Real Estate

Pamela Leibman To Agents: Don’t forget your value proposition.

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There’s a lot in the market right now to frustrate real estate agents — high mortgage rates, high prices, low inventory and written agency contracts.

But the key thing agents should keep in mind as they work with their clients through this tough market landscape, Pamela Liebman, president and CEO of The Corcoran Group, told attendees at Inman Connect Miami that everything is in perspective. I have to keep

Liebman told moderator Jim Dalrymple II that she expects prices to eventually come down, but not as quickly as many are expecting. He said his biggest concern right now is an increase in market activity once rates start to come down.

“My fear is that when interest rates finally start to come down, everybody will be stretched to the point that prices, which are already high, won’t come down. So when you start thinking about affordability So, is it less affordable? Higher interest rates and prices here, or more competition for a few more houses and prices here?

“I think agents have to be careful to advise their customers that they’re not the only ones waiting for interest rates to drop, and to look at the bigger picture,” Liebman added.

When rates come down, perhaps by the fourth quarter, Liebman estimated, they could still be in the 60s. And he said that’s a tough pill to swallow for many people given recent past rates.

Forget what we had in the past, he said. “It was a moment in time when everything was free … it’s not going to come back like that.”

He also said that clients who work with the right bank often have the opportunity to refinance once for free.

Take the InMen Intel Index survey for May.

“Prices are going up in all sectors, and it’s about consumers adjusting to that fact and prioritizing what they spend their money on,” added Liebman, who said the other night. Referred to the $28 cocktail purchased.

“What is more important? A drink, a stone crab or your place to live? He asked.

“The enjoyment you get from living in these places – and this is what we have to convince people about – you’re focusing too much on money. Focus on your life and where you want to live. What is the meaning of living there?

Liebman added that sellers wanting to move are a big part of the equation right now. But matching customers with the right agent is also extremely important.

“You have to work with the right agent — there are a lot of trades off the market,” Liebman said. “It’s really important to have a good relationship with your fellow agents because that’s how deals get done.”

Some of the ways agents get off-market listings are being responsive and polite and generally easy to work with.

“When I call you and I ask to be on your list and you don’t call me back for three days and I call you and chase you, and I get so angry that I Say, ‘Oh I should call the seller. Does he know Jim is doing a bad job for him?’ It’s not good for you,” Liebman told Dalrymple.

“It’s very easy to be nice to people,” he added. “I always say, ‘There’s no crowd on the high road.'”

“Don’t waste my time…don’t be arrogant, and know your stuff.”

With all the press from the commission’s lawsuits and settlements in the mainstream media, Liebman said agents now also have to contend with attacks on their reputations.

“We work so hard, and I think when you read all these horrible articles about these settlements and how they’re disrespectful to the brokers, and how we’re getting so much money and what we really do. ?You have to walk into a house?They don’t know anything about the life of everyone sitting here.

Likewise, engaging in new conversations with clients about buyer-broker contracts is creating a new kind of fear and stress among agents, said Liebman, who told Corcoran agents about them. has inspired many coaches to work with. Topics with confidence.

“What I’m trying to tell my agents now is, think about who you are, think about the company you work for.”

When clients press agents about their value and why they should work with them, Liebman said agents should think about their unique qualities and value proposition, not the brand they work with. One should also think about its value proposition.

“Give [broker] Fees shouldn’t be the first thing you talk about,” he added.

Liebman said he had to engage in a long conversation with one of his agents’ top sellers to explain to him what the two brokers were worth in the transaction, and that it was worth paying their commissions. why is

“At the end of this conversation, did he get it?” Dalrymple asked in surprise. “Did he understand what you were trying to say?”

Just kind of.

“The truth is, he said, ‘I see what you’re talking about,'” Liebman said. “‘I want to talk to my family office and we’ll get back to you.’ He came back to my agent saying, ‘It’s $85 million. [listing]. I’ll pay you 2 percent, and I’ll pay the buyer’s broker, but for the next few months, I’m just going to do it as an open listing because I think other [agents] Will come in and do it for less.

“He told her ‘Well, they’re going to do it for less, and guess what? You get less, good luck and I’ll see you in October.'”

Email Lillian Dickerson.

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