Can Booming Markets Conceal Mediocrity?

The real estate agent’s prayer goes like this: “God grant me another boom and I promise I won’t stuff it up this time”. Such is the prayer of the mediocre salesperson.

Some salespeople are what I call ‘Market Victims’. When the market is booming, they do well, but when the market is falling, so too do their results.

Winners know how to thrive in any market. Sure, when the market corrects, there might be an adjustment period while they change tactics, but once they do, winners start selling properties again.

While booms do offer up challenges of their own, they do conceal mediocrity.

I had a conversation today with an agency owner with three agencies. Two are doing well and one is not. His market in Western Australia is depressed. So what is the difference between the two offices that are doing well and the one that isn’t?

The answer is: Winners.

There is activity in the thriving offices – prospecting and relentless marketing. Everybody is involved, including the salespeople. Nobody is exempt from prospecting, from seeking new business. And guess what? The salespeople are making money.

Contrast this to the struggling office. The salespeople do not prospect. They rely on office marketing for their leads. They think that office-generated leads are their God-given right. Their personal activity is low. They sit and wait for business.

And they slowly starve.

All three offices are in similar markets. All were trading during the WA boom, and all are trading now with mostly the same people.

During the boom all those salespeople needed to do was list properties and the boom took care of the sales. Now they have to work. Listing properties is fairly easy, but working with the sellers to help them understand the market takes skill.

For these salespeople, mediocrity began during boom times. When sales flowed they truly believed that their skill was the reason why they were doing so well.

But they weren’t training, and so they weren’t ready when the market changed. They grew lazy and now find it easier to blame a tough market than face the truth: they do not presently have the skill and motivation to succeed in their current market.

Winners do well in any market, not just during booms. Mediocre salespeople who struggle when markets turn ‘interesting’ had better keep praying for the next boom.

Gary Pittard
Recent Articles

Let's Look At The Real Problem

In some markets, real estate agents often say that they have plenty of listings, but need buyers. Real estate agency profit consultant, Gary Pitta...

The More You Learn

Show me an industry where you can earn six-figure incomes without knowing what you are doing. I'll bet that you cannot name one. Yet this is what many...

Is Door Knocking Still Effective?

In a real estate industry poll, over 65 percent of respondents said that door knocking is no longer an effective method for finding new listings. In...

Strict or Soft: the problem with extremes

Some leaders are too strict with their teams. Others are too soft. There are problems with being at either extreme. Soft leaders Soft leader...

Salaries: Expense or Return?

Many real estate agency principals suffer from 'salary phobia': they view salaries as an expense instead of an investment. Real estate agency prof...

A Little Word Salespeople Should Use More Often

Good salespeople are always on the lookout for new lines and for new ways to deliver their messages, but there is one word that many should consid...

Clueless Negotiating

"Transparency" is all the rage, but as a negotiation strategy it is full of holes. Real estate agency profit consultant, Gary Pittard, says that tra...

Why Do We Do It To Ourselves?

There would not be one business leader who doesn't know that it is easier to lead the right people than it is to lead the wrong people. Despite th...

Stop Slumps Before They Occur

Any real estate agency leader can tell when a salesperson is in a slump, but according to real estate agency profit consultant, Gary Pittard, the re...

Visual Aids

An age-old question for presenters is, "Should I use visual aids?". While I agree that people can become overly reliant on visual aids...

High But Not Out Of Sight

Goal setting needs to be done properly if it is going to work. Statistics show that only five percent of people set goals. Those five percent earn m...

Getting the Team to Focus

One of the top three complaints from agency leaders is that they cannot get their teams to focus on actions that produce results. Some have been compl...

Want to reach your profit potential? Contact us now.

Pittard


Suite 71, Level 4
330 Wattle Street

Ultimo NSW 2007
Australia


Mailing Address
PO Box 2045
Strawberry Hills NSW 2012


: (02) 8217 8500
Fax: (02) 9281 4198
AUS Free call: 1800 663 600
NZ Free call: 0800 448 065
International: +61 2 8217 8500

: info@pittard.com.au

Contact Us