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Hey! What Happened to the Real Estate Market?

By
Education & Training with Sell with Soul

Unless you've been hiding under a rock since August of 2007, you know that the real estate market in most areas of the country has sustained a massive blow to its ego. Not that things were booming before August, no, we were all a little nervous about and frustrated with our slow-moving inventory, but we figured we'd snap out of our doldrums soon enough.

BAM!

Along comes the mortgage crisis and, just like that, a good chunk of the home-buying public is suddenly un-mortgage-worthy. Crap.

So here we are.

As I write this, it's late 2007. Sellers are slashing prices, buyers are making ridiculous offers and closings are crycanceled without warning when the lender closes its doors two hours before. Sheesh.

Not fun.

So, what's a nice real estate agent to do?

1. Cry
2. Quit
3. Adjust

I'm going to assume that anyone reading this has decided to Adjust. And you know what? If you make it through this crisis, you'll never look at the career of real estate sales the same way again.

Because, in order to survive, you're going to have to Get Good. Really, really good. Forget about prospecting, forget about networking, forget about lead generating. You need to focus on Selling Houses.

Yeah, Selling Houses. You know, that activity for which you are licensed?

Trouble is, Selling Houses in a Sucky Market is a lot of work. You're going to have to do things you've never had to do before. You're going to have to solve problems that, at first glance, seem unsolvable. You're going to have to communicate difficult concepts to people who don't want to hear them.

In short, you're going to EARN your commissions. And you'll be a much better agent because of it.

And... when the good times return (and they will), you'll have set a higher standard for yourself ... and for your business ... and you will be an exceptional real estate agent. Not just good... Exceptional.

Go, you!

www.sellwithsoul.com

 

Posted by

It's Here!

 

The More Fun You Have Selling Real Estate, the More Real Estate You Will Sell! 
(True Story)
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Comments(26)

Kelli Fronabarger
Bend River Realty Inc. - Bend, OR
Realtor - Bend Oregon

Jennifer-

As I debate this morning on whether to renew or not, I am thankful I read your post. Your encouragement and spirit shine here. Thank You : )

Oct 31, 2007 01:39 AM
Chris Pollinger
Berman & Pollinger, LLC. - San Diego, CA
Consulting for Luxury Teams and Brokerages
I always look forward to reading your entries.  You make some great points and I appreciate your honesty in what it takes to get things done in this market.
Oct 31, 2007 04:22 AM
Allen C. Wright
RealtyU - Aliso Viejo, CA
NS, AHS, REPS
Great post ... we are professionals and are here to earn, not just glide through ... gliding is why so many people became agents ... just too easy
Oct 31, 2007 10:41 AM
Rob Baldwin
US ECO-GREEN REAL ESTATE INC. - Santa Clarita, CA
REALTOR, Santa Clarita
Hey Jen, thanks for the motivational kick on the back side. It is unfortunate that most agents are tuned into that radio station WIFM (whats in it for me).
Oct 31, 2007 10:50 AM
Lisa Ryan
Callaway Henderson Sotheby's International Realty - Montgomery, NJ
Selling Princeton,West Windsor and Montgomery Town
When the going gets tough, the tough get going.  Not very original, but critical in today's market.
Oct 31, 2007 12:03 PM
Michelle Pine
Kris Weaver Real Estate Team - Virginia Beach, VA
ABR, GRI, Hampton Roads Real Estate

You are so inspiring!  Exceptional post- not just good- EXCEPTIONAL!!  I look forward to your posts!

 

Michelle

Oct 31, 2007 12:05 PM
Lisa Hill
Florida Property Experts - Daytona Beach, FL
Daytona Beach Real Estate
I'm going with "adjust" =) And adapt, and innovate, and grow.
Oct 31, 2007 12:28 PM
Mike and Dawn Lewis
The Lewis Team at Keller Williams - San Diego, CA
The Lewis Team at Keller Williams in San Diego CA

Jennifer,

I love this post. How true it is. I love the great "hardworking attitude" you express in it. When we do survive this we are going to think anything else is a breeze.

Mike Lewis

Oct 31, 2007 02:20 PM
James Downing - Metro DC Houses Team REALTORS®, CRS, GRI, ABR,MRP, MilRes
Real Living | At Home - Washington, DC
When Looking to Buy or Sell - Make the Right Move
Great point!  I hear agents all over talking about how bad the market is - you have to stay positive and work to sell the listings!!!  Networking and prospecting is still important - but if you cant sell the house - it's all for nothing...
Oct 31, 2007 03:41 PM
Roberta LaRocca
Simply Vegas Real Estate - Las Vegas, NV
REALTOR®, Broker, Salesperson, NV. Lic BS.507
Jennifer, You are right, we need to adjust to the market.  I am new so I am learning to be exceptional!
Oct 31, 2007 05:28 PM
Loreena and Michael Yeo
3:16 team REALTY ~ Locally-owned Prosper TX Real Estate Co. - Prosper, TX
Real Estate Agents
I am taking this season ( call it doom & gloom if you will) as a period to see how far I can soar. I was never in a blssfull real estate market since I started, but I know if I can survive this market and business is thriving for me, my future is bright. Dont you think?
Nov 01, 2007 03:23 AM
Sharon Filbig
Prudential California Realty - Escondido, CA
San Diego County Real Estate

Jennifer, I have to admit I've been doing a little of all three (the first two in private).  However I'm focusing heavily on getting good.  I just love reading what you write.  Thank you so much.

Nov 01, 2007 07:12 AM
John MacArthur
Century 21 Redwood - Washington, DC
Licensed Maryland/DC Realtor, Metro DC Homes

Jennifer - This is true.....Selling Houses in a Sucky Market is a lot of work. You're going to have to do things you've never had to do before. You're going to have to solve problems that, at first glance, seem unsolvable. You're going to have to communicate difficult concepts to people who don't want to hear them.

The problem facing newer agents is your solution remains veiled in the get good. At some point, someone will outline just what it will take. I think we have seen enough scripts to sink a broadway play. Maybe one of the seasoned old dawgs will post a game plan. Wouldn't it be nice if one of the ten year or so vets posted a checklist of things that need to be done today.

I have no doubt that there are many that want to get good, but they remain stalled in a race car with no map to the finish line.

 

Nov 01, 2007 07:39 AM
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

Okay JMac - more of that spooky vibe thing going on... I just got in from a walk on which I mentally designed the cover for my new book (Selling Your Listings in Today's Sucky Market) using the concept of a Game Plan for Getting it DONE!

And yes, it includes a checklist... or two... or more

Nov 01, 2007 07:52 AM
Scott Blanchard
Mortgage Force - Newtown, CT

Hi Jennifer I enjoy reading your blog it is direct and to the point. If you think you can or think you can't your 100 % correct.

My glass is always 1/2 full, I AM RESPONSIBLE for all that happens to me. I have no one else to blame but myself. If more people believed this I think less complaining and more action would be taking place.

You need to go out and make contacts, the day of relying on the phone to ring will not consistently bring you a paycheck. So get out from behind your desk, leave your comfort zone and make more contacts, attend more networking meetings, Give seminars about the industry and you will WHINE less and make more money.

 

  

Nov 07, 2007 03:32 AM
Nicholas Christopher
Century 21 Rauh & Johns - Gloucester Twp, NJ
Communication Is Key
Great point, I'm trying to look at it the same way. Sure is dicouraging though.
Nov 07, 2007 03:36 AM
Ricky Bruni
Keller Williams Realty - Birmingham, AL

I just bought and read "Sell w/soul" and "Seduction of your SOI"...thanks for affirming that being yourself is Ok and, dare I say it, probably profitable.

A while back you wrote a blog about how not to approach your SOI...I never saw the follow up and didn't find it in the book or the "Seduction" material. I would love to see your approach on the right way...

 Thanks

 

Nov 11, 2007 09:01 AM
Jennifer Allan-Hagedorn
Sell with Soul - Pensacola Beach, FL
Author of Sell with Soul

Ricky - Cool! You ask how to approach your SOI - it's a big picture philosophy - a paradigm shift. Forget that you're a real estate agent needing business. Instead, be a cool person who just happens to be the world's best real estate agent. Read Chapters 4, 5 & 6 of Seduction for ideas.

 

Nov 11, 2007 09:20 AM
Find a Notary Public needAnotary
QEC Internet Services - Long Beach, CA

I've had the impressions for about the past eight years that mortgage shoppers like car shoppers want to hear what they want to hear irrespective of what the truth is.  It has come as no surprise that we are faced with a credit crisis.  There to my knowledge were many mortgage shops set up just to exploit the homeowners with language they wanted to hear, irrespective of what the truth was.   At the same time a very loose credit market with no controls and it is just a matter of time before cows would have to come home to roost. 

P.T. Barnum said it best “There is a sucker born every second”.  Our current market conditions reflect such thinking so vividly.  It is part of that Free Lunch mentality.

Nov 15, 2007 09:10 PM
Josette Skilling
Keller Williams Capital Properties - Bethesda, MD
I think we need to get good and get positive.  Negate the message that is pervasive the market today and show the positive signs of the market.  I don't mean be a dumb cheerleader just to be positive but show that in every market there are signs of health and we need to tout those as well.  The market is going the way of the media and it's time for us to chime in!
Nov 16, 2007 06:04 AM