Do these Keep Calm memes really have a calming effect? Or are they meant to be just smiled at and swiped away?
Can you really keep calm and keep selling real estate in these times?
There are good times, there are bad times and there are ordinary times. If you’re a real estate salesperson or specifically speaking, a real estate broker like me, you’ll guess which of these times are we experiencing right now. These are definitely not good times to be selling real estate, and whether these are bad times or ordinary times is something which will be determined by your attitude. And believe me, it’s your attitude which will help you get through these times, whatever they are.
But first, a little bit about the good times. What exactly were those? When the good times came, we thought they were better times than before. It’s only now, in hindsight that we’ve classified them as good times. What brought them about?
Real estate has periods of volatility. It has surges of demand driven by the collective belief of investors, veterans or newbies, that the price of every bit of property bought now is bound to rise in the future. When fuelled by a flurry of new developer projects this demand remains unsatiated, bringing in hordes of investors. My first sales in real estate coincided with the beginning of this boom, sometime in 2009. And most of those sales were from walk-ins at sites. Eager and confident investors, in a hurry to ride the boom. From site walk-ins to office meetings to references, the sales kept pouring in. It was also a very competitive time but in spite of that, almost everyone made sales, and more importantly, money.
But there was always that uncertainty about how long the good times will last. We all knew that this is a cyclic sector and things can and will reverse suddenly. In 2014, that’s what finally happened. But no one wanted to believe it. It was like sitting in a cinema theatre, when the lights come on and the usher comes up to you and says “Hey, the show is over, get going”. We look at each other and say “Wasn’t this the interval?”
Now, whether the show is over or it is the interval again depends on your interpretation and most importantly, your attitude. If you walked out of the theatre, you walked out of real estate. If you stayed, you’ve been experiencing the longest interval ever in real estate.
So, how do you get the show running again? How do you keep calm and keep selling real estate?
First of all you should stop thinking about the good times, the sales you made and the money you generated. But don’t forget those times completely. For there’s something else also that we generated. Goodwill.
If after closing your sale you managed to follow-up with good after sales services, you probably made an acquaintance for life. Those acquaintances, those loyal clients of yours have stayed connected with you. Whether they’re stuck with unable-to-exit investments or were lucky to have cashed out, you’ll notice they’re always eager to chat about the present day market conditions. So keep those conversations going. They might have turned cautious now, but they or someone in their family or circle of friends is a potential buyer. And you’re more likely to close a deal with such a buyer than with someone who’s fishing all over the market. So keep calm and keep talking.
Now real estate has always been a very uncertain trade. Even in the good times after you’d made a sale, you were unsure when your next sale would happen. You had to start from scratch, from zero. But somehow, you’d be off the mark soon. This is now a different innings. Getting off the mark is getting difficult for you’ve been stuck at zero for too long. But keep calm and face up. If you’re hungry for runs, they’ll come, if not in fours and sixes, they’ll come in singles and twos. But the days of being a solitary player are over. To score now, you need to be part of a team, sometimes a batsman, sometimes a runner and sometimes a 12th man. The independent real estate consultant aka broker will soon be a marginal player in this sector. So keep calm and be part of a real estate sales team.
Is being just part of a real estate sales team enough to generate sales? Not necessarily. I’ve found that clients have become increasingly confused about what they’re looking for. We could blame it on the fact that it’s now a buyers market and a client is in no hurry to close a deal. They’ll also embarrass you by possessing more knowledge about the projects you’re driving them around to. Are you in your eagerness to close a sale discussing every available project in your city? Don’t do so. Stay focused on a few reputed, remunerative projects. Stay ahead of your client. Keep calm and keep focused on what you know.
The biggest advantage of being part of a sales team is that you’ll get to sell an exclusive project picked up by your team from a developer.That does away with half the competion. One half still remains, those are your colleagues. They’re friendly competion, you’ll win some, lose some and share some sales. All that’s there to be done is to create a buzz about this exclusive project.
A buzz? Now that’s another post !
At the beginning of this post I mentioned attitude. It’s a metaphorical synonym about keeping calm. So, keep calm and keep selling real estate. The sales will happen.