By Avery McMahon
According to The Wall Street Journal, we have more Realtors than we have listings in the United States, and more licensees are entering the industry each day. With the lack of inventory and increase in licensees, the importance of explaining your value and what you can bring to the table for your clients could not be more important. We as Realtors are here to guide, advise and be there every step of the way for homebuyers and sellers that are trying to navigate this hot market.
As you know, there are two sides to this conundrum. In a record-breaking real estate market, many buyers think they can negotiate a “deal” with a seller based on a relationship or the ability to overpay, quickly close or offer to remove any and all contingencies. At the same time, sellers think they do not need a Realtor to advertise their home because homes are selling in less than a week and, at times, before they even hit the market.
Your Unparalleled Value
Though homes are selling faster than normal, sellers are receiving an overwhelming number of offers, creating a plethora of challenges. A well-trained Realtor helps seamlessly manage every aspect of the real estate transaction and can ease the complexity found with multiple offers, requests to waive inspections and other quick-close asks.
Now’s the time to lean into that advantage. From prepping a home for the market to arranging showings and explaining why one offer may be more appealing than the other, our sellers need us. Now more than ever, Realtors have to showcase their value to sellers and buyers who think they can “do it on their own.”
Tout Your Training
As a managing broker and the Atlanta Realtor Association’s YPN chair, I truly love working with new licensees to develop their skillsets, as well as partnering with our legacy agents to continue honing their skillsets. Mentoring keeps my job exciting, and I love supporting others in a career that has been so good to me. It’s our duty as brokers, experienced Realtors and leaders in the industry to make sure the appropriate training is being provided and encourage everyone, new and experienced, to participate.
Training on this fast-pace market is an absolute must. This market is unlike anything I have seen in my career. We have lines outside of newly listed properties, buyers offering to pay thousands over list price and waiving inspection periods, and sellers with not many options of where they are going to go after they sell their home for top dollar.
Whether you think you have seen a market similar to this or not, I highly recommend that you take a class or two on multiple offers, closing stoppers or even how to deal with a low appraisal. If you are a new Realtor, lean on your broker, fellow officemates and co-op agent for support. The best value you can bring to your client is your advice and knowledge. I recently attended a class on “Navigating This Crazy Real Estate Market.” This class had a whole section on recommended special stipulations to help “win” an offer. A couple of stipulations really stood out to me, and I will share the gist of them with you. (Please consult with an attorney or broker before using these.)
One stipulation that was suggested we actually started seeing a couple months ago: The buyer at the time of the offer agrees to cover the difference between the sales price and a potentially low appraisal. Another was a reverse contingency, where the property is contingent on the seller’s finding a new home. The stipulation that stood out to me the most was the buyer’s agreeing to pay additional fees that are typical for the seller to pay. These are the exact classes that I am recommending that could help you and your buyer win the home of their dreams.
The general public does not see everything we do as Realtors, nor should they. Buying and selling a home is stressful enough. They hire us to make the process as stress-free as possible, especially in this hot market, where all parties’ stress levels seem to increase by 10. Our clients need us to be the calm in the storm. By taking the appropriate classes, reading articles and educating yourself on the current market, you can and will be the advisor they need.
In summary, tell your clients about the recent classes you have taken. Tell them how you are going to be there for every single part of the transaction. Tell them how you also work behind the scenes to communicate with the co-op agent, lender, attorney, inspector, surveyor and much more! That’s your competitive advantage, and it will help build your book of business.
Avery McMahon is the senior vice president and managing broker of the Harry Norman Intown office and the Atlanta Realtors Association 2021 YPN chair.