You wake up one morning and suddenly realize it’s been two weeks since you listed that great 4/2 in the hottest subdivision and you haven’t had a showing yet. You start thinking about it and realize it’s been a couple of months since you’ve seen multiple offers on anything. When you check the MLS, you realize that there are, in fact, a lot more active listings and the days on market is getting longer and longer. You take a deep breath and sigh as you come to the realization that the market is shifting. Ugh.
So what do you do? You clearly have two choices: go ostrich and stick your head in the sand and hope it all goes away; or, put on your thinking cap and get to work! You can thrive in a shifted market. Your first step is to learn everything you can about the current market. Buyers and sellers will turn to the media to get their news about the real estate market and you know that news won’t be good. You must BE the media for the people you know. KNOW the market and share the truth with them every chance you get. Post on Facebook, send out newsletters, blog, create YouTube videos, tweet, do whatever you have to do to let the consumer know that it’s still a great time to sell or buy. Build your “Best Buy” lists and share them with everyone. Talk about affordability, the mortgage industry, the local market and how YOU can help them make the best decisions.
Your second step to thriving through the shift is to assess your skills and systems. Sit down with a notepad and grade yourself on the following:
- Lead Generation – Am I time-blocking 3 hours each day for this? Do I have enough sources for leads?
- Lead Conversion – Do I know my scripts (especially objection handlers)? Do I have a pipeline system for following up with my leads?
- Expense Management – Do I know where every penny is going and can I trim back anything in my budget?
- Transaction Management – Are my transactions bulletproofed? Is my transaction coordinator utilizing the best checklists and staying on top of every detail?
- Leverage – Am I maximizing the resources of my team? Am I communicating regularly with my vendors to ensure that my customers are getting the best possible service and outcome?
After you’ve completed the above exercise, it’s time to decide where you need to increase your skills and systems. Although it may seem like you can’t afford to spend money or time on your education, know that this is precisely what you need to do to ensure you make the most of the market during a downward shift. Get to class! Attend classes in your office and at your local board. Find online training resources. Reach out to your title company and mortgage lender and ask them to teach. Read a book. Hire a coach. Many will exit the business during a shift. You must be prepared to increase your market share during this time of opportunity.
Lastly, you must COMMIT. Commit to your business. Commit to your vision. Share your vision with your team, your family, your customers, and everyone you meet. Panic will be widespread among the consumer during a downward shift. Sellers will be upset as prices drop, and buyers will be afraid to make a bad purchase. Your desire to serve people at the highest level, to be a resource for the consumer, to educate and be the calm in the storm of a market shift is what will earn you the trust that is required for you to help people achieve their real estate goals during this time.
As you study the market, assess and then maximize your skills and systems, and commit to your business and vision, you will naturally shift your mindset into one that will ensure you thrive through the shifted market. As Gary Keller says in Shift: How Top Real Estate Agents Tackle Tough Times, “Get Real, Get Right.” Get right into action and into right action!