After years of rising growth, which some would say were boom market years post-GFC, things were bound to re-adjust.
During the good times, we saw the emergence of the million-dollar agent and TV shows of the same name. Seminars and coaching all reflected this new breed of agent and what was possible in real estate – including French champagne and fast cars.
The challenge for some agents is that they only know what a great market looks like, where it’s been relatively easy to sustain a career and make it work.
However, things have now changed and the message is to cut the fat and strengthen the muscle.
As one of Australia’s most successful principals, Chris Hanley, says, in the real estate business you’re either in a headwind, a tailwind or no wind… and we’re currently in a headwind. Time for reinforcements.
1. Master the mindset
They say the market is between your ears, and this is true. You need to realise any market has houses for sale; it’s whether you’re going to be the one selling the most houses or not. The good agent is out there getting the most market share they can every day, regardless of the market. You need an abundance belief system and an optimistic outlook to remain ahead of this game.
Caring is the new ‘black’.
2. You need to care, really care
Buyers have been neglected for so many years; however, they are the sellers of the future and all the big players in the industry have clearly focused strategies around buyer care. When everything turns again it will be the buyers who have become sellers that you will need to build success. Caring is the new ‘black’ in performance; now is the time to reach out to past and present buyers and show you really care about them.
3. Expectations are everything
It’s not about lowering expectations; it’s about creating realistic, sustainable expectations that empower and inspire you, not drain and overwhelm you. Sometimes our ego gets the best of us and we aspire to grandiose plans that are unattainable and place unneeded stress and pressure on us. The smart thing to do is look at your market, decide what you think is possible over the year and work towards that.
4. Yes, patience is a virtue
Leo Tolstoy said two of the most powerful warriors are patience and time. Right now you need both. When things slow, the patient agent rises. Rather than react to the market, be patient and let the market react to you. Your patience at this point in time will allow you to take stock and plan critically what you need to do to make it through.
5. Productivity is king
Now is the time to increase your dollar productivity and take it up another level. Your discipline, efficiency and effectiveness will lay the platform for growth. While others allow themselves to slow, with a market like this you need to speed up. Double your prospecting, increase your profile, maybe invest a little more in marketing, do more training, build more relationships. Set yourself up to be the one on the spot when the market eventually turns again, which it will.