The real estate market is always full of uncertainty, but lately there have been bigger worries. After experiencing exceptionally low interest rates at the start of 2022, they have now more than doubled.
Even though rates are still historically low, many potential buyers and sellers are expecting the worst. And despite no conclusive evidence that a crash is imminent, rumors of a crash are circulating nonetheless.
What does this mean for agents? The frustration of buyers and sellers who are cold-eyed and/or who constantly bring up their fears and concerns can cause anxiety and prevent us from delivering results to our clients.
But there are things you can do to keep a positive mindset in today’s real estate market.
Importance of having a positive mindset to succeed in today’s real estate market
When you walk into a store to purchase a pair of sunglasses, you expect the salesperson to be cheerful, polite, and tell you the details of the item you are looking to purchase. If the salesperson seems indifferent or grumpy, you’ll probably head to another store.
Buying a home is similar, except it’s a much bigger purchase. Clients are looking for agents who are not only optimistic, but also reassuring and confident.
They are looking for agents to guide them in this important decision. Any crack in the armor on an emotional level can diminish their trust in you. And just like the sunglasses situation, it may cause them to seek out another agent.
Positivity and openness help you be more objective and come up with innovative ideas that can solve problems for you and your client. It will also allow you to provide customers with a better experience so they are more likely to refer you to others. And it will put you in a better position to build your network.
Being a rock in a sea of worry, turmoil, and distress isn’t easy, but here are some suggestions for how you can maintain positivity in your personal and professional life.
There are plenty of materials to read that will teach you how to stay positive in the face of adversity. Recently, I covered these topics in Dominating Thoughts: Things Grow Where Our Minds Grow, where we teach you how to create a success mindset and strategies for impressing clients.
Reverse negative thought processes
If you are overwhelmed by negativity, it will get the better of you. I know this may be easier said than done, but try to focus the energy that you would give away negative thoughts on something productive. Instead of thinking that mortgage rates are high, try to focus on the fact that inventory is now higher, giving buyers more options. Focus on what you listen to, watch, and who you spend time with to make sure it’s all positive in nature versus the negativity that normally surrounds us.
take a step back
Sometimes the real estate industry, like every other industry, can feel like it’s hitting a brick wall. You keep trying to get sales and nothing happens. As the saying goes, a watched pot never boils. Instead of working longer hours and getting more frustrated, take a step back. Accept that it’s slow and enjoy it doing something you love, or use that time to look for other ways to improve your business when the market turns.
Use the right marketing and lead generation tools
A downturn is the perfect time to rethink your marketing and lead generation strategies. Look around to find the tools that are right for you. When it comes to marketing, you might want to consider increasing your social media reach or developing your niche of expertise. You can also consider stepping up your lead generation activities. Studies show that those who invest more in marketing their business during a downturn see exponential gains when the market corrects.
Work with the right people
The advantage of working in real estate is, to some extent, that you can choose who you work with. If toxic people and co-workers get you down, avoid them and these situations. Separate their mindset from yours so their negativity doesn’t fade away.
Don’t buy into the hype of the real estate market
Some media companies sensationalize in order to create dramatic content. When you see an article that talks about the dire state of the real estate market, don’t buy into it completely. Put your own positive spin on what you read to prevent negativity from dragging you down.
When the market is slow, you may feel like all your efforts are wasted. No matter how hard you try, you may not see the progress you would like to see. One way around this problem is to set achievable short-term goals. Encountering this will give you small wins to help keep you moving forward.
Maintain a healthy lifestyle
There is a close connection between mental and physical health. For example, if you eat healthy, you will have a more positive mental attitude. Exercise is also beneficial as it increases endorphin production and eliminates stress. Combine these lifestyle habits with meditation, mindfulness, and deep breathing, and you have a recipe for improving your well-being that can benefit your professional career. Remember the old adage: Strong body, strong mind.
Today’s real estate market could be better, but it’s important not to let it get to you. Maintain a positive attitude and your personal and professional life will prosper. What are you doing to keep negativity at bay?
Chris Heller is a real estate industry expert, bestselling author, and currently serves as Director of Real Estate at Ojo Labs.