Getting Your "Unfair Share" of Real Estate Business in this Market

The year of 2012 was a year of dramatic change for the real estate industry.  The year began with Realtors continuing the struggle to sell homes against the backdrop of distressed properties flooding the market and holding property values down. Yet during the course of one dynamic year the market shifted dramatically to witness inventories of homes for sale reduced to historically low levels while surging buyer demand gave rise to competitive multiple offers to purchase on the majority of homes listed for sale.  Accordingly, real estate agents are suddenly now faced with a decision: either quickly alter their business practices to take advantage of the opportunity or suffer the fate the market deals them.  

Mindset is Everything

A great example can be gleaned for the real estate boom that occurred in the United States between the years 2002 and 2006. You might hear agents that are veterans of the real estate boom reminisce about how easy the business was then and how successful real estate agents were when prices climbed continuously and houses sold before a "For Sale" sign could even be placed in the ground. Yet by zooming back in time we might remember agents complaining about the lack of homes available for their clients to purchase, seller's being unwavering in their negotiation demands, and buyer's repeatedly losing out in continuous multiple-offer contests to purchase a home. Back then, many agents yearned for the market to "go back to normal" and for the craziness to end.

Shortly after 2006 the market shifted and prices began to steadily decline. Buyers were few and far between and homes were available everywhere - homebuyers could purchase any home they wanted without fear of multiple offers or stingy sellers. Once again, many agents lamented the troubled times we were in and couldn't wait for the market to turn around so that they could succeed in their businesses.

Now here we are again at the close of 2012, the market has shifted once again into a strong seller's market. Many agents are spending their days complaining about a lack of housing inventory and not getting offers accepted. Sound familiar?

You see, our mindset can erroneously follow the same cycles as the real estate market if we are not careful. The key to breaking free of the mental shackles that prohibit success is amazingly simple: Do your Business by Design, Not by Default. If an agent relies on the market to bring success, the result will almost always be failure. However, if agents embrace the current market for what it is and adjust their businesses accordingly without focusing on the negative aspects, they can take advantage of the market while the majority wallow in discontent.

Getting Your "Unfair Share" of Business

At the LA Live Super Conference, real estate productivity guru Craig Proctor spoke with Keller Williams Realty Founder and Chairman Gary Keller about the concept of doing business by design and not by default:

  Gary Keller at the LA Live Super Conference

In this video Gary Keller stresses the importance of adopting the mindset of getting an unfair share of business as a means of tackling changing market conditions.  The year of 2012 has brought significant shifts in the housing industry that will create opportunity for many agents to rise to prominence and cause others to fade away. Which will you be?