Since the start of the pandemic, the real estate market has crazy. It went from a strong sellers market, to near complete shutdown, to now one of the strongest sellers markets in history. It’s important to prepare your buyers and sellers for the market condition to help them reach their goal and to improve their overall experience.
How to Prepare Your Buyers
You start with buyers by emphasizing the importance of having their pre-approval ready, finances in order, and not to make any new large expenses until after they close on their home. Help them understand the full process from the home search through closing day so they will be better prepared as they go through each stage.
Being aware of the potential for a multiple offer situation ahead of time will help buyers prepare their offer strategy. They may decide that an all-cash offer or removing certain contingencies will help their offer be more competitive.
How to Prepare Your Sellers
Prepare sellers by talking about their local market conditions, days on market, and they would ant to handle a possible multiple offers situation.
Of course, you want to thoroughly discuss with sellers how to get their property ready to sell so it’s in the best possible position for competitive offers. Discuss the showing schedule, open house plans, and if there any times that need to be restricted for showings.
Preparing both sellers and buyers in this current climate will help make transitions much smoother. When all parties involved are prepared, fewer surprises tend to come up and when they do they are usually easier to resolve.