The 18 Advantages of the Current Market (Part 2)

Good morning. It is the week of April 6th and things are getting more exciting every day because this crazy, terrible thing we’re facing is not disappearing. Now, we’re hoping it does. We’re seeing more good news on the horizon all the time. Our government … the Canadian government … most governments are taking very positive, active steps to assist all of us. When it’s a time of crisis, we have to behave in a different manner than we would normally.

Learning to work remotely, which a lot of you are learning to do, is really a huge advantage because when we go back to normal … you’ll have two avenues … your office and the support that you get there and the ability to work remotely, which is very strong because our business, as independent contractors, is a remote-based business. So, let’s pay attention to the fact that we’re building our strength in the most difficult of times … and that’s the important message.

Last week, I said to you we’re going to go through what Tony Smith submitted … 18 advantages of this terrible, crazy, interesting market that we’re involved in today. So, I gave you 1 through 9 last week … here’s 10 through 18. It’ll only take about 5 minutes, but it’s a short message this week … but if you took good notes last week and you take good notes this week, you’re going to have 18 positive thoughts to help improve yourself in today’s market.

The market will remove many of the nonmotivated Buyers and Sellers, clearing your vision to spend more time with the motivated people.

Two weeks ago, I had a great podcast with Chris McLaughlin … a Keller Williams Broker in Tampa … and 150 or so of his great agents … and one of the things we talked about was the fact that, you know, it’s hard to sometimes see through the maze of all the Buyer and Seller prospects that you have. Sometimes you have to start doing some strong prequalifying … some strong lead follow-up. Well, when a market takes a big change … positive or negative … the nonmotivated people seem to get out of the way.

What we want you to do today is be in front of as many … and this is going to be in many cases virtual versus in-person … as many qualified, motivated people as possible. Remember, in the worst of times in 2008 … ’09 … and ’10 … and many of you didn’t experience that crazy 5 year terrible downward trending cycle that we had … there were still 3.9 to almost 4 million transactions taking place every year in the U.S. Yes, it was down 30%, but it was also very strong because … remember, the motivated people that you’re looking for still have to do deals with people like yourself.

You’ll strengthen your relationship with your vendors. Giving them good support and business advice now can last a lifetime.

Depending on where you are in North America, mortgage … title … escrow … home inspectors … these are people that are vitally important to you and I … and this is a chance for us to strengthen our relationship because there’s less competition in the field. There’s only going to be the strong that survive any type of a downward trending situation. You’re strong … you’ll survive.

Interestingly enough, there’s a chance for more double-sided deals. The motivated Buyers will not be hearing from their agents because of the market we’re involved in and will more likely go directly to the Listing Agent. So, listing property today could lead to double-ended transactions.

Now, I know there’s a lot of talk about, “Should an agent be allowed to do both sides of a deal?” and that talk has been around, really, for 50 years … and will continue … and they’re always debating legislation through N.A.R. and the various states as to whether we should allow an agent to list a home to sell it also. What I’ve always said … the greatest advantage of you selling one of your own listings is your knowledge of the property, the Seller … your knowledge of the transaction, which is a benefit to both Buyer and Seller. And then I’ve always told this little side joke … the advantage of doing both sides is, it’s easier to deal with the other agent when you are the other agents. So, more double-sided deals will take place.

Next on our list …

More potential investor clients.

You know, it’s interesting … in 2008 … ’09 … and ’10 … a lot of people, very wisely, bought a lot of property throughout North America. In Las Vegas, one particular man that I was referred to bought 300 homes in 3 years. Now, that’s a big risk and a very, very difficult thing to do … but now his net worth is $150 million because he bought investment properties at very low prices and that hurt some people and benefited somebody else. You probably have some people in your database that would like to invest … and this is a good time to consider talking to them about investments.

This is going to sound fun to some of you because there’s a little joke attached …

You can strengthen your relationship with your family and your friends because there’s a lot less noise out there and you’re spending more time at home. Then the joke is … that’s either good or bad.

I saw a great cartoon a couple weeks ago and it showed a lady working out of her home office and the advantages of this home office … and then as you scroll down it showed her three kids tied up with tape over their mouths so they couldn’t interrupt her. So, it’s terrible … but it’s kind of funny when you think about the good side of this whole thing.

Your distractions can be dramatically reduced if you stay off the internet … stay away from the news … and are not participating in office gossip every day.

It’s hard to participate in office gossip when you’re working from your home the way most of you are.

You can improve your health, if you choose to … because that’s obviously vitally important today, more than ever.

More time to work out … to go to the gym … take that back … to exercise at home and DON’T go to the gym. Anything from, of course, self-exercise that you can do … to yoga … to stretching … plus, you know, there’s no food in the stores so it’s a forced diet to a certain degree.

You can create a stronger, more clearly defined 1-year … 3-year … 5-year plan for yourself.

This is the time to plan for the future … because the future’s going to take place. It always does. There’s always going to be a tomorrow. Now, unless something drastic happens and you were to pass away, which we don’t expect … don’t anticipate … and don’t want to have happen … the future is always bright. Look at the future … 1 … 3 … 5 years from now … what would you like to be doing, business-wise?

You can get your home … and possibly your office environment … cleaned and set up exactly as the way you’ve always wanted it, so when this whole terrible problem we have passes … you have a clean, exciting, professional environment to work in.

I guess the words for this particular message is this … go to work … 5 to 6 to 8 hours a day. Do your job. Buyers and Sellers need your expertise. Be the expert in the market and it will pay great dividends now and in the future. Talk to you next week.

 

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Mike Ferry is the global leader in real estate coaching and training. Watch Mike each week as he discusses a variety of topics to help real estate agents and brokers. Grow your real estate business by improving your mindset, developing your skills and creating a plan of action to increase your production!

 

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