FEELS LIKE THE REAL ESTATE MARKET IS SHIFTING ???
24 Thoughts on what to do to thrive in a shifting real estate market...
1. Get the right mindset for the market of now.
2. Get in the right environment for the market of now.
3. Mindset and Environment - super connected. Both are containers and set limits. All the stuff you want to achieve is inside these containers. But you're results will only expand to the size of the smallest container. If your mindset is limited - your results will be. If your environment is limited - your results will be.
4. A market shift doesn’t mean a market correction, a recession, a crash, a bubble burst, or down turn. Figure out where your market was and where it’s going.
5. Stop being silly. People do silly things with time and money when resources are abundant. When resources are scarce, they are more reasonable and are more serious. Be more serious.
6. Still focus on listings, but find the motivated.
7. If you have the best listings at the right price, you’ll find the buyers that are motivated.
8. If you don’t think the market shift is a big deal and you’ll easily make it through, you won’t.
9. If you think this will be as bad as the last one and everyone will fail, you will.
10. Stop reacting, start responding.
11. Figure out where you are passive in your life and business and get out in front.
12. Assess what has been working. Evaluate if that will still work now. If not, stop. If so, do.
13. Conversations, conversions, and decision making will probably take longer and involve more hand holding. Learn to be patient.
14. Circle back to some basics and fundamentals. If you came into the real estate market in the last 5 or 7 years, you might have even skipped over these.
15. Get really good at sales conversations - what we call 'Client Momentum Activator', at Persinger Group.
16. Don’t fear your sphere and certainly don’t abandon them. Make sure their questions and concerns are answered.
17. If you want 5 Star Prospects and to get 5 Star Reviews, make sure you have a 5 Star Offer and give 5 Star Service.
18. Things will slow down… buyers will wait and be pickier, etc. Days on market will increase, etc. You’re decision making and actions shouldn’t slow down.
19. Get really good at evaluating what the market value of a listing is now and how to talk with sellers about that. What their neighbor sold their home 3 months ago for doesn’t matter now.
20. If the market is slowing or softening, it might be because the “best” buyers have bought. Make sure buyers are working with great lenders, are solid and motivated. You don’t want something to startle them and they take off in the middle of a transaction.
21. Know people’s reasons and communicate to those. A house is about equity and appreciation, a home is about more.
22. Agents you know will probably be on the way out and complaining about it as they go… Review 1., 2. & 3.
23. When the market shifts down, it always feels more extreme to agents. That’s because the number of agents coming into the industry is still increasing, while the number of transactions is going down and effort for transactions is going up.
24. Even if your market isn’t shifting “that much,” that doesn’t mean you can’t shift to a new level in your career.
I've created a resource page that shares our BLOCKS, the roadblocks that will prevent success and the building blocks that help us succeed.
Check it out if you're looking to get some peace-of-mind and consistency in career... https://www.darinpersinger.com/blocks