What Is Creative Real Estate?
I’m speaking to agents now….THROW the training manuals in the bin & get out in the real world! Who invented this stuff. The world is moving so fast, these manuals CAN NOT & DO NOT keep up with the reality in selling & current markets. They are a guideline only! Try something new. HELP your clients achieve what they need by thinking differently. STOP selling auction methods in markets where auctions don’t thrive in, meaning they are not in favour of your vendor only the buyer. Stop jamming vendor paid advertising down your clients throat as the first option, because that’s the only method you understand & have been taught. Each sale needs to be individually assessed.
We are in a buyers market! Creative real estate comes into play in a buyers market, because YOU need to come up with something unique now to help your clients sell at a price they will be happy with. In a market flooded with sellers that NEED to sell and savvy buyers who have researched the market well, who have a clear and defined idea of what it is they want to buy, how are you going to put your vendors interests first?
To the vendors – One powerful indicator of a buyers market, is when you drive around a suburb and you see several agents signs on each property. This often happens if a property needs to be sold quickly. The vendor believes that the more agents they engage to work on their property the faster it will sell. This in reality, has the opposite effect. Agents engaged to work on open listed properties, prioritise these listings after their exclusive property listings & therefore have less time to promote the sale of the open listed property.
The properties that are managed by a professional real estate agent exclusively, are presented at a high standard to the market and their one sign stands proud like a queens guard protecting their kingdom.
Why is a property presented so differently when using a professional exclusive agent? The vendors are working WITH their agent. Meaning, the agent has spent the time with their clients to explain how they came to the conclusion of what the property should be listed for and how and why it needs to be presented a particular way.
The agent is fully aware of the margin the client will move on the property and the client is confident their agent is not going to disclose this price to potential buyers, so that the highest price is always the agents prime focus & achieved. There is something unique going on between vendor and agent in this situation. They have formed a relationship based on TRUST.
The agent has gained the trust of the vendors. Think about what I have just said and what it could mean…..
Properties which have multiple signs, equating to multiple agents listing the same property, stand along each other, giving the opinion to a passer by, that there is a war going on.
Unfortunately choosing your exclusive agent is not always clear sailing. Please spend time with your agent & focus on their reaction to your questions, ask many. Safe guard yourself by adding to your listing form that if you are not happy at any time with your agents service, a notice in writing will be sufficient for you to be released from their exclusive period. If an agent reacts badly to this request, then they are not your agent.
Sharks come in many forms for the vulnerable vendor. My suggestion, is to learn to recognise them coming…Sharks are, agents who tell you what you want to hear in regards to price until they WIN YOUR listing. Be very careful of these guys, people who lie to you once, will lie to you again.
I know how hard it is to hear what your property is worth in a buyer’s market. Remember, a real estate agents initial job is to deliver information. We compare & report to you what is happening in the current market place, so you can be well informed before you make a decision on selling. Please believe me when I tell you, that a good agent, hates with a passion to tell a family that their home is going to sell under what it would cost to replace it in the current market.
If you are a seller, then by now I am probably making you feel pretty average. The following question has probably just begun to plague your mind with uneasiness….
WHAT AM I GOING TO DO????
Find a creative agent, is the answer.
Before you throw your hands in the air and feel as though what I am telling you is all “DOOM and GLOOM”, let’s recap on where we are to date….we have a market full of qualified buyers, with motivated vendors of whom some are to the point, desperate to sell. This is not a marketing ploy as some might question, but in fact a serious situation due to a lot of reasons. Economy, loss of work from the previous environmental disasters, all sorts of things. I mean, you just have to look around, speak to your family, friends and neighbours to see the reality of why the market is doing what it is doing.
Let’s use Bundaberg as an example. Think about some of the major players who have waged war on our market. A dwindling overseas economy (out of our hands), a drought, that for the first time in a long time actually was felt significantly right through to the coast and major metropolitan areas (environmental and out of our hands), the Bundy floods (natural disaster, we were not stopping this one).
In true Australian form, we have picked ourselves up and dusted ourselves off. But after being knocked over and getting back up a few times, we are all feeling it.
So what to do, what to do? Introduce – Creative Real Estate. Savvy agents who have had their own investment properties, who have had their own homes, who have had their own businesses. Who work along side you and trusted qualified advisors to find a solution on selling your property at the highest price in the current market, or to provide an alternative path until it does sell.
People who will look at the entire situation and not just the sale of the house. You can not buy knowledge. Doing a few courses or even a university degree, does not make you a good agent. A good agent has life skills, can match your situation to someone similar, that had a positive outcome and discuss and talk about options. In this market, you need a creative out of the box thinker, who on a daily basis surrounds themselves with opportunities for their clients. Ask your agent who are the people they speak to daily?? BESIDES the clients they are working with.
Here’s my list and see how they compare –
- Insurance Brokers
- Financial Planners
- Town Planners
- The council in various forms
- Insurance brokers and banking contacts
- Other agents who are like minded
- Business owners
- Pest & building inspectors
Talk to your agent! One conversation should tell you if they have your best interest as a vendor at heart, especially in the current market favoured by buyers. Honesty is the key to a successful relationship & most importantly a sale & outcome you are happy with!