5 Ways The Real Estate Market Has Changed
Back in the day, if you wanted to buy or sell a property you’d pull out one of the many notepads or fridge magnets you had lying around the house and dialed the number of an advertised real estate agent. Today, through the advancement in technology there is a lot more convenience and access to information on both sides of the transaction. Here are five key ways the real estate marketplace has changed so that you may better understand how these changes may impact you in helping a client list or purchase a home.
Buyers and Sellers Have More Access to Information
There’s no going back: today’s consumer does significant research online before making a purchase, especially one that is as important as purchasing a home. They can use websites like REALTOR.ca instead of driving up and down streets looking for “For Sale” signs. Instead of starting on a foot where your client knows more about which properties they are interested in than you do, try increasing your digital marking now more than ever. While the traditional methods of knocking on doors or “Just Listed” postcards still catch people’s attention, having a strong social media presence on a variety of platforms will create trust and interest amongst potential clients. This way, the information they are getting from the internet could very well be from you and you will be their access to information!
Real Estate Professionals Are More Accessible
Remind your clients that just as they can easily get mountains of information at the drop of a hat while surfing online, they can also do the same with you. Gone are the days where an agent could only be reached during office hours. Remind them that you can be contacted by email, through any of your social media platforms, and have a cell phone number that goes directly to you so that they don’t need to jump through hoops finding the right extension to dial at your office. Letting a client know that you can provide any guidance or advice they need to get a quick response will reassure them that you are dedicated to them.
Commerce is Conducted Electronically
A client may easily feel daunted with how long paperwork takes, and they might not have the time to drive to and from banks and properties to sign what they need to sign. To make the purchasing or selling process as smooth as possible, ensure that most of your commerce is done electronically. Contracts can be signed with electronic signatures, money can be transferred electronically and offers can be submitted via email. This makes your life faster and easier, but most importantly, it takes a significant load off your client’s mind.
Real Estate Professionals Can Offer Specialized Service
Because so much information is now available online for people interested in buying and selling property there isn’t much room to be just a general real estate agent. That may have worked twenty years ago when people were just looking for somebody local, but nowadays you can build an online presence that meets the needs of your clients. Many clients are looking for a lifestyle in addition to a wonderful home or investment opportunity. You can specialize in specific neighbourhoods, demographics, and you will need to constantly be doing research on local amenities and what stores or restaurants are trending in that area. Others will want to know about up-and-coming neighbourhoods that fit their budget, so you can specialize in that service instead. There are plenty of ways to be a client’s go-to guru, find what works for you and lean into that!
Rising List Prices
We are living in a healthy and happy economic period. This means that prices are increasing on Windsor properties. Be prepared for multiple offers and tough competition – but more importantly, teach your client to be prepared for these instances. Windsor’s real estate market is usually high in demand and low in inventory, so remember what your client’s requirements are and make sure that you always respect that when selling their property or finding the right property for them.
I hope these tips not only let you get a sense of how the market has changed, but how you can change with the market.
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Ian R. Baird
Royal LePage Binder Real Estate