Our current real estate market in Las Vegas (and around the country) presents an interesting test for all involved... from the buyers, to the sellers to the practicing real estate agents and also for the brokerage firms I've been living and working in Las Vegas since 1992 and this is my first experience in a "challenging market". Fueled by local and national media with a slant to reporting the negative, "newsworthy" hype of doom and gloom, buyers are afraid to purchase, waiting for the elusive "bottom of the market" before jumping back in. Sellers are holding on to every ounce of equity and hope which has led to only about 30% of the current inventory of available homes to be priced properly for a sale based on current supply and demand. And real estate professionals are either thriving, surviving, trying to adjust or in many cases giving up.
The following points are my observations and best advice on how to Thrive (not just Survive) in Today's market.
- You ARE the Creator of your Reality. Check in with yourself often. Are your thoughts positive or negative - towards or away from what you desire? Do you find yourself slipping into the negative muck and mire - from the media or the glass is half-empty real estate agents around you? Be deliberate and intentional in your thoughts and actions. Focus on what you want not what you don't want.
- Educate yourself about the market, understand the stats and trends. Become an expert in short sales, REO, foreclosure process. Make sure you are receiving current market data from local sources. For Las Vegas, I recommend the Equity Title Market Condition Report and Salestraq Fast Facts. Read Forrest Barbee's recent post on the Las Vegas Market October 2007. Check out the great information including audio conference calls on Mark Stark's Blog.
- Learn how to better present the history and current market story to your buyers and sellers. Update your buyer and listing presentations with supporting graphs, statistics, etc. Take sale-able, properly-priced listings! Use all of your available company marketing and advertising tools.
- Get back to the basics now. Do you have a solid SOI/Referral system in place? Are you prospecting daily?
- Have a written business plan with specific goals. Track your expenditures and return on investment. Know what's working and what is not and make the appropriate adjustments.
- Adopt a daily ritual to start your day in a positive mindset. Some suggestions...morning meditation, prayer, exercise, read your affirmations, review your goals, eat breakfast, review your day's tasks and schedule.
- Exercise and eat properly for you. I recommend yoga!
- Show up - Mentally, Physically, Emotionally and Spiritually. Now more than ever it's important to get up, do your morning mindset ritual, get dressed for success and go into the office or that first appointment.
- Have a daily activity plan and work it - know how many calls, face-to-face contacts, emails, mailers, contacts you must make before you call it a day. Challenge yourself with daily goals - don't go home until you have at least one appointment for example.
- Get an accountability partner or hire a coach. Ask for help. Help each other. Form a support and accountability group.