21 tips for managing your mind in a tough real estate market

As the real estate market changes, the EAC’s Coping with the Cool series draws on the knowledge and experience of experts to guide you through challenging conditions so you can sustain your business now, and continue to grow it in the future. 

During a tough market, people often think the greatest challenge agents face is listing or selling a property. But in reality, one of the most difficult obstacles to overcome can be our own sense of resilience, as we struggle to achieve the same results we have been achieving over recent years. One listing lost, or one month passing without a sale can seem like a glitch, but a few in a row can make us question our abilities, our financial and job security and our futures. 

Making sure you control your mind and your negativity at points like these, rather than letting it control you, can be crucial to getting through less lucrative times, so you can start to excel again as the market picks up. Industry expert, Lisa B, has seen it all during her time in real estate, and offers 21 valuable mantras for managing your morale and your mind in a tough market. 

In a softening market, your mindset is everything. Research suggests that practising a behaviour for 21 days can help create a routine or habit. Try these simple mantras each day, for the next 21 days, to help remind you to always try to be positive so you can conduct yourself with genuine passion and energy, even at the toughest of times.

  1. Always have good things going on in between your ears. As Brian Tracy says, your car needs to become your university on wheels.  As you are driving to work, going to your appointments or driving home, listen to motivational podcasts, CDs or audiobooks.  When you start your car, make sure you are listening to something inspiring!
  1. Start the day the best way possible. Start the day with a win.
  1. Choose not to hang around negative people that suck your energy.  Surround yourself with people who share their energy, who motivate each other, and who create a culture that is all about counting the wins, not the losses.
  1. Plan, plan and then do. If it’s quiet, always prepare for when it will be busy.
  1. Everyone has a rough day, get back on the horse and go find some business! When it’s not busy, you might feel like you’ve lost your touch or things just aren’t going right for you. On those days, it’s more important than ever to pick yourself up, set your sights on a goal and get busy achieving it.
  1. If you feel like you’re in a slump, the best thing you can do is take action! You need to practice the RIGHT actions to get leads. You need to sew the seed for when it’s busy.  Prospect. Follow up. Get to work!
  1. Tell yourself you can do it, and mean it! Check in with your internal dialogue. Pay careful attention to what you’re saying to yourself. Positive and motivating self-talk can carry you through some challenging situations and enable you to guide yourself to the other side. Stop any negative self-talk!
  1. Model the best people. Never be scared or embarrassed to ask for help. Call or go and see a top producer and listen to what they have to say. Get a coach. Get an accountability partner.
  1. Set a goal to prospect every single day UNTIL you don’t HAVE to prospect anymore. You must always look for new business.
  1. Aim to improve a little each day. Improve your listing presentation, improve your prospecting, improve your follow up.
  1. Don’t complain, if you aren’t taking action. You can’t complain about the market if you aren’t TRYING to get RESULTS. Instead of complaining about the market, complain about yourself not prospecting. Then do something about it.
  1. Identify your limiting beliefs and overcome them! Is there anything holding you back? Do you believe you can’t do something or that you can’t achieve something? When you believe you can do something, it can have intense influence on your ability and your drive to actually achieve. Athletes often practice visualisation so they can actively and completely believe in their abilities. Many swear by this activity as a method for getting them over the line faster and smoother. Visualise your goal, believe you can achieve it, then get started!
  1. Be honest. It sounds simple, but it can be one of the hardest things to do. Identify what you need to do. Then be prepared to do what needs to be done.
  1.  If you don’t know what you DO want, write down what you DON’T want, then reverse it. Clear goals keep you looking towards the future.
  1. Believe in your company and believe in the methods you use. They have worked for you in the past as a foundation for success and they can keep working, if you keep working!
  1. Know that every day is different in real estate. A buyer could walk in at any minute and buy a property that you’ve had listed for weeks or months. Always be positive. Expect that great things can happen at any time.
  1. ANYONE can tell when you are desperate. You need to come across as though you want the work, not that you need it. Relax. Focus on the needs of the person you are with. That’s it.
  1. Every morning, do the thing that you DON’T want to do, first. If you have no other wins in a day, getting that one task out of the way is a victory!
  1. Whatever scares you about real estate — conquer it! Feel the fear and do it anyway — the only person who can hold you back, is you!
  1. Get in touch with the reality of the situation. If the market is quiet repeat this… ‘It’s not going to be like this forever. It’s not going to be like this forever’, because you know what… it won’t be!
  1. Remember, people are always going to buy and sell. Sometimes the simple act of rationalising the situation — adding in some common sense and logic — can help you move away from thinking emotionally and enable you to see the situation for what it truly is, a short-term hold up.

What’s most important is to always remember the real estate market fluctuates: just like the hot market was temporary, the cool market will also be temporary. Adapt to meet the current conditions, but don’t be afraid to plan for and look to a less challenging future, taking valuable lessons from your experience during the cool.

Lisa B
EAC Industry Reporter
Real Estate Coach and Trainer
0412 210 558

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