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The real estate market is in a constant shift, luxury experts said at Luxury Connect on Tuesday.
But the good news is that real estate is resilient.
Panel moderator Stephanie Anton of the Corcoran Group Affiliate Network said the market is “literally entirely different from where we were a year ago,” with buyers and sellers battling record inflation, record increases in mortgage rates and low inventory.
“The best news, is this industry is really strong,” Anton said.
Speakers at a panel called “Take It From Us: Advice from Luxury Professionals Who Have Seen It All” have been through all kinds of market ups and downs and had some helpful advice to share with Luxury Connect attendees.
Stay educated and communicate with your clients
“We always see buyers who need to buy and sellers who need to sell,” Carrie Wells of Coldwell Banker Mason Morris Real Estate in Aspen said. “It’s super important to stay educated all the time on your markets and communicate with your clients on what’s going on.”
In addition to just keeping up regular communication with clients, continue to act in an advisory role to them, Stephen Shapiro of Westside Estates Agency said.
“You have to be the advisor to your client,” Shapiro said. “Clients think they know more than we do, but we do this every day.”
As the market continues to change stay nimble, Frances Katzen of Douglas Elliman advised.
“I think we’re re-inventing ourselves all the time, and when you’re in a business like sales, part of being flexible is … the flexibility of knowing your market and being able to change in that market,” she said. “Having been in the business over 50 years, we’ve seen all the markets… even in this market, it’s not a down market, it’s a changing market of who’s buying.”
Don’t mince words
“You have to be direct,” Shapiro said. “Your house has been on the market six or nine months, the market is sliding backwards.”
In other words, if a client’s home isn’t selling, there’s a reason for it, and agents have to be straightforward with clients about why.
“History is your data,” Shapiro added. “You have to say, ‘We’re entering a different period when the pendulum is shifting.’ You have to educate your seller, if they really want to sell, you have to change faster.”
Create market reports
Katzen started generating The Katzen Report about 14 years ago in order to stay in touch with her sphere and advertise listings. Those reports also include informative and honest insights into what was happening in the market — whether good or bad.
“So it grew, and it grew, and it grew, and that’s been a more effective way to give my opinion to people I don’t see every day,” Katzen said.
“Anybody who is in sales needs to create a way to be seen. I think people want to know what’s going on … If you arrest them with real facts that are interesting and meaningful to them … I think you can really move the pendulum a lot. I would recommend doing it.”
Shapiro encouraged agents to try and move toward friendship with their clients. He noted that he spent over one hour with a client recently at a listing appointment, getting to know the client, their family and what’s important to them.
“You have to be in touch with your client base,” Shapiro said. “You have to reach out constantly. Spend more time with your clients … Move towards friendship and they’ll be more comfortable with you.”
“I think of it as, talk less and listen more,” Anton added.
Don’t give up
Katzen said agents should keep their resiliency and stay persistent through the ups and downs.
“Don’t give up,” she said. “Let it roll off your back when it gets ugly because the markets do get ugly … I think you have to not take it personally and it’s a very personal business.”
And remember to keep everything in perspective, Anton added.
“Having a healthy distance is not a bad thing too,” she said.