Many of our markets are strong. Lots of things happen when a market turns. Let’s chat about those that are most common.
First, consumers may ask you to work for less because ‘it’s soooo easy’ right now. Pa-leeze. You can remind your sellers that finding a buyer has always been the easy part. Getting them to closing is another story. Especially when they think they have leverage. You may want to raise your fees when you find out what could happen with CFPB. Also, your marketing expenses don’t go down. Ads and labor still cost the same. Buyers will recognize that without you, they wouldn’t know how to compete for those ‘easy to sell’ homes.
Another thing that happens in a good market is that agents let the money go to their heads. Please put away a percentage of every closing to spend on your business when the market slows again. Lots of brokerages went out of business in the last 10 years. The ones that persevered were prepared financially for the downturn. It’s so easy to spend money on a marketing tool that you don’t really need. Just think back to 2008 and skip it.
Agents may also think that choosing a broker is all about the split. After all, the market is good. Business is rolling in. One broker doesn’t make a difference over another if you’re a good agent, right? WRONG. A good broker makes an impact on your business in countless ways. Confidence for you, backup when you need it, resources, support, knowledge, contacts, etc. The reverse is true as well. A bad broker will kill your business before you realize what’s happening.
The worst side effect of a strong market….agents can lose sight of their consumer. Sometimes we don’t give the excellent service and care in a busy market that we do in a slow one. We’re soooo busy and compassion can take up so much time. The consumer is our golden goose. Always treat them as if they are the most important person on the planet. These are big decisions for them regardless of how many transactions you work on in a day.
Congratulations to everyone for making it out of the slow market and into a stronger one. Remember to stay cool and calm in the summer months!
leighyork 