Don't Quit Real Estate Now!

OK, I know the market seems to have been dead and buried; the wake held and everyone has gone home. But take it from Denese & I, and we have been here many times; this is a moment of reset, not a funeral. 

What was the market during the last few years, was the aberration, not now. Yes, it sure felt better six months ago, with listings leading to quick sales and quick commissions. However, that was the major symptom that something was very wrong.

You see, when we discuss a market, any market, there is typically a match between the stuff being sold and the stuff buyers want. There might be a small amount of negotiation over the value of the stuff, but the parties begin on a pretty much level playing field and the stuff get transacted.

Once in a while a few too many want to buy and the stuff (read as properties) being sold are insufficient. This naturally increases the pressure between buyers and also alerts the sellers to the option of increasing price. Sounds ok, unless of course you are a buyer and are left empty-handed or with an empty wallet.

The flip side of this is the Buyer's Market, which we are experiencing at the moment.  Now suddenly, the buyer has plenty of choices and the prices are taking the down escalator. The thing is that Kiwi agents have experienced far more Seller's Markets during the last few decades and few appear able to adjust.

In addition, licensee's training has traditionally had more attention and while Buyer Agency in New Zealand did not exist before the 2008 Real Estate Agents Act and remains something of a step-child or experiment for most.  However, the Lee & Denese show is here to point out that in the United States, Canada and other English speaking countries, buyer agency has bee around for the last 20+ Years. Actually, in the states, most agents make about 65+% of their income from buyer agency. Do let that sink in!

OK, so here is the advice:

1. Don't panic and drop out of the profession... you have much to lose and uncertainty ahead.
2. Get a bit of rest and then, regardless of what you have heard, look into buyer agency.
3. Continue to improve your skills and rid yourself of any old habits that are not working.
4. While you are at it, rid yourself of unimportant relationships, that return little ot no value.
5. Set a schedule and associated goals and make sure you meet them.
6. Develop your online skill set. Big disruptions are coming and those skills will be tested.
7. Recognise that real estate allows you the most schedule flexibility and built in time-out.
8. Work on your health and the habits that can assist in keeping you going...then keep going!

I could go on, but the bottom line is to indeed keep going.  Real Estate needs you!

Audio Version