Confidence is a powerful thing. When abundant, it propels booms. When lacking, it crumbles markets. Now in the second half of the year we find ourselves in a different, less confident market place to the first half.
Lower auction clearance rates, number of days on market increasing, more buyers sitting on the fence, tougher lending criteria for investors and numbers of first home buyers on the slide. As a result, median property prices across Australia are starting to retract from the high levels we have seen in the past 18 months.
Optimists with a plan lead in real estate, so how can you take charge in this challenging market?
Clients aren’t the only ones at the mercy of their emotions; even the most level-headed, seasoned agent has moments where his or her emotions bubble to the surface. Agents with high emotional maturity, are able to manage their emotions as well as those of their clients.
SKILL –Some agents will take listings on at any price in a changing market. This doesn’t mean you have to overprice to list, on the contrary, you need to be an expert at showing how your process and company will optimise the result. Agents without real benefits and resources only have overpricing and low fees in their tool bag. Practice fee strategies – you will need them. Don’t wing it!
Points of difference between you and the competition will be key. You will need to provide substantial evidence to set yourself apart – ‘Why you?’ – and massive success will come your way. Learn, practise and rehearse your listing presentation, commission objections, marketing objections and negotiation dialogues. I recommend spending 15-30 minutes on this daily.
To dominate an area you must reach out to people in your farm, patch or BDA minimum of twice per month from a call to action letter to a DL card creating branding and profile. Your plan should cover at least between now and the New Year. As studies show you need to reach people over 11 times before you begin to buy a piece of their mind. Consistency into an area over time creates trust and even though they may have not even met you, by keeping yourself and your brand front of mind, they will actually feel like they already know you.
If your mindset is still switched on to ‘but the market is tough’ you need to LOSE IT TODAY. The ‘market’ is no longer an excuse. If you have enough conversations and say the right thing you will win. 600 outbound conversations per month is the minimum number of conversations you should be having.
There’s no point blaming anything else for your income and results. Drop the word ‘prospecting’ – we just have to talk to people who own property.
Every market is still showing activity – the only thing that can stop you is YOU. There will not be a single dollar earned easily this year, but there will be many more to earn if you make positive, planned and actioned changes. You will have to punch above your weight to move through a challenging market. At the end of the year your outcome will be defined by how you ‘show up’ on a daily basis.
Aim to be your be your best. Every day.
Claudio Encina is a highly regarded Australian real estate coach, speaker, mentor and trainer. With more than 20 years industry experience, including almost a decade as a leading agent in Sydney, Claudio is driven by his passion for helping clients implement proven sales techniques, systems, strategies and skills to increase their productivity and profitability in all market conditions.
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