Get Your Business Out of Cruise Control
The market has changed dramatically over the past couple of years. Not long ago, agents were complaining that they were overwhelmed by a lack of business caused by the severe housing collapse we experienced. We went from that market to a market where multiple offers are now the norm. In some cases, it's not uncommon to hear about homes that are getting 15 to 20 offers. This has caused both buyer fatigue AND agent fatigue. You spend hours trying to help your clients find a home only to have them lose it at the finish line.
This frustration has caused agents to doubt themselves, the market and the industry. This isn't the time for doubt. It's time for agents to take their business out of cruise control. We're in a different market that is harder to navigate. Which means you can't rely on a cruise-control mind-set anymore. You may have to take different roads that may seem more difficult to navigate and drive - but by having a more active attitude, you will have a better result.
Getting out of cruise control means no more relying on doing just the things you've always done. You cannot expect clients to do the things they've always done. It's a new game and you have to play it differently. You need to compete stronger at the listing presentation and you need to get way more visual when showing sellers what you can do for them. Listings are golden and you want a part of that pot of gold! To get it, you have to change your strategy, your mindset and your presentation. Getting out of cruise control means that you need to get a little uncomfortable and do things you may not normally do. In other words, you need to up your game.
When working with buyers, you may need to help them see other opportunities, which means you may need to work harder to find those opportunities for your buyers. Until our market inventory levels out, you're going to have to take your business out of cruise control and drive your business yourself.
Here are 5 things you DON'T want to be doing in your business right now:
- Don't ever go on another listing presentation again and just wing it. You need a powerful and visually impressive collection of seller benefit tools.
- Don't wait for the phone to ring. The more difficult a market is, the more connecting you must do.
- Don't keep market information to yourself. As things change in the market and you see new opportunities, you need to make calls and send out letters to let people know where those opportunities lie.
- Don't let your clients drive the conversations. Buyers and sellers are notorious for wanting to drive transactions their way. In this highly competitive market, you need to let them know exactly what they need to do to win. If a buyer tells you they don't want to do an escalation clause when competing against multiple offers, tell them that is not a winning strategy. Don't be afraid to step up and be the expert!
- Do not let the market get to your head! There are buyers that need to buy and sellers that need to sell and the key to your success will be to keep them informed and keep your connections strong.
If you are stuck in business-as-usual mode - or worse, if you are sitting in the backseat and letting the market drive you - it's time to take control and take action. Challenge yourself this season to communicate your expertise, network with strength and take your business to the next level.
By Denise Lones CSP, M.I.R.M., CDEI - The founding partner of The Lones Group, Denise Lones, brings nearly three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.