In the slower market, agents who wait around for better conditions will sink, while those who are proactive and adapt to different situations will earn repeat referrals and achieve strong sales.
As the market continues its slowdown, with buyers becoming more considered, the agents who succeed are those who push themselves the extra mile rather than gliding along.
According to Place New Farm agent, Alex Rutherford, the changing market was separating the top agents who went above and beyond from those who simply benefitted from ideal conditions.
Brisbane’s market has cooled significantly, with buyers thinking through their purchases more thoroughly as affordability concerns persist, while sellers have been more hesitant to put their homes up for auction.
“Gone are the days of overpricing properties to get the sale; that is something that is a problem. There are also fewer properties available, so it’s a bit of a scramble for listings,” Rutherford said.
She said that in a slower market, a proactive approach was required, including maintaining good communication and building a solid reputation.
Start with the truth
Amid lower buyer interest, Rutherford said agents often made the mistake of avoiding difficult conversations early with their vendors, whether it be about pricing or market feedback.
“They don’t like to give owners bad news, especially when they want their clients to like them, and they’d like to get them the best deal to make them happy.”
Rutherford said currently, her team usually had difficult conversations with vendors every couple of days, but they were important as they led to changes that could ultimately help get deals done.
“You can’t tell a seller only what they want to hear just to win a listing. The important conversations are often the harder ones.”
Treat buyer feedback as intelligence
In addition to having hard conversations with their vendors, Rutherford said successful agents ensured that buyer feedback informed their campaign strategy, rather than dismissing it.
She said they should pay attention not only to buyers’ opinions on the pricing, but presentation, marketing tactics such as whether better photography was needed, or anything that may not be working.
“It can be that the open home times that the owners feel work for them don’t work for buyers.”
“Agents who stay close to a campaign build confidence and prevent surprises.”
Build up your credibility
Additionally, Rutherford said agents should ensure they provide clients with a positive experience, helping them to generate repeat referrals in a slower market.
“People talk, and they will find it very important when they go online, and there might be reviews, or they’re talking to a neighbour who may have used you.”
”Unfortunately, if you don’t do the right thing, it will come back, and it will bite you.”
Rutherford said agents can make a lasting impression on clients by offering a high level of service, listening to them, following through with their promises, being organised, returning calls and knowing their market.
“It’s just a really very back-to-basics type of a business where we are there to assist and help our clients move forward or sell or whatever their biggest part of their journey in their life is.”
Have common sense
On the other hand, Rutherford said ignoring clients, not returning calls, being too busy, not listening, over-promising or under-delivering would tarnish agents’ reputations.
Given many buyers and sellers are financially burdened, she also said that agents needed to avoid being flashy and showing off their lavish lifestyles.
“Clients remember whether you were straight with them. They remember whether you were available and whether your advice held up when things became stressful.”
“That is what creates repeat business and referrals. In a changing market, that is the real advantage.”
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