Finding the Motivated in a Shifting Market

If you’re in the real estate business, you might be having issues relating to fewer leads and showings, as well as the increased amount of time listings are spending on the market. It’s a great time to get into the real estate industry; you’ll learn from the very start how to deal with a shifting or difficult market, which will make the upswings in the market seem like a piece of cake.

Just because the market slows down, it doesn’t mean you have to; fewer people are going to pass the motivation test in your book. You’re going to be looking for the serious people—the people who are ready, willing, and financially qualified to act right now.

Now, in real estate, “right now” means in about one to three months. Someone looking to act after three months is a motivated person. They may seriously be looking, but they’re not going to rate the top spot on your CRM. Wait for them to get a little closer to when they want to move.

Strangely enough, the cause and the challenge of the shifting market is motivation. Motivation is the cause because buyers right now are less willing to pay the high prices that sellers are demanding; there’s a lack of motivation on the buyers’ part to stretch and reach that high mark.

The challenge in a shifting market for the real estate agent is also motivation: Finding a person who is properly motivated—someone who has a reason to move. When my buyers say that they’re thinking of waiting for a better market before they act, I simply ask them, “Do the market, the prices, or the interest rates have any bearing on your need for a property?” If they say no, then I’ll tell them that I can find one they can afford, even in this market.

“Strangely enough, both the cause and the challenge of the shifting market is motivation.”

If you’re an investor, your answer to my above question is yes—the market, the prices, or the interest rates do make a difference in whether you want to buy a property right now. That’s also a reason why working with investors in a shifting market is a little more challenging.

When you’re looking for the motivated consumer, look for those people who have an emotional need to purchase right now. You may go through twice as many potential buyers just to locate the one motivated to move forward and complete a whole transaction in this market.

Ask them what is prompting them to move, then, go silent and listen for two words to help you identify the willing consumer: “want” and “have.” Phrases like “I have to move because…” indicate a motivated person. Phrases like “I want to move because…” are a different story. We all want to move to a bigger house by the beach, but it’s a matter of motivation to make that happen.

If you have any questions for me, feel free to reach out. I look forward to hearing from you.