When we’re doing a lot of deals and everything is running well in our business, it’s easy to miss the early tremors of a shifting market. What are the details we need to pay attention to in order to know that something is coming? Which market should we pay close attention to? How do we make sure our businesses are well-balanced? On this episode, Mike Bjorkman shares how he managed to thrive through two market shifts, and the early warning signs we should be paying attention to.
We want to make sure we’re positioned well for anything the market does. -Mike Bjorkman
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Three Things We Learned From This Episode
- Even when things get tighter financially, never scale back on your coaching
During a shift, a lot of teams leaders are going to freak out and start tightening up the purse strings. They usually start to cut back on coaching and lead generation, which are the two things they need most. Coaching is critical for making through a market shift and you should be scaling it up, not down.
- Coach your sellers to adjust their expectations
Sellers need to be coached through a market shift as much as our agents do. They have to learn what their results are indicating about the market and understand that agents are going to be comparing their house to better deals.
- Maintain a balanced book of business
We need to grow our institutional clients while simultaneously growing our residential and retail business. As we do both, they will feed off each other and our businesses will last a long time and get us through any shift.
Most of us only look at the downside of a market shift or downturn, but this actually makes us miss out on the upside which is all the opportunity such an event creates in our industry. Shifts are where the real money is made. They are chaotic, but that actually creates opportunities and gives you a shot to take up more of the market share. In order to do this, our businesses have to be well-balanced and protected, and we do this now by bringing more value to our relationships, taking as many listings as we can, and investing in coaching.
Mike is the Broker/Owner at Team Bjorkman Real Estate. He is also a real estate coach and podcaster. For more information, go to https://teambjorkman.com/