I entered the industry at an interesting time. Average prices were hitting record highs, resale and new home supply were at all-time lows, and people were still buying like crazy. As a new agent, it was overwhelming, which is why I’m welcoming a cooler market. I don’t even see it as a slowdown, things are just going back to normal.
When I got started, I worked hard, gained a few clients, closed a few deals, and was feeling very confident about my career decision and my future in real estate. And then…things went wild! The fall market picked up, bled into the winter market, and sales and prices just kept soaring. Multiple offers, bidding wars, disappointed clients – it was very overwhelming as a new agent, and I felt like maybe I had bit off more than I could chew.
I am a naturally hard-working, meticulous person. I pride myself on exceptional customer service and never back down from doing my due diligence, so when I was faced with situations and questions that even the most seasoned sales reps were shrugging their shoulders at, I felt like I was drowning, and began to doubt my career choice.
I couldn’t give my clients solid advice or projections, because the market was changing on almost a daily basis. The only thing my colleagues and I could say with cautious certainty? If you’re a seller, you’re laughing all the way to the bank…if you’re a buyer, well…it’s going to be a bumpy ride.
After months of anxiety and waiting for something to give, the hysteria began to die down and we saw the market start to level out. This made a lot of people nervous, as they thought that the market was on a fast decline, but really we were getting back to a healthy balance.
Personally, I’m ready for the opportunity to hone my skills! Now we’re a few months past the craziness, and I can finally, confidently, council my clients. I have grown as a salesperson, become more experienced, and worked through a tumultuous market, providing me invaluable exposure to negotiations that even the most senior agent struggled through.
I managed to keep my head above water, and I know that I have excelled in my field because of it. The market evening out allows everyone to take a second, review their options, and make the smartest choices for their lifestyles.
Earlier in the year, clients were having to make some of the biggest investment decisions of their lives, literally within hours. They were put in the dangerous position of feeling like they didn’t have time for preliminary inspections, accepting properties in as-is conditions, and dealing with appraisals that fell short of their inflated offers, but that’s simply what the market demanded.
Now, there’s a level of comfort in the resale market. You can actually take the time to ‘sleep on it’! Even though the soaring market gave me, and the other 50,000 agents in the GTA, an amazing opportunity to make a quick buck, I much prefer the calm after the storm. It’s time to reflect, refocus, and move forward with the knowledge that I can give my clients a five-star experience in what is no doubt, one of the most stressful transactions of their lives. To quote a motivational poster, “Extremes are easy; strive for balance.”
Jill DeClavasio is a registered real estate sales representative specializing in the resale condo market downtown Toronto. Get in touch with her on Facebook!