Recently, I was browsing through a real estate Facebook group I’m part of and a few agents were talking about what to do in their business now that there seems to be a shifting market happening for most agents.
Many agents are terrified of a market shift. (Especially agents who have never seen a shifting market in their career. If you’ve only been selling real estate in the last few years, it’s not your fault, and you may not know what it’s like. But a really strange thing happens when markets shift…
Agents act like most people when fear is rampant. They run!
Fight or flight REALLY kicks into gear when this business changes.
You’ve probably heard the great investor Warren Buffet saying “Be fearful when others are greedy, and greedy when others are fearful.” Well that couldn’t be more true in real estate as well. When markets shift, most agents tend to pull back on what they are doing, rather than expand. Agents get worried that business will dry up, their money will disappear and they won’t be able to stay in the business.
But what really happens for most is that it becomes a self fulfilling prophecy.
They stop investing in their business and themselves. Or they panic and stop doing the daily tasks they should be doing and they bury their head in the sand. And many even let fear paralyze them. This doesn’t work in ANY market, let a lone a shifting/down market. The great thing about creating a profitable and well run geographic farm is that you can actually get MORE business in a down market, or at least gain more market share.
How To Combat A Shifting Marketing
If you follow our “S.C.O.P.E.” method and create a real strategic balance, you can weather any storm. By creating a business that has a diverse and well thought out strategic plan, you can create a real safety net in your business that will help you stay ahead of the competition and protect your business. The “one trick pony” agents are the ones who usually can’t keep up when markets shift. And the ones whose business is based purely on luck and just being in right place at the right time during a busy market will feel the biggest hit.
The great news is that if you do the RIGHT things in your farm, your business doesn’t have to suffer. You don’t have to worry that you are going to lose your shirt in this business when you focus on creating a business that feeds itself. That is why farming is such a powerful opportunity.
So if the market is shifting in your area, this isn’t the time to abandon ship. If you are just getting started in your farm, take joy in the fact that there are going to be a lot of agents who are pulling their foot off the gas over the next year, which will create even more opportunities for you.
This may be the time that you take over as #1 agent in your farm because your competition gets cold feet. Or this may be your chance to really double down and create a business you’ve always wanted. But you won’t ever achieve that by pulling back. You MUST push forward and stay focused.
Now is your time to level up and take charge in your farm. Your future self will thank you, and so will your community!
Happy Farming!
Ryan Smith – Founder/Creator
Launch Your Farm
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