The Market Has Shifted, Have You?

It’s the tail end of the Summer of 2022 and oh how the market has changed!  When did you first feel it?  In general, most felt the tremors as early as the first half of May, but by last month, there was absolutely no doubt.  The Shift was upon us!

And so, as with any market shift, you will need to make adjustments to many aspects of your business.  If you neglect to anticipate and make those adjustments, it could be expensive at best – and catastrophic at worst – for your business.  Between 2007 and 2012, the number of REALTORS in the United States declined by more than 25%.  Since then we have seen an increase of over 50%, swelling the current ranks of REALTORS to well over 1.5 million.  Basic logic tells us that these numbers are unlikely to sustain during this shift.  If we drop by 25% as we did during the last major shift, we will be back down to the REALTOR level of 2015.  If you are one of the agents left, that is great news for you.  But for hundreds of thousands of REALTORs, that is not good news at all.

So what can you do to be one of those that not only survives this shift, but actually grows your business and capitalizes on the opportunities it presents?

YOU need to Shift!!!  Read the book, “SHIFT:  How Top Real Estate Agents Tackle Tough Times,” by Gary Keller, Dave Jenks, and Jay Papasan.  This is a great, get back to basics, kind of book.  In addition, find a great mastermind group of other agents who are also determined to not just survive, but thrive.  If you can’t find an existing mastermind group, then start one.  Include agents outside of your own little bubble.  Agents from other companies and other markets will help you broaden the way you approach things as well as help you to recognize trends you may not see on your own.  Invest in yourself.  Now is NOT the time to skimp on yourself, and I’m not talking about that new handbag you wanted or the latest gadget you’ve been eyeing (you should probably pass those up right now).  I’m talking about personal growth and self-care.  Both will be critical to your success during challenging times.  And finally, remain flexible, especially in your thinking.  Yes, return to basics, but remember, there are going to be things that we simply cannot anticipate no matter how hard we try.  So fighting the things you cannot change will simply tire you out and tear you down.  However, looking for the opportunities can make this a fantastic growth journey both in your business and your life!

If you are interested in learning more ways to not only survive, but thrive in this shift, reach out to us at info@differentialcoaching.com to learn more about how we can help!