Higher mortgage rates. Low housing inventory. Layoffs. Recession predictions. Some people read these increasingly common keywords and assume that this is a bad time to be a real estate agent.
But I believe if you adopt the right mindset and strategy, this could be one of the best times to be a real estate agent.
For an inspiring example of entrepreneurs who thrived during economic uncertainty, consider the beginning of Hewlett-Packard. With only $538 to invest and a garage for a workspace in 1938, Bill Hewlett and Dave Packard invented the “HP Model 200A” audio oscillator. Their ingenuity and resourcefulness paid off later that year when the Walt Disney Company purchased eight oscillators to test its new sound system.
For a more recent example specific to real estate, consider how eXp World Holdings Founder, Chairman and CEO Glenn Sanford saw an opportunity during the 2008 housing crash to transform the real estate industry. While other companies closed, he pivoted and launched a cloud-based real estate company with a flexible operating model. Because eXp Realty was built to thrive in any market, we are providing the entire real estate industry a chance to level up with more access to training and coaching from top agents.
Here are three positive thinking prompts I see for opportunities that exist in this current market:
- Change creates opportunity. While many real estate agents are exiting the business and neglecting past client databases, this creates more space for enterprising agents. Deals are closing every day, and instead of slowing down, pausing or quitting, decide to level up. Have more conversations with consumers who need help and have questions. Don’t think small about this. Send real estate advice videos, host live events and add value on social media by answering questions.
- Expertise is more valuable than ever. With all the challenges facing the housing market, buyers and sellers need you to be more knowledgeable about everything. Learn about rates, financing, inventory, supply, demand, pricing, negotiations and contracts. Read books, listen to podcasts and attend seminars. If you choose to invest in yourself and get smarter, you win.
- Everything you’ve done until now is a foundation for future success. Right now is the beginning of the next phase of your journey. If you’re new, this is a beginning to you and not a crisis or huge shift. Lean on your partners – your brokerage, lenders, coaches and mentors – for more strength, knowledge and support. Be consistent, put one foot in front of the other, and go forward.
For more information, visit https://exprealty.com/.