Category: Productivity

How a coach can help you gain the skills to succeed in a changing real estate market

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by Buffini & Company

As the real estate market continues to shift, it is only natural that buyers and sellers are feeling anxious. Buyers are concerned about rising mortgage rates and how that will impact their ability to purchase a home. Sellers are concerned that they might have missed out on an opportunity to sell their homes for top dollar. And for agents, many of whom have never worked in a so-called “normal market,” it’s a whole new environment, as well.

There is still ample opportunity in the market for buyers and sellers, as well as agents, said David McGhee, vice president of coaching at Buffini & Company. What will be different is the skill set agents need to develop to succeed.

A “pro’s market”

As the market shifts, it will be a ‘pro’s market,’” McGhee said. “It will be the agents that have sharp skills and knowledge in areas like negotiation and leading a client through the ups and downs of a transaction.”

James Bell, a longtime Buffini & Company coach, agreed, noting that newer agents who have not had this type of training should consider it now. In doing so, he said he feels that their business will greatly benefit from it, positioning them for future success.

“I believe that there are probably 10-15% of [those newer agents] who will look back at 2023 and 2024 and say, ‘Those were the years that turned my career around,’” he said.

Allison Oster, another longtime Buffini & Company coach, agreed. “Brian Buffini [the company’s founder and chairman] is reminding everyone about the importance of the ‘three-legged’ business model,” she said. “That includes sales and marketing, customer service and financial management.”

Oster said she also stresses to the agents she works with to “keep in front of your database and take good care of your clients.” She adds, “People don’t buy or sell because of mortgage rates. They buy or sell because of what stage of life they are at, such as having a new baby or becoming empty nesters. Stay in touch with them, because you don’t want to miss out on any opportunities.”

Keeping the right perspective

It’s up to the agent to set and manage their clients’ expectations, McGhee said. For buyers, this is still a good time to purchase a home, because there is less competition. Homes are staying on the market for weeks now instead of just days, which gives buyers a bit more breathing room. It also gives them options to ask sellers for concessions, such as paying for points.

And for those buyers concerned about paying a higher mortgage rate, McGhee said this is another area the agent can advise them on.

“You need to learn all about the different loan products that are out there,” he said. “Reassure buyers if they take out a mortgage now, they can always refinance in a few years.”

“Before, clients were settling for a house because the market was so hot and things were going so fast,” he noted. “And with less competition now, remind them they can really focus on finding a house they love.”
For many sellers, there may be resistance when it comes to pricing their home.

“Sellers need to know if they price their house right, it will sell,” McGhee said. “But they also have to keep perspective on how things have changed over the last few months, too.”

Experienced coaching through every market

McGhee noted that although it’s a new market for many agents now, it’s not for Buffini & Company. “We have been coaching clients for over 26 years, through every type of market, including the Great Recession of 2008,” he said. “And we know that training and coaching gives you the important skills so you can succeed and be the trusted professional that your clients will come to rely on.”

To learn more about Buffini & Company’s coaching programs, visit www.buffiniandcompany.com/coaching.

Are you stepping on the field without your playbook?

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By Kathleen Black

This is the moment. The game is down to the wire with both teams tied for the win.

You look to the left for a signal of the play that will take your team to the top. You look to the left again, then to the right.

You start to come to the frantic realization that you have no clue what play will save the day, no clue what the plays are and no clue that you even needed them.

Finally, you come to the realization that a win will be fate or luck at best. You ease your stance to assess the opposition; they must be in the same predicament, right?

Wrong. They are standing tall and confident. They look to the sidelines and are signaled to play. Not only do they have a play, but they have a full book of the best strategies to win in the quickest amount of time.

They have someone overseeing the game and signaling only after assessing the bigger picture of everyone in play … They have the playbook. You don’t. It doesn’t matter that you made the finals. You just lost the game and your top players for next season.

When was the last time you saw a pro sports team allow any athlete on the field without learning the playbook? Exactly! Welcome to real estate.

We create our business before we start DOING business: We start our business or teams before we meet our first client and before we hire our first assistant, buyer’s agent or partner.

The business does not evolve from an action. It evolves from a thought, a plan and then your perception of that plan put into action.

Perspectives are an endless sea: Trust me … I’m a coach … green isn’t green when only I see it. Until then you may argue it is black, and for you it is. At least until I am successful in adjusting the lighting.

This is why some companies give away their playbooks for free. They know the likelihood of you reading them in the spirit intended is pretty slim. The perspective dictates the way you view the content. The way you view the content dictates your results. This is true with a script, a presentation, interview questions or how you present a contract. The content gives you structure, but the delivery gives you results.

Broken plan = broken business: Most people stick with their plans for a while even when they are broken.

Most of us seem to have a natural strength in criticizing new opportunities even though they have tried, tested and true track records; but we promptly pick up our trusty rose-colored glasses when assessing our own methods. I know they are comfortable, but how comfortable is a kitchen table without dinner?

You can create reasons OR you can focus on results: A great playbook considers several things, including predictability, odds, averages and costs. This is all for one reason: to create an environment with the highest likelihood of success!

Don’t get me wrong; great results with predictability always have reasons. That is what makes them valuable and predictable. However, reasons do not always have results. In fact, without results, reasons are the enemy of progress. The best reasons get us results.

The myth: All lessons lead to great feats: Have you ever heard a story about all the lessons someone learned on the way to the top?

Sure, we all have. It goes sideways because you can choose to learn how to create a wheel, and I am sure we would all learn something from that, and even do it better the next time, or you could learn to create the most aerodynamic high-performance wheel the world has ever seen — a wheel best in class and worthy of duplication.

The myth is that all lessons lead to large feats. Mastery requires us to go beyond our mentors and idols by building upon the work they devoted their lives to. We all have the choice to bend time by learning and investing in what already works.
This is why salespeople join the industry. They have talent. They have ambition.  They seek growth. They need a system to achieve their potential, in a tenth of the time, compared to the average agent.

Average is VERY average, in a growing industry where many are throwing dirt against the wall and hoping something will stick. We wonder why there is a muddy mess of our industry’s reputation.

Kathleen Black is one of the world’s leading holistic performance coaches. She was given the Iconic Leaders Creating a Better World for All award. She is a two-time bestselling author and lives in Oshawa, Canada, with her two independent, free-spirited children, Ethan and Ella.