Episode 67: What You Need To Know About Working With Buyers During A Changing Market.

 

Today on The Epic Agent Success Podcast, Jerry and Jacobe are talking about buyers. What is happening with the crazy market? What are  buyers saying now? Knowing that buyer demand is down, how do you get them off the fence? Tune in for all the important details.

 

Episode Highlights:

• What is the rollercoaster of emotions that real estate agents have been on the last couple of years with COVID, rates, etc?
• Jerry talks about how it was a rough spring and summer for buyers as he would have clients go out every weekend and help them write offers over list, waiving contingencies, etc.
• Jacobe says, “I think buyer demand went to the basement here.”
• How are you going to pivot and make it work? 
• Jerry talks about how the booming business with low rates and everybody buying had a lot of downfalls too. 
• Jacobe talks about the unique circumstances in his market that he hasn’t seen before. 
• Sellers for a while were not required to do anything to sell. Now it is time to do the things required and make sure you price it right.
• From the public’s perspective, all you are seeing is a lot of price reductions and then hearing the media saying there will be a market crash. Jacobe warns that then you are not really getting the full picture then.
• How is it going for wholesalers?
• FHA buyers are coming back around along with first time buyers and  those who couldn’t compete in the housing market earlier in the year.
• Rent rates are way up which is forcing people to be buyers in Jerry’s market.
• Jacobe says agents are telling him that many people are holding off for rates to come down but Jerry says in his market rates are not even a conversation.
•  Jacobe asks Jerry where he is finding the leads for the buyers that are motivated even without this market changing.
• What type of buyers are now staying put? 
• Jacobe talks about how they are trying to counsel younger, inexperienced buyers.
• Could now still be a good time to buy because of less competition?
• What is the 2-1 buydown?
• Jerry talks about the strategy he likes right now. He says, “As agents, we have to do our work and know what options we can give these buyers.” 
• Jacobe talks about the real conversations that should be had with buyers so that they can make the best informed decisions. 
• What about referrals? Where is the value that you can bring specifically to the buying/selling process right now?
• Jerry talks about their VIP buyer advantage program.
• What do you say to everyone who is hearing and saying that it is a terrible time to buy?
• How does Social Media impact leads? Jerry talks about how being on TikTok has given him conversations with younger buyers that need help.
• Jacobe shares a story about a lead that came through YouTube and was ready to make an offer after a video walk through.
• There are buyers it is just different than what most agents have been used to.
• What about working with investors?

 

3 Key Points: 

1. Over the last couple of years, there has been a roller coaster in real estate from challenges with COVID to low interest rates with huge influx of buyers to now a market that is quickly shifting again. 
2. How is the buyer demand doing across different markets? Jerry and Jacobe discuss how the type of buyers has changed. 
3. What are the pros and cons of the current market? What are the pros for buyers now and how does it affect your real estate business personally? Jacobe points out that competition for buying is down and high rental rates are another driving force for clients.

Resources Mentioned:

• https://www.facebook.com/groups/444333123042225
• https://www.facebook.com/jacobe.kendrick
• https://www.facebook.com/jerry.weaver.165