Today’s successful real estate professional must speak four languages:
Listing and Buyer Brokerage: these are the two main languages that every agent speaks.
Sellers’ Market: This is a dialect of the first two languages, and there are idioms within them. For listing and buyer broker speakers, there are phrases like “multiple offers”, “bidding wars” and “escalator clauses”. As a Listing speaker, you must learn vocabulary that helps you to advise your clients on which of the dozens of offers on the table is the best – not just on price, but also on terms that increase the likelihood of the offer they select successfully closing. The Buyer Broker speakers need to learn a dialect that helps their clients be the one whose offers are selected by the listing agent’s clients. There are more phrases like “huge earnest money check”, “Have the home inspected before you make and offer”, “You gotta scratch the financing and appraisal contingencies” and “How much above the asking price are you willing to pay?”
Buyers’ Market: This is a language that is gaining popularity, although many listing agents around the country are struggling with the basics. They are having to repeat, over and over again every day, “You must lower your expectations.” Then there is “It’s time for a price reduction,” and “No, you do not reject this offer outright – you make a counter offer!” Those agents who do a lot of buyer representation are having a somewhat easier time, with phrases like, “I think the price is way on the high side, and you ought to be able to get it for less.” Then, there is “It is very important to include all of the consumer protections the contract offers, including a home inspection contingency and especially one for a satisfactory appraisal,” and "If you include the cute Labradoodle puppy on your list of things that convey, they're desperate enough to say YES!"
I guess I am very, very lucky to have learned Buyers’ Market as a new agent in the last century. And I, for one, am having a great time brushing up on its vocabulary! It sure does beat speaking Sellers’ Market with all of those bloody bidding wars! But that’s just my preference!
I agree and in addition to the Listing and buyer languages I also speak Spanish.
These days the hispanic groups are increasing in population dramatically and they will need housing.
thanks for your post!
Had me worried there for a minute with the title of your blog. I took French 2 times in High School, just couldn't get it. I think I picked up French Fry and ménage-a-trois.