3 ways to ease your clients’ anxiety about the impending cash rate increase

Off the back of RBA’s decision to increase the cash rate, there has been a lot of panic among buyers and sellers. The panic comes from the unknown and can drive people to do their own digging to ease their fears. We surveyed 124 property owners, buyers and sellers, 59.75% researched property online before going through a transaction. The problem with this is there is so much noise online around what the change means that your clients may be misinformed and may stop progressing through their property journey.     

This is where you, as their agent, bring way more value than any internet search can. Giving your clients realistic expectations of what’s likely to happen will allow them to make educated decisions.

Here are three ways to help ease your clients’ anxiety during this time:

1. Communicate
   

   Talk to your clients! We harp on about this because it’s so important. How can you know which client needs what information if you aren’t in communication with them?

   In order to provide your clients with the best advice, you need to know where they stand in their property journey. Don’t miss out on those people in your database who are looking to make their next move in the wake of the changes happening in the real estate market. Let's contact those people and find out where they’re at in the process.

   You can do this by surveying your database to get a gist of where people are in their journey. Use a tool like SurveyMonkey or ActivePipe’s intent surveys to collect responses to help you gauge where your past clients currently are in their journey.

   This exercise will give you a call list of hot leads that are looking for resources to act.

   And don’t forget about your buyers – history tells us that buyers often come to market to buy sooner when cash rates rise to curb any other interest rate increases in the future. We have many resources on how you leverage ActivePipe to do buyer work, you can find them here.

2. Streamline information
   
   Okay, you’ve surveyed your database, you know exactly who the sellers, buyers, first home buyers & investors are. Now it’s time to understand how the change in cash rate impacts each of these segments differently. Increasing house pricing and banks giving out less loans might dishearten an investor, whereas homeowners might decide to sell due to increased mortgage repayments and choose to downsize. It’s all about understanding your client to give them the right tools and information.
   
   We’ve pulled together some resources from our real estate experts that cater to each of these segments. Just released this month are articles around each of your segments to help you navigate the interest rate hassle-free.
   
   With so much misinformation and fear-mongering in the media, these articles are expertly written to put the client in the driver's seat as the expert. Learn more
   
   
3. Personalise their experience
   
   People in the market are curious about how the property market is going to react. Is the market going to experience a cooling off period? While it's helpful to look at how the market has responded in the past, your clients will appreciate having a microscopic view of what's happening in their market.
   
   Our local market report keeps clients engaged and up to date with the local property market. Another benefit is that when you feel like you’re being pulled in different directions, you can schedule monthly emails to automatically send all your contacts their local market reports which auto-populates with data relevant to their area. See sample report
    
   

Bottom line:

The property market will fluctuate in response to economic friction. The best thing you can do now as an agent is arm yourself with the right tools to bring value to your clients. Reach out to our team to be prepared for whatever the market throws at you. Book a demo!