Developing your Marketplace Narrative

In today’s episode, Matt and Garrett talk about marketplace narratives. Before 2020, we saw different areas having different marketplaces, everybody was going through something different. When COVID hit and with all the lockdowns happening, the playing field was leveled. The housing market, inventory, multiple offers, and competing bids were all similar, but now at the end of 2021 and beginning 2022, people are starting to build their own stories, and today’s episode explains how they are doing that. 

The hosts begin by clarifying that just because people are creating their own stories in the marketplace does not mean that the marketplaces are now special. A marketplace being different should not necessitate different systems. They talk about what is creating the narrative, what is impacting the housing market, how people are setting the narrative, and how agents are bringing the narrative to their clients. The hosts’ major highlights in this episode is what the narrative is, if it matters, comparing it with the past, and when there’s a new variable in the marketplace, people need to adapt and adjust. Matt and Garrett finish up by looking at the concept of overpaying when somebody finds enough value to pay a certain dollar amount, noting that attaching value helps in owning your narrative, and highlighting how it is important to have a process in your business so that you do not waste time spinning your wheels.

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Episode Highlights: 

•       How marketplaces are developing their narratives
•       The housing market through the years
•       Different marketplaces do not mean different systems 
•       The narrative and the collective self-talk impacting the housing market 
•       The impact of the water cooler talk
•       What the market looks like when you go out and show homes 
•       How to adapt and adjust when a new variable hits the marketplace 
•       The concept of overpaying
•       Owning a narrative
•       The importance of processes in your business
•       Leading into stories and understanding them

Quotes

“No matter how the marketplace is changing, there's always a market to sell homes. There are always people that need help buying or selling to get from point A to point B.”

“If you’re getting stuck on with your clients, go sit down with a couple of agents, go sit down your managing broker, go talk with a lender and figure out what that adjustment and interest rate means to your clients because it's not going to push them out of being a buyer right now.”

 “There's a group of people in every given marketplace that needs help and that's the focus everybody needs to have. That's the energy you need to have.”

“We have to be careful, when we look at the market and understand the story that the market is telling. We need to buy into a particular part of that story, and make that our narrative, and then expand on that.”

“Everything has value to the person that has decided to put their money in it.”

“We have this opportunity to help people set a mindset when it comes to the life they're going to live in their home.”

“Our role as agents and brokers is to help people get from point A to point B as Larry says, ‘From the life they have to the life that they dream about.'”

“Your job as a realtor is to help somebody understand the game of real estate currently as it sits in the marketplace and how to be successful.”

“The reality is that we just get to control the process. Every marketplace is different.”

“If you're going to be a powerful, trusted advisor for somebody, your job is to figure out what the game is right now, help how you can guide people through it, and find the people that need help being guided through it. And you're going to be great.”

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Matt

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