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This is part 3 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. 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?
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.
9 – Upgrade your mortgage knowledge. Some of your buyers may still be buyers if they simply change to a different mortgage product. Adjustable rates have made a recent comeback. Buyers with large down payments may need to reallocate funds towards a buydown and lock in a lower rate. Your mortgage knowledge may be enough to help some of your buyers buy when they would otherwise have been priced out. Skills are what you need to work with a greater variety of clients in various situations. Don’t lose business because you lack knowledge.
10 – You must make a higher number of contacts to a larger variety of prospects in order to meet or exceed your goals this year! A contact is a conversation with a decision-making adult about real estate. You do have goals this year, don’t you? Are you on track, ahead or behind? How do you know if you’re not following a plan?
11 – Don’t overreact to the market shift. It’s a shift, not a crash. Unskilled agents are already 100% unglued just from the higher rates and tougher mortgage requirements. Skilled agents are absolutely ecstatic to see this shift. Which are you?
12 – Be careful where you’re getting your information. The headline ‘Housing Crash’ and anything sounding like that is ‘clickbait’, NOT reality. Pay attention to our podcast and other reputable sources and don’t get sucked into the drama!
Remember that a balanced market is defined by most economists as a six-month supply of homes available. It would take two million more homes on the market to reach a balanced market, much less a buyers’ market. Demand is still far greater than supply and will be for some time. None of the underlying reasons for a housing ‘crash’ are existing today.
