How’s the Real Estate Market?

I bet you are getting asked this question a lot. How do you answer?

There is likely a desire to answer in a way that both shows you know your stuff and encourages the asker to consider trading in real estate. We have a strong internal bias that way. Of course, we do. We get paid when people trade, and right now, many real estate agents need some pay.

In most cases, the people we talk to can feel this bias, even if it is unconscious. This erodes trust and reduces the chances of us building a meaningful business relationship.

So, how can we handle this differently?

Use this question as an opportunity to learn what they are interested in knowing. They may be considering a sale or a purchase; they may have a good friend in real estate distress; they may be considering a career change. They may just be curious. Without uncovering their underlying motivation, we will likely answer in a way that doesn’t satisfy their needs.

If you can rise above your desire to impress, it allows you to craft a question that makes them feel comfortable and trusting and encourages them to tell you what they need.

See Below for an Example

“I think unconscious bias is the hardest thing to get at”

Ruth Bader Ginsburg

For Example:

Prospect: “How’s the real estate market?”

Agent. “It’s interesting. Are you considering a move?”

Prospect: “No, I am just curious. I have been reading a lot of stuff in the news, and it seems like house prices might still go down some more.”

Agent: “yup – the news certainly loves to tell that story. The market is tricky right now, but it’s not all doom and gloom. Like every market, there are some good opportunities.

Prospect: “oh, like, what sort of opportunities?”

Agent: “Well, that depends on your needs. You mentioned that you weren’t thinking about a move just now, but would you consider it if you felt there was an opportunity?”

Prospect: “Well, not really. My wife thinks we need a bigger place, but……..”

Ok – It won’t always be that easy, but the key thing here is that you want to see the question as an opportunity to learn more about the prospect’s needs and create the trust and relationship essential for information sharing.

No one knows where the real estate market is going. Not now, not ever. You may have an opinion, and sharing your opinion with a trusted prospect might be valuable at some point. However, telling people that the market will go up when you benefit from that opinion won’t get you your desired results.

Click here to watch a quick video discussing how to answer the question: How’s the Real Estate Market?