YesTalk 257 - How To Survive The Changing Market?

Welcome to Kevin Ward's Yes Talk for Realtors. This is Kevin Ward.

Well, it is official. It is happening. The market is changing and right on cue agents are panicking. So if you are one of those agents who is here and going like, okay, what's happening? I don't know what to deal, what to do here. I don't know how to deal with this. Especially if you've been in the industry for less than 10 years and you were not an agent back in 2007, 8, 9 and 10, the last time that the market crashed. This is a video that is made for you. Now first, if you like this video, make sure you give it a thumbs up and subscribe to the channel because I'm going to be putting up more and more videos like this. In fact, I've got a second part to this video that, that I'll be putting out next week with more about how to win and where are the opportunities going to be in the coming changes that are happening in the market. So question is, how do you survive in the changing market and what is coming? So I want to share with you several things that I think are really, really important. So number one is don't BS yourself or other people into saying like, yeah, the housing market is going to stay strong, it's going to be okay. Everything's going to continue to be the way it's been. Now because of the pent up demand we've had for so long, it is going to be a while before housing prices really start to drop. But I recently saw a video of a guy basically saying like, hey, you know, even if we're coming into a recession, historically a recession doesn't mean that housing prices are going to fall. And that is true. But there's more going on in the economy and more going on in, in our nation than just the potential of a recession. Right now we have the highest inflation rate that we have had in a generation. It has stuck and it is holding on. And it does not look like our inflation is going to go down dramatically. Because of that. The Feds are raising interest rates. You know what that means for mortgage rates as well. You are in a situation where the GDP contracted in Q1. They're looking at the possibility of it may have contracted in Q2. If it does that we are in a recession. We are also have the worst stock market start to a first half of a year since 1962. My friend, that is 60 years that has been since the stock market started off a year. The first six months of the Year. As bad as it is right now, we still have supply chain shortages. We still have people that are worried about their financial stability. We still have, you know, fuel prices. And all that's gone through the roof. You're beginning to see trickles of layoffs in some corporations, in some sectors. And as you know, as a real estate agent, interest rates have pretty much doubled in the last several months. And every indication is that there are more interest rate hikes coming. So what does that mean? Don't BS yourself and don't BS others and go like, ah, it's going to be all right. It's going to be okay. You need to prepare for the tsunami that is coming. Now here's the good news. What if there is no tsunami? What if all my. All this like, the market's about to shift. It's going to change. Housing prices are going to drop. The housing market is going to start turning from a seller's market to a buyer's market. It's going to get tough. What if that doesn't happen? Well, here's the reality. If you're prepared for the housing market to shift and it doesn't shift, you still win. But if you're unprepared for the housing market to shift and it does shift, you're going to be swept away by the changes. So it makes total sense. You have to prepare and you have to be realistic and not lie to yourself or BS yourself and be like, yeah, it's going to be all right. This is, you know, everybody's been scared, but things are strong. It's going to continue to be strong. So, number one, don't BS yourself. Number two, if you want to survive the changes that are happening in a market correction or a market shift or a market downturn or a market crash, whatever happens next, stop thinking about survival. The only way to survive in real estate in a changing market is to stop trying to survive. Because when you start thinking of survival, what immediately happens subconsciously is you start going into retreat mode. You start thinking, how do I shrink? How do I contract? And you want to go hide in a corner. And the problem with that is you go in and just kind of like, hope it passes. I hope it passes and I hope I survive is you move into paralysis. And if the paralysis doesn't work, then you move into panic. So first is freeze and just kind of hide. And then panic is flight. It's just like run for the hills. And here's the guarantee. If you are paralyzed or you are panicking, it is guaranteed you will Lose as a real estate professional, as a real estate agent, you are not going to be out there in the game, on the streets, in the market, out there getting listings and getting sales. So stop thinking survival. So here's the third step. Go all in to win. If you want to survive in a market downturn, you don't play to just keep your head above water. You play to win. Because there are going to be tremendous opportunities for the agents that are adapting and are adjusting, that are learning and that are getting ready. So commitment is everything. If you want to win in the real estate market, you can't think survival. You have to think winning and you have to commit all in to win. This is not a time to dabble in real estate. There's not a time to be part time. There's not a time to have one foot in the, you know, one toe in the water and go like, let's see how it works out. If you want to succeed, you got to go all in, and you got to have 100% commitment to be successful, because the shifts are going to require you to be in the game, focused, intense, and ready to rock and roll. Okay, which leads then to the final step. I