Mega Mastermind (June 2022)
Updated: Oct 20, 2022
We brought together a panel of some of Sutton Quantum's top agents to talk about this changing market. Panelists include: Alex Winiarski, Bryan Adlam, Kate & Matthew Czaplinski, Kirk Fournier, Linda Zylik, Rosemarie Wallace, Tim Parsons, and Sheila Barry.
Below is a collection of notes or points we thought were important takeaways from this meeting. We highly encourage attendance to all of our events as they always contain valuable information for personal and/or business development.
Q & A
What are some of the best strategies you currently use in a changing market? For example, how do you manage a seller’s expectations when the market is starting to slow?
Find out seller's situation before going into market & pricing conversation. You'll know where better to direct the conversation afterwards.
Motivation is important
Find out what they think about the market right now
Transparency to sellers about the current market
Knowledge is key - know the market, know the competition
Current market is not that bad. We're still at or above last year's prices (as of June 2022).
Bidding war no longer a good strategy in many cases
Know your worth!
Your worth as a knowledgeable realtor is a lot more than it was in February of this year
It takes more skill to sell a house in this market
How often are your reporting to your sellers?
Some agents say daily, others weekly.
Understand that sellers are nervous about the market
Get feedback after showings
Obtain showing statistics from BrokerBay
Do you turn down listings? What is your advice to fellow agents?
Whether agents turn down a listing depends largely on relationship with the seller
If the seller will not listen to your advice, there is no sense in spending a lot of your time and money on that listing.
Having a professional CMA really helps with getting listings & buyer clients. When you have compelling data, it becomes easier to convince clients about the current market.
Name of the game is delivering value to your clients. Having good service ensures they are lifelong clients with referrals.
In your opinion, is the first offer the best offer when you’re representing a seller?
Generally, yes, but it is situational.
You need to look at the competition and current market
Have conversations early to set the stage
Talk with honesty & build trust for guidance
First 2 weeks for a listing are crucial
Work with every offer you get
Advice for agents:
Getting and selling a listing is valuable experience, but be careful not to waste your resources and money if you don't think it is going to sell.
Do everything in your power to work with every lead
Bring all information to sellers if the offer doesn't have the price they want. It can change perspective in what sellers think their home is worth.
SQ resources - enhanced CMAs, market trends categorized by cities, and BrokerBay showing/offer statistics.
If you are representing the buyer and putting in an offer with no conditions, make sure to use Form 127 to protect yourself.
What is the conversation like with buyers like right now?
Right now is a good time to work with buyers. Especially when they have pre-approval and have a closing date in mind.
You want buyers with a deadline. For example, people who already sold their houses, or relocating from a different city.
Seeing reemergence of first time buyers and more offers with conditions
Buyers can start negotiating with sellers
[Legal] Are you seeing any last minute requests for closing extensions?
Seeing a few abatements
Some people who purchased in a higher market are now having their lawyers go back to negotiate a price reduction
Seeing more issues with financing and vendor-take-back mortgages
[Lending] What trends are you seeing on the mortgage side?
Shifting market. Although things haven't changed much for well-qualified buyers.
Important to ensure you get a qualified appraiser and that the appraisal gets done
Bank appraisals can be challenged
What would you tell yourself getting started as a realtor if you could do it again?
You will learn a lot with mistakes & will be able to leverage that knowledge
Make your mistakes now, instead of 30 years from now.
You will always make mistakes, things are always changing & evolving.
Utilize social media & digital media, embrace it as fully as you can.
Be able to answer the question “what will happen if”
Learn about Landlord Tenant Board and rules surrounding leases
Have the confidence to ask for business
Talk to your neighbours, you will be surprised with how many deals you find
Get on real estate hacks
Read more about what other realtors have to say
25,000 agents on it
Helpful for "what if" situations
Never be on a site where commission is being discussed (can be considered collusion) - discuss these issues with our broker.
Find an agent you connect with & use as a mentor. Get them to walk you through deals. You can learn a lot from every transaction.
Build a reputation in a niche, your clients will get to know you & keep coming to you (repeat and referral business).
If you have any questions or require support, please reach out to the SQ team at email@example.com.