In my blog post a little over a year ago, I said; “Things can change from good to bad as fast as they can change from bad to good. It’s just the peaks and valleys of life and the cyclical realities of markets and economies.”
If you have paid any attention to anything over the past year, you have noticed change. Change in the economy, the stock market, interest rates, inflation, and our real estate market. Did you see any of this coming or have you been completely caught off guard? It would be arrogant of me to say, “I told you so,” so I won’t do it.
I don’t have a crystal ball, rather, I’ve just been around since Jesus was a baby and have come to realize that all markets are cyclical. This “shift” that we are hearing about at nauseum is normal. It’s supposed to happen. The real question that you should be asking yourself is, “How will YOU shift in order to continue to be successful in this business?”
Make sure to arm yourself with market data and information so that you can speak intelligently to your customers. Then make certain to reach out to your data base and share this information. You should be mindful of the fact that most of the information your clients are getting, is coming from media sources that feed off creating fear in people. I’m not suggesting that you bury the realities that we are facing, but I am suggesting that you use this current market as an opportunity to reach out to your buyers, sellers, friends, family and past clients. You can give solid and factual information that isn’t delivered in the same “doom and gloom” format people are used to getting through various news outlets.
Make sure you are holding as many open houses as you can possibly be available for. Increased inventory means increased opportunity and this market “shift” has opened a lot of doors that have been closed for several years. Be prepared for the VA buyers and buyers who may need to make offers contingent on the sale of their existing home. These folks have felt ostracized in recent markets and now approach the day with an elevated level of enthusiasm.
Look… when the market shifts, you shift with it. Some opportunities may go away but others will open during these normal cycles. You just have to go find them.
You’ve all heard the term, “Elevator Pitch.” What would you say to someone over a 30 second elevator ride when asked, “So, how’s the real estate market?” My EP has been tried and true over the years. “Good markets, bad markets, seller markets, buyer markets. Even in a shifting market, one thing remains true… there is always an opportunity for someone to make money. Let me know if you ever want to have a conversation about how I can help you do that.” Feel free to steal it… and by the way… you don’t need to be on an elevator to use it.
Have a great weekend everyone. Opportunity awaits.
TERRY Talks 