I’ve discovered over the years that when the real estate market slows there are two types of agents:
1. Those that gulp and panic, “Eek, the market’s slowing, I need to save money and reduce my marketing costs,” and;
2. Those that swing into action thinking, “There are still plenty of houses for sale, I just need to up the ante, increase the frequency, consistency and effectiveness of my marketing, and expand my reach to gain a bigger market share and win business from my competitors.”
Success is All In Your Head
It’s all about your perception on return on investment, your willingness to manage risk and your determination to succeed. To earn a decent income and last the distance in real estate, no matter the market, you need a consistent approach to prospecting with an expertly planned, well-executed strategy. And yes it will probably mean spending more to make more. (For my business, I recently quadrupled my marketing spend, once I was 90% happy with it’s effectiveness, and almost quadrupled the no. of new clients coming on board each month. Interesting, aye?)
Do you know that if fair was fair and every one of the 15,000 real estate agents in New Zealand got an even slice of the pie, there would only be 5 or 6 sales available each year for every agent?* That’s barely enough to earn the average New Zealand salary for someone who only works 5 days, 40 hours per week!
*Based on 1) REINZ statistics 91,212 residential sales in the 12 months ended November 2016 2) REAA statistics show 15,494 active licenses as at 30 November 2016.
How Do You Become More Than Average?
Unless you’ve got a point of difference from all your competitors, a strategy and a plan, you’ll never earn more than average; and still be working 14 hour days, 7 days a week with little to show for it; a slow market will only exasperate mediocrity.
To rise above your competitors, to earn what you’re truly worth, to enjoy financial freedom and achieve your lifestyle goals and dreams, to indeed thrive in the real estate industry, you can’t just work harder—there’s only so many hours in the day—you’ve got to work smarter and market more effectively.
And because you’re in business for yourself, and your “team”—your colleagues and sometimes even your boss(!)—are also your direct competitors, you’re in this crazy predicament all on your own.
But it doesn’t have to be a struggle any longer. If you’re serious, right now, about generating a consistent flow of new listing leads, dominating your market and standing out from your competitors, book a free, 15-minute marketing consultation with Shelley Pilkington and let’s figure out how to increase your market share, whether the market is in slowdown, spiralling out of control or sliding sideways. Talk soon.