Welcome to the latest real-estate tips video from Nick Fong. He’s the founder and broker of Ronival Real Estate, and has grown his great brokerage to become the number-one brokerage in all of Mexico. As such, he loves to share advice from his immense knowledge and experience he’s gained over the years. For more Los Cabos luxury market insights, visit LuxuryLosCabos.com.
Today, Nick talks about the possible coming recession and how it might affect the housing market in Baja California Sur. This is a question he is being asked by his clients. Therefore, read on to uncover Nick Fong’s take on this negative economic forecast.
Dave Ramsey’s opinion about this
According to Nick Fong, Dave Ramsey got it completely right. What Dave Ramsey had to say started with a definition. He defined a recession as two consecutive quarters of a down market. But, that does not mean the housing market will crash. And this time, it absolutely will not, says Nick.
The market will slow down a bit, but that’s okay. In Baja California Sur, the housing market has been extremely hot over the last year, after the first few months of the pandemic. That means, prices will still increase, just not at the super fast pace they have been lately. In other words, the real estate market will still thrive – it’s still a great time to buy. If you want to see what inventory looks like in a premier lifestyle community, explore homes for sale in Club Campestre.
Buyers who use multiple real estate agents
One of the most annoying things you will encounter in real estate is having to deal with buyers who use multiple real estate agents in your area. As Nick asks in the video, what do you do when this happens? In the video, Nick explains how to start by asking them one question: Are they working with another real estate agent? If so, you must convince them to work with you exclusively.
To attain their complete attention, reveal what your unique selling propositions are. Then, prove to them you can find them better properties. To explain, they need to understand that through you, they will find properties that are better suited to their wants and needs and to their budget.
Show them how your negotiation skills are better. In other words, you will achieve the lowest price from the seller. Then, let them know how you work with more buyers allowing for more options. Additionally, reveal to them how you work for one of the best real estate companies in your area. (If you want a quick overview of another top community buyers ask about, browse learn more about Cabo Real.)
Buyer feedback is also an important selling point. As such, ensure that they see your reviews. Put them on your website, but also carry them with you. When you present feedback from buyers who found exactly what they were looking for through you, your buyers will be impressed. And by showing the original comments with names, buyer confidence will grown. Also, you’ll become their real estate agent exclusively.
Protecting your client when selling real estate
If you have a client that wants to purchase a pre-construction property, but you don’t know the developer or even the listing agent for the property, what do you do? Nick’s recommendation is to write up the offer for your client first. Then, make a special provision. To explain, allow 15 days or so for a licensed real estate attorney to review the paperwork. For buyers comparing established communities, it can also help to review current market options like land for sale in Puerto Los Cabos.
After the licensed real estate attorney receives the offer paperwork, they can make any needed changes to the content – the sales contract. From there, you can write a new sales contract that is bilingual to protect your buyer. This works very well when it’s a new construction property or a pre-construction property when you’re representing the client.
Work With Ronival Real Estate
Ronival Real Estate has helped thousands of buyers and sellers across Los Cabos since 2010. If you’re interested in Cabo Real Estate, our team can assist with everything from showings and negotiations to closing and property management. Have questions? Contact us here or call +52 (624) 227 5766.