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February 26, 2019

3 Mental Resilience Secrets of the World’s Top Real Estate Agents

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When a property market starts struggling, only the most resilient real estate agents survive. These are the three secrets the mentally resilient real estate agents all have.

Any real estate agent will tell you that the property market moves in cycles. We’re seeing that right now in Australia. After several years of a boom period, the markets in Sydney and Melbourne are on the downswing.

When the market’s at its peak, everything’s rosy for estate agents. They don’t have to scrape and claw to find opportunities because there are plenty available.

It’s when the market hits a trough that mental resiliency becomes so important. The real estate agent has a battle on their hands. They need to find new ways to achieve success.

The simple fact is that there's a clear link between success and mental resiliency.
A study conducted by Business Consultant Sarah Bond and Dr. Gillian Shapiro emphasises this point.
They conducted a survey to find out how important resilience is to career success. Their survey discovered that 99.9% of participants point to resilience as being important. 56% of those people said it was essential.

The market's seemingly on the verge of collapse and banks have made it harder than ever to get loans. Estate agents may feel like they don’t have many options. Homeowners aren’t selling and buyers have it tougher than ever.

Without mental resilience, real estate agents will not survive the market’s troughs.
These are the mental resilience secrets that the world’s top real estate agents use to survive and thrive.

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Secret #1 – No One-Size-Fits-All Approach

Real estate agents have it easy when the market is at a peak. They put a property listing up and the market does the work for them. They don’t have to graft to get the sale. Buyers flock to them and make it easy.

But when the market bottoms out, that approach isn’t going to work anymore.
Despite this, many agents just carry on doing the same things they always did. They advertise properties in the same way and don’t make any adjustments.

The mentally resilient agent does things differently.

For one, they recognise that they need to adapt so that they can negotiate better. Buyers can’t get the financing as easily and they’re going to put a lot more thought into major purchases.

Think about it like this. McDonald’s has a one-size-fits-all approach. They have their menu and you’re either going to buy from them or you’re not. They’re not going to change their approach because it’s bringing success.

That’s because the customer only has a couple of factors affecting their decisions. Are they hungry and do they have the money to buy the meal?

That approach doesn’t work in real estate. Even if someone wants a property and can access the money, they have all sorts of other issues affecting their decisions.

Are they buying at the right time? Are they ready for the commitment? How much of an impact will the purchase have on their lives?

Those are the questions you’re going to have to confront when trying to sell. Resilient agents recognise this and account for it.

Secret #2 – Behaviour Over Processes

When the market turns, the old scripts and processes aren’t going to work anymore. The agent has to adjust and account for the changing social dynamics that influence the purchasing decision.

The key challenge now lies in convincing people to bid on properties in the first place. To figure that out, the real estate agent needs to have a good grasp of customer psychology. They have to understand how a customer will behave in relation to the market they’re presented with.

The buyer is no longer confident that they can make the purchase, at least not at this point in time. And if an agent’s acting like the market’s booming, they’re not showing the behaviour that’s going to make the buyer feel confident.

If you’re behaving like the price is the only thing that matters, you’re not seeing the bigger picture from the buyer’s perspective. A mentally resilient agent understands that they need to change their behaviour. This allows them to develop new skills to reposition themselves in a tough market.

Secret #3 – Self-Awareness

So many real estate agents don’t want to accept the market for what it is. That’s what leads to them sticking with the same behaviours and processes. They’ve deluded themselves into thinking that the old techniques will work even though new challenges stare them in the face.

That’s a recipe for failure. As the reality of the market hits, the agent panics. They can’t deal with the emotions that come along with the turmoil. Eventually, they go out of business.

Self-awareness is the key. Resilient agents have the ability to tune into their internal thoughts and emotions. This means they have the emotional intelligence to confront the situation for what it is.

They can examine the facts around their faltering performance without panicking. Instead, they step back, see what’s not working, and make the adjustments needed.

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Why is This Important?

We’ve seen this inability to adapt throughout 2018. As the market has faltered, agents have started to cut back on their marketing. The methods they used during the peak periods aren’t working. Instead of making adjustments, they just stop advertising entirely.

To them, it’s just wasted money.

The problem is that this creates space for the more resilient agents to step into. These resilient agents have the ability to empathise with buyers and see what they’re going through. They don’t just see them as sales numbers. They understand the psychology behind the decisions that buyers are making.

This allows them to reposition themselves. They’re no longer operating out of the need to make a sale. Instead, they operate with the intention of helping the client. This practically delivers the deals to them.

That’s crucial for surviving during the bleaker market periods. However, it also means that these resilient agents start taking over the space that the less resilient ones leave behind. When the market rebounds, the resilient agent is in a position to capitalise.

The Final Word

It’s easy to sell during the property market’s peak. The buyers flock to you, which means you don’t have to understand the psychology behind their decisions.

It’s when the market bottoms out that we see a separation between the resilient and everybody else.

The most resilient agents realise that the one-size-fits-all approach isn’t going to work anymore. Instead, they adjust their behaviour based on client psychology. They work out what the buyer needs from the deal to make it appealing to them and adjust accordingly.

Most importantly, they’re self-aware enough to recognise when they need to make changes. Without that self-awareness, an agent may not even know there’s an issue until it’s too late. Then, they panic and fail to find a solution.

This creates space for the resilient agents to move into.

At Frontier Performance, we can show you the crucial role that your emotional intelligence plays in sales success. We’re also offering complimentary training to selected prospects. Visit our website to discover if you’re eligible.