If you want a job in an industry where everyday is different and no two transaction are ever the same, you into real estate. A boring day just doesn’t happen when you are working daily with a wide variety of people and personalities. As much fun as it is to work with several different types of people on a regular basis, there are some challenges that can arise when working to find a buyer their dream home or a seller who is selling more than just a home, but an abundance of memories as well.
Common Real Estate Problems and Solutions
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Market Conditions That Are Not Ideal
Realtors do not have control over local real estate markets. It is inevitable that local real estate markets will have ups and downs that need to be dealt with. The longer you are in real estate the more you will see the market conditions fluctuate. The market conditions will play a huge role in if a home sells or not and if it sells at, below, or above the average market value. Realtors must understand and recognize if they are currently dealing with a sellers or buyers’ market. The advice that you offer to your clients will make a huge difference in their perception and the outcome of the transaction.
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Emotional Sellers
Many times, the sale of a home can be quite emotional. Real estate agents will get the full brunt of the emotion’s sellers are feeling during this process. A wide range of emotion is felt from sadness, stress, excitement, uncertainty, and nervousness. Selling a home is a time of mixed emotions for homeowners and you as their agent will need to help them overcome the feelings that they are having to get to the point of sale. It will be important to remind the sellers of their initial motivation to sell, the benefits that come from the sale of a home, and how these play into their situation. It is important not to become invested emotionally yourself in the sale of any home so that you can remain impartial throughout the process.
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Listing Price
There are many sellers and buyers out there that will take your recommendation when it comes to putting an offer in on a home or listing their home for sale. However, there are times when people will feel like their home is worth more than it is or that a lower offer is better for later negotiations. Price points are the biggest challenge most realtors will face with their clients. It is important that you as the realtor educate your clients with concrete evidence and current stats to validate your reasoning. Point out how long comparable houses have stayed on the market and the difference in pricing points.
Most of the time real estate professionals can work out issues with their clients by listening to them and providing concrete information to reassure them. Proper wording and empathy can often overcome any challenge that arises to help facilitate a compromise.
C21 Lady of the Lakes is a full-service realtor serving Livingston County and the surrounding areas with all their real estate needs. More information can be found at http://www.ladyofthelakes.com/.