REIP – Inside Real Estate November 9, 2022

Everyone is talking about the surprising results from The Block auctions on Sunday night. From high highs to low lows, this is a sharp demonstration of just how volatile the real estate market is at the moment. 

We know the market is slowing. We know auction clearance rates are falling, We are seeing longer days on market, vendor discounting, concerns about rising mortgage repayments and huge pressures on rental affordability.

The question then becomes, if we know all this, what are we as industry professionals doing about it? 

There is a lot of talk in our industry about ‘going back to basics’ but what does that mean in real terms? Traditionally it’s meant turning up the heat on our transactional activities. How many times have you heard ‘make 10 calls a day’?

But the needs of our customers have changed, and we need to change too. Moving away from a transactional mindset to a consultative one is no longer an option – it’s necessary. 

Every part of our industry is feeling stress – vendors, buyers, landlords and tenants. It is our job to alleviate that stress by offering real solutions to their challenges. We also need to take care of ourselves as best we can in the process.

Take the time to get up to speed with the latest solutions available. Think outside the box in terms of how we solve our clients’ challenges. Attend events and conferences to hear directly from experts how they are solving the same problems your clients are facing. And invest in your own skills and mental health.

Yes, it may seem there is a lot for us to do, but if we want to continue fostering great relationships with our clients and remain relevant through this difficult time and beyond, what other choice do we have?

Until next time, stay connected.