My very reliable associate J. Byron Wyndham tells us through the eyes of an attorney some great points to focus on during a Shift in the Real Estate Market. If you have been on The Porch before, then you know that Byron is a frequent guest writer on The Porch and I am very grateful for his contribution to The Front Porch View. Byron is a Real Estate Attorney working right here in the North Georgia Mountains located in Blue Ridge.
We all know that we are in a tough market. Anyone who reads the paper, checks the stock market, fills the car with gas or watches the news on television is aware that this is a tough economy.
What can we do to give ourselves an edge in this kind of market?
Mountains are unique. Be sure to emphasize to the client why buying in the mountains is different from buying in a metro market. Talk about the peace and quiet, views and water, easements and access, water and wells and propane! Let your client know that they need to learn about their neighborhood before erecting a bird feeder-“they attract bears”. If they are driving in late at night, they need to drive slow and be on the look out for deer! Deer are often out feeding at night, usually in a herd.
Know what you are selling. We are in a second home market. Know your market. Your knowledge of your market will be an asset that will impress your client. Talk about the second home, not as an investment, but as a home. Yes, real estate usually appreciates, but this is not the year to emphasize the investment aspects of the purchase. Your client needs to live here as a second home to get away from the traffic and “rat race” in the big city, not because this is a good investment (though it may be).
Be sure of your referrals. It doesn’t matter if it is a banker, an appraiser, an attorney, an inspector or a fellow realtor. KNOW your referrals. You do business with a lot of professionals and often, when an agent is asked for a referral, the agent will give two or three names, so as to not be steering. Be absolutely sure that your referrals are as professional as you are. It is better to give two names of really good professionals in the industry than to try and “pad” your referrals so you can have three or four names. Your referrals can reflect on your professionalism!
Attitude can be a big factor in establishing a relationship with your client and making a sale. Nobody wants someone with a constant “woe is me” attitude. Everyone knows that the market is down. We just don’t need to talk about it all the time with our clients. Conversely, it’s a good idea not to be too upbeat as if there is no problem in the market. Be realistic but conservative.
Finally, Be Creative! Try to think outside the Box and stand out!
Thanks again to Byron for your continued support and your never ending advice for me and my clients. If you have any further questions or concerns with something you have read in this post or anywhere within this Blog, please feel free to contact at 706.633.8186 or by email at ChadL@KW.com. Thanks to you for taking the time to stop by and visit with us for a while on The Porch, please come back soon!