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Inventory is at all-time low. Buyers are sitting on cash waiting to buy. There is a new real estate technology tool released every week. It’s a seller’s market. Are brick-and-mortar brokerages antiquated? Virtual brokerages are buying and leasing physical space. Pending home sales are down. It’s the hottest real estate market in years. Mortgages are at an all-time low. Should agents be full-time employees or independent contractors? New residential home starts are up and commercial construction has slowed.
That is a lot of information (or noise, depending on how you want to look at it) to contend with when you’re just trying to build your real estate business, serve your clients, lead your team and spend time with your family.
So, what is one to do? Turn off all social media, email newsletters, article alerts and media? Well, that’s one way to handle it, but that’s like refusing to look at your bank account or get on the scale because you’re afraid of what it will tell you.
Hiding from the facts doesn’t help anyone. So, how do you cut through all the noise in real estate right now (or really with any industry, at any time)? Let’s break it down.
Knowledge is power
As I mentioned above, we’ve got information coming at us non-stop these days. Often, it’s contradictory and confusing. But that doesn’t mean we can ignore it.
It’s important to be open to listening to opposing viewpoints. If you still disagree, at least you will be even more convinced of your decision. But, you may also learn something new that gives you a fresh perspective or clarity on an issue. Stay open.
As real estate professionals we have to be strategic about when and where we get our information, as well as making sure we get information from several reliable sources, while also taking all input with a grain of salt.
Learning and digesting the information and then taking that information and applying it to your situation and business turns it into knowledge that you can use to your advantage.
Be a heat-seeking missile
Heat-seeking missiles have extreme focus and clarity on their target. Are you clear on your target, your true north?
Amidst all of the information overload, distractions, competition and comparisons that we contend with each day, knowing where you are going is paramount. And like a heat-seeking missile you need to be able to adjust to changing economic conditions and movement in the market, while still keeping your eye on the end result.
As a real estate professional you have to watch the trends and know when to shift your strategies and when to stay the course. Knowing where you are going helps you cut through the noise and will allow you to pivot, move faster or slow down as needed to get where you want to go.
Use drafting to your advantage
Another way to think about this is like when you’re drafting behind another cyclist during a road race.
You stay right behind the lead bike, reducing the wind resistance and the amount of energy required to pedal. Yet, the entire time, you’re gathering data: You’re watching the road, other cyclists, keeping an eye on the hills ahead, feeling the wind shift, checking your water intake and muscle fatigue.
And when the data lines up in your favor, you make your move and pull ahead of the competition, all the while keeping your eye on the finish line.
Extreme focus and extremely clear communication
Are you sensing a theme here? Focusing on the target — your true north, the end result, your big goal — is ultimately what will cut through all of the noise.
But it’s not enough just for you to know where you are going and why. You have to communicate this to your team, your brokerage, your colleagues, your clients, your family — anyone who will listen!
Your message must be clear, concise and consistent. You too have to cut through the noise in real estate and make sure your team is crystal clear on where they are going and what they need to focus on to get there.
Leadership is first being able to synthesize all the information coming at you, applying it to your business, knowing when to make a move and then being able to communicate this to others so that your team members know exactly what to focus on even with all the noise coming at them.
Get extremely focused, and then clearly communicate the plan of action.
Head down, heart up
And finally, let’s zoom out a bit and put it all into perspective. I believe we are all just spiritual beings having a minor physical experience here on Earth.
Whether you subscribe to that belief or not, just think about the vastness of the universe and that we’re each just one human going about our day, answering texts, grabbing a Starbucks, throwing a football with our kid, walking to our car, all while the Earth spins at about 1,000 miles per hour!
Whenever I get bogged down in the day-to-day minutia, or start to get distracted by the latest news cycle, I just remind myself of this, and it pulls me back to what’s really important: Keeping my heart open and serving the moment in front of me to the best of my ability.
Yes, I’m going to keep pushing toward my goals, building new business opportunities and creating experiences for my family — that is being part of a human “doing” the world. But I am also a human being, so sometimes we’ve got to remind ourselves to just “be!”
Keep your head down, and fight for what you want. And keep your heart up and open to life unfolding for you. Those are, in fact, not contradictory statements. You can be and do. That is the beauty of being human.
When cutting through the noise in real estate (or in life), remember it’s not about just saying no and cutting yourself off from the deluge of information. That’s not helpful or realistic.
What is realistic is being strategic about the information that is coming at you and turning it into knowledge that will best serve you business, your team and your long-term goals. And at the end of the day, just remember, we’re spinning around on a plant going 1,000 miles per hour.
Keep everything in perspective. Let go. And then act!
Adam Hergenrother is the founder and CEO of Adam Hergenrother Companies