In a challenging market, one of the biggest mistakes you can make is not being honest with yourself about your strengths and weaknesses. This article shares five things you may need to hear that your broker is likely too nice to tell you.
1. The market is getting tougher, but you’re getting softer
We recently came out of a historically hot market. When the market is so good, you can often get a false sense that you are better than you really are.
Early in my career, I was taught that a good market can make you look better than you are, and a tough market can make you look worse than you are. The pandemic market made the majority of people look better than they were, and the current market is going to make just as many people look worse than they are. The key is to not be in the latter group.
No one can deny that the market has changed and gotten tougher. The question is, have you? Are you waiting for things to happen or are you making them happen? Are you accepting what the market gives you or are you proactively working in your business to get results?
Typically, when you wait for things to happen and accept what life gives you, the results you receive are some of the worst outcomes possible. But when you become proactive, the world and your business begin to react to you instead of you having to react to your circumstances.
This is not the time to be soft and coast with the hope that things will get better. Now is the time to make those prospecting calls you haven’t made in a while. Now is the time to host those open houses that will generate opportunities for future sales and listings. Now is the time to start farming a geographical area or neighborhood.
As the old saying goes, when the going gets tough, the tough get going. It’s time to get going.
2. You’re blaming other people and things but, with all due respect, you’re the problem
If you’re struggling right now, you’re not a victim of this market, you’re a victim of your own inactivity. During difficult times, many agents blame their broker for not providing them with enough support, or they blame their lack of results on higher interest rates. They say things like, “If my split was higher, or if the market was better, then I would be closing more transactions.”
Stop blaming other things and other people. Take personal responsibility for your business. Those things and other people are not the reason for your lack of success. You are.
I’m not saying things couldn’t be better for you or that certain circumstances can’t help your pathway to prosperity to be smoother, but my experience has been that the people who take responsibility for themselves and complain less always come out on top.
3. You’re playing small and not facing your fears
What are you afraid of that you know would move your business forward if you just pushed past the fear and acted on it? Almost everyone has heard the quote that everything you want in life is right on the other side of your fears. But do you believe it, and have you faced your fears?
Are you insecure about how you look on video, so you’ve held back on producing video content? Guess what, everybody is insecure about how they look on video, but successful agents push past that fear and shoot the videos anyway.
Are you worried about how some people might perceive you if you started posting more about your business on social media? Post the content anyway. Worried a prospect might get mad and say something rude to you if you called them on the phone? Call them anyway.
It’s time to stop playing small. Face your fears, and build the business you’ve dreamed of building.
4. You’re reacting incorrectly to adversity
Truly successful people understand that adversity is the ultimate opportunity. How do you react when a transaction gets difficult? Do you bring calm to the situation or fan the flames of negative emotions?
When your buyer misses out on multiple homes and their ideal home can’t be found in MLS, do you hope their perfect home shows up in the MLS or do you call homeowners of houses like the one they want to see if you can find an off-market opportunity for them?
Relationships are built in times of difficulty, and this is a relationship business. When you provide professional, unemotional advice in challenging times, you plant the seeds for repeat clients and referrals. Understand that your ability to correctly handle adversity is key to your current and future success.
5. You keep doing the same things expecting different results. That’s insanity
What are you planning to do differently in 2024? You can’t expect things to change if you don’t change, so now is the time to adjust and course correct. Start by making a list of all the activities you do in your business to see if they are producing results or wasting your time. Immediately eliminate any nonproductive activities that you identify.
Then proactively begin testing multiple new strategies in the first quarter of the year. At the end of the quarter, decide which of the activities are producing the best results and go all in on those activities this spring.
Changing your activities is good, but changing your activity level will make an enormous difference as well. Make a commitment to work harder than you’ve ever worked. Momentum is built through massive action and now is the time for you to build momentum. Doing different things will bring you different results.
So, what will you do with this information? Will you think this article was a little harsh and keep waiting for things to get better? Or will you take responsibility for your own success and start making changes that will lead to the business you deserve?
Somebody is going to have their best year ever in 2024. Why not you?
