As the real estate market begins to see many faces, in not only London Ontario, but the entire country we real estate agents tend to feel the effects of this change.
For the Sellers Market we are facing in London Ontario and surrounding areas currently it can be very exciting. However, very concerning as well. Emotions run high when working with home buyers. Dealing with multiple offers that are driving prices and stress up. As well working professional to professional pressures can lead some to be less than tactful with one another when inventory is scarce.
For any scenario; in the high pressure game of real estate it is our responsibility as Realtors to work and practice with utmost professionalism.
Here are 4 Tips on How to Keep Cool in a Hot Real Estate Market
- Remember What You Already Know
Real estate is not a new game. It has been around for centuries and isn’t going anywhere any time soon. Nor will the everlasting truth that we will earn what we are worth. The industry has seen it’s ups and downs. What is happening now to shall pass. No matter what is going on in the market either for you as a professional or for the consumer you must always remember what you already know. You know how to be professional, courteous and to serve your clients to the best of your ability. You know where to find business and how to grow your success or you would never have made it this far. You may have to look at everything with a new eye and possibly a new goal but you can do it.
2. Do The Work in Advance
We know in a market such as this to expect to compete against other buyers for the same house. Some times quite a few of them. It’s best to prepare yourself and your clients from a ton of heartache and disappointment. The hard work put in beforehand will not only impress your clients but make the process of offering on property so much easier. The work I am referring to is, financing, inspection and anything you may have taken care of after finding the dream home and securing an offer on it. Get to know a mortgage broker you trust and put a plan in place where you can have little to no time for a financing condition. Better yet, PRE QUALIFY EVERY SINGLE BUYER YOU COME IN CONTACT WITH! Ask 10% more questions of them then you ever have before. This will help eliminate wasted time on viewings and even mortgage broker meetings should they “think” they are able to be approved. Gone are the days of winging it for sure. Not that you should ever have been anyway.
Prepare your clients well in advance what is actually happening in the market. Not what the media is saying. Speak with them regularly as in times like this every great uncle and third cousin and guy who knew a guy that bought in 1956 will have an opinion and when emotions run high these types of people can be detrimental to the success of a sale for you and your clients finally realizing their dream of home ownership.
And for your own personal sanity, communicate and stay in touch with other Realtors. You need a sounding board. Call your Broker or visit your office and talk to the people on the ground. How are they feeling? Offer support to them and get some support yourself. There is nothing better in stressful times than knowing you are not alone.
Last and most certainly NOT least
4. Be Ethical
Never let the pressures of the business or the examples of others allow you to stray away from what you were trained to do. There are a lot of bad habits out there, but the “If You Can’t Beat ’em Join ’em” adage DOES NOT APPLY. Yes, this can make things difficult at times but there is a solution to every problem and you can use what you know to get through it. In heated times, just take a step back and breath. Losing your composure will never work out in your favor even if it seems like it in the moment. Always remember that deals will come and go, but you will face these professionals again so working together is always the best option. This not only helps rise up our industry but shows the consumer that we are putting their needs first not that of our own ego, pride or pocket book.
Change in real estate, and in life is inevitable. It’s not the change that matters, it is how you react and adapt to it that does.
Until Next Time….