It seems like almost everyone is predicting that the number of licensed real estate professionals is about to fall off a cliff. On today’s show Tim and Julie Harris will drill down on the predictions that there is going to be a real estate agent purge.
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-The number of sales is at an all-time low.
-Higher mortgage rates are causing many buyers to be sidelined.
-Inventory is still scarce.
-Weaker builders are stepping out of the market.
-Overall uncertainty of recession causes many to procrastinate housing decisions.
-Inflation continues to drive prices up.
All these facts are true, but it’s also true that you have a real estate license and you need to earn a living. So let’s pivot to see why you can still not just survive but thrive. We’ll look at some facts and some immediate action steps to take.
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Facts:
-Mortgage Interest Rates fell by a 1/2 point last week and are on track to at least stabilize, if not fall in the future.
-Demand is still very high, with nearly 3 offers for every closed transaction last month.
-Home prices continue to climb. This means the market is not crashing like people thought it would with higher rates.
-It doesn’t pay to wait. Rates will probably come down and settle around 6 to 6.5%, but prices won’t come down at the same rate, in fact, they probably won’t come down at all! Evidence of this is the last big inflationary cycle during the late 70’s and early 80’s. Even when rates were as high as 19%, prices didn’t fall, people still bought and sold and the sun kept rising and setting.
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-Demographics and household formation are on your side. 27% of recent closings were millennials who were NOT breaking up with low-interest-rate mortgages.
What to do NOW to be sure you’ll survive and thrive? Will you still be in business next year, or will you be real estate road kill?
1. Get and follow an actual business plan immediately. The Real Estate Treasure Map, Survival Plan, and 90-Day Massive Action Plan are all included in Premier Coaching. You will have specific goals, an actual schedule, and a lead generation plan to follow. Commit to following your plan versus waiting, speculating, or hoping for your next deals to happen.
2. Stop spending money on things that don’t work or things that you think might work someday. You’re gambling on your success when you’re dependent on someone or something else to give you business. Do more of what IS working starting today.
3. Speak to 100% of your database before the end of the year. A minimum of 5 contacts per day on work days, but more is better. Use your F-O-R-D script and ask whom they know who could use your help buying or selling real estate. Offer a free comparative market analysis.
4. Systematize your open house system and have effective opens every weekend that’s not a holiday weekend between now and the end of the year. Follow up immediately with all prospects. Wayne Gretzky famously said that he skates to where the puck is going to be. Be where the buyers are in today’s market. Everyone is starved for inventory. Buyers go to open houses in the neighborhood they want to live in. Go where the buyers are!
5. Spend more time speaking to prospects about real estate than you do doom-scrolling for details about the commission lawsuits and other things you have no control over.
6. Polish your Buyer Presentation immediately. Not having a signed buyer agreement is no longer going to be optional! You must be able to confidently present what your value as a Buyer’s Agent is. The only way to do that is with a formal presentation which covers:
-Agency
-Expectations: What are they looking for and is it realistic? Will they have to pay full list? Are they likely to have to compete? Are they looking for new construction? Know your client.
-Financing options
-What you expect from the buyer
-What they can expect from you
-How the buying process actually works
-Strategies for buying and selling at the same time
-How you are paid
-If they’ll need seller’s concessions
(You don’t have a Buyer Presentation???). Sign up for Premier Coaching and then you will).
7. Set specific goals for the next 90 days. The Real Estate Treasure Map will help you with this, as will your coaches.
-Exactly how much money must you earn in the next 90 days vs. how much you have coming in? Divide by your average commission and you’ll know how many deals you need. Are you on track, ahead or behind? By how much?
-If you’re ahead of your goals, it’s time to set NEW goals for next quarter. Be specific. Goals must be ‘SMART’: Specific, Measurable, Attainable, Realistic and Timely. Post your new goals where you see them daily. We’ll do future podcasts with a deep dive into goal setting.
8. Get help when you need it by joining Premier Coaching ASAP for free. Our caring, competent, skilled, and experienced coaches are waiting to help you achieve your goals faster.
Will you still be in real estate 1 year from now? FOCUS means Follow One Plan Until Successful. Follow the plan!
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