Stop when demand exceeds supply

 ©Copyright 2009 Ian Keightley. All rights reserved. Feel free to forward and distribute but copyright is retained.

Hi [name] and welcome to my Weekly Insight for Monday 11th May 2009.

Stop -  when demand exceeds supply

The New Zealand residential market is right now showing clear signs of demand exceeding supply. Since March we have seen buyers back in the market. Last year we had few buyers and plenty of listings. Buyers lacked confidence to make that move.

Now buyers fear interest rates may go no lower and they also fear values may have bottomed out so back they have come. Now sellers lack confidence to enter the market. Sellers should have confidence to come to this market as once again there is strong demand for well priced, well marketed and well presented properties. 

And real estate people tell me listings are hard to get. So when you get a new one don't be rushed into selling it the first day, don't let colleagues who have no listings jump on yours with their buyers. Your next listing may well come from the contacts you meet whilst marketing this one. This is a business where unless you have it listed you can't sell it! 

So in a market like this - STOP - market the property first and don't be caught dropping sold brochures or placing advertisments saying; "sold in 1 Day, sold before first open home"!   Not only have you not maximised your business opportunities, you cannot assure your seller you have done all you could to find the best buyer. 

So when demand exceeds supply, slow down, take power off the buyers and non-listing colleagues. Run a 2 or 3 week auction, will not sell prior, or a 2- 3 week Tender (can't sell prior). You are working hard to get listings in this market. Make the most of it for your vendor and you.     
 

 Quote for the Week

"There are two cardinal sins from which all others spring; Impatience and laziness."

Franz Kafka (1883 - 1924) 

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Make this week a winner for you [name] and control your new listing, don't let your colleagues control you.