How To Be Ready for the Next Market Shift

People spend a lot of time trying to either predict the economy or control the housing market. But eventually, there will be a market shift. It won’t be a seller’s market forever. If the economy tanks, don’t worry… it will make a comeback.


You Can’t Control Market Shift

But you can control systems and processes. You can control the relationships you build. You can control the level of service you provide to your buyers and sellers. There are so many things that you can control and those things are going to supersede whatever happens in the market.

When the market was hot, in 2006, I was new and I didn’t have a lot of skin in the game. No one knew who I was. So, like any other new agent, I had to hustle to get my business off the ground. I found that creating systems and processes helped me to be consistent. I also prioritized building relationships and using those relationships to grow a referral business. It wasn’t an overnight success. It took a lot of patience and tenacity.

In 2008/2009, there was a huge market shift and many top producer’s businesses took a nose dive because they relied on a booming market. Conversely, my business began to really take off. Those two years that I spent nurturing relationships and delivering superior and consistent customer service work paid off.

I had taken control of my business. And while I couldn’t steer the market, I had built a very strong business that not only survived the storm but thrived because it appealed to those who were buying or selling.

What Can You Control?

Sometimes things happen. A fence falls down, a roof falls in, the market crashes. You can’t control any of that. However, you can control how you react and respond. You can make sure you are overly communicative with your clients. Set them up for success by giving them clear expectations from the beginning. Be consistent with your processes regardless of the market, regardless of the client.

Here are the most important parts of your business that you have complete control over:

  • Prospecting
  • Relationships
  • Consistency

If you can find processes that will help you succeed in those items, you will win, regardless of the market.

I’ll leave you with this question—if tomorrow, the market turned for the worst, is your business strong enough to survive?

(If you answer, no, what are you going to change?)