We want to help you make more money – right now. Go back to basics with Inman all month as real estate professionals share what’s working now and how they’re setting up to benefit in a post-pandemic world. Here you get a 50 percent discount on the series.
Warning: burnout is real and could happen for you. Spring is a busy property season every year, but this year’s property markets are on fire. We see wild west conditions as homebuyers face the most competitive market in decades thanks to pent-up demand and low inventory levels.
We’re talking about bidding wars with 20 to 30 bids. Intrusive Preventive, Cashless, Unconditional Commandments. Homes that sell Gun Slinger Fast in an average of 20 days, and in the hottest regions, 10 days.
That means real estate agents work around the clock to write one offer at a time for potential buyers while trying to calm their nerves. Some frustrated buyers even fire their agents and switch to another agent who could magically get them into a contract.
Buyers burn out. Agents feel fried – like badly burned bacon that turns to ash when picked up.
“In all the years I’ve been in the real estate industry, the last three or four months have been the least fun I’ve ever had,” said our colleague Diana Smith, Abio Properties Associate Broker told us. By doing charged San Francisco Bay Area Market“All you can do is keep going and hope your customers don’t fall for it.”
Damon Winney, Principal broker at Jump Realty in Ontario, Canada, notes that today’s shoppers feel little sorry for their agent’s stress when dealing with their own anxiety.
In Ontario, where inventories hit record low, buyers view 20 to 30 properties and make an average of 8 to 15 offers before securing a home. “Our customers are on an emotional roller coaster ride and don’t understand how much of the stress we have on board from them,” said Winney.
So how can agents avoid hitting the blubber point? In some of the busiest markets, we’ve gathered top tips from real estate professionals.
1. Manage buyer expectations
The home buying journey in 2021 can be exhausting, so don’t sugarcoat it for your customers. If you don’t set realistic expectations, you run the risk of very disappointed and even angry customers.
“Any buyer who comes to us right now at any price will be trained on the dissemination of multiple offers and how much they can expect to pay above the list price,” said Alyssa Hellman, North Carolina agent My Southern View teamKeller Williams.
Warn buyers that they will likely write lots of offers before you win one. “We assume that we make at least one ‘learning offer’ for every new customer,” said Realtor Matt Richling with RE / MAX Hallmark Realty Group in Ottawa, Canada.
Tell buyers that they may be disappointed, concerned, or upset – maybe even mad at you, their agent – if their offers aren’t accepted. You might get so tired of looking at your phone that you want to toss it out the window. This is the “new normal” at least until inventories go up, interest rates go up, or something else happens to cool the market down.
Of course, don’t forget to share your hard-fought, hard-won success stories.
Hellman, whose market includes Raleigh and Chapel Hill, North Carolina, said, “Every time I look it gets more and more competitive. One customer lost seven bidding wars and was about to give up. The eighth time he put every penny he had into the bail. He was very scared. I was very afraid. But he got it! “
2. Set limits
It’s easy to market yourself as accessible 24/7 when home sales are average. Few customers require this type of service. But when the market is moving at breakneck speed and your phone blows up, it’s not healthy or sustainable to always be there for customers.
“For me, it’s really about creating work-life balance,” said Richling, an Inman brand ambassador. “You can set some limits during these initial meetings with customers. Let them know I’ll be there for you. But there will be certain times when I am not immediately available if your needs are not critical. ‘”
Once you’ve set them, stick to those limits “because we’re the only ones who can and want to do them,” added the Oregon agent Shannon Mathisen With Sotheby’s International Realty. For Mathisen, setting limits means 50-minute technological fast.
“Employees and customers weren’t very happy, but I recognized my own needs (who just happened to be screaming” Time out! “),” Mathisen wrote in an email. “I gave them priority and shut down all devices for a short time. Guess what? Everyone was fine! I got back to nine missed texts, two calls, several emails and everyone was fine! And I had the feeling that I could get back into the race with a new focus. ”
3. Report to your team and to you
If you’re a team leader, check your agents and support staff for signs of burnout. Keep communications open and create an environment where people can raise their hands and say they need to take a day off without shame.
Ideas That Work: Mental health check-ins at weekly team meetings. Venting sessions (at Abio we opened a #venting Slack channel for people to let off steam). Team workshops with a stress management expert.
“At the beginning of the pandemic, Cascade Sotheby’s brought a psychologist to a Zoom meeting,” Mathisen said. “She emphasized four important practices for maintaining a healthy state of mind and I tried to implement them. I can definitely tell when I’m not going to implement them because the stress is increasing and I am quite grumpy to be honest! “
4. Practice self-care
The four spokes of self-care are: sleep, exercise, diet, and interacting with friends. Text is fine, voice is better, but face to face is best (even if it has to be via zoom or face time).
We’re going to add that: schedule dedicated downtime that is completely off-grid. Go for a walk in nature, meditate, play with kids, or throw a ball for your new pandemic puppy. Meanwhile, cut down on the unhealthy vices you picked up during the pandemic. (You know them.)
5. Share the burden
Teamwork makes the dream come true, doesn’t it? You don’t have to do everything yourself, so share the workload with your staff and your technical tools.
For example, if you have a particularly frustrated buyer who is about to fire you, refer that buyer to another agent. The customer will feel like they are getting another chance to win a house. (As luck would have it, they’ll likely get a deal right away because that’s how crazy and unpredictable this market is!)
Technology is your friend too. Use the CRM software to track automated responses and send them to new leads. Use apps like Cloz.io coordinate Customer communication, advertisements and transaction plans as well as project management. Scheduler apps like Cloz.io and ShowingTime are especially useful for listing agents who are inundated with tour requests these days.
6. Don’t take it personally
Even if you do your best, you can lose customers. In this overheated market, buyers choose transactions over relationships. It stings, but … what’s that famous Michael Corleone Quote from the “godfather”? It’s not personal. It’s purely business.
We love this final advice from our Abio Properties colleague, agent Shannon Kelly:: “Think about what you love about this business and what made you into it. For example, I love the relationships I can build with my clients. I rely on that when things get difficult. Bring that energy back. “
Linnette Edwards and Cameron Platt are co-founders of Abio Properties, a boutique real estate agent founded in the San Francisco Bay Area in 2016. You are passionate about building an indie agency that embraces a culture of transparency, collaboration, innovation, fun, and family. Linnette is a top 1% producer and broker with nearly 20 years of experience in the industry. Cameron is a “relaxing” attorney and broker with over 17 years experience managing agents and leading a top production team.