How to ensure you survive and thrive in this evolving real estate market.
In the ever-evolving world of real estate, change is inevitable. The market is currently experiencing a significant upheaval, and in order to not just survive but thrive in this new landscape, many agents will need to embark on what I like to call a “career do-over.” So, what does that mean, exactly? Allow me to share a recent revelation that has shed light on the path forward for real estate professionals like you.
My wife recently recommended a book to me, authored by Jon Acuff, titled “Do Over.” Being the considerate husband that I am, I dove right into it. What I discovered within those pages was nothing short of astounding. Jon presented a comprehensive framework for managing your career – a framework that bears a striking resemblance to the strategies we coach real estate agents on building seven-figure sales teams.
To succeed in this ever-changing real estate market, we need to take a close look at the challenges before us. Currently, interest rates are hovering around 8%, and the local statistics are, frankly, eye-opening. Our listing inventory has plummeted by 50%, pending sales are surprisingly up by 30%, but overall sales have declined by a staggering 40%.
I’ve been in touch with clients across the country who, for the first time, find themselves with no listing inventory of their own. What this situation demands is precisely what Jon Acuff talks about – a career do-over, or as he puts it, leveraging a “career savings account.” Let’s explore the four key components of this career savings account and how they parallel the actions needed in our real estate business.
1. Relationships. Just as we practice the “Top 50” tool here at Workman Success System, Jon emphasizes the importance of leveraging the relationships you already have. Invest more time in nurturing these relationships and focus on creating value exchanges.
2. Skills. In a market with a 3% interest rate, certain skills may be sufficient. However, when the market shifts, we must double down and enhance our skill set. Be willing to adapt and do things differently to match the evolving environment.
3. Values. We often refer to core values in our discussions. During market transitions, it’s crucial to reaffirm who you are as a person and how you present yourself. Be a first responder in engaging with your clients and stay true to your values.
4. Hustle. There’s no substitute for hard work. As the saying goes, “No Fake Work.” You must put in the effort to improve yourself and your business. Transitioning for success in 2024 requires dedication and diligence.
By embracing these principles and John’s framework, we position ourselves for success in the new market. But what if we don’t take intentional action? The stakes are high, and inaction could cost us dearly. It’s essential to work with your trusted contacts, hone your skills, stay true to your values, and be willing to put in the extra effort.
If you’re eager to explore how this “career savings account” can be applied to your business, I encourage you to 👉 download a copy of Jon’s book. Additionally, 👉 here’s a valuable tool we use called the “Top 50 Tracker” – a simple spreadsheet to help you consistently engage with your top 50 relationships month after month.
If you’re considering working with a coach or have questions, schedule a conversation with one of our business analysts. I’m always available to discuss this subject or anything related to growing your real estate business and achieving the best possible results. Feel free to reach out by phone or email, and let’s navigate this changing real estate landscape together.
