What does real estate agent resilience look like?
There is a saying “When the tide goes out, we soon realize who has been swimming without a bathing suit!”. In other words, when the property market is on a downward trend, only the most resilient real estate agents will survive as they have what it takes. So, what does it take?
Any real estate agent will tell you that the property market moves in cycles, and at times there are very deep recessions such as 2008, or as we are experiencing today a paralysis of the market due to COVID – 19. When the market is good, everything is rosy for estate agents. It’s when the market hits a trough that mental resiliency becomes so important as agents need to find new ways to achieve success.
Those who will survive the current hurricane will be those who have recognized three things. They must change their approach, they must put behaviour ahead of process, and they should be self-aware.
The market change will determine the approach, adaptation is necessary.
Since the beginning of February, the markets have changed all over the world, and Sotogrande is no exception. Buyers and sellers have all sorts of issues affecting their decisions. Some vendors will hold their selling prices, because they can, but others may want to sell. Buyers will need to assess what impact will the purchase have on their finances? Are they buying at the right time? Are they ready for the commitment? Resilient estate agents will adapt their approach in light of the market change.
A resilient real estate agent will develop new skills.
If you are behaving like the price is the only thing that matters, you are not seeing the bigger picture from the buyer’s perspective. A mentally resilient agent understands that there is a need to change behaviour. New skills will be required to reposition themselves in the tougher market.
Panic is not an option when you are self-aware.
Resilient real estate agents have the ability to tune into their internal thoughts and emotions. They can analyse the facts around the declining performance, and not panic. Self-awareness is key. There is a need to understand what is not working and make the adjustments required.
It’s when the market bottoms out that we see a separation between the resilient and everybody else. Noll Sotogrande operates with the intention of helping out the client, both vendor and buyer. We do not operate out of need to only make a sale. Still we will examine our approach, adjust our behaviour and become more self-aware than ever.
Stay home, stay positive and be smart, Charles Gubbins.
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