The real estate market is in flux, prompting concerns about a possible "bubble" and the likelihood of plummeting prices continuing. Mortgage rates are another source of uncertainty - will they rise more or fall? In this dynamic environment, buyers and sellers alike are wondering if it's a buyers' or sellers' market.
These concerns are not unique to the current market; they arise regularly and impact homeowners, buyers, and agents alike. Real estate is an ever-changing industry, and every few years it undergoes a significant transformation.
Successful agents understand that a "hot" market or positive headlines aren't enough to ensure long-term success. They recognize that challenging times will inevitably arise, and that the market will never be perfect for every buyer, seller, or homeowner. Nevertheless, there is always someone looking to buy or sell a property, and these agents remain level-headed and focused on their business goals.
If you're looking for an agent who has weathered market fluctuations and knows how to navigate them successfully, keep an eye out for the following five signs:
1. They’re Calm
Regardless of whether the real estate market is experiencing a surge in activity or moving at a sluggish pace, an experienced agent knows how to maintain their composure. They may possess an innate ability to remain calm in the face of uncertainty or practice daily meditation techniques to cultivate a sense of calm. Alternatively, they may unwind with a few glasses of wine at the end of a busy day. Regardless of their preferred method, you can be confident that they will not easily lose their cool.
2. They Don’t Get Discouraged (or let their clients get discouraged)
In any real estate market, it's not uncommon for buyers, sellers, and agents to feel disappointed or frustrated. However, during times of market fluctuations, these emotions can be even more prevalent as change is afoot. Although some individuals may succumb to negative feelings, an experienced agent who has weathered similar circumstances in the past understands the importance of remaining focused and positive. They are equipped to guide their clients through the ups and downs of the market shift and keep them motivated and optimistic.
3. They Manage Expectations
Humans tend to develop expectations based on past experiences, and this is especially true in real estate. For example, in a hot sellers' market, homeowners may anticipate that their property will sell within days for a price exceeding the asking price. Similarly, in a buyers' market, buyers may struggle to reconcile the need to offer above the asking price after seeing other buyers negotiate a lower price. A seasoned agent who has witnessed market shifts before can offer guidance on what to expect - and what not to expect - as the market changes. This can help manage clients' expectations and prevent them from becoming discouraged or disillusioned.
4. They’re Still Doing What They Do On A Daily Basis
Whether the real estate market is moving at a rapid pace or slowing down, an experienced agent understands the importance of maintaining daily routines. Being a successful agent involves more than just showing homes or listing properties; it requires consistent effort in areas such as marketing, following up with clients, scheduling inspections, and completing administrative tasks. Regardless of market conditions, these responsibilities must be attended to on a daily basis to ensure that clients receive the best possible service.
5. They Aren’t Looking For A New Career
When the real estate market is booming, it can be an alluring field that attracts many new license holders. However, obtaining a license is just the beginning; achieving success and longevity in this field is a challenging feat. Those who enter the industry purely for the excitement and perceived ease quickly realize that it is not a simple career. As the market undergoes changes, many agents may abandon their profession and seek out other opportunities. However, a seasoned agent who has navigated through significant market shifts in the past will not give up on their clients or their career, no matter the challenges that arise.