Springtime - Bloom, Boom or Doom?
What does spring look like in a cooling market?
Spring is here! The time of the year that the real estate industry really comes to life. The weather is warming, the flowers are blooming and the buyers and sellers alike are coming out of hibernation. After what is normally a slow and cold few months over winter, we are filled with optimism as selling season kicks off. Yet this year, the whispers around the grounds seem to be questioning whether 2022 will live up to the normal bloom and boom that we experience or will this cooling of the market drag into the warmer months with a little more doom than bloom.
The answer could depend entirely on your mindset and how you approach the next few months. While we have seen auction clearance rates drop nationally, fewer listings hitting the market and buyer activity slow, there is no denying that property is selling. There are still buyers and sellers ready to transact in this market, as they have over the past few years, just in a less frantic manner.
It is easy to get swept up in a booming market, where skill and strategy fall to the wayside as demand and fierce competition does all the leg work. The pace of the market often takes control and agents start chasing their tails simply trying to keep up with enquiries, administration and grunt work, while the sales come together for them in an order taking style. In a slower market, an agent must return to the art of selling, taking the time to design custom strategies for sale properties, returning missed calls from buyers, taking the time to educate sellers and focus in on providing a level of customer service that attracts positive reviews and referrals. It is in a cooler market that the skilled agents stand out from the pack.
This spring, we are yet to see if the cooling of the market will alleviate however now is an excellent opportunity to refine your skills, gain confidence in pitching an auction campaign to your sellers, master the art of running a seamless auction campaign and start reaping the rewards of the auction strategy. Auctions are an ideal vehicle for securing sales in a cool market. Auctions provide the level of competition needed to drive the price upwards, even when there are fewer buyers. An auction provides a set time frame and deadline, expediating a sale in comparison to private treaty when demand is low. The auction process also draws out cash buyers that are ready to purchase now while removing conditions that can derail and extend a private treaty sale.
Spring can be a boom or doom for you depending on how you tackle it. If you choose to use the shift in the market that we are experiencing to hone your craft, sharpen your skills and challenge your limitations, you will be the one to reap the rewards. If you want to book some auction training with one of Australia’s leading auctioneers, then contact us today! BOOK NOW