How Realtors Will Survive This Real Estate Meltdown Market
Topics: business-sales, real estate-buying, real estate-selling
Chances are what you are about to read will confront your beliefs about yourself and your real estate business. If you feel some discomfort as you read this, I want to congratulate you. Why? Simple; if you are uncomfortable but read on, then you are the rare person who is willing to accept that change is not only okay but absolutely necessary. You know nothing stays the same. It’s against the laws of nature.
You know that you must change daily, especially in the current real estate market. Everything you took for granted about the industry has changed and it is just getting started. What we will experience over the next few years will result in massive changes at the very core of the real estate business. The largest changes in any industry always happen during a time of economic crisis. What our industry is experiencing now is the complete turning inside out of everything we have taken for granted.
Change Is Inevitable
If you intend to be in real estate over the next five years, you are going to undergo major changes in the way you do business. It’s not an option, it’s a necessity. Don’t think for a moment that what you know today is sufficient as a new market evolves over the next 24-36 months. Likewise, never doubt that you lack what it takes to thrive during and after these changes.
The “old fashion” way of thinking will tell you that you simply didn’t want to change enough or you didn’t make enough effort. The old “Gurus” will say you are not working hard enough or following their exact plan. You know that’s not true. It’s common for agents today to say things like:
“I’ve always done things this way.”
“I’m just not that kind of person.”
“There’s only one way to do things and that’s the way I am doing them!”
“If I just make X more contacts and take Y more listings, everything will be Okay.”
These agents are stuck in the past. If you remember the recession of ’81 or ’91 then you know those times were a cake walk compared to what we are experiencing today. You know it isn’t easy and is going to get worse before it gets better.
Simply working harder doesn’t guarantee you anything. Why? Because you are using the wrong tools; you are using old techniques, old scripts, old methods that simply won’t work in this market. You see, it’s not because you aren’t working hard enough, it’s because what you are doing no longer works!
Lean Your Ladder Against the Right Wall
Organizational leadership coach Stephan R. Covey makes this point in several of his books: imagine the frustration you will have if you struggle and strive to climb a ladder successfully only to find it is leaned against the wrong wall when you get to the top. Gregg Nuemann, Prudential’s number one agent 4 of the last 8 years, says that there are 3 things every agent must focus on:
Going on appointments
Generating leads
Learning
If you are truly ready to make changes in your business, then you must change the way you are doing things. Change requires learning. You learned how to sell in a hot sellers market. This clearly demonstrates your ability to learn.
Make a list of everything in your business that’s done the exact same way as 12-24 months ago. Remember, this new market requires that you change.
Ask yourself these questions:
Have I changed the way that I generate leads?
Have I changed the way I do listing presentations?
Have I changed my pre-listing package to reflect this market? (Do you even have a pre-listing package?)
Do you use memorized scripts and presentations that reflect this market?
Have I upgraded my skills, or learned new skills to work with buyers?
If you answered no to any or all of these questions, change in your process is indicated.
Why is change so darn hard for many of us? John Fisher created a great explanation to describe the process of change. This is the process that all of us go through when we are experiencing change. Now that you know change is required for this market, ask yourself where you are in this process.
The Stages of Change
Anxiety: “Can I deal with this change. Am I ready? Do I know enough? What will happen if I don’t change?” Don’t allow yourself to go into denial. Anxiety will go away as you progress to the next stage.
Happiness: “Hurrah something is going to change. I am excited that I can feel things are finally moving forward. I can now feel like I am finally headed in the right direction. I want to tell the world!”
Fear: “Oh Boy, here it comes… can I really deal with this change…what will my family and friends think? What will the other agents think? Can I handle the success or potential failure?” At this stage of change the ego often comes into play. Depak Chopra said that, “All fear is based in ego. The ego creates fear to stop the change.”
Threat: “Let’s get ready to rumble. What will the other agent do when I change? What will happen? Who will attack me? Will I get sued?” Watch out that you don’t allow yourself to start to experience disillusionment or a feeling of no longer caring.
Guilt: “I can’t believe that I actually believed that before. I can’t believe that I spent so much time doing something so ridiculous” Don’t allow yourself to become depressed at this stage. You need to forgive yourself and move on.
Gradual Acceptance: “Okay, I am here. That’s the past. I am moving forward.”
Moving Forward: “Wow, this really is going to work!”
Where are you in this process? Have you been stuck at one of these levels of change and don’t know what to do next? Know that you are not alone. This real estate market has been one of the most challenging real estate markets ever. Many industry experts call this the worst real estate market in US history! No wonder change is so difficult.
Accept where you are in the process and make a commitment to move forward. You can do it. Think of it this way; if you intend to stay in the real estate business, what other options do you really have?
Tim Harris is a co-founder and head coach of Harris Real Estate University. Read more at: www.timandjulieharris.com Tim’s blog
www.harrisrealestateuniversity.com
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