Do you feel like you have lost your energy and mojo from the effects of a fast-paced, low inventory market?
If you feel like you have, you are not alone. Many agents are complaining of exactly the same thing after finding themselves exhausted from running around with buyers that keep losing during the frenzy of an aggressive multiple offer transaction. There is nothing that can exhaust and depress an agent quicker than losing offer after offer for their buyers in a multiple offer.
If you have experienced this kind of market fatigue there are some things you can do about this.
- First and foremost in this type of market you have to keep your eyes focused on your consistent business systems. That means it is critically important that you focus on taking consistent action. Now isn’t the time to stop doing those things in your business that bring you long term results like your monthly mailings or your weekly seller update calls. This isn’t the time to cut corners in your business.
- Don’t put all your eggs in one buyer basket – stop spending all your time working with that client that continues to lose out on offers because they aren’t willing to up their game to win. You can’t burn yourself out working with a client who won’t get realistic about the market they are competing in and won’t do what they need to step up and write a winning offer.
- Listings matter. Don’t think just because inventory in your area is down that you can’t be the one to get out there and get those listings. There are sellers everywhere that are thinking about selling but you have to show them the compelling reason why now could be their perfect time to get their home on the market…with you. Just this week one of my clients who went on a letter drive to find sellers was rewarded with two new listings. It took two letters to an area that had had some pretty robust sales activity to get these sellers to see that this was a great moment in time to list. My agent initially never believed anyone would ever respond to her letter about the shortage of inventory and the incredible sales prices…but they did.
- Don’t hide out – reconnect! Real estate is a business that relies on you making connections with buyers and sellers. If you find your business is in a slump it is most likely because you haven’t been connecting with the right buyers and sellers in the right way. You either have to UP YOUR CONNECTIONS or you have to REVAMP your CONNECTION MESSAGE. Analyze what you are sending out to your clients and make sure you have a positive strong compelling message to deliver to them. Also, if you are communicating one way (such as emailing) and that isn’t getting results, pick up the phone! Send a customized print report in the mail instead of relying on auto reports from the MLS. Shake up your communication method.
- Remember to take time off. Often an agent loses their mojo when they have been running their engine too hard. It is time for you to take a break, get some rest and get recharged. Sometimes that may even mean focusing in something creative that feeds you soul if you need a break from the market drudgery.
Now is not the time to wind down. This market is going to be here for awhile, so it is important to determine how you are going to work within it. Don’t hide out. Don’t bury your head in the sand. Step up and get back in the game with a new attitude and a new outlook.