Facing a challenging housing market can be daunting for agents and loan officers alike. As industry professionals grapple with uncertainties, market shifts and evolving dynamics, the key to thriving lies not only in adapting to change but also in embracing it as an opportunity for growth. I’ve seen every market shift imaginable as an agent, team leader and executive in the brokerage, mortgage and proptech space. These are the mindset and actions that set successful agents and loan officers apart in a down market.
1. Embrace challenges as opportunities
One common trait observed in resilient professionals is their ability to approach challenges the same way they would opportunities. Rather than being weighed down by difficulties, they view them as chances to learn, evolve and uncover new possibilities. Challenge-seeking individuals are adept at transforming adversity into a catalyst for innovation and improvement.
2. Move quickly through fear
In a down market, fear can slow down even the most experienced professionals. However, successful agents and loan officers navigate fear at an unusually fast pace. They understand that dwelling on fear inhibits progress, and instead, they swiftly move into action, confronting challenges head-on.
3. Maintain a strong mindset
The mindset of successful professionals remains a key differentiator. A robust, resilient mindset that withstands market pressures is key to navigating murky industry waters. Those who stay positive, focus on their goals and avoid dwelling on obstacles are better equipped to weather the storm and emerge stronger.
4. Remain hyper-focused on goals
While challenges might seem all encompassing, thriving agents and officers prioritize their goals relentlessly. They spend their time contemplating what additional actions they can take to achieve success rather than sinking into setbacks. By directing their energy towards positive and constructive thinking, they set the stage for growth.
5. Be selective about influence
Successful individuals in a tough market are discerning about the company they keep. To be successful in a down market, it is crucial to be cautious and highly selective about spending time with and consuming content of those who may contribute to a negative environment. By surrounding themselves with positive influences, they create an environment conducive to creativity and productivity.
6. Keep a neutral perspective
It is important to avoid judgment about circumstances as inherently good or bad. Successful agents and loan officers recognize that the market, like the weather, is beyond their control. Accepting it for what it is enables successful players to adapt more effectively.
While it is necessary to know what to do, it is equally important to understand what successful professionals refrain from doing. Navigating a down market successfully requires avoiding adopting a victim mentality and resisting the pull of collective negative thoughts, having self-doubt or negative self-talk and looking for shortcuts. Instead, it is crucial to remain proactive, avoiding stress and complaints.
So, here is the question I ask to all the real estate industry professionals reading this. Which group do you identify with more? Whether facing challenges head-on or succumbing to negativity, acknowledging your approach is the first step towards transformative change. If you find yourself resonating with the latter, I encourage reflection on actionable steps to shift towards a more positive and resilient mindset.
At the end of the day, our industry is characterized by uncertainty. Those who embrace challenges as opportunities, maintain a strong mindset, and focus on constructive actions will make it through these tough times stronger and better equipped.
Chris Heller is Chief Real Estate Officer with OJO Labs.