We haven’t seen a market like the one we’re in today in over a decade. Given that the average REALTOR® has been in the industry for less than ten years, you’re likely encountering a market you’ve never experienced before. So how are you going to weather it?
Your job in real estate is a business. Approaching it like anything else is a mistake and a blind spot. How good are you at the business part of your business? Selling isn’t the only thing you need to be good at to succeed in a market like this. If you’re lacking skills in marketing, branding, lead generation, appointment setting, administration, contract generation, or any number of other important parts of your business, you’re at risk of losing the entire thing in the coming year.
You need a coach now
To learn what you need to know quickly enough to not hemorrhage clients, opportunities, and profits, you can’t afford to risk trying to learn solely by trial and error. You need to seek out a professional business consultant or coach to help you not only weather the coming market, but thrive in it. The business is out there, but without the proper skills, your competitors who are wise enough to get help are likely to surpass you.
While there is a cost associated with coaching, the dividends a good coach pays will more than outpace any cost associated with them. Think of it like this: a good business coach can save you thousands a month regularly lost to poor time management or help generate an extra few closings—the right coach helps you do both.
A skill-based market
While I won’t go so far as to say that the last few years in real estate have been easy, they’ve been ideal for agents. Low rates and an attractive market made for a boom in real estate that led to years of feasting. As the market normalizes, some may call it famine. I don’t think it’s that extreme.
What’s happening now is simple: we’re moving into a skill-based market. A lack of skills is the kiss of death for your career in real estate. Give yourself an edge and hire a business coach who specializes in real estate. Do your homework; not all coaches are created equal and not every coach will be the right fit for your unique business needs. What you most can’t afford to do is wait—the time for a coach is now.
Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting company that specializes in performance coaching and building highly effective teams. Get free access to some of the very same tools and resources he has used to create success in his clients’ businesses.