So we all know the market is crazy, we have no inventory, it’s stressful, buyers are getting frustrated or perhaps holding off, and at times it can feel like the walls are closing in on us. We’ve made 10 offers with nothing to show for it and the contract terms expected of buyers in some cases are quite frankly just flat out nuts. First of all, breathe. This pocket cannot last forever and things will get better in time. We must be patient, stay aware of the market, and adapt where we can.
In my opinion, these next few months will be an amazing opportunity to nurture and grow existing relationships but also spark some new connections. You can 100% count on other Realtors dropping the ball, that I do know. Think big picture; long term…. sales are a bit tougher to come by right now so we must be patiently planting and feeding those future seeds. When the market starts to loosen up a bit and more opportunities present themselves, the true question is, will you be in a position to capitalize on such timing?
I’m not saying we shouldn’t be exploring our database or sphere of influence for immediate opportunities, that goes without saying. But real estate does have a way of ebbing and flowing in and out of certain pockets over time and we must recognize these trends in order to best position ourselves in a way that captures the most of the current climate, yet meanwhile we’re still planning ahead. It’s pretty obvious where things stand now but it’s those who have the ability to shift where necessary and seek out those targeted “opportunity zones” who will also be the ones to thrive.
For example and although tentative, the Canadian borders are expected to be open sometime soon with some experts projecting a July 1st target date. Most Canadian clientele have been sidelined this past year with all the shenanigans we’ve endured over this past year in addition to the broad travel restrictions. And Canadians make up the greatest portion of international buyers in our market. Point being, there will be plenty of Canadians looking to cash in on what’s likely one of the strongest seller markets we’ll ever see and I’d be shocked if that didn’t correlate to an overall uptick in sales activity once these restrictions improve.
Another great example, there’s legislative fears that 1031 exchanges could soon be on the chopping block which is one of the very best strategies used for investment property in real estate for those who wish to move their equity/gains into another investment property 100% tax deferred. There is a window of opportunity right now for investors to make such a move before any change were to take effect and it’s up to us to go find them. Right now seasonal and vacation rentals properties are in demand more than ever which is also why we’re heavily competing with large institutional investors. Knowing the applicable #’s and ROI = Direct tangible value to help us earn the business.
Lastly, if you have buyers considering new….. we need to stay dialed in with the process and availability of new construction or the other “spec home” inventory we’re going to see in the months ahead. We have new projects under way like Villa Mar in Bonita or Verdona Village in Estero with sales starting in July, amongst many others across SWFL. How do you get your people in line or how will sales be handled? Do you have a good contact with the builder? Are you providing value and up to date information to your interested buyers? Are you staying on top of them or will they slip through the cracks?
The point of this for me is simple…… I am never one to sit back, let things be, or allow myself to become a “victim” of external circumstances. Sure, we do need to be patient right now, but it is also so important that we keep ourselves/thoughts/emotions in check and not allow the fear of the unknown to consume our energy. It’s toxic and counterproductive to what we do. Stay mentlaly strong, intensely focused, keep your faith, and trust the daily disciplines of what we do. Keep thinking outside the box and find opportunities where you can because soon enough, we’ll be saying “remember when” (hopefully!) looking back at this crazy market.
Adversity is nothing more than an opportunity for us to grow as people and professionals because truthfully speaking, nothing great in life comes easy. It takes some serious grit and an unwavering conviction in what we do and it’s these tough times that allow us the opportunity to truly appreciate the many successes we have coming our way. At the end of the day it will not be the market, inventory, or the many other reasons/excuses we have for things to be difficult thus limiting our short term success. But rather, the ball is in our court and everything we desire awaits on the other side of fear. And the only thing stopping us is ourselves.
“Tough times never last, but tough people do”. – Robert Schuller –
Adam