think it's number four, my final point, and that is find the opportunities. Be watching and looking for the opportunities. Now, on my next video that I'm going to put out next week, I'm going to actually talk about where three of the most powerful opportunities are that are coming. But you're going to see opportunities and there's going to be opportunities that open up in your market just because you're looking for the opportunities instead of looking for the collapse or looking with this imminent sense of doom and the sky is falling and looking for the science that you need to run and hide. You start looking for opportunity and you attack. And you look at, oh, market's changing, I'm going to attack. I was recently talking to a friend of mine who works for a billionaire real estate developer and investor, and they said he comes in the office now every day and he's super stoked, he's super excited. Like, why are you so happy? And he says, because, my friends, we're all about to get rich. We're all about to get richer because the worse the economy gets, the more we opportunities we have to make more money. So here's the difference. If you go into shrink mode or survival mode, it puts you in a mindset of scarcity, whereas if you look from an opportunity mode, it puts you in a mindset of abundance and Going like, wait a second now. There's going to be people hurting, there's going to be things that are happening. Housing prices may start dropping, interest rates going to be higher, it's going to be harder for buyers, it's going to be harder for sellers. That may all be true. What that means for the person who is ready as a real estate agent is it means more opportunity that you have now. Opportunities to help more people to make and which will help you make more money. So this, my friend, is a time to elevate your game. You've got to learn, you've got to adapt, you've got to adjust. You want to be looking at, how can I up my skills, how can I up my effort, how can I increase my focus? So I train on what I call the five mantras of success. And I just want to share them with you because I want you just to think about this as a way to win in a shifting market. When a storm is coming or, or chaos is breaking loose or there's panic in the streets, you don't dream smaller, you dream bigger. So mantra number one, dream bigger, dream bigger. Don't dream smaller. Don't go like, well, I'm going to pull back my goals. No, this is the time to go like, okay, we're going to accelerate. This is the time we're going to attack, we're going to expand, we're going to ascend, and we are going to win. So number one, dream bigger. Number two, you got to move faster. You got to be in the game, be in the game, move faster. When you see an opportunity, you got to be all on it. Number three is you've got to push harder. Now. That means you're going to have to push yourself harder. It also means you're going to be in conversations with prospects and with leads where you're going to have to do a little pushing because they're still holding on to this old idea of it's still the way it used to be, especially sellers who right now, they're like deer in the headlights going like, no, no, no, no, no. We've been holding all the cards for so long now. Our house will sell, there's buyers, we're going to get multiple offers, and they're still holding on to a reality that probably has passed by few months ago. You're going to have to get tougher and better at leading people to decisions and helping them come to grips with the new reality. And then number four is you've got to get tougher. You got to get tougher, more courage, straightforward conversations. And all of that has got to happen. And you're going to have to be willing to take a punch because you're going to have people, buyers and sellers, who, at the changing markets, they're not wanting to accept it. And who do they blame? They, they want to blame you, the realtor, like, well, you're not. Blah, blah, blah. And they want to get on you. You just got to get tough enough to say, like, you know what, I hear what you're saying, and you got to be on their side on this. Like, I get it. I know it's frustrating. I'm frustrated with it. I would love for prices to be where they were. It's just not the same. So you've got to have the mental and emotional toughness to be able to get into a game when it's a little uglier than it was. And people don't have confidence and they don't have certainty and they don't aren't able to get the results that they used to get. And, and you got to be able to deal with that and help them through that emotional turmoil that they're feeling. And then finally is number five is you just have to do more. Just got to do more because you're literally outrunning a tsunami now on the backside of that, when you look back at the opportunities for abundance as you look at it and go, like, okay, there's an opportunity. There's an opportunity. Oh, there's somebody I can help. There's somebody I can help. So what I'm going to be doing is our next video. I'm going to actually talk about the three best places where there's going to be tremendous opportunity for you as a real estate agent to grow your business business and get more business as things change. Now, if you want the best tools and the training to adjust and stay ahead of the changes that are happening in the market, I want to invite you to go to yesmasters.com, go there to check out our best training and tools and more resources that you can get that will help you prepare for all the stuff that's changing so that on the middle of it and on the other side of it, you, my friend, can win.

Hey there, it's Kevin. I hope you enjoyed today's podcast. Are you tired of getting no after no. When you're out there trying to get listings and trying to inspire sellers to say yes to you, then I'd like.

To invite you to download a free.

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Sam.