Punch your goals in the face!
Prior to being the Team USA head coach, Arjun Dhingra became a Taekwondo competitor inspired by watching the early version of the film “Karate Kid” – he was not going to be bullied anymore! He competed internationally in 2007 as things picked up in his division globally, and retired after his third world championship in 2014. He competed in a Patterns skillset division, and now coaches in the Fighters skillset division, and knows what it means to refine the skill of effective execution. For over 20 years, he has used the skillset from this champion arena to serve the Real Estate industry as a mortgage professional. Here are some of the lessons we can learn from Arjun!
How Taekwondo lessons apply to the Real Estate Market: Preparation
What market are you being trained in? The previous wave in the Real Estate market may have offered a false sense of security, allowing agents to think they are the magic making it happen when in reality homes and mortgage products fundamentally sold themselves between 2020 and 2022. We saw service levels fall as they were traded for speed.
About a year ago from the time of writing this article, inflation and mortgage rates influenced a shift, and became a household name. Many agents feel they have been jabbed, even punched straight in the face. Arjun has endured the cycles of the market trends over the last 20 years, including 2008. His experience tells us this season is nothing like those tough waters, and he goes on to share where opportunity lies if you know how to frame your thinking.
The right patterns, mindset and practices for valuable service can make this market the best years of your business.
See the lessening competition in the marketplace
The market is what you make of it: we can expect roughly 600,000 Real Estate Agents and Lenders that will exit the business in the first two quarters of 2023. Is that a sign of a crashing market? Should we believe the fear-pedaling we’re seeing in News Media headlines?
A shrinking pie means shrinking competition. Relatively speaking, we are still fighting for the same market share and this is how you see this as opportunity. Train for longevity by getting back to fundamentals and set yourself up for massive success in any market!
Set yourself apart: Lead your clients
If you read carefully into the stories behind the headlines, you will see through the sensationalism and create your own analysis that you can then offer as value, confidence and clarity to your clients. Recognize the need for leadership here and set yourself apart as an advisor – your clients need your help!
You are first an informant, then an agent. Your role is to tell the truth and be the tone of calm. Negativity may get clicks, but your ability to bring the truth will draw people to you and build a community. Be the light!
Practice and Pattern:
Daily interpret one metric of the market by telling a story and use this outline with your clients:
- I’m studying the market constantly
- Here is what is happening
- Here is how this impacts YOU
Selling is about connecting: Build trust in your community
If you find yourself saying, “I don’t know what to talk about,” regarding your clients, put on the ears of the consumer and research what fears they face most frequently.
- Housing bubble
- Housing Crash
- Overinflated prices
- Is it a good time to buy?
This is what you can speak to; let your content strategy be built around what they want to hear, not just what you want to say.
Patterns over feelings
New Year’s resolutions and goals we set often are not followed by a real plan for execution. We expect to gravitate toward what we set in front of us, and we fail. Instead, expect to win and then prepare with processes to win daily, weekly and monthly. Set the day up with “what can I do to win today?” and stack winning days into winning weeks, and winning weeks into winning months. Everyday is about getting better in one area.
When we get tired or think we have all year to complete the “resolution” we set up, we get lazy. When we focus on winning today, there is a real sense of urgency and healthy pressure to stay on track.
Pressure is privilege! Welcome it. You’re in the arena with a chance to win, and that should not be taken for granted.
There is hope
Compared to the 2008 market, for context your market has buyers, loan products and liquidity. Banks are capitalized and positioned with healthy balance sheets. In ‘08, many realtors and lenders faced the very real fear that they would never make money on the work they put in. Housing is still an asset! This market requires the right mentality; opportunity is ready for the taking. You can outlast the technological beast we are all competing against.
Now is the time to serve.
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