What’s Your Trigger?

Today, I want to pose the question: what’s your trigger? I’m wondering what it will take for buyers to make a move in the real estate industry. I keep hearing people say that they are waiting for rates to come down.

For you: what is the point where you are pulling the trigger? This topic is not only important for clients, but it also matters for real estate agents and anyone else in the business.

Comparing Real Estate and the Stock Market

It’s interesting because this situation reminds me of people who pull all of their money out the of stock markets. They make this move because they think the market is going to crash. Then, the question becomes: when are you getting back in?

That’s what I am wondering with everyone who is sitting on the sidelines in real estate right now. This is a topic we need to have with our clients, because it’s doing them a disservice by not making their moves.

Yes, Interest Rates Have Been High

By the way: around two weeks ago, we hit 20+ year highs for interest rates. The nice thing is that we are seeing an improvement now. Rates are coming down. But we can’t predict if rates will keep coming down or go back up again.

If we are nurturing clients but we don’t know what their trigger point is, then we are kidding ourselves to think they are going to make the move soon.

What is the Real Trigger?

We are all talking about rates, which seems to be a big driver in this conversation. But if we have a single person in our database that actually has a rate trigger point, then I would be very surprised. Typically, the trigger point is about the payment. But often, the rate is the factor affecting the payment.

The reason I’m talking about these things is to offer encouragement to my friends in the industry. Make sure you are going through your database and figuring out where the trigger point is for the people on your list who are sitting on the sidelines right now. Once that trigger point hits, then I have something actionable to work with.

This strategy is helpful because I can set triggers in my database to know when to reach out to certain people. In my opinion, it makes sense to stretch into the area ahead of that trigger. Because the amount of people who are waiting for rates to come down is huge. If they all have a similar trigger, then the industry is going to go crazy when it hits that point.

It’s All About the Long Game

I’m still a fan of getting into real estate as early as you can. I don’t believe in timing the market, because it’s all about the long-term benefits. Let’s figure out what is needed to make it happen. Reach out any time if you have questions or there is anything I can do to help.