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What happens when prices go up or down or when interest rates fluctuate? What about when we have a change of government? Or when a global pandemic occurs? Do the market conditions really matter?
Firstly, it’s important to recognise what is happening to the market, and I believe what we’re seeing is a return to “normal”. The past two years have been the exception to the rule with an unprecedented boom caused by the global pandemic. Being restricted to our suburbs or our homes caused a massive reduction in stock. Of course, reducing supply creates strong demand and soaring prices.
So how should we as agents react to this changing market?
Interest rates, pandemics and elections are all “outer market” events that we have zero control over, so why do we tend to focus on them? Or even worse, use them as excuses if our business is performing poorly?
Real estate is a relationship and transaction business, not a market-dependent business. We need to create an impervious process that withstands any event or so-called market. I was asked recently if my process has changed due to an adjusting market, and my answer was 90 per cent no. Sure, I have nuanced my dialogue a little; however, my process is my process, fortified against the un-controllable.
There’s no point in reinventing the wheel every time the market shifts. You must set up processes to work smarter, not harder.
We create the narrative of the market; in fact, we are the market! If you believe and say the market is slow, the market will be slow. On the upside, if you believe you have control over incredible customer service and world-class marketing, then you will achieve outstanding results and create raving fans.
Focus on the things you can control. Make sure they are the best they can be and have confidence in your processes. You’ll save yourself a lot of pain and angst and be ready to make the most of any market condition.
Adrian Bo is an agent, auctioneer, director of Ray White Park Coast, and founder of the Adrian Bo sales training academy.
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