2024 has been quite a year for the housing industry. Interest rates kept us on our toes, the dust is still settling from the NAR settlement, agents are retooling their buyer and listing systems, we are digging an even greater hole in terms of our inventory, and now we even have insurance issues to bear. This year challenged both new and seasoned real estate professionals. Despite the challenges, there are big opportunities ahead for agents who know where to look.
Highly acclaimed by past attendees, State of the Market includes crucial information about important changes happening in our industry, historical and current market conditions, researched insight and predictions of where our market is going, and opportunities and talking-points for brokers to explore and capitalize upon.
The single most important trait a real estate agent has to master isn't great selling skills, it's not being able to show a house, and it's not being able to do a great listing presentation. Don't get me wrong, all these things are useful skills that will improve your business. The single most important trait is personal self-discipline.
We get in our own way, preventing our own business from growing. We don't have systems that are working because we are missing the personal self-discipline to create them, engage with them, delegate them, and more.
Personal self-discipline is something I had to learn how to master 30 years ago and what I did - as many of you that regularly listen to me already know - is I started my daily Hour of Power. I do it first thing, every day, because I know that's the best time for me to not be interrupted. I do this because it helps me to make sure that the systems that I have and want in my business actually get executed and implemented.
The biggest problem agents have is a lack of consistency and this too starts with personal self-discipline. You must have the personal self-discipline to:
Self-discipline can be hard when the business of the business is keeping you busy. Meaning, the phone rings and you are the fire fighter. You are off and running, “OK, I gotta put that fire out!” While you are out there fighting fires, it's the things that you neglect that require discipline. That means that you have a system and you follow it on a regular basis - whether you are fighting fires or not.
For many real estate professionals, that means having some kind of accountability in place. No, not the “I need a paycheck accountability.” By the time that accountability rears its ugly head it is getting too late! This is a business that can be pretty lonely. Most agents don't have someone that keeps them accountable - an accountability partner, a coach, a managing broker, a spouse. If you're in that boat without a partner, that means that if your business is suffering and isn't successful, then chances are you are not doing those things that you need to do to produce success and there is something that you are neglecting.
How do you do it? First, figure out what are those tasks that require personal self-discipline. For me those tasks include past client care, making sure I'm doing great with my current clients, and all that follow-up with people who are on my radar, my future clients. Set aside a regular time every day where you can consistently focus on those tasks for a limited period of time. For me that's my Hour of Power in the morning. Then do it. Set an alarm. Put it on your calendar. Build the habit of tackling that essential part of your business each day.
By Denise Lones CSP, CMP, M.I.R.M.The founding partner of The Lones Group, Denise Lones has over three decades of experience in the real estate industry. With agent/broker coaching, expertise in branding, lead generation, strategic marketing, business analysis, new home project planning, product development and more, Denise is nationally recognized as the source for all things real estate. With a passion for improvement, Denise has helped thousands of real estate agents, brokers, and managers build their business to unprecedented levels of success, while helping them maintain balance and quality of life.