We are currently in a BUYERS' market. Yuck. When there is a shift in the market, and we have certainly experienced a shift, (wouldn't you agree?) How do you tackle it? Do you tackle it? Or do you do the same things that you have always done? I am asking a lot of questions here, aren't I???!!!!! Are you asking yourself these questions? (oops, another one!)
It is not about the market......it is about what you do! Shifts happen. They really do! Real Estate is a cyclical business. They say, what goes up must come down. And, what is down, won't stay there! It will eventually go up. (Thank Goodness!) What are you doing while you wait for it to shift again? Shifts are actually expected, and often predicted. (Come on, did we really think that homes would keep selling in less than 30 minutes, and that a 2 bedroom 1 bath 900 sq ft home would keep escalating from $90,000 to $136,000 to $270,000 and maybe up to a million?) It went up, and up and up! We knew it could not last, but we hoped! Common sense, and history, show us that it would end, and then, go down. AND GO DOWN IT DID....and down, and down, and down. Market shifts, are, in fact, inevitable. Many of you in the industry long enough know it, have experienced it, (or them!) and have managed to succeed despite it. However, many of you have not.
Each time a shift happens, agents act surprised. Like it never happened before. And, then once we are through it, we act like it will never ever, ever, happen again. Well, it will. And it does. You can count on it.
There are three types of markets. A Buyers ' Market. A Balanced market and a Sellers' market. It is all about supply and demand. The industry equates or defines each market by the current sales and how many months of inventory there are. A balanced market occurs during the transition between markets and they rarely last for long! Double yuck!!!! (or am I up to triple yuck??)
So, that would mean, based upon the inventory we have in our current 'Buyers' market, we are in pain. (I hear you saying, 'well, if it is a buyers' market, why don't I have more buyers?") I hear the moaning and groaning to indicate you are in pain. Right? The buyer has many, many, many properties to choose from. They know it. Inventory abounds. Yuck, again.
So are shifts bad? Well, that depends on you. For our industry as a whole, especially in particular markets, it absolutely can be. However, for the agent, (YOU!) it does <em><strong>not </strong></em>have to be. WHAT? Let me repeat that (ok, rewrite that) it does not have to be.
BUT, it does depend on you! First, acknowledge that it is what it is! What are you going to do about it? Second, recognize that you must be involved in lead generation daily. YES... I SAID DAILY! (I hear that moaning and groaning...stop it!) The first step in that is to stop doing what is not or has not worked. Realize that <strong>time</strong> and <strong>money</strong> are the two basic tools you have to generate leads, so stop spending any time or money on lead generation activities that are not working. (as long as you have given it enough time to come to a conclusion.....) Sounds simple, right? But the trick is not in getting it, it is in doing it. I always say in my training classes, "it is not what you learn, it is what you put into action."
Your goals have not changed, or at least, they should not have. You know what your desired income is and how many sales it will take to close to achieve that. (Right?) So what has changed? The number of appointments you are going on and the number of opportunities (leads) it takes to get those appointments. If you are not generating opportunities for appointments, then how are you getting your business? OHHHHHHHHHHHH, you are not getting any business, that is the problem you say???? Well, I wonder why. ARE you creating those opportunities for appointments or are you waiting for someone to call you, or for a floor lead to walk in, or for a buyer ready-willing-and -able to fall from the sky? Are you passive or pro-active?
How do you know what is working and what is not? Take a look at where your past leads have come from.....and make sure you always ask when someone contacts you, "May I ask how you heard about me?" This is something you should always be tracking. And if you can't remember when you last got a lead.......you really need to get moving. Only YOU can change that and turn it around.
Are your calls to your sphere working? Are you getting many referrals? Are you getting leads from For Sale By Owners? Expired listings? Website? Networking? Are you even doing any of these things in the first place???? You get the idea. Once you identify where most of your leads have come from, then FOCUS on those things. Don't guess where they are coming from, KNOW it. Then, invest in what is working.
When the market shifts you need to take a step back and stop doing what is not working, and start doing and investing your time and money into what has and does! Most agents do not identify what is working and what is not.. and that is a shame. When a shift happens, moving from having success to creating success becomes critical. You need to move to become a master at generating leads, or as some of the statements in some great books out there state, you either become a master at generating leads, or you will usually get shifted right out of real estate!
What is the message you are giving or portraying to your prospects out there? Why should they contact you???? What would they get if they did? People respond to messages that matter to them now!!! What is your 'call to action?" WHY should they contact you?
Your message should target your audience. Don't use the shotgun approach and send everything and anything out there...become a sniper. Target. Target. Aim. Aim. Who are you contacting? What would appeal to them? What are you putting in your message to encourage them to respond immediately to you?
Are you shifting with the market? Or is the market shifting you? IT is up to you.
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