The media had a field day as records were constantly broken and insatiable buyer demand, fuelled by unbridled consumer optimism, a buoyant economy and record low-interest rates delivered the real estate industry a boom of almost biblical proportions.
For example, in 2018, there were more than 100 Sydney homes sold for more than $10 million and while some cities boomed more than others, a record number of transactions meant good times for agents new and experienced.
In fact, if you started in real estate at any time in the last 10 years, you’ve probably only experienced boom conditions. How things have changed.
Today, it’s estimated that 9 out of 10 agents currently working in the industry don’t know what a tough market is like and this shift in the market means that not only are prices down but, and this is more damaging to our industry, the volume of properties coming on to the market is substantially reduced.
It’s difficult when things get tough and the tunnel is always darkest in the middle but let’s remember, this is also an incredible opportunity to build your brand and widen your local marketing footprint.
As sure as the sun rises, things will improve putting those agents prepared and ready in the box seat to enjoy the spoils when the market inevitably turns around.
But something strange often happens in a market like this: I’ve noticed how some agents tend to blame themselves for what’s going on. I know it sounds weird but it’s all too common.
So let’s just all agree that the market is not your fault. But what IS your fault is not having‘important discussions’ with your sellers to help them understand what’s really going on. It’s also up to you to let your buyers know that right now, in many markets they have an unprecedented opportunity to get a great deal. With prices down and money still super-cheap, it’s the perfect storm.
I was keen to discover what the top agents are doing in these challenging times and what specific actions they’re focusing on to maintain numbers and meet targets.
So last week I reached out to Marcus to find out what he’s up to and how does one of real estate’s top agents, used to writing over $4 million a year in GCI adapt to a changing property market?
What is he saying to buyers and sellers and what does he recommend agents do to not only survive a challenging market but thrive?
I think this is an important episode for a number of reasons, but I know you’re really going to like the scripts Marcus shares and how he’s handling his sellers right now.
If things are tough in your market right now, I think you’ll be inspired by the ideas and suggestions Marcus shares… like staying positive and confident with a top agent’s mindset, increase training for better ideas, accountability, motivation and inspiration and simply have more discussions with the buyers and sellers relying on you for guidance and support.