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This is part 2 of ’12 Step Realtor Survival Guide’. 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. It’s 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.
5 – Stop wasting your time on the 3 B’s of BS in real estate. Building your brand, buying buyer leads and building a team. None of the 3 B’s lead directly to profitability; in fact, they do the opposite, wasting both your time AND your money. Your product is PROFIT. Stop running a non-profit immediately and put your own face mask back on. Breathe in, breathe out.
6 – Many of your buyers are becoming less and less qualified the longer you take to get them in contract. Unless they are all cash, your buyers are having to spend more in 3 areas the longer you’re taking to solve their problem of finding a house. They will pay a higher price, a larger down payment, and a larger down payment. This means that some will become un-qualified. Know who’s who and get their lender letters updated to meet today’s higher interest rate environment. Meanwhile, the house they wanted now costs 10 to 20% more. Some will drop out of the market. This has already been happening over the past 30 days. There IS a significant payment difference between a 2.7% mortgage interest rate that we started this year with, versus the 5.1% average this week.
7 – You are not allowed to complain about past clients, friends, or family if you aren’t speaking with them regularly. If we were to call random people from your ‘database’ and ask them who they would list with if they had to sell their home today, would they FOR SURE say your name? If not, what is your system for ensuring they repeat and refer business to you?
8 – FOMO or Fear of Missing Out is still strong, but weakening as rates continue to climb. Are you practicing Furiously Fast Lead Follow Up and using buyer and seller prequalification scripts to sift and sort who’s serious and who isn’t? Now more than ever it is critical for you to discover who is a ‘have to sell seller’ versus just a ‘want to sell seller’? And remember that there are no ‘have to buy buyers’. They don’t exist. Many great sellers appear in your lead follow-up as ‘buyer calls’. Are you using a buyer lead conversion script that reveals if they are also a motivated seller?