An agent’s guide to managing stress during market fluctuations

With market fluctuations impacting agents’ bottom lines, it’s understandable some are anxious. Steve Nottle of Image Property knows it’s not easy to navigate the emotions that come along with market volatility. But in his line of work, he’s had a front-row seat to many of the industry’s ups and downs, and he sees the most successful agents following a similar path.

Embrace the reality of the industry

“No question, there has been and is continuing to be a change in market conditions right now and for everyone involved that can bring a level of uncertainty and increased speculation,” Mr Nottle acknowledged.

“For many, feelings of fear and concern quickly follow, and agents are busy working th[r]ough this with clients, and potential clients, right now and even for themselves in their businesses and future visions for themselves.”

But Mr Nottle submitted a gentle reminder to those currently feeling the heat that one certainty of the property market is its ups and downs. Bearing this truth in mind is the first to allay fears when the downs inevitably come. 

“We have just been through a golden patch in real estate that has been exceptional, but not normal,” he said.

“Call it what you want, but a change, correction, or softening of the market had to happen, and we have to accept that.

“As agents, we must be careful not to hang on to the past and manage both our clients and our own expectations to reflect today’s conditions and not yesterdays.”

Stick to your plan

The certainty of uncertainty in the real estate industry means that it should always be factored into the way you operate, according to Mr Nottle.

“Ultimately, the market will decide exactly where prices go and while we are riding the waves of change and speculation, it’s critical for agents to stick to their comprehensive processes, focus on providing high quality service and value to clients, and place substantial importance on meaningful communication and relationships in business,” he said.

“The best agents are aware that during times of fluctuation and uncertainty it is consistency of process, along with maintaining standards, actions and core values that provides the stability and comfort we all crave,” he continued.

That’s not to say that good service quality processes are more important now than in previous markets; it’s just that the consequences of a slip in standards could be more dramatic under current conditions.

Check in with yourself

Mr Nottle reminded agents that emotions, like market speculation, are not facts. “If we let them interfere with our process and lead us away from what we know is important, it can have a devastating effect,” he said.

“Remain calm and control what you can, but let go of what you can’t, to manage and direct mental and physical energy where it matters most.”

But that’s not to say that there won’t be moments of stress. How you handle those occurrences is what matters most.

“Panic is another emotion and behaviour that we must be on the lookout for. Let’s be honest for a moment and admit that at some point in life we have all had a little moment of panic get the better of us.

“Be on the lookout for that moment of panic popping up next time you find yourself under pressure and in need of a result. Quality results come from quality and consistent processes and actions, not a shortcut or a quick fix. Stick to what you know is right and what you know works.”

Find the opportunities

Certainly, market conditions are one element that can make an agent’s profits surge. But if that were the only factor, anyone could do the job. A softening market is a great moment to show clients your superior selling abilities.

“A changing market is actually an opportunity to stand up and emerge from average to great, based upon skill, knowledge, service, and standards,” Mr Nottle said.

Being attuned to shifting attitudes is one asset a good agent has in their toolkit, and now is the time to use it.

“Agents are fielding more and more questions and concerns around interest rates and how that might affect value in the short- to medium-term.

“With all the speculation about the future, buyers are seeking confidence to purchase at a time where prices remain high.

“The facts are right in front of us though. There is an abundance of people looking to purchase, so with the right guidance agents can secure this for them by simply facilitating what’s in front of them, not on past or future speculation,” he said. 

Open, transparent, and real communication is absolutely key in being able to communicate the facts to everyone involved in the transaction process.

“Deeper than that, communication is what allows agents to build relationships of trust and subsequently deliver on what is really important,” Mr Nottle said.

“Communication is what allows us to work ‘with’ our clients, comfortably manage emotions and expectations, deal in facts, and create an experience and result that will leave a smile for years to come.

“It’s not only in this changing market, or this industry, it’s in all of life’s relationships where communication holds the key to happiness and success.

“Practice it, work on it, invest in it continuously, and great things will happen personally and professionally,” he advised.