reveal?
Take Action to Add Value to Your Client
Isn’t that what it is all about? Why should a homebuyer hire you instead of doing the job themselves?
Because, they are not the expert. You are!
Even with all of the information that people have access to now, there is a very critical and unique role for the real estate agent to play.
By doing your research and being prepared, if a client asks you, “Is 2019 really the best year to buy my dream home?” You should be ready to provide an answer that is more than just a, “yes, of course.”
Blow their minds with your insightful understanding of the current economic trends and be able to provide concrete, legitimate answers to back up your opinion.
Work to become so familiar with the current data and trends that you can explain and predict patterns in the supply and demand chain.
Do this well and watch your client relax as they realize they are in the capable hands of an expert.