How to Redefine a Tough Market

How do you see the market? Is it something that feels totally out of your control?

I believe there’s an opportunity to redefine a tough market in new home sales.

The market was red hot, and everyone was a genius. Sales professionals were heroes and heroines. Sales managers were the definition of brilliance. Consultants were planning their parades.

Sure, the market was strong, but it wasn’t that strong.

Was it? Much of the success came from our superior efforts. Right?

The problem in a prolonged, healthy market lies in what I refer to as the entitlement mentality of new home sales professionals. Now, that mentality says if I show up for work and handle the rush of stuff that comes my way, I will get my fair share of sales. It says, in a nutshell, the market will come to me.

Then the market suddenly changes. In the blink of an eye, you see higher interest rates, lower urgency, and dozens of non-contingent home buyers suddenly remember that they are, in fact, contingent and can’t sell their homes. Investors and quasi-investors suddenly come up with creative excuses as to why they should get their entire deposit refunded.

Something has to change, and I believe that the change toward a positive environment begins with you, the sales professional. If you are not positive and optimistic, it’s a good bet that your customer will follow your lead. So let’s start with your outlook on the market. 

Oh, wait, let’s not because the market is what the market is.

Look, we can discuss the state of the market, and it won’t change a thing. Just look at the list of factors that generally make up the housing market, supply and demand pricing economic factors, competitive forces, job growth, interest rates, and mortgage availability. The problem with that list is that the factors are all elements over which we have no control. So the list suggests that you are a victim of your circumstances. More than that, it indicates that the customer is also a victim. 

Why not simply change the definition of the market and make it work on your behalf?

I believe that’s possible. Using this straightforward definition, the market equals one salesperson plus one home buyer. The market equals one salesperson plus one home buyer.

The Market = 1 Salesperson + 1 Homebuyer

You are that one salesperson, and the next person who walks through the door is that one home buyer. Think about it. If the person that walks through the door is in a position to buy and you’re in a place to sell, how strong is the market? It’s phenomenal. It’s a genuinely great market. 

You see, the mindset of a top sales professional says thousands of people around the country will buy a home this week. Why not the person who’s about to walk into my sales office? How does that mindset affect the market factors we listed just a moment ago? Well, it renders them irrelevant.

The market is no longer about interest rates unless they affect this customer. The market’s no longer about prices and incentives unless they affect the customer’s value equation.

You must come to grips with the idea that every customer who walks through the door brings their individualized market.

The market is walking through your door right now.

The entire market is walking through your door right now, and you get one shot with this particular market. Will you maximize that opportunity? It’s only a matter of whether you will embrace or be a victim of the market.

If entitlement is the mindset to avoid, what’s the most advantageous mindset to adopt? The word to dwell on is this, maximize. You must maximize every sales opportunity and take it as far as it will go. This is the practice of top professionals. They maximize sales opportunities in a couple of specific ways.

Top Sellers Maximize Their Opportunities to Sell in a Tougher Market

True sales professionals take advantage of every conversation and advance every sale as far as possible. So you have to look at it this way. When a customer walks into a sales office and leaves without buying, someone’s stopped the sale. Who did that? The prospect might block the sale for several legitimate reasons, but you must always continue the sale.

You must take every sale as far as it can go.

Top Sellers Maximize Their Opportunities to Grow in a Tougher Market

Please allow me to be candid with you. I made a lot of money in a great market, but I learned how to sell in a tough market. I often tell my clients there are lessons to be learned in times of adversity that cannot be learned in times of prosperity. Are you willing to embrace those opportunities to learn and grow? You won’t do that by default. You must have a plan.

Current market conditions will allow you to succeed in new and exciting ways. If you commit to that goal now and want to learn more about mastering a tough market, I have good news. I’m updating and rereleasing Tough Market New Home Sales at the beginning of 2023. 

Until next time, learn more to earn more!


FREE TRAINING:
Get BRAND-NEW episodes of Jeff’s 5 Minute Sales Training sent to your inbox every Saturday!

Sign up below.

 

About the Author: Jeff Shore

Jeff Shore is the Founder and CEO of Shore Consulting, Inc. a company specializing in psychology-based sales training programs. Using these modern, game-changing techniques, Jeff Shore’s clients delivered over 145,000 new homes generating $54 billion in revenue last year.