The real estate market is always full of uncertainty, but lately, there have been more significant concerns. After seeing exceptionally low interest rates at the beginning of 2022, they are now more than double.
Even though rates are still historically low, they have many would-be buyers and sellers thinking the worst. And despite no conclusive evidence that a crash is imminent, rumors of a crash are circulating nonetheless.
So what does this mean for agents? The frustration of buyers and sellers getting cold feet and/or constantly bringing up their fears and concerns can be anxiety-inducing and distracts us from providing results to our clients.
But there are things you can do to keep a positive mentality in today’s real estate market.
Importance of having a positive mindset to succeed in today’s real estate market
When you walk into a store to buy a pair of sunglasses, you expect the salesperson to be cheery, polite, and tell you the finer points of the item you are looking to buy. If the salesperson seems uninterested or grouchy, you will probably head to another store.
Buying a home is similar, except it’s a much more important purchase. Clients are looking for agents to not only be upbeat but also to be reassuring and confident.
They are looking for agents to guide them through this important decision. Any chink in the armor on an emotional level can diminish their faith in you. And just like the sunglass situation, it can cause them to seek out another agent.
Positivity and open-mindedness helps you be more objective and come up with innovative ideas that can solve problems for you and your client. It will also allow you to provide clients with a better experience so they will be more likely to refer you to others. And it will put you in a better position for building your network.
Here’s how to do it
Being a rock in a sea of worry, turmoil and distress is not easy, but here are some suggestions for how you can maintain positivity in your personal and professional life.
There are plenty of reading materials that will teach you how to stay positive in the face of adversity. Recently, I covered these topics in Dominant Thoughts: Things Grow Where Our Minds Grow where we teach you how to create a success mindset and strategies on how to impress clients.
Turn negative thought processes around
If you become overwhelmed with negativity, it will get the better of you. I know it can be easier said than done, but try and focus the energy you would give negative thoughts on something productive. Instead of thinking mortgage rates are high, try and focus on the fact that inventory is now greater, giving buyers more options. Focus on what you listen to, watch and who you spend time with to make sure all these are positive in nature vs. the negativity that normally surrounds us.
Take a step back
Sometimes the real estate industry, like all other industries, can feel like running into a brick wall. You keep trying to get sales and nothing is happening. Like the saying goes, a watched pot never boils. Instead of working longer hours and getting more frustrated, take a step back. Accept the fact that it’s slow and take advantage by doing something you enjoy, or using this time to look at alternative ways to improve your business when the market turns.
Use the right marketing and lead generation tools
A slow down is the perfect time to rethink your marketing and lead generation strategies. Look around to find the tools that are right for you. When it comes to marketing, you may want to consider increasing your social media reach, or building your niche of expertise. You may also consider ramping up your lead generation activities. Studies show that those who invest more in marketing their business during a downturn, make exponential gains when the market corrects.
Work with the right people
The nice thing about working in real estate is, to some extent, you can choose who you work with. If toxic people and colleagues are bringing you down, avoid them and those situations. Separate their mindset from yours so their negativity doesn’t rub off.
Don’t buy into the real estate market hype
Some media companies sensationalize things so they can make dramatic content. When you see an article talking about the dire state of the real estate market, don’t fully buy into it. Put your own positive spin on what you’re reading to keep negativity from dragging you down.
When the market is slow, it can feel like all your efforts are for naught. No matter how hard you try, you may not be seeing the progress you’d like to see. One way to get around this is to set doable short term goals. Meeting this will give you little victories to help you keep pushing forward.
Maintain a healthy lifestyle
There’s a strong connection between mental and physical health. For example, if you eat a healthy diet, you will have a more positive mental outlook. Exercise is also beneficial as it increases endorphin production and eliminates stress. Pair these lifestyle habits with meditation, mindfulness and deep breathing and you have a recipe for improved well being that can benefit your professional career. Remember the old adage: Strong body, strong mind.
Today’s real estate market could be better, but it’s important not to let it get to you. Maintain a positive attitude and your personal and professional life will thrive. What do you do to keep negativity at bay?
Chris Heller is a real estate industry expert, best-selling author and currently serves as the chief real estate officer at Ojo Labs.