Realtors: How to Take Advantage of a Down Market
It’s no secret that the housing market is slow right now. According to the Calgary Real Estate Board (CREB®), total sales between February 2018 to February 2019 dropped by more than 10 per cent. However, inventory is still hitting the market. Although February 2018 closed with 5,207 active listings, February 2019 had 5,885 – a jump of 13.02 per cent. The excess inventory and slow sales are driving prices down to approximately 6 per cent lower than last year. The most telling sign of a down market, however, is how long inventory sits; right now it’s taking an average of 63-65 days to sell home. When we compared March 30, 2018 to March 15, 2019, we saw a 30.30 per cent increase in the time a home sat on the market.
For many Realtors, this is not good news – but there is a way to take advantage of this down market.
Income Properties are Hot Right Now
Last year Calgary’s vacancy rate dropped from 6.3 per cent to 3.9 per cent, and rental rates are expected to go up by 4 per cent this year.
For Realtors, this is a great time to be engaging your clients that want to buy income properties, or encouraging your home sellers to retrofit a basement with an income suite to boost its potential on the market.
Perhaps you have a buyer that has not been able to pass the mortgage stress test; they may benefit from buying an older home or a fixer upper, and putting in sweat equity, and renting it out. Not only does this bring them extra income over the long term, it gets them on the property ladder too.
Potential rental homes don’t always have the “dream home” aspect or are fully renovated to appeal to buyers. To present these homes in their best light and show off their potential, rely on Urban Measure’s photography, video, and 3D staging services. Our trained technicians have years of experience in accurately portraying a property while ensuring it appeals to its intended audience. With our 3D staging, we can help sellers understand what a refurbished basement (for an income suite) would look like, and also show investment buyers how much value they could add to a property with a few renovations and some décor.
Solidify Your Reputation
When the market is slow, Realtors must market themselves. Sellers are on the lookout for a Realtor that comes through for them despite the market conditions. That means your listings must stand out.
Urban Measure’s services are priced with Realtors in mind. We know you must invest in services like video and photography to stay competitive. Our price points mean you can afford to showcase your listings with the high-quality photos and videos that you need. Our turnaround time is rapid too, so you can get those listings up and active, outpacing the competition.
Right now, sellers are looking for Realtors that can prove the down market is not a deterrent to their efforts to sell homes. The quality of your listings is what will solidify your reputation and set you apart.
Spring into Action
Spring is on the way, and you may have some winter listings that are still active. Take advantage of our spring clean up/exterior only service that updates those winter listings to show the outside of the property without snow and ice. Being able to see the yard is important to buyers, so exterior photo retakes greatly improves your chances of selling the property during the spring. This is just one of the affordable services we provide that ensure your listings are operating at their full potential.
Another service that will help you stand out is aerial drone photography. Our drone service provides, where applicable, stunning 4K photos of the home and the neighbourhood, giving your buyers a bird’s eye view of everything their potential property has to offer – and more! Buyers can see walking trails and how far their home is from schools or shopping centres.
The Market Cycles, But You Can Make It Work
The real estate market cycles, and that is something you understand as a Realtor. You also know that a down market doesn’t mean giving up – it means using the advantages that are available to you. We have many affordable tools for proactive Realtors to enhance both listings and your reputation during this slow time. Contact us today to learn more.