As agents in this ever-changing industry, we know market cycles are unpredictable. Recently, a past client reminded me of a clip I recorded in August 2022, and I thought it was worth revisiting. The message I shared then holds true today as we face similar conditions in the market.
Join me in Episode 113 of Coaching on the Go “Navigating Market Uncertainty: A Flashback to Timeless Strategies” to explore more about a topic that’s as timeless as it is relevant—market cycles and the unpredictability they bring to our industry.
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In Episode 113, you’ll learn powerful strategies to navigate uncertainty and keep your business thriving.
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In this episode, we’re taking a different approach—a flashback to a moment that’s as relevant now as it was nearly two years ago. As agents in this ever-changing industry, we know market cycles are unpredictable. Recently, a past client reminded me of a clip I recorded in August 2022, and I thought it was worth revisiting. The message I shared then holds true today as we face similar conditions in the market.
The cycle we are experiencing now is characterised by buyer reluctance and hesitation, echoing the uncertainty we faced back then. This message is to reassure you that it’s perfectly okay for things to be uncertain. The nature of our business is cyclical; it will have its ups and downs. The skills you develop now will undoubtedly be valuable in the future. So, let’s harness our skills and look at this flashback video together.
The Market Expectation Gap and How to Bridge It
In episode 113 of Coaching On The Go, I want to discuss a common situation we’re facing: the expectation gap in the market and how we, as agents, can handle it. Whether you’ve experienced such reluctance from buyers before or are encountering it for the first time, it’s crucial to understand the implications. Buyers seem indifferent to missing out on properties, leading us to reconsider our approach.
As agents, it’s easy to become emotionally attached to a particular price—whether it’s the appraisal price we’ve set, the owners’ expectations, or our own belief about the property’s worth based on past sales. These elements create an interesting challenge: how do we keep buyers engaged when we’re focused on a specific price point?
Changing Our Perspective
It’s time to change our lens and view the situation through different eyes. In the past, I, too, would let buyers walk away if they offered less than what I wanted to hear. This defensive approach, while a show of strength, may not work in the current climate, where buyers are content to wait and see.
Instead, we need to identify willing and able buyers, prioritising their involvement over the price they’re willing to pay. A willing and able buyer is rare in this market; they are ready to engage, can sign contracts, and make deposits. Our task is to recognise these buyers as potential best buyers, shifting our focus from price attachment.
Adapting Our Strategy
A client named Frank reminded me of a crucial belief: in shifting markets with slim buyer pickings, our job is to gather offers at any price and any time. It’s not about dismissing buyers; it’s about gathering those willing and able to commit. The price situation will naturally resolve itself if we can attract more interested parties.
Whether it’s a private treaty or an auction, adopting the mentality of “any offer, any price, any time” can engage more buyers and create competitive tension, fulfilling our duty to the owners who hired us. Detaching from price and focusing on bringing willing participants along is vital.
Creating Competitive Tension
By embracing this mindset, we can potentially create competitive tension in the market, benefiting both our clients and us. This approach may lead to more offers, higher attendance at auctions, and a revitalised market. Let’s engage buyers, spark discussions, and ultimately get the market moving again.
I hope this message provides food for thought, raises awareness, and helps you bring more people into the process. Thanks, team. I wish you all the best in navigating these market challenges.
Summary:
In Episode 113 of Coaching On The Go, Caroline Bolderston revisits insights from August 2022 to address the ongoing challenges of navigating market cycles in real estate. She discusses the current climate of buyer reluctance and hesitation, emphasising the importance of shifting focus from price attachment to identifying willing and able buyers. Caroline shares strategies for bridging the expectation gap and creating competitive tension, offering agents valuable tools to turn market uncertainties into opportunities for growth and success. Whether you’re an established Agent or new to the industry, this episode provides essential guidance for thriving in an ever-changing market landscape.
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Caroline Bolderston
With over 20 years of industry experience Caroline has a track record of personal high performance and exceptional results. Taking her passion for Real Estate sales and her genuine interest in sharing her expertise to develop others, she was the creator of the Belle Property Academy which has delivered many $1M agents and high performing sales teams.