As a professional in real estate, you will come across challenges that may turn into roadblocks if you fail to overcome them in a timely manner. Remember, time is money when it comes to the fluctuating market. The following are some common issues and their solutions that can help you save time and money:
No control over market conditions
This is a prevalent problem in the industry but there are some ways you can address it without losing clients. Local market conditions have a huge role in how much an area is worth and whether it favors the buyer or the seller. Determine which market you are working with and inform your clients beforehand. Click To Tweet
Property transactions are costly and are paid for with savings that may take decades to accumulate. Making false promises to a seller or buyer will do nothing but make them lose that money and ruin your reputation. By telling them when they can sell or buy as per market conditions, you can create a loyal clientele.
Lack of knowledge
If your client knows more about market conditions and the area they are interested in buying/selling, chances are you will lose them to another agent.
Clients automatically distrust agents who cannot answer basic queries about their investments quickly or in a timely manner. As a professional, you need to know your trade inside and out so they can feel confident in your abilities. Therefore, before meeting a client, research their property and their investment plans thoroughly so you can answer any queries they throw at you.
As an agent you will also come across clients who will refuse to accept your recommended listing price. Most will think their property is worth more than you say especially if they already have a figure in mind.
Rather than arguing with such clients, make them see reason by educating them about the consequences of overpricing and why you chose a lower amount. Statistics and facts will reinforce your stance on the matter and assure clients that their home will not stagnate in the market without an offer.
A home that has issues has a lower price tag or that’s what sellers think. That is why it can be difficult to convince them to reveal problems before a deal is finalized. However, in this industry, over-sharing is preferable.
So if your seller refuses to disclose problems, ask around if possible. The neighbors might be more willing to disclose issues about the area than the sellers. Disclose everything you learn from them to both the seller and the buyer to prevent legal liabilities and contractual violations. Problems always seem bigger when they are uncovered later under contract.
A property that has a fence on the neighboring property is exceeding its boundaries. Don’t let your buyers find that out after the closing. Before finalizing a deal, ask the seller about lot lines, fences and shared driveways to come up with an accurate boundary line.
The best way to avoid discrepancies is to review the title report. Ask a title officer to explain anything usual and don’t hesitate to consult with country authorities if you have to. Even though surveys can be expensive, failure to disclose accurate boundaries can end up costing a lot as well.
Unrealistic home buyers
You will also come across buyers who have unrealistic expectations especially when it comes to the price. Most will try and reduce it significantly and may also have unrealistic expectations about the property as well.
To overcome this issue, you need to have a thorough understanding of the condition of the home, the state of the economy along with overall market conditions. That way you can address those issues with informed answers that buyers will not be able to dispute and will make them trust your decision as well.
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