“Scarcity” is a word that is used consistently in our office and probably yours as well. There is scarcity as it pertains to inventory in the current seller’s market. We market properties aggressively to create even more scarcity. Certain markets bring with them a scarcity of leads.
If not checked, this scarcity mindset might just scare us into a rut in our businesses. You may feel like there is a scarcity of opportunity in the market place as the leaves start to change color for the fall. You get down and discouraged. Because your efforts seem futile, you don’t practice the habits that have generated business in the past.
Maybe you’ve been around the block. You have a few Q4s under your belt. You’ve seen the market slow down and your production slows with it. You’ve accepted that it is what it is. You have come to terms with the fact that there is a scarcity of opportunity.
Or maybe you’re a youngster in the industry. You haven’t seen many fall and winter markets, but you already know what to expect thanks to all the Debbie Downers in your office who mailed it in after Labor Day. Time to dial it back and hope you have enough cash reserves to get you through to March.
If you find yourself in one of those two groups, I have good news for you: You will be as right or as wrong as you want to be. If you want to have a scarcity mindset and allow that to dictate your fourth quarter, go for it. You will be a product of your expectations. More for the rest of us.
But I invite you to something different. I invite you to an abundance mindset. Join us as we step into the abundance of opportunity that comes with the fall market as the Debbie Downers check out.
There is no reason not to be optimistic. You can continue to maintain the pace you have set up to this point in the year and then some. More than that, you can positively communicate with your prospects and clients about the fall market and the opportunities available to them.
Let me prove it. I ran a search of the four counties in which our team works to determine how many homes sold in the fourth quarter of 2018. The numbers were too big for MLS to spit out a number, so I narrowed it down to our ideal price points.
In our target areas and target price points, 7,249 homes sold in the fourth quarter of 2018. Let’s assume that you’re selling a listing a week. That means you need to find 13 deals in the fourth quarter. In reality, if you adjust goals seasonally, it’s probably closer to 10. We will stick with 13 though.
If an agent in our market intends to sell 13 homes in the fourth quarter in our ideal area and price point, they would need to close a whopping .179 percent of the homes that sold last fall. That means you’d need your name on one out of every 557 closings in the market.
On top of that, 3,180 homes failed to sell during the same time frame. What if you were able to convert some of those listings in the first place? What if you were the agent they signed, and you actually delivered on what you promised and did the job those other 3,180 agents couldn’t? There is an abundance of opportunities available to you.
Get out of your own way and believe in yourself. There is no reason to slow down. There is no reason to spread pessimism to your fellow agents and clients. You can achieve your goals and help your clients to do the same. Agents that sell a listing a week will keep an abundance mindset and keep driving hard in the fall.