Many people are concerned about their future financial stability in light of recent market volatility and predictions of an impending economic downturn. Those who want to weather market downturns with little loss to their non-financial assets, such as real estate, as well as their traditional financial investments should work to strengthen their economic resilience.
To what extent can real estate agents strengthen their position in this economic climate, and what exactly is economic resilience?
To begin, market volatility is something that one must be resilient enough to weather. Sincerity and expertise are only two of the business virtues that successful agents rely on to help their clients navigate market fluctuations and come out on top. Here are four best practices that agents can implement to promote economic resilience.
1. Use frameworks to build something long-lasting
Many people, including real estate brokers, are tempted to make fast decisions about investments and real estate when they are worried about the market’s volatility. When people in the real estate industry come to me for advice, I tell them to build and maintain a routine of effective everyday behaviors that provide them with a solid footing on which to make important choices. Having self-control over even the most inconsequential activities helps one concentrate better and form positive routines. For survival and perseverance in uncertain times, both are essential.
2. Win them over with your expertise
The importance of trust in the client-agent relationship has grown as a result of the dynamic nature of today’s markets and economies. In large part, our clients put their faith in us because of the wealth of information we supply, yet they are within their rights to raise doubts about our abilities. Customers should do their due diligence in researching the agent; if the representative is unable to answer queries with concrete examples and data, they may want to look elsewhere.
Asking about how we dealt with previous market downturns is one-way clients can get a sense of our expertise. An experienced agent has heard many “war stories,” or tales of extreme difficulty, in their chosen area. In particular, they should inquire as to how I dealt with the most recent exceptional market impact in their region. Assuring a customer and putting them at rest by being prepared to answer their queries and provide information about the current real estate scene.
3. A solid foundation for the future can be laid with relatively little work in the present
Those in the real estate industry should always have one eye on the future and always be asking themselves, “What are some steps I can do in the short term to put myself up for success?” Agents should “embrace the grind” and use it as a chance to “dial in” to more efficient methods, as I tell them to do. Without a solid basis, growth over the long run will be precarious. I think it’s crucial for agents to keep learning and growing, and to put extra effort into cultivating and deepening relationships with clients and colleagues outside of the real estate industry.
4. Don’t rush things, and don’t anticipate instant results.
Long-term economic success demands a patient attitude and a capacity for hardship. Although there are bound to be challenging, investing in real estate may be a financially rewarding experience. It’s easy to have tunnel vision in the role of an agent, yet doing so will kill motivation.
To make it through challenging circumstances, it’s important to find motivation along the route. The emphasis on toughness and personal responsibility really resonated with me and got me through a tough period.
Economic resilience is essential for success in today’s volatile marketplace, and agents must have the ability to weather personal and professional storms. Our mission is to help customers make the best decisions during what will most likely be the most expensive purchase and the most significant investment of their lives. That means the agent must be knowledgeable, trustworthy, and eager to help customers, all qualities that can only come from a long-lasting business relationship.