Have you ever watched The Amazing Race?
Being a competitive person by nature, I love the concept of teams of two, racing around the world to be the first to the finish line. Not to mention they take home USD$1 million.
One thing I realised from watching the reality show was the strategy involved in each episode. If no one has pulled away from the pack, the contestants could potentially all arrive at an airport or a train station, waiting for it to open or for the departure time. My husband and I called it the “great equaliser”.
The real estate industry also has great equaliser moments, and we are in one right now – the dramatic change in market conditions.
In an industry where the less skilled or experienced can have incredible success when the market is booming, I love the equalising state of the game at the moment, as only the strongest, fittest and sharpest will survive.
As a coach, I believe determination, effort and skill should be rewarded and the great equaliser is your opportunity to shine.
Being a champion in the industry and thriving when the going gets tough becomes simple when you follow these five key benchmarks, which are your map markers to survival:
1 Narrow your focus
Are you stuck in the mindset of what business was like last year? Stop thinking about what could be, what would be or should be.
Instead, think about today. Just as in The Amazing Race, you win the game a single leg at a time. Start each day with a clear picture of what you will focus on and achieve, then commit to the actions and steps required to progress your outcomes.
Stay in the moment; do not think about tomorrow. Focus on what you can control and win today.
2 Safety in numbers
Do you feel like you are alone? Now is the time for sales teams and property management teams to unify and work together.
Sales agents should ask investors questions at every open house and supply that information to the property management team. They should also call current landlords to see what their 12-month plans are.
Retaining the client is the most crucial thing in this business, and a consolidated office will be the one that thrives well into the future.
3 Close the skill gap
What do your numbers tell you? As we turn the page on a new financial year, it’s time to track your four critical conversion rates and get a firm grasp on how you are performing.
Only when you understand your conversions can you work towards closing your existing skill gap. Identify the part of your business that is the weakest and spend two to three hours per week up-skilling with your colleagues, your principal, your mentor or your coach.
I know with absolute certainty that the team who shares skills and unifies their development is the strongest and most formidable team in the marketplace.
This is how you win the long game.
4 Embrace the pace
When markets shift, you must up the pace and do more. This is possibly the most straightforward and immediately implementable element to protect your business.
More conversations with your database, your sphere of influence and your core area property owners can only deliver one thing: more opportunity.
What type of pace are you running at now? Most agents I work with openly admit they are running at half speed, or less.
This is the time to be going all out, increase the pace and outrun your competitors. It’s the single most effective thing you can do.
5 Break the pattern
What are your assumptions and limiting beliefs doing to your performance?
As a coach, I see how the stories we tell ourselves cripple productivity and success. It’s time to increase your awareness of your ‘fictitious thinking’.
If you are falling victim to the ‘no one likes that’ or ‘they will think I am harassing them’ or ‘that strategy doesn’t work’ syndromes, then my final piece of advice is to stop.
You don’t know what people think until you ask or offer. Break this pattern immediately. Eliminate the fictitious thinking and choose action over avoidance.
When it comes to the great equaliser, many will bow out of the race if they are not prepared to get ahead of the pack.
For the rest, it’s an incredible opportunity to be honest with yourself about what it is going to take.
Embrace the challenge, take action and break through.