I first wrote and posted the following article on this Real Estate Coach Blog in November 2007. I have updated the intro paragraph with my thoughts on the current real estate market in Las Vegas. The 10 Tips to THRIVE are timeless however and easily adapted for any business owner.
Our current real estate market in Las Vegas (and around the country) continues to present 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 last year was my first experience in a “challenging market”. Fueled by local and national media with a slant to reporting the negative and “newsworthy” hype of doom and gloom, many prospective buyers and sellers continue to stay out of the market. For the second half of 2007, 70 to 80% of all residential closings in Las Vegas were bank-owned or short sale properties. And real estate professionals are either thriving ( by adjusting and capitalizing on the opportunities), surviving, trying to adjust or in many cases just plain giving up. There are opportunties for those who are willing to make the necessary adjustments both in their action plan and MINDSET!
The following 10 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 people around you? Be deliberate and intentional in your thoughts and actions. Focus on what you want not on what you don’t want.
- Educate yourself about the market, understand the stats and trends. Become an expert in short sales, REO, loan modifications and the foreclosure process. Make sure you are receiving current market data from local sources. Know the inventory.
- Improve and upgrade your qualifying, presentation and closing skills. Learn how to better present the history and current real estate 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. Practice, Practice, Practice your closing and qualifying skills.
- Get back to the basics now. Do you have a solid SOI/Referral system in place? Are you prospecting daily? Have you selected 3-5 target markets to concentrate on this year?
- 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.
An Affirmation for the New Year….“SUCCESS IS MINE IN 2009!“