The Market is Hard ... What Else is True?

Without a doubt, this market is challenging. And you may have had exchanges in your office commiserating with colleagues.

Agent 1: "This market is frustrating. My listings just aren't seeing the showings they were."

Agent 2: "Same! It's crazy. It's the interest rates. My buyers are just not making decisions right now. And my sellers are frustrated, too!"

Both agents walk away feeling validated, comforted they are not alone in their experience, and justified in the disappointment of recent results. What is missing from these common exchanges? Curiosity. An interest in exploring what else is true.

The most dangerous business assumptions aren't necessarily wrong. They may be the realities we simple affirm that stop us from questioning what else is true.

Truths

To be clear, I am not minimizing the realities of this market. Higher borrowing costs, affordability constraints, economic uncertainty, and buyer and seller hesitancy are all playing a role in creating a difficult real estate environment.

These are legitimate challenges we must consider, acknowledge, and account for in our decision making.

But what else is true?

Ask yourself, if sales volume in your market is down 10% year over year (YOY), but your personal volume is down 25% YOY, there is more to uncover here than simply 'it's a challenging market'. The market can account for some of the decline, but what else would account for the difference?

It's an Ill Wind ...

The proverb it's an ill wind that blows no good has run through my mind lately. In other words, even in the toughest circumstances, there will be beneficiaries or those that find an advantage.

Consider this: 65% of our top quartile of agents (our top producers) are up in earnings YOY. They are operating in the same market environment. They are experiencing the same interest rate pressures, the same economic uncertainty, and the same consumer hesitancy.

Yet, their outcomes are different. And it's that difference that is worth exploring.

The problem with simply affirming a challenging market with one another is that it shuts down an exploration into other meaningful truths. I'm not asking you to deny a reality, but I would encourage more questions that can uncover other truths and other opportunities.

What is happening in the market?

• Challenging for whom?
• Challenging in what geographies? What makes those markets different?
• Challenging at what price points?
• Where is activity holding steady or increasing?
• Who is gaining market share? Where?
  

What does that mean for my business?

• What conversations do I need to have that would better inform and serve my clients?
• How does this inform my marketing messaging?
• What opportunities exist in the market that I am not currently leveraging?
• Where does the current market expose weaknesses in my business? Are there risks I am overlooking?
• What are successful agents doing that I am not?
• What assumptions about my business do I need to reconsider?

Informing Your Next Move

It's tempting to land into the safety and validation of affirming our frustration, fear, and uncertainty with one another. The act of commiseration is a comfort. It diminishes our own anxieties and builds camaraderie through shared experiences. There is value in all of that.

But there is a difference between feeling better about our circumstances and becoming better informed about them.

I would encourage you to go deeper with your colleagues, managers, or coaches. Work with people that will challenge the explanations you have come to accept about your business and the environment. The process of asking better questions and challenging those things that you affirm is the opportunity.

As you build your plan for 2027, this is a critical first step. You will uncover the areas that allow for growth and require agility. Because the goal is not to build a business plan that reflects what you already believe. It's to build one informed by what you have yet to uncover.

Your openness, your curiosity, can in fact, become your competitive advantage.

Take the Conversation Further

If this is something you are interested in exploring further, on November 4, at 9:30 am CST, I will host a 90-minute business planning webinar open to all! This will be focused entirely on setting the stage for 2027 and is free. No cameras, no visibility for attendees so you can feel comfortable joining anonymously.

Register HERE!