Owning a real estate business has the potential to be a stressful career. There are a lot of reasons for this, and you're probably familiar with most of them. But with a few strategies, you can elevate your career from stressful to satisfying.
What do you imagine when "stressful real estate career" comes to mind? Probably agents working long and crazy hours, including weekends, struggling to show properties to demanding clients. Then, on top of that, paperwork and scouting new leads.
So, why is real estate so stressful? For starters, it's one of the most competitive marketplaces. A lot of times, the best agents have to beat out the other agents to consistently get listings.
That said, there are so many factors and variables that go into the job. And let's not ignore the fact that it can also one of the most depressing careers. After all, your salary can depend on the market you live in, and even some of those variables that you don't fully control. Whew!
Unfortunately, to top it off, the general public maintains a stereotype that agents just show homes, make offers, and then sit back, waiting for their big paychecks to roll in. If only it were that easy.
Agents are constantly on call and on deadlines. There are many aspects of a home purchase that the buyer and seller do not see, and this falls on the agent to take care of. Negotiations can take bad turns and add a lot of extra work on an agent.
To sum it up, the list of reasons and problems that stress out real estate agents is seemingly endless. But it doesn't have to take over your life!
Keep your mind focused on the tasks at hand. A lot of people who experience stress are either reliving the past (especially negative experiences) or worrying about the future.
Any time you miss out on a listing or lose a buyer for a listing, don't spend time dwelling on that. Just learn from the experience and move on to the next thing.
Knowing what you're doing and when you are doing it will put your mind at ease each day. The most stressed-out agents are on a scattered schedule. Remember, they say a good day starts the night before.
If you know when you are talking to clients, when you are prospecting and when you are marketing any listings you have, then you can focus on those much easier. If you're confident in how you will execute certain tasks, the tasks will go more smoothly.
Never procrastinate. Even if it's a project that you have been putting off for a long time, remember that it gets easier once you just put your mind to getting it done.
Schedule an hour or two just for that task. Sit down and solely focus on it.
Once you have overcome your procrastination and completed a project you were dreading, keep doing this regularly until it becomes easier or, better yet, enjoyable.
Step away from work for an adequate amount of time each week, and have these reprieves on your schedule. If you work all day and evening with nothing in between, you are almost guaranteed to burn yourself out.
We suggest taking time to relax, unplug and meditate without your smartphone or other distractions. Taking time to listen to music and relax, even dozing off a few minutes, can up your thinking power and reduce stress levels.
At what point during these work tasks are/were you the most stressed?
With each of these challenges, keep your expectations realistic and be ready to give yourself encouraging advice. You must prepare to succeed, and "pep talk" yourself for all occasions.
This is most evident during the listing presentations. But steadily taking out time to work on improving the items that cause you the most grief will surely enhance your business model.
In particular, we advise against "winging" a listing presentation or any kind of presentation.
Most Realtors use a CMA as their listing presentation, and they compete over price to get a listing. It’s not unusual for an agent to name a higher price than they feel the home will sell for just to get the listing. Basing your listing off of a CMA is a problem for that reason.
What works better is to evaluate the seller’s motivation before going on a listing appointment and then using a proven listing presentation to get the listing.
Solve your seller's "pain points" and show how you'll address their fears. For example, you can admit the housing market is still rough — and then solve that problem by showing how you can sell homes in a rough housing market. Once you convince the seller, it's time to ask for the listing.