Set Your Mind for the Hike Ahead: from Market Indicators to Strategic Partners, Here are Proven Ways to Stay on Course in an Uncertain Market
Get ready for the hike ahead, and control the controllables.
If you’ve been to Yosemite or California, you’ve probably heard of Half Dome. It’s a huge mountain located in breathtaking Yosemite National Park with a 14.2-mile hike to the top and back to camp. And get this–near the top, you pull yourself up by cables. (you can actually see the cables leading up to the top of the mountain in the header photograph above)
I’ve hiked Half Dome once in my life. It was grueling and invigorating and sometimes terrifying, all at the same time. But I was determined, so UP I went.
We’ve got a hike ahead, friends. And it may get tougher before we get to the summit.
But you know what?
Control the Controllables:
- Prepare for the journey.
- Find the right hiking boots (crucial!).
- Pack snacks and water.
- Get your map ready to navigate.
- Don’t quit mid-way through.
- Don’t believe the hype when people say, “you’ll never make it to the top.”
There’s a journey ahead. Make sure your mind isn’t beat before you start.
Navigating to COVID-19 Hike: What You MUST Do
1) Prepare for the Journey: Market Indicators to Watch
Market Inventory. Most markets are below “equilibrium” (defined as 6 months of inventory), also known as a “seller’s market.” At the neighborhood level, you’ll want to watch pricing to identify subtle shifts in the local market.
2) Find the Right Hiking Boots: Rely on Trusted Professionals
Put your trusted strategic partners on speed dial (lenders, escrow officers, etc.) for daily or weekly updates. Seriously. In addition to staying up-to-date on micro- and macro-trends, you may also develop a stronger relationship with those individuals who can also impact your business. What do they see in their own lines of work? Lender guidelines will be evolving rapidly–sometimes minute-by-minute for weeks, perhaps months. Title companies are employing remote solutions to get deals closed. It’s an exciting time for ingenuity! Keep an open line of communication with trusted professionals, and stay on top of your current deals–agility will be crucial.
3) Pack Snacks and Water: Stay in Touch With Your Clients and SOI
So, this is obvious–stay in virtual contact, not physical. 🤓 All kidding aside, there has never been a more critical time to keep in touch with your past clients and sphere of influence.
4) Get Your Map Ready to Navigate: How Should You Talk With Your Clients?
Just the facts. This is a truly unprecedented crisis. You can rely on facts, so select your sources carefully, and don’t perpetuate panic.
5) Don’t Quit Mid-Way Through: What About My 2020 Goals?
Stay on track. Yes, 2020 may look different than you expected, but now is NOT the time to scrap your goals or focus. If anything, it’s more crucial now than ever. How you handle this quickly-evolving market will make all the difference. Be CREATIVE. Jot down niche markets that may grow as a result of this crisis, and identify if any of them can be integrated into your 2020 Business Plan. Think about what CAN be done, not what can’t be done.
6) Don’t Believe the Hype When People Say “You’ll Never Make It to the Top”: Control the Controllables
You cannot control the market.
But you CAN control how you react to it.
You cannot control the reaction of others.
But you CAN control your reaction.
You cannot control the bad news tube.
But you CAN choose to turn it off for a little while.
You cannot control what happens with lender guidelines.
But you CAN work collaboratively with a trusted lender to adapt to changes.
You cannot control what prices do.
But you CAN control the well-informed client service you provide.
You cannot control the economy.
But you CAN control your steadfast commitment to helping people where they are.
Stay positive. Stay strong. Stay nimble.