Making the Most of Market Lulls
Written by Suze, May 25th, 2017
I’m back! I’ve been taking a back seat on the blog these past weeks fostering ideas and leaving the writing to Ali, but I was excited enough about this weeks perspective shift that I thought I’d step in.
It’s late May and signs of summer finally seems to be showing up in most places. This is an excellent time to be preparing for the possibility of a market lull.
Market lulls often occur in December and in the summer months. It can be hard to see that they are a powerful opportunity for the REALTOR® who plans to make the most of them and incur significant benefits for themselves and for their clients.
We know from experience that being frenetically busy is bad for business. So does that mean that not being busy is good for business? It absolutely can, if you’re wise about it. If we ignore the myths often associated with market lulls and take a look at the facts, some interesting ideas show up.
Myth number one: It’s hard to sell homes in market lulls.
It may take more time for listing to sell in a slower market but typically the number of transactions doesn’t drop by very much. Check the numbers for your area but our research tells us that the number of transactions during the summer months is typically only about 20% below the number of transactions in the busy months. That means that 80% of the transactions and the associated commissions are still available to be earned.
Myth number two: It’s a good time to take off and not work.
This may be true if being off work and being with your family are your highest priorities and by all means, if you want to and can afford to, take it off. A lot of top performing agents do take the summer off so this is a great opportunity for those who stay to get a bigger share of the transactions that are happening and to build new relationships that could erode the market share of some of your toughest competition.
Myth number three: Market lulls kill our personal momentum
This one’s not as much a myth as a choice. It can take longer to sell houses, and clients’ energy levels can feel lower, but you can choose to take this slower tempo to engage. Relish in having more time to find the perfect solutions for your clients, do the groundwork of strategy, build new skills, set up your structures, and set your future self up for success. We know that busy is a mindset but in fact, non-busyness is a mindset too.
If you are lucky enough to experience a market lull in the coming weeks and months, grasp this opportunity to build the mindset, the habits and the attitude that is key to building a more successful real estate career. It’s a great time to get some additional training, start a powerful coaching relationship or establish an impactful mastermind group.