This month, Nick offers advice for real estate agents wanting to expand their business with tips on the industry and the ever-changing real estate market in Boston. He also has pointers for sellers and buyers as we head into the second half of 2019 including what to expect in the Boston real estate market for the rest of the year.
You were recently featured in an article in Boston Agent Magazine discussing how you have attracted some of the top agents in the area to BHHS Warren Residential. Can you tell us a few highlights you shared that serve as tips for agents wanting to expand their business?
The best agents quickly realize that success in real estate, and most things in life, is all about patience and consistency. As I mentioned in the article, our sales cycle is extremely long in real estate. Agents need to start planting seeds now for transactions which likely won’t close for at least 12-18 months. Whether an agent is crushing it or just starting, the majority of their time needs to be spent on money-making activities such as business/lead development in order to be successful.
As agents approach the second half of the year, what changes do you foresee in the industry and also the Boston real estate market that they should be tuned into?
Agents will need to be prepared to explain what is happening in the market to their clients. They can’t just use the same “its crazy!” line a lot of them have been using over the past few years. They need to be educated on market statistics such days on market, the average price per foot, average sales price, etc. and which direction each stat is going so they can properly advise their clients depending on what side of the transaction they are on.
And for buyers and sellers in this market, what changes do you think they should look for in the second half of 2019?
I think we will continue to see an increase in inventory in most neighborhoods which will lead to a slower appreciation rate over time. This is just a healthy correction to a more normal balanced market and isn’t a reason to get scared or start thinking about 2008 again. Properties will still sell quickly if they are priced and marketed correctly and I don’t think that will change right now.