When the Market Shifts, by Gary Keller

Posted: October 22, 2007 in Uncategorized
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I thought that all of you might enjoy this article written by Gary Keller. It’s extremely helpful.

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WHEN MARKETS SHIFT – Six Truths to Consider

GARY KELLER – September 20, 2001

TRUTH ONE:  Markets shift – this is a way of life.  Markets go up – markets go down.  It is an ongoing and never ending series of progressions and regressions.  The cycle lives on.  So, you have a choice: to rise and fall with the tides (be reactive or rise and fall with your own intent (be proactive).  The bottom line is that people buy and sell homes in all markets.  Only the number of units and sales volume change.  And, the larger truth is that markets are always in a shift transition.  They never (except in a true depression) stay at the top or bottom.

TRUTH TWO:  When markets shift up, both reactive and proactive work.  When markets shift down, only proactive works.  Think of a shift up as a “might/might not have to” market.  Think of a shift down as a “have to” market.  The hard part is always fighting inertia or habit, and facing the key question: can you shift?

TRUTH THREE: Make no mistake, when the market shifts new strategies are required.  Market shifts require strategy shifts.  Market shifts create new rules.  New rules require new strategies.

TRUTH FIVE: The issue is not so much the shift, but how long the lag continues before equilibrium is hit.  No one knows how long this will be, so you just have to get after it, be more focused, ….and hang in there.  The larger point to

consider is that the drop off of agents is quicker in a down-shift and the increase of agents is slower in an up-shift.  This explains why agents, who hang on during the down-shift, grow and prosper when the up-shift occurs.

TRUTH SIX:  In a down-shift, it is “all hands on deck” time.   No matter what your role or what you like to do to get business, when the market down-shifts it is “back to basics” and “prospecting rules” time.  There are two ways to get business: prospecting and marketing.  In a down-shift you keep doing both, but you personally (and all your team members) now spend a fair amount of time each day prospecting.  You don’t drop marketing.  You think “marketing plus”- adding call follow-up and personal contact to all marketing.  And, to that you add straight up prospecting.  Cold calling, warm calling, door knocking, open houses are now back in style!  No more cherry picking leads.  Follow-up, personal contact and servicing are key.  Why?  Because real business leads are precious and few.

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Have an awesome day!

Dustin Curlee

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