In this video we will share a few tips for helping your
clients make informed decisions amidst a market shift.
How do I explain the market shift to senior clients?
As real estate agents, we all instinctively know that it’s our job to educate clients concerning the market when we are consulting them on buying and/or selling. So, what can make it such a challenge to convey the market conditions to longtime homeowners and more mature sellers?
Personal History
Most people, when buying or selling, have only their own experiences as points of reference. As an agent, you have more data because you live and breathe real estate and are “in it” each and every day. Your clients, on the other hand, only have their experiences – these are often few and far between.
If your client bought the home they are now selling over 25 or 30 years ago, the market has shifted many times during that period. Most likely these shifts didn’t affect them. The only market conditions they are paying attention to are the one you are in now and the most recent one. Hence…the need to explain the shift.
Here are a few things to keep in mind as you help mature clients contemplate how they will move forward with a home sale or purchase:
- Ask them how confident they feel about their knowledge of how home values are determined in the current market. Evaluate their knowledge and their level of confidence, but be careful not to assume they know as much as they think they know.
- Ask for permission to go over the basics – just to “ensure we are all on the same page.”
- Simplify your reports. Rather than using an elaborate system generated report, provide a summary that is easy to explain and understand (for someone not accustomed to MLS language and abbreviations).
- Leave with them any reports, notes, and explanations in writing. If you are worried other agents might “see your stuff,” it’s time to get over that! Older adult clients often need time to review and consider what they have been told – they will benefit AND appreciate the information you leave behind.
- Provide options. Share the pro’s and con’s of various scenarios.
- Prepare them for possible future adjustments. If the market is shifting from a seller’s market to a buyer’s market, they may struggle to understand why the pricing is different from their neighbor who sold 6 months ago. Help them understand how price adjustments work and when to expect to have that conversation should they move forward.
- Follow up. Chances are, they will want to “think it over” and probably consult with their kids, friend, financial advisor, or other trusted resource. Affirm this decision and assure them you are willing to meet with whomever they deem necessary, should they want to include anyone else. Establish a timeframe to follow up based on the time they think they may need to evaluate what you have said.
- Do what you say! If you tell them you will call them in 48 hours or a week, make sure you follow through. If you forget about them, they will likely forget about you too. Your word is more important than anything else you do, say, or provide.
The fact is, this list really shouldn’t be any different from how you approach ALL clients. Some people need more information and some will need less. That said, everyone wants an agent who is professional and who caters to their unique needs and goals.
Are You Ready to learn?
If you are new to the mature market and eager to
learn how to best serve the unique and often complex needs of
longtime homeowners, join us for Success in Seniors Real Estate courses.
Success in Seniors Real Estate Part 1 covers how to best serve the mature market segment. Part 2 covers how to grow a niche centered on the mature market, and part 3 is the blueprint for taking step by step systematic and purposeful action!