Yes, the market is tough in most areas of the country. Yes, inventory is extremely low. Yes, interest rates are at multi-year highs. Yes, most real estate agents are down significantly in income versus last year, let alone 2021 and before. I see it every day. I see it in my new coaching clients’ eyes, I see it in the eyes of the agents and lenders that I see every week at my local association meeting. I see it, and I’ve seen it before.
I won’t go on and on about the great recession and how I had pivoted my business to include REOs just to have them ripped away from me with Robo-signing, costing me nearly $100k in just 2 phone calls from the Asset Managers. I just mention it to let you know that I have been there.
What I do want to tell you is that despite the record amount of equity loss, short sales, foreclosures, and overall depression in the economy, many agents survived the greatest real estate crash of our lifetimes. Those that survived kept trying different things, kept striving for just one deal at a time, and never gave up. It’s a cliché’ to say it only makes you stronger and better, but clichés are often true. I’ve felt what you are feeling, I’ve been there. I know what it’s like to have a significant other look at you wondering why you don’t just go get a damn job. I know what it’s like to tell your kids they can’t have the hottest new shoes on the market for the first day of school. I know what it’s like to have debt piling up and you feel the pressure to just quit and go get a job. But you must continue on your path. Keep driving toward that dream that you had when you got your license. Remember those dreams? Remember why you got into this line of work? All of those reasons and dreams are valid. Times are tough, and things don’t look great for the near future, but you must continue, and here’s why:
This will pass, and you WILL be stronger for going through this. You will have learned how to get more business in a slow market. You will have learned how to budget for success in all markets, and you will look at the next slowdown as an opportunity to expand your business while other agents are quitting. A few years from now you will be running the business you dreamed of when you first got your license. You will have the freedom and money to spend more time with those you love. All of those things you dreamed about will be true, but first, you must do just two things…
Never give up and ask for help.
There is still business out there and you need to figure out a way to get it. If sales are down 30% in your area, that still leaves 70%, and fewer agents to compete with. Ask for help from your Broker or Manager, ask for help from an experienced agent who has gone through this before. Stay away from the negative people and ask for help from someone with a positive outlook, someone who has done all of this before. Someone with a proven system that you can copy, even if you have to give them a split, or pay a fee. It will be well worth the investment!
If you don’t have anyone that you can ask for help, hire a coach. I know, that sounds like a cheap solicitation. You are struggling financially and now you have a coach telling you to hire him to solve all of your problems! But believe it or not, it’s a sincere effort to make sure you don’t quit! Success is around the corner, but you will never make it if you quit now. Investing in a coach will make you commit to staying in the business and give you accountability. You don’t have to hire me, there are a ton of great coaches out there. Just make sure they have gone through a downturn successfuly, they actually sell real estate, and ensure that you will be coached by the experienced person, not an employee of the coach! Once you find the right coach, it will be well worth the investment! A good coach will help you expand your business and find a system that works consistently. They will give you support and accountability to reach your goals and dreams.
No matter what you do, ask for help from a Manager/Broker, a fellow agent, or hire a coach, just do something other than quit! There are multiple steps to success, but the first is to NEVER GIVE UP!