Our Thirtieth Month - Feb 2021

It's such an interesting thing, being an agent at the moment. The market is moving at a pace I've never seen before. I get people all the time saying, "good time to be a real estate agent, isn't it?" which it is, I agree... but it's not all sunshine & rainbows if you have a conscience.

Date:

08-Mar-2021

Category:

Ecology

Tags:

Author:

Matthew De Maid

Our Thirtieth Month - Feb 2021

It's such an interesting thing, being an agent at the moment. The market is moving at a pace I've never seen before. I get people all the time saying, "good time to be a real estate agent, isn't it?" which it is, I agree... but it's not all sunshine & rainbows if you have a conscience.

It's such an interesting thing, being an agent at the moment. The market is moving at a pace I've never seen before. I get people all the time saying, "good time to be a real estate agent, isn't it?" which it is, I agree... but it's not all sunshine & rainbows if you have a conscience. One things certain though; sellers are in an unprecedented position of strength.

There are two main challenges I feel in a market like this one; the first one, is being the messenger to the buyers who missed out. Nearly every home at the moment is selling with multiple offers - and if it doesn't, it's simply because buyers took too long to enquire, or a seller was happy to take a quick deal. There are obviously ample benefits for a seller with receiving multiple offers; the gift of choice is a good thing - but it also creates some stress. Stress comes in the form of knowing "which offer is the best offer?", especially when there's a few offers quite comparable in regard to pricing and terms on offer. A lot of the time it's a bit of a leap of faith for a seller - that the buyer is doing the right thing and is as organised and as prepared as they can be.

The second challenge is pricing homes in a rising market, which is why we're seeing a huge amount of sale processes without a suggested price point. I understand the benefits of selling without a price, however I always acknowledge the downsides or potential downsides too. I've always been someone who feels that suggesting a price point is the best way to go, purely because the transparency will appeal to all personality types of buyers and the most buyers is always the safest way forward. The tricky part now is how to suggest that price point when the historical data is out of date with the current market. Ultimately, we're trying to adapt to the rising market in the way we price, but buyers are the ones in control, with many homes currently selling for more than what we thought was the accurate asking price. Monitor and measure is the process.

Overall, the sales numbers and targets are performing well. Stock holding for us is down; but partially because of the low days on market I think. Traditionally we'd have new listings coming on while older listings are still working their way through the system - at the moment nearly everything is selling quite promptly, so there's limited stock on hand and available at any one time. It sure does free up the weekends a little bit!

- Matt