If They Say It, It's Right; If You Say It, It's Wrong

By
Real Estate Broker/Owner with UtahDave.com Neighborhood Experts

Any time someone finds out I'm in real estate, they ask me the same question: "How's the market?" The way you answer this question will either make you stand out as a professional, or make you blend in with the rest of the agents out there.

Programmed Responses

We all have programmed responses for certain questions. When a store employee asks, "Can I help you?"  you answer without thinking. If you answer this question about the market the same way, you will not stand out. Whether you say "the market is great" or "the market is dismal" will make no difference. They know it is a programmed response and will respond in kind.

Paint the Picture

Because we live and breathe real estate we have a clear picture of the status of the market. You need to paint this picture for others, so they can understand what you would say. Start with the most pertinent data which will draw the clearest conclusions. For Example: I just checked the real estate statistics for my area and inventory is down 25% from last January. Additionally, the number of homes under contract is 30% higher than last January. I paint this picture by demonstrating with my hands the rise in demand and decrease in supply.

If you say it, it's wrong!

After painting this picture you should ask them what it means. If you blurt out, "This mean's it is a great time to buy" they'll immediately question your interpretation. However, you should ask them what happens when demand goes up and supply goes down. Because they've evaluated the data personally, they'll be more inclined to agree with, and act upon, the news about the market. You should re-affirm their interpretation with supporting data if they are right. If they are wrong, paint another picture, and ask again. Help them see and understand the picture.

If they say it, it is right!

If someone asked you about the market, they have some interest in real estate (or it is a programmed response). Just as we know the market, people know themselves. After you've helped them see the state of the market, find a call to action. Ask them what they think they should do to capitalize on the opportunities of the market. Regardless of what they answer, ask questions to get a picture of their situation. Find out why they have that interest, and offer your services specifically for what they need. This will help you present yourself as a professional in real estate.

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Rainer
18,998
Deven teaches Investing for Realtors. Up to 42X your commission with less work
Real Estate Faster - Los Angeles, CA

Great techniques on helping clients understand the market!

Jan 18, 2012 02:17 PM #1
Rainer
399,552
Bill Reddington
Re/max Southern Realty - Destin, FL
Destin Florida Real Estate

Have been telling people that the market is ever changing. Some days good other days better. I do not dwell on negative issues. Yes inventory is down. Yes buyer activity is up. Just have to keep prospecting.

Jan 18, 2012 02:30 PM #2
Rainmaker
139,761
Utah Dave
UtahDave.com Neighborhood Experts - South Jordan, UT
Homes for Sale - Utah

Thank you Deven.

Bill, you're right it is imperative that we focus on the positive issues, and help them recognize the positive opportunities as well.

Jan 18, 2012 03:36 PM #3
Rainmaker
390,001
Laura Filip
RE/MAX UTOPIA WHITESBORO,SHERMAN,DENISON TX,TEXOMA - Whitesboro, TX
THE SIGN OF SOLD STARTS HERE. CALL US TODAY

Dave thank you for sharing your ideals and I agree we can answer to quickly sometimes that can put a person on edge or feeling like you are to pushy... I would normally say that life is good and that I am busy and that is all true... If they ask about a specific property then the conversation starts and we are off to the races ... congrats on 100k points and featured posts... as well Bill the same to you congrats on 100k+ points

Jan 19, 2012 07:05 PM #4
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Rainmaker
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Utah Dave

Homes for Sale - Utah
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