New markets require new approaches and new tactics. Experts and industry leaders will take the stage at Inman Connect New York in January to help you navigate the market shift — and prepare for the next one. Meet the moment, and join us. Register here.
The real estate market has changed, and there will be agents who will not survive the current market environment. Are you nimble enough to make the adjustments needed? The following is a list of the types of real estate agents this market will crush and how to avoid being one of them.
1. Uninformed agents
During challenging times people are drawn to safety and quality. Gone are the days when someone could secure their real estate license and family and friends would blindly trust them and their inexperience to buy or sell a home.
It takes a professional to navigate this challenging market and to successfully close a transaction. So, who will buyers and sellers choose to work with in the current real estate market environment? They will choose the real estate agent they see as the most knowledgeable and informed agent in the marketplace. Couple this with an ability to collate market statistics and present them in a concise way that adds value to the market, and you will find success.
Uninformed, unprofessional agents will be crushed by this market.
If you’re wondering how to become a better agent, this article goes over nine essential real estate reads to help in your personal growth.
2. Secret agents
Most of us have experienced a friend or someone we know listing their home with another agent and when asked why they didn’t use us, they say, “Oh, I forgot you are in real estate.” Secret agents are real estate agents that don’t consistently remind people they are in the business.
Consistent marketing of yourself and your business is no longer optional.
Here are a few ways to avoid being a secret agent:
The key is to make sure as many people as possible know that you are a fully engaged, professional real estate agent. The agent with the most exposure — who adds the most value to the marketplace — will win in today’s market.
Secret agents will be crushed by this market.
If you’re looking for ways to get noticed and not be a secret agent, check out this article that goes over 22 social media post ideas for agents.
3. Negative agents
Negativity repels business while positivity attracts it. Buyers want an agent who is positive that she can help them find the perfect home instead of an agent who talks about how bad interest rates are.
Sellers would rather work with an agent that clearly communicates how her marketing plan gives her confidence that she can help them sell their home for the highest price possible with the least amount of hassles versus an agent that focuses on telling them about the number of price reductions and homes that aren’t selling.
Agents with a negative attitude will struggle to survive in the coming year. But for those who seek it, opportunity is abundant in times of chaos. Are you searching for opportunities or for excuses?
The attitude you choose to have, whether positive or negative, is completely up to you. A positive attitude is shaped by the confidence you have in your professionalism and your ability to serve your clients at the highest level possible.
Ask yourself the following questions:
- Are you positive that you have a listing plan that will give your listings the best possible chance to sell quickly and at the highest price possible?
- Do you believe there are opportunities for buyers and sellers in the market right now?
- Do you believe real estate values will be higher in five to 10 years?
The agents who have confidence in their competence and truly believe in the long-term benefits of homeownership will thrive in the coming year. Agents that stay positive and relentlessly search for opportunities will be rewarded. Choose your attitude wisely because negative agents will be crushed by this market.
If you’re looking to increase your positivity, this is an article detailing the magic of thinking big for agents.
4. Passive agents
The days of waiting for real estate transactions to come to you are over. The agents who choose to sit back and wait for the business to come to them will most likely be the agents exiting the business in the near future.
With fewer transactions, the current market demands proactive prospecting activities. The agents who make the most calls, host the most open houses, and simply add the most value to the market will dominate.
While passive agents wait for the phone to ring, successful agents are making outbound calls. While passive agents are talking about what they plan to do, successful agents are executing their plans. While passive agents are thinking, successful agents are doing.
Passive agents will be crushed by this market.
If you’re looking to move away from your passivity, this is an article that covers seven things top agents wish they would have done sooner.
5. Undisciplined agents
If you fail to plan, then you plan to fail. Discipline involves having a daily plan of action and sticking to it. Discipline involves doing the activities others are not willing to do, so you can build a business they will not be able to build.
Are you an undisciplined agent? Here are a few questions to ask yourself:
- Do you block time on your schedule for prospecting every day?
- Do you operate from a to-do list each day?
- Do you consume social media content or create it?
- Do you have a daily goal for the number of real estate-related conversations you have?
If the answers to these questions revealed a lack of discipline, act now to make the needed changes. It’s not too late to make a positive change. The choice is yours, but please know, undisciplined agents will be crushed by this market.
If you’re looking for a daily, disciplined plan of action, this article goes over the seven daily habits for explosive growth.
6. Desperate agents
A desperate agent is easily spotted by buyers and sellers. If you are at a place where you find yourself in a cash crunch, take the pressure off you and your family by taking a part-time or full-time job until you are financially able to weather the ups and downs of the real estate business.
We live in the gig economy where becoming an Uber driver or delivering groceries through apps like Instacart are great ways to work part-time on the side when you need to generate cash.
If you are good at shooting real estate photography, then start offering real estate photography services to other agents as a side gig. If you are good with social media, now might be a great time to provide social media content or support for other agents on the side.
Do whatever it takes to take care of you and your family’s finances. The answer to the question about whether you should sell real estate may not be as simple as no you shouldn’t, it may just be, not now.
Desperate agents will be crushed by this market.
If you’re looking for ways to grow your business on a budget, this article covers five low to no cost ways to grow.
7. Unfocused agents
The riches truly are in the niches. Unfocused agents try to do it all. They may help their friend get a rental, then tell another friend they can help them find a commercial location for their small business, and then try to farm a luxury neighborhood.
In doing so their lack of focus leads to failure. Top agents don’t try to be everything for everybody. They find an area to focus on, and they become the expert in that area.
Now is the time to find a portion of the market where you can become proficient. Now is the time to refer those buyers who want to buy 30 miles away from your office to focus on being the known expert in your market.
Focused agents thrive in difficult markets, but they dominate even more when, not if, the market takes off again. Become the most focused agent in your market. If you’re unwilling to become fully focused on growing your business, please know that unfocused agents will be crushed by this market.
If you’re looking to focus on a specific geographical farm, this article covers the step-by-step process for success.
Every market cycle has winners and losers. Somebody will have their best year ever in the coming year. Why not you? Become the agent your clients deserve, and watch your business grow.