The 90-10 rule also applies to real estate agents
This is not a news flash by any means, but in case you didn’t know that the housing market is getting down the toilet and threatening to crash right away. On top of that, we have mortgage companies that are considerably reconfiguring their loan lines and even going out of business. On the other hand, we have the dollar taking a big hit as we are almost 2 to 1 to the euro (not even a year ago we were almost 1 to 1) and the Fed is doing what it can to help the country stay out of it. a total recession. What can the average realtor do in the face of such challenges? How can they survive when they are now fighting over a small number of buyers who are nervous about buying because there is a real possibility that they will end up losing money?
History shows that those who triumph over change are those who are willing to change and adapt. It may be necessary to put aside old ways of doing business and implement radical new ideas. One of the first things you should do is study and learn about the market and what it is doing. Those of you who are scoffing and telling yourself that you’ve been in business for so long and this little twist is the same as those of the past are going to be left behind, by the way, you can stop reading now. .
What sectors of the real estate industry are growing and even thriving in today’s market? Rent-to-own and lease options are just beginning to emerge. The question then is how can I, as a real estate agent / broker, capitalize on this growing trend? Perhaps we should see why it is growing, and in fact it is due to the restructuring of the mortgage companies’ union lines. It is now nearly impossible for anyone with a credit score of 680 or lower to get a loan without having to give up their firstborn to get it (not really, but with the higher interest rates and loan fee it can feel like had another child). So unless all of your clients have excellent credit or can pay cash for their next home, you, as an agent, will have to change and adapt to the new reality we call real estate.
There are some things that will never change and you must be willing to work on these things to be the best of the best if you plan to survive for years to come. One of my personal favorites is going the extra mile. All of you must know what this means, if you are not ashamed, you must repent and change. Keep in mind that it is often the little things that make the biggest difference to your clients and can often lead to referrals and future work with the same client. Some suggestions are (by no means a complete list):
1. Constant feedback so your customer knows what is going on. You need to be in contact with your client 3-4 times a week, even when you have nothing to report. That way, they’ll feel like you’re doing something.
2. When you return information, always try to have something positive or encouraging to say, but be honest. Tell them about the next strategy you will implement or the extra effort you have put into selling your home.
3. Send them handwritten notes thanking them for their business.
4. Listen, really listen to their needs and wants so you know how to best serve them.
5. Take the time to educate them on how the process works and give them realistic and honest advice about your home buying and / or selling expectations. Many times you will find that people do not understand the market and have unrealistic ideas about what the market is doing. It would be better to be honest and lose a customer than to accept the listing and not be able to perform on your customer because you have unrealistic expectations.
6. Always be courteous and professional, the golden rule applies. Treat your customers like they are gold and it will come back to you.
Now is the time to get creative. Think outside the box and think creatively. I know you have been taught that there is a way to do business and if you step out of line you are violating the code of ethics or worse, state laws, which can lead to fines and imprisonment. If you don’t know what you don’t know, then yes, this is a problem, but if you take the time to learn the rules and laws, you will quickly see that there is plenty of room to get creative. The more creative and innovative you are, the more likely you are to survive the challenging times ahead. Learn about market trends, see what others are up to, and get creative.
Get to the top of your game. Are you playing with the real estate sector or are you a true professional? If you have been a mediocre agent up to this point in your career, now is the time to decide whether you are all or all. That may mean you need to change some habits, improve your knowledge and skills, get more designations, improve your marketing, and perhaps get help from a mentor or coach. It’s moments like now that separate true pros from hobby agents and if you’re willing to take up the challenge and rise to the top of your game, you have a good chance of making a big living.
Even though the market looks bleak and your dedication to the profession will be put to the test, now is truly a time of great opportunity. If you can capitalize on the gifts and talents within you and commit to becoming a true professional, the next few years may turn out to be the defining years of your life. If you can see this as an opportunity, then you may be the one to bring the next industry-transforming idea.