On today's episode, Matt and Garrett discuss a very timely topic that Garrett brought up, and it's all about home prices, where they've been, where they are now, and where they may be headed. There's a lot of looking to past valuations going on out there, and our hosts are here today to share that it's time to throw off the baggage of past home prices, come to terms with current value of homes, and use these current valuations to make decisions in your real estate practice.
Garrett kicks off the episode by telling a story of a client narrating a shocking valuation of a house in Seattle. He explains that home prices have drastically changed, and you need to let the baggage of how homes were priced in the past go and get with the times. Matt then describes the different perspectives of home pricing, laying out that as a guide, we should not confuse the home buyer with past valuations of homes. Together, they go on to offer a reminder of your fiduciary responsibility, caution about not breaching this responsibility by putting your need to be right about pricing ahead of the client's interest of purchasing or selling a home, and presenting information to your client objectively, detaching yourself from the outcome. Living in the past is not going to serve you well these days – it's time to rid yourself of that baggage, acknowledge where we're at now, and keep moving forward to further success.
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Episode Highlights:
Quotes:
"We do have to let the baggage of prior pricing and future pricing go so that we can work with what the pricing is today. What do we need to do to compete today?"
"We control the process; they control the decisions."
"A lot of times when we bring too much of our own stuff into it, we can get into that world of working in that decision side."
"I don't think we need to forget the history of what's happened with marketplaces, but when it comes down to me being a guide for the people in this market right now, that information is not useful anymore."
"You can negotiate better deals for your clients when you get rid of that baggage because you don't have a fog over your face."
"I'm going to help them get this house. We're going to position them into a situation where that's going to make sure that they can be successful moving forward."
"Staying detached from the outcome, acting as that guide, I think, is going to be the way to lay the foundation of staying out of that baggage mode and staying in the moment."
"Stay focused on what your clients are saying and listen to what they're saying about their qualifications and their comfort level because that will also help you be in a protection mode if you need to be as well."
"It's the subconscious stuff that comes out through little comments and little things that we kind of drop little easter eggs when having conversations with people."
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