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Success Secrets for Tough Real Estate Market
By Mara Navaretta
Real estate markets fluctuate year to year and major events that cause instability in our financial markets can also create havoc in today’s real estate market. Despite fluctuating markets, my personal real estate business has not only remained consistent but has thrived even amid real estate market downturns.
Be Positive
The most important part of anyone developing a business is his or her mindset. Keeping a positive outlook regardless of what may be going on around you is truly one of the most important keys to success. In chaos, there is always opportunity and one of my best years was 2008 after the stock market adjustment. Though many Realtors chose to leave the business when it became “too hard,” I embraced the challenge and through drive and persistence, was able to see my business thrive.
Lead
During the challenging years, it is important that you know your worth. People will look for leadership and a professional to consult with when times get tough. Fewer people will try to sell their homes on their own and will instead turn to a professional for direction. This is the time when Realtors need to shine by taking control of what they do best- working hard and marketing their inventory. Once the community sees you as a leader, your business will take on a life of its own.
People always wonder where to start when it comes to mastering the craft of being a real estate agent. Reading books like “The Greatest Salesman in the World” by Og Mandino or “Think and Grow Rich” by Napolean Hill are two of my favorites. I used to listen to audio cassettes in the car until they were worn out and can still hear Og Mandino telling me to “never give up.” If you are positive and energetic, you will channel and attract positive energy into your life and business.
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Take advantage of training seminars. I find that many mortgage companies like to offer training to real estate salespeople in the hopes of getting new business since real estate salespeople are a great source of loan referrals. With listings being the name of the game for success, these mortgage companies have highly-qualified, nationally known trainers who can offer a wealth of knowledge on how to master the art of getting listings. The more listings you have, the more you control the market and the more likely you will attract buyers as well.
Mentors
Look to a mentor or a business coach when paving your road to success. When you are an independent contractor, you do not have a boss, which means you must be accountable for the individuals you serve. Having access to a mentor or coach to bounce things off of is essential when making important decisions. I had a real estate coach for many years. One of the key areas we worked on is goal setting. In order to put growth into motion, you need to know what you must do on a daily basis to achieve your yearly goals. In working with my coach, I knew what annual numbers I wanted to achieve and understood that I needed to make at least 50 calls a day to land at least two appointments. One issue I see obstructing the success of many in this business is not knowing what they need to do on a daily basis. Many do things that keep them busy but are not productive. For example, I found that open houses are a time waster. An agent hopes for someone to walk through the door. If I do an open house it is for a half hour. I let people know this is when I am here and encourage them to make it a priority to come to me but do not waste hours being at the mercy of them walking through the door. Too many agents do three-hour open houses in hopes that people will walk through the door, but this only gives them a false sense of productivity when in actuality, they are wasting precious time and putting their chance at success in the hands of the “possibility” of a prospect visitor.
Face to Face
The only real way to become successful is to remain face to face in front of buyers and sellers. There are many ways to generate leads. Some may even be downright uncomfortable. Phone calls and door knocking are tough but can be the most productive.
Finding Your Niche
Another key to achieving success is to find your niche and becoming the expert in that niche. One of my top producers found her niche within the new construction sector and embraced this by making sure that every builder knew who she was and forming relationships with them. Educating herself on construction and its costs along with the needs and wants of today’s builders, she built a dynamic by tapping into this unique niche. Builders and buyers regarded her as the expert and regularly turned to her when it came time for a new construction home. She worked hard at finding properties that made financial sense for them to build on. This translated into her landing the sale of the property to the builders and also often getting the listing and sale from the finished product- both commissions.
People Skills
Sales is a challenging business and real estate sales is no different. However, real estate sales is not just about selling “pretty homes” as many people tend to think. What it really is about is prospecting to get a listing inventory and bringing two personalities together to come to an agreement of terms. Negotiating a real estate deal is complicated and involves many facets. It is not as easy as most people think. Some people make the mistake of regarding real estate sales as making a simple business deal but are unaware and unprepared for the emotions involved that also come into play. Agents are faced with having to find a balance between sellers loving their homes, and typically feeling that their homes are better and worth more than their neighbor’s homes, and buyers who do not want to pay the seller’s price. Today’s agents need to understand these dynamics so they are equipped with the skills needed to effectively represent and negotiate for a successful experience and outcome.
Realtors, particularly those starting up their own businesses, need to stay driven, committed and passionate about the services they provide and be aware of their specialty/niche in order to build a name for themselves. When venturing into your own real estate business, you may find yourself spending a lot of time cold calling, door knocking and networking. You may even feel rejected at times when people say that they do not want to do business with you but whatever happens, never get discouraged and never give up!
About the Author
Mara Navaretta is the Owner of Homes by Mara Realty, a boutique real estate agency headquartered in Syosset, NY that services Long Island’s North Shore’s residential buyer and seller markets. For more information about Ms. Navaretta and Homes by Mara Realty, please visit www.homesbymara.com.
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