Adapting to a Shifting Market

How do you adjust when your local market slows down or – worse – hits the skids? Kevin Brown of New York and Richard Silver of Toronto share their expertise on adapting to shifting markets. With decades of experience in two elite international markets, Kevin and Richard have valuable insight on what keeps your business steady as the market quakes.

One way to survive troughs is through specific goal setting. It hones your efforts and keeps you focused on a plan to achieve what you’ve envisioned. The key to moving forward is CONSISTENCY. Once you set a goal, follow through on the work every single day even if it takes months to see results.

What else can keep you afloat when the market dips? Figure out your unique strength and your passion and leverage them as part of your individual brand. Whether it’s fluency in another language that can assist potential clients or a talent for open houses, identify and emphasize your strengths. One of your greatest strengths is the Sotheby's brand and access to its resources. Invest in the brand and become indispensable to your peers through referrals and market knowledge.

Position yourself as a real estate portfolio manager, not simply an agent or broker. Having the network and the knowledge to serve your clients' needs through their life stages will create great returns for you. Being prepared and embracing change rather than fearing it will set you apart professionally and help you succeed even as your market shifts.