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Slumps in real estate are par for the course. Rather than burying your head in the sand and hoping it never happens to you, you could be setting up slump prevention. REB spoke with speaker, author and mentor Christina Guidotti to find out how.
“We need to expect the setbacks. There’s a reason why you have best months, it’s because you’re comparing them with the months that aren’t so good. A slump might last a day, a week, it could be a month, but we can’t allow it to last too long,” Ms Guidotti said.
The danger in riding the highs and pretending the lows will never come lies in the fact that when the slump does hit, you will not be mentally prepared for it.
“The first thing that we do is, we make sure that at all times we are keeping our body, mind and soul fitness up. I’m a real advocate for this,” Ms Guidotti said.
“What happens when we’re in a slump is, if our mindset is thinking and we’re tired and we’re in drama, we’re going to probably stay in the slump too long. When we are looking after ourselves consistently, it’s going to be easier to get us out of our slump.”
Another good preventative measure is to strive to constantly build your database and keep in contact with your clients. Doing these two things regularly will provide you with a buffer in a tough listings market.
“One of the most important things in a real estate career is to do enough work consistently, of a high quality, to get us positioned. If you’re finding that you’re having a lot of slumps, it’s probably because you’re ... not doing the quality of work and you’re not doing the quantity,” Ms Guidotti said.
“In my office between nine to 12 o’clock, four days a week, all of us spend time prospecting, on the phones, making the calls. We leave our listing appointments, our buying appointments till afternoon. You can say, ‘I need to go out and do this appointment’ but no. I would lose a sale, I would lose a listing for the discipline of creating a sustainable successful business database.”
However, slumps are inevitable and when you find yourself in one, the easiest way to bounce back is to return to basics.
“It’s that simple, we have to go back to the basics of what we need to do. Having been riddled with self-doubt and going backwards ... we have to take massive action again and start doing work, the basics, to get us back up there,” Ms Guidotti said.
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