It’s never easy being an agent. When prices are up, everyone assumes it is easy and that you are making a fortune doing practically nothing. Of course the public doesn’t see the long hours and the stress of dealing with umpteen frustrated buyers convinced you are out to gazump them, let alone understand how hard it is to get listings with so much competition.
However, it is true that when prices are rising and you have a good listing, it is easy to be a hero and sell for a ‘record’ price. And if you are smart and good at self-promotion, you will leverage this success into another listing…and another.
The crunch comes when prices stop rising. Almost overnight the tap of eager buyers turns off. Suddenly it becomes hard to attract anyone to bid. They collectively decide to hold off and “see what happens.” Vendors are bemused; they look for someone to blame, and you’ve just gone from hero to zero. In my selling career, I have seen this several times.
What to do?
Well first you need to realise that the day is approaching. Already prices are stalling in several states. It won’t take much to tip it over the edge, especially an interest rate rise. So use this to your advantage by educating potential vendors to act now before it’s too late.
Secondly, sharpen your selling skills. However irritating all those buyers may seem now, you may have to be cajoling them in the not-too-distant future. If you go the extra mile now, they are much more likely to trust you when you need them.
And if I am wrong, and prices to continue to rise? Well the effort is not lost. Your reputation will still be enhanced.
Dr Gil Davis is now a university lecturer, but for twenty-five years he was one of Australia’s most successful real estate agents. He wrote the top-selling book Sell for More, packed full of useful tips for agents, which you can purchase on-line through Harper Collins.
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