Single-family homes are moving quickly, and condos change hands at a similarly increased rate. According to Anna Sherrill, she has seen a difference of more than 80% in terms of available inventory.
It’s a seller’s market—and for buyers, an environment like this can feel tense. Every offer faces stiff competition, and the odds aren’t necessarily in your clients’ favor.
So how can you manage their expectations? There are three things I would like to encourage my clients to keep in mind when navigating this new terrain.
1. Don’t get too attached.
Under normal circumstances, real estate is a deeply personal and emotional purchase requiring plenty of time and consideration. But these are not normal circumstances.
I advise my buyers to set sentimentality aside. They must adopt a more practical, rational mindset so when they find that property that resonates with their desires and aspirations, they’re prepared to make an offer. Otherwise, they’ll become emotionally exhausted by the process. When they lose a bid, they need to be ready to move on with an open mind.
2. Keep your eyes forward.
Buyers need to stay focused on future potential, not past what-ifs. They’ll be tempted to look back at what could have been having they only offered a little higher or sooner. Encourage them not to wallow.
We should remind buyers that they weren’t meant to be when opportunities are missed, and the right home for them is still out there. Everyone who’s looking to sell their home wants to get in on this market, so even when buyers lose out on a home, they must keep their heads in the game—that perfect property is still going to appear.
3. Have trust in the process
Buyers have to stay confident that their dream home will still come, and they have to stay confident in the real estate process. A fast-paced market can cause fatigue and frustration; I’ve found that it’s essential to regularly reassure my clients that we have their best interests at heart as agents. When they’re willing to listen to my advice as a professional expert, we’re in a much stronger position.
With these three tips, you are better able to manage clients’ expectations.
Below are a couple more pieces of advice for real estate agents that need to consider.
Tell buyers everything
Before you can begin to manage their expectations, you need to let your clients know the challenges and opportunities await them. It’s essential to explain to clients that the situation is ever-changing, inventory remains at record low levels, and the market dynamics they observed 30 days ago are already obsolete.
The cadence of your communication needs to keep pace with the market. You should forward updates and notifications to buyers manually; now, make sure they receive the same relevant messages. No one wants to miss a minute on anything.
Ask timely questions
Don’t just communicate on the buying side; leverage your connections and be involved on the selling side as well. If buyers genuinely fall in love with a property, speak to the other agent to get a sense of how you can make the negotiation as smooth as possible for your clients. Nowadays, there are so many competitors waiting for deals to fall apart; if your buyer is serious, they need to commit.
Ultimately, it may be a seller’s market, but complementary goals unite sellers and buyers: one wants to get the best price for their property, the other wants a beautiful new home. As real estate agents, we can help our clients—and each other—make the most of this one-of-a-kind market so that everyone comes out a winner…