Selling Soulfully with Jennifer Allan

In my last blog, I mentioned that I refuse to work with agents (on a consulting basis) if their only explanation for their struggles is to blame the Other Guy. If someone isn't willing to first look in the mirror to find the solutions to their dilemma, I know I'll be of no use to them!

But let's talk about blame for a moment... rational blame versus irrational blame.

I think it's pointless to "blame" our clients for our troubles. Oh, we real estate agents are experts in doing this - after all - the phrase "Buyers are Liars" is deeply ingrained in our industry, as obnoxious as it is (don't get me started). We ridicule our sellers for wanting Top Dollar for their home in Less-than-Top condition, or for "needing" a certain sales price to be able to sell. Well, guess what? The ability to resolve these transaction-specific issues IS our job and the reason we're paid the way we are. If we can't empathize, thus effectively communicate with our clients, then that's our fault, not theirs.

That's a topic for a different day.

Today I want to talk about the other thing we blame for our struggles - The Market. And y'know what? I'll buy that. I do think it's perfectly reasonable to blame the market and/or the economy for a failing (or frustrated) real estate career. Hey, if buyers aren't buying, there's NOTHING we can do about that - we certainly can't manufacture buyers if none exist!

So, what if YOUR market sucks? And some certainly do. I've been contacted by agents in most of the infamously sucky markets, including Las Vegas, Florida, Michigan and Phoenix, wanting to know if I can help them. Well, frankly, I'm not sure I can, at least not in the time-frame they need in order to survive.

Here's what I ask these struggling agents:

JA asks: "In your market...

...is there business to be had, if you could figure out how to get it?" (One agent I spoke with said that the very top producers are selling no more than a dozen homes per year. If this is true, I'd say that no, there is NOT much business to be had at this time).

....are there buyers?" (Of course, this is related to the first question, but a bit more specific. In some markets or specific market areas, there simply may not be a buyer on the planet right now. Again, there's nothing that can be done about that.)

... are houses selling?" (Many agents ask me for help getting listings, but when I ask this question and the answer is "no, not really," I have to wonder why one would want listings!)

If you work in an unviable market, then you need to make some tough decisions; decisions that may conflict mightily with your gut. Here are your options as I see them:

1.       Focus on the future - stop fretting about the NOW and strive to increase the number of raving fans in your Sphere of Influence. When good times return (and they will), you'll be one of the few still standing. Of course, this requires that you have an alternative source of income or that you drastically curtail your lifestyle.

2.       Back off... slow down... take a deep breath. ARE you doing what you know needs to be done to generate business or are you so scared and frustrated that you're spending most of your time bon-bonning on the couch (or behind the keyboard)? Don't declare the market dead if you haven't given it a good effort. Even if your good efforts fail, at least you'll know you tried. Re-evaluate your business plan and review (or create a list of) your activity goals. Are you holding up your end of the bargain? If you can honestly say that you aren't, give it a few more uber-focused months and see if things turn around.

3.       Quit. Yeah, quit. There's no shame in throwing in the towel and moving onto something else that pays the bills and allows you to sleep peacefully at night. I know lots of agents, great ones even, who have chosen this path and they're actually proud of themselves for making this very tough decision.

But... if your market is okay (and many are), stop blaming the Other Guy for your troubles and let's get you back in the saddle!!!

JUST RELEASED!

While I don't advertise it, I do some one-on-one consulting for Very Special People. By VSP, I mean, people who buy into the Sell with Soul philosophy (yeah, I discriminate) and who are intelligent and self-aware enough to 1) be willing to play outside the box and forego traditional wisdom most of the time and 2) are willing, even eager to ask "How did I contribute to this problem" rather than simply whine about how everyone else on the planet sucks.

Anyway, wanna guess what the most common consultation I'm doing these days is? Seducing a Sphere of Influence? Nope. Writing a Non-Dorky Announcement or Reconnection letter? Nope. Getting a difficult listing sold? No again.

"I'm thinking of quitting. Can you help me decide?"

Sounds kind of grim, doesn't it? And yeah, most agents who contact me with this question are, frankly, out of time. Either something has to happen RIGHT NOW or they're in deep doo-doo. Or, rather, deeper doo-doo.

What I'm about to say here may not be popular but the answer many of these consultees have gotten from me is: "Yes, I suspect you need to quit, at least for now. Maybe not forever, but for now, it's probably the right thing."

Are you asking yourself this question, or some version of it? You don't have to answer me out loud, but if you're at this point in your career, please don't be afraid to explore your options. There is NO SHAME in redirecting your career if that career is putting you and your family at risk of financial ruin. THIS IS A TOUGH BUSINESS! Yeah, we all know that, but sometimes we forget the reality of that statement. When something is "tough" that means a whole lot of people aren't going to make a go of it - maybe even you or me!

I'm not saying that giving up is the only option; of course it isn't. But it IS an option. Don't let your pride, ego or fantasies get in the way of making the right decision for you.

I'll probably write some more on this topic - stay tuned.

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Ahhhhhhhhhh... I remember when my average monthly income was $23,500... which meant some months were even higher. I remember two $50,000 months in a row. I remember the year I broke the $300,000 mark. I remember the year I burned out and half-heartedly worked only six months ... and brought in $179,000.

Sigh.

Trouble is, I got into the habit of spending those dollars, not frivolously, but spent them I did. If I wanted a new kitchen, I got it. A sweet little investment property that seemed like a good deal - I bought it. And yes, there was a bit of the princess in there - weekly massages, daily "maid" service and a cute little Caribbean blue Miata I just had to have.

Easy come... easy go.

And speaking of easy - it's an easy habit to fall into when you work on commission - treating those enormous commission checks like Monopoly money and assuming there are plenty more growing on that money tree in the back yard.

