Some agents are feeling it. Some aren’t. Some are letting others convince them it’s happening.
What about you… Has the shift hit you yet?
From speaking with agents all over, here’s the general pattern I’ve observed:
While sales of low-end and mid-range homes remain robust in most areas, the high-end is now experiencing a buyer’s market. (This has also been confirmed in this article from Keeping Current Matters.)
Where things get confusing is for those agents who straddle the sometimes-blurry line between mid-range and high-end… Some properties are still selling quickly while others just slightly more expensive are sitting stagnant.
What matters to me right now is this… Whether your market has already changed or if the shift is on its way, I want you to be fully prepared and in the right mindset.
With that in mind, I sat down to put together a list of seven “must do” actions for you to succeed in a changing market. Let’s go!
 

Changing Market “Must Do” Action #1: Control Your Narrative

I hinted at this first one in the very first paragraph of this blog…
One of the biggest pitfalls to avoid in a changing market is letting yourself be influenced by other people’s viewpoints and negative attitudes. Even agents at the very top of the game are susceptible to this phenomenon. (I know because I work with them!)
Remember what we talked about just last week: The market doesn’t make you. Instead, your activities, your chosen strategies and your disciplines make your market!
It’s up to you to identify opportunities in the market regardless of interest rates, inventory or average days on market. You’re a Rockstar! Bring that Rockstar attitude to your work every day and go help people solve their home buying and selling challenges.
Let’s be frank, though: The new market might demand more of you to produce the results you’re accustomed to achieving. Be prepared for that possibility with the right mindset to capitalize on opportunities and a determination to put in the work required to help others.
 

Changing Market “Must Do” Action #2: Update Your Dialogues

Your old reliable scripts aren’t going to produce the same results in a new market.
The playing field has changed. Are you willing to change with it?
I hope so, because you need to update your dialogues to fit the new market conditions.
We’re entering a market where your skills will determine your fate. Home sellers will either sell you on a higher price, more marketing and a lesser fee… or you’ll win!
The way you’ll win is by honing your message and practicing your presentations!
The way you’ll do that is by making it a discipline, not just hoping you “get around to it.” Schedule practice time in your calendar… it’s more important now than any time in the past decade!
 

Changing Market “Must Do” Action #3: 5/5/4 Every Day

Prospecting must become a daily discipline to succeed in the changing market.
At the bare minimum, you need to follow my 5/5/4 plan: Every day, contact five people you know, five new people and four lead follow-ups.
This will require commitment, discipline and accountability… AND it will drive your business success.
 

Tom Ferry - Success Summit 2022