The conditions in the housing market over the past few years has been atypical to say the least. Home prices have been rising at a rate not seen in some time, mortgage rates have mostly stayed very low, and thanks to broad economic recovery, the demand for homes among buyers is currently incredible. All that has been good for the housing market as a whole, but it may have also created some impressions among newer real estate agents.
Much like buyers and current owners have grown very accustomed to low mortgage rates over the past few years - when rates were more likely to be below 4 percent than above it - new agents may have become used to a housing market in which properties sell themselves and demand is incredible. But these conditions, particularly those observed over these past few summer months, aren't likely to last forever. As such, newer agents would be wise to get a feel for what a normally functioning housing market is like, and how they can stay motivated when things slow down, according to Inman.
What does that entail?
Staying motivated is, of course, a vital part of doing any job successfully, but in real estate, when agents have to sell themselves and their properties with enthusiasm, it's particularly important. When things slow down a bit, agents will have less on their collective plates - which may help them concentrate on other aspects of the real estate game - but that might also mean it's harder to get excited about going to work every day.
Another issue that could come up when agents have fewer clients to juggle is that they're likely to see their income decline somewhat. To that end, it's crucial to put as much into savings as possible when business is booming, so any potential slowdowns don't affect their personal or business finances too significantly.
In addition to these steps, it's also vital for newer agents to make sure they've forged enough professional relationships to sort out any issues encountered when the summer buying season comes to an end, according to The Preferred Realty. Having experienced real estate pros to lean on for advice and support is always a good idea, even when business is good and times are busy. When it comes to those first starting out, in particular, finding ways to stay busy and build professional skills with the help of other agents or brokers can go a long way toward getting ahead in the business, even if the short term isn't as bright.
Above all, it's important to stay positive. Real estate is cyclical in a lot of ways, and the ability of any agent - regardless of experience - to deal with all the possible hurdles that may come along is as much a part of the job as helping clients through the various stages of the real estate sales process.
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