On today's episode, Matt and Garrett sit down to discuss an upcoming shift in the marketplace that they've been noticing, and how agents across the country can prepare themselves for a possible change. As we start to see showings and multiple offers slowing down, it seems the markets may be gradually cooling off. While some may wonder if we're returning to "normal," Garrett explains that there really is no such thing in real estate, with different variables always creating a unique marketplace that we never see twice. Because the market is always shifting, we need to be aware of what's going on and be able to adapt to change at any given time.
Our hosts explain that while it's still too early to predict exactly how this "constipated marketplace" will play out, sales are still very much happening and there is still ample opportunity for growth. They talk about setting realistic expectations for your buyers and sellers, asking them the right questions, and using this information to guide your clients through any marketplace. Matt also encourages us to keep our eyes open and look at the available data to strategize for success with our clients, and to use this time to slow down, reevaluate our processes, and remember that the need for real estate changes will never go away. As long as you make sure to stay educated and prepared, you will be able to handle anything as we move forward in the coming months. And Matt and Garrett will be here to walk us through it all, no matter where the "new abnormal" takes us.
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Episode Highlights:
Quotes:
"The conversation is also coming up - are we going back to more of a 'normal market'? Are we shifting back a different direction here that we used to be in? And I thought it was interesting, Larry had brought it up yesterday that we're in the 'new abnormal' is what he's calling it. And I think we're going to continue to be in the 'new abnormal' for a long time."
"If you look at every market we've ever been in, I've never seen the same marketplace in 20 years that I've been around real estate."
"There's always different variables, there's always something going on, that makes it a unique marketplace."
"With any business in any community, we need to always be looking around and saying, What is the current market that I'm dealing with right now?"
"My dad used to say, Those who resist change are perfectly adapted to a world that no longer exists anymore."
"The marketplace is constipated right now."
"Sales are still happening. It's not that sales have slowed down. And I think that's where you can get confused is - Maybe showings have slowed down. Maybe the multiple offers have slowed down for certain properties, but they're still happening for certain properties. There are still properties getting over asking. We're just starting to see some properties sit on the market, instead of a few hours, it's maybe a couple of weeks. And maybe there's a price reduction happening here or there."
"You've got to continue to ask questions. The processes that are in place force you to ask questions. They force you to slow down, and with the information that you gather, you can guide somebody in any marketplace."
"A lot of people had a lot of confusion coming out of where we've just been. And they're stuck and frustrated on, How do you move forward? Which makes people back away. Confusion makes people not be able to make decisions. Questions, though, clear confusion."
"People are going to still get married, they're still going to get divorced, they're still going to have babies, they're still going to lose jobs, and they're still going to get new jobs. This stuff doesn't stop. But they need to know a path on how to navigate through that, and that's where - everybody who's listening right now, needs to get their focus on over the next couple months."
"You can't blame the market for anything."
"The number one thing that I kept telling people was go back to the list of change, stay in flow with your people. And you're going to find people in here, that no matter what the marketplace is doing, no matter what is going on, they need help. They need help moving from point A to point B, because that is how our world works. And that's never going to stop."
"Keep your eyes open, ask questions, and don't assume that you know exactly what's going to go on. Use data, use information, use what people are saying in response to your questions to help strategize with your clients."
"You need to be extremely educated on what's happening with real estate in your marketplace."
"What a great time to be in a position if you're like, I'm thinking about selling my house. The opportunities that are around that right now, if you are potentially a seller, are massive. The equity that people are sitting on is absolutely incredible. It's life changing equity."
"Keep your eyes open, ask questions of your clients. And you're going to handle this just fine."
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