If you’ve ever met a farmer, particularly one from a dry part of the world, you know they always keep at least one eye on the sky. They are constantly watching the weather, divining from even the slightest change in wind direction or temperature what the chances of rain might be.
Farmers like these get to be pretty good at reading the weather. They have to, otherwise they might make unwise decisions about what crops to plant and when to plant them. It sometimes seems like they have a sixth sense about storms rolling in, developed over many years of carefully watching patterns. But that experience often turns to superstition: April showers bringing May flowers, or a frosty May day predicting a good harvest.
I know more than a few real estate agents who remind me of old desert farmers, only instead of watching the weather, they watch market conditions. The first thing they do in the morning is check trade papers and stock reports, and the last thing they do at night is check them again. Their newsfeeds are stuffed with stories predicting future trends and analyzing current ones, trying to find that elusive piece of million-dollar information. But the downside is that they become reactive to the market rather than proactive.
Like the farmers are controlled by what they see in the weather, these agents are controlled by what they see in the market. While it’s certainly good to plan for possible economic contingencies and outside threats, often these agents develop superstitions or limiting beliefs about what they can or cannot do in each market. While preparation and awareness are important, sustained success in real estate has almost nothing to do with conditions in the market.
One of the more common limiting beliefs or superstitions real estate agents indulge in is that when inventory is low, their production must be correspondingly low. This superstition arises from the perception that in a market with low inventory, there are too many buyers for the few available homes, and therefore fewer possible transactions.
Market-reactive agents might convince themselves that such a market means a time of relative famine has come; so they need to tighten their belts, brace for lower production and wait for the inventory to go back up. But this is far from the case! A low-inventory market simply means that the way you serve clients needs to change. Rather than seeking out eager buyers, your focus should be generating new listings by locating motivated sellers. To do this, I want you to try the 3-2-1 strategy every day for the next two months.
First, reach out to three former clients. You’re not going to ask them if they want to sell or even if they know anybody who does, you are just continuing your relationship and being of service. Then, prospect two new clients, focusing on listings. Finally, spend 30 minutes learning or developing one new skill or script.
If you successfully complete your 3-2-1s every day, you will increase your value as an agent and you will absolutely generate new listings. By actively adding new inventory to the market, you’ll be helping both buyers and sellers, whose needs to relocate exist whether there is inventory or not. You’ll also be taking control of your business, dictating the weather rather than waiting passively for rain. There’s no reason you need to be dependent on the whims of the market or your local inventory. By being proactive in your approach, you’ll find motivated sellers and eager buyers, and be of real service to your community.
It’s as easy as 3, 2, 1!
Verl Workman is the founder and CEO of Workman Success Systems, a real estate consulting company that specializes in performance coaching and building highly effective teams. Contact wssm@workmansuccess.com for more information and free downloadable resources.
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January 25, 2022 at 12:16PM
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Inventory Is Low. So What? — RISMedia - RisMedia.com
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