Welcome back to Brilliant Talks, our free coaching program for real estate agents that are offered each week. In today's session, we will discuss one of the most important topics in the real estate industry: what the current market is doing. 

We'll talk about the market's state right now, where it is, and where it's going in this session. How it's affecting real estate agents, as well as the strategies and tactics that will help us stay ahead of the curve. 

Additionally, we will discuss the recent Social Con event and what insights we gained from it, as well as the plans for implementing these lessons into social media strategies moving forward. 

With so much uncertainty in the market, it's important to stay up-to-date on the latest trends and be prepared to adapt to the changing market. Whether you are a seasoned veteran or just starting out in the industry, we are surely giving you a lot of valuable information that will help you navigate the current market with confidence. 

So let's dive in and explore what's working, what's not, and what's ahead of us for the next few months.

Zillow Housing Data

This is a great article that provides up-to-date data on various aspects of the housing market, including home values, rental prices, housing inventory, and home sales. It offers a valuable resource for real estate professionals to gather insights and stay informed about trends and statistics in the industry. It's definitely worth checking out! (link here)

The Market

In order to give our clients the best service possible, it is crucial for real estate agents to stay abreast of the market's changes. Here are a few of the things we are hearing:

1. Wait-and-See Approach

   - Many people are feeling cautious when they are uncertain about the state of the market. That’s why it is understandable that many of our clients may feel more comfortable holding off on their plans, taking a back seat, and observing the market from a distance.

2. Further down -

   Many people fear that the market is about to crash.  Particularly in uncertain times, when worries about the economy, the recession, and international political tensions are all factors at play that are out of their control. 

We improve our chances of success and connect with the right people to conduct business with by engaging in more conversation and favoring those who are more prepared to buy or sell. Of course, this is easier said than done, and to successfully navigate the market, you need a certain level of expertise. So we should always stay informed and never stop learning. 

What’s Happening?

When it comes to discussing the market with others and helping them understand what's really happening, it's important to approach the conversation in a way that is both informative and engaging. 

• Present data-driven facts

It's natural for people to be skeptical when it comes to the market and their investments, especially when they are unsure of who they are speaking with and whether that person has their best interests in mind. To help them better understand the current state of the market, it's important to provide them with facts from credible sources such as outside experts, reputable news outlets, or authoritative authors who can provide factual evidence and data that contradicts their current assumptions. By presenting information in this way, you can help them see the bigger picture and make more informed decisions about their investments.

• Owning vs Renting

Helping people understand the value of owning a property can be a more financially beneficial choice compared to renting. It is wiser to pay money toward their own property instead of someone else's. This allows them to build equity and ultimately accumulate wealth over time. In other words, putting money into their own pocket through equity building is more advantageous than paying rent and contributing to someone else's financial growth.

It is also important to approach them with an open mind and a willingness to listen to their concerns and fears. By acknowledging and understanding their worries, you can build trust with them and help them feel more comfortable and confident in the information you’re providing. But it's important to convey to them that we do not have the expertise of a data analyst or an economy expert and therefore cannot predict the future of the market. And no one can also predict that with certainty. Our job is not to persuade them to buy or sell real estate but rather to provide them with valuable information and resources for them to make informed decisions on their own. It's up to them to weigh the pros and cons and come to a conclusion that aligns with their personal goals and financial situation.

Real Estate News

One way we stay up-to-date on relevant real estate news is by making it a habit to search for real estate news on Google every morning. This helps us provide relevant and credible articles to our clients. Here are some reputable sources you can check:

• KCM
• Zillow Data
• Realtor.com News and Insights

Price Reduction

One way to approach price reductions is to treat the conversation as if you are going for the listing again. Even though you are asking the seller to lower their price, it is important to show them data to support your recommendation, such as the amount of time the property has been on the market, the number of showings, feedback received, and advertising costs, so you can show the seller the reality of the market's response to their asking price. By presenting this data objectively, you can make it clear that it's not on the property, on you, or on the seller. It’s the market's unwillingness to pay the current asking price. Providing them with this data can help the seller understand the need for a price reduction.

There’s Nothing to Buy

The lack of inventory is just a limiting belief because there are numerous alternatives to overcome this challenge. Such as calling expired listings, circle prospecting, knocking on doors, and just actively seeking out potential homes. By utilizing them, we often find suitable homes for our clients within a short period of time. The key is to focus on reaching out to the right people and proactively creating inventory that solely relies on existing listings. 

Talk to the Right People

You can connect with the right people by prospecting more. And by prospecting more, you also have a chance to get quality leads. However, when it comes to where and how you prospect, you should consider your personality and what works best for you. It could be through online leads, Google PPC, OJO, open houses, or expired listings. Utilizing these can help improve your lead generation.

Social Media

• Just post - Post it all because you will never know what will resonate with your audience. Holding back on not posting everything could prevent the opportunity for your content to go viral.  
• Consistency - It is by far the most important factor for achieving success on social media. By consistently posting content and engaging with your audience, you can build a stronger online presence and keep your brand top of mind.

Join us for the next session of Brilliant Talks. If you missed this episode, you can watch the coaching call replay on YouTube or listen to the podcast. 

Have an awesome day!