I have had fielded many calls from real estate agents around the country asking me what I felt about the recent volatility on the stock market and how I thought this would impact our real estate market. The fact of the matter is that we cannot predict what will happen with the stock market, the economy or even our local real estate market. I do feel that some buyers will question if they should buy right now due to the confusing economy as well as sellers may not know what to do in the event prices were to go down or demand was to soften. I guess we will all know what happens after it happens.
Since we cannot control the market, then we MUST take control of our own personal real estate business. I predict it is going to be very competitive in our local market for the next few years. I think the trained agents will get more business while others could lose business. In either case, your production and income is controlled by you and how you run your business.
When asked by agents, ‘What can I do to grow my business?”, I offered the following thoughts…
1. You have no choice but to look at your environment and determine if it is positive, productive and if the focus is on learning. If you are not moving forward then you are likely moving in reverse. You have to take responsibility for your future because the market will have its challenges. Control comes after knowledge.
2. You must understand the needs of the consumer. As the economy shifts, so does the needs of the consumer and it is our responsibility to serve those needs in a fast and professional manner. What is really important to the consumer today…is it a higher price, a faster sale, short term goals, long term goals, debt reduction, risk reduction or something else? Your prospects are looking for solutions…are you the solution?
3. You must be able to gain credibility fast. The consumer does not trust everyone these days. The consumer is looking for real estate professionals who know what they are doing and they are judging it by your past results, your depth of knowledge as well as your companies production levels. They need to know that you are a leader in the local market.
4. Synergy is important. Too many companies consist of a bunch of agents that compete with each other. They don’t share important real estate strategies, they don’t share ideas on what works and what doesn’t and they act as if every agent is for themselves. I know real estate is an individual business yet so much growth can come from brainstorming and sharing success stories as well as failures. I personally believe inner-office competiton hurts everyone.
In a nutshell, if you want to grow your business then it may be time to ask yourself if you can do it based on you current situation.
What do you need to change?
What do you need to learn?
Needeless to say, after I shared these ideas with the people who called, I then had a coaching session for my company to make sure my agents understand and are prepared to succeed no matter what happens in our Myrtle Beach Real Estate market.
I am here to help agents in my local market as well as other markets. If you feel I can ever make a difference for you and your career then please email or call me anytime.
This recent scare in the economy has made it clear that real estate sales could get challenging so I am in extreme coaching mode. With the right mindset and guidance, you can experience growth and success quickly.