Top 4 Challenges Realtors Face in Today’s Market
Being a real estate agent anywhere is hard work, especially in Connecticut’s buyer-driven market. As a home staging company, one of our most valued clients are real estate agents. We’ve become very familiar with the challenges Realtors face in this industry. After all, both of our successes often rely on the success of the other.
Our CEO, Birgit Anich just attended the INMAN Connect conference in NYC to stay on top of what’s happening in the real estate industry. Here are a few common challenges realtors face in today’s market and how home staging can help:
Challenge#1
Staying Relevant
One of the top challenges that Realtors face is how to stay relevant within this fast-changing industry. Selling real estate is not what it once was. With the influx of new technology, online selling platforms and i-Buyers, some Realtors worry that their profession may become obsolete. It’s crucial that Realtors constantly update their approach and stay on top of the latest trends, or they will be left behind.
Barbara Corcoran has said that “Home staging used to be optional. Today, it’s a necessity in selling real estate.” We at BA Staging & Interiors could not agree more. When an agent partners with a home stager, they are ensuring that their listing is fresh, up to date and marketable. If a home is not staged and is presented with an outdated interior and/or exterior, the home and the agent can appear out of touch. Home staging is a modern strategy that real estate agents can use to stay relevant and bring their listings, and themselves to the next level.
Challenge#2
Rejection
This is a challenge that all Realtors face and entrepreneurial people know too well. Although we all handle rejection differently, over time it can take a toll on job performance. This is especially true if we’re experiencing more rejections than wins.
When it comes to real estate agents, rejection can happen for many reasons, but one of the biggest is the first impression. Just as we form our opinions on people within the first few seconds of meeting them, potential buyers do the same when looking at a home. This means the first impression is the only impression. A home that has an outdated interior (or exterior), is cluttered with personal belongings, or is vacant will not make buyers feel welcome. Even worse, buyers may be immediately drawn to negative aspects or flaws within the home.
Home staging, including vacant full services or DIY consultations, ensures that a home is presentation and photo ready. Home staging sets the stage for a great first impression by highlighting the home’s best features, directing attention away from flaws and providing a warm welcome to buyers.
Challenge#3
Not Selling Enough Homes
One of the biggest challenges of real estate agents is not being able to sell enough homes. One common statistic is that almost 50% of agents in the USA make only 1 deal per year. For most agents, that just simply is not enough to reach personal or financial goals.
Homes don’t sell for a variety of reasons that can be outside of the agent’s control. The longer the home stays on the market, the more difficult it becomes to sell, and the more time and focus is taken away from other opportunities. Ultimately everyone involved risks losing money.
Recommending home staging as a marketing tool IS in the control of the real estate agent. Home staging costs less than the first price reduction. The purpose of home staging is to help sell homes as quickly as possible and for the highest value. This is done by staging designs that speak to the target buyer and add a perceived value to the home. Studies have found that home staging works: once staged, homes spend an average of 73% less time on the market (study by RESA) and buyers are willing to spend 5-20% more money on a staged home than a non-staged home (according to the National Association of Realtors). Quick sales and higher prices mean less time spent on one property, more transaction potential and bigger commission checks. Quicker and pricier sales also mean a better reputation for that agent and more referrals, which is truly priceless.
Challenge#4
Investing your Own Money into Marketing
Marketing is a key component of home selling and as independent contractors a lot of that work falls onto the agent. Investing their own money into marketing is a challenge real estate agents face. This often requires the real estate agents to invest their own money into marketing efforts to promote their properties and themselves. In today’s world, online marketing is essential to success. Home buyers browse online first, in fact 95% of home buyers start out their research online before even contacting a real estate agent. So, it is important that the listing is presented well. Statistics reveal that buyers are 3x more likely to click on a property that is staged online and 40% of them are more likely to schedule a walk-through.
Home stagers are marketing partners to real estate agents. Home staging works to alleviate the marketing burden by making a property look picture perfect online and in-person. Professionally educated and experienced home stagers like BA Staging & Interiors are experts in what it takes to make a property show-ready for sale. When it comes to marketing homes like a product, home staging is the packaging of the product. This is what grabs the buyer’s attention and draws them in, as well as re-affirms the online home dream once at the property by creating interest and feelings of aspiration. It becomes much easier for the real estate agent to market the property when it is staged and professionally photographed. In addition, the agent them self will appear more professional and on top of their game.
BA Staging & Interiors is committed to the success of real estate agents and the success of selling listings fast and for top dollars. It’s our mission to make Realtors’ jobs less stressful, more prosperous and to help overcome the challenges they face in Connecticut’s difficult market.
BA Staging & Interiors specializes in staging vacant properties and in DIY consultations. Click here to view our services.
Contact BA Staging & Interiors at 203.807.4040 or email [email protected].
