A lot of buyers are saying, hang on, we should probably push to buy now rather than wait because they won't have the amount that they can borrow. The other phenomenon we need to address Sam is that there's a lot of people who bought two years ago on very low interest rates fixed. They peak December next year - their fixed rates are all coming off fixed rates. So if they do have to sell, hopefully not for sale, but have to sell in terms of because I can't just can't afford it, that could bring more property onto the market, which could have a further reduction of the values. That would be I educated guess right now.
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There’s rarely a dull day in real estate, with a raft of stories hitting the headlines each day. But often there’s far more to the story than data, facts, and quotes.
Those articles are the tip of the iceberg of trends already occurring in the industry that you might be experiencing and each has flow-on effects for agents, property managers and their clients.
In the first episode of what’s to become a regular Elevate podcast, Elite Agent Managing Editor Samantha Mclean and The Agency’s Matt Lahood look beyond the headlines, examining what’s occurring and how it impacts real estate practice in the real world.
From interest rate rises to the rental crisis and the phenomenon that is the Great Resignation, they go ‘Behind the News’ to analyse the big stories so far this year and how they impact you.
Samantha and Matt also look at the best practice strategies that you can implement in your day-to-day activity to manage the effects of a rapidly changing real estate environment.
From leadership tips to the conversations agents should be having and the marketing strategies that will set them up for success, this is a podcast that’s all about where the market is now, where it’s headed, and how you can hone your craft to accommodate that shift.
This month’s episode also sees Matt and Samantha look at leadership, succession, and what happens when there’s a changing of the guard.
Drawing on the example of the Royals as a case study, they examine crisis management, stepping into a leadership role, and how to stay relevant and become the safe pair of hands your team requires.
“Unless you can show your team that you are doing what they’re doing, you’re not relevant in my view. You can’t lead and advise and coach and mentor a) If you haven’t done it yourself, b) if you’re not doing it now, and c) if you’re reading from some textbook.” – Matt Lahood.
https://youtu.be/wwwmeLxsYeI
Samantha and Matt also discuss:
The micro segments emerging in the property market, and why some regions are operating at different speeds than others.
How interest rate rises are affecting your clients, including what might be driving their thoughts on buying, selling or holding out.
The conversations agents should be having with vendors about the borrowing capacity of buyers and why pricing the property correctly is imperative.
Where interest rates will go in the period ahead, how the most recent rise is impacting market sentiment, and why confidence might soon return.
What’s driving the rental crisis including some interesting thoughts on why its occurring that extend far beyond the usual suspects.
Why now is the time to be a leader who is in the trenches with your team to understand what’s happening in real time.
How to remain relevant as a real estate leader by tapping the talents of your wider team and getting back to the coalface.
Why flexibility and feedback is key to handling the Great Resignation, including how to retain great talent within your team.
Matt’s key advice to King Charles on the issue of succession, crisis management and becoming a safe pair of hands.
