the words 'market shift' on fake seesaw with home on other end

9 Ways to Shift in a Shifting Market

The real estate market is always shifting, which can make it difficult to keep up. As an agent, how do you shift in a shifting market so that you’re setting the right tone with your clients? Here are 9 ways to shift in a shifting market:

  1. Be a thermostat and not a thermometer. Share information with clients, which will set the tone.  Be proactive and not reactive.  Be the one telling the story over the story being told without you. 
  2. Do what is right, always. Sometimes, it doesn’t make sense to buy or sell and as a real estate advisor. It’s your job to be honest and guide your clients in the direction that makes the most sense for them.
  3. Be solution based. Offer solutions instead of just assuming things won’t work based on certain scenarios and situations. Think and get creative in order to put together a solid solution to the situation. It will pay off in the long run.
  4. Know objection handlers and learn to love scripts! Practice role-playing to prepare yourself for handling different objections. Learn the current market objections and become an expert in learning how to navigate them.  Find a partner and do it together to make it more fun.
  5. Stop “Lead Generating” and start “Need Generating.” Focus on contributing and being of service rather than only gaining a lead. Real estate is a relationship business so it will happen organically because of the influence given in the community. By developing trust and offering value to help others as an agent, people will see you as a solution since you’re a resource.
  6. Manage Buyer and Seller Expectations. Communicate with clients about the process and keep them informed as things move along.  Be open and upfront about scenarios that may potentially happen.  There is no emotion is numbers so sharing insight on things and why you feel that way will help put things in perspective for buyers and sellers.
  7. “Bubble wrap” your transactions. Look ahead and be aware of common themes to be sure the right conversations are being had. It’s your job to be prepared and set the right expectations as you guide your clients through the process.
  8. Play “Red Light, Green Light” with your expenses to be sure that you have the right systems in place. This is a good practice to do monthly, whether we are in a shifting market or not. The goal is too determine which expenses need to stay, and which expenses need to go. If you are always running lean with your budget, then you’re less likely to get caught in a bad situation in a shifting market when it comes to your business budget. Doing this will also help you avoid risky and desperate decisions.
  9. Run your business like a boss. Prioritize making 5 contacts a day and know that input equals output. Be an active participant at your office and engage in trainings that take place. Stay present in your community as well as in your clients and past client’s lives.

 

Success lies in your daily routine. Reflect over the last 3 to 6 months and the tips above and consider the following four questions: What do you need to keep doing? What do you need to be more intentional about? What do you need to stop doing? And what do you need to start doing? Get real with yourself and answer honestly. If you do that, there’s no doubt that you’ll be successful when another shifting market comes along.