I haven't seen a $23,500 month in awhile! Neither has anyone I know.

We Old Fogie agents developed some poor spending habits during the days of prosperity; habits which are hard to break.  But break them we must. We need to practice using that dirty little word... NO.

I can proudly admit that I have curtailed my lifestyle, although it took awhile to admit to myself that I needed to do so. And then some more time to actually listen to myself when I told myself NO. I'm far from perfect and I still spend money I probably shouldn't, but I can promise you, when those $50,000 months return, I intend to maintain my frugal lifestyle (although I really miss those weekly massages)!    

Many of my Old Fogie agent friends are giving lip service to the idea of cutting back. But they aren't doing it. They're so used to the good life they don't see that many of what they consider "necessities" are actually ridiculously luxurious. New Years Eve in Aspen, a ski pass to Vail, season tickets to the Nuggets, gourmet coffee imported from Costa Rica, monthly facials and weekly visits to the acupuncturist.

Hey, I understand how hard it is to sacrifice in response to what we hope is a temporary downturn in the economy. And I hope with all my heart that my current state of frugality soon becomes a choice, rather than a necessity. But in the meantime, I can almost FEEL that character building!

Okay, okay - if you MUST spend a few dollars... 

The All New Sell with Soul Bookstore 

As promised, I'm writing a little series of blogs on how I'm coping with this ... ahem... more challenging real estate market that my not be going away any time soon. Phooey on affirmations and positive thinking - let's get to WORK! (okay, so there's nothing wrong with positive thinking - please continue to do it).

In the past, I've written about how it's just fine to stay in your comfort zone - especially if you're an introvert. My assertion has been that most of us are just fine the way we are - that we have plenty of skills and talents and wonderfulness about us that we can utilize in our business-building efforts, without doing something new and, well, scary.

Been thinking about this lately, especially with the dramatic decrease in the volume of business up for grabs in this less-than-vibrant real estate market.

When the pickin's are scarce, sometimes it's necessary to be a bit more aggressive to get your share of the available pie. Let's face it; in many markets there simply aren't that many buyers and sellers out there, so it's likely gonna take some extra effort to track down the ones who are.

For the Power Prospectors among us (which certainly doesn't include ME), this is no big deal. In fact, the PP's might actually enjoy the challenge. But what about us more Reluctant types? Those of us who shudder at the thought of chasing down our prey? Am I advising us to do it anyway? To ignore our fears, our hesitancies, perhaps even our conscience?

Probably, maybe and no.

Ignore your fears? Probably. Your hesitancies? Maybe. Your conscience? NO.

FEAR: Earlier this year I started speaking publicly which terrified me at first, but I got over it and now I LOVE it. I conquered that FEAR by facing it and am a better person for it (and a bit wealthier since now people pay me to speak!).

HESITANCY: I have a HESITANCY of approaching FSBO's and Expired listings. I worry about making a fool of myself and dread the thought of being rejected, although I believe with all my heart and soul that I can help and might just be the best thing to ever happen to them. To date, my hesitancy to prospect to FSBO's and Expireds has kept me from doing it. I also HESITATE to spend any money on advertising, farming or web-lead purchase because I don't believe it's an effective use of my precious dollars. However, if you think it might work for you, there's certainly nothing wrong with such promotional activities.

CONSCIENCE: However, my CONSCIENCE will not allow me to do anything that resembles making a nuisance out of myself - that is - pestering my friends or pestering strangers with cold-calls, door-knocks or annoying pleas for referrals. No matter how desperate for business I might find myself, I will not subject other human beings on this planet to that desperation. That good old Golden Rule... don't do to someone else what you wouldn't want done to you...(and I tell ya, I despise telemarketers).

So, what's the punch line?

Well, that it may very well be necessary to step out of our comfort zones in order to survive this real estate market. However, that doesn't mean we have to abandon all our principles and throw ourselves on the altar of Old School sales philosophies.

When considering a new prospecting technique that you aren't terribly excited about...check with your gut. If your gut is just nervous because you haven't done it before, you might want to give that idea a shot. However, if your gut is telling you that it's wrong, then mark that particular idea off your list!

What are some of your fears & hesitancies that you're willing to explore? REO's & Short Sales? Daily blogging? SOI'ing? FSBO'ing? Foreclosure auctions? Open houses? Networking? I'll share mine if you share yours!

www.SellwithSoul.com

I've been thinking (and writing) a lot lately about the realities of today's real estate market. While I'd love to be all Rah-Rah and Positive and Enthusiastic and Optimistic, I just don't think such emotions are necessarily warranted in many parts of the country. I'm lucky to work in a market (Denver) where real estate IS moving - there ARE buyers; there ARE sellers and there IS money to be made by the real estate community. In fact, I've even played in a few bidding war games the last several months for retail properties (that is, not underpriced REO's).

But that doesn't mean I'm not worried or stressed, and so is everyone else I know whose livelihood depends on real estate closings. And I can't even imagine what it must be like to work in markets like Detroit, Tampa or Phoenix. Or, for that matter, to be a brand new, green bean rookie agent.

Fact is, it's tough out there. Not impossible, but tough.

Don't get me wrong, I think this will pass and that there will be a tremendous backlog of business unleashed upon the agents who are still around. The Good Old Days will very likely return to some degree, hopefully sooner than later. But the challenge is to still BE around six months, a year, two years from now when those days are here again.

So, in my own self-interest, I've been examining some of my pet teachings to see if they still apply "as written" in this less-than-vibrant economy. I'm willing to make some changes to my business model in response to changing market conditions. But what changes exactly?

That'll be the theme of this week's blogs! Stay tuned and Happy Monday!

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