Nationally, the market is correcting itself and becoming more "normal". I have lived through this and seen the animal before. In the nineties in San Diego, our prices dropped over 30% and many agents were forced to leave the business.
There are two magic words you must remember: market share.
This may mean you do fewer deals, but proportionately you will actually be doing more. You’ll always hear me talking about not comparing yourself to others, but this is the one time it’s good to do that. Look around you. You might be down to one deal a month but keep perspective. There are people doing nothing.
Right now, make a commitment to your career. You might be doing fewer deals and making a little less money but it’s time to expand market share. Everyone is in a different place but it’s time to increase your percentage of the transactions going on around you. Intensify your commitment to the activities in the Referral Systems and you will come out of this market in a great spot.
While it is natural to feel bad for anyone facing foreclosure or a short sale it’s VERY important that you don’t over-own your clients’ problems. Whether they made some bad choices in the past or are responsible folks who have been put in a difficult situation because of job loss or market changes you can’t own it. The best way you can help them is to listen for their concerns and then help them get to and stay on the solution side of the problem.
In a tough market like this, your clients will see you sticking it out and their level of trust and confidence in you will increase. You’ll become the trusted advisor to their database and a professional they and their friends can count on.
It’s a good life!