My professional purpose is to help you, the broker, maximize your production and help you become the best version of yourself. Why? Because happy brokers sell more real estate. I do that by helping you solve problems that you face every day. If you can effectively solve these problems, you'll be more productive and you'll be happier in your business and in life.
Today, the problem I want to help you solve is to show you how to embrace the seasonality of your business and to schedule your year with intention.
Each week, I try to create the most relevant content based on what I am seeing, hearing and sensing from you, the broker. What I am seeing, hearing and sensing from you right now is a dramatic transition from one "season to another season.” This transition we are experiencing now is a dramatic one as we watch and experience the reopening of communities after a 15-month long pandemic. With it, a shift to normalcy will be the theme where travel, dining and entertainment will dominate people's psyches. You will probably see some exhausted buyers take a break from the mayhem of house hunting for the summer months and reappear in the fall. All of this will lead to opportunities for you and your clients, and you'll need to take a deep breath and embrace this shift.
You, the broker, have been in the middle of a year-long set of market shifts, pivots, massive price increases (in most markets), last minute surprises, "market firsts,” “career firsts,” "I can't believe that just happeneds," and "did you see thats." You're exhilarated and you're finding, too, that you're exhausted maybe even more so than you thought. The mind and body are amazing and can take a pounding and you may even be saying "what the heck was that.” There is a seasonal shift, you feel it and it's not just the weather.
In brokerage, there are "traditional selling seasons.” Right here in Chicago, our market normally starts right around February 1. A date that was started decades ago driven by top brokers who would take the month of December off, return and prepare their listings in January with a launch "right after the Super Bowl.” Our selling season normally goes through June, starts to slow down in July and especially August, picks back up in late September through mid-November (for the serious buyers and sellers) and is hit or miss in November, December and January just in time to take off again in February. Traditionally, 60-70% of your business would be expected to go under contract during your selling season.
So how to you get your mind around and navigate these seasons as it relates to your business and life? First, let's define what your priorities should be throughout the year.
This current shift in seasons that we are experiencing right now is a shift from all out "execution and transacting" to let's call it "Game Time.” This "Game Time" is currently shifting to "Post Game" where "recovering and reflection" will be the theme. This fall we will switch into "Pregame" where you will need to prepare for next spring's selling season. So, what should you be doing during these different seasons for your business?
Game Time: (selling season) You need to focus on transacting, executing your business, and your marketing plan while managing your energy and health.
Post-Game: You should focus on recovery while reviewing and auditing how you performed during the selling season.
Pre-Game: These months should be used to prepare your business for selling season. You need to make sure the relationships within your Top 100 are fully "reconnected" if they were ignored during selling season.
Here is some nuance that I must bring up that doesn't fit into the broader description of seasonality:
- Seasons don't replace the quarterly goals we discussed recently. Seasons just prove that quarterly goals are better than annualized goals. Quarterly goals give you the ability to pivot based on seasonality and changes in the market.
- Every market is different. Every business is different. If you have a lot of inventory and buyers in markets dominated by high-rise and mid-rise buildings, this summer will be busy for you.
- Embrace it. If things start to slow down on the top end of your pipeline, be aware of this seasonality and avoid the scarcity mindset. Most brokers tend to get hopped up on the adrenaline of busy markets and have a hard time powering down to a different gear. Yes, you will sell another property. No, the market is not going off a cliff just because you might not be running at the same RPM's. Be aware of what is going on in society and how priorities shift with your clients.
- Understand that seasonality is necessary. You, your mind, and body cannot go at a crazy pace forever without a rest and recovery period. Do not feel guilty for taking time for yourself. Build a business, partners, and teams to help you manage your business while you tend to yourself, your families, and your friends.
- Every market and every broker's business is different. Don't compare yourself to anyone else. Do what you need to do and find moments to rejuvenate. You don't always have to be in max effort. Think long-term.
- During "Pregame,” you should plot out your year, understanding the seasons, and plan vacations and weekend getaways in advance. These times on your calendar will give you something to look forward to during the crazy selling seasons.
- Take a few minutes after this call and define your seasons if you haven't done so already.
As I wrap up, I want to bring up a really important point as it relates to how you flow through the seasons. If you approach these seasons feeling anxiety, guilt, or lack, you've got a mind that is focused on scarcity. Abundance requires planning, awareness and courage. To truly have abundance in your life, you need to embrace this seasonality of your business, flow with the highs and lows, be intentional and use it for your long-term success. Nature is built around seasons and so is your business.
