On this 224th episode of my Monday Morning Pep Talk, I will discuss the current landscape in the real estate brokerage industry and some of the recent reactions I've seen pop up with more and more frequency. First of all, a personal apology… through my Take Flight V4.0 episodes in 2023, I may have come across as though building a real estate brokerage business is easy. It's anything but easy. It takes time and effort with radical commitment and consistency to get to 30,000 feet. Going into this MMPT, I started a list of what I've heard as pain points for some of you and I'll give you my thoughts as if we were one-on-one.
Here we are wrapping up the month of February 2024. Where did the first 2 months go? Most hyper-local markets are seeing strong activity and demand with inventory and rates continuing to be the biggest challenges. This is coming off of a 2023 that saw massive headwinds for most in the industry. Team, the reality of being involved in real estate brokerage for 25 years is that I can't remember a year when there wasn't some form of headwinds. Every year, it's either been a buyer's market or a seller's market. What makes this post-Covid stretch difficult is that buyers and sellers both think they have the upper hand, not fully understanding the landscape. It's our job to address the confusion and clarify the process because "a confused mind says NO." There is a lot of confusion in this market and that's what makes it challenging at times.
All this and you throw in the fact that we are entering AWARDS SEASON. I'm not sure there is an industry that is more competitive and focused on personal brand building than the real estate brokerage industry. There are unlimited ways to compare yourself to others. It's like you wake up having to operate in the most competitive high school or academic environment that exists. It's your reality each day. For me, I tend to massively respect those brokers who find ways to run a successful business but maintain time with their family and have the ability and structure to travel. That's winning. (Yes, it can be done. Hint: Take Flight 4.0.) Unfortunately, the industry doesn't give out awards based on "happiness.” Just know, I'm watching and I get you and I am celebrating with you. During this AWARDS SEASON, no matter your "ranking,” focus on offering congratulations and cheer on your peers. They work really hard too. It's the best way to eliminate the negative, stagnant energy that goes with all of it. If you are at the top of the leaderboard and you are making time with family and friends, you are at 30,000 feet and you've earned it. As I mentioned earlier, it takes time (years) and effort (daily) with radical commitment and consistency to get to 30,000 feet. Navigate this awards season in a way that you could use as motivation and self-reflection, instead of allowing it to be a mental land mine. Have your own, private awards season. Take a page out Dan Sullivan's and Dr. Benjamin Hardy's book The Gap and the Gain and measure back to how far you've come, how much you've learned and the people you've positively impacted. Key take away: Never believe you are above or below anyone.
Saying this, I encourage you to stay focused on your VISION statement. Everybody is different. Your goals are all different. Winning should be defined by a vision statement not a "victim statement.” If you are stating all of the reasons you can't get things done, the headwinds, the challenges, then you are reading from a victim statement. If you stay emotionally attached to your vision statement, that north star will help you get to your personal 30,000 feet. That's winning. I see you. I celebrate with you. Just know, I feel the pressure and sometimes my pressure valve gets tested too. (enter meditation). I want you to chase your dreams not someone else's. If your mind goes negative on you, that's just the brain doing its job. It wants to keep you in the status quo. You just need to stay at a 51% or higher frequency to attract and move in a positive direction. You do that by maintaining consistent focus on your destination, your vision statement.
I had a broker call me last week with a significant disappointment. She had a seller who she considered a "platinum" based on the Take Flight definition. This broker had done everything right over the course of the relationship. Everything right. She finds out through the MLS that they listed with a different broker. Heart is broken, frustration and disillusion resulted. Understandable. Truly understandable. Take it from someone who has been in the industry for 25 years, I am great at having my heart broken. I've realized that you will have 2-3 heartbreaks per year and you will have 2-3 "oh my gosh, that was awesome" layups per year and the rest of your transactions will be somewhere in between. If you did everything right and your heart gets broken, shake it off. If you didn't contact your "client" for 2 years and a sign goes up in their front yard, point the thumb. Ultimately, your heart will get broken but you will also have some amazing experiences along the way. Set those expectations with yourself right up front. Go re-watch the movie Jerry McGuire if you want to be reminded of the life and plight of a salesperson.
Before I wrap up, here are some additional reminders and "ah hah" moments I've gathered since the clock hit 2024:
- Remember, we work to fund our lifestyle. We don't work to work. In 2024, continue to build a business that fits into your life, not the other way around. This reframe doesn't mean you'll sell less, in fact, you'll probably sell more. If you walk around frustrated, you're kind of telling the universe, "don't send me more.”
- 20% of your clients will steal 80% of your joy. Choose wisely. You need to interview them as much as they interview you. A good relationship is when it is a good fit for both parties. It's okay to say NO. In fact, it is healthy. Whenever you say YES to something, you are saying NO to something else. Again, choose wisely and you can thank me later.
- Your morning ritual starts the night before. As Mel Robbins reminded me last week on an Instagram post, going to bed early is underrated. If you win the night and get enough sleep, you'll win the morning. If you've been listening to me for any amount of time, you know what happens if you win the morning.
- A little twist on the "Know you, like you and trust you" strategy that helps better explain it… People need to know you (marketing and branding) to be able to trust you (transaction processes) in order to like you (relationship management). This strategy has so many layers within one simple statement. To ever see 30,000 feet, you need to have all three working for you.
- Reminder: Our job is to take stress away from our clients, not add stress. The best buyer consultation or listing presentation is a "listening presentation.” Take 5 minutes before each meeting and put yourself in their shoes. Identify their stress points and address those. Most of those stress points have nothing to do with the search or the home they are selling. The process, as a whole, stresses them out. A good process will win you the hearts and minds of a lot of potential clients.
A lot of what I talked about today touches on good boundaries, including boundaries for what you allow in your mind and what takes up your time. You need to make good decisions if you want to be a "happy broker who sells more real estate." Boundaries are just answers to questions before they are asked. Experience is pattern recognition that turns into intuition and allows you to say HELL NO if it’s not a HELL YES (the best life filter ever).
Team, I’ve got you. I wish this game of real estate brokerage was a little easier but it's not. That's why we get paid what we get paid. Fewer and fewer people will be able to execute as the landscape changes. Either way, I'll be bringing truth to your game each week.
If you needed to hear this, listen to it again. If you feel someone else could use today's MMPT, pass it on.
You're perfect. Have a great week. You know where to find me.
