We’ve all been there — those periods where it feels like nothing is going your way.
Whether you call it a dry spell, a rough patch, or just a slump, it’s a challenge that even the most seasoned professionals in commercial real estate face.
And it’s a situation that can be far more common when commercial real estate markets are tougher.
So, how do you navigate these turbulent times?
Let’s explore some strategies to get you back on track – whether you’re a leader or an individual.
The leadership perspective: Steady the ship
- Stay positive: Your demeanour sets the tone for your team. If you’re anxious, your team will pick up on it. Remember, you’ve been through this before; it’s all part of the game. Keep your eyes on the bigger picture and maintain a positive outlook.
- Share your wisdom: Use your experience to reassure your team. Let them know that the industry is full of ups and downs, and it’s okay to hit a rough patch. Your seasoned perspective can be the anchor they need.
- Diagnose, don’t panic: Before you make any drastic changes, take a step back and assess the situation. Is the market shifting? Are new competitors disrupting the landscape? Pinpoint the issue and adjust your strategy accordingly.
The individual perspective: Self-check and adapt
- Review your performance: Are you still putting in the effort in all aspects of your job? If you’ve been slacking or distracted, it’s time to refocus. If not, then perhaps the issue lies elsewhere.
- Embrace the challenge: If you’re going after bigger deals and facing more significant challenges, that’s a sign you’re growing. Don’t shy away; push through the adjustment phase.
- Consult the metrics: If your lead generation is steady and your conversion rates haven’t dipped, the issue might be market-related. Use data to guide your next steps.
And, regardless of your position and responsibilities, you have a responsibility to maintain your cool.
The mindset game: keep your head in the game
- Don’t panic: A short-term slump can mess with your confidence, leading to a vicious cycle. Take a step back and look at your performance over a more extended period. You might find that you’re doing better than you thought.
- Growth pains are real: As mentioned earlier, struggle often indicates that you’re playing a bigger game. Embrace it as a sign of your upward trajectory. Sometimes you need to take one step back to take two steps forward.
- External factors matter: While it’s crucial to take responsibility, don’t beat yourself up for things beyond your control. Recognise that external factors can play a part in your performance.
Navigating a rough patch in commercial real estate is about a balanced approach.
It requires strong leadership, individual accountability, and a resilient mindset.
Remember, the industry can be a rollercoaster, and it’s all about how well you ride through those bumps!