How Interest Rates Are Affecting the House Market

On Episode 358 of The No Limits Selling Podcast, we have Sean Morrison. Sean is a leader, a Real Estate broker, a Husband, the 99th President of the Ontario Real Estate Association (2020), a proud dog dad and always seeking to bring out the best in himself and others.

Sean is a people-first leader who believes in empowering the team to meet or exceed the desired goal. He has embraced a lifetime of learning, managed his own business since 2006 as a Real Estate Broker, is a managing Broker for Coldwell Banker Momentum Realty Inc, and was the 99th President of the Ontario Real Estate Association, a not-for-profit association having 90,000 members across Ontario.

Having extensive media training, a deep understanding of governance, considerable experience as a member and chair of boards, years of Government relations experience with provincial and federal governments, and almost 20 years of proven leadership experience, it is clear to see how Sean would be a valuable member of any organization or board.

Devoted husband, lover of the great outdoors, an enjoyer of wine, seeker of great conversations, and an avid traveler, simply put, Sean is looking to experience life to the fullest.

Find Sean Morrison: LinkedIn, Website

[EDITOR’S NOTE: This podcast is sponsored by No Limits Selling. It is a fun, fast-paced podcast that delivers hard-fought business advice that you can implement today to improve your sales and performance]

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Summary

Market Dynamics and Transactions

• Rising Interest Rates: Morrison acknowledges that higher interest rates are expected to persist due to inflation.
• Market Activity: Despite the challenges, the market is still active with transactions occurring. Morrison emphasizes the importance of realistic expectations and qualifications for both buyers and sellers.
• Statistics: Canadian Real Estate Association stats indicated a downturn of about 17.9% across the country and 21% across the GTA, with an approximate 18.79% decrease in value.

Strategies for Realtors

• Fundamentals: Morrison stresses the importance of focusing on fundamentals, such as regular practice and skill honing, especially in challenging market conditions.
• Adaptation: Realtors are encouraged to think outside the box, like increasing buyer commission or offering incentives to make properties stand out.
• Accountability: Morrison advises realtors to track their daily activities and assess their productivity. He also suggests having an accountability partner.

Client Relationships and Transactions

• Ongoing Relationships: Morrison highlights the importance of maintaining relationships with clients even after transactions, as ongoing support can lead to referrals and repeat business.
• Transaction Locations: Transactions are now more mobile, often happening in clients' residences or remotely through platforms like DocuSign.

Advice for Agents

1. Financial Prudence: Control marketing expenses and ensure a good return on investment.
2. Skill Development: Improve communication skills to cater to different client needs.
3. Office Interaction: Engage with peers in the office for learning and networking opportunities.

Market Expectations and Client Perspective

• Market Reading: Morrison rates the current market as a six out of ten, indicating moderate activity with transactions still occurring.
• Client Perception: Clients generally perceive the market as around four or five, showing more hesitation due to negative news and higher interest rates.

Concluding Thoughts

• Morrison and Hameed discuss the importance of setting realistic expectations with clients and being transparent about potential market challenges. They emphasize the need for realtors to provide a comprehensive view of the market to clients, tailored to their specific circumstances.