Housing Crash? | 12 Step REALTOR Survival Guide (1)

Is there a housing bubble that is popping that will result in a housing crash? No Doubt, The real estate market is shifting and this new market will demand a new mindset and skill set.  On this real estate coaching and training podcast, you will learn the 12 step real estate market survival guide. 

This podcast series, 12 Step REALTOR Survival Guide, is based on coaching client and podcast listener feedback.  Its abundantly clear that brokers and agents are feeling uncertain and perhaps, fearful. 

The old market allowed the industry to be deluded into believing that drilled-down skills were a thing of the past. In the old market agents (and brokers) spent BILLIONS of dollars on mostly dubious things (no way to truly know if the effort/ money spent was working to produce the desired result.) such as Buying Buyer Leads, Branding, Marketing, Paid Lead Generation, Team Building, Social Media, and becoming an Influencer. In other words, agents never had to accept the reality that if you want long-term increasing levels of success that you must do what you don’t want to do when you don’t want to do it at the highest level.

Note: The tale of Twitter. According to Elon Musk 25% + of all accounts on Twitter are fake. Fake meaning they are not humans, but software aka bots. These bots comment on posts, they are designed to perform as if they were humans.  This should send chills down the spines of all agents and brokers who believe in online-based branding. Why? Agents (and millions of businesses) were perhaps duped into spending money on ‘impressions’. The story went something like this: Branding, marketing company: “Invest $10,000 dollars into ‘building your brand’ on social. Over time your ‘brand’ will allow you to better leverage time and people will see you as the expert, you as the go-to for their real estate needs”. Sound familiar? Of course, it does because 1000s of companies have been selling some form of branding to agents for well over a decade. Why is branding largely (if not completely) a total waste of money? Let’s say an agent invested (wasted) money on Twitter to ‘build their brand’. Twitter then exposed your branding to its users. Users saw the agents ‘branding’. No action followed. No clicks to go here or there. The agent was relying on the Twitter algorithm, to tell the truth about how many impressions were actually happening. What is the value of an ‘impression in the first place if there is no action that follows? Now, what value is an impression if the accounts were fake? Bots ‘saw’ the impression and the agent was charged? 

The market is moving fast. Are YOU learning, changing, evolving to meet this new market or simply hoping your old approach will work? Cautionary tales of waiting too long to accept, adapt and change are aplenty in the real estate industry. Over the next 12-24 months every agent and broker must learn what this new market requires or they will needlessly suffer. The suffering is real. 

What follows is the first of many shows on how agents and brokers can not just survive in this market but THRIVE because of this new market. 

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Survival Guide

1 – Price your listings based on your seller’s motivation.  This means you absolutely must, 100% of the time, use the Seller’s Prequalification script.  Whether you’re listing your Mom and Dad’s house, an unrepresented seller (FSBO), or a referral from a past client, you must ask the same questions every time.  This is serious skill-check time!  A listing where the seller has to sell within 6 months has a different pricing strategy than one that must be in contract in the next 2 weeks.  You can’t treat all sellers the same anymore.

2 – Know your market conditions cold.  Why?  You have to work hard to set realistic expectations for each client you’re working with, educating them on what to expect, all while making sure you don’t lose the relationship by overdoing it.  This is a shift, not a crash.  Have the skill to explain the difference based on facts, not on conjecture or salacious headlines.

3 – Understand the ratio of your effort versus the results you’re getting.  Not all lead generation is created equal.  If you can’t directly track a paycheck from what you’re spending your time and money on, why do you keep doing it?  Are you pro-actively lead generating with a predictable and duplicatable outcome or is your business running on FOMO and Hopium that worked until recently?  How do you know the difference?  Skilled agents track their efforts and focus on the most effective techniques.

4 – Prepare to pounce on new opportunities that weren’t possible in the super-heated seller’s market.  If you haven’t fortified your own investment war chest yet, now is the time to start saving.  If you’re not certified in Express Offers at eXp for example, you’re already missing an important tool in your upgraded skills toolbox.

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