In my local market (Calgary), we are experiencing the lowest inventory levels since 2006, with absorption rates well over 100% (less than a single month of inventory) in many segments.<\/p>\n\n\n\n
This means every decent property listed at a reasonable price gets snapped up, often well over asking, which can obviously be super frustrating for buyers.<\/p>\n\n\n\n
(If your local market is different, please read on anyway. The underlying message here is about improving communication, regardless of market conditions.)<\/p>\n\n\n\n
Recently, after a showing, one of my newer buyer clients told me, \u201cHey, we\u2019ve been thinking. We\u2019re not in a hurry, so we\u2019re going to back off for a while and wait for the market conditions to cool down, and then we\u2019ll get back at it.\u201d <\/p>\n\n\n\n
Oh, oh. Time for a talk! I suggested we stop at a nearby coffee shop for a quick chat, and they agreed. The following is, in essence, what I told them:<\/p>\n\n\n\n
1. \u201cI completely understand how you feel. This is highly stressful for everyone, and sometimes it must feel impossible to succeed.<\/p>\n\n\n\n
2. However, by the time the market cools down, prices may have gone up 10% or more, so if you back off now, you will have completely missed out on this gain! <\/p>\n\n\n\n
(These clients were looking around the $500,000 range, so I put it into numbers – $50,000 – which is more impactful.) So rather than missing out on a $50,000 gain, consider doing this instead:<\/p>\n\n\n\n
3. Accept the situation. It is what it is, and you (or I) can\u2019t change it.<\/p>\n\n\n\n
4. Think about viewing properties as \u201cdoing your homework.\u201d You need to see properties to get a feel for the market and be confident to act when the right opportunity presents itself. This will give you a significant advantage over competing buyers. Believe me, the clients who have done their homework are always the winners in a competing offer scenario.<\/p>\n\n\n\n
5. Know this: Viewing properties is my favourite part of my job BY FAR, so please NEVER worry about \u201cwasting my time!\u201d (This is 100% true.) Even if we know you\u2019re just doing your homework and you\u2019re definitely not going to write, this is all part of the process, and I\u2019m absolutely fine with it!<\/p>\n\n\n\n
6. Keep an eye out for every property that pops up on your search, and if it looks good, let\u2019s book a showing ASAP. Time is of the essence, and the early bird often catches the worm. So if it\u2019s a good property offering good value (I\u2019ll be able to tell you), let\u2019s go ahead and submit an offer! You probably have little to no leverage in negotiating a better price on the first day on the market, but it\u2019s better to pay the full price today rather than 5% over tomorrow. <\/p>\n\n\n\n
Of course, this depends on how well-priced the property is, which is all the more reason to do your homework. <\/p>\n\n\n\n
7. If you miss out on one (or two or three), try not to despair! I\u2019ve had numerous occurrences this year where we\u2019ve successfully got a great property after a few tries. <\/p>\n\n\n\n
In summary, be both diligent and calm!<\/strong><\/p>\n\n\n\n Don\u2019t give up, but don\u2019t stress yourself out, either. Hey, I can handle the stress for both of us. I\u2019ve done this a thousand times.<\/p>\n\n\n\n And remember, I \u2764\ufe0f looking at properties. So call me. Please!\u201d<\/p>\n\n\n\n That\u2019s the essence of what I told them, and by the end, they were right back on board, and I\u2019m sure we\u2019ll find them a good property soon.<\/p>\n\n\n\n Think about it this way: If your clients are thinking the wrong way (to their own detriment), it\u2019s probably your fault. They need better guidance. Maybe it\u2019s time to take them out for a coffee and a talk!<\/p>\n","protected":false},"excerpt":{"rendered":" In my local market (Calgary), we are experiencing the lowest inventory levels since 2006, with absorption rates well over 100% (less than a single month of inventory) in many segments. This means every decent property listed at a reasonable price gets snapped up, often well over asking, which can obviously be super frustrating for buyers. […]<\/p>\n","protected":false},"author":1,"featured_media":337,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[],"class_list":["post-336","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-7-communication-styles"],"_links":{"self":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/posts\/336","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=336"}],"version-history":[{"count":0,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/posts\/336\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=\/wp\/v2\/media\/337"}],"wp:attachment":[{"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=336"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=336"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/agentskills2.dvsrvr.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=336"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}