Agents all over the nation are used to this scenario by now: they receive a phone call or lead from a motivated buyer. This buyer wants to buy a home, and fast. The client gives a list of what they're looking for and a budget and the agent's heart sinks. They already know that there is little to nothing available for sale right now because of the alarmingly low inventory.
So, what's an agent to do?
Sphere of Control
The reality of the situation is that agents, and people in general, can only control what's in their sphere of control or influence. Both good and bad; that list is pretty limited. Agents can control how they approach buyers during a tight market. They can also control their attitude and work ethic in the face of the seemingly impossible. But, they cannot control the inventory of homes in America right now. Especially in sought after cities.
Starting from square one with your clients, be sure to openly communicate with them the realistic and true scope of the inventory situation. Show them the homes that pop up in their budget, in their desired area. Show them what adjusting some search criteria can do and not do. Whatever you do, don't give them false hope or tell them this will be a quick process.
If a home pops up and your buyers are able to cinch the deal quickly - great! But, the likelihood is smaller and smaller and as inventory decreases and bidding wars increase.
As an agent, you don't want to be negative, of course. And, that's not what we're saying - you just don't want to set your clients up for failure and disappointment and risk it hurting your reputation as a competent agent.
Positivity and Perseverance
Maintaining a positive attitude and working hard is the name of the game in real estate. Agents need to be vigilant with their MLS searches and keeping their ear to the ground on homes before they hit the market. That's going to be the best way to get their buyers into homes with as little hassle as possible.
Agents also need to be on top of their clients when it comes to preparing ahead of time as much as possible. Make sure your clients are prequalified and their paperwork, funds, etc. are ready to go so that when a home does pop up - you can submit an offer ASAP.
Positivity and perseverance in the face of low inventory may feel impossible sometimes, but it's the best way to ensure you get the best outcome for your clients and yourself.
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