Accepting Industry Shifts: Adapt Instead of Freezing Up
Real estate is anything but static. The industry is constantly evolving and those who are successful are the ones that can accept the shifts and adapt to them. If you’re having trouble doing one or both of these or you simply want to know how to do them better, this is for you.
How to Accept Industry Shifts
“God grant me the serenity to accept the things I cannot change, courage to change the things I can and wisdom to know the difference.”
You don’t need to be religious to know the Serenity Prayer. It’s a popular saying that people have used for many situations in their lives, especially for ones in which they feel they have no control.
If you’re having a tough time accepting industry shifts, try to follow what the Serenity Prayer says, especially the part about accepting the things you cannot change. After all, most of the industry shifts in real estate cannot be changed. What this means is you have to accept them and move on instead of fighting them verbally and mentally.
It can take some practice to be able to decrease your level of care for the situation, but if you continuously remind yourself that you cannot change it, so you have to accept it, you’ll feel yourself let go after some time.
The bonus is that you’ll become so good at it that in the future, those industry shifts won’t bother you as much anymore, and you’ll quickly accept them.
Here are some changes we’ve had to accept in recent years:
Homeowners can post their home ‘For Sale By Owner’ on Zillow and other online homebuying sites. These sites generate up to 39 Million unique visitors each month.
In 2018, 44% of homebuyers started their home search online. That number will continue to increase year over year.
Most recently, due to Covid-19, Realtors in some states cannot show houses or host open houses for the next few months.
Adapting to the Industry Shifts
Accepting industry shifts is one thing - adapting to them is another. Adapting is what propels you forward. You must take what you cannot change and incorporate it into your work.
How do you do that?
You have to sit down and put a plan together of how you are going to use whatever is different. You have “wrap your head around it” and figure it out.
Consult with top-producing Realtors in your office, find a mentor, or connect with a successful Realtor on BiggerPockets. They'll fill you in on what plans have worked for them in the past and help you devise a plan that will fit your style.
According to a famous study, it takes people about 66 days - just over two months - to form a new habit. This means when there is an industry shift, it can take you more than two months to get used to it. That’s why you just have to give yourself time.
What are some ways to adapt to changes in our industry?
Offer sellers the option to maintain their ‘FSBO’ status while you supplement their efforts with your marketing strategy.
Educate homebuyers on the benefits of having full representation. Explain what type of representation they will receive by working directly with the seller’s agent on a transaction.
Take advantage of new technologies that allow us to record virtual home tours.
How to Not Freeze Up
When something significant changes in real estate, it’s normal to immediately scrutinize and criticize it. The work you do that you’re comfortable with has changed. You don’t want it to change, so your initial reaction is to either fight it or run from it. The next time this happens, don’t do either of those, but instead, look at it for what it is and accept it. Understand it, and make the adjustments you need to as soon as possible. The longer you wait, the longer you will stay frozen. Moving forward is all you can do and it’s what is best when you’re working in real estate.
How to keep your momentum?
Stay informed by subscribing to your State’s association of Realtors newsletter. The National Association of Realtors (NAR) is another great source of information for ongoing changes to our industry. Educate yourself, your prospects and your clients.
Work on your skillset daily. Practice your scripts and presentations with Realtors in your office or outside of your office. Accountability partners, coaches and mentors can keep you on top of your game!
In times like this, many of competing investors or Real Estate Agents are taking their foot on the gas. This is a prime time to DO MORE! Make more calls, analyze more deals, submit more offers, and ultimately close more deals than anyone else. Our Real Estate Team based out of Queens, New York has put more properties on the market and under contract in March-April than we did in January-February - leading up to the COVID-19 shut down.
Follow Real Estate tech blogs and take advantage of any new platforms, devices, or programs that your business can benefit from.
Be sure to save this article for the next time something big happens in real estate because it will. It will guide you through it, and help you stay on track to the success you’re working so hard for right now.
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