As anyone who’s spent more than five minutes around realtors knows, the real estate market moves in cycles. Yet, every time the market even hints at slowing, some realtors act like we’re on the brink of economic armageddon. Suddenly, all that calm wisdom goes out the window, and you’d think they were starring in a blockbuster called The Great Market Crash of 2024: The Realtor’s Edition. They start questioning every aspect of their lives, from their career choices to the wisdom of their last impulse purchase on Amazon.
Let’s unpack the typical market dip experience for a Realtor, look at what’s actually happening, and most importantly, remind YOU to stick to YOUR core activities—no rash decisions needed.
1. The Signs of “Impending Doom”
When listings don’t move at warp speed and buyers don’t flock in herds, some Realtors start acting like the stock market just crashed. Phones quiet down, leads slow, and—cue the panic—Realtors start wondering if they should polish up their resumes or learn to make TikToks. A few may even start asking around about side gigs, sending serious inquiries to friends about multi-level marketing schemes.
But here’s the thing: A slow market is not a no market. And to any veteran Realtor, it’s clear that this is just a normal market wobble.
2. Wild New Ventures: From Yoga Studios to Dog Fashion Lines
Nothing brings out entrepreneurial creativity in a Realtor like a market slowdown. You might hear them announce plans to start a side hustle selling hand-knit scarves for golden retrievers or begin sketching out business models for kombucha lounges. But here’s the truth: While there’s nothing wrong with a fun side project, abandoning your core business to chase “the next big thing” can leave you without a strong foundation when the market picks up again.
3. Back to Basics—The Antidote to Market Meltdown
There’s a simple truth in real estate: when the going gets tough, the tough go back to basics. Instead of stressing out, Realtors can use this time to build stronger client relationships, streamline their processes, and sharpen their skills. That’s right, folks. This is the time to lean into lead generation, nurture past clients, and sharpen that listing presentation you’ve been meaning to update.
4. The “Realtor’s Core Kit” for Slow Markets
To help avoid unnecessary drama, here’s a foolproof list of core activities that keep realtors thriving, no matter the market:
- Follow Up on Leads: That list of people who said they’d “maybe” be ready next year? Well, it’s nearly next year. Now’s the time to nurture those relationships.
- Invest in Education: Market shifts are a perfect time to learn something new. Hit up that webinar or sign up for a negotiation workshop.
- Stay Visible: Don’t hide because sales are slower. Now’s the time to stay top-of-mind. Post on social media, check in with past clients, and get creative with your marketing.
- Reconnect with Your Why: Slow markets are perfect for a bit of self-reflection. Why did you get into real estate? What do you love about it? Reconnect with your core purpose, and remember that you’re in this for the long haul.
5. Take a Breath and Trust the Cycle
Here’s a fun fact: every market slows down from time to time. That’s how cycles work. What feels like a mini-crisis today is just a moment in the ebb and flow of the business. And if you need more motivation to stay the course, just picture this: one day, future-you is going to look back and laugh at all those “sky is falling” moments. Why? Because you’ll still be here, crushing it in real estate, while those seasonal dog scarf businesses have long gone out of style.
So, repeat after me: The sky isn’t falling. This is just the market doing its thing. Stick to your core activities, keep your confidence, and you’ll come out stronger on the other side. Because in real estate, the only thing scarier than a slow market is a Realtor who gave up too soon.
