A Skilled Team Is Market Insurance
Markets in some capital cities have been vigorous, but there are signs of a slowdown. Does this worry you?
Leaders who worry about the state of the real estate market do so because they rely on ‘good’ markets for their success. This is a dangerous way to run a business. Good businesses do not rely on the market; they rely on the skill of their teams to make sales in any market.
A skilled team is ‘market insurance’. A skilled team ensures that the office prospers regardless of what the market may be doing. If you have a skilled and active team, why would you ever need worry about the market?
Peter O’Malley, author of the great book Real Estate Uncovered, says, “There is no such thing as a tough market. There is such a thing as a weak salesperson“. While this might not make him popular with some salespeople, it is only the weak ones who will complain about the severity of this remark. Strong, well-trained and active salespeople know it to be true.
Stockbrokers have a saying: “It doesn’t matter what the market is doing. We make money on the way up and on the way down“. How is this any different for real estate agents? In every market there are always people who need to sell. All your team has to do is go and find them.
Admittedly, real estate agents do not have published stock prices like the stock market. Skilled listers need to work with their clients to help them understand the market and then eventually price their properties at a fair market price. With the stock market this process is automatic.
So again we come back to skill. Skilled listers working with sellers teaching them about the condition of the current market and gently guiding them to an understanding of correct market price.
Why should any skilled team fear the market? With skill, you know how to survive and thrive regardless of market conditions.
If your market is booming now, understand that it won’t last forever. Don’t be angry with me for ‘talking down the market’: I’m talking reality. What goes up, always comes down.
Instead of worrying about rising and falling markets, shouldn’t leaders concern themselves with rising or falling SKILL LEVELS within their teams?
Falling standards are more of a concern than a falling market, but far too many leaders fail to take this into consideration. Teams can get cocky when things are going well. They get blasé about clients, often treating buyers abominably, and forgetting that these buyers become sellers one day. Then, when the market goes south, they grovel to these same people looking for listings.
Train your people in client care. Set a high standard in this area. Train them to listen, to communicate, to be patient enough to keep listening until they understand their clients’ concerns. Train them to present professionally. Give them plenty of Points of Difference so they stand out. Train them, train them and train them some more.
Fire those who won’t train, who won’t rise to your standards, and who won’t give the standard of service that ensures ongoing high results and plenty of repeat business.
A skilled team is your insurance against an ‘interesting’ (never say bad!) market. Winners know how to get results in any market.
How is your ‘insurance policy’?