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After three decades in real estate, I’ve seen the housing market go through many different phases. I completely understand why some clients today may feel cautious or anxious about entering the market — it can be a highly emotional endeavor.
Redfin data recently found that nearly 60,000 buyer contracts were canceled in August, with buyers citing cold feet as the reason for pulling out of the deal. But I believe wholeheartedly that with the right guidance and support, you — their real estate agent and market guide — can help ease their concerns, bolster their confidence and assist them in making decisions that will work to achieve their real estate goals.
Here are five ways to support clients who are hesitant to enter the housing market today.
1. Be patient, and let them set the pace
Patience is, perhaps, the most important element in a client-agent relationship. It plays a vital role in building trust — particularly with hesitant clients. Buying or selling a property is a significant decision, and clients need to feel comfortable and confident in their choices.
Demonstrate empathy and express understanding to build a trustworthy and supportive relationship. Earning trust takes time, but it is the foundation for any successful partnership.
Clients who are hesitant to enter the housing market today often have valid concerns. It’s important to listen to their worries and address their concerns one by one. This way, you can provide reassurance and offer solutions tailored to their specific needs.
We pride ourselves on serving as advisers to our clients throughout the entire real estate transaction, from the initial meeting all the way through providing trusted mortgage, escrow and relocation partners. Patience and focus allow for a thorough exploration of their concerns and help you find the best way to support them.
2. Provide comparative market analysis
One of the most effective ways to support hesitant clients is by providing them with a comparative market analysis. This analysis will help them understand current market trends, such as property values, inventory levels and interest rates. Be sure to clearly connect all this information back to their own finances and goals, so they can understand where they stand at this moment.
By sharing this information, you can give your clients a clearer picture of the market’s stability and potential for growth.
All in all, knowledge is power, and providing more data to your clients — along with your expert input — can help them adjust their expectations and assuage their concerns.
3. Offer connections to trusted financial experts
Finances often play a significant role in a client’s hesitation to enter the housing market. As a real estate expert, it’s crucial to have a Rolodex of trusted financial advisers and experts who are knowledgeable and well-versed in your various clients’ unique circumstances.
When clients ask for specific financial advice, it’s vital to outsource to someone who can candidly speak to them about important factors, such as income stability, creditworthiness and potential mortgage options. When you find someone who can do this well on your behalf, your clients will then feel armed with the knowledge they need to feel confident in their ability to make a sound real estate investment.
4. Showcase your work with past clients
Don’t be shy about sharing success stories of clients who were initially hesitant but successfully entered the housing market during a time when it may not have been the easiest decision. These stories can serve as inspiration and demonstrate that it’s possible to overcome hesitations and achieve homeownership goals, even when it might seem like the odds are stacked against them.
5. Highlight long-term investment benefits
For clients who are hesitant due to concerns about the housing market’s volatility, it’s essential to emphasize the long-term investment benefits of owning property. Discuss how real estate has historically proven to be a reliable asset that appreciates over time to create generational wealth.
Illustrate the potential for both rental income and future property value growth. By showcasing the long-term benefits, you can once again help alleviate their concerns and inspire them to take their next steps with confidence.
When it comes to soothing worries and calming nerves, you need to provide both emotional support and valuable insight for your clients. Practice patience, put your market knowledge in the spotlight, and always show up genuinely with personalized care and adaptability. Sometimes it takes time — but that’s the real estate game for you.
Mauricio Umansky is the founder and CEO of The Agency in Los Angeles. Connect with him on Instagram.
