BAM Key Detail:
- During an epic hour-long BAM webinar with David Childers, the president of Keeping Current Matters (KCM), Byron Lazine asked how agents can articulate to consumers the unique buying opportunity present in today’s market.
During this week’s BAM webinar on unpacking the 2023 real estate market, Byron Lazine asked David Childers, the president of Keeping Current Matters, how agents can best articulate to consumers the unique buying opportunity present in today’s housing market.
Traditional stats, months of inventory, total inventory would point to a seller’s market. How do we articulate to the buyers without coming off as…sleazy salespeople that ‘No, it’s actually in your best interest to buy now’? What are some of the variables they may want to be thinking about that could be going against them in 2024 and ‘25?
The two took a deep dive into what agents need to do to help consumers understand why waiting for mortgage rates to go further down could mean missing a window that isn’t likely to repeat itself in the near future.
“The one and only window”
Byron’s question came after the KCM president revealed a quote by Former Assistant Secretary of Housing, David Stevens:
This may be the one and only window for the next few years to get into a buyer’s market. And remember…as the Federal Reserve data shows…home prices only go up and always recover from recessions no matter how mild or severe. Long-term homeowners should view this market…right now…as a unique buying opportunity.
5 ways to articulate this unique buying opportunity to consumers
Breaking down the key factors that come into play with agent-buyer conversations, Byron and David discussed five things agents can do to articulate why now is the best time to buy a home—without sounding like a sleazy salesperson.
#1 Show them the data
And by that, of course, we mean the data that reveals this opportunity for what it is and what it offers potential home buyers—and how it could change their lives.
It’s no accident this webinar features the president of Keeping Current Matters, which is the cheat code for agents willing to invest time in building their knowledge and understanding of the housing market so they can better serve their clients, prospects, and community.
KCM is the best tool we know of for finding the data consumers need to see and that they won’t hear about when they’re watching the news. For a breakdown of the 2023 housing market, complete with slides and data points, watch the full BAM webinar, or read our breakdown of it here.
#2 Document and share your own home buying journey
Byron brought up an Instagram Reel by Jason Cassity asking the question, “Should an agent be a homeowner, or is there an argument that an agent doesn’t need to be a homeowner?”
The response was mixed with some agents saying they wouldn’t work with an agent who had no personal experience with the home buying process—and others saying it doesn’t really matter as long as the agent knows how to represent their client.
Byron shared his own perspective on the question:
If you’ve never bought and sold—and that’s not a goal within your first year of being a real estate agent—you’re in the wrong business. You want to be able to share that enthusiasm with the market about how buying a home can literally change your wealth trajectory.
He also referenced one of the commenters who said he was “Working towards my first home.” In that case—and you can do this whether it’s your first home purchase, you’re moving, or buying an investment property—document that process and share it on social.
#3 Ask really good questions
One of the key points David made is that knowing how to articulate this opportunity to your prospects is “all in the art of asking really good questions.”
He referenced David Stevens’ words about long-term homeowners. Because in order to know how to communicate with someone effectively, you need at least some idea of their goals and priorities.
For one, do they even want to sell their current home and buy another one?
And if they do, what’s the most important thing they hope to gain by moving to a different home? Or what’s standing in the way of listing their home?
Just as Byron and Tom Toole discussed when brainstorming pitches in the third episode of the Knowledge Brokers Podcast, the key is identifying the consumer’s pain points.
Find out what they need, what they want, what their biggest concerns are. Once you know the answers to those questions, you’ll know exactly what information to share with them to shed light on their situation and help them take the next step forward.
#4 Get real about where we are now—and where we’ve been
As Byron pointed out, housing affordability has gotten easier with the gradual decline in mortgage rates.
Neither he nor David has their head in the sand. No one’s saying there aren’t any issues. But, as David stressed, “There is opportunity right now that we haven’t seen over the past couple years.”
Consumers need to know what they’re looking at and how to unpack all the information they’re receiving about the housing market—from agents and from the media.
The second thing I would say is that, as you look out and think about that conversation, it’s all about really positioning where have we been in the last couple of years, and here would be what I would say: Many people in the past two years found it impossible to buy a home… Now, it’s just a lot harder. But it’s possible. And that would be my message.
Unfortunately, the typical media content that reaches consumers keeps them in the dark about the window of opportunity in today’s market. And that leads us to our next point.
#5 Remember why you’re doing this.
At the end of the day, it’s not about convincing someone that you’re right about the market and they should buy a house—and buy it with your help.
It’s about sharing the truth about this opportunity because no one else is talking about it. Most of the media content that reaches the eyes and ears of consumers tells them nothing about what makes right now a pivotal moment for buyers.
That’s not likely to change, which makes it all the more important for real estate agents to have an online presence—particularly on social media, using the tools that get them in front of consumers so they can demystify the market and unpack the latest news.
If you knew something most consumers didn’t, and you could help more of them make a life-changing positive difference in their personal wealth and well-being, wouldn’t you?
And if the answer to that question is an emphatic “Yes!” you need the number one tool for making sense of the U.S. housing market, with insights on the economy and market trends that clear the fog and make it easier to explain the advantages in today’s market.
