Understanding the market

So many ways to get the news nowadays...  The internet, twitter, facebook, foursquare, LinkedIn, ActiveRain, Fox News, CNN, MSNBC, Apple & Droid apps, newsmags, etc...  The list can go on and on and on...  Seems like everyone is an expert these days.

We can search Google for anything we want, and get instant gratification to our endeavors.  Maybe even read incorrect news, but from what we thought was legitimate...  Thus leading to a skewed understanding of the real stuff that is actually out there.

Economists interpret national stuff, and our clients view this as local stuff...

So, if someone asks us, "how's the market"...  Be prepared for the rebuttal to your answer.  Since they may think THEY are experts, and may challenge your response.

So my advice?  Say this, "That is a great question, are you considering buying or selling right now" Then see how the conversation will go from there.

Never get into trying to quantify the actual market, because you may actually loose in their minds.  (remember, they are reading and reading, and may THINK they know more than you do)  Instead talk about what the market looks like for them in their particular situation.  Say they need to sell, help them understand what it will take to get their home sold in this market.  Say they want to buy, show them the advantages of buying in this market.

Now, I am not an economist but I do track stats daily.  Even with that knowledge, I try to stay out of interpreting the national economists.  Instead, I stick to what I do know...  The local market.

What do you do in this type of situation?  I would love to hear all ideas! 

:)  -Chris

 

Chris Alston

CEO- Team Leader

Keller Williams Realty, Cupertino

20230 Stevens Creek Blvd, Suite E

Cupertino, CA 95014

408-850-6955

408-850-6956 fax

calston@kw.com

www.kw.com

 

 

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18 Comments on This guy asked me, "how's the market?"... Is that a trick question?

DEC
07
2010
2 Featured Posts

I saw Gary Keller speak at Family Reunion in New Orleans and he recommended the same approach that you use.  I've since adopted it myself and find that it's a very simple way to get chatting with people because there is always a reason why they're asking.  I use real scenarios to illustrate my point when it comes to the local market and then let them make up their own minds.
1:40pm • #1
447,961 Points 57 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Great point!  And great to see that it is working for you.  :)  (I guess that GK guys knows his stuff!...)
1:42pm • #2
644,881 Points 111 Featured Posts Outside Blog Called Shot Master

Chris those are great responses to the question "how's the market."  It puts the ball back in their court and avoids confrontation.
1:46pm • #3
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Charita - Sooo true!!  :)
1:49pm • #4
1,055,319 Points 287 Featured Posts Outside Blog Called Shot Master

Chris, Typically, I'll talk to the LOCAL market as I'm experiencing it...sales are up (or down), showings are up (or down), but with a qualifier that it depends on what's being offered, the condition, price, etc. and work that towards their individual needs.
1:53pm • #5
317,758 Points 18 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Excellent approach Chris, or should I say response?  Either way, very good! 
1:58pm • #6
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Great point, and way to go about it BLiz!
3:19pm • #7
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Thanks Laura!
3:19pm • #8
509,027 Points 49 Featured Posts Localism Sponsor Outside Blog Hit Router Called Shot Master

I say, "it is UNBELIVABLE!" with enthusiam!

They can take that however they want.

Cindy in Indy   
5:12pm • #9
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Awesome Cindy!!!!!  :)
5:31pm • #10
565,033 Points 10 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Chris ~ I always start out with "if you are paying attention to the news, they lump everything going on nationally into one view point."  But I like your approach to the topic better.
6:28pm • #11
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Dawn - But your way is good too!!!!  :) 
6:29pm • #12
796,330 Points Outside Blog

Great post Chris!
7:00pm • #13
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Thansk Joshua!
9:27pm • #14
DEC
08
2010
505,542 Points 26 Featured Posts Outside Blog Called Shot Master

I try to answer "That all depends. Are you looking to buy or sell?" Gets the ball rolling. We're saying the exact same thing either way. Thanks, Chris!
12:57pm • #15
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Eric - Great way to respond to that!  :)
1:06pm • #16
DEC
11
2010
1,929,876 Points 155 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

You are right, 90% of the time it is a very loaded question, that is for sure. You questioning them if they are planning to buy or sell is a great one because your answer really depends on how they answer you.
2:33am • #17
DEC
14
2010
447,961 Points 57 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

So true Todd, so true!
12:25am • #18


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Cupertino, CA

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Chris Alston (Keller Williams Realty, Cupertino California)

Address: 20230 Stevens Creek Blvd. , Suite E, Cupertino, CA, 95014

Office Phone: (408) 850-6955

Cell Phone: (408) 921-4711

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Helping Real Estate Professionals learn new ideas and thought to help them in their business... At the same time, comments from our community help me in my classroom setting.


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