The “Psychologist” is In: Examining Today’s Market & Your Personal Narrative

March 28, 2019

Do you remember the old TV commercial where the guy said, “I’m not a doctor, but I play one on TV.”
Similarly, I’m not a psychologist. But I’ve sometimes played one on my coaching sessions.
I often joke that as a business coach for so many years, part of my role is acting as a therapist for some of the most successful real estate professionals on the planet.
So today, I’m asking you to play along. Let’s run with that “therapist” angle for a minute.
Why? Because for you to achieve your full potential, you need to be in the right state of mind.
And I suspect lots of people might be struggling a bit in that regard.
So please… Come into my office and have a seat, or lie down on the couch if you prefer.
I want you to stop and take a minute to get in touch with your feelings – about ONE specific and very important topic…
Today’s market conditions.

Here’s Why I’m Concerned About You

When you’re going 150 mph, slowing down to 75 feels like you hit a wall.
But in reality, 75 is totally normal.
That’s where we’re at with today’s market conditions.
Some people – maybe you? – have never experienced a “normal” market before, and suddenly everything’s harder than it was a couple years ago.
It’s natural for you to wish things could revert back to “Old Market” conditions.
But it’s not productive. Accepting the reality of today’s market is crucial to your success.

10 Questions You Must “Get Real” About

On our new How’s the Market? monthly video series and on recent episodes of the #TomFerryShow, I’ve shared lots of messages you should be communicating to homeowners and potential buyers in a changing market. All of those messages are geared toward overcoming consumer fears and uncertainty.
(If you missed ‘em, check out this and this and this and this.)
But today, I’m not talking about their feelings. I’m talking about yours!
How are YOU dealing with this new reality? What’s it doing to your outlook on the business?
I encourage you to get introspective, get real with yourself and answer these questions:

How is your business going?
How is your market?
What are you telling yourself about the market?
How does your personal narrative compare to the reality of the market?
Are you using a changing market as an excuse to not succeed to your full potential?
Are you doing too much wishing that things would revert to the “old way” instead of getting real about dealing with today’s market realities?
What new challenges are you facing in today’s market?
What’s your plan to overcome them? (Or are you hoping they’ll just go away?)
What new opportunities exist due to a changing market?
How will you capitalize on those opportunities?

Here’s the Thing…

What you tell yourself about the market plays a huge role in your success… or failure.
If you’re convinced the market has shifted against you, you’re only hurting yourself.
I’ve talked so much about the negative media narrative which leads to a negative narrative among consumers… But YOUR personal narrative is just as important, if not more!
Some way, somehow, you must accept the market for what it is and start taking action accordingly.
Keep reading if you don’t know where to start…

Your Homework Assignment

Remember those last two questions up above? Here they are again:
What new opportunities exist due to a changing market?
How will you capitalize on those opportunities?
As a homework assignment, I want you to really dig in and think about those two questions. Then I want you to put a plan in place to operationalize around whatever idea or ideas you come up with.
Not only will this get you into action, but hopefully it will demonstrate to you that with the right outlook and mindset, there’s always opportunity regardless of market conditions.
Let me know what you came up with in the comments below.

It Could Be Worse. Which Means You Need to Get Better.

One final note: If you’re having trouble dealing with today’s “normal” market, I worry for your future. Seriously. Real estate is a cyclical business, and if you find it difficult to adapt in a changing market, you might not be in the right line of work.
But it all boils down to your outlook and personal narrative.
As soon as you adopt a mindset that continually looks for opportunity where others see challenges, you’re in exactly the right line of work.

If you found this “therapy session” helpful, you might really like discussing your business challenges and opportunities with one of my expert consultants. Everybody needs a strategic partner in business, and that’s a role we love to play for entrepreneurs like you.