I attended Keller Williams Realty Mega Camp training event back in May and while there I was exposed to the concept
of The Tale of Two Markets. The Tale of Two Markets, actually it's a Tale of Three Markets, shows us and the consumer
in an easy to understand handful of graphs that THEIR home is either IN the market, OUT of the market, or CHASING
the market. I will share that tool and how to use it effectively in another post.
After working with that concept and teaching agents to use it effectively, I had a moment of clarity one day.
Can we apply that same framework to real estate agents? Are agents IN the market? OUT of the market?
Or CHASING the market? After doing a bit of analysis using IMS AND talking to agents of various production
levels some things have become quite clear. Some things, not everything. Check out this diagram and I will share some thoughts on it.
Look around your office. Do you see agents that are doing exactly what they have always done? What has happened to their business in the last 12 months? Do you see agents doing MORE of the same stuff aka "working harder"? What has happened to their business? What about those few agents that are doing new things? Taking a new or different approach to their business? Based on what you are seeing, do you think it would be fair to say that the folks that are doing the same old stuff will soon be OUT of the business? Which group do you fall into?
So I started talking to people about these ideas and began to wonder about the issue of Accountability. Lots of agents that I have spoken to would say that their business is not where they want it to be "BUT the market is so bad...blah blah blah." And in this very same market agents are growing their businesses. And in markets that have dropped in volume and units by 50% or more and home prices have dropped by 20 to 35% there are agents that are growing their businesses right now. I would stipulate that the market is between your ears and if you give the market the authority to be right or wrong and control the growth of your businesses THEN the market will be happy to have that authority and control over your future. Check out the following diagram...
Is this making sense? The only agent with a growing practice is the one who is IN the market.
In the book Fierce Conversations, Susan Scott, gives a little guidance. "It is imperative...to ask ourselves,
'What beliefs [that you] currently hold might be in the way of innovation and improvement?"
I would guess that less than 1 out of 5 agents are currently IN the market, so my %'s on this diagram may be off a bit.
What do you think? Did I miss something? Am I wrong?
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