By Karen D. Friedman | 08.10.20 8:00 AM
It can happen to anyone. In an instant, no matter what you do, you find yourself in a real estate slump. It can be difficult to get out of and can mess with your mental state.
This comes with the territory as a real estate agent. It’s hard when you depend on yourself for your next deal.
But, don’t panic!
We discuss the methods you can use to help break the real estate slump in this article.
Break the Real Estate Slump with the Right Mindset
Start with the notion that you can choose to have the right attitude. You can’t change adversity, but you can change how you decide to react to adversity. That’s powerful when you put it into practice.
Let’s face it. When your actions don’t yield results, becoming depressed and wanting to quit is very easy. This can make you question your capabilities and your choice to become a real estate agent. However, don’t give in to these negative emotions and thoughts. Remind yourself that not having constant deals is normal in real estate.
Creating the Slump-Proof Mindset
You may have heard over and over again that the right mindset helps you become successful in real estate. That same positive mindset helps you get through difficult times as well.
Daily affirmations are a great way to keep you in the right state of mind. These should be short, simple, and motivational to help you stay on track. Say them before starting your day or put them up in your workspace as a visual reminder. “I have a natural talent for real estate,” is a great one to start with.
Now that we covered the ways you can handle your mental state through a slump, let talk about the business side. Or more accurately, the lack of business…
Your Business Plan for Breaking the Real Estate Slump
When you don’t have an upcoming deal and you don’t have leads in the pipeline, that’s when most agents panic. When the panic starts, the slump begins. The next step is to work your database. This is the source of your potential business.
Your database is your lifeline. As long as you keep adding to your database you will have deals to pursue. However, if you contacted your entire database and you still come up short, that means one thing: It’s time to add more people.
Remember, It’s a Numbers Game
Your slump feeling can be deceiving. Real estate is a numbers game–it’s all about converting leads. Some leads can take months to convert into deals. However, when all your leads take months to convert, well you start identifying it as a slump.
Remember, when you’re in the thick of it, every “no” leads you to a “yes.” These will potentially become future deals if you continue with your lead follow-up. Lead follow-up is as important as getting leads and growing your database. If you are diligent, you can end up having an amazing year. Then–just like that–your slump is over.
Sometimes, changing where you work can make all the difference.
Change Your Environment
Getting into a rut can put you in a slump. A rut is the habit or pattern of behavior that becomes dull and unproductive but is hard to change. If what you are doing is not giving you results, it’s time to change things up a bit. Starting with where you work.
Let’s say you work from home. There are advantages to working from home. For example, having no commute and focusing on calls. But, you are also isolated and have to rely on yourself for motivation. After a while, this can take a toll on you mentally–especially if you are not seeing results. So, make a change and start taking yourself to the office.
Ideas that Motivate
Your office can be a great place to change up your routine. When you work from the office you have the advantage of feeding off your coworker’s energy and networking with others. Start some healthy competition and see who can make the most contacts in an hour.
This is the idea: Generate activities to keep you motivated, on track, and your head in the game.
Maybe the opposite is true for you. If you work from the office and you feel unproductive, take a moment to reevaluate your surroundings. Is your office dark? Are you surrounded by negative coworkers? If this is a constant, consider changing offices.
Bottom line, look for ways you can change where and how you do work. This change can inspire a creative way out of your career hole.
Final Thoughts on the Real Estate Slump
Well, they say having a plan is the best preparation for anything. Knowing that there are steps you can take, even in the middle of a real estate slump, is reassuring.
We talked about having a positive mindset, digging deep with your database, and changing your environment. These measures help you deal with a real estate slump.
When practiced daily, these measures are preventative.
Remember, that even the best agents fall prey to a real estate slump. It’s not the slump you should worry about, but the way you react to it.
What other habits helped you out of a real estate slump? Share them with us!
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