What is a Shift?
When a market is shifting, that means the market is changing. It doesn’t necessarily mean the market is going down. For instance, if the market is down and it starts to go up, that’s a shift.
Most agents interpret a shift as being negative. They look at the market as a ‘glass half empty’.
The market is shifting! And, we are starting to see agents worry, panic, stress and wonder what will happen in the near future.
Will buyers buy with these high rates?
Are prices going to decrease?
Have sellers missed their opportunity?
Truthfully, the answers are irrelevant to how well an agent will do in the shifting market…
Unfortunately, there is likely to be some casualties to this shift. There will be answers that won’t make it. But, is it the shift that puts them out of business?
A SHIFT NEVER PUTS AN AGENT OUT OF BUSINESS…Only an Agent Can Put An Agent Out Of Business
5 Reasons Why Agents Fail During A Shifting Market
Hanging With The Wrong People
If you hang around agents who are afraid of their future and are constantly talking about how bad it is, you will likely feel something similar. Even if you are a positive person, negativity will creep in and effect your mindset. I am not saying you need to ignore reality but we do need to remain positive and find the solution for growth. Find the people that are looking for solutions versus dwelling on the problems.
They Quit Coaching
I am a believer that you should always have a coach. Michael Jordan had a coach throughout his entire career. Even when winning all his championship rings.
Real Estate Coaching is NOT an expense; it is an investment in your future. There is no better investment than an investment in yourself. The worse time to be without a coach is in a shifting market. If you are being coached, don’t quit. If you are not being coached then get one quick. Consider Agent Success Academy with Greg and Abe.
No matter who you choose as a coach… GO ALL IN!
They Don’t Generate
Even in a hot market, agents don’t have the greatest habits for lead generation. In a shifting market, it is critical that agents focus on generating business every day. This is the key to growth and in many cases an agent will gain market share at this time. The last thing you can do is stop generating because you think no one is going to do anything. Wrong, buyers will buy and sellers will sell in every market. You will need to learn a few new scripts, but you get that from your coach.
They Give Up Their Routines
It is much harder for an agent to get out of bed early when they are worried about the real estate market. When the market shifts, agents tend to withdraw from their normal routines and their new routine is no routine. I do believe you need to change your routine but change based on exercise, when you get to the office, generating, follow up and having some personal time to recharge.
They Play Defense
Most agents and real estate companies immediately go on the defense. Companies first cut expenses and agents start to look for other means of income. I get it, everyone needs to survive. Yet, thriving is possible.
The key is to go on the offense:
- Wake Up Earlier
- Exercise Harder
- Practice Your Conversations
- Talk To More People
- Follow Up More
- Go On More Appointments
When you go on the offense, you score. And, when you score, you start to gain confidence. Once you gain confidence your business will grow while others are falling backwards.
The main reason agents fail in a shifting market is because of their shifting mindset. The one thing we control is how we talk to ourselves. Yes, the market is different yet with the right mindset it can work in our favor.