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References
NAR Library & Archives has already done the research for you. References (formerly Field Guides) offer links to articles, eBooks, websites, statistics, and more to provide a comprehensive overview of perspectives. EBSCO articles (E) are available only to NAR members and require the member's nar.realtor login.
Adjusting Your Strategies in a Changing Market
2024 Trends of Home Buying in a Changed Market (Liberty Homeguard, May 2, 2024)
At the height of the pandemic, new home construction was not able to adequately keep up with the surge in demand because of supply chain and logistics dilemmas — the materials required to build a home were unavailable, delayed, or exceedingly expensive. Today, rates of new home construction are increasing, but not as quickly as some interested buyers, realtors, and builders would hope. We are still feeling the effects of the pandemic’s disruption, and new construction has yet to catch up to the highs of the early 2000s.
What Comes Next for the Housing Market? (The New York Times, Mar. 21, 2024)
Economists who study the housing market said they expected cost increases to be relatively moderate over the next year. But they don’t expect prices to actually come down in most markets, especially for home purchases. Demographic trends are still fueling solid demand, and cheaper mortgages could lure buyers into a market that still has too few homes for sale, even if lower rates could help draw in more supply around the edges.
4 Ways to Generate Listings Leads in a Low-Inventory Market (Century 21 Redwood Realty)
Your former clients are your strongest source of referrals and repeat business. Make it a priority to reconnect in a genuine, authentic way. Don’t just pick up the phone and ask if they want to sell – take the time to catch up with them and learn what’s going on in their lives. Take notes in your CRM or in a spreadsheet so you can refer to them in subsequent conversations. Another great way to reconnect with former clients is to look them up on social media and send them a direct message or comment on a recent post.
Working With Clients
Why is it Important for Agents to Keep Up with Their Clients? (Aceable Agent, 2024)
Now that you're in the thick of the transaction, consistency is key. It's not just about updating clients on the progress of the sale, but about showing them that you're with them every step of the way. Here are some ways to do that:
- Address concerns promptly
- Offer reassurance during uncertain times
- Demonstrate that their priorities are your priorities
The main benefit of great communication during this period is the chance to get repeat business or referrals in the future. If your client feels like you're doing a good job, they'll want to work with you again — and recommend you to their friends.
A Playbook for Agents Working with First-Time Buyers (REALTOR® Magazine, Apr. 29, 2024)
Timelines, however, can sometimes be specific to the area. As a real estate professional, you’ll want to be able to tell your buyers what the average timeframe is for your community.
Questions a Realtor Should Ask a Buyer to Vet Their Clients (Fit Small Business, Apr. 3, 2024)
Identifying the buyer’s preferences and non-negotiables helps narrow the search to properties that meet their specific desires and requirements. These are often the most important questions you’ll ask a buyer because they will give you a sense of the buyer’s expectations and guide the house-hunting process.
Customer Service Can Make or Break Your Real Estate Success (Jason Fox, Feb. 27, 2024)
Great customer service fosters your connections with your clientele, which can help influence their decisions to engage and work with you. By keeping this up, you will likely gain and close more deals in the long run.
Closing more deals can also help you hone your skills. For instance, connecting buyers and sellers can give you more experience with matchmaking and completing paperwork. You also work on your negotiation skills with each agreement you land.
How to Talk to Real Estate Clients: Ultimate Guide (CA Realty Training, Aug. 21, 2023)
Many people tend to “listen” without really hearing what the other person is actually saying. They might be focused on who else is in the room, what other things they have to do, and more. It is important to make sure you listen actively when a client is speaking to you, and occasionally paraphrase their words back to them to ensure you are both on the same page.
Closing more deals can also help you hone your skills. For instance, connecting buyers and sellers can give you more experience with matchmaking and completing paperwork. You also work on your negotiation skills with each agreement you land.
Tips for Buyers and Sellers
10 First-Time Homebuyer Tips: How to Get That House (Bankrate, May 6, 2024)
For a first-timer, buying a home can feel overwhelming and endless. But breaking down the process into steps and tackling them one at a time can help you stay focused and get the job done. Doing your research in advance and working with a trusted real estate agent can help you stay on track throughout the process. Keeping your finances steady and limiting other big-ticket purchases can also help you qualify for a loan and get into your first home.
Home Seller’s Guide (Top Shelf Group, Feb. 26, 2024)
Three key actions can significantly contribute to the successful sale of your home:
- Leave During Showings – Buyers often prefer to explore homes freely without the presence of owners. Leaving during showings allows potential buyers to envision themselves in the space.
- Ensure Availability – While it might be inconvenient at times, making your home as available as possible is crucial. Buyers eager to view a property may eliminate it from consideration if it is not readily accessible.
- Listen to Feedback – Pay attention to feedback from buyers or their agents regarding ways to enhance your home’s appeal. This valuable input can guide adjustments that may expedite the selling process.
How to Win a House in a Seller’s Market: a Complete Guide (Rocket Homes, Feb. 20, 2024)
Know that offering slightly above the asking price won’t cost you much more in the long run. Your down payment and monthly mortgage payment will only change significantly if you offer far above the asking price. Keeping your offer aligned with the home’s value, while still going above the asking price, will help you secure the home.
Pre-Sale Preparation for Home Sellers (popehandy.com, Jan. 3, 2024)
Look at the house as if you were going to make an offer. What would you want to see? Maybe even enlist the help of an honest and impartial friend or family member to help you be more objective. If a buyer has a choice between two comparable properties that are similarly priced, they will choose the one in the best condition.
eBooks & Other Resources
eBooks.realtor.org
The following eBooks and digital audiobooks are available to NAR members:
The Altman Close (Audiobook)
Positively Resilient (eBook)
Housing Downturn (eBook)
The Upside of the Downturn (eBook)
1,200 Great Sales Tips for Real Estate Pros (eBook)
Real Estate Millions in Any Market (eBook)
Sell It Like Serhant (Audiobook)
Shift (eBook)
Surviving a Downturn (eBook)
Thrive on Pressure (eBook)
Timing the Real Estate Market (eBook)
Books, Videos, Research Reports & More
The resources below are available for loan through the NAR Library & Archives. Login to the library catalog using your nar.realtor username and password. Members can have items mailed to them, or items can be made available for pickup at the REALTOR® Building in Chicago.
Heart and Sold: How to Survive and Build a Recession-Proof Business (New York, NY: Atria Paperback, 2009) HD1382 .F58 2009
The Housing Downturn, Picking Up the Pieces: A Guide for Estate Agents and Developers (London: Estates Gazette, 2009) HD598 .N67 2009
Shift: How Top Real Estate Agents Tackle Tough Times (New York, NY: McGraw Hill, 2009) HD1375 .K367 2009
All Real Estate is Local: What You Need to Know to Profit in Real Estate – in a Buyer's and a Seller's Market (New York, NY: Currency Doubleday, 2007) HD255 .L464 2007
Prepare to Profit: Your Guide to Creating Wealth in any Real Estate Market (Murietta, GA: TamTam Press, 2007) HG 4521 Al2
Real Estate Millions in Any Market: the Lowdown on No-Down Investing (Hoboken, NJ: John Wiley & Sons, 2004) HD255 .E3713 2004
Have an idea for a real estate topic? Send us your suggestions.
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