If it isn’t evident yet, you can slowly notice that the buyers in the real estate industry are slowly taking over the market. You will also notice that in today’s current trend, buyers are consistently raising the demand and the supply has yet to meet the need.
Here are 5 reasons why “buyers” are winning the race:
#1 Buyers Have Taken Over The Market
As the economic downturn continues, wherein the economy was frozen and unemployment numbers have risen, companies are keeping a tight leash on costs.
With that being said, buyers that have sustained their income and or have access to their savings are taking advantage of the current status. Vacancies and sales in properties emerge and buyers are controlling the market as we speak.
#2 Buyers Have Access To Information
Gone are the days wherein sellers could easily manipulate and drown buyers with information leading towards making the sale. With the recent and latest technological advancement we are going through, buyers are now capable of learning and accessing information to guarantee that their choices match their needs.
Sellers will now have difficulty relying solely on skill to make the sale, they would need to maximize and utilize the benefits, amenities, and even the overall market price in making their pitch. This new reality forces the investors to always put their best foot forward to win their deals thus raising the bar of the real estate competition a notch higher each time. Now, that’s what we call a win-win situation.
#3 Sellers Are Challenged
Today’s buyers expect a lot from sellers, especially those selling high-end properties that range from commercial and residential homes. Sellers must think on their feet in providing selling points since buyers are no longer easily ruled over.
As a seller, you must know how to influence high-level executives without holding formal authority. Plus, it’s crucial to stay on top of the latest technological and social developments across relevant fields to provide buyers with the best option in the market today.
#4 Buyers Are No Longer Alone
The buyer’s decision process used to be plain and simple. If you were speaking to a senior executive, you could easily dictate whether or not he or she had the power to pull the trigger on the decision of the outgoing sale.
This has taken a rational turn and buyer decisions have three new elements at play. They are tagging along with key factors such as empowerment, collaboration, and risk avoidance which will lead to controlling their purchase eventually. .
Empowerment: Buyers no longer rely on their judgment yet seek the assistance of either seasoned and esteemed real estate investors. Their decisions now have control over how sellers will market their properties since buyers already know what they want.
Collaboration: Buyers now have teams that also assist them to purchase properties. Selling to one person is easy, however, talking to more people will become a challenge.
Risk avoidance: Avoiding risks are pivotal in purchasing property. No one wants to become the bearer of burnt flame, therefore buyers are now considering avoiding as many risks as possible.
#5 The Competition Will Continually Rise
Every day, new business models arise that provide attractive alternatives to potential properties on the market both commercial and residential. Now that the market has already shown possible competition, buyers are now checking their options and would lead to sellers battling it out to provide the best offer possible.
With the rise of technological advancements, it becomes easier to access information, therefore the competition mentioned becomes tedious and well sought out. Needles to say, , this new order only shows the dominance of buyers amidst today’s market.
These are just some of the reasons why sellers are slowly taking the backseat in the market. It’s because since buyers are given more of privilege with regards to their purchase, sales are trying to outperform each other.
The power of selecting what best suits your needs and having sellers adapt to what you are seeking show prominence in getting the best offer out there.
Change is the only thing constant in today’s society, we can either adapt or choose to accept reality. Learn more about how the real estate industry can become a viable investment with Real Estate IQ.
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Disclaimer: The blog articles are intended for educational and informational purposes only. Nothing in the content is intended as legal or financial advice.