September means Back to Basics here at Inman. As real estate navigates the post-settlement era with new commission rules, real estate professionals from across the country will share what’s working for them, how they’ve evolved their systems and tools, and where they’re investing personally.
Sometimes it takes a little tough love to wake us up and get us refocused on what it will take to succeed in the current market environment. Here are seven brutally honest truths many agents (maybe you?) need to hear in this market.
1. Either get in the game, or get out of the way
The real estate business has faced several challenges over the past few years. A dramatic rise in interest rates, affordability limitations, declining numbers of transactions year-over-year, and then the NAR settlement fundamentally changed the way agents work with buyers.
Based on these challenges, is it any wonder that agent apathy, burnout, and lack of motivation seem to be at a level we haven’t seen in nearly 20 years?
If you find yourself having any of these feelings, realize you are not alone. The key is to understand that it is OK and natural, at times, to feel this way, but it’s unacceptable to stay in those emotions.
The real question is: How do you regain your desire to get back in the game? The answer most people avoid is that you may not want to, and if that is the case, find an occupation you can get excited about.
But for those who know this is the business they want to build a career in, now is the time to start taking massive action. Things are not going to get better for you magically. It’s going to take you deciding that things will be different and acting on that decision.
David Childers, CEO for Keeping Current Matters, uses a sailing analogy to describe how to get back on track for a thriving business. He shares that a sailboat can move in the direction it desires to go, whether there are headwinds or tailwinds.
The tailwinds are easy, but in the headwinds, the sailor must tack, or move from left to right to utilize the headwinds to continue moving forward.
He also references an area in the sea where there are no winds known as “The Doldrums.” In this windless area, the sails are of no use. To get out of this area, the sailor must turn on the engine and power his or her way back to where there is wind.
If you find yourself and your business in “The Doldrums” right now, turn on the motor, and find the wind.
2. Hard work beats talent when talent doesn’t work hard
The reason some agents gain market share during times of change has less to do with their experience or talent and more to do with their work ethic. Experience can be gained. Skills can be taught. But work ethic is a personal decision and discipline.
I’ve always said I prefer coaching agents who are “ignorance on fire” than ones who are “knowledge on ice.” I can teach skills and processes, but I can only do so much to motivate an agent, and ultimately, they have to choose their attitude about the business.
If you’re reading this article and you’re an Inman subscriber, odds are you have experience, and you know what you need to do to find success today and in the future. The question is whether you have “the fire.” Yes, ignorance on fire will outperform knowledge on ice, but knowledge on fire is unstoppable.
Stop playing small. You didn’t come this far and learn the hard lessons you’ve learned to quit or slow down now.
3. Want different results? Do different things
What got you here is not going to take you there. If you’re not pleased or satisfied with the results you’re currently getting, what are you going to change?
Is it your attitude that needs to change? Is it the amount of work and effort you put into your business? Is it a new strategy you need to try? Whatever it is, make some changes.
If you honestly ask yourself what it is that you could do to improve your business, more than likely, you know what that is. Is the discomfort of doing that activity more than the discontent you have for your business right now? The second you choose to overcome your fears and take action, things will begin to move in the direction you desire.
4. The market can make you look better and worse than you are
When we have a market like we saw during the pandemic with escalating prices, elevated numbers of transactions, and multiple offers, the market makes us look better than we are. This can lead to complacency, and our ego can tell us that we have everything figured out.
But in the current market environment, with increasing days on market, fewer transactions, and difficulty getting transactions closed, the market can make us look worse than we are.
This should lead us to refocus on our skills. The best thing you can do to avoid allowing the market environment to dictate how you look to buyers and sellers is to control your controllables.
- You can control the consistency of communication you have with your clients.
- You can control the training you participate in to enhance your skills as an agent.
- You can control the amount and quality of the social media/video content you produce.
Yes, the market is challenging, but are you challenging yourself to get better?
5. The problem might be you
It’s not a lack of broker support. It’s not a lack of money to invest in marketing. It’s not that your database or sphere of influence is smaller than other agents. The truth is that if you are struggling right now, it’s you.
It’s your decision not to make the calls you need to make. It’s your decision to scroll on social media instead of recording and posting video content. It’s your decision to run errands instead of hosting an open house.
When you take full responsibility for your results, it frees you up to become the person and agent you were created to be. Yes, there will be situations that are out of your control, but when you develop the discipline of never blaming anyone else for your situation, your situation will change for the better.
6. Everybody around you needs you to step up
The NAR settlement has brought confusion to buyers and sellers. They need you to bring clarity and professionalism to them and the overall market. They need you to provide them with confidence in the process, and they need you to be the agent they deserve to have representing them in the largest financial transaction many of them will ever have.
The other agents in your company who you co-broke with or who you lead on your team need you to step up as well. They need your cooperation, your confidence in the future of real estate, and your leadership to create an environment filled with compounding success.
The market is going to do what the market does, but everybody around you needs you to step up and be the best version of yourself you can possibly be.
Never forget that the environment around you is a mirror of yourself. Start by changing yourself, and your environment will begin to change.
7. It’s not about you
This business isn’t about you. It’s about the client’s needs and desires. When you take your ego out of the equation and get laser-focused on their needs, big things begin to happen. The less you make this business about you, the more success you will have.
This is the market where careers are made. Double down on sharpening your skills. Double down on the work you’re putting into your business, and double down on your service to others. By doing so, you’ll build the business of your dreams, and you’ll become the agent your clients deserve.
Jimmy Burgess is a real estate agent and national team builder with Real Brokerage in northwest Florida, servicing the 30A, Destin, and Panama City Beach markets. Connect with him on Instagram and LinkedIn.
