Real estate is changing fast, and so must you. Inman Connect San Diego is where you turn uncertainty into strategy — with real talk, real tools and the connections that matter. If you’re serious about staying ahead of the game, this is where you need to be. Register now!
Ben Franklin is credited with saying, “In this world, nothing can be said to be certain, except death and taxes.” Depending on your income bracket and what happens with Trump’s “Big Beautiful Bill,” taxes might no longer be a certainty. Death, on the other hand …
With apologies to Mr. Franklin, I’d like to add one other certainty to the list: Uncertainty.
As I write this, Iran, Israel and (in a limited capacity) the United States are in a shooting war, which adds to potential uncertainties with oil shocks, a higher 10-year Treasury Bond, wavering consumer confidence, a lull in building starts and continued uncivil “civil” discourse. Our clients may be, understandably, on edge.
Yet, to quote from the National Association of Realtors’ Code of Ethics, “Under all is the land.” Sellers got to sell, buyers got to buy (fish got to swim, birds got to fly) and, based on history, real estate is still the safest investment out there.
So, how does an agent go about advising and guiding clients in these turbulent times? The same way we do it on a day-to-day basis. We constantly deal with turbulence. We walked our clients through the catastrophe of the 2008 economic meltdown.
On an ongoing basis, we deal with life-altering events: California agents help clients deal with the effects of wildfires, floods and earthquakes. In the Midwest and plains states, there are tornadoes, rain storms and freezing temperatures. Florida and the East Coast face hurricanes, and in New York City alone, there are the perennial disasters of the Knicks, Mets and Jets (wait till next year!).
Our clients already come to us for advice on the real estate market because they trust us. We’ve already helped them with one of the biggest (if not the biggest) investments of their lives, we guided them through the mortgage process, the vagaries of the insurance market, and they continue to come to us for advice on vendors, restaurants, and whether to remodel, refinance or sell.
But how can we advise clients on real estate when there are so many uncertainties flying around? By swatting them down, one small swipe at a time. Here are five tips to help.
Start big, go small
You don’t have to be an expert economist to sound like one. Break down economic information into digestible bites for your clients, starting with the national housing statistics from NAR, then move down to your state and county figures (available from your state Association) and finally narrow down to your local market (MLS).
Whether you are working with buyers or sellers, the conversation can go something like this: “Nationally, we’re looking at an average increase of X percent for days on market. On the state level, it’s actually lower at Y percent, but for our area, we’ve seen an even smaller shift of Z percent over the past three months, which means [insert your take here].”
If you’re already framing things this way, bravo. But if you’re reading this thinking “My clients don’t care about the national averages,” remember that a lot of agenting is perception. By going from national to local, you’re showing your clients that you consider a broad range of statistics to shape your view of the local market — something your competitors might not do, which bumps up your credibility.
Understand what’s affecting the numbers
If you normally check your email during the economic forecast of your local or state meetings, it’s time to pay attention. National and local forecasts are not always correct; however, their broad overview not only helps you frame economic factors for your clients, but it also gives you a basis to compare figures.
Not a numbers person? You don’t need to bench 250 pounds of economics; you can get results from doing 10-pound curls through entertaining and informative podcasts like Marketplace or watching the UCLA Anderson School forecast, which are incredibly digestible.
You don’t need to do it alone (and you shouldn’t)
If you are a residential agent, talk to residential income agents, or (shudder) commercial agents (I promise, they may be gruff, but offer to buy them a coffee and they soften up). Get their perspectives on the market, and find out what their clients are saying. Don’t stop there; talk to agents from different parts of the state, other states and even other parts of the country. Learn how they’re having these conversations with their clients and adapt what you like to make it effective for your clients.
And don’t just listen to groups — individuals are often influenced by groupthink and are more apt to share what they are really feeling in a one-on-one conversation, as evinced by this short and interesting video.
Don’t be afraid to say ‘I don’t know’
For whatever reason, so many agents hate saying “I don’t know,” and I have to admit I don’t know why. Quick question: I just said “I don’t know.” Do you have a lower opinion of me?
Ask your eye doctor what that weird mole on your back is, and they’ll probably say, “I don’t know.” (They may also say, “Please don’t do this in public.”) That said, they’ll probably follow up with, “Here’s the name of a specialist who will know.”
We say “I don’t know” all the time when it comes to a question about plumbing, electric and HVAC systems, but for some reason, when it comes to questions about the market, the reflex is to give an (often uninformed) answer. Maybe we’re afraid they’ll talk to another agent … who can also give them an uninformed answer. Whatever the reason, stop!
Learn to channel your inner doctor and say, “I don’t know, but let’s call X and see what they’re hearing.” Develop a broad range of experts: lenders, attorneys, CPAs, heck, even other agents. Swap information, learn from their expertise and demonstrate your expertise, and soon enough, you’ll be viewed as an expert. (Oh, and by the way, get that mole looked at.)
You don’t need to have all the answers, but you need to be present
Our clients trust us. There’s a lot of uncertainty these days from seismic shifts in how our government works, to civil unrest, to natural disasters, to international conflicts. We don’t have any say, sway or impact over these things, but “under all is the land.” And your clients are looking to you to help them make sense of what’s happening, not just with the market, but with their home.
Your clients don’t need you to have all the answers; they just need to know that you’re there for them and that you’re willing (and able) to help them navigate these rough seas. Your clients need to feel like you’re all in on this journey with them, and you need to be ready for the task.
Spencer Krull is a managing broker with Side, and also works as a real estate expert witness and consultant for attorneys.
