Changing Your Real Estate Mindset in a Challenging Market
It’s no secret that real estate agents across the country have noticed a slump in sales over the last three months. With Inventory levels near all-time highs in some markets and buyers balking new tax laws that have gone into effect, sellers are in the doldrums with limited showings and most importantly fewer offers. As a real estate consultant in Manhattan, I have discussed the state of the market at great length with some of the brightest minds in the industry.
The good news is that sales will only continue to climb as we enter the final quarter of the year. We must remind ourselves that our industry is a living, breathing pulse of the global economy. Despite the looming trade war, political turmoil, and international unrest (all of which certainly affect the market), there is always a good reason for someone to find a new place to live and hence, we as real estate professionals will always have work to do.
As the market heals, we as agents must get into the right mindset to discover new business opportunities. From my experience in similar challenging market conditions, I learned the importance of having the right mindset in order to think more judiciously about our endeavors. Getting into a positive mindset requires a different formula for each individual. I have found great satisfaction in hobbies completely unrelated to real estate. These hobbies include learning the piano, taking French lessons, and reading autobiographies of my favorite philosophers.
This helps garner specified knowledge in areas completely unrelated to real estate, but highly fulfilling to me. I have approached these hobbies with no intention whatsoever to solicit new business, to the contrary. The hobbies were of interest to me because they helped me discover a world beyond the daily work activities. By learning new skills without an ulterior motive, I have kindled lifelong friendships worth far more than any sales commission.
For many real estate agents who are new to the industry, the first years can seem daunting for lack of resources, limited reputation, or a host of other reasons.
“In a short-sighted pursuit to promote themselves, some agents go to extremes to reach the sales volume of a seasoned agent, at the risk of hurting their reputation later down the line. This could include fabricating levels of expertise or failing to abide by the common code of ethics. Agents must always respect the rules and take care to not taint the image of our long-respected industry.”
In my opinion, a career in real estate should assimilate one of a physician, dentist, or another professional who has worked for years to perfect their occupation. Perfection can’t be attained overnight, and without being in the right mindset, it is difficult to reach the pinnacle of a successful career.
To conclude, the key to a successful career in real estate is to unlock genuine fulfillment which in turn will provide the essential talents of patience, composure, and an ever-present frame of mind so that you can provide top value to your clients and generate the relationships and referral networks that keep on giving through your career.
Owen Boller is a licensed associate real estate broker with Compass, based in New York City. Owen can be reached at owen.boller@compass.com or 646-586-8268.
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