There is no denying that 2020 has been a wild year in real estate. It has been a tough year for many REALTORS®, especially those who work mostly with buyers, as there are simply not enough homes to sell. Dealing with multiple-offer situations, fighting to get offers accepted, properties selling for dramatically over asking, and having to counsel your buyers on not getting overly disappointed are some of the things REALTORS® have had to deal with. The fact is, in a multiple-offer situation, only one buyer wins—and some seem to forget that.
In a way, this reminds me of 2008 and 2009. There were many mortgage brokers who got out of the business due to banks collapsing. Then 2010 came. By that time, interest rates were lowered, several banks worked with the GSEs to correct programs (specifically FHA), create new programs and fix many other problems. In 2010, many mortgage brokers made more money than they did the prior two or three years put together. I strongly feel that this will be the case in 2021 for REALTORS®, especially as we get into next summer and further away from the virus.
Here in Massachusetts, from late April through September, the inventory of homes for sale was nearly 45 percent lower than previous years. This made listing agents look like heroes to their sellers as buyer’s agents struggled with their clients. Do not get discouraged. Understand that it is not just you, but a problem for most REALTORS® across the country.
To make sure you dominate 2021 and ride the wave of pent-up demand that is coming, be sure you are doing all the basics. Stay in touch with all the buyers you worked with who were not successful in 2020. Continue to send them properties and give them a heads-up when something matches their criteria. There were several buyers that just gave up, signed leases and rented for another year. When we get into 2021, there will be an abundance of sellers who will end up listing. You must keep your buyers warm over the winter and then get them ready to pounce.
When setting goals for 2021, aim at doing more than 2020. Also, remember that the most important part of goal setting is deciding what you will do differently to hit your goals. Same equals same, so if you make no changes, you will have the same result. Change could be as simple as adding something, but remember that there is only so much time in the day, so if you add something, remove something else. Prioritize the tasks you do consistently and either outsource or let go of some, so that you have room to start these new habits.
Think of it this way: your doctor does not take your vitals, your height or your weight. The nurse does, so that the doctor can see more patients and be more valuable. You are the doctor! Do not waste time on activities someone else could easily do for you. That is the trick to growing your business in 2021.
Anthony Lamacchia is CEO of Lamacchia Companies and broker/owner of Lamacchia Realty. For more information, please visit www.lamacchiarealty.com.