In most years I hear agents talk about the property market being ‘up or down’; it’s a bit like a ‘roller-coaster ride’ for some agents and brokers. You have to be very careful about how much relevance and attention you give these ‘market generalities’. In many respects the ‘generality’ is a reflection of the agent’s performance (or lack of) rather than true market conditions.
Choose who you listen to regards property market activity, and see the prevailing market conditions for what they really are and not what another person wants them to be. Set your own real estate processes into action.
Excuses for ‘poor performance’ in our industry are all too common. Don’t let them impact your thinking and actions especially as you plan for next year.
So what have I heard from some agents the market lately? The variations on the ‘roller-coaster messages’ are something like these:
- ‘Inquiry is up’ or ‘Inquiry is slow’
- ‘It’s tough deal negotiating these days’
- ‘There are no new property developments on the horizon’
- ‘Listings are not good’
- ‘There are just too many listings on the market that are not moving’
- ‘Prices (rents) are not moving (or have fallen)’
- ‘Time on market is very long’
- ‘Listings are hard to find’
- ‘The telephone isn’t ringing anymore’
- ‘Its holiday time and the market has gone dead’
- ‘Where have all the buyers (tenants) gone?’
- ‘The tenants just don’t want to move at the moment’
I am sure you have heard these and many other similar statements from your team members. Be careful what you listen to.
So here is the good news; these things happen all of the time at an individual level but not at a market level. Don’t assume that they are relevant ‘across the board’; more often they are a reflection of the actions (or lack of action) of the individual agent rather than real market conditions. It doesn’t matter if you focus on sales, leasing, or property management; the rules are the same. Be careful who you listen to.
The message for the coming year in commercial real estate is for you to ‘make your own property market conditions’. To use an analogy, you can ‘get off the roller coaster’ and ‘take the fast lane’.
Now is a good time to assess just what you can improve with regards to your real estate business skills and marketing processes. Talking to new people should be at the center of all of your business activities and plans for the coming year. The agents that struggle with listings, deals, and commissions, are those that are not doing enough prospecting, client contact, and personal marketing.
Right now is a time of planning and opportunity for many top agents. They can look forward to a stronger and more vibrant market share in the coming year. The processes needed to get there are very special; we all have choices and we all have the resources to change and improve our business future. Make the right choices and start taking action.