May 24, 2021
As realtors, we need to be educated and pay attention to trends in the economy that may affect our clients. Today Matt and Garrett dive into an issue that’s having a huge impact on our industry at the moment - supply and demand. They explain the role that rising costs are playing in real estate, why contractors are leaving prices open-ended or even abandoning jobs altogether, and the impact that other factors could have on homeowners, such as inflation rates and tax policies. Understanding the current situation comes back to knowing your industry and knowing your product, and will help you serve as a trusted advisor to your clients. Our hosts highlight the importance of doing your research, and talking to business owners and trusted experts around you to find out what’s truly going on in your area, rather than relying solely on the news or information provided on social media.
Becoming an expert on what’s going on in the industry, and knowing how to guide your clients through potential pitfalls and challenges is just one more crucial way to demonstrate your value. The more knowledge you can provide, the more powerful your position will be in their world. As Garrett points out, if you’re uneducated, you’re just another number in their database. You can avoid this by educating yourself on all aspects of the business, and today’s episode will lay out how to do just that.
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Episode Highlights:
- Current supply and demand issues
- Real estate plays a huge role in the economy
- Costs are going way up and contractors are leaving prices open-ended
- Comparison to ordering a plate of food without knowing how much it costs, then getting a bill for $100 afterward
- Realtors need to be educated about this situation and pay attention to trends in the economy that affect business
- Comes back to knowing your product and knowing your industry
- Role of inflation rates, tax policies
- Warren Buffett’s comments that inflation is already here
- Inflation does not necessarily mean doom and gloom, but it does mean we need to educated about it and how it could affect homeowners
- This opens up the conversation with your clients
- We’re in the middle of a sunny day, not remembering how cold a rainy day can be
- Need to be prepared for these situations and pull our head out of the sand
- Look at the data, but also talk to local business owners and experts
- Content producers on social media are becoming the source of information for young people
- Need to be careful that you are getting news from reliable sources
- Do your research and be an expert for your clients
- If you’re not educated, you’re just another number in their database
Quotes:
“There are some trends starting to happen out here right now that are making me step back and go, Okay, this could get really interesting, really fast.”
“It also happens to be one of our basic human needs as well, shelter. So it plays a big role.”
“I start hearing about builders saying, Yeah, we'll accept your contract to build a house for you, but you know, the price is going to be open-ended until we can actually buy all the supplies because we can't give you a price.”
“I think we are starting to come into an interesting time right now where we're going to see some stuff like this start to go on.”
“I need to be financially smart about what is going on. What does this all mean? How is it going to affect my people and where can I guide them to go get more information? Because we're going to need to be really trusted advisors for people coming up here.”
“People will figure out how to buy or sell, and this is why we need to be trusted advisors.”
“Just as if you were going to run a grocery store, you're going to pay attention to what's going on with diesel prices, because your trucks are moving stuff around all the time, and that's going to impact your inventory.”
“If you look at the data of just inflation - ending in April, we've hit the highest trailing 12 month of inflation rate numbers at 4.2 than we've seen since 2011 and 2008.”
“Everybody's talking about, What if we have inflation? And [Warren Buffett] said it's already here. If you're not noticing that inflation is already starting, you're behind on what's going on.”
“It’s hard to remember how cold the rain is when it’s a sunny day.”
“My best education comes from the people that I know right around me and asking more questions, more so than the news.”
“That's why I talk to people I know in finance when I want to understand certain things. That's why I talk to doctors when I want to understand things about health. That’s why I talk to personal trainers when I want to understand things about fitness. That's why I talked to Garrett when I want to understand things about real estate.”
“If you can get into the actual relationship with somebody, where you are trusted advisors for each other, and you come together and you talk about what's going on and what you're seeing out there, those can be extremely powerful.”
“Be that source of information for them, be that source of knowledge.”
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