The idea of “one-hit-wonder” comes from the music industry. It is those artists, songs or both together that only made it to the top 40 one time. And there are “double one-hit wonders” too – those that actually do it a second time around. Yet it is a true professional that achieves and sustains success. This same scenario plays out in the real estate industry.
There are agents that can successfully sell one or even a couple of homes. There are those that have one or two good years. The people that repeat the actions and achieve the outcomes of success year after year, those are the ones we recognize as professionals.
This is particularly evident during shifting markets. In rising markets the competition increases at a rapid rate. After the tech bust in early 2000’s, many people left that industry to “try” being a real estate agent. When the market shifted during the correction that resulted in the Great Recession and many more agents exited the industry.
In a downward market cycle there is less business to go around and what is available is more challenging. Sellers frequently decide to wait for better times. Buyers are concerned about future values and thus often put their move on hold for when there is more certainty. Additionally it takes more time and effort to keep transactions together. Buyers in uncertain market conditions experience more “buyer’s remorse” and are pickier on condition and inspection items. Further it is more difficult to obtain appraisal values at contract and buyer financing requirements tend to be stricter.
Even in “normal” markets it takes commitment to do the work day in and day out delivering excellence to customers and clients. Often what happens is that an agent will have a good quarter or a good year and then either slows down or stops doing those activities that led to his success.
There are clues to success which are most often found in those that have achieved the level of a professional. In these cases agents can point to repeatable habits, systems, strategies and behaviors that led to their success. Those that sustain success are life-long learners and consistently and frequently take part in personal and business development.
Karen Briscoe and Lizzy Conroy and their team are active and experienced Realtors® in the Northern Virginia, Washington DC and Maryland market place. Should you or someone you know desire guidance from a professional Realtor®, please visit our website for more information at: www.HBCGroupKW.com. Please contact via the means most convenient for you: 703-734-0192, Homes@HBCGroupKW.com