How can you own the real estate market this year and set the foundation for next year?

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?

1. GOALS – Create a clear plan from now until Christmas. Evidence shows that you are likely to achieve sharp short term goals rather than long term goals. Write down what you would like to achieve over the next 60 days in sales, listings, presentations and market appraisals. Draft a ‘new business’ (prospecting/canvassing) plan for your business to create new and future business for 2018. No plan and no goals leads to coasting through another year at the same level as before. If you want to do better, plan and do more.
2.  URGENCY – It’s time to change pace. In slower markets fast paced agents clean up while others stand back as if nothing has changed. I’ve seen many agents unable to adapt to a changing market because they didn’t lift the pace. Increase your sense of urgency and this will be a market to harvest.
3. CONTROL – A slower market means buyers will be fussier and less compromising with their expectations. They will also increase their perception of value. You will need to control your listings, set to sell meetings, marketing and negotiation skills. Control your inner market – YOU.  For buyers and sellers, the process brings emotions to the surface that, when misunderstood by their agent, can lead to feelings of frustration and anger by all involved.

   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.

4. 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.
   

5. ACTION – Stock is everything. Want to DOUBLE your business? Then hold DOUBLE the conversations, DOUBLE your profile marketing, have written goals and a simple committed plan. There is no way to make more money without more stock, so start listing like a maniac. Also, expired listings will be a great resource of new and future business in the real estate market this year – identify them in your area.