As a real estate agent, you get to flourish in an industry where no two transactions are ever the same. A dull day simply doesn’t exist within this industry. As excellent as it is to have new opportunities with unique clients on a frequent basis, that can also come with its drawbacks. Here are few common real estate problems every agent will experience at least once, and solutions to overcome them.
1. When the Local Market Conditions are Not Ideal
One problem that seems inevitable within the real estate industry is that you have no control over local market conditions. However, you can control how you address this situation with your clients.
Since local market conditions play a huge role in whether a home sells or not, you need to be aware of whether the area is currently a seller’s or a buyer’s market. This sets you up with the perfect opportunity to provide valuable advice and information to your clients that will ultimately make a huge difference in the outcome- as well as the outcome of your relationship with them.
2. When Sellers are Emotional
Selling a home can be an emotional time for many people, and as a real estate agent, you get to experience it in full force. Clients can experience nervousness, uncertainty, excitement, stress, and sadness as well as many other emotions when it’s time to move on. This can create a challenge for both you and the homeowner.
To overcome this roadblock, be prepared to handle these common emotions. Have an abundance of benefits to selling a home on hand to share, and be understanding of your clients’ needs. Always keep your own personal emotions out of it, as well.
3. When You Disagree Over Pricing the Home
As a real estate agent, you will come across clients that will take your recommended listing price and run with it, and others that think their home is worth more than it truthfully is. Pricing a home is one of the biggest challenges, especially if you have a client that is adamant on a specific asking price.
Educate your clients on the devastating consequences that can follow an overpriced home and the reasons for your numbers. Provide statistics and facts to display your concrete evidence and ensure the home will not sit on the market for months without an offer.
4. When Home Buyers are Unrealistic
On the contrary, you will also come across the clients that are unrealistic home buyers. They want it all for nothing. They want to go in with a significantly lower price than what the home is worth. Unrealistic home buyers may also have unreasonable opinions about the condition of a home.
To overcome this common problem that many real estate agents experience, you need to have an understanding of the home’s condition, the condition of the current economy, sellers, and overall market. A direct and affirmative approach to addressing a client’s concerns should be backed up with facts, statistics and numbers in order to allow them to completely trust your decisions.
5. When Neighborhood Reputation is a Deal Breaker
Sometimes, you will come across a client who has found their dream home, but not in their dream location. A neighborhood’s reputation is beyond your control, and you may feel like you’re back at step one of the real estate process. However, many neighborhoods have sub-neighborhoods that may have a better reputation with a similar style in homes.
This is another time when knowledge is power. Provide your client with improvements that have been made within the community, or reasons why that particular neighborhood is highly desirable.
These common real estate problems are part of the job, but with some quick thinking, proper wording, and valuable information, you can quickly overcome any challenges that arise.