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.

Every market is still showing activity - the only thing that can stop you is YOU.

 

  1. DOMINATE- In this market you want to be seen as the expert. You must have a farm area/ patch / BDA (Business Development Area) to build your name and profile and ‘specialise’ in. Agents who have market share or have a plan to build market share will lead in this market.

    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.
  2. FOCUS: Follow One Course Until Successful. In a changing market it’s so easy to get distracted with different ideas. The super achievers in this industry do four things 4000 times Vs. doing 4000 things just four times. Stay focused by choosing four things you will excel in.
  1. ACCOUNTABILITY: Daily discipline is the key to owning this market. Hold yourself accountable to your set goals and someone. Review and record your progress daily to be in a conscious state of your actions. Then analyse your progress and make any proper adjustments in relation to your skills, strategies, systems and mindset to ensure your success by Christmas .

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.

About Claudio Encina

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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