A friend of mine who is far smarter than I am – hold the snide comments – sent me a link to an article that was written about two weeks ago. I’ll include a link to the article below if you really want to read it:
This article is one of those that points out the reasons we should all be happy and dancing in the streets relative to how well the real estate market is performing . . . and for those of us who are homeowners, new and veteran, we do have great reason to be happy (although I’d recommend you be careful about dancing in the streets for a whole host of reasons – traffic, public safety, lack of coordination, etc.).
Two of the points the article makes are the economy is strong with little to no signs of slowing down and house values continue to increase at a healthy rate. And just as your overall sense of warmth and fuzziness is about to envelope your whole self like a cozy bubble, you near the end of the article when you read a line that pops that bubble by mentioning that there’s an influx of buyers looking to flood an already constrained market. Why would that be a bubble popper?
While the market is ready to welcome more buyers to the market as the Millennials age into and are prepared for it, there’s no mention in this article (or a whole host of others) that there’s any increase in inventory in the foreseeable future. Translation: there’s still only X number of homes to sell and buy in 2020, so what are we as agents and mortgage professionals doing to get a portion of that market?
This year, we’ll see smarter, more savvy buyers who will be ready to “battle” for that limited inventory, and that will help weed out the agents and lenders who aren’t smart and savvy, for sure. However, if that’s your only plan – outlasting a battle of attrition – to grab market share in 2020, that attrition will get you, too.
We don’t need to be shouting from our electronic soapboxes on social media that there’s no better time to buy than now or any other OBVIOUS truths – today’s potential homebuyer already knows that and will probably tune us out if that’s all we have to preach. We need to go on the offensive and show the potential homebuyers WHY we’re the person they should hire to guide them through possibly the biggest transaction of their lives up to this point.
Over the last six months, I’ve met with a lot of great realtors who have shared marketing ideas with me that, I believe, are very smart and attractive. They’re getting far more than the family-and-friends referral – the same referral that got so many into the business in the first place because “it was easy” – and they’re taking no prisoners.
What’s your game plan to increase your market share in a limited-opportunity market? Besides providing loan products to close those transactions others can’t or won’t, our value is in helping you fine-tune and execute that plan. If your lender ISN’T helping with that, there’s no value.