Steadily rising property values over the past decade have made real estate markets all over the country favor sellers, meaning sellers’ agents have had plenty to do.
As interest rates rise and demand decreases, inventory is beginning to sit on the market in certain areas for longer than before. What does this mean for real estate agents? Creative tactics and extra efforts may be needed to price a home competitively and sell successfully. Additionally, homeowners must express proper expectations when selling a property regarding the timeline and market conditions.
To help keep clients happy as the market changes, here are several reliable tips for sellers’ agents.
Explore Creative Marketing Tactics
Sellers want to see results when selecting a real estate agent to list their property with. If real estate values decrease, agents may need to try different avenues for selling a property. There is a buyer out there for every house; you just need to find them. Exploring creative marketing tactics can help get the right eyeballs on the property and ultimately help find a buyer.
For example, have you ever considered taking an ariel drone video of your property to help sell it? While not every property is the right fit for this creative marketing tactic, it can help showcase the outside space of a home. Is the home you’re trying to sell on a larger lot? Filming a drone video can help showcase the size and depth of a property. This can help buyers can a good picture of what they will be buying.
Additionally, homebuyers shop online now more than ever before. You can combine a drone video with other creative marketing tactics, such as a 3D virtual tour of the interior of a home to help find the perfect buyer.
Track Your Progress
Unfortunately, many of our efforts go on behind the scenes for real estate agents. We can develop a full-blown marketing campaign to sell a home without the seller being aware of the actual process. How does this change when the market goes down?
Sellers will need to know that you are working hard to help them sell their houses. Although not all sellers want to be fully informed or involved in the process, some would experience peace of mind by tracking the progress of your work.
This is especially helpful if a property is sitting on the market for weeks (or months). When doubt creeps in, sellers need assurance and proof that progress is happening.
Progress doesn’t always have to mean accepting an offer. It can mean that you’ve successfully deployed new marketing materials to a new potential group of buyers. As sellers continue to witness your efforts to sell their homes, they will hopefully understand that you are trying your best. Sometimes, the market goes in the direction it wants to, and we cannot do much about it.
Educate Them on the Market
Fortunately, Nashville real estate values continue to increase despite the latest housing trends. That is not the case for every market around the country. Real estate markets on the West Coast show signs of real estate value plateaus. Places on the east coast, like Pennsylvania, are also facing challenges.
Homeowners across the country are starting to wonder how to sell a house during a down market. As much as we wish we could, no one can control the market. When turbulent times enter the real estate industry, agents must educate the people they work with.
After trying creative marketing tactics and showing sellers your progress, it’s essential to let them know how the market is doing along the way. If, after all your efforts, the property is still sitting on the marketing, you’ll need to explain to them why. It could be a mix of the market going down, the listing price being too high, or both.
Compare recently sold properties in the area to theirs to showcase where the market is at. This will help sellers understand why their property hasn’t sold yet. Education helps reassure sellers that you are doing all you can to help them sell their houses.
Fighting the Good Fight
Selling a house is not always easy. Real estate agents are required to do more to help someone successfully sell their house every time the market changes. Becoming an experienced real estate agent requires constant market research and analysis. When the market shifts, be an agent that clients know they can trust no matter what.
The Ashton Real Estate Group of RE/MAX Advantage
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