Shifting Real Estate Market: How to Create a Video That Clears up Confusion
Most agents are pretty aware that the housing market is changing. A combination of higher interest rates and increased inventory has brought the scorching hot seller’s market down a few degrees.
Consumers are aware too, but most only hear snippets and their main takeaway is sensational terms such as “shifting”, “correcting” or “normalizing.” Or worse, scarier phrases like “recession”, “bubble burst” and “crash.”
Of course, this leaves clients feeling anxious, uncertain and out of the loop. Now, more than ever, consumers need advice, guidance and a little clarity as to what’s really going on.
And that’s where you, and your awesome new video content, come in. In this article we’ll show you how, step by step, to produce a video that helps position you as THE local market expert.
Use RPR data to create a video that cuts through
Here’s how to create a quick video to send to your prospects and previous clients that will ease their fears, erase doubt and build confidence. Both in their situation… and in you! RPR® (Realtors Property Resource®) has the current and local data to help you do it.
First things first: yes, you can create a video! You just need your phone or desktop computer, a simple video editing app, and a script (which we’re going to give you!).
Sure, you could send an email or post to your social pages, but videos work better than anything. Consumers from Gen X on down (even some Boomers!) prefer them and consume them regularly. They’re fast, easy to digest and memorable. Here’s how to pull it off…
Step 1– Grab their attention: Begin your video with a question or a really compelling statement. Make it short, sweet and right to the point. “How’s the market?” I get this question a half a dozen times a day, and here’s the truth…” Or, “Our seller’s market has shifted to a buyer’s market. What does this really mean?” Ask questions or make statements that engage the viewer right off the bat.
Step 2– Introduce yourself: After your opener, tell the viewers your name, and what area you’re from or what neighborhood(s) you work in. Don’t bother with your brokerage or brand name yet, just keep it casual and friendly. “I’m John Smith, and I too live in Silver Pine.” (You will obviously enter your name and area.)
Step 3– Use local market housing data from RPR: This is where you set yourself apart from other agents and position yourself as a local market expert. Using up-to-date data from RPR on specific ZIP codes and neighborhoods is the key to your credibility.
Check out this article, “Know Your Market and Your Numbers”, to see how easy it is to find RPR market trend stats and graphs that back up your opening statement. “In our neighborhood, home inventory has increased, while prices have inched up. And even though it’s still a seller’s market, things are starting to balance out a bit.”
Step 4– Include some graphics or charts: talking about data points is one thing–seeing them is much more powerful. Be sure to add a visual representation of your data. You can either screen grab it right from the RPR Market Trends tab, the Housing tab of a neighborhood, or you can enter the numbers into a templated graphic.
And you can always use more than one. “As you can see, inventory is up over twenty one percent, but still down from its peak just a few years ago and very similar to inventory levels in 2020. The median sales price is up 1.98% from the previous month. And over or under sales have declined slightly by 2.3%.”
Step 5– Tie it all together: Now use your premise and your data to deliver a “What’s in it for me?” message. Explain how this current market data applies to them and their situation. Point out opportunities and challenges. “What’s this mean for you? If you’re a seller, don’t worry. Home values have eased up, but they aren’t decreasing. Now it might take ten days to sell your home, instead of three. That’s ok. And buyers, increased inventory means more options. Over-asking bidding wars may be in the rear view, and you might have just a little more time to craft a perfect offer.”
Step 6– The call to action: Now that you’ve delivered all this great information, the crucial next step is to get them to act. Ask your viewers to reach out and ask you questions. Offer to buy them a cup of coffee to discuss their real estate goals. Have them email you or direct them to your website. Give them some type of call to action to get the ball rolling. “I hope this quick video helped clear up any confusion you may have heard about the housing market. And if you have any questions about Silver Pine real estate, please don’t hesitate to call or email me. I’m John Smith, thanks for watching.”
Every market’s different: use local stats for local updates
When deciding what statistics or data to use, the best part about using RPR’s Market Trends and housing charts is that you can pull the data for specific ZIP codes and neighborhoods. Most real estate news stories that people are reading about are reports from national sales statistics, which is fine, but they don’t tell the whole story as it relates to an individual’s situation.
However, using up-to-date data and drilling down to your specific, local market puts you in a unique position. You’re providing relevant, hyper local data on their market, which makes you a smart, trusted and informed advisor. Almost like you’re a local economist giving out free real estate advice! This is a keen way to check in on previous clients, and a super smart way to break ice with prospective clients.
The sample script
Here’s the sample script, all put together: (Note: the items in BOLD would be filled in with your information and statistics, from whatever article or chart you are referencing.)
“How’s the market?” I get this question a half a dozen times a day, and here’s the truth…
I’m John Smith, and I too live in Silver Pine. In our neighborhood, home inventory has increased, while prices have inched up. And even though it’s still a seller’s market, things are starting to balance out a bit.
As you can see, [VIDEO GRAPHIC HERE] inventory is up over twenty one percent, but still down from its peak in 2019, and very similar to inventory levels in 2020.
Median sales price is up 1.98% from the previous month. And over or under sales have basically declined slightly by 2.3%.
What’s this mean for you? If you’re a seller, don’t worry. Home values have eased up, but they aren’t decreasing. Now it might take twenty days to sell your home, instead of five. That’s ok. And buyers, increased inventory means more options. Over-asking price bidding wars may be in the rear view, and you might have just a little more time to craft a perfect offer.
I hope this quick video helped clear up any confusion you may have heard about the housing market. And if you have any questions about Silver Pine real estate, please don’t hesitate to call or email me. I’m John Smith, thanks for watching.
This script is provided, but of course you can feel free to change or modify anything. It’s your script, so it’s up to you!
Examples of agent-produced market trend videos
We’ve gathered a few examples to show you how other agents have tackled market update videos. Watch these agent-produced versions to get a feel for how it’s done:
Daniel Garcia from Honest Homes at Keller Williams Premier Properties
Nicole Nicolay & Robyn Annicchero from Love Livermore of Compass
As you can see, these great examples have something in common: they’re all brief, friendly and full of local housing market data.
In a shifting market, clients need solid advice
Build confidence. Build relationships. And build this video!
Providing relevant, factual, timely data to your sphere is a solid way to build trust and credibility. A short, casual, friendly piece of communication that clears up the confusion of today’s shifting real estate market, by breaking it down in layman’s terms, will be remembered and appreciated.
We hope you were inspired and motivated to create your own market update video. And we’d love to see how yours turns out! Post your vid to our Facebook group and we’ll be sure to comment and offer encouragement. Good luck!
Realtors Property Resource® delivers on-the-go access to an all-encompassing real estate platform, available exclusively to REALTORS®, and offered at no additional cost. Easily accessed through desktop, iOS, and Android devices.