Today, I got yet another request for information about one of my listings from an agent who works far from here. It’s a three hour plus drive for them to come here and show it, but apparently they’re willing.
It’s become the new normal.
One agent drove to Delaware County from Rockland County to show properties. Another came from Westchester. The mid-Hudson Valley agents have begun to swarm over the mountains, too, with regularity.
There are new company names moving into the deep Catskills - names that used to be synonymous with million dollar New York City real estate. They moved into Ulster and Dutchess County a couple of years ago, and now they’ve here, two hours to the west.
What does that say about the downstate market? It could indicate a slowing market.
There was a time, not long ago, when downstate agents were busy. Way too busy to travel so far for properties that were so cheap by comparison to their own regions. They would call local agents and ask them to help their clients.
Their willingnews to travel so far seems to indicate their local real estate market is too sluggish for comfort. Or too competitive. They are not as busy as they were, and that gives them the time to make a road trip to another area, even though the prices here are a quarter of what they’re accustomed to.
And the new, sophisticated firms stretching their brand into the western Catskills? The pandemic showed them there’s money to be made upstate, and their agents, many of them still living in the city part time, are happy to establish a business here.
What does that mean for sellers trying to decide who should list their home? It means there’s more to consider, and different questions to ask.
It’s always been smart to ask for specifics about how your property will be marketed. Anyone who relies solely on MLS to find buyers isn’t taking advantage of all the opportunities that the Internet has created.
It’s also not new to ask whether a company focuses more on recruiting agents or marketing properties. There has long been a clear focus on recruiting with the national and global real estate companies. And it is often done at the expense of marketing.
But now a seller should also ask not only where, but *how* Internet marketing is done. Is the focus on content and a targeted audience? How often does the listing agent find the buyer? That’s a sure sign of good marketing.
It’s also important to ask how many properties an agent has sold in this area. Because that indicates how well they know the market. It is a fact that our state varies widely from region to region. They can’t realistically price a property if they don’t really know the area or its communities. They also need to be able to tell buyers about the great things in a community. That’s part of marketing. They need connections with local contractors and professionals, because anyone new to an area relies on their real agent agent to help them.
Another good question now is whether an agent is full or part time. But now that question also applies to how often that agent is actually living here. Because a full time agent who lives and works part time in another part of the state, is actually a part time agent here.
Local, full time agents have to step up, too. They have to be able to compete. That means offering the sophisticated, professional marketing and service that some of the newcomers promise. And if they are willing to work at a discount, a seller has to ask what gets cut to make that discount a viable business model?
The seller’s market of the pandemic is over, and rising interest rates as well as skyrocketing materials costs and a shortage of good contractors have all contributed to a cooling of the market in the western Catskills.
Just the same, the buyers are still out there.
Well priced, good homes, marketed well, with an experienced Realtor who knows the local market, will always sell. It’s a fact you can count on, no matter how things change.