Jul 26, 2022
In today’s real estate market, you have to ask yourself: are you a pessimist, an optimist, or a realist? The honest answer is that we all are one or the other at any point in time, but the key is inhabiting those roles at the right time to seize on success. In today’s market, so many people are pessimists about where the market is rather than being realists. The reality is that there is still opportunity in the market for those who are thinking long term. Interest rates are going up, but they’re still at historic lows compared to the markets of the past. Understanding this reality, educating yourself and staying up to date on the ebbs and flows of the market is what is going to separate those who will be successful from the rest of the pack.
Agents need to remember the fundamentals of sales as the market starts to cool down. Keeping in contact with your clients and showing them options that they might not have thought of through that creative, outside the box thinking, that’s what’s going to keep you in business. It’s easier than ever to communicate with your clients, so make sure you’re taking advantage of every way that you can to do so. We’re moving toward a long game market and the agents who can foster those relationships are going to see the best results. This week’s podcast is all about keeping the right perspective and staying real about today’s real estate market.
“If you’re a pessimist right now, your fear is leading to a lack of action, and if you’re overly optimistic you need to be careful and make sure it’s calibrated correctly. That’s where realism comes into play, where you have to be real about what’s happening in the market and get right with your business.” – Bernie
“This is the greatest opportunity. Everybody is looking at prices going down while inventory and rates are going up. However, if you have enough in your war chest to weather the storm, you could get a really good deal on the most motivated people in the market right now, and maybe have $100-150K less debt than you would have in 2020 or 2021 and have a higher interest rate. But can you weather the storm?” – Steve
“So many people should stay in their houses, but there are also other real estate opportunities because of that house that they own. Being able to ask the right questions and getting to the root of what motivates them, that takes emotional intelligence to help those people achieve a positive result that supersedes status or income.” – Bernie
“Don’t be afraid to shift, and have some fun with what you’re doing, and figure out what is the next thing. There’s more wealth built in down markets than there is in up markets, but you have to have the mindset to really look to see that there's a flood of opportunities coming to help people create wealth.” - Steve
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