How Actual Property Brokers Deal With The Loopy Denver Housing Market

Photo by Cassidy Ritterproperty

Some agents wake up at 2:30 am to schedule demonstrations. Others spend hours trying to find potential listings before they hit the market.

• April 14, 2021

It’s becoming an overused stereotype, but that’s because it’s true: the Denver real estate market is hot.

In the past few months in particular, limited inventory and increased buyer demand have made it incredibly difficult to navigate. In March, the Denver metropolitan area had 5,722 new listings. That’s more than February, but according to the Denver Metro Association of Realtor’s market trend report, that’s still a 14 percent decrease from the same period last year. Nearly 5,000 homes were sold in March, and the month ended with 1,921 active listings, a decrease of nearly 67 percent year over year.

This shortage of inventory has dramatically changed the way real estate agents work. “I usually have 10 to 20 bosses [or clients] at some point. And I need to build my schedule when they’re available, ”says Matt Metcalf, owner of Mile High Home Pro. “That usually means evenings, weekends, calls in the middle of the day, things like that. That market kind of reinforced how crazy this is. “

Metcalf says it’s difficult even to show times. He regularly wakes up at 2:30 a.m. when the entries in the property portal of the Multiple Listing Service are updated to ensure that he can book appointment slots.

Area agent Delroy Gill, who works for LIV Sotheby’s International Realty, says he is putting more miles on his car than in years past. However, the longer journey time is not necessarily due to the fact that customers are shown houses. He spends much of his days looking for homes that are coming up for sale soon. Gill says if there are signs in the front yard of a house that construction is in progress or a new roof is being put in, he contacts the project manager to see if the house will be listed anytime soon.

“If a woman went out of the house and was pregnant, I would ask her if she needs to expand and sell her house. Whenever we see someone wanting to sell their house, we ask them if they’re open to it, ”says Gill. He notes that he is doing this to give more options to his customers who want to buy.

When non-state buyers come into town, Libby Levinson, agent at Kentwood Real Estate Cherry Creek, says the low inventory makes it difficult to show them a lot of homes. Instead, she takes them to specific parts of the city and tries to assess what they might be interested in when new apartments come on the market.

“I also find that I pull a lot in sold and contracted properties … to at least show them or give them an idea of ​​what the houses look like in those particular areas because there is nothing they show could, “says Levinson. “So I have to rely on previous properties that have been sold and say, ‘Well, trust me this is going to show up in the next few weeks. Do you even like that? ‘It’s just bizarre. “

Brokers also have to play therapists for their clients more than usual. “Technology often drives customers crazy with too much information,” says Metcalf. He often has an “intervention talk” with frustrated buyers telling them that patience and perseverance are important in this market. And it’s not uncommon for him to receive at least 70 calls and texts a day.

“It got a little crazy in 2015-2016 when we were in a pretty hot seller’s market,” says Metcalf, stating that this is probably the wildest period he’s had in his career as a broker, “but this is different.”

Here he breaks down to what an average day has looked like for him in the past few months:

@milehighhomepro

Day in the realtor’s life in Denver #Denver #denverrealestate #realestate #sellinghomes

♬ Original sound – Mile High Home Pro

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