Adaptable. Dependable. Resourceful. Professional. Now more than ever, the shifting real estate market calls for real estate professionals who embody these attributes and bring their proactive perspective to every interaction.
It is no easy feat to manage expectations in an unfamiliar market that faces uncertainty and change, but as the 2024 president of the Arizona REALTORS®, representing more than 55,000 members, I believe in us, our knowledge and our abilities to succeed and provide a path for buyers and sellers, the heart of our market.
But what exactly constitutes a shifting market and what does this entail for REALTORS®?
In the face of changes such as transitioning from a buyer to a seller’s market, fluctuations in prices or shifts in interest rates, real estate professionals must be prepared to pivot and redirect their efforts in a shifting market. As REALTORS®, we must continue to leverage our market expertise in conjunction with all of our skills including communication, negotiation, problem solving and more to make an impact in every client interaction and provide opportunity for clients, not uncertainty.
REALTORS® must serve as trusted advisors who bring the best to every interaction, offering support, empathy and expert knowledge to uphold the dreams of homeownership. Just as a ship changes its course in the weather, REALTORS® navigate unpredictable circumstances and fluctuations that can alter the trajectory of a home search. What is most crucial is the ability to rebound and utilize the skills at hand effectively.
Navigating a shifting market may also yield risks and potential legal challenges. As REALTORS®, we remain vigilant in safeguarding our practices and prioritizing the interests of our clients. This is achieved by upholding our ethical standards, proactively implementing risk management strategies, and, above all, maintaining transparency throughout our interactions in our communication.
Communication is at the root of our profession and is another important factor in staying in tune amidst a shifting market. To build understanding, trust and expectations in a client relationship requires thoughtful, timely and clear communication, whether it be online or face to face. Whether addressing market concerns, breaking down changes or closing a deal, there has never been a more vital time to prioritize communication.
The evolution of the digital landscape has also introduced new technology and digital tools that present opportunity, ranging from artificial intelligence to predictive analytics to virtual reality.
As REALTORS®, we embrace the new technology around us and the potential of these tools while staying up to date on the risks these may present. Staying ahead of the curve while also maintaining the foundation and principles of our work is what bridges the gap with clients and fosters success.
The fundamental aspect of our profession remains the same, connecting buyers with sellers, but the nature of our profession has and will continue to evolve, requiring a commitment from REALTORS® to set ourselves and our clients up for success as we guide them on their journeys. Market shifts may happen, but how we respond to these shifts says everything about us.
Shelley Ostrowski is president of the Arizona REALTORS®.