Focusing on continuous improvement and goals entirely within your control can help agents stay positive and motivated when the market is neutral. When we are not getting the natural daily motivation from transactions, we need to create other ways to motivate ourselves by triggering our natural impulse to learn new skills and take on meaningful tasks.
In 2020 and 2021, it was easy to feel successful. We all had the wind at our backs, and while the market was frustrating at times due to the level of competition, transactions were happening, sometimes at a dizzying pace. Fast-forward to 2024, and some markets are stuck in the mud, I live in one of them, Austin, Texas.
In 2024, the Austin market hit a 13-year high in inventory. Transactions have been few and far between. If you measure your success by sales numbers, this year might feel like a failure, and your performance will invariably disappoint you.
Many years ago, I used to “race” in Ironman triathlons. I put “race” in quotes because it is hard to call what I did a race. It was survival, maybe even fun, but it was a slog; there was no racing here. As proud as I was of completing these events, nothing I was doing was remotely competitive.
So, how did I maintain motivation knowing I would never be among the upper-level athletes? How do you find a sense of accomplishment and growth when the sales number or race times don’t show success?
Find success and achievement in the things you can control. Keep an athlete’s mindset, and focus on these seven tips to stay motivated in a challenging market.
1. Set goals that you can control
Setting a goal of a certain number of transactions or specific sales numbers in a market that is not giving you that opportunity will be frustrating.
Instead, focus on the activities leading to success when the market improves. Set a goal of a certain number of client meetings weekly or focus on completing business books or trainings you’ve been meaning to complete.
2. Measure your improvement, not anyone else’s
Comparison is the thief of joy. Whatever successes other agents are posting on social media is just marketing.
Instead of comparing yourself to colleagues, focus on increasing the metrics that will lead to your success.
Decide what activities are critical to your success, measure those, and focus on improving those. For example, if you did two annual reviews a month last year, see if you can expand to five a month this year.
3. Add to your offerings annually
Once you have reliable systems up and running, they should be able to run more efficiently.
The first time you implement a system for client birthday cards, it may take a while, but when it runs smoothly, you should have the bandwidth to add the next service you want to give your clients.
Last year, you started birthday cards; this year, you may add pop-bys.
4. Have quarterly check-ins with yourself at a minimum
Set regular meetings with yourself throughout the year to check in on your progress. You did 30 pop-byes in Q1? Set a goal for 35 in Q2.
5. Set reasonable expectations with yourself
You can not overhaul your entire business in three months. This isn’t reasonable. Pick a few things to improve and operationalize, and once those are complete, focus on your subsequent improvements.
6. Find your weakest sport, and focus on that
Every year, I focused on the sport where I ranked the lowest — always running or biking — and worked on improving in that area.
What skills do you want to improve as an agent? Is pricing your weakness? Set a goal of completing pricing analysis for past clients 2 hours a week. Have you always wished you excelled at networking? Set a goal of going to three events a month. These are goals you can succeed at regardless of market conditions.
7. Control your financial burn rate, and you will avoid operating out of fear
This is not something I learned from “racing,” but it helps all the same.
Market change is a fact of life. To the greatest degree possible, keep expenses low so you can still operate your business during a downturn. The goal is to survive until the market shifts again and emerge from the downturn more efficiently and with better skills.
These tools can help you focus on growth, give you accomplishments to review at the end of the year and show you a way to feel successful regardless of sales numbers and race times.
Jen Berbas is the team lead of the Berbas Group in Austin, Texas. Connect with her on Instagram and Linkedin.
