1. Play chess, not checkers
The market is dynamic, and right now it’s shifting into a unique playing field that many of us have not seen in our careers. You must be ready to adapt and strategize according to the new climate. Your business cannot resemble what it was last year when you were working in a convenient market, and you may be required to alter your talent recruitment strategy, team goals, or overall expectations.
Like in chess, play strategically and stay four steps ahead with the end goal in mind. Recessions and volatile markets are a natural part of the economic cycle and are historically followed by high returns in real estate. Study the market as it shifts and adapt through deliberate action — that’s the game and the business.
2. Know your numbers
World-class athletes are keenly aware of their numbers, whether that be split-second timing, exact stroke count, distance, and duration. Performance can always be measured. Similarly, studying the real estate market daily will make you a better advisor while providing perspective on broader economic changes that will help you evaluate your business. For example, if home sales slow down x amount, how will that impact your sales and how will you pivot accordingly? Or, which expenses can be cut without interfering with your success rates? Finally, how many recruits do you need?
3. Use self-improvement to create impact
Show bravery by evaluating yourself with growth, rather than failure, in mind. Acknowledge your shortcomings to motivate change, reassess, and repeat. Use adversity to your advantage. Personal growth must happen consistently to compound and impact your business growth. Any day without growth negates the progress of other days.
4. Understand the power of partnership
Throughout the conference I host, and the many panels on topics like luxury homes, recruitment, economics, and tax codes, one message echoed — who you do business with matters.
Entrepreneur Jim Rohn says you are the average of the five people you spend the most time with. Surround yourself with leaders, top performers, and game changers — those who are grateful, ambitious, gritty, and positive. Pick your partners wisely, hold each other accountable, and maximize the relationships you’ve built.
5. Set your expectations wisely
BuiltHOW Speaker Mack Newton said, “You don’t get what you want, you get what you expect.” Your actions, words, work ethic, and mindset are at the center of your control. To expect and earn different results, perform differently to achieve them. Raise your expectations even if you and your business do not meet them after the first attempt. Take ownership of your growth and expect more as you work towards it.
Debbie DeGrote is the founder of Forward Coaching, a coaching company for professionals in the real estate industry.