Challenges in real estate are as inevitable as the ebb and flow of the market itself.
As Sam Altman, founder of OpenAI, rightly points out, everyone has the credentials to be a great entrepreneur. (Every agent is a top producer, right?) But the X factor that sets successful individuals apart—and enables them to move through tough markets—is resilience.
The question is, are you prepared to stay resilient when faced with negative headlines and unpredictable market shifts?
Today, I’m sharing four strategies to help you maintain a positive mindset so that you can move through any adversity that comes your way.
#1—Embrace the Entrepreneurial Mindset
In a cyclical industry where downturns are unavoidable, adopting an entrepreneurial mindset is crucial. Specifically, the mindset of an entrepreneur just getting started—the one that requires you to double your efforts to make any meaningful process. The one that forces you to have laser-sharp focus amid the noise, seizing opportunities that others might dismiss or overlook.
Every 8-13 years, the real estate market experiences its own version of a down cycle. Trying to fight the ups and downs of the industry will only burn you out. By embracing an entrepreneurial mindset, you have the power to shape your fate in 2024 and beyond.
Imagine yourself in the hunter/gather era. If you were a hunter, chances are you would not say, “Looks like there’s no deer out there. Guess my family won’t eat.” Rather, you would adapt and find a different way to bring food home.
Resilience begins with the acknowledgment that challenges are part of the journey.
#2—Develop a Morning Routine that Works
Morning routines are not a new concept. The key is finding one that works for you. I have found tactics from Larry Kendall helpful—specifically, the use of affirmations and intentions to start my day on a positive note. As soon as you wake up, instead of checking your phone or email, incorporate gratitude, affirmations, intentions, meditation, or prayer – whatever resonates with you.
In addition, exercise should be a non-negotiable part of this routine, helping to kickstart your day both mentally and physically. By investing time in yourself first thing in the morning, you set the stage for a more resilient and productive day.
#3—Cut Out the Noise
The real estate landscape is filled with potential stressors – lawsuits, fluctuating interest rates, and an uncertain industry future. But it’s essential not to get bogged down by the noise.
Avoid the trap of constant news consumption, especially content that adds no actionable value. Instead, seek out sources that inspire action and positivity. For instance, BAM Camp served as a catalyst to reenergize and refocus my own efforts when I was lacking inspiration earlier in the year.
Rather than focusing on negativity, spend time consuming content and interacting with people that will inspire you to take action toward your goals.
#4—Gratitude and Giving Back
In challenging times, it’s easy to focus on what’s lacking. Instead, redirect your energy towards gratitude. Schedule meaningful interactions with those you appreciate and love—it could be a coffee, lunch, or a simple walk. By actively investing in others as the market slows down, you’ll deepen those relationships and build more trust. Now is the time to show your appreciation for the people who really made a difference in your year.
Additionally, consider giving back to your community. Volunteering not only benefits others but can help pull you out of a rut. And it doesn’t have to be in the form of a check. Volunteer your time to meet new people (which will also help lift your spirits). Don’t forget to showcase your efforts online or in your newsletters. This isn’t just for PR; it helps inspire others to contribute positively to their communities.
A Resilient Approach to the New Year
Resilience is not just a buzzword but the key that separates successful real estate agents from the rest. As the year comes to a close, these tactics will not only reenergize you but also reaffirm your passion for the industry. Embrace these strategies, and step into the new year with a positive mindset, ready to conquer any challenges that come your way.
Remember, your success begins with your mindset—make it resilient.