A Correction Is In The Air What are the signs and symptoms of a real estate market correction coming soon? Here is a partial list.
- There is constant stock market volatility.
- It’s a Presidential election year.
- The Fed is waffling about rates.
- Cash investors are being replaced by speculators.
- The price of oil is at an all time record.
- The government may end the mortgage interest deduction.
- Unemployment is at an all time record.
- Celebrities are more influential than educators and clergy.
- The new generation isn’t buying.
- The old generation is retiring.
- The middle generation is moving back to desirable city neighborhoods, tearing down old houses and replacing them with oversized monstrosities.
- And, oh yes, you can now get breakfast at McDonald’s all day and night.
It’s crazy out there. Unpredictable. What is a leader supposed to do in times like these? Well, Floyd has the best advice for you. Do these five things, and no matter what the world throws at you, everything will be all right. Guaranteed.
- RECRUITnew people. Real estate needs regular transfusions of the enthusiasm, optimism, eagerness and willingness to work that new people bring to the table. And as a leader you need to be connecting with those qualities new people bring as well. When you sell new people on this opportunity called commission sales you resell yourself. And you can’t sell what you don’t buy.
- TRAIN your people. New people are as good or as bad as they are trained to be. Recruit them with the understanding that they have to be listers and train them on how to be listers. And RETRAIN your veteran agents, especially those who have forgotten how to list, or never mastered it in the first place.
- DIRECT their listing activity. In our program, we require the students to complete three 90 minute prospecting sessions per week. And I know what you're thinking, that the new generation doesn’t like being directed. That they want to do things their own way. Well, the truth of the matter is that they, like all of us, are drowning in a sea of information and thirsting for direction.
- MOTIVATE your people to list. When was the last time you held a listing contest? Or a listing appointment contest? Recognize and reward listing activity. Post listing activity conspicuously. Send out a Good News Report every time someone brings in a new listing.
- UPGRADE those agents who won’t list, or can’t list, or refuse to list. Let me spell out UPGRADE for you. Suggest a career adjustment. Find a support role for them, like a limited service agent or referral agent or buyer’s agent on a team.
If you really want to be market-proof, and weather any and all market corrections, consider your primary job to be Listing Talent Acquisition and Development.