We’ve all heard the phrase, “home is where the heart is,” but it never hit “home” as hard as it did when home was all we had. During shelter-in-place, our houses became our offices, our gyms, our schools, our libraries, our parks, our movie theaters, our hospitals and our only (virtual) link to our loved ones near and far. Our entire world was narrowed down to four walls and it has forever changed how we think of, and look for, our homes.
The pandemic created a market shift in many industries, with one of the biggest being real estate. According to US News Housing Market Expectations in 2022 there will not be a housing market crash in 2022, but the inventory of available homes will remain tight and rising prices will put pressure on affordability. As we are currently witnessing, the effects of Covid are far from over and people are searching for homes that fulfill their increased needs.
For agents, finding new house listings is a constant struggle. Supply was already tight on the more affordable end of the market, but now it’s getting harder to find higher-end homes as well. This unpredictable housing market puts a strain on the real estate industry and the agents who are working tirelessly to keep up and find homes for their clients. Resiliency will be a real estate agent’s best friend in the coming years.
As a real estate motivational speaker, I’d like to share some resiliency tips I’ve learned (some of them during real estate crashes) that you can use to help your agents learn how to adapt and overcome an unpredictable housing market.
The Importance of Being Resilient in the Real Estate Industry
During the past couple of years, throughout all types of businesses, people have had to “adapt” and “pivot” (possibly 2020’s most-used words). This is especially true for real estate agents.
The real estate industry serves people’s basic needs for housing and provides essential services for economic activity. That has never been more evident than now when it wasn’t certain if some of those basic needs would be met for many people. This created a stressful environment for real estate agents scrambling to meet their client’s ever-changing expectations.
Becoming resilient is critical in order to sustain a high level of productivity during challenging times. By providing training and resources to help your agents become more resilient, they will be more empathetic to what their clients are going through. Resilient agents don’t just see buyers as numbers; they see them as people with hopes and fears similar to their own. Resilient agents will better understand the psychology behind the decision-making process, which will lead to increased and sustained business.
How to Be Resilient During an Unpredictable Housing Market?
That’s a good question, and most real estate agents and agency owners are looking for that one perfect answer. There is no foolproof method, but there are some tried-and-true techniques that will help real estate agents learn how to adapt and build resilience at work. Through practice and routine, your agents will find themselves feeling less stressed and more connected with their clients and your business will feel the positive effects of their resilience.
Let’s go through some of the ways you can help your agents build resilience in the workplace.
The only thing that’s certain is change and change is unpredictable. Recently those changes went from unpredictable to downright unprecedented (if you’re like me, this is probably the last time you will allow yourself to read or speak that word).
In the previous article, we shared three main ways to build a change-proof culture. These steps (pause, ask and choose) are fundamental in how to not only survive the unpredictable housing market but to thrive. You can dig into more details on how to adapt to a change-proof culture from my new book, Change Proof: Leveraging the Power of Uncertainty to Build Long-term Resilience.
Accepting things the way they are is difficult for most people and with the unpredictable housing market, real estate agents may find themselves struggling with dealing with what “is” rather than what “should be.” Agents may feel anxiety about change, which leads them to stubbornly cling to the old ways of doing things, rather than finding ways of adapting to change.
Adopting a change-proof culture in the workplace will help elevate self-awareness and allow agents to tune into their internal thoughts and emotions. This will allow them to proactively adapt to change using emotional intelligence, rather than reactively panicking.
Adjust and Shift to Survive
To my knowledge, worrying has never magically created a solution to a problem or changed the outcome of a situation. Instead of focusing on the possibility of a housing market crash in 2022, agents should focus on what is within their control and find ways to thrive no matter what the future holds.
Think outside the box.
The old ways may not work in our current economy, but every change brings opportunity. For example, e-commerce transitioned much of our economy into the virtual realm. People are shopping from home more than ever, which has caused the demand for quality warehouses and distribution centers to skyrocket. Oversupply of industrial space, such as those needed for e-commerce, is a very real possibility as this sector has been growing steadily over the past decade.
No matter what our “new normal” looks like, people will always need a place to live (and also work, play, attend school, exercise, etc., especially as we continue to ride the Covid-coaster). Residential housing, which can range from single-family homes to high-rise apartments or even retirement communities, will always be in demand, as it serves one of our most basic needs. No matter how much industries downsize or even transition to fully virtual, people will always need a home.
By expending energy discovering how to capitalize on new opportunities, rather than feeling anxiety about change, you and your agents will become more resilient and ready to face any challenge, even a real estate crash.
In every industry and walk of life, most people just want to be seen and heard. An empathetic real estate agent who understands and meets this need is a successful real estate agent. There is no one-size-fits-all approach to helping a buyer find their dream home or a business find their new perfect location. Even if a client finds something they like and can afford, there are many other factors that may influence their decision to purchase, such as:
- Are they buying at the right time?
- Are they ready for the commitment?
- How much of an impact will the purchase have on their lives?
By guiding your agents to empathize with their clients as they work through these questions, they will understand the psychology behind one of the biggest decisions most people will make in their lives. In addition, as your agents embrace their inner empathy, they will find their self-esteem increasing and will build a strong sense of self. This will lead to them becoming more resilient, both professionally and personally.
Invest in Real Estate Agents’ Career Growth
It’s almost impossible to find a strong level of consistency and stability during such uncertain times in any industry, especially one that has become so precarious. As humans, we need to feel secure and your agents will be looking to you to show them that they are an important part of your team, now and in the future.
As a leader, it is your moment to show that you care about more than just your company and that it’s the people you surround yourself with that make you and your business successful. One way to do this is by bringing in a real estate motivational speaker to a team meeting. A real estate speaker can accelerate growth within your team and elevate each agent to become more resilient during these challenging times.
One of the immense benefits of career development for your team is helping you build the best possible workforce, which leads to excellent and empathetic service for your clients. Your agents will have the opportunity to better themselves personally and professionally, and you will find yourself with a more resilient and successful team.
Providing self-development training also shows your team that you believe in them and are willing to invest in that belief. Building this resilience in the workplace will facilitate increased loyalty and productivity and create a deeper connection within the team.
How Can A Real Estate Keynote Speaker Help?
Bringing in a motivational speaker will help build resilience in the workplace and can guide your team to embrace change, both personally and professionally. By providing ways for your agents to disrupt their fears and adapt to change, your business will be able to weather the inevitable storms in our current climate.
Home is where the heart (and world) is. By giving your agents the gift of resilience, they will have the empathy and capacity to be the guru each client needs as they embark on a journey to find their perfect home.