Today’s hot market: do we need to learn about it?
Just like lots of other companies that appeal to real estate professionals, Market Leader does a nice job getting their message out to the masses. In fact, I’ve noticed their ads on almost every real estate related site that I have visited over the last few days. That’s probably why (according to statistics on their home page), they “serve over 125,000 real estate professionals.”
The other day when I was minding my own business, clicking on a link in order to check out some real estate news, an ad for Market Leader showed up as a pop-up that I had to close before I could see the news article. The ad’s headline read, “Real estate is back, but adapting won’t be easy. Learn how to sell in today’s hot market.”
Personally, I don’t consider myself to be a big reader of advertisements. I zone out during television commercials, and never seem to be able to focus on the famous ones that appear during the Super Bowl. However, this particular ad made me chuckle.
Here’s why: If you are an agent that was able to succeed between 2008 and 2012, if you didn’t have to take a second job, then you have already learned to adapt. You do not need to “learn how to sell in today’s hot market.” If you could sell properties during a national recession, then you probably already know what to do. Certainly, in Market Leader’s defense, whatever they are peddling will probably help to address challenges faced by agents now (such as low inventory). Nevertheless, the wording of the ad seemed funny to me.
If you are a distressed property or short sale specialist or have worked on a fair share of short sales in the last several years, then you already know quite a bit about how to survive and adapt.
Successful Short Sale Agents Already Know What to Do
Here are three things that any successful short sale agent has learned and can apply to changes in the real estate market:
- Details Matter. You’ve probably heard the phrase, “The devil is in the details.” When sending a short sale package to a lender, you want to send it right the first time to avoid delays. If you want your offer to be selected in a situation where sellers are receiving multiple offers, the same level of detail is likely required in the presentation of your offer.
- Patience. Short sales require so much patience: patience with the customer service folks at the bank, patience with Fannie Mae or the investor reviewing the package, and patience with the process in general. This new market also requires patience in order to succeed. Lots of agents have to write multiple offers for a single buyer in order to get one accepted, and that requires a great deal of patience.
- Outside-the-box thinking. Anyone who can achieve success as a short sale listing agent or negotiator knows that you often have to be strategic in your actions and calculating in order to get your message heard. The same goes for the current market. In order to obtain listings or get offers approved, you may need to use some outside-the-box thinking or creative strategies in order to be successful
If you have achieved success as a short sale listing agent, don’t let anyone tell you that you need to learn to adapt to changes to the market. You have already learned to adapt and are likely a master of your market.