Yesterday I was asked if we are looking at the start of the next buyer’s market in real estate. My answer was “if I knew the answer to questions like that, I’d be too busy flying around on my jet to care!”. Even though I aggressively avoid the news media, I was aware of coronavirus and the stock market decline.
But after I got the question I decided to turn on a few news channels to see for myself. I could barely make it fifteen minutes without noticing my mood sinking and thankfully, that was all I needed to see. It doesn’t take long to get the gist of what’s happening in the world so I turned it off and immediately starting listening to Wayne Dyer audios to help shift my focus back to a positive space.
Seriously, negative news is so damn addictive, isn’t it?! I’m definitely not immune to being sucked in, so I’ve trained myself to disconnect when I feel my mood shift. It was Dr. Dyer who taught me that we can’t feel bad enough about any situation to make it better.
Though I don’t own a private jet (yet), I still don’t care much about what “the economy” is doing. Keep reading and you’ll see why.
But Jasen, members of congress are quarantined, the stock market is in a panic and had it’s biggest drop since 1984! Russia and Saudi Arabia are using a price war in an attempt to destroy the American shale oil industry, events are being cancelled left and right, everyone is social distancing and all of this could trigger a recession! That’s basically what I was bombarded with in those 15 minutes I watched the news.
It struck me that there are more than a few people who have entered the world of self-employment since we recovered from the Great Recession and scores more who have gotten used to the economic expansion. Said another way, there are tons of people who understand academically what a buyer’s market is but have never experienced one. Worse, many who have been through a market cycle have forgotten what it’s like.
We could look back a few months from now and continue with business as usual as we laugh at ourselves over all the panic. Seriously, I’m already laughing at the fact that Whole Foods was completely sold out of toilet paper this afternoon. WTF people?!
The truth is, no one has a crystal ball but when the tide goes out and we find ourselves in a market that has shifted, we’ll get a chance to see who’s been swimming naked.
I’ve been saying for quite a while now that those with awful business practices and people who have no clue how to sell have been protected by economic expansion. Correcting markets can be challenging for some but they are absolutely merciless on those who have shunned the fundamentals of business and salesmanship. You could be seeing some “naked swimmers” around you soon if this pattern holds.
Broadly speaking, it feels to me like our society is expressing an incredibly strong desire for improvement on a wide variety of topics. We look around the world and observe things we don’t want which allows us to more clearly identify what we do want. Then we energetically send out these rocks of desire to life.
Most of you know I’m a student of the law of attraction. I believe life hears our desires and answers YES. It says, “You want better health care? Different people in government? More economic abundance? Equal treatment for marginalized people? Environmental protections? A new Porsche 911? Okay great! You can have those things you desire. First, fix these problems and handle this adversity. What you want is on the other side.”.
Now, in order to receive our desired improvement and get to the other side, we have to stop resisting the adversity and allow life bring us what we want. We get to chose what we want and life gets to determine how it’s delivered.
Think of archery. The more you pull back on the bow, the more power your arrow will have when you finally release it. Every time we see something we don’t want and express a desire for improvement, we pull the string back a bit further. Collectively, if feels like our society has pulled the string back on our bow about as far as it will go.
Now it’s time to let go. As a coach, I see some people struggle and others thrive. I see both no matter what “the economy” is doing. Part of my professional purpose is to help people understand that within “the economy” they have the power to determine “their economy”.
So, whether we end up in a recession or look back in a few months with a sigh of relief, it’s never a bad time to work on improving your own economy. If you’re feeling any anxiety over catching a virus or what you’ll do if we face a recession, the answer is to take action.
Taking action is how you let go. Anxiety is just excitement without the breath. When you stop taking action, you aren’t breathing, so of course you’ll feel anxious or panicked. Likewise, it’s hard to feel anxious when you’re moving and breathing. This is as true physically as it is for your mindset; mind and body are one.
So, to help you let go and take action, here are some things you can do now:
1. Get serious about controlling your inputs.
Here’s the deal. You can not keep focusing on the virus and the declining stock market and expect good health and prosperity to show up in your life. You are informed enough. Turn away from the news media and feed your mind with anything that makes you feel good. Energy flows where attention goes, right? Start deliberately sending your energy to things that improve your own life. Or you could keep sending your energy to the news media so they get rich selling you ads. Your choice.
2. Channel light and bring happiness to those around you.
You are responsible for the energy you bring to the room so bring your best self. Stop walking around looking at your screen and look people in the eye as you walk. When you catch their attention, smile. Give someone an unsolicited compliment. Write a positive review for someone online without being asked to do so. Take a few minutes to write a handwritten note. Just remember, you either brighten the room when you enter it or when you leave it!
3. Get serious about your health.
Move more and eat less. Cut out fast food, vegetable oils and sugar. Those three things might as well be poison. We either pay the price for nutritious food now or we pay the surgeons later. Power down each night and improve your sleep. Here’s a good rule of thumb: Finish dinner 3 hours before bed, Stop all work 2 hours before bed and turn off all screens one hour before bed. And my favorite, take a full day off each week.
4. Increase the frequency of communication with the people in your book of business.
Find a way to add context to the flood of information everyone is facing. If your business is real estate, take the time to think through your opinion of your local market and share that with the people you serve. People make sudden and sometimes irrational decisions in times like this and if you aren’t there, they might use another professional who is.
5. Increase the number of lead generating conversations you are having.
Review your schedule and activities over the last few weeks. What have you been doing that is not getting you closer to your goals? When you identify those things, cut them out right away. Previewing inventory, open house luncheons, happy hours with people who do the same thing you do? Now would be the time to stop all of that and stay close to the consumer. No less than one hour per day, before noon for outgoing lead generation activities.
6. Control your day until noon.
Beyond your lead generation activities, get all of your most important work done each day by noon. If the afternoon falls apart it won’t matter as much because you’ve already used the most powerful part of your day to be productive.
7. Refuse to take overpriced listings.
Worse than no listing is a listing that won’t sell. Buyers know instinctively when a home is overpriced and sellers never blame themselves. Learn how to take listings at the right price. If no one has ever taught you, message me and I will.
8. Stop discounting your commission.
You deserve to make a profit and because consumers won’t accept being billed hourly by their agents, they need you to be able to stay in business long enough for their house to sell. You won’t be able to do that if you constantly cut your commission to the bone.
9. Stop spending all of your money.
When the market shifts, it will be like someone flipped a switch. One day you’ll walk into the office and everyone will realize the market is different.
10. Stop chasing buyers.
Everyone claims they don’t have enough time. One of the fastest ways to reclaim time is to stop chasing buyer leads all over town unlocking doors for them. Follow up with people until they have become an actual client. That means you have a signed representation agreement. Then you can go show them property.
11. Meet people in person.
When transactions are complicated or high dollar, people want to connect more deeply with those who are helping them. This is always true for every industry but even more so in uncertain times. Establish a business standard that you meet clients in your office. They may initially resist if that’s not been your normal way but for their own sake, you must make the decision and draw the line. Look your prospects and clients in the eye.
12. Focus on listings.
When you’re looking for new business, focus on listing first. Whoever controls the inventory dominates the market. That hasn’t changed.
13. Use your marketing to tell stories about your client's results.
Focus on your clients and their story. Find case studies to show you get results. This is not the time for image building so get your ego out of it for a while.
14. Don’t accept I want to think it over.
This means, learn to handle objections. When you’re on an appointment and people tell you they want to think it over, what they’re really saying is they have an unexpressed objection you’ll need to address before they move forward. You find the real objection by asking questions until they level with you. Start with: “I understand. What is it specifically that you’d like to think over?”
15. Get coaching.
We all have blind spots and a good coach can see the things that are holding you back that by definition, you’d never see on your own. I’m no exception. I have my own coach and if you need one (or a fresh perspective), I’m here for you.
People are distracted now and those who stay distracted for too long never make it long term. This isn’t entirely bad because it weeds out the ineffective participants in every industry. If you stay focused and take the actions I’ve written about here, you’ll progressively build market share as those with less determination than you start looking for a “real job”.
Time will tell if we recover from all this madness quickly and my message then seems premature. So think of it this way; if we do bounce back quickly and you take these steps anyway, won’t you still be much better off?
All is well and you are safe. Have a wonderful day, choose to be happy and go find someone to help!
AFFIRM: I trust the Universe to help me see the good in everything and in everyone.There is plenty for everyone, and we bless and prosper each other